{"id":640562,"date":"2024-08-28T00:00:00","date_gmt":"2024-08-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=640562"},"modified":"2025-12-17T17:03:54","modified_gmt":"2025-12-17T17:03:54","slug":"a-usd-1-2-bn-phosphoric-acid-plant-in-the-works-set-to-support-local-fertilizer-industry","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/a-usd-1-2-bn-phosphoric-acid-plant-in-the-works-set-to-support-local-fertilizer-industry\/","title":{"rendered":"A USD 1.2 bn phosphoric acid plant in the works set to support local fertilizer industry"},"content":{"rendered":"<section id=\"640564\" 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=\"640564\">\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\/28\/sweetening-the-pot-for-oil-and-gas-companies\/\">\r\n                            Sweetening the pot for oil and gas companies                        <\/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\/28\/sweetening-the-pot-for-oil-and-gas-companies\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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We\u2019ve got a packed issue for you this morning, so let\u2019s jump right in.<\/p>\n<p class=\"tag-border-left\">PSA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s a warm and sunny day in Cairo today<\/strong>, 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 little cooler over in Alexandria and along the North Coast<\/strong>, with a high of 33\u00b0C and a low of 24\u00b0C.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WATCH THIS SPACE- <\/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=\"wwtt1\"><\/a> <strong>#1- Fresh incentives for oil and gas players incoming:<\/strong> The Oil Ministry is rolling out a batch of incentives to help ramp up oil and gas output by encouraging investment in exploration, drilling, development, and production, the Oil Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid02odg9TDq9NK1FRpWsHRQp6oqX1pvAxymEVpeKZKacHaptzTUo9vDBfqty21g93aESl\" style=\"\" rel=\"noopener\">said<\/a> yesterday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The inside track:<\/strong> The new incentives offer foreign entities an increased share of the natural gas or crude oil produced from their concessions in Egypt, provided they increase production through new investments in exploration and development, Al Mal reports, citing unnamed sources at foreign and jointly-owned oil companies. The additional production will be divided between the government and the foreign partner at agreed-upon percentages and foreign partners will also be given the right to market and export their share, earning USD revenues. The government can also market its share and use the proceeds to repay arrears to foreign companies.<\/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- Where\u2019s our long-awaited medical tourism platform? <\/strong>The government has called for the quick launch of the online platform for medical tourism, with Health Minister Khaled Abdel Ghaffar following up with the company in charge of developing the platform to review the work done so far, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02ckfDcCyMFNcdCs5AwnCTFjE3vhY3sCyQxmxQRpjhXmLjWfcoaumfV18TYf3SF4aMl?rdid=d3l4X5O0jjxczSwm\" style=\"\" rel=\"noopener\">statement<\/a>. The statement said that the platform would launch \u201cin the coming period,\u201d without mentioning a specific date. The platform was initially set to launch in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76094143-fed7-428d-a766-ec96a1d0de5f\/government-gears-up-to-launch-online-medical%253cmark%253e-tourism-platform%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">June<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What it will offer:<\/strong> The platform \u2014 which the government has been developing for the last year \u2014 will allow users to reserve spots hospitals and clinics in Egypt and apply for and receive a visa for the medical treatment within only 72 hours, as well as virtual consultations and follow-up services for patients when they return to their home countries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Egypt has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd9f5dbd-734f-49f7-96cf-6fc4a7562198\/egypt-healthcare-authority-inks-agreements-with-regional-healthcare-players-in%253cmark%253e-medical-tourism-%253c%2Fmark%253epush\" style=\"\" rel=\"noopener\">ambitions<\/a> of becoming a medical tourism hub to attract FDI and to open fresh FX revenue streams from patients from Africa, the Middle East, and Europe coming here for treatment on the back of our talented and well-trained medical staff and the competitive price point Egyptian hospitals can offer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Telecom Egypt wants NTRA to relax the rules as it looks to sell off its tower<\/strong><strong> portofolio: <\/strong>Telecom Egypt is in advanced talks with the National Telecom Regulatory Authority (NTRA) to expand the legal framework to allow unregulated companies to own cell towers, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/08\/27\/-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D9%84%D9%84%D8%A7%D8%AA%D8%B5%D8%A7%D9%84%D8%A7%D8%AA-%D8%AA%D8%AA%D9%81%D8%A7%D9%88%D8%B6-%D9%85%D8%B9-ntra-%D8%B9%D9%84%D9%89-%D8%AA%D9%82%D8%A7%D8%B3%D9%85-%D8%A7%D9%84%D8%A3%D8%A8%D8%B1%D8%A7%D8%AC-%D9%85%D8%B9-%D9%81%D8%A6%D8%A7%D8%AA-%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1%D9%8A%D9%86-%D8%AC%D8%AF%D8%AF\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> reports, citing anonymous sources with it says have knowledge of the matter. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong>Telecom Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cdf9897-e462-4efd-a9fb-9e6d728ed36e\/el-sisi-ratified-the-new-building-reconciliation-act.-plus:-news-from-raya-auto,-orascom-development,%253cmark%253e-telecom-egypt%253c%2Fmark%253e,-and-lukoil\" style=\"\" rel=\"noopener\">could offload<\/a> a majority of cell towers in a sale and leaseback agreement that could be worth between USD 150-250 mn. It has received several offers from digital infrastructure providers \u2014 both local and foreign, the sources said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"http:\/\/finance2024.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2248.jpg?ssl=1\"\/><\/a> <\/p>\n<p class=\"tag-border-left\">FROM THE CENTRAL BANK- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt5\"><\/a> <strong>CBE turns the page on a seven-year chapter of losses:<\/strong> The Central Bank of Egypt reported a net income of EGP 22.8 bn in fiscal year 2023-2024, compared to losses of EGP 86.3 bn in the previous fiscal year, according to its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/2411.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>. This marks the first time that the bank has turned a profit since it was last in the green in FY 2016-2017.