{"id":639813,"date":"2024-08-15T00:00:00","date_gmt":"2024-08-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=639813"},"modified":"2025-12-17T16:46:44","modified_gmt":"2025-12-17T16:46:44","slug":"thanaweya-amma-gets-a-facelift","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/thanaweya-amma-gets-a-facelift\/","title":{"rendered":"Thanaweya Amma gets a facelift"},"content":{"rendered":"<section id=\"639815\" 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=\"639815\">\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\/15\/madbouly-now-needs-to-sign-off-on-any-factory-closures\/\">\r\n                            Egypt\u2019s Madbouly now needs to sign off on any factory closures                        <\/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\/15\/madbouly-now-needs-to-sign-off-on-any-factory-closures\/\" 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\/15\/madbouly-now-needs-to-sign-off-on-any-factory-closures\/')\">\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\/15\/madbouly-now-needs-to-sign-off-on-any-factory-closures\/\">\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=Madbouly now needs to sign off on any factory closures&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/madbouly-now-needs-to-sign-off-on-any-factory-closures\/\">\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\/15\/madbouly-now-needs-to-sign-off-on-any-factory-closures\/&title=Madbouly now needs to sign off on any factory closures\">\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=Madbouly+now+needs+to+sign+off+on+any+factory+closures+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F15%2Fmadbouly-now-needs-to-sign-off-on-any-factory-closures%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\/15\/madbouly-now-needs-to-sign-off-on-any-factory-closures\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1380.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"639816\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/madbouly-now-needs-to-sign-off-on-any-factory-closures\/1380-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1380.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1380.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1380.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1380.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-639815\" class=\"content-area-description single-story post-639815 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-industry tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.057f3ea7-239f-4b79-89ce-980eb90cbae7.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, all. <\/strong>We have a brisk issue for you this morning to wrap up the workweek. We have the rundown on the brand new Thanaweya Amma system and all the earnings that came out over the past 24 hours. <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- <\/strong><strong>Car impo<\/strong><strong>rts made easier for dealerships and diplomats: <\/strong>Authorities have resumed issuing ACID numbers \u2014 a unique ID number that importers obtain for their shipments \u2014 exclusively for car dealerships and diplomats, a source at the Customs Authority told Enterprise. Nearly 50 ACID numbers have been generated, representing hundreds of cars of various models. Other personal or commercial car imports remain suspended until further notice.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Behind the decision:<\/strong> The move was prompted by a recommendation from the Trade Ministry following extensive lobbying by major car dealerships, who faced significant delays in getting their cars released from local ports, sources in the automotive market told us. The delays threatened contracts and future investments from car manufacturers and exacerbated the severe shortage of new cars on the market. Meanwhile, diplomats made the cut because of the principle of reciprocity. <\/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\"><a id=\"wwtt2\"><\/a> <strong>#2- Hapag-Lloyd to avoid the Red Sea until year end: <\/strong>German shipping giant Hapag-Lloyd will continue to steer its container ships away from the Red Sea through the end of 2024, instead opting to send its vessels around the Cape of Good Hope, CEO Rolf Jansen told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/shipping-firms-avoid-red-sea-houthi-attacks-increase-2023-12-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bad news for our Suez Canal revenues:<\/strong> The shipping company is one of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7012e03f-8dda-4b2a-ae40-ba7144b132a8\/world%25e2%2580%2599s-largest-shipping-firms-pause-red-sea-transit\" style=\"\" rel=\"noopener\">a number of firms<\/a> that began rerouting their ships away from the Red Sea last winter in light of ongoing attacks by Yemen\u2019s Houthis on shipping traffic. Disruptions in the Red Sea have hit Suez Canal revenues \u2014 a major source of FX \u2014 hard, with Suez Canal Authority head Osama Rabie noting in July that revenues from the canal had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f20e8b9-2a88-4d84-9c4c-cbb7083d24eb\/imf-trims-egypt%25e2%2580%2599s-growth-outlook\" style=\"\" rel=\"noopener\">fallen some 23% y-o-y<\/a> during FY 2023-2024 to USD 7.2 bn.<\/p>\n<p class=\"tag-border-left\">SMART POLICY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Madbouly will now need to sign off on industrial factories going offline: <\/strong>Industrial facilities now require the greenlight from Prime Minister Moustafa Madbouly to shut down operations, Madbuoly <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0qKrDfeMz8UJYWzyCZEbpaGugGhZvnwZL8da1j7Czp2ZkWSAr18oNEYTvFLVv7RMzl\" style=\"\" rel=\"noopener\">said<\/a> at yesterday's cabinet meeting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>We heard <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1d974ae-027a-4796-a596-f250d9beee32\/egx30-recoups-last-week%25e2%2580%2599s-losses\" style=\"\" rel=\"noopener\">Monday<\/a> that no industrial facility could be closed without getting the greenlight from Transport and Industry Minister Kamel El Wazir.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>It\u2019s still hot in Cairo today, with a high of 36\u00b0C and a low of 26\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 bit cooler in Alexandria<\/strong>, with a high of 33\u00b0C and a low of 25\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\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A handful of stories are vying for your attention in the foreign business press <\/strong><strong>this morning.<\/strong> Getting top billing: <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Donald Trump promised to \u201cmake America affordable again\u201d and to impose foreign tariffs on \u201ccountries that have been ripping us off,\u201d <\/strong>as well as slash energy costs, if he\u2019s elected, in a wide-ranging speech aimed at clarifying his economic policy ahead of debates with opponent Kamala Harris. (<a target=\"_blank\" href=\"https:\/\/www.wsj.com\/politics\/elections\/trump-economic-speech-takeaways-e47790ca?mod=hp_lead_pos8\" 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>#2- Google will be required to make reforms to its Play Store on Android <\/strong>following a court ruling that accused it of being a \u201cmonopolist.\u201d (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/us-judge-says-monopolist-google-cant-avoid-app-store-reforms-2024-08-14\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Berkshire Hathaway\u2019s Warren Buffet confirmed the firm halved its stake in Apple<\/strong>, and cut stakes in Capital One, Chevron, and T-Mobile, and completely exited its stake in cloud computing software Snowflake and Paramount Global, in a shift towards cash and short-term Treasuries amid a wider sell-off on Wall Street in 2Q 2024. Hathaway dumped more than USD 77 bn shares in the quarter. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f7b95535-f145-47c3-9fe0-f9b9cdfa2c83\" style=\"\" rel=\"noopener\">Financial Times<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Starbucks\u2019 new CEO Brian Niccol will receive a pay package worth up to USD 113 mn<\/strong>, one of the largest in US corporate history. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ef7a08f5-5d70-4bbe-9bdd-37340ab10887\" style=\"\" rel=\"noopener\">FT<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON THE AI FRONT- Apple is reportedly pushing ahead with a tabletop iPad-like device with a robotic limb<\/strong>, aimed at becoming a smart home command center, as it looks for new ways to boost its revenues. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-14\/apple-pushes-ahead-with-tabletop-home-device-in-shift-to-robotics?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Gaza ceasefire talks in limbo: <\/strong>Ceasefire talks scheduled for today and set to be brokered by Qatar and Egypt should be moving forward despite Hamas\u2019 refusal to participate following a series of Israeli attacks on Gaza and additional demands from the Israeli side, a US State Department spokesperson told the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/08\/13\/world\/middleeast\/gaza-peace-talks.html\" style=\"\" rel=\"noopener\">New York Times<\/a>. Two officials briefed on the talks said that Hamas could still be willing to hear mediators out after the meeting if Israel put forward a \u201cserious response\u201d to Hamas\u2019s latest offer, from early July.