{"id":638191,"date":"2024-08-11T00:00:00","date_gmt":"2024-08-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=638191"},"modified":"2025-12-17T15:52:15","modified_gmt":"2025-12-17T15:52:15","slug":"egypt-makes-olympic-history-becoming-the-first-african-nation-to-win-gold-in-the-mens-modern-pentathlon","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egypt-makes-olympic-history-becoming-the-first-african-nation-to-win-gold-in-the-mens-modern-pentathlon\/","title":{"rendered":"Egypt makes Olympic history, becoming the first African nation to win gold in the men's modern pentathlon"},"content":{"rendered":"<section id=\"638193\" 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=\"638193\">\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\/11\/egypt-becomes-the-first-african-nation-to-win-olympic-gold-in-the-mens-modern-pentathlon\/\">\r\n                            Egypt becomes the first African nation to win Olympic gold in the men's modern pentathlon                        <\/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\/11\/egypt-becomes-the-first-african-nation-to-win-olympic-gold-in-the-mens-modern-pentathlon\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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We also secured a silver medal in women's 81kg weightlifting. We also saw inflation ease for the fifth month in a row, a lot of fresh investments, and a message of reassurance from Prime Minister Moustafa Madbouly.<\/p>\n<p class=\"tag-border-left\">HAPPENING TOMORROW-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>The CBE is put<\/strong><strong>ting EUR 600 mn worth of t-bills up for auction: <\/strong>The Central Bank of Egypt is looking to raise some EUR 600 mn from auctioning off one-year, EUR-denominated treasury bills, according to the CBE website. The submission deadline for the auction is tomorrow at 11am.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s been a while since the CBE last sold EUR-denominated bonds: <\/strong>There\u2019s only been ten auctions of EUR-denominated t-bills in the last five years. The most recent auction saw the CBE raising EUR 657 mn before the float in November of last year at an average yield of 4%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, why now? <\/strong>The central bank is likely looking to raise EUR funds to pay off maturing debt, EGBank board member Mohamed Abdel Aal told Enterprise. \u201cFX can help bridge any existing and expected cash gap,\u201d he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s buying? <\/strong>Despite the recent hot money outflows, investors are still interested in local debt instruments, they take advantage of the differences between exchange rates and interest rates, he continued. <\/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\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>Tabreed signals it\u2019s ready once again to invest <\/strong><strong>in the Egyptian market: <\/strong>UAE-based district cooling firm Tabreed is in talks to expand its operations in Egypt following the launch of its project at Marakez\u2019s Downtown Katameya Mall, CFO Adel Al Wahedi told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/companies\/50862\/%D8%AA%D8%A8%D8%B1%D9%8A%D8%AF-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A%D8%A9-%D8%AA%D8%AC%D8%B1%D9%8A-%D9%85%D8%A8%D8%A7%D8%AD%D8%AB%D8%A7%D8%AA-%D9%84%D9%84%D8%AA%D9%88%D8%B3%D8%B9-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1\/?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>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You can partly thank the stability of the EGP:<\/strong> The company has been hesitant to invest in Egypt because it conducts its activities in local rather than foreign currency, Al Wahedi explained. However, the firm has taken note of the stability of the EGP over recent weeks<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The firm <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7d0aa0a4-a8bb-44bf-af9b-b204c94a7641\" style=\"\" rel=\"noopener\">terminated<\/a> an EGP 1.6 bn contract with Egyptians for Healthcare Services at the start of the year for the CapitalMed medical complex in Badr City. The company\u2019s CEO Khalid Al Marzooqi said that the pre-float FX crisis had made the project \u201cfinancially unsustainable.\u201d<\/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<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- We\u2019re in for another hot day in Cairo today<\/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 34\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 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\"><strong>Food exports were up 25% y-o-y in 1H 2024 to record USD 3.2 bn<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=457655180416307\" style=\"\" rel=\"noopener\">statement<\/a> from the Food Export Council. Exports to other Arab nations accounted for 52% of total food exports, while EU-bound exports accounted for 22%.<\/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\"><strong>#1- Attention, climate startups: <\/strong>The Planning and International Development Ministry and World Food Programme (WFP) are <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02vWW2SxQmTtvkuNKU9A27ws4zwRn3Nbi8uB4zZE5fVoW24PRnt8DvdKHg497YiYjFl\" style=\"\" rel=\"noopener\">offering<\/a> grants to local startups focused on climate adaptation and food security under the Climate Adaptation Innovation Accelerator Programme. Successful applicants will receive up to USD 200k in grants alongside guidance, support, and the chance to participate in WFP operations. The accelerator program targets startups, companies, and NGOs in Egypt, Jordan, and Lebanon. <strong>The application deadline is Tuesday, 11pm local time. You can apply <\/strong><strong><a target=\"_blank\" href=\"https:\/\/innovation.wfp.org\/climate-adaptation-innovation-accelerator-programme?fbclid=IwY2xjawEkFhlleHRuA2FlbQIxMAABHSgElRYY51FNEBqSJgKZZRJTberA5_BmcIc02NnvVIACpGZ5RBM_NJP0Kg_aem_aLIpGzHcDVpMI6C7Jnifvg\" style=\"\" rel=\"noopener\">here<\/a><\/strong><strong>.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The summer break must come to an end:<\/strong> Public schools are back in session for the 2024\/2025 academic year on Saturday, 21 September, according to an Education Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0tWrBXZ3bkbVnCotXbAJYUSDanDKQeVwN4qpk4Qhj2ihxUuH9fpioQs9DJEk3LfDHl\" style=\"\" rel=\"noopener\">statement<\/a>. The second semester will kick off on 8 February, 2025 and the year will draw to a close on 5 June, 2025.<\/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\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s another day of no single story leading the conversation in the international business <\/strong><strong>press<\/strong>, leaving us with a patchwork of headlines to sift through this morning: <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Donald Trump\u2019s campaign said it was hacked yesterday<\/strong>, after Politico <a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2024\/08\/10\/trump-campaign-hack-00173503\" style=\"\" rel=\"noopener\">began receiving<\/a><a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2024\/08\/10\/trump-campaign-hack-00173503\" style=\"\" rel=\"noopener\">authentic internal communication<\/a> documents late last month. The breach came from \u201cforeign sources hostile to the United States, intended to interfere with the 2024 election and sow chaos throughout our Democratic process,\u201d a Trump campaign spokesperson said, pointing a finger of blame at Iran. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/trump-campaign-says-it-was-hacked-blames-iran-2024-08-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/08\/10\/trump-campaign-hack-foreign-election-interference.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/national-security\/trump-campaign-says-it-was-hacked-a3912e91\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US junk loan funds faced their largest withdrawals since early 2020 amid recent market<\/strong><strong> declines<\/strong>, with USD 2.5 bn pulled out in a week due to concerns over a potential economic slowdown. Most of these withdrawals came from ETFs, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/97811b4d-e245-4322-8a0e-5ac215d822ab\" style=\"\" rel=\"noopener\">Financial Times<\/a> writes.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel killed nearly 100 Palestinians when it launched an airstrike on a school compound<\/strong> that was used as a shelter for displaced children and women early on Saturday morning. The attack \u2014 which came as the victims were gathering for Fajr prayers \u2014 has so far claimed the lives of more than 93 Palestinians, including 11 children and six women, according to Palestine\u2019s civil defense spokesperson. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/more-than-100-palestinians-killed-israeli-strike-targeted-school-gaza-2024-08-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2024\/08\/10\/israel-hamas-war-news-gaza-al-tabeen\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/08\/10\/middleeast\/israeli-school-strike-gaza-intl-hnk\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/world\/2024\/08\/10\/israel-hamas-war-news-gaza-al-tabeen\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/article\/2024\/aug\/10\/israel-strikes-on-gaza-school-site-kills-almost-100-palestinian-officials-say\" style=\"\" rel=\"noopener\">Guardian<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Susan Wojcicki, former CEO of YoTube, died on Friday<\/strong> at the age of 56 due to lung cancer. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/c82b7fc6-c6de-40e2-ad20-41d78557bb21\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/former-youtube-ceo-susan-wojcicki-dies-at-age-56-58d1911d\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>)<\/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\">WAR WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Egypt, US, and Qatar call for urgent discussion over Gaza ceasefire on Thursday:<\/strong> The leaders of the three mediating countries called for renewed ceasefire discussions on Thursday, 15 August, in an effort to \u201cclose all remaining gaps and commence implementation of the [agreement] without further delay,\u201d according to a <a target=\"_blank\" href=\"https:\/\/www.presidency.eg\/en\/%D9%82%D8%B3%D9%85-%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1-%D8%B1%D8%A6%D8%A7%D8%B3%D9%8A%D8%A9\/news882024-3\/\" style=\"\" rel=\"noopener\">joint statement<\/a> from the countries. The statement said that the three nations would be willing to present a bridging proposal that would resolve remaining issues if necessary, emphasizing that there is \u201cno further time to waste nor excuses from any party for further delay.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel agreed to send a delegation to the talks<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/x.com\/IsraeliPM\/status\/1821777051461849265\" style=\"\" rel=\"noopener\">statement<\/a> from the Israeli prime minister\u2019s office.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US officials say that an agreement is <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-08\/us-calls-for-new-gaza-cease-fire-talks-aug-15-with-qatar-egypt\" style=\"\" rel=\"noopener\">\u201ccloser than ever,\u201d<\/a><\/strong> despite expectations of an Iranian attack on Israel in response to Hamas leader Ismail Haniyeh\u2019s assassination in Tehran. However, the US doesn\u2019t expect an agreement to be signed on 15 August, \u201cas there\u2019s still a significant amount of work to do, with both sides holding to firm positions,\u201d a senior Biden administration official said on Thursday. <\/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\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/828.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>It was a momentous day for team Egypt, which clinched its first gold and silver <\/strong><strong>medals of the Paris Games. <\/strong>Our own 24-year-old <strong>Ahmed El Gendy<\/strong> took home Africa\u2019s first Olympic gold medal in <strong>modern pentathlon<\/strong> after setting a <a target=\"_blank\" href=\"https:\/\/olympics.com\/en\/news\/paris-2024-modern-pentathlon-men-egypt-ahmed-elgendy-gold\" style=\"\" rel=\"noopener\">world record<\/a> of 1,555 points yesterday, just three years after he claimed silver at the Tokyo Games. In the meantime, weightlifter <strong>Sara Samir<\/strong> snagged silver in the <strong>women's 81kg<\/strong> final after <a target=\"_blank\" href=\"https:\/\/english.ahram.org.eg\/NewsParis\/528905.aspx\" style=\"\" rel=\"noopener\">lifting a total of 268kg<\/a> \u2014 117kg in the snatch and 151kg in the clean and jerk. The victory follows her bronze medal at the 2016 Rio Olympics.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Team Egypt has so far secured three medals at the 2024 Games<\/strong> \u2014 the first of which was claimed by Mohamed El Sayed when he <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e27ed67-0e5a-45d0-b840-eb5f360b9301\/\" style=\"\" rel=\"noopener\">picked up bronze<\/a> in the men's \u00e9p\u00e9e individual two weeks ago.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One member of team Egypt has unfortunately <\/strong><strong><a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/olympics-2024-egypt-wrestler-arrest-2c68d9a62ab9c7b9b5990f18b580a226\" style=\"\" rel=\"noopener\">caught the attention<\/a><\/strong><strong> of the international <\/strong><strong>press for all the wrong reasons: <\/strong>Wrestler Mohamed Ibrahim El Sayed was arrested on Friday on sexual assault charges for allegedly groping a woman outside a Paris cafe. El Sayed has <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/eoc.officialpage\/posts\/pfbid02NivekxNPVoE1xzjuz8nsmeBZ19C2FjhAHaqdyHQHxXMp82fQzGGW9JDUFAstc1Pjl\" style=\"\" rel=\"noopener\">since been released<\/a> and deemed innocent due to lack of evidence. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Spain beat the hosts to take gold for men\u2019s football:<\/strong> The Spanish men\u2019s Olympic football team emerged on top of an 8-goal thriller against France to take the spoils, finishing the match 5-3. Morocco took home the bronze medal after thrashing Egypt 6-0. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Germany and Denmark are set to meet in the men\u2019s handball final<\/strong>, after dispatching Spain and Slovenia, while the US and France are set to meet in both the men\u2019s and the women\u2019s basketball finals today as well after Friday\u2019s events. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The medal table:<\/strong><\/p>\n<ul>\n<li><strong>China<\/strong> (39 gold, 90 overall)<\/li>\n<li><strong>USA<\/strong> (38 gold, 122 overall)<\/li>\n<li><strong>Australia<\/strong> (18 gold, 50 overall)<\/li>\n<li><strong>Japan <\/strong>(18 gold, 43 overall)<\/li>\n<li><strong>France<\/strong> (16 gold, 62 overall)<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a pretty quiet last day for team Egypt<\/strong>, with only a few matches taking place: <\/p>\n<ul>\n<li><strong>Cycling track: <\/strong>Ebtissam Zayed will be participating in the women\u2019s omnium scratch race at 12:00pm. <\/li>\n<li><strong>Weightlifting: <\/strong>Halima Abbas will take part in the women\u2019s 81kg+ weightlifting competition at 12:30pm. <\/li>\n<li><strong>Modern pentathlon: <\/strong>Malak Ismail will be participating in the women\u2019s individual final at 12:00pm. <\/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=11-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\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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single-story post-638195 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/794.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Dive into the enchantment of Somabay's underwater world.<\/span><span> Encounter playful dolphins and captivating coral reefs, where each plunge unveils a new marvel. #SummerStoriesBegin #OneParadiseAllSeasons #SomabayRedSea<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"638196\" 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=\"638196\">\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\/11\/inflation-falls-to-lowest-level-since-december-2022-recording-of-25-7-in-july\/\">\r\n                            Egypt\u2019s inflation falls to lowest level since December 2022, recording 25.7% 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\" 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data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/826.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/826.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-638196\" class=\"content-area-description single-story post-638196 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-capmas tag-economy tag-enterpriseam tag-inflation 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\/.c6a16b24-6ecb-4806-aee5-f005644667d2.