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some cost cutting may have helped: <\/strong>A decree issued by the Prime Minister in November 2022 led the CBE to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc99d570-aa53-468e-b000-60de8fa427ff\/\" style=\"\" rel=\"noopener\">stop funding subsidized loans<\/a> and pass the responsibility to the finance, housing, and tourism ministries. The decision followed substantial losses incurred by the Central Bank as it covered the difference between subsidized and market interest rates on behalf of the Finance Ministry. It was also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99a317f8-e5c5-4e72-b92f-ca9c0f836549\/\" style=\"\" rel=\"noopener\">said<\/a> that ending subsidized loans was one of the conditions attached to the USD 3 bn loan program we inked with the International Monetary Fund back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddd263a4-f28f-47d4-90e2-e93c3db56a26\" style=\"\" rel=\"noopener\">October 2022<\/a> <\/p>\n<p class=\"tag-border-left\">HAPPENING TOMORROW- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Attention, investors<\/strong><strong>: <\/strong>Our friends at HSBC, together with the Egyptian-British Chamber of Commerce (EBCC) and UK Export Finance (UKEF), will host a <strong>webinar<\/strong> tomorrow to discuss how to <strong>support infrastructure reforms<\/strong>, potential partnerships in Egypt, and ways to support and connect companies around the world. The webinar will take place from 12-1pm CLT \/ 1-2pm UAE. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to attend? <\/strong><strong><a target=\"_blank\" href=\"https:\/\/events.teams.microsoft.com\/event\/fb12ff09-d43c-4110-ad74-0205386e5d86@3f483e1d-3dcb-4ff0-99f1-51ff77073440\" style=\"\" rel=\"noopener\">You can sign up 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>The webinar is a scene-setter for the Egypt-UK Investment and Opportunities Forum in<\/strong> <strong>London<\/strong> on Monday, 16 September. The gathering \u2014 which follows on from a <a target=\"_blank\" href=\"https:\/\/www.the-ta.com\/upcoming-events\/construction-industry\/\" style=\"\" rel=\"noopener\">June<\/a><a target=\"_blank\" href=\"https:\/\/www.the-ta.com\/upcoming-events\/construction-industry\/\" style=\"\" rel=\"noopener\">infrastructure mission<\/a> \u2014 will focus on promoting trade and investment in infrastructure, with an emphasis on green hydrogen and renewables as well as sectors including the auto industry, food processing, and tech. The forum will also include both open panels and pre-arranged business-to-business networking. It will also give attendees the chance to meet with government officials and industry leaders. GAFI will be on hand to deliver an economic update. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to join them in London? <\/strong><a target=\"_blank\" href=\"https:\/\/www.the-ta.com\/upcoming-events\/egypt-uk-investment-forum-16th-sept-in-london-uk\/\" style=\"\" rel=\"noopener\">Register your interest in attending the event here<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CIRCLE YOUR CALENDAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>El Sisi to make his first official trip to Turkey as ties with Erdogan warm:<\/strong> President Abdel Fattah El Sisi is set to pay his Turkish counterpart President Recep Tayyip Erdogan a visit on 4 September for the first time as the two countries work to strengthen ties following years of tense relations, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-27\/egypt-s-sisi-to-visit-turkey-as-regional-powers-eye-closer-ties\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. The visit will see the pair discussing cooperation, trade, and the war in Gaza. They will also hold a high-level Strategic Cooperation Council that they agreed to reinstate back in February.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Egypt and Turkey have been working to mend a decade of frayed relations triggered by a host of issues including Turkish President Recep Tayyip Erdogan\u2019s support for the Muslim Brotherhood, competing interests in Libya, and tensions over gas resources in the Eastern Mediterranean. They <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de17635e-f871-4654-bc8a-ceaf8f13f255\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de17635e-f871-4654-bc8a-ceaf8f13f255\" style=\"\" rel=\"noopener\">restored diplomatic ties<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/86164994-150e-42f8-ba9d-13cd0a5c12bc\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/86164994-150e-42f8-ba9d-13cd0a5c12bc\/\" style=\"\" rel=\"noopener\">reappointed ambassadors<\/a> last summer and relations progressed further when Erdogan in February <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ae5b0fc-803e-47d7-a69e-acd5831c4f19\/\" style=\"\" rel=\"noopener\">visited Egypt<\/a> for the first time in over a decade.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Key areas of cooperation<\/strong><strong>: <\/strong>The two countries are working to boost the volume of bilateral trade to USD 15 bn annually in the next five years \u2014 up from USD 6.6 bn at the end of 2023. They are also seeking to cooperate in the fields of LNG and nuclear energy, expand an existing free trade agreement, and restart freight shipping between the Turkish port of Mersin and Alexandria, Bloomberg quotes Turkish Foreign Minister Hakan Fidan as saying during a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48bca33e-8ea3-4ae0-b47e-228e52792cc8\/turkish-fm-is-in-town\" style=\"\" rel=\"noopener\">visit to Cairo<\/a> earlier this month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<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\">THE BIG STORY ABROAD-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Trump gets indicted, again:<\/strong> Former President and current presidential nominee Donald Trump was hit with a fresh indictment yesterday in the 2020 election case, as special counsel Jack Smith submitted a revised indictment accusing Trump of election subversion. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new indictment was revised to remove parts of the case that would conflict with <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/us-supreme-court-due-rule-trumps-immunity-bid-blockbuster-case-2024-07-01\/\" style=\"\" rel=\"noopener\">a<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/us-supreme-court-due-rule-trumps-immunity-bid-blockbuster-case-2024-07-01\/\" style=\"\" rel=\"noopener\">recent Supreme Court ruling<\/a><\/strong><strong> granting presidents immunity<\/strong> for \u201cofficial acts\u201d while in office, including allegations \u201crelated to an effort \u2026 to make the Justice Department support his false claims of voter fraud.\u201d The ruling, in effect, granted Trump immunity from being indicted over colluding with Justice Department officials because communicating with the Justice Department would count towards his \u201ccore official duties.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The fresh indictment was filed at the eleventh hour<\/strong> before the start of a 60-day window before presidential elections, in which the Justice Department has a policy of avoiding prosecution-related work that could influence an election.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story is topping the front pages everywhere this morning:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/us-brings-new-indictment-against-trump-election-subversion-case-2024-08-27\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.politico.com\/news\/2024\/08\/27\/trump-indicted-2020-election-subversion-00176503\" style=\"\" rel=\"noopener\">Politico<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/acf27586-b87b-4fa8-9997-78472fbcd958\" style=\"\" rel=\"noopener\">Financial<\/a><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/acf27586-b87b-4fa8-9997-78472fbcd958\" style=\"\" rel=\"noopener\">Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/national-security\/2024\/08\/27\/trump-dc-indictment-new-charges-jan-6\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/08\/27\/us\/politics\/trump-indictment-election-jan-6.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/us-news\/law\/jack-smith-trump-indictment-january-6-case-51793bb0\" 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\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2503.