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"639817 advertiser\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/794.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Dive into the enchantment of Somabay's underwater world.<\/span><span> Encounter playful dolphins and captivating coral reefs, where each plunge unveils a new marvel. #SummerStoriesBegin #OneParadiseAllSeasons #SomabayRedSea<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"639818\" 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=\"639818\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/executive-regs-to-hospital-privatization-and-more-received-the-greenlight-from-the-cabinet\/\">\r\n                            Egypt\u2019s cabinet approved executive regs to hospital privatization                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1358.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1358.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1358.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1358.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-639818\" class=\"content-area-description single-story post-639818 post type-post status-publish format-standard has-post-thumbnail hentry category-cabinet-watch tag-cabinet-watch tag-enterpriseam tag-healthcare tag-investment-watch tag-legislation tag-manufacturing 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\/.8784897e-69f7-4dc5-9eb1-f16c78cbaad3.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> It was another busy Wednesday at the cabinet<\/strong>, with the country\u2019s ministers <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid09qbySGBBTCtCq2ZKW1nAoyG67SE7EAJJrzMSVTgzE8vcZgPBxN5PnH13LESEN6b7l\" style=\"\" rel=\"noopener\">approving<\/a><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid09qbySGBBTCtCq2ZKW1nAoyG67SE7EAJJrzMSVTgzE8vcZgPBxN5PnH13LESEN6b7l\" style=\"\" rel=\"noopener\">a raft of<\/a><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid09qbySGBBTCtCq2ZKW1nAoyG67SE7EAJJrzMSVTgzE8vcZgPBxN5PnH13LESEN6b7l\" style=\"\" rel=\"noopener\">new decisions<\/a>. Among the most notable are:<\/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- Executive regulations for hospital privatization bill get the greenlight: <\/strong>The cabinet has approved a resolution regarding the issuance of executive regulations for the hospital privatization bill \u2014 which allows private entities to set up, manage, and operate healthcare facilities and public hospitals for a period of 3-15 years. Here are some of the highlights:<\/p>\n<ul>\n<li><strong>The cabinet will make the final decision regarding the privatization of healthcare <\/strong><strong>facilities<\/strong>, based on Health Ministry proposals. The move will be taken only after the approval of the entity that owns the facility and reaching agreements on service pricing, a schedule of follow-ups on the facility\u2019s progress, and a plan for transferring the facility back to state ownership.<\/li>\n<li><strong>The medical facility operator must continue to offer free health services <\/strong>to beneficiaries of the Universal Health Ins. System and in cases of disasters, epidemics, and emergencies. <\/li>\n<li><strong>The Health Ministry will prepare a review of health facilities targeted for <\/strong><strong>privatization, <\/strong>alongside proposed dates for their privatization, to be regularly updated.<\/li>\n<li><strong>Foreign workforce: <\/strong>The ministry will also delineate the regulations around granting foreign doctors, nurses, and<strong> technicians licenses to work<\/strong> within privatized facilities.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>President Abdel Fattah El Sisi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/am\/2024-06-25\/11\" style=\"\" rel=\"noopener\">ratified<\/a> the hospital privatization bill back in June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- A council to localize the manufacturing of chips and PV cells: <\/strong>The cabinet approved a draft resolution to set up the National Council for the Localization of Chip and Solar Cell Tech Production. The council will be tasked with approving the government\u2019s strategy for localizing the manufacturing of chips and PV cells, updating the strategy as needed, and overseeing the progress of its implementation, as well as working to eliminate any obstacles for investment in the sector and reviewing related legislation. Prime Minister Moustafa Madbouly will head the new council, which will meet at least every two months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The Madbouly government, earlier this summer, was set to launch a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/137aeaa9-e6d4-4c60-a09e-c86b54e93740\/chips-and%253cmark%253e-solar%253c%2Fmark%253e-panels-made-in-egypt%3F\" style=\"\" rel=\"noopener\">tender<\/a> to select an international consultant to develop a strategy to localize the manufacturing of chips and PV cells. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Amendments to the Maritime Trade Law got the greenlight<\/strong>, part of wider efforts to \u201ctransform Egypt into a global hub for trade and logistics and maximize the role of the maritime transport sector.\u201d Some of the most significant amendments include: <\/p>\n<ul>\n<li><strong>If a vessel sinks, burns, breaks, is captured, or is lost, the owner or operator must <\/strong><strong>immediately notify the Egyptian Authority for Maritime Safety<\/strong> or the registration office and return the registration certificate to the authorities if possible. Registration certificates should also be returned if the ownership of a given vessel is transferred to a foreigner or a foreign entity.<\/li>\n<li><strong>Operating an unregistered vessel flying an Egyptian flag is punishable<\/strong> by a prison sentence not exceeding three months and \/ or a fine ranging from EGP 100k to EGP 1 mn, with the ship potentially subject to confiscation. Operating a ship with an expired registration is punishable by up to one year imprisonment and \/ or a fine of EGP 50-500k.<\/li>\n<li><strong>The government must approve the construction plans and specifications of any <\/strong><strong>newly built marine vessel<\/strong>, with construction subject to government oversight. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- OC-led consortium to install another 150 MW of wind power:<\/strong> Cabinet has <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02pDQzLrAnxoAtLSEYfTjnj3nCbumYPRH7yyQ3NHq1QeAyvMuLu9p1T152qGDSKgfYl\" style=\"\" rel=\"noopener\">approved<\/a> an offer by Orascom Construction, Toyota Tsusho, and Engie to add another 150 MW of wind power capacity to its 500 MW wind farm in the Gulf of Suez. The expansion is slated for completion in 2025 and will be built on an adjacent plot of land under an usufruct contract. The new capacity will also adhere to the original agreement's terms and pricing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The consortium <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/448f4089-1c32-47d2-b37e-2ab97142d101\" style=\"\" rel=\"noopener\">broke ground<\/a> on their 500 MW wind project in Ras Ghareb back in 2022, days before they signed up to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce29a6e4-8653-4954-b817-c38ac8a69aa8\" style=\"\" rel=\"noopener\">build another 3-GW wind farm<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Egypt Otsuka subsidiary receives golden license:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/arab-otsuka-nutraceuticals?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Arab Otsuka Nutraceuticals<\/a>, a subsidiary of pharma firm <a target=\"_blank\" href=\"https:\/\/www.egyptotsuka.com\/\" style=\"\" rel=\"noopener\">Egypt Otsuka<\/a>, has been granted a golden license to establish and operate a factory for the production of nutritional products in the Tenth of Ramadan City.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#6- No mud tax for another year:<\/strong> The cabinet approved the suspension of the 14% agricultural land tax (known as the mud tax) for another year starting 1 August, and granted cabinet the option to extend the suspension again until July 2026. The tax <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2780d8b-88b3-445d-80b1-18e522119bf2\" style=\"\" rel=\"noopener\">has been suspended<\/a> since 2017.<\/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\">ALSO ON THE GOVT AGENDA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Brace for the new and improved industrial sector: <\/strong>The cabinet has presented President Abdel Fattah El Sisi with a comprehensive plan to boost the industrial sector, Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/hapijournal.com\/2024\/08\/14\/%d8%b1%d8%a6%d9%8a%d8%b3-%d8%a7%d9%84%d9%88%d8%b2%d8%b1%d8%a7%d8%a1-%d8%ae%d8%b7%d8%a9-%d8%b9%d8%a7%d8%ac%d9%84%d8%a9-%d9%84%d9%84%d9%86%d9%87%d9%88%d8%b6-%d8%a8%d8%a7%d9%84%d8%b5%d9%86%d8%a7%d8%b9-2\/\" style=\"\" rel=\"noopener\">said<\/a> yesterday. The plan has three main objectives \u2014 enhancing the industrial investment environment to encourage the establishment of new factories and attract fresh investments, improving the quality of Egyptian products and increasing their competitiveness, reviving factories that shut off operations due to economic challenges and providing the necessary support for struggling factories. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF- <\/strong><strong>Industrial land up for grabs? <\/strong>The state will offer some 10 mn sqm of industrial land to investors under its plan to boost the sector, Industry and Transport Minister Kamel El Wazir <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/08\/14\/1817636\" style=\"\" rel=\"noopener\">said<\/a>. The plots will be located in Sadat City, Borg El Arab, Sixth of October, Tenth of Ramadan, and Badr City. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- A plan to produce 100 mn phones a year:<\/strong> Madbouly has <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%b1%d8%a6%d9%8a%d8%b3-%d8%a7%d9%84%d9%88%d8%b2%d8%b1%d8%a7%d8%a1-%d8%ae%d8%b7%d8%a9-%d9%84%d8%a5%d9%86%d8%aa%d8%a7%d8%ac-100-%d9%85%d9%84%d9%8a%d9%88%d9%86-%d8%ac%d9%87%d8%a7%d8%b2-%d9%87%d8%a7\/\" style=\"\" rel=\"noopener\">called<\/a> for a plan to ramp up the annual production of mobile phones to 100 mn devices, 25% of which will be allocated for the local market the remaining 75% intended for export. Current domestic production stands at 11 mn devices, while USD 6 bn worth of phones are imported, he said, adding projects underway will increase production to 17 mn units.<\/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\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/education-ministry-unveils-plan-to-restructure-thanaweya-amma-address-teacher-shortage\/\">\r\n                            Education Ministry unveils plan to restructure Thanaweya Amma, address teacher shortage                        <\/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\/15\/education-ministry-unveils-plan-to-restructure-thanaweya-amma-address-teacher-shortage\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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                 <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1378.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"639822\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/education-ministry-unveils-plan-to-restructure-thanaweya-amma-address-teacher-shortage\/1378-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1378.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1378.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1378.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1378.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-639821\" class=\"content-area-description single-story post-639821 post type-post status-publish format-standard has-post-thumbnail hentry category-education tag-education tag-enterpriseam tag-thanaweya-amma 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\/.bfb8a833-387f-4b54-9566-78f35b03fa39.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Thanaweya Amma <\/strong><strong>gets a facelift: <\/strong>Education Minister Mohamed Abdellatif yesterday <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0zE5tkRMYhFJWBXqAFSHKCdx67uS71DtU65SCFDucf6GiDkBYos8mvjJZdChmPjo2l\" style=\"\" rel=\"noopener\">unveiled<\/a> a plan to restructure high school education and Thanaweya Amma by extension for the 2024-2025 academic year, which is set to begin on 21 September. The plan, which aims to reduce student workload while maintaining educational quality, was approved after public consultation with educational stakeholders over the past few weeks, the minister said. <\/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 revamped system in a nutshell:<\/strong> Only six subjects will count toward the final grades of first- and second-year students in high school, down from 10 and eight, respectively. Meanwhile, third-year students will only take five graded subjects instead of seven. Second foreign languages, geology, psychology, and religious studies will all become pass\/fail subjects, meaning they won\u2019t impact the final grade. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s not all: <\/strong>The new system also moves around certain subjects and combines some others. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** You can check out the subject breakdown in the Education Ministry statement <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0zE5tkRMYhFJWBXqAFSHKCdx67uS71DtU65SCFDucf6GiDkBYos8mvjJZdChmPjo2l\" 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>Alleviating the teacher shortage: <\/strong>Abdellatif also outlined a comprehensive <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02q7HjB7fjwMst3vHqgj1DkxKCGfwGWdEetZaCBnHsB8wVHrAVug9XfqjdFso8eqiyl\" style=\"\" rel=\"noopener\">strategy<\/a> to tackle a critical teacher shortage across the country\u2019s schools \u2014 the education system faces a deficit of 469.9k teachers. Here\u2019s a rundown of the plan:<\/p>\n<ul>\n<li>Continuing the presidential initiative to hire 30k teachers annually.<\/li>\n<li>Activating a law to have teachers continue to work beyond retirement age.<\/li>\n<li>Hiring 50k part-time teachers.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also part of the plan: <\/strong>The ministry will extend the academic year from 23 to 31 weeks and add five minutes to each lesson.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mitigating overcrowding:<\/strong> Abdellatif also laid out a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02P1xtDWfdgLdL9ThajYiPm5Yc1XtmQZZDBB1Xxe19yK3ePd1nHruRaup4Frb2XVVHl\" style=\"\" rel=\"noopener\">multi-faceted approach<\/a> to address classroom overcrowding:<\/p>\n<ul>\n<li><strong>Splitting school hours into shifts:<\/strong> Starting the next academic year, Thanaweya Amma will transition to evening classes, freeing up morning hours for middle schools. In turn, primary schools will utilize morning sessions previously allocated to middle schools. Schools will have the discretion to implement these changes based on their needs.<\/li>\n<li><strong>More school days:<\/strong> The school week will be extended from four to five days dedicated to academic learning, followed by a sixth day for extracurricular activities.<\/li>\n<li><strong>More classrooms:<\/strong> The General Authority for Educational Buildings has been tasked with conducting a survey of available spaces to identify potential spaces for classrooms. The ministry will also introduce a mobile classroom system that involves dedicated classrooms to specific activities. <\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/thanaweya-amma\/\">Thanaweya Amma<\/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=\"639823\" 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=\"639823\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/local-trade-offices-see-usd-11-6-bn-in-fresh-foreign-investment\/\">\r\n                            Local trade offices see USD 11.6 bn in fresh foreign investment                        <\/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\/15\/local-trade-offices-see-usd-11-6-bn-in-fresh-foreign-investment\/\" 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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Most of the funds are destined for the energy sector, he said, adding that other sectors include food industries, engineering, medical supplies, IT, banking, real estate, communications, ready-made garments, and textiles. <\/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 timeline: <\/strong>The projects are slated for implementation over the coming years according to individual timelines.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Among the projects:<\/strong> A major Italian firm is looking to invest over EUR 200 mn in two solar projects in Safaga, he said. Meetings with local authorities were organized to start implementing the project following the CEO\u2019s visit to Egypt in March. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Indian and Turkish investors are loving Egypt:<\/strong> Indian and Turkish businesses across several sectors are relocating their production capacities to Egypt. There\u2019s ongoing communication between local commercial offices and those of New Delhi and Istanbul to support this shift, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>India has taken a liking to homegrown green hydrogen:<\/strong> There\u2019s been particularly strong interest from Indian investors in green hydrogen production following <a target=\"_blank\" href=\"https:\/\/www.renew.com\/\" style=\"\" rel=\"noopener\">ReNew Power\u2019s<\/a> plan to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af5da261-4003-452e-a158-292b60ce408e\" style=\"\" rel=\"noopener\">build<\/a> a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f2251cd-82db-4ba9-9ef9-b1287b0bef1f\" style=\"\" rel=\"noopener\">USD 8 bn green hydrogen plant<\/a> in the Suez Canal Economic Zone, El Wathek Bellah said. ReNew Power is currently taking the necessary steps to complete the project, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>China wants a slice of the pie too<\/strong><strong>:<\/strong> Advanced discussions are underway with several Chinese companies over investments in textiles, fabrics, engineering goods, and transportation. Visits have been organized for a major Chinese company to explore investments in several areas, including renewable energy.