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Annual inflation ease<\/strong><strong>d for the fifth consecutive month in July:<\/strong> Annual urban inflation cooled to 25.7% in July, down 1.8 percentage points from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59de79e9-0607-4e59-836f-e69920eda138\" style=\"\" rel=\"noopener\">27.5% in June<\/a>, according to data from state statistics agency Capmas. This came despite recent hikes to the prices of subsidized bread and fuel. <strong>July\u2019s inflation figure is the lowest recorded since December 2022<\/strong>, according to our internal tracker. <\/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>Food and beverage inflation was on the retreat after rising in June:<\/strong> Food and beverage prices \u2014 the largest component of the basket of goods and services used to calculate headline inflation \u2014 continued to rise but at a softer rate of 29.7% y-o-y in July, down 2.2 percentage points from a month prior. On a monthly basis, the rate of food and beverage inflation came in at only 0.3%, down 1.3 percentage points from the month before \u2014 this helped monthly inflation slow to 0.4% in July from 1.6% the month before. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inflation came in lower than expectations:<\/strong> Analysts saw inflation cooling in July, but not as much as it did. A <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/egypts-inflation-slows-257-july-2024-08-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a> poll of 18 analysts forecasted annual urban inflation easing to 26.6% in July \u2014 a whole 0.9 percentage points higher than Capmas\u2019 reading. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Core inflation also softened:<\/strong> Annual core inflation \u2014 which excludes volatile items such as food and fuel \u2014 slowed to 24.4%, down from 26.6% in June, according to <a target=\"_blank\" href=\"https:\/\/cbe.org.eg\/en\/news-publications\/news\/2024\/08\/08\/14\/33\/cpi-press-release-july-2024\" style=\"\" rel=\"noopener\">data from the Central Bank of Egypt<\/a>. While monthly core inflation was negative for the second time since August 2021, coming in at -0.5%, down from 1.3% in June. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inflation is on a downward path, but August will have to deal with additional inflationary <\/strong><strong>pressures: <\/strong>There seems to be a broad consensus that the rate of inflation will continue to fall throughout the year into the next, with Capital Economics forecasting that the country should be within reach of the Central Bank of Egypt\u2019s target of 7% (\u00b12%) in Q1 2025. However, Capital Economics points out that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45d2052e-4c8d-4dde-b93c-8965df87dd03\/egypt-hikes-car%253cmark%253e-fuel%253c%2Fmark%253e-prices-by-up-to-15%2525\" style=\"\" rel=\"noopener\">fuel price hikes<\/a> in July only came in at the end of the month and that we will only fully see their impact in August. Economist Mona Bedair agrees and adds that the readings also <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/mona-bedair-405523144_inflationtrends-economicoutlook-monetarypolicy-activity-7227232590678695938-m3vr\/?utm_source=share&utm_medium=member_android\" style=\"\" rel=\"noopener\">do not take into account<\/a> metro ticket <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f490e809-9cb1-4e21-93b8-3af74b284fd9\/act-financial-shares-rose-29.7%2525-on-their-egx-debut\" style=\"\" rel=\"noopener\">price hikes<\/a> that came into effect in the beginning of August. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking into August\u2019s crystal ball:<\/strong> Economic analyst Dina El Wakkad <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/dina-samir-elwakkad-978bab16b_%D8%A7%D9%84%D9%88%D8%B6%D8%B9-%D8%A7%D9%84%D8%AD%D8%A7%D9%84%D9%8A-1-%D8%A7%D9%84%D8%AA%D8%B6%D8%AE%D9%85-%D9%85%D8%B3%D8%AA%D9%85%D8%B1-%D9%81%D9%8A-%D8%A7%D9%84%D8%A7%D9%86%D8%AE%D9%81%D8%A7%D8%B6-activity-7227255749045850113-6ghs\/?utm_source=share&utm_medium=member_android\" style=\"\" rel=\"noopener\">said in a separate note<\/a> that she expects headline inflation figures for August to come in between 25.3-25.6%. Bedair has a more optimistic forecast, seeing inflation figures for August falling between 25.1-25.6%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Promising inflationary data are reigniting speculation on when the CBE will start cutting <\/strong><strong>rates: <\/strong>While the CBE is expected to keep interest rates unchanged during its next meeting on 5 September, Pharos Holding sees a potential rate cut coming by 4Q 2024, Pharos Holding economist Esraa Ahmed <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/esraa-ahmed-962a388a_inflation-outlook-is-favorable-geopolitics-activity-7227300277790339074-Ozsn\/?utm_source=share&utm_medium=member_android\" style=\"\" rel=\"noopener\">said in a note<\/a>. Capital Economics is a little more conservative, instead <a target=\"_blank\" href=\"https:\/\/www.capitaleconomics.com\/publications\/middle-east-north-africa-rapid-response\/egypt-consumer-prices-jul-2024?id_mc=607091508&salesforce_campaign_id=\" style=\"\" rel=\"noopener\">penciling in<\/a> 1Q 2025 for a rate cut with the possibility of an earlier cut on the back of even more promising inflation data.<\/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\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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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=\"638199\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/egypt-and-uae-ink-three-project-agreements-worth-bns-of-investments\/\">\r\n                            Egypt and UAE ink three project agreements worth bns of investments                        <\/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 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<\/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\/11\/egypt-and-uae-ink-three-project-agreements-worth-bns-of-investments\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/824.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"638200\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/egypt-and-uae-ink-three-project-agreements-worth-bns-of-investments\/824-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/824.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"824.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/824.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/824.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-638199\" class=\"content-area-description single-story post-638199 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-china tag-enterpriseam tag-gafi tag-investment-watch tag-logistics tag-manufacturing tag-teda-industrial-zone tag-uae 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\/.c6a16b24-6ecb-4806-aee5-f005644667d2.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A lot of Emirati investments incoming:<\/strong> A series of meetings between government officials and Emirati government and business figures yielded three new joint projects that are set to inject a whole lot of cash into our industrial sector. <\/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>#1-<\/strong> <strong>A USD 3 bn oil logistics zone on the Mediterranean:<\/strong> Egypt and the UAE inked an MoU to build a USD 3 bn oil logistics zone at Al Hamra Port on the Mediterranean coast, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02gJcva2gyqnj4hkHZ2ZUM6zS7yZSgqrLw4MEUiRV2eBZtfT2x7y9cDPGYGa6ReYK7l\" style=\"\" rel=\"noopener\">cabinet statement<\/a>. The new zone will leverage the integrated system at the <a target=\"_blank\" href=\"https:\/\/foiz.gov.ae\/\" style=\"\" rel=\"noopener\">Fujairah Oil Industry Zone<\/a> and its partnerships with international oil suppliers to streamline oil supply chain in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Timeline:<\/strong> The construction of the zone is expected to take three years from the date construction kicks off in 1H 2025 and following the completion of technical studies, an Egyptian government official told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/power\/50762\/%D9%85%D8%B5%D8%B1-%D9%88%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AA%D8%AA%D9%81%D9%82%D8%A7%D9%86-%D8%B9%D9%84%D9%89-%D8%A5%D9%86%D8%B4%D8%A7%D8%A1-%D9%85%D9%86%D8%B7%D9%82%D8%A9-%D9%84%D9%88%D8%AC%D8%B3%D8%AA%D9%8A%D8%A9-%D8%A8%D8%AA%D8%B1%D9%88%D9%84%D9%8A%D8%A9\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Additionally, an Egypt-UAE team has been put together to follow up on progress of the MoU and to resolve any hindrances, according to the cabinet statement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We saw this coming:<\/strong> The government of UAE\u2019s Fujairah discussed potential investments in our oil sector during a visit by Oil Minister Karim Badawi to the emirate at the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/179241f9-d98f-4163-8f84-1ed70cc00d93\/\" style=\"\" rel=\"noopener\">end of July<\/a>. The talks revolved around a partnership between Egypt and UAE to enhance petroleum storage and handling in Egypt, as well as cooperate on ship bunkering.