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We take a look at what the government is doing to revive and enhance the building and property sector in the country.<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-ministry\/\">Oil Ministry<\/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=\"640566 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=\"640566\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/640566\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-640566\" class=\"content-area-description single-story post-640566 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1807.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Beauty unveiled amidst ancient wonders: <\/span><span style=\"font-weight:400;\">Celebrate the beauty, nature, and cultural legacy of 30 nations as Miss Elite 2024 returns to the enchanting shores of Somabay from 2-14 September. For the fourth consecutive year, Somabay is hosting this prestigious international beauty pageant, celebrating women\u2019s beauty and intelligence on a global scale. Experience the fusion of antiquity and modern elegance by attending the Grand Finale on 13 September at Mazeej Soma Beach Platform.<\/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=\"640567\" 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=\"640567\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/local-consortium-to-set-up-a-usd-1-2-bn-chemical-production-plant-to-feed-fertilizer-industry\/\">\r\n                            Egyptian consortium to set up a USD 1.2 bn chemical production plant o feed fertilizer industry                        <\/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\/28\/local-consortium-to-set-up-a-usd-1-2-bn-chemical-production-plant-to-feed-fertilizer-industry\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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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=Local+consortium+to+set+up+a+USD+1.2+bn+chemical+production+plant+to+feed+fertilizer+industry+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F28%2Flocal-consortium-to-set-up-a-usd-1-2-bn-chemical-production-plant-to-feed-fertilizer-industry%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\/28\/local-consortium-to-set-up-a-usd-1-2-bn-chemical-production-plant-to-feed-fertilizer-industry\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2443.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"640568\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/local-consortium-to-set-up-a-usd-1-2-bn-chemical-production-plant-to-feed-fertilizer-industry\/2443-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2443.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2443.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2443.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2443.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-640567\" class=\"content-area-description single-story post-640567 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam tag-fertilizers tag-investment-watch 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\/.ac1774ea-bbff-462e-89f3-8b3a7b0ec8a4.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A mega phosphoric acid plant in the works set to give the local fertilizer industry a boost:<\/strong> A local consortium led by <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/at-phos-abu-tartour-for-phosphoric-acid\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Abu Tartour<\/a><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/at-phos-abu-tartour-for-phosphoric-acid\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">For Phosphoric Acid<\/a> will set up a USD 1.2 bn phosphoric acid production plant, an unnamed government official told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/08\/27\/%D8%AA%D8%AD%D8%A7%D9%84%D9%81-%D9%85%D8%B5%D8%B1%D9%8A-%D8%AA%D9%82%D9%88%D8%AF%D9%87-%D8%A3%D8%A8%D9%88-%D8%B7%D8%B1%D8%B7%D9%88%D8%B1-%D9%8A%D8%B3%D8%AA%D8%AB%D9%85%D8%B1-1-2-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D8%A7%D9%86%D8%AA%D8%A7%D8%AC-%D8%AD%D8%A7%D9%85%D8%B6-%D8%A7%D9%84%D9%81%D9%88%D8%B3%D9%81%D9%88%D8%B1%D9%8A%D9%83\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. The project will be carried out over a 36-month period and aims to produce 900k tons of phosphoric acid a year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Phosphoric acid? <\/strong>Although it has numerous uses \u2014 including changing the taste of carbonated soft drinks, preserving foods, treating rust, adjusting pH levels for cosmetics and more \u2014 by quantity and especially in Egypt, phosphoric acid is mostly used in the manufacture of fertilizer. The vast majority \u2014 if not all \u2014 of the phosphoric acid produced by the plant will presumably end up being consumed by the fertilizer industry, considering who\u2019s involved in the project. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s involved? <\/strong>Nine local players will take on the project, including Abu Tartour, Enppi, Petrojet, Chemical Industries Holding Company, Abu Qir Fertilizers, Phosphate Misr, and East Gas Company. Abu Tartour \u2014 which runs the largest phosphate mine in Egypt and one of the largest in the world \u2014 will operate the facility once it's up and running. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who\u2019s paying?<\/strong> The consortium is looking into its financing options \u2014 finding a new investor to take over financing the project in return for a percentage of the project or turning to lenders for 65% of the funds needs and self funding the remaining 35%. <\/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\/fertilizers\/\">fertilizers<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"640569\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"640570\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/india-is-looking-into-setting-up-a-usd-60-mn-carbon-black-factory-in-egypt-2\/\">\r\n                            India is looking into setting up a USD 60 mn carbon black factory 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        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data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2415.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2415.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-640570\" class=\"content-area-description single-story post-640570 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-automotive tag-enterpriseam tag-green-hydrogen tag-india tag-investment-watch tag-manufacturing tag-ocior-energy 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\/.ee68e292-6db3-40bc-820b-a98485d1e542.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Indian investments incoming? <\/strong>Head of the Trade Ministry's Commercial Representation Authority Yehia El Wathek Bellah held a series of meetings with representatives from major Indian companies to discuss potential investments in Egypt, according to an authority <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/ecs.gov.eg\/posts\/pfbid02c9vvSXKvBmfLnYgrErA3GzXUx9xR3vbM92YEqdeC3tuopJgvk3PWGZfGZpwUbttNl\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TL;DR: <\/strong>The talks covered an array of sectors \u2014 automotive, green hydrogen, furnishing, and carbon black \u2014 but produced no concrete agreements. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- A USD 60 mn carbon black factory in the making? <\/strong>One of India\u2019s largest black carbon producers is interested in setting up a USD 60 mn plant in Egypt, the statement read, without providing the name of the company or when we can expect the project to materialize. A delegation from the company will be visiting Egypt to conduct field visits to potential locations that could house the factory. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Carbon black? <\/strong>It\u2019s a material <a target=\"_blank\" href=\"https:\/\/www.carbon-black.org\/uses-of-carbon-black\" style=\"\" rel=\"noopener\">mainly used<\/a> to strengthen rubber in tires, but can also be used in the production of plastics, batteries, pipes, and more. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Welspun wants to set up shop in Egypt: <\/strong>Textile manufacturer <a target=\"_blank\" href=\"https:\/\/www.welspun.com\/\" style=\"\" rel=\"noopener\">Welspun<\/a> \u2014 one of the largest home textile companies in India and globally \u2014 wants to set up a project in Egypt to help it enter African markets and boost exports to European, Arab, and US markets. Company representatives, during their meeting with El Wathek Bellah, discussed investment costs related to land acquisition, energy prices, and labor, and the incentives available, particularly in the Suez Canal Economic Zone. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>A delegation from Welspun will visit Egypt to meet up with government officials and private sector players and wrap up the feasibility studies needed for setting a project here.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Hinduja continues to mull over entry into the Egyptian market:<\/strong> Officials from Indian conglomerate <a target=\"_blank\" href=\"https:\/\/www.hindujagroup.com\/\" style=\"\" rel=\"noopener\">Hinduja Group<\/a> have been developing plans to produce buses and light vehicles with officials from the General Authority for Investment and Free Zones and other local government bodies during recent visits to the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not the first time we hear Hinduja is interested in Egypt: <\/strong>It was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/baeeea7e-478e-4409-b072-764a98d2b902\" style=\"\" rel=\"noopener\">reported<\/a> back in February that Hinduja is in talks with the Sovereign Fund of Egypt to set up an automotive factory in the country in partnership with El Nasr with an annual capacity of 6k vehicles.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Flights between New Delhi and Cairo: <\/strong>El Wathek Bellah also met with executives from India\u2019s flag carrier <a target=\"_blank\" href=\"https:\/\/www.airindia.com\/\" style=\"\" rel=\"noopener\">Air India<\/a> and discussed setting up a direct flight route linking Cairo and the Indian capital. The two sides also looked into ways to boost transport, tourism, and trade between the two countries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- <\/strong>El Wathek Bellah also met with officials from India\u2019s <a target=\"_blank\" href=\"https:\/\/ociorenergy.com\/\" style=\"\" rel=\"noopener\">Ocior Energy<\/a> to follow up on its planned green ammonia production project Ain Sokhna. The company inked a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b44bf694-9410-4f47-beea-46b32a2a5f11\/\" style=\"\" rel=\"noopener\">USD 4.3 bn agreement<\/a> with the SFE to develop the plant at the Port of Ain Sokhna earlier this summer.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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                <!-- <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\/ocior-energy\/\">Ocior Energy<\/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=\"640572\" 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=\"640572\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/egypts-maxab-and-kenyas-wasoko-complete-africas-largest-ever-tech-merger\/\">\r\n                            Egypt\u2019s MaxAB and Kenya\u2019s Wasoko complete Africa's largest-ever tech merger                        <\/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 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data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2393.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2393.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-640572\" class=\"content-area-description single-story post-640572 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-dice-sports-and-casual-wear tag-enterpriseam tag-fintech tag-ma-watch tag-maxab tag-orascom-development-egypt tag-startups tag-textiles tag-wasoko 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\/.de7b29e4-37e3-4179-8b95-b5dc6731e5b9.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 busy day for M&amp;A news<\/strong>, with a lot of M&amp;A activity taking place here in Egypt. <\/p>\n<p class=\"tag-border-left\">MAXAB AND WASOKO ARE NOW ONE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>That\u2019s a wrap on Africa\u2019s largest tech merger:<\/strong> Egyptian B2B e-commerce platform MaxAB and Kenya-based Wasoko have completed the largest tech merger the continent has ever seen, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/2381.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>Remember: <\/strong>The two companies inked a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d25900ad-f8ff-4827-a81d-82b0f631e945\" style=\"\" rel=\"noopener\">preliminary merger agreement in December 2023<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/969994b2-1a3b-4064-9d6b-389df30fe385\/e-commerce-platforms-maxab-and%253cmark%253e-wasoko%253c%2Fmark%253e-to-merge-within-weeks--report\" style=\"\" rel=\"noopener\">unconfirmed reports said<\/a> that the merger will create a new entity named Maxoko and will see its annual operations hit USD 500 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Leading the merged entity: <\/strong>MaxAB CEO Belal El Megharbel (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/belal-el-megharbel-34718023\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) and Wasoko CEO Daniel Yu (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/dcyu526\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) will serve as co-CEOs of the new entity as well as board directors alongside existing investors. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Creating a mega platform: <\/strong>The all-stock transaction establishes a Pan-African platform serving Africa's USD 600 bn informal retail sector. The new entity will be Africa\u2019s large network of B2B informal retailers, with more than 450k merchants connected to over 65 mn consumers across Egypt, Morocco, Kenya, Tanzania, and Rwanda. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Future plans: <\/strong>The company's long term plans include going public on a stock exchange, according to unconfirmed reports out in July. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The international business press also picked up the story: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-27\/african-e-commerce-firms-merge-in-bid-to-expand-on-the-continent\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p class=\"tag-border-left\">DICE WANTS STAKE IN TWIN TOP- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dice wants a big piece of Twin Top:<\/strong> EGX-listed Dice Sports and Casual Wear is looking to snap up a controlling stake in Twin Top Real Estate Investment Company, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/2384.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The company has appointed Osoul Arabia for Investment and Financial Consultancy as independent financial advisor to conduct the fair value study of Twin Top, which the disclosure points out owns a textiles mall catering to manufacturers and merchants.