<\/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> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/india\/\">India<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n  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class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/efg-holding-edita-raya-holding-more-report-quarterly-earnings\/\">\r\n                            EFG Holding, Edita, Raya Holding, more report quarterly earnings                        <\/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\/15\/efg-holding-edita-raya-holding-more-report-quarterly-earnings\/\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1775.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"639826\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/efg-holding-edita-raya-holding-more-report-quarterly-earnings\/1775-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1775.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1775.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1775.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1775.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-639825\" class=\"content-area-description single-story post-639825 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings tag-earnings-watch tag-edita tag-efg-holding tag-enterpriseam tag-heliopolis-housing-and-development tag-raya-holding tag-telecom-egypt 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\/.2be7008c-e011-47a5-8f97-25f96f94722d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The earnings tsunami keeps on coming:<\/strong> More companies released their quarterly earnings yesterday \u2014 including EFG Holding, HHD, Edita, Raya Holding, and Telecom Egypt.<\/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 class=\"tag-border-left\">EFG HOLDING REPORTS SOLID PERFORMANCE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFG Holding reports \u201canother strong quarter:\u201d <\/strong>EFG Holding saw its net income after tax and minority interest almost double y-o-y during 2Q 2024, recording EGP 791 mn, the company said in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1339.pdf\" style=\"\" rel=\"noopener\">ea<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1339.pdf\" style=\"\" rel=\"noopener\">rnings rel<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1339.pdf\" style=\"\" rel=\"noopener\">ease (pdf)<\/a>. Revenues during the quarter rose 63% y-o-y to EGP 5.1 bn \u201cbolstered by strong revenues generated from the Investment Banking division, in addition to positive growth recorded by the rest of the Group\u2019s lines of business.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong><\/p>\n<ul>\n<li>Investment bank <strong>EFG Hermes<\/strong> saw revenues climb 74% y-o-y to EGP 2.8 bn in 2Q 2024, while net income after tax and minority rose 72% y-o-y to EGP 305 mn. EFG Hermes\u2019 \u201cresilient performance \u2026 masked losses recorded by holding & treasury activities, which came in at EGP 503 mn in 2Q 2024.\u201d<\/li>\n<li>The company\u2019s NBFI arm <strong>EFG Finance<\/strong> reported revenues of EGP 1.1 bn during the quarter, up 70% y-o-y, with all business lines posting growth \u2014 Valu's revenues more than doubled, rising 117% y-o-y. EFG Finance\u2019s net income jumped 210% y-o-y to EGP 267 mn, \u201con Leasing, Valu and Tanmeyah\u2019s higher profitability.\u201d <\/li>\n<li><strong>aiBank<\/strong>\u2019s revenues also saw a 39% y-o-y increase to EGP 1.2 bn in 2Q 2024, \u201cdriven mainly by higher net interest income on the back of loan book growth and enhanced net interest margins,\u201d the release read. The bank's net income after taxes rose about 55% y-o-y to EGP 426 mn. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cOur second-quarter results demonstrate EFG Holding's ability to navigate a challenging economic environment. In an era of unprecedented economic and geopolitical turbulence, marked by widespread inflation, currency devaluation, and volatile global markets, we not only navigated these challenges but also emerged stronger,\u201d said group CEO Karim Awad in a separate <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1338.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bigger picture: <\/strong>EFG Holding saw its net income after tax and minority interest increase by 103% y-o-y during the first half of the year to record EGP 2.6 bn and revenues were up 80% y-o-y during the six-month period to EGP 13.6 bn. <\/p>\n<p class=\"tag-border-left\">EDITA SEES REVENUES RISE, NET INCOME DIP- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A bittersweet quarter for Edita:<\/strong> Snackmaker Edita Food Industries saw its revenues 42.1% y-o-y to EGP 4.1 bn during the second quarter of the year, driven by an increase in prices and sustained demand, it said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1345.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1345.pdf\" style=\"\" rel=\"noopener\">)<\/a> for the quarter. However, the company\u2019s net income dipped 18% y-o-y to EGP 313 mn during the period. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the growth: <\/strong>More than half of the quarter\u2019s revenues came from cake sales, which were up 47.7% y-o-y to record EGP 2.1 bn. The growth echoed through Edita\u2019s smaller segments \u2014 bakery sales were up 21.1% and wafers up 74.1%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Price hikes and volume growth helped drive revenue:<\/strong> Sales volumes grew by 6.9% y-o-y to nearly 1 bn packs during 2Q 2024, despite a 32.9% y-o-y increase in the average price per pack to EGP 3.96. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company saw its revenues jump 41.7% y-o-y during the first half of the year<\/strong> to record EGP 8 bn. Its net income saw a 1% dip to record EGP 749.6 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Overseas expansion:<\/strong> Export sales climbed 37% y-o-y to EGP 309.4 mn in 2Q 2024 \u2014 making up 7.7% of the company\u2019s revenues. <\/p>\n<p class=\"tag-border-left\">RAYA HOLDING SHOWS STRONG GROWTH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>R<\/strong><strong>aya Holding saw its net income after minority interest rose 124% y-o-y <\/strong>during the second quarter of the year to record EGP 323 mn, which the company attributed to the float of the EGP in March and its \u201cfavorable effect on profit margins for the group\u2019s export-oriented units,\u201d according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1282.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Revenues also ticked up 21% y-o-y to EGP 9.7 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For the half:<\/strong> Raya Holding saw its net income after minority interest jump 128% y-o-y during the first half of the year to record EGP 654 mn. Revenues saw a 38% y-o-y increase to EGP 20.1 bn during the six-month period. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong> Raya\u2019s trade and distribution business unit generated 40.8% of Raya\u2019s total revenues for the half, reaching EGP 8.2 bn, a 28% y-o-y increase. The second biggest contributor was the firm\u2019s IT arm, which recorded EGP 4.7 bn in revenues, an increase of 50% y-o-y.<\/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\">TELECOM EGYPT\u2019S REVENUES RISE, INCOME STEADY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Telecom Egypt\u2019s net income took a slight hit during 2Q 2024<\/strong>, falling 9% y-o-y to record EGP 2.6 bn, according to the company\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1293.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. Revenues were up 44% y-o-y to EGP 20.5 bn during the quarter. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a semiannual basis:<\/strong> The company saw revenue rise 35% y-o-y to EGP 38 bn during 1H 2024, its net income fell 3% y-o-y to EGP 6.5 bn, driven by increased interest expenses and FX losses that were partially offset by \u201csolid operational growth.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> HHD ACHIEVES SIGNIFICANT GROWTH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Heliopolis Housing and Development (HHD) logged EGP <\/strong><strong>1.4<\/strong><strong> bn in net income in 2Q <\/strong>2024, up 5,582% y-o-y, which the company partially attributed to \u201crevenue from short-term<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">investments, which amounted to EGP 1 bn,\u201d it said in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1289.pdf\" style=\"\" rel=\"noopener\">earning<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1289.pdf\" style=\"\" rel=\"noopener\">release (pdf)<\/a>. The real estate developer\u2019s top line saw a 185% jump in comparison to the same period last year to record EGP 736.7 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On HHD\u2019s expansion agenda:<\/strong> HHD is finalizing the acquisition of a 52k acre plot in New Mansoura. <\/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\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-holding\/\">EFG Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/heliopolis-housing-and-development\/\">Heliopolis Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-holding\/\">Raya Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"639827\" 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=\"639827\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/telecom-egypt-and-raya-holding-announce-new-investor-relations-appointments\/\">\r\n                            Telecom Egypt and Raya Holding announce new investor relations appointments                        <\/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\/15\/telecom-egypt-and-raya-holding-announce-new-investor-relations-appointments\/\" 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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Zayed \u2014 formerly investor relations manager at Telecom Egypt between 2018 and 2021 \u2014 comes back to the company after a nearly three-year stint as head of investor relations at Taaleem Management Services. <\/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>And a new IR manager for Raya Holding, too: <\/strong>Raya Holding\u2019s board approved the appointment of Raneem Meligy (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/raneem-meligy-054998151\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as the company\u2019s investor relations manager at a board meeting on Tuesday, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1279.