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- An Emirati industrial zone in East Port Said? <\/strong>The two sides are also in talks over setting up an Emirati industrial zone in East Port Said, aimed at meeting local market needs and ramping up exports, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0gQX1GxhsZq3kk5L6d7acBYKwDTMwUVV5jA99FbMW58rNxUi1Ey9UpqQk8bYwPMmRl\" style=\"\" rel=\"noopener\">statement<\/a> from the Industry and Transport Ministry. The zone would leverage the geographic advantages of the area and its access to railways linking the zone with ports on the Mediterranean.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A variety of projects are on offer:<\/strong> The zone would include solar and wind energy projects alongside wastewater treatment and seawater desalination plants and an aluminum manufacturing complex, the statement said. The statement also suggested the government was exploring the option of making the zone a freezone or special economic zone exempt from customs duties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Hisense inks agreement for USD 38 mn manufacturing facility:<\/strong> Chinese electronics and household appliance manufacturer Hisense and the UAE\u2019s <a target=\"_blank\" href=\"https:\/\/fbb.ae\/\" style=\"\" rel=\"noopener\">FBB Tech<\/a> have inked a contract with Chinese industrial developer Egypt TEDA to establish a USD 38 mn electronic devices manufacturing facility in the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9760dea3-6012-468a-a90a-8c19bab38e71\/%253cmark%253eegypt%253c%2Fmark%253e-inks-14-agreements-with-chinese-firms-during-china-%253cmark%253eegypt%253c%2Fmark%253e-zhejiang-economic-forum\" style=\"\" rel=\"noopener\">China-Egypt TEDA trade zone<\/a> in Ain Sokhna, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0A9QJDtMqjr2nWVdvEtaMfCPRcooqouocJHxaUevtNrdgvpSrVRHyorXBKDuBR5nkl\" style=\"\" rel=\"noopener\">cabinet readout<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The project will span 110k square meters and is poised to produce 2.5 mn units a year. The first phase of the project includes manufacturing TVs, monitors, and audio recorders, with 30% of production earmarked for the local market and 70% designated for exports to countries in the Middle East, East Africa, and Europe.<\/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\">CHINA ALSO WANTS IN ON THE INVESTMENT SPREE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another Chinese project incoming? <\/strong>Chinese textile and garment manufacturer <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/jiangsu-lianfa-textile-co.-ltd\/\" style=\"\" rel=\"noopener\">Jiangsu Lianfa Textile<\/a> is looking to set up a USD 500 mn integrated complex for textile and ready-made garment production in Egypt, according to a <a target=\"_blank\" href=\"https:\/\/www.cabinet.gov.eg\/News\/Details\/76614\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The specs:<\/strong> Spanning 350k square meters, the planned facility is set to include several production lines. The Chinese company intends to export 90% of the facility\u2019s production. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GAFI wants more:<\/strong> The investment authority has plans to organize forums and promotional tours to capture the attention of more emerging markets-focused Chinese investors, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0BwG8hrkcTVsQtbjeveF7ZJrJ1tRTLutmRm7YURTGy8Ec7cDMeC5AKFLaaUGYQJsBl\" style=\"\" rel=\"noopener\">according to the General Authority for Investment and Freezones head Hossam Heiba<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> 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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/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=\"638201\" 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=\"638201\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/pm-madbouly-addresses-last-weeks-global-markets-meltdown\/\">\r\n                            Egyptian Prime Minister Moustafa Madbouly addresses last week\u2019s global markets meltdown                        <\/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\/11\/pm-madbouly-addresses-last-weeks-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\" 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/822.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"822.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/822.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/822.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-638201\" class=\"content-area-description single-story post-638201 post type-post status-publish format-standard has-post-thumbnail hentry category-cabinet-watch tag-cabinet-watch tag-enterpriseam tag-exchange-rate tag-financial-markets tag-foreign-exchange tag-industry tag-moustafa-madbouly 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\/.c6a16b24-6ecb-4806-aee5-f005644667d2.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A message of reassurance from Madbouly:<\/strong> The hot money outflows last week, triggered by the global markets meltdown, represented no more than 7-8% of foreign investors\u2019 holdings of our debt instruments, Prime Minister Moustafa Madbouly told reporters (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=c4dp-fGtRmE\" style=\"\" rel=\"noopener\">watch, runtime: 56:23<\/a>) on Thursday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Fears of a US recession after the publishing of \u201calarming\u201d US economic data threw equity markets into a tailspin last Monday, triggering a global sell-off that pushed Wall Street to its worst day in nearly two years and erasing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6a1e10d9-835b-4ad3-8b82-5aa6800ad69f\/\" style=\"\" rel=\"noopener\">USD 6.4 tn<\/a> from global stock markets. The EGP was changing hands at an average of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a7a23c7-3658-4a49-8278-36e297c2b83d\/global-markets-meltdown-hit-home-%25e2%2580%2594-the-egp-hit-six-month-lows\" style=\"\" rel=\"noopener\">49.2 to the greenback<\/a> on Monday\u2014 its lowest level since March \u2014 while the benchmark EGX30 dropped 2.3% to close at 27.8k, before recovering.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What that meant for us: <\/strong>Foreign investors sold some USD 600 mn worth of local debt instruments during the days leading up to last Monday as they poured their capital into safe-haven assets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How was it handled?<\/strong> Investors withdrew their funds at the higher greenback price and were paid from market liquidity rather than the central bank\u2019s FX reserves, according to Madbouly. He added that the outflows\u2019 impact on the EGP \/ USD exchange rate was manageable and mirrored those of other emerging market currencies. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Net foreign reserves <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da3bffa7-161d-4448-b0cc-489eecfea934\/foreign-reserves-hit-a-fresh-high-of%253cmark%253e-usd%253c%2Fmark%253e-46.5-bn-in-july\" style=\"\" rel=\"noopener\">edged up by USD 105 mn<\/a> in July to hit a fresh high of USD 46.5 bn, surpassing the USD 46.4 bn recorded in June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Geopolitical tension at play:<\/strong> Madbouly highlighted that the ongoing regional geopolitical turmoil, which could potentially worsen amid <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca8aef6e-a57b-45b7-b76d-d0df966264d1\/remittances-rise-66%2525-y-o-y-in-june\" style=\"\" rel=\"noopener\">escalating tension<\/a> between Israel and Iran, is compounding uncertainty in global markets, with Egypt no exception to these pressures.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story was also picked up by <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/hot-money-that-left-egypt-monday-no-more-than-7-8-total-prime-minister-says-2024-08-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong>.