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dice has been doing a lot of acquiring: <\/strong>Earlier this month, Dice <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6c19fe7-5580-48d8-bf9a-ab9cd01bb1a0\/the-nasdaq-is-in-correction-territory.-warren-buffett-is-shifting-to-cash.-investors-fret-about-ai.-things-are-getting-interesting-on-planet-finance.\" style=\"\" rel=\"noopener\">increased its stake<\/a> in United Dyers, acquiring an additional 16.7% stake in the company and pushing its ownership in it to 99.3%. Late last year, the founders of Dice <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64bba9b2-93c7-4540-8d14-e9de6408d9ff\/benya-and-khazna-to-break-ground-on-25-mw-data-center-in-1q-2024.-plus:-osilan,-protech,-beltone,-capgemini,-and-more\" style=\"\" rel=\"noopener\">upped their stake<\/a> in the company to 58.6% in an EGP 436 mn transaction. <\/p>\n<p class=\"tag-border-left\">ORASCOM DEVELOPMENT EXITS TOURISM SUBSIDIARY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Orascom Development offloads stake in UAE tourism arm: <\/strong>Orascom Development Holding (ODH) has sold its Emirati subsidiary RAK Tourism Investment to SPV Cove Holdings in a USD 40 mn transaction, two unnamed sources told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/real-estate\/52059\/%D8%A3%D9%88%D8%B1%D8%A7%D8%B3%D9%83%D9%88%D9%85-%D8%AA%D8%A8%D9%8A%D8%B9-%D8%B4%D8%B1%D9%83%D8%A9-%D8%AA%D8%A7%D8%A8%D8%B9%D8%A9-%D8%A8%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%85%D9%82%D8%A7%D8%A8%D9%84-40-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Busin<\/a><a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/real-estate\/52059\/%D8%A3%D9%88%D8%B1%D8%A7%D8%B3%D9%83%D9%88%D9%85-%D8%AA%D8%A8%D9%8A%D8%B9-%D8%B4%D8%B1%D9%83%D8%A9-%D8%AA%D8%A7%D8%A8%D8%B9%D8%A9-%D8%A8%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%85%D9%82%D8%A7%D8%A8%D9%84-40-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/\" style=\"\" rel=\"noopener\">ess<\/a>. ODH and other RAK shareholders are getting some USD 23 mn in cash for their stake in the company and the buyer will assume around USD 18 mn of RAK\u2019s debt. The two sides <a target=\"_blank\" href=\"https:\/\/www.eqs-news.com\/news\/adhoc\/orascom-development-holding-ag-enters-into-an-agreement-for-the-sale-of-rak-tourism-investment-fzc-in-the-uae-for-a-total-enterprise-value-of-usd-40-million\/2065643\" style=\"\" rel=\"noopener\">entered<\/a> into the binding share purchase agreement earlier this summer. The transaction is expected to close this quarter. <\/p>\n<p class=\"tag-border-left\">FAISAL ISLAMIC BANK IS ALSO LOOKING TO EXIT STAKES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Faisal Islamic Bank to exit Giza Paints:<\/strong> Faisal Islamic Bank of Egypt will sell its entire 48.57% stake \u2014 representing 145.7k shares \u2014 in Giza Paints and Chemical Industries in an EGP 32.3 mn transaction, it said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/2369.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dice-sports-and-casual-wear\/\">Dice Sports and Casual Wear<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/maxab\/\">MaxAB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-development-egypt\/\">Orascom Development Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/textiles\/\">textiles<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wasoko\/\">Wasoko<\/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=\"640574\" 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=\"640574\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/auto-sales-jump-over-40-m-o-m-in-july\/\">\r\n                            Auto sales jump over 40% m-o-m in July                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/auto-sales-jump-over-40-m-o-m-in-july\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/auto-sales-jump-over-40-m-o-m-in-july\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/auto-sales-jump-over-40-m-o-m-in-july\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Auto sales jump over 40% m-o-m in July&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/auto-sales-jump-over-40-m-o-m-in-july\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/auto-sales-jump-over-40-m-o-m-in-july\/&title=Auto sales jump over 40% m-o-m in July\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Auto+sales+jump+over+40%25+m-o-m+in+July+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F28%2Fauto-sales-jump-over-40-m-o-m-in-july%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/auto-sales-jump-over-40-m-o-m-in-july\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2413.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"640575\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/auto-sales-jump-over-40-m-o-m-in-july\/2413-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2413.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2413.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2413.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2413.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-640574\" class=\"content-area-description single-story post-640574 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-amic tag-automotive tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.51eddaba-7506-4c2e-b0bc-31fc84ebe603.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Auto <\/strong><strong>sales <\/strong><strong>on the up for the fourth consecutive month<\/strong><strong>:<\/strong> Auto sales in July climbed 42.2% m-o-m to 11.4k vehicles, according to figures from the Automotive Marketing Information Council (AMIC) seen by Enterprise. Auto sales have been on the up for four consecutive months following a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a7601c5-d341-4b7d-8c2e-f3928855bbce\/auto-sales-fall-43%2525-m-o-m-in-march-as-customers-wait-for-further-price-reductions\" style=\"\" rel=\"noopener\">43% m-o-m drop in March<\/a> that saw the sale of just 4.2k vehicles \u2014 the lowest number of auto sales we\u2019ve seen since we started keeping track in January 2019.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We haven\u2019t seen auto sales like these for a while: <\/strong>The total number of vehicles sold is the highest reported since August 2022 \u2014 a whole 23 months ago \u2014 according to data tracked by Enterprise. Although a promising sign that customers may be beginning to return to the market, July\u2019s figures are still well below the monthly average of 24.2k vehicles sold in 2021 before FX shortages stunted supply and gave distributors leverage to hike prices as they pleased.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Growth across the board:<\/strong> Passenger car sales saw the biggest jump, rising 50.7% <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1cbeead8-fc9a-4210-b455-177c7c148143\/\" style=\"\" rel=\"noopener\">from June<\/a> to some 9.7k units in July and accounting for 85.5% of total sales. Meanwhile, bus sales inched up 4.9% m-o-m to 643 units and truck sales rose 8.1% to just over 1k units during the month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a yearly basis: <\/strong>Auto sales last July came 81.2% higher than the 6.3k units sold in July 2023. The growth was driven by a 97.6% y-o-y increase in car sales, a 13.6% y-o-y rise in bus sales, and a 27.2% climb in truck sales.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Always read the fine print:<\/strong> AMIC figures reflect data contributed by member distributors, who include most, but not all, industry participants.