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. Meligy has been with the company\u2019s investor relations division since 2021. <\/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\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-holding\/\">Raya Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"639829\" 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=\"639829\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/egypts-top-ceos-according-to-forbes\/\">\r\n                            Egypt\u2019s top CEOs, according to Forbes                        <\/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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class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/egypts-top-ceos-according-to-forbes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1369.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"639830\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/egypts-top-ceos-according-to-forbes\/1369-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1369.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1369.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1369.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1369.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-639829\" class=\"content-area-description single-story post-639829 post type-post status-publish format-standard has-post-thumbnail hentry category-kudos tag-enterpriseam tag-forbes tag-kudos 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\/.29a2ccd0-726b-407d-b66c-1336deea829c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Forbes is out with its annual ranking of th<\/strong><strong>e <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/\" style=\"\" rel=\"noopener\">Middle East\u2019s top 100 CE<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/\" style=\"\" rel=\"noopener\">Os<\/a><\/strong> \u2014 and 21 Egyptians have made the cut:<\/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>#9- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/hatem-dowidar\/\" style=\"\" rel=\"noopener\">Hatem Dowidar<\/a><\/strong>, CEO of e&<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#17- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/yasser-zaghloul\/\" style=\"\" rel=\"noopener\">Yasser Zaghloul<\/a><\/strong>, CEO of NMDC Group<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#26- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/hisham-okasha\/\" style=\"\" rel=\"noopener\">Hisham Okasha<\/a><\/strong>, executive chairman of the National Bank of Egypt<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#29- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/ahmed-abdelaal\/\" style=\"\" rel=\"noopener\">Ahmed Abdelaal<\/a><\/strong>, Group CEO of Mashreq<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#31- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/ahmed-galal-ismail\/\" style=\"\" rel=\"noopener\">Ahmed Galal Ismail<\/a><\/strong>, CEO of Majid Al Futtaim Holding<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#33- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/hisham-talaat-moustafa\/\" style=\"\" rel=\"noopener\">Hisham Talaat Moustafa<\/a><\/strong>, CEO and Managing Director of Talaat Moustafa Group<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#43- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/sherif-beshara\/\" style=\"\" rel=\"noopener\">Sherif Beshara<\/a><\/strong>, Group CEO of Mohamed & Obaid Almulla Group and American Hospital Dubai<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#47- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/mohamed-el-etreby\/\" style=\"\" rel=\"noopener\">Mohamed El Etreby<\/a><\/strong>, Chairman of Banque Misr<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#51- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/ahmed-elsewedy\/\" style=\"\" rel=\"noopener\">Ahmed Elsewedy<\/a><\/strong>, President and CEO of Elsewedy Electric<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#54- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/mohamed-nasr-eldin\/\" style=\"\" rel=\"noopener\">Mohamed Nasr Eldin<\/a><\/strong>, CEO and Managing Director of Telecom Egypt<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#56- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/osama-bishai\/\" style=\"\" rel=\"noopener\">Osama Bishai<\/a><\/strong>, CEO of Orascom Construction<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#59- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/bassel-gamal\/\" style=\"\" rel=\"noopener\">Bassel Gamal<\/a><\/strong>, Group CEO of Qatar Islamic Bank<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#66- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/othman-a-ibrahim\/\" style=\"\" rel=\"noopener\">Othman Ibrahim<\/a><\/strong>, Group CEO of Rawabi Holding <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#69- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/karim-awad\/\" style=\"\" rel=\"noopener\">Karim Awad<\/a><\/strong>, Group CEO and Chairman of the Executive Committee of EFG Holding<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#75- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/khaled-abbas\/\" style=\"\" rel=\"noopener\">Khaled<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/khaled-abbas\/\" style=\"\" rel=\"noopener\">Abbas<\/a><\/strong>, Chairman and Managing Director of Administrative Capital for Urban Development<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#80- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/tarek-el-sayed\/\" style=\"\" rel=\"noopener\">Tarek El Sayed<\/a><\/strong>, CEO and Managing Director of Al Rayyan Tourism Investment Company<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#83- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/mohamed-abdelbary\/\" style=\"\" rel=\"noopener\">Mohamed Abdelbary<\/a><\/strong>, Acting Group CEO of Abu Dhabi Islamic Bank<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#85- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/omar-el-hamamsy\/\" style=\"\" rel=\"noopener\">Omar El Hamamsy<\/a><\/strong>, Group CEO of Orascom Development Egypt<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#86- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/dalia-khorshid\/\" style=\"\" rel=\"noopener\">Dalia Khorshid<\/a><\/strong>, Group CEO of Beltone Holding<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#89- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/hossam-ahmed-heiba\/\" style=\"\" rel=\"noopener\">Hossam Heiba<\/a><\/strong>, CEO of the General Authority for Investment and Free Zones<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#<\/strong><strong>95<\/strong><strong>- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-ceos-2024\/said-zater\/\" style=\"\" rel=\"noopener\">Said Zater<\/a><\/strong>, Group CEO and Managing Director of Contact Financial Holding<\/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\/forbes\/\">Forbes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kudos\/\">KUDOS<\/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=\"639831 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=\"639831\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/639831\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-639831\" class=\"content-area-description single-story post-639831 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=\"639832\" 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=\"639832\">\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\/15\/egypt-inks-military-cooperation-protocol-with-somalia\/\">\r\n                            Egypt inks military cooperation protocol with Somalia                        <\/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\/15\/egypt-inks-military-cooperation-protocol-with-somalia\/\" target=\"_blank\">\n       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size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"639833\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/egypt-inks-military-cooperation-protocol-with-somalia\/1374-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1374.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1374.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1374.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1374.