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM THE PRESSER- Subsidized industrial loans will live on:<\/strong> Madbouly <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/AsharqbEGY\/posts\/pfbid02k7LKDd1W5UopYCfYGM1NZqZcJG6Hyb5EGEKqEqfDMhkKYLCJHZPDs6r2NKq6WnSWl\" style=\"\" rel=\"noopener\">said<\/a> that he had asked the Finance Ministry and the central bank to renew the subsidized loan program that targets industrial activity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> The PM announced <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0fbf63f-f196-4ab6-acac-529210bde7e3\/\" style=\"\" rel=\"noopener\">in March<\/a> that he had approved a new EGP 120 bn program of subsidized loans for manufacturers in freezones as well as agriculture and renewable energy companies. The program offers financing at an interest rate of 15%.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/exchange-rate\/\">exchange rate<\/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\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/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=\"638203 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=\"638203\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/638203\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-638203\" class=\"content-area-description single-story post-638203 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=\"638204\" 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=\"638204\">\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\">Tax<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/govt-considers-raising-income-tax-exemption-threshold\/\">\r\n                            Egyptian gov\u2019t could be restructuring income tax brackets to alleviate inflationary pressures                        <\/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 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/govt-considers-raising-income-tax-exemption-threshold\/&title=Gov't considers raising income tax exemption threshold\">\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%27t+considers+raising+income+tax+exemption+threshold+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F11%2Fgovt-considers-raising-income-tax-exemption-threshold%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\/11\/govt-considers-raising-income-tax-exemption-threshold\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/820.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"638205\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/govt-considers-raising-income-tax-exemption-threshold\/820-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/820.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"820.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/820.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/820.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-638204\" class=\"content-area-description single-story post-638204 post type-post status-publish format-standard has-post-thumbnail hentry category-tax tag-egyptian-tax-authority tag-enterpriseam tag-inflation tag-tax 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\/.c6a16b24-6ecb-4806-aee5-f005644667d2.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Gov\u2019t mulls raising the tax exemption threshold: <\/strong>Raising the personal income tax exemption threshold is currently \u201cunder consideration\u201d in light of recent economic changes, Deputy Finance Minister for Taxes Sherif Al Kilani reportedly told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/08\/07\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AF%D8%B1%D8%B3-%D8%B1%D9%81%D8%B9-%D8%AD%D8%AF-%D8%A7%D9%84%D8%A7%D8%B9%D9%81%D8%A7%D8%A1-%D8%A7%D9%84%D8%B6%D8%B1%D9%8A%D8%A8%D9%8A\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> last week. <\/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>Part of a bigger social support package:<\/strong> The move \u2014 which follows March\u2019s increase of the threshold <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76f901c8-012d-4de4-8d1e-eb994506231c\/el-sisi-announces-egp-180-bn-package-of-wage-hikes,-pension-increases,-and%253cmark%253e-tax%253c%2Fmark%253e-breaks\" style=\"\" rel=\"noopener\">from EGP 45k to EGP 60k<\/a> \u2014 could come as part of the government\u2019s upcoming package of social protection measures, which will be aimed at mitigating the impact of inflationary pressures on Egypt\u2019s most vulnerable, Finance Minister Ahmed Kouchouk <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44a65695-b89d-4d43-8b17-7609a798c7a0\/kouchouk-holds-his-first-presser,-giving-us-a-glance-at-what%25e2%2580%2599s-to-come\" style=\"\" rel=\"noopener\">said<\/a> last week. The government is gearing up to announce the new social protection package in September, with plans to begin implementing it in October, two government sources <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16c3fb51-a296-4592-9730-91e249e38266\/egypt%25e2%2580%2599s-gov%25e2%2580%2599t-could-announce-its-biggest-social-support-package-to-date-in-september\" style=\"\" rel=\"noopener\">told us<\/a> last week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s not all though \u2014 we may be headed toward a tax bracket overhaul:<\/strong> The government is also studying shifting tax brackets up in light of continued inflationary pressures, a government source tells Enterprise. Al Kilani told reporters last week that raising the tax exemption limit is being considered as part of a package of reform measures, without providing further details. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What would the new tax pyramid look like?<\/strong> The expected changes in income tax brackets would be progressive, with the tax exemption threshold and zero-tax bracket potentially rising by 20-25% to match inflation rates, our source said. This would be accompanied by upward adjustments to other brackets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expanding the tax base:<\/strong> To offset the tax losses from raising tax exemption limits and easing the burden on low earners, efforts are underway to increase the number of registered taxpayers, the source said. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-tax-authority\/\">Egyptian Tax Authority<\/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\/tax\/\">tax<\/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=\"638206\" 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=\"638206\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/globalcorp-issues-egp-1-32-bn-in-securitized-bonds\/\">\r\n                            GlobalCorp issues EGP 1.32 bn in securitized bonds                        <\/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\/11\/globalcorp-issues-egp-1-32-bn-in-securitized-bonds\/\" 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\/11\/globalcorp-issues-egp-1-32-bn-in-securitized-bonds\/')\">\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\/11\/globalcorp-issues-egp-1-32-bn-in-securitized-bonds\/\">\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=GlobalCorp issues EGP 1.32 bn in securitized bonds&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/globalcorp-issues-egp-1-32-bn-in-securitized-bonds\/\">\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\/11\/globalcorp-issues-egp-1-32-bn-in-securitized-bonds\/&title=GlobalCorp issues EGP 1.32 bn in securitized bonds\">\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=GlobalCorp+issues+EGP+1.32+bn+in+securitized+bonds+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F11%2Fglobalcorp-issues-egp-1-32-bn-in-securitized-bonds%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\/11\/globalcorp-issues-egp-1-32-bn-in-securitized-bonds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/812.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"638207\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/globalcorp-issues-egp-1-32-bn-in-securitized-bonds\/812-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/812.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"812.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/812.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/812.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-638206\" class=\"content-area-description single-story post-638206 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-enterpriseam tag-globalcorp tag-securitization 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\/.c6a16b24-6ecb-4806-aee5-f005644667d2.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> GlobalCorp takes fresh securitized bonds to market: <\/strong>Non-banking financial services firm GlobalCorp has raised EGP 1.32 bn in a securitized bond issuance, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/810.pdf\" style=\"\" rel=\"noopener\">statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/810.