<\/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\/amic\/\">AMIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"640576\" 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=\"640576\">\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\/28\/sfe-taps-noha-khalil-as-interim-ceo-plus-ahmed-el-sheikh-appointed-to-head-the-egx-for-another-year\/\">\r\n                            Sovereign Fund of Egypt taps Noha Khalil as interim CEO. PLUS: Ahmed El Sheikh appointed to head the EGX for another year                        <\/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\/28\/sfe-taps-noha-khalil-as-interim-ceo-plus-ahmed-el-sheikh-appointed-to-head-the-egx-for-another-year\/\" 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\/28\/sfe-taps-noha-khalil-as-interim-ceo-plus-ahmed-el-sheikh-appointed-to-head-the-egx-for-another-year\/')\">\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\/28\/sfe-taps-noha-khalil-as-interim-ceo-plus-ahmed-el-sheikh-appointed-to-head-the-egx-for-another-year\/\">\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=SFE taps Noha Khalil as interim CEO. PLUS: Ahmed El Sheikh appointed to head the EGX for another year&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/sfe-taps-noha-khalil-as-interim-ceo-plus-ahmed-el-sheikh-appointed-to-head-the-egx-for-another-year\/\">\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\/28\/sfe-taps-noha-khalil-as-interim-ceo-plus-ahmed-el-sheikh-appointed-to-head-the-egx-for-another-year\/&title=SFE taps Noha Khalil as interim CEO. PLUS: Ahmed El Sheikh appointed to head the EGX for another year\">\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=SFE+taps+Noha+Khalil+as+interim+CEO.+PLUS%3A+Ahmed+El+Sheikh+appointed+to+head+the+EGX+for+another+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F28%2Fsfe-taps-noha-khalil-as-interim-ceo-plus-ahmed-el-sheikh-appointed-to-head-the-egx-for-another-year%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\/28\/sfe-taps-noha-khalil-as-interim-ceo-plus-ahmed-el-sheikh-appointed-to-head-the-egx-for-another-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2433.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"640577\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/sfe-taps-noha-khalil-as-interim-ceo-plus-ahmed-el-sheikh-appointed-to-head-the-egx-for-another-year\/2433-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2433.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2433.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2433.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2433.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-640576\" class=\"content-area-description single-story post-640576 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-ahmed-el-sheikh tag-egx tag-enterpriseam tag-moves tag-sovereign-fund-of-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\/.b295c909-8227-494c-9950-5c215a3fefc6.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>A new (temporary) face at the helm of the SFE: <\/strong>The Sovereign Fund of Egypt\u2019s (SFE) board has appointed Noha Khalil (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/noha-khalil-488483a2\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn)<\/a> as acting CEO of the fund, following the resignation of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4e8cb4c-e43a-4562-a03b-b78356589852\/sfe-head%253cmark%253e-ayman%253c%2Fmark%253e-soliman-resigns\" style=\"\" rel=\"noopener\">Ayman Soliman<\/a> who headed the fund since 2019, according to a Planning and International Cooperation Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0gdXNGisUCBRQLh7yvPXujjDMsnL6YJxguyp2tkDionmPdqwgWebUXvvrnxc3Qjzjl\" style=\"\" rel=\"noopener\">statement<\/a>. Khalil has been with the SFE since 2020, first joining the fund as chief IR officer before moving up the ranks to chief strategy and business development officer in 2023. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>Khalil will assume the role until the procedures for appointing a new CEO are completed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- El Sheikh secures a second term as EGX head:<\/strong> Prime Minister Moustafa Madbouly has reappointed Ahmed El Sheikh (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ahmed-abdelrahman-elsheikh-mba-99286728\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) as the chairman of the Egyptian Exchange (EGX) for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1bda496-0ada-431b-9203-208b5b5b0e46\/\" style=\"\" rel=\"noopener\">another<\/a> one-year term starting 26 August, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02V896UznZVgMG7dHPxgYpZTqWdg1444nUpG1HyWhFBDVuanriawVhsBYCv2VD2bHtl\" style=\"\" rel=\"noopener\">statement<\/a> by the bourse. An EGX veteran, El Sheikh first joined the bourse in 1993 and became vice chairman in 2018. El Sheikh was also at the Financial Regulatory Authority for six years from 2005-2011 and briefly worked at Misr for Central Clearing, Depository, and Registry in the \u201890s.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The second in command?<\/strong> Heba El Serafi (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/heba-elserafi-23516ba\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) has also been reappointed as the vice chairman of the EGX, a position she has held since August 2022. El Serafi has been with the EGX for over 25 years.<\/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\/ahmed-el-sheikh\/\">Ahmed El Sheikh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of 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=\"640578 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=\"640578\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/640578\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-640578\" class=\"content-area-description single-story post-640578 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=\"640579\" 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=\"640579\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/iraqi-prime-minister-mohammed-shia-al-sudani-was-in-town-to-discuss-gaza-investment-and-cooperation\/\">\r\n                            Iraqi Prime Minister Mohammed Shia' Al Sudani was in town to discuss Gaza, investment, and cooperation                        <\/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\/28\/iraqi-prime-minister-mohammed-shia-al-sudani-was-in-town-to-discuss-gaza-investment-and-cooperation\/\" target=\"_blank\">\n                    Open in new tab    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cooperation\">\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=Iraqi+Prime+Minister+Mohammed+Shia%27+Al+Sudani+was+in+town+to+discuss+Gaza%2C+investment%2C+and+cooperation+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F28%2Firaqi-prime-minister-mohammed-shia-al-sudani-was-in-town-to-discuss-gaza-investment-and-cooperation%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\/28\/iraqi-prime-minister-mohammed-shia-al-sudani-was-in-town-to-discuss-gaza-investment-and-cooperation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2450.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"640580\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/iraqi-prime-minister-mohammed-shia-al-sudani-was-in-town-to-discuss-gaza-investment-and-cooperation\/2450-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2450.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2450.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2450.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2450.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-640579\" class=\"content-area-description single-story post-640579 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-diplomacy tag-egypt-iraq-relations tag-enterpriseam tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.e4438fe0-990e-49e4-81ef-89e400f665e9.