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-639832\" class=\"content-area-description single-story post-639832 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-diplomacy tag-enterpriseam tag-last-nights-talk-shows tag-somalia 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\/.428f21f1-a0b1-477e-bbf8-84e71d80b89d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>It was a diplomacy-heavy night on the airwaves<\/strong>, with the nation\u2019s talking heads hyperfixed on the Somali President Hassan Sheikh Mohamud\u2019s visit to the capital yesterday and his talks with President Abdel Fattah El Sisi. <\/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>A military cooperation protocol: <\/strong>The two sides oversaw the signing of a military cooperation protocol between the two countries, according to an Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/1060147595473968?ref=embed_post\" style=\"\" rel=\"noopener\">statement<\/a> that provided little to no detail on what the protocol entails. Last month, Somalia\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f316639a-6caa-4efd-8607-f034cf961458\/we-have-a-new-defense-partnership-with%253cmark%253e-somalia%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">cabinet approved<\/a> a mutual defense agreement with Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi\u2019s comments: <\/strong>\u201cThe cooperation protocol comes within the framework of enhancing cooperation. We do not interfere in the affairs of other countries, and we respect International Law, and state sovereignty,\u201d El Sisi said during the joint presser that took place following the talks between the two sides. \u201cIt is very important for neighboring countries to respect the sovereignty of countries and support Somalia. The presser received airtime on Ala Masouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=mrjXTKwuHNk\" style=\"\" rel=\"noopener\">watch, runtime: 6:26<\/a>) and Salat El Tahrir (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=GMpyzRq-VOs\" style=\"\" rel=\"noopener\">watch, runtime: 2:21<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi reiterated support for Somalia<\/strong>, stressing Egypt\u2019s \u201csupport of the unity and sovereignty of Somalia over its lands, and rejecting any interference in its internal affairs.\u201d The two sides also discussed issues of common interest and agreed to work together over the coming period to ensure the Horn of Africa and secure and stable. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context:<\/strong> Somalia and Ethiopia have been rowing for months after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/964969ff-b01b-4751-a8bd-e0a70f6c5968\/ethiopia-inks-to-gain-red-sea-port-access%253cmark%253e-somaliland%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">Ethiopia inked an agreement<\/a> in early January with breakaway region Somaliland, granting it 50-year access to Somaliland\u2019s Berbera port in exchange for eventual recognition and an undisclosed stake in Ethiopian Airlines. Somalia was quick to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/logistics\/en\/news\/story\/9aaf095d-7afb-40f4-ba1c-0d3e52373aab\/data-center-provider-adaniconnex-seeks-usd-400-mn-loan-for-growth-plans-%2B-somalia-snubs-ethiopia-%253cmark%253esomaliland%253c%2Fmark%253e-port-agreement\" style=\"\" rel=\"noopener\">snub the accord<\/a>, labeling the move as \u201cnull and void.\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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/somalia\/\">Somalia<\/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=\"639834\" 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=\"639834\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/hyundai-appliances-wants-to-set-up-shop-in-egypt-plus-news-from-kima-and-takaful-and-karama\/\">\r\n                            Hyundai Appliances wants to set up shop in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/hyundai-appliances-wants-to-set-up-shop-in-egypt-plus-news-from-kima-and-takaful-and-karama\/\" 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\/15\/hyundai-appliances-wants-to-set-up-shop-in-egypt-plus-news-from-kima-and-takaful-and-karama\/')\">\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\/15\/hyundai-appliances-wants-to-set-up-shop-in-egypt-plus-news-from-kima-and-takaful-and-karama\/\">\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=Hyundai Appliances wants to set up shop in Egypt. PLUS: News from Kima and Takaful and Karama&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/hyundai-appliances-wants-to-set-up-shop-in-egypt-plus-news-from-kima-and-takaful-and-karama\/\">\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\/15\/hyundai-appliances-wants-to-set-up-shop-in-egypt-plus-news-from-kima-and-takaful-and-karama\/&title=Hyundai Appliances wants to set up shop in Egypt. PLUS: News from Kima and Takaful and Karama\">\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=Hyundai+Appliances+wants+to+set+up+shop+in+Egypt.+PLUS%3A+News+from+Kima+and+Takaful+and+Karama+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F15%2Fhyundai-appliances-wants-to-set-up-shop-in-egypt-plus-news-from-kima-and-takaful-and-karama%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\/15\/hyundai-appliances-wants-to-set-up-shop-in-egypt-plus-news-from-kima-and-takaful-and-karama\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1376.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"639835\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/hyundai-appliances-wants-to-set-up-shop-in-egypt-plus-news-from-kima-and-takaful-and-karama\/1376-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1376.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1376.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1376.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1376.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-639834\" class=\"content-area-description single-story post-639834 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-debt tag-enterpriseam tag-kima tag-manufacturing tag-social-welfare tag-takaful-and-karama 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\/.44277f0b-7ace-4e6e-8853-dcb4d05cb8a5.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\">MANUFACTURING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hyundai Appliances wants to set up shop in Egypt: <\/strong>Hyundai for Home Appliances is looking to set up its own facility in Egypt to help it boost exports across the region, the company\u2019s regional director James Kim reportedly told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/08\/14\/1817680\" style=\"\" rel=\"noopener\">Al Borsa<\/a>, adding that the company is looking to secure the golden license for the facility. The company yesterday <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/hyundai-for-home-appliances-assigned-etc-to-be-its-sole-agent-in-egypt-p65l64h5\" style=\"\" rel=\"noopener\">inked<\/a> an exclusive distribution agreement inked with Eleven Trade Corp, making it its sole agent in the country. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The company will start taking tangible steps towards its Egyptian factory once it achieves its sales target for a year from now of EGP 1 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DEBT-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kima is getting funds for its nitric acid project: <\/strong>Egyptian Chemical Industries (Kima) has reached initial agreements with six local banks for two loans \u2014 a USD 100 mn loan and an EGP 7 bn (USD 143 mn) loan \u2014 to finance its nitric acid and ammonium nitrate project, sources at the company told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/08\/13\/1817302\" style=\"\" rel=\"noopener\">Al Borsa<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s involved:<\/strong> The banks offering the facilities include the National Bank of Egypt, Banque Misr, Banque du Caire, Bank ABC, Arab African International Bank, and Egyptian Arab Land Bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> The loans are expected to fund the construction work on the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b829ddbb-1767-4eb3-b38f-d9121dae41ce\" style=\"\" rel=\"noopener\">company\u2019s nitric acid<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b829ddbb-1767-4eb3-b38f-d9121dae41ce\" style=\"\" rel=\"noopener\">and<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b829ddbb-1767-4eb3-b38f-d9121dae41ce\" style=\"\" rel=\"noopener\">ammonium nitrate project<\/a>, which the Italian firm Maire Tecnimont, in collaboration with Orascom, will build. Kima is still in negotiations with the Italian firm over reducing the total cost of the project, which currently stands at USD 313 mn.<\/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\">SOCIAL SECURITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More families added to the Takaful and Karama programs:<\/strong> The Social Solidarity Ministry has added 50k families to the Takaful and Karama social safety program in August, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0aAVKtXbb4QSSz4oKGHXuo99f9xsonB9wfKG5sNYsUqiZC9TsqqbgVjRtqa3NGxtFl\" style=\"\" rel=\"noopener\">statement<\/a>. The addition of new beneficiaries follows the inclusion of some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b2f99a4-03d4-42b1-9eb2-9c9a6f7bc2d9\/esim-services-are-months-away\" style=\"\" rel=\"noopener\">73k new families in July<\/a>, with more beneficiaries to be added as the ministry incorporates all remaining families on the waiting lists in the coming period. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kima\/\">Kima<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/takaful-and-karama\/\">Takaful and Karama<\/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=\"639836\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">  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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1365.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1365.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1365.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1365.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-639836\" class=\"content-area-description single-story post-639836 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-inflation tag-interest-rates tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.dc150195-5d11-4d8f-a3d1-1bbf9773f33c.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Analysts are screaming rate cuts after lower-than-expected inflation figures: <\/strong>US inflation fell under the 3% mark in July for the first time since March 2021, strengthening the case for the Federal Reserve to cut interest rates at its next meeting in September. The consumer price index fell to 2.9% last month, down from 3% in June, according to Bureau of Labor Statistics <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1356.pdf\" style=\"\" rel=\"noopener\">figures (pdf)<\/a> released yesterday. The figure undercut economists\u2019 expectations that inflation would hold steady at 3%.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another cue for the Fed to cut rates: <\/strong>The slowdown in price growth should give the Fed \u201cfurther confidence\u201d that inflation is heading towards its 2% target, JPMorgan Asset Management Chief Global Strategist David Kelly told the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/bd0f8f51-84bb-453d-a8c1-2473b2c8caa9\" style=\"\" rel=\"noopener\">Financial Times<\/a>. \u201cThe bottom line is this keeps the Fed on track for 25 basis points in September,\u201d Point72 chief economist Dean Maki told the FT. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What are the odds? <\/strong><a target=\"_blank\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\" style=\"\" rel=\"noopener\">CME Group's FedWatch tool<\/a> sees a 64% chance of a 25 bps rate cut at the Fed's upcoming 17-18 September policy meeting.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Incoming labor data will also play a role in what the Fed does next: <\/strong>\u201cThis is now a labor data-first Fed, not an inflation data-first Fed, and the incoming labor data will determine how aggressively the Fed pulls forward rate cuts,\u201d Evercore\u2019s Krishna Guha told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-13\/stock-market-today-dow-s-p-live-updates?srnd=homepage-middle-east&amp;embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, adding that the Fed is looking at the bigger picture rather than plain data. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The US unemployment rate rose to a near three-year high of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48bca33e-8ea3-4ae0-b47e-228e52792cc8\" style=\"\" rel=\"noopener\">4.3% in July<\/a>, raising recession fears and concerns that the central bank is behind in cutting interest rates and contributing to a market meltdown a day later. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax: <\/strong>Stock markets rose on the news, with the S&amp;P 500 continuing to rise for a fifth consecutive day, marking its longest winning streak in over a month. The gains echoed across the board, the Nasdaq closed up 0.1% and the Dow Jones rose 0.6%.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO FROM PLANET FINANCE- The biggest transaction of the year: <\/strong>Candy giant Mars will acquire Kellogg spinoff company Kellanova in a USD 36 bn transaction \u2014 2024\u2019s largest. (<a target=\"_blank\" href=\"https:\/\/www.mars.com\/news-and-stories\/press-releases-statements\/mars-acquisition-august-2024\" style=\"\" rel=\"noopener\">Statement<\/a>) <\/p><p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are in the green this morning<\/strong> after better-than-expected <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-14\/japan-s-economy-bounces-back-to-growth-as-consumption-recovers\" style=\"\" rel=\"noopener\">growth figures from Japan<\/a> and inflation figures from the US. The Nikkei is up 0.9% this morning, while the Hang Seng is looking at gains of 0.2% and the Kospi is up 0.9%. <\/p><p><a target=\"_blank\" id=\"t.6bd3740a769447b89aab3f69f224d4e7789d43e4\" 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\">29,567<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8% (YTD: +18.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 49.03<\/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 49.17<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB)<\/strong><\/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 49.05<\/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 49.15<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,850<\/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: -1.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,226<\/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: -3.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,213<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +3.8%)<\/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>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\">5,455<\/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: +14.4%)<\/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>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\">8,281<\/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: +7.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,728<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +4.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 77.35<\/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%<\/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 2.23<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 2,486<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 58,968<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-3.4% (YTD: +39.8%)<\/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 0.8% at yesterday\u2019s close<\/strong> on turnover of EGP 4.7 bn (31.5% above the 90-day average). Regional investors were the sole net sellers. The index is up 18.8% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Juhayna (+19.4%), Mopco (+10.3%) and Abu Qir Fertilizers (+5.0%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Elsewedy Electric (-6.2%), Eastern Company (-2.9%) and Edita (-2.5%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Orascom Construction will pay out a dividend of EGP<\/strong><strong> 9.6944 per share<\/strong> on its 2023 earnings, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/1325.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. Dividends will be paid out on 21 August. <\/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\/financial-markets\/\">Financial Markets<\/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\/interest-rates\/\">interest rates<\/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=\"639838\" 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=\"639838\">\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\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/15\/my-morning-routine-karim-shehata-ceo-of-basata-holding\/\">\r\n                            My Morning Routine: Karim Shehata, CEO of Basata Holding                        <\/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\/15\/my-morning-routine-karim-shehata-ceo-of-basata-holding\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Speaking to us this week is Karim Shehata (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/kashehata\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), CEO of <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/ebtikar-for-financial-investment\/\" style=\"\" rel=\"noopener\">Basata<\/a><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/ebtikar-for-financial-investment\/\" style=\"\" rel=\"noopener\">Holding<\/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>My name is Karim Shehata.<\/strong> I\u2019ve been working since I was 15, so I\u2019m almost 30 years into corporate life. I\u2019m currently working as the CEO of Basata, but I\u2019ve moved between four or five businesses over the last 20 years. I also have two amazing kids \u2014 so my life is a balance between the corporate guy, the family guy, and an Egyptian heart and soul.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Basata means simple in Arabic<\/strong> \u2014 and simplicity is a big part of what we try to do. We\u2019re in the business of financial inclusion, moving money into the digital world, building tech for businesses, merchants, and consumers to enable them to do their jobs better. My part is the easiest part of all, I think, because my part is just looking for good people to work in the business and trying to make their life as comfortable and as effective as possible. We\u2019re trying to grow in the Egyptian market, and we\u2019re growing regionally beyond Egypt as well. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My day-to-day responsibilities can be divided into two parts:<\/strong> There\u2019s the regular operational part, where I check on our figures, our teams, how our sales performed the previous day \u2014 just making sure that everything is on the right track. Then the other part is about looking ahead into the future, and where we could do better. That doesn\u2019t happen on a daily basis, but we try to consistently look at the bigger picture and overall market by holding talks with our colleagues and partners. We try to see what we can learn and where we can add value. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Basata is the result of two different types of investors coming together to create a fintech <\/strong><strong>firm. <\/strong>The founders of the business are divided into the <a target=\"_blank\" href=\"https:\/\/mti-mmgroup.com\/\" style=\"\" rel=\"noopener\">MM Group for Industry and International Trade<\/a> \u2014 one of the largest distributors in Egypt. They distribute and manage everything from top up and recharge cards to Maseratis and Range Rovers. On the other side, the second largest investors in Basata are private equity firms and financial investors. The two sides met around 10 years back and decided to bundle everything together. So it became a mix between distribution and financial understanding to create fintech companies. That\u2019s how Basata was created. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was first formed as an acquisition vehicle for other businesses.<\/strong> So it started as a holding company, acquiring <a target=\"_blank\" href=\"https:\/\/bee.com.eg\/en\/\" style=\"\" rel=\"noopener\">Bee<\/a> and then another stake in a company called <a target=\"_blank\" href=\"https:\/\/www.e-masary.com\/\" style=\"\" rel=\"noopener\">Masary<\/a> and scaling them up. The next step was moving into the regional market \u2014 we're looking into Jordan and other markets as well, Oman, Saudi, and the GCC. All of this came as a result of two businessmen and friends meeting to bring distribution and fintech together. And here we are, under the umbrella of Basata \u2014 which has a 30% share of the Egyptian market, growing rapidly in a few years in a market that is very dynamic and exciting.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s been very interesting to see how quickly Egyptians have adapted to tech.<\/strong> I\u2019ve worked in different industries including telecom, banking, aviation, and there\u2019s always the question of whether people will adapt to new technologies. When I worked at Visa, for instance, the question was \u2014 would Egyptians use their card at any point of time to pay for anything? Now, we\u2019re seeing the adoption of cashless payments at a rapid rate. The embrace of cashless transactions and payments has been magnificent, and it happened at a phenomenal rate. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s also a general awareness of financial services, products, and non-banking <\/strong><strong>financial services that wasn\u2019t quite there a few years back.<\/strong> The average Egyptian is now aware of NBFS and of payment in installments and how they work. I would say it\u2019s also growing really quickly and positively. This can be attributed to the government. The amount of policies and financial flexibility that the government has shown in that sector specifically has been very interesting to see. They opened up a lot of possibilities for agent banking, prepaid cards, Instapay, all these kinds of excellent products in the market.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>During my mornings, I usually pray, get a small bite, get some coffee, then I check <\/strong><strong>Enterprise online to see what\u2019s new in the market.<\/strong> During weekdays, I\u2019m usually doing calls and checking on the business, which generally starts very early in my day. I also use all the possible apps to check on my kids, using everything from texting to Snapchat to make sure I get a reply! <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of my mentors told me that I need to always have a point of reflection during my day.<\/strong> I\u2019d say that\u2019s my one constant every day \u2014 to just take five minutes in the middle of the day to assess how the day\u2019s going, how things are moving, and what\u2019s still pending. I ask if I\u2019m generally on the right track in terms of getting things done at work or if I\u2019m checking on my family enough. It\u2019s a way for me to stay focused in the middle of all the chaos.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I\u2019m not an organized person, so I generally get a lot of help from my personal assistants <\/strong><strong>and the people around me as well.<\/strong> They help me keep everything intact and be on top of my meetings and obligations. Prayer times also help me organize my day, and give me little reflection points throughout the day so I can be on top of things.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next for me?<\/strong> During Covid, I picked up painting as something I do regularly. It had been a hobby that I had started 10 years back but had never properly pursued until then. It\u2019s something I want to keep doing, study it a bit more, maybe travel to different parts of the world to try to improve at it. On the family side, things are thankfully as good as can be. I couldn\u2019t ask for more.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I try my best to keep a healthy balance between working and seeing my family.<\/strong> Both my kids are football players, so I try to spend some quality time with them and watch them play on the field, and discuss their future plans in sports and everything else. It\u2019s been a bit more challenging to keep up with hobbies like painting, but I try to devote at least a few hours per week to getting that done. My personal time is something I really value, and it\u2019s something that adds a bit of balance to the tension of the workweek. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I also really like podcasts.<\/strong> I listen to podcasts about everything from nutrition, health, sports, technology, and everything else. I\u2019d really recommend the Mindvalley Show with Vishen Lakhiani. As for books, I\u2019d recommend Atomic Habits, Usual Suspects, and The Monk Who Sold His Ferrari. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the professional side, it\u2019s a bit trickier.<\/strong> Basata currently feels like a job I want to do forever. I have a really exciting role, and the whole fintech and payments ecosystem in Egypt and our region is really exciting as well. In addition to that, what I'm seeing from the team and the people around me, developing their skills and flourishing in the business \u2014 all of it has been really rewarding. So professionally, I don\u2019t see things changing much in the near future. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The best piece of advice I\u2019ve been given is that we\u2019re here for a short time, and then it <\/strong><strong>stops. <\/strong>Although it may sound dark, there\u2019s also an uplifting side to it, in terms of making the most of what we have and telling people we love that we love them, and keeping up with spirituality and being close to God as well. My friend just said it to me casually one day, but it\u2019s something that stuck with me. <\/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\/basata\/\">Basata<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karim-shehata\/\">Karim Shehata<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"639840\" 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\/15\/639840\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-639840\" class=\"content-area-description single-story post-639840 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AUGUST<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>August 2024: Shalateen to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6d572f59-2b27-4be1-a417-368f671f8ad3\/here%25e2%2580%2599s-what-you-missed-from-day-one-of-the-egypt%253cmark%253e-mining-forum%253c%2Fmark%253e\" style=\"\">announce<\/a><\/span><span style=\"font-weight:400;\"> gold exploration tender winner. <\/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: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;\">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>10-12 October (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egyhealthexpo.com\/\" style=\"\">Egy Health Expo<\/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: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: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 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>New Thanaweya Amma | US inflation cools | A lot of earnings | A revamped industrial sector?<\/p>\n","protected":false},"featured_media":639814,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-639813","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"a0ca51ae-dab8-41ba-be94-b29ad6165468","teaser":"New Thanaweya Amma | US inflation cools | A lot of earnings | A revamped industrial sector?","photo_url":"https:\/\/ent.news\/2024\/8\/1384.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Thanaweya Amma gets a facelift - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/thanaweya-amma-gets-a-facelift\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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