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. The three-tranche issuance carried tenors of 25, 37, and 48 months and received ratings of AA+, AA, and 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>Part of a wider program: <\/strong>This is the company\u2019s sixth issuance and it comes as part of a wider EGP 10 bn securitization program. It follows the issuance of EGP 1.35 bn worth of securitized bonds in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c535c9e6-e7fb-4e20-9dd3-39ea363c7f2e\/\" style=\"\" rel=\"noopener\">February<\/a> under the same program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who bought in? <\/strong>CIB, the National Bank of Egypt (NBE), SAIB Bank, Industrial Development Bank, and Al Ahly Pharos acted as underwriters.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> CIB and Al Ahly Pharos acted as financial advisors, lead arrangers, and transaction managers. NBE was bookrunner, while Banque Misr served as custodian. Dreny and Partners served as legal counsel and Baker Tilly as auditor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>The transaction brings the total value of securitized bonds issued in Egypt so far this year to EGP 17.4 bn, according to data tracked by Enterprise.<\/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\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/globalcorp\/\">GlobalCorp<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/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=\"638208\" 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=\"638208\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/abou-ghaly-motors-secures-ebrd-funds-to-continue-electrifying-its-london-cab-fleet\/\">\r\n                            Abou Ghaly Motors secures EBRD funds to continue electrifying its London Cab fleet                        <\/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\/11\/abou-ghaly-motors-secures-ebrd-funds-to-continue-electrifying-its-london-cab-fleet\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The tranche will fund the purchase of 100 electric cabs to add to its existing fleet of 250 electric London Cabs.<\/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: <\/strong>The EBRD provided a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb47fa0e-86be-4684-9bfb-ee1067524e29\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\" style=\"\" rel=\"noopener\">EUR 10 mn loan<\/a> to Abou Ghaly Motors back in 2022 to fund the purchase of 250 electric vehicles for its taxi fleet. The loan was part of a drive to electrify the company\u2019s entire cab stock.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cThis new tranche to expand the London Cab fleet to serve Egyptian passengers and incoming tourists to the Arab Republic of Egypt is a testament to the technical and administrative performance of Abou Ghaly Motors Group in this project. It also reflects the financial strength and resilience of the group,\u201d said CEO Mohamed Abou Ghaly. He added that, \u201ccollaboration with the EBRD is not just about financing but has a significant impact on the group's administrative and technical development and its leading role in community development.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"638210 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"638210\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/638210\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-638210\" class=\"content-area-description single-story post-638210 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicContactUs\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1877.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"638211\" 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=\"638211\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/egypts-first-gold-and-silver-medals-of-the-paris-games-dominated-the-airwaves\/\">\r\n                            Egypt\u2019s triad of Olympic medals at the Paris Games dominated the airwaves                        <\/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\/11\/egypts-first-gold-and-silver-medals-of-the-paris-games-dominated-the-airwaves\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/835.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"638212\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/egypts-first-gold-and-silver-medals-of-the-paris-games-dominated-the-airwaves\/835-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/835.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"835.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/835.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/835.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-638211\" class=\"content-area-description single-story post-638211 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-sports wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.c6a16b24-6ecb-4806-aee5-f005644667d2.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Last night\u2019s talk shows were abuzz with festive news from the Olympics<\/strong>, honing in on the victories of modern pentathlon athlete Ahmed El Gendy and weightlifter Sara Samir, who took home Egypt\u2019s first gold and silver medals of the Paris 2024 Games. <\/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 nation\u2019s talking heads showered the Olympians with praise<\/strong>, calling on the state to ramp up support for athletes to ensure similar successes in future competitions. Amongst these were Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=bo3fOnQCNYw\" style=\"\" rel=\"noopener\">watch, runtime: 3:06<\/a> | <a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=9zAETtMK1HM\" style=\"\" rel=\"noopener\">3:38<\/a>) and El Hekaya\u2019s Amr Adib (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=2955451521274821\" style=\"\" rel=\"noopener\">watch, runtime: 1:51<\/a> | <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=378623978333952\" style=\"\" rel=\"noopener\">6:07<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>President Abdel Fattah El Sisi <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/AlSisiofficial\/posts\/pfbid02zpGLMh8SV5526ySNLUoWKXtcNdDgqoGETDccGSdHW6HPgUxaZaB8aGnHqUxDrBXvl\" style=\"\" rel=\"noopener\">personally congratulated<\/a><\/strong><strong> Egypt\u2019s medalists<\/strong> that have so far clinched gold, silver, and bronze in Paris \u2014 Mohamed El Sayed came in third in the men's \u00e9p\u00e9e individual earlier in the Games. Ala Mas\u2019ouleety had coverage (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=k0lI5KP_BAI\" style=\"\" rel=\"noopener\">watch, runtime: 0:36<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In contrast, the Egyptian football team faced harsh criticism<\/strong> following their 6-0 defeat to Morocco, which cost them the bronze medal. Moussa described the loss as a \u201cdisaster,\u201d saying that the team \u201cwalked into the match already defeated\u201d (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Fl79oQCwofY\" style=\"\" rel=\"noopener\">watch, runtime: 2:43<\/a>). The talk show host called on Prime Minister Moustafa Madbouly to hold the Egyptian Olympic delegation accountable, adding (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=7T-IU7v2JAI\" style=\"\" rel=\"noopener\">watch, runtime: 3:43<\/a>) that \u201cthe Egyptian people are outraged by the team's performance.\u201d<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"638213\" 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=\"638213\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/the-degreening-of-cairo-is-catching-the-attention-of-the-intl-press\/\">\r\n                            The degreening of Cairo is catching the attention of the int\u2019l press                        <\/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\/11\/the-degreening-of-cairo-is-catching-the-attention-of-the-intl-press\/\" 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\/11\/the-degreening-of-cairo-is-catching-the-attention-of-the-intl-press\/')\">\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\/11\/the-degreening-of-cairo-is-catching-the-attention-of-the-intl-press\/\">\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=The degreening of Cairo is catching the attention of the int\u2019l press&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/the-degreening-of-cairo-is-catching-the-attention-of-the-intl-press\/\">\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\/11\/the-degreening-of-cairo-is-catching-the-attention-of-the-intl-press\/&title=The degreening of Cairo is catching the attention of the int\u2019l press\">\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=The+degreening+of+Cairo+is+catching+the+attention+of+the+int%E2%80%99l+press+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F11%2Fthe-degreening-of-cairo-is-catching-the-attention-of-the-intl-press%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\/11\/the-degreening-of-cairo-is-catching-the-attention-of-the-intl-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/814.