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Diplomacy dominated the discussions on last night's talk shows<\/strong>, as the nation\u2019s talking heads focused on President Abdel Fattah El-Sisi\u2019s <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/1068460597976001?ref=embed_post\" style=\"\" rel=\"noopener\">meeting<\/a> with Iraqi Prime Minister Mohammed Shia' Al Sudani, who is currently visiting the country as the head of a high-level Iraqi government delegation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At the Alamein palace: <\/strong>The pair discussed bilateral cooperation, focusing on boosting mutual investments and collaborating in areas such as infrastructure, urban development, tourism, energy, transportation, and industry. They also stressed the need to de-escalate regional tensions. The story got airtime on Ala Mas'ouleety\u2019 (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=-qI4o05n0n0\" style=\"\" rel=\"noopener\">watch, runtime: 5:36<\/a>) and Salet El Tahrir (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=5TxFXpYx9n0\" style=\"\" rel=\"noopener\">watch, runtime: 1:39<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO ON THE AIRWAVES- Gov\u2019t penalizes 36 Hajj tourism companies:<\/strong> Tourism Minister Sherif Fathy yesterday issued a number of <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/tourismandantiq\/posts\/897690482392499?ref=embed_post\" style=\"\" rel=\"noopener\">decisions<\/a> to revoke the licenses of 36 travel companies that were found to have facilitated unauthorized Hajj trips for pilgrims using visit visas not designated for Hajj during the last Hajj season. This move follows <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d67da33-4f81-4134-8635-502f0b3dd101\" style=\"\" rel=\"noopener\">the deaths of hundreds of Egyptian pilgrims<\/a> in a heat wave last season, Salet El Tahrir\u2019s Faten Abdel Maaboud explained (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ZJ8ZqLFl8tk\" style=\"\" rel=\"noopener\">watch, runtime: 8:22<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The government\u2019s task force set up to investigate the tragedy said that the pilgrims died because they were not provided with medical services or accommodation from the travel agencies and had to access Mecca on foot via desert roads during the heatwave to avoid being caught by Saudi authorities as they were not on an authorized trip.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some think the move was a bit too heavy-handed:<\/strong> \"This is the harshest measure ever taken in the history of the tourism sector,\" Ihab Abdel Aal, a member of the Supreme Hajj and Umrah Committee said in a phone call with Faten Abdel Maaboud. He explained that these companies did not organize the Hajj trips themselves. Instead, they facilitated the processes for intermediaries and brokers by issuing barcodes for the Hajj and Umrah portal and assisted with accommodation using the personal visit visas that were issued.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Heavier penalties to come?<\/strong> In addition to the license cancellations, the owners of the companies will be referred to the Public Prosecution for legal action, which could result in imprisonment, Abdel Aal said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-iraq-relations\/\">Egypt-Iraq relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"640581\" 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=\"640581\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/stellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda\/\">\r\n                            Stellantis in talks with gov\u2019t to start assembling Fiat, Citroen, and Opel models locally. PLUS: SODIC, CIB + Chemicals &amp; Fertilizers Export Council, Misr Ins., Eaton, MSMEDA                        <\/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\/28\/stellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda\/\" 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\/28\/stellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda\/')\">\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\/28\/stellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda\/\">\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=Stellantis in talks with gov\u2019t to start assembling Fiat, Citroen, and Opel models locally. PLUS: SODIC, CIB + Chemicals &#038; Fertilizers Export Council, Misr Ins., Eaton, MSMEDA&url=https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/stellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda\/\">\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\/28\/stellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda\/&title=Stellantis in talks with gov\u2019t to start assembling Fiat, Citroen, and Opel models locally. PLUS: SODIC, CIB + Chemicals &#038; Fertilizers Export Council, Misr Ins., Eaton, MSMEDA\">\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=Stellantis+in+talks+with+gov%E2%80%99t+to+start+assembling+Fiat%2C+Citroen%2C+and+Opel+models+locally.+PLUS%3A+SODIC%2C+CIB+%2B+Chemicals+%26%23038%3B+Fertilizers+Export+Council%2C+Misr+Ins.%2C+Eaton%2C+MSMEDA+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F08%2F28%2Fstellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda%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\/28\/stellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2423.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"640582\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/stellantis-in-talks-with-govt-to-start-assembling-fiat-citroen-and-opel-models-locally-plus-sodic-cib-chemicals-fertilizers-export-council-misr-ins-eaton-msmeda\/2423-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2423.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2423.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2423.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2423.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-640581\" class=\"content-area-description single-story post-640581 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-automotive tag-bahrain tag-capital-markets tag-carbon-trading tag-cib tag-egas tag-egypt-bahrain-relations tag-energy tag-enterpriseam tag-logistics tag-real-estate tag-sodic tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.0f28c235-a45a-408a-bc06-bb598704635f.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\">AUTOMOTIVE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>We could soon see Fiat, Citroen, and Opel models assembled in Egypt: <\/strong>Automotive player Stellantis is in talks with the Trade and Industry Ministry over locally assembling its Citroen, Fiat and Opel brands in the coming period, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%b5%d9%86%d8%a7%d8%b9%d8%a9-%d8%aa%d8%a8%d8%ad%d8%ab-%d9%85%d8%b9-%d8%b3%d8%aa%d9%8a%d9%84%d8%a7%d9%86%d8%aa%d8%b3-%d9%85%d8%b5%d8%b1-%d8%aa%d8%ac%d9%85%d9%8a\/\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%b5%d9%86%d8%a7%d8%b9%d8%a9-%d8%aa%d8%a8%d8%ad%d8%ab-%d9%85%d8%b9-%d8%b3%d8%aa%d9%8a%d9%84%d8%a7%d9%86%d8%aa%d8%b3-%d9%85%d8%b5%d8%b1-%d8%aa%d8%ac%d9%85%d9%8a\/\" style=\"\" rel=\"noopener\">l M<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%b5%d9%86%d8%a7%d8%b9%d8%a9-%d8%aa%d8%a8%d8%ad%d8%ab-%d9%85%d8%b9-%d8%b3%d8%aa%d9%8a%d9%84%d8%a7%d9%86%d8%aa%d8%b3-%d9%85%d8%b5%d8%b1-%d8%aa%d8%ac%d9%85%d9%8a\/\" style=\"\" rel=\"noopener\">al<\/a> reports citing a government source. Stellantis was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bbab4c0b-d0c3-4d53-9949-289663e00369\/automakers-are-already-lining-up-for-the-government%25e2%2580%2599s%253cmark%253e-local%253c%2Fmark%253e-manufacturing-initiative\" style=\"\" rel=\"noopener\">one of several car makers<\/a> that expressed interest in the Egyptian Automotive Industry Development Program (AIDP), which will offer incentives to auto players with the aim of localizing the industry.