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"638214\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/the-degreening-of-cairo-is-catching-the-attention-of-the-intl-press\/814-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/814.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"814.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/814.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/814.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-638213\" class=\"content-area-description single-story post-638213 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-climate tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.c6a16b24-6ecb-4806-aee5-f005644667d2.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where did our trees go? <\/strong>In the three years leading up to 2020, Cairo lost some 911k sqm of green space as the government carried out projects to expand main roads, slashing the governorate\u2019s trees in the process, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/environment\/erosion-cairos-green-space-leaves-residents-exposed-searing-heat-2024-08-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a> writes. Cairo also witnessed a number of parks cleared to make room for shops and cafes, while other green spaces have been removed for no clear reason. This has left the country with 1.2 sqm of green space per capita \u2014 far below the World Health Organization\u2019s recommended 9 sqm. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The loss of green space carries significant health implications:<\/strong> The loss of parks, gardens, and other green spaces can exacerbate what experts cited by Reuters call the \u201curban heat island effect,\u201d in which natural land cover is replaced with dense concentrations of pavement, buildings, and other heat-absorbing and heat-retaining surfaces. Urban heat islands increase the likelihood of heat related illness, something that will only be exacerbated as heat waves become more frequent with climate change.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/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=\"638215\" 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=\"638215\">\r\n            \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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/govt-pays-back-usd-21-mn-of-its-dues-to-dana-gas-plus-news-from-masdar-nile-developments\/\">\r\n                            Egyptian government =pays back USD 21 mn of its dues to Dana Gas                        <\/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\/11\/govt-pays-back-usd-21-mn-of-its-dues-to-dana-gas-plus-news-from-masdar-nile-developments\/\" 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\/11\/govt-pays-back-usd-21-mn-of-its-dues-to-dana-gas-plus-news-from-masdar-nile-developments\/')\">\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\/11\/govt-pays-back-usd-21-mn-of-its-dues-to-dana-gas-plus-news-from-masdar-nile-developments\/\">\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 pays back USD 21 mn of its dues to Dana Gas. PLUS: News from Masdar, Nile Developments&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/govt-pays-back-usd-21-mn-of-its-dues-to-dana-gas-plus-news-from-masdar-nile-developments\/\">\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\/11\/govt-pays-back-usd-21-mn-of-its-dues-to-dana-gas-plus-news-from-masdar-nile-developments\/&title=Gov\u2019t pays back USD 21 mn of its dues to Dana Gas. PLUS: News from Masdar, Nile Developments\">\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+pays+back+USD+21+mn+of+its+dues+to+Dana+Gas.+PLUS%3A+News+from+Masdar%2C+Nile+Developments+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F11%2Fgovt-pays-back-usd-21-mn-of-its-dues-to-dana-gas-plus-news-from-masdar-nile-developments%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\/11\/govt-pays-back-usd-21-mn-of-its-dues-to-dana-gas-plus-news-from-masdar-nile-developments\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/916.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"638216\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/govt-pays-back-usd-21-mn-of-its-dues-to-dana-gas-plus-news-from-masdar-nile-developments\/916-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/916.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"916.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/916.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/1\/916.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-638215\" class=\"content-area-description single-story post-638215 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-energy tag-enterpriseam tag-infrastructure tag-masdar tag-real-estate tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.c6a16b24-6ecb-4806-aee5-f005644667d2.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\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Emirati firm Dana Gas has collected USD 21 mn in receivables from Egypt in 1H <\/strong><strong>2024<\/strong>, receiving 64% of its dues for the period, it said in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/833.pdf\" style=\"\" rel=\"noopener\">earnings<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/833.pdf\" style=\"\" rel=\"noopener\">presentation<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/833.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. Its trade receivable balance in Egypt stood at USD 60 mn at the end of the period, up from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e77e854-eeee-43ed-b346-18263baa311b\/\" style=\"\" rel=\"noopener\">USD 57 mn<\/a> at the end of the first quarter.<\/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: <\/strong>The government had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a32982d2-a780-4740-9669-17aced583182\/gov%25e2%2580%2599t-clears-usd-1.3-bn-oil-and-gas-arrears\" style=\"\" rel=\"noopener\">cleared USD 1.3 bn worth of arrears<\/a> to foreign oil and gas companies operating in the country at the end of June.<\/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\">RENEWABLES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new Masdar wind project may soon be in the works: <\/strong>The Electricity Ministry is close to inking an agreement with Emirati state-run renewables giant Masdar to build a 200 MW wind farm, a government source told Enterprise. The proposed project will cost USD 180 mn and be developed under a build-own-operate model with the Egyptian Electricity Transmission Company as the offtaker for all the electricity produced.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We might have heard of this project before: <\/strong>While it is not clear where the wind farm will be built, another wind farm with the exact same capacity that will also sell its power to the national grid is being planned by Masdar with Infinity Power in Ras Ghareb. That\u2019s not where the similarities end, with our source telling us that negotiations with unnamed banks are ongoing, much like the Ras Ghareb project which is <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/53097.html\" style=\"\" rel=\"noopener\">close to securing<\/a> a USD 64.7 mn senior loan from the European Bank for Reconstruction and Development.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Read the full story on <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/7ae831b8-7052-4625-96e7-941c0ffffc21\/masdar-is-building-another-wind-farm-in-egypt\" style=\"\" rel=\"noopener\">EnterpriseAM UAE<\/a>. <\/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\">INFRASTRUCTURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re one step closer toward completing our power linkup with Saudi Arabia: <\/strong>The installation of the first transformer at a station that\u2019s part of the Egypt-Saudi electricity interconnector has commenced, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0JcrAH8JmF7JaEzV9oQYJuGoGN2aLX3EShf2j16uLc5cSNt78KsDagCG8r6yBCNe1l\" style=\"\" rel=\"noopener\">statement<\/a> by the Electricity Ministry. The transformer, which is being installed at a 500 kV station in Badr City, is reportedly \u201cthe first of its kind in the Middle East in terms of size, manufacturing technology, [and] operation,\u201d the statement reads.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The USD 1.8 bn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/653bc78e-5d38-4458-975b-249cc9521b61\" style=\"\" rel=\"noopener\">Egypt-Saudi electricity interconnection<\/a> was reported to be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e26a169-200d-4f67-9f07-01b0a2ab2c24\/\" style=\"\" rel=\"noopener\">60%<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e26a169-200d-4f67-9f07-01b0a2ab2c24\/\" style=\"\" rel=\"noopener\">complete last month<\/a>. The 3-GW project will reportedly be completed in two phases, with the first 1.5 GW phase set to go live in July 2025 before the second phase comes online in early 2026.<\/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\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\\<strong>#1- AlQamzi + Rebuillion: <\/strong>Engineering, construction, investments, and development firm <a target=\"_blank\" href=\"https:\/\/www.rebuillion.com\/\" style=\"\" rel=\"noopener\">Rebuillion<\/a> is set to build the second and third phases of Egyptian-Emirati real estate firm <a target=\"_blank\" href=\"https:\/\/www.alqamzi.com\/\" style=\"\" rel=\"noopener\">AlQamzi Developments<\/a> \u2019 <a target=\"_blank\" href=\"https:\/\/www.alqamzi.com\/eastshire\/\" style=\"\" rel=\"noopener\">Eastshire<\/a> project in the Fifth Settlement under an EGP 700 mn contract inked by the two parties, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%a8%d9%80-700-%d9%85%d9%84%d9%8a%d9%88%d9%86-%d8%ac%d9%86%d9%8a%d9%87-%d8%a7%d9%84%d9%82%d9%85%d8%b2%d9%8a-%d8%aa%d8%aa%d8%b9%d8%a7%d9%82%d8%af-%d9%85%d8%b9-%d8%b1%d9%8a%d8%a8\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports. Rebuillion is slated to deliver the two phases in a year\u2019s time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In detail:<\/strong> Rebuillion will build 178 buildings, including 10 standalone villas and nearly 168 townhouses. <\/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>#2- Real estate developer <\/strong><strong><a target=\"_blank\" href=\"https:\/\/nile-developments.com\/en\/\" style=\"\" rel=\"noopener\">Nile Developments<\/a><\/strong><strong> plans to invest EGP 2 bn this year<\/strong> on a number of projects in the new capital and New Cairo, Chairman Mohamed Taher told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d9%86%d8%a7%d9%8a%d9%84-%d9%84%d9%84%d8%aa%d8%b7%d9%88%d9%8a%d8%b1-%d8%aa%d8%ae%d8%b7%d8%b7-%d9%84%d8%b6%d8%ae-%d9%85%d9%84%d9%8a%d8%a7%d8%b1%d9%89-%d8%ac%d9%86%d9%8a%d9%87-%d9%81%d9%89\/\" style=\"\" rel=\"noopener\">Al Mal<\/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\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/masdar\/\">Masdar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"638217\" 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=\"638217\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/the-great-unwinding\/\">\r\n                            The great unwinding: Global investors reverse three-quarters of the year\u2019s carry trade                        <\/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\/11\/the-great-unwinding\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Recent market shifts have eroded its gains by about 10% since May \u2014 a change that suggests that investors are pulling away from this strategy, which had been profitable since the end of 2022, according to JPMorgan stategists wrote in a note cited by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-08\/jpmorgan-says-three-quarters-of-global-carry-trades-now-unwound?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Enterprise, what is a carry trade?<\/strong> Carry trade is a strategy where investors borrow money at low interest rates in one currency and invest it in another country in local currency with higher interest rates. This can potentially yield high returns when market conditions are favorable. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So what\u2019s the problem? <\/strong>The global carry trade strategy is currently \u201cnot offering an attractive risk-reward,\u201d the investment bank said. When market conditions change unexpectedly, the potential rewards may not be enough to justify the risks, especially with global events such as the US elections potentially influencing markets further.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With the instability of global markets, differences in interest rates have also become less<\/strong><strong> reliable.<\/strong> For example, changes in monetary policy on the central bank level \u2014 such as unexpected interest rate changes made by the Federal Reserve and the Bank of Japan \u2014 influence global borrowing and lending conditions. Case in point: The historically popular JPY-USD carry trade lost its appeal to investors this week when BoJ\u2019s interest rate hike fueled an increase in the value of the JPY. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Is recovery on the cards?<\/strong> While there might be a small chance for recovery in the carry trade this month, the overall strategy is currently not as appealing as it has been until recently due to heightened risks, JP Morgan analysts concur.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Last week\u2019s global unwinding can also be credited in a large part to investors and macro<\/strong><strong> funds unwinding their positions in carry trades<\/strong>, with tech stocks likely suffering the brunt due to carry trade-funded positions in the asset class, analysts told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/global-markets-rout-positioning-analysis-pix-2024-08-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. <\/p><p><a target=\"_blank\" id=\"t.a8aa5125ed6ae34ea48ad8dd7d3b7aa57e9eb4d4\" rel=\"noopener\"><\/a><a target=\"_blank\" id=\"t.0\" rel=\"noopener\"><\/a> <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28,751<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +15.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 49.21<\/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 49.35<\/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 49.20<\/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 49.30<\/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\">11,667<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: -2.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,306<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: -2.8%)<\/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>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\">4,195<\/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\">0.0% (YTD: +3.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500 <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,344<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +12.0%)<\/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>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\">8,168<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +5.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,675<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 79.66<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.14<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,473.40<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 61,062<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +44.6%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.4% at Thursday\u2019s close<\/strong> on turnover of EGP 3.6 bn (equal to the 90-day average). Regional investors were the sole net sellers. The index is up 15.5% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the gree<\/strong><strong>n: <\/strong>Elsewedy Electric (+20.0%), ADIB (+2.6%), and Alexandria Containers and Cargo Handling (+2.2%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Madinet Masr (-2.9%), Juhayna (-2.7%), and Ezz Steel (-2.3%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carry-trade\/\">carry trade<\/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<section id=\"638219\" 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\/11\/638219\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-638219\" class=\"content-area-description single-story post-638219 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>1-3 October (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/csew.net\/\" style=\"\">Cairo Sustainable Energy Week<\/a><\/span><span>, Cairo, Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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>Inflation falls | Emirati investments | Electrifying London Cab | Masdar project.<\/p>\n","protected":false},"featured_media":638192,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-638191","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"9172454d-a9e7-4723-b6aa-edb4d278ec02","teaser":"Inflation falls | Emirati investments | Electrifying London Cab | Masdar project.","photo_url":"https:\/\/ent.news\/2024\/8\/834.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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