<\/p>\n<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGAS offers up 12 new exploration blocks:<\/strong> Egyptian Natural Gas Holding Company (EGAS) is inviting bids for 12 new oil and gas exploration blocks in the Mediterranean and Nile Delta. The offering includes 10 offshore and two onshore areas, with details available on the <a target=\"_blank\" href=\"https:\/\/eug.petroleum.gov.eg\/dp\/controller\/PLEASE_LOGIN_PAGE\" style=\"\" rel=\"noopener\">Egypt Upstream Gateway (EUG)<\/a> platform.<\/p>\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SODIC unveils its latest North Coast developments: <\/strong>Real estate developer SODIC has unveiled Matcha, its latest commercial project at its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8a885bf2-ddb2-4ceb-ad35-bcd7104a4aed\/sodic-pays-egp-534-mn-to-expand%253cmark%253e-caesar%253c%2Fmark%253e-project.-plus:-business-group-want-more-action-to-boost-exports\" style=\"\" rel=\"noopener\">North Coast Caesar development<\/a>, and Good Days, a boutique compound housing a collection of hotel apartments within Matcha, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/2387.pdf\" style=\"\" rel=\"noopener\">statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/2387.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a> from the company. <\/p>\n<p class=\"tag-border-left\">TRADE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CIB lends its backing to support chemical exporters: <\/strong>CIB has inked an agreement with the <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/chemical-fertilizers-export-council\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Chemicals &amp;<\/a><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/chemical-fertilizers-export-council\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Fertilizers<\/a><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/chemical-fertilizers-export-council\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Export Council (CEC)<\/a> that will see it provide financial and strategic support to local chemical exporters in a bid to boost the competitiveness of the sector\u2019s exports, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/8\/2396.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 details:<\/strong> The bank will offer a range of financial solutions, including short- and medium-term credit facilities, letters of credit, and letters of guarantee. It will also assist companies in expanding their operations overseas, especially into African markets, by leveraging its international financial relationships and its direct presence in Kenya. Additionally, it will link up exporters with a range of service providers across different fields \u2014 including export, logistics, legal and tax consulting, marketing, and training \u2014 under its <a target=\"_blank\" href=\"https:\/\/www.cibeg.com\/en\/business\/business-solutions\" style=\"\" rel=\"noopener\">Business Solutions<\/a> program. <\/p>\n<p class=\"tag-border-left\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Misr Ins. wants to enter the carbon market:<\/strong> Misr Ins. has inked a preliminary agreement with VNV Advisory that will see it make its entry into our newly-launched carbon market, VNV\u2019s Omar El Nemr told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%85%d8%b5%d8%b1-%d9%84%d9%84%d8%aa%d8%a3%d9%85%d9%8a%d9%86-%d8%aa%d8%b9%d8%aa%d8%b2%d9%85-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d9%81%d9%89-%d8%b4%d9%87%d8%a7%d8%af\/\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%85%d8%b5%d8%b1-%d9%84%d9%84%d8%aa%d8%a3%d9%85%d9%8a%d9%86-%d8%aa%d8%b9%d8%aa%d8%b2%d9%85-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d9%81%d9%89-%d8%b4%d9%87%d8%a7%d8%af\/\" style=\"\" rel=\"noopener\">l M<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%85%d8%b5%d8%b1-%d9%84%d9%84%d8%aa%d8%a3%d9%85%d9%8a%d9%86-%d8%aa%d8%b9%d8%aa%d8%b2%d9%85-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d9%81%d9%89-%d8%b4%d9%87%d8%a7%d8%af\/\" style=\"\" rel=\"noopener\">al<\/a>. VNV is no stranger to our carbon market, having <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf6f83bf-cf94-4686-a908-2e5c27b3c511\" style=\"\" rel=\"noopener\">helped local agriculture firm Daltex<\/a> purchase 1.5k carbon credits from an agroforestry project in India\u2019s Punjab during the first day of trading. <\/p>\n<p class=\"tag-border-left\">UTILITIES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eaton expands its footprint in the local market: <\/strong>NYSE-listed power management company <a target=\"_blank\" href=\"https:\/\/www.eaton.com\/us\/en-us\/products\/electronic-components\/circuit-protection\/-overvoltage-protection.html?gad_source=1&amp;gclid=CjwKCAjw8rW2BhAgEiwAoRO5rDSYzT95QgBqu-xjyleoJowmd5TFFVQERu0q1DEFqfYDOlv3v92o5xoCfXcQAvD_BwE\" style=\"\" rel=\"noopener\">Eaton<\/a> has opened up a new office in Cairo, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/eaton-expands-presence-in-egypt-with-new-office-customer-experience-centre-and-strategic-partnerships-dqrwie44\" style=\"\" rel=\"noopener\">press release<\/a> from the conglomerate. The new office will house Eaton's second customer care center in the Middle East. Eaton will work with local manufacturing partners for low voltage and medium voltage systems that includes Egyptian Manufacturing and Advance Systems, Madkour Industries, 2M Electric Group, Technical Projects Company, and Lectro El Habashy for Works.<\/p>\n<p class=\"tag-border-left\">TOURISM-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt and Bahrain could launch a joint tourism marketing program targeting East Asia<\/strong>, as part of wider efforts to enhance tourism cooperation, according to a Tourism Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/tourismandantiq\/posts\/pfbid034tViwEhB26EpvBZ3UdBxKg1dspAs9QKpfEjRduWmGnfUNS9eXefyJVqephnfuUBTl\" style=\"\" rel=\"noopener\">statement<\/a>. The program will aim to take advantage of the growing tourist movement in Egypt and Bahrain's flight connections to the region.<\/p>\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>MSMEDA could partner up with the World Bank for another VC fund: <\/strong>The Micro, Small and Medium Enterprise Development Agency (MSMEDA) is in talks with the World Bank over launching the second phase of their joint VC fund, MSMEDA\u2019s venture capital head Hany Emad told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/08\/26\/1820773\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The agency aims to secure the funds before the end of the year, he told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/08\/27\/-%D8%AC%D9%87%D8%A7%D8%B2-%D8%AA%D9%86%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%8A%D9%81%D8%A7%D9%88%D8%B6-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-%D8%B9%D9%84%D9%89-%D8%AA%D9%85%D9%88%D9%8A%D9%84%D8%A7%D8%AA-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D9%82%D8%A8%D9%84-%D9%86%D9%87%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>, without disclosing the value. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember<\/strong><strong>:<\/strong> MSMEDA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/174420fe-2d8a-4476-89aa-624adea5cb7b\/egypt-launches-new-world-bank-backed-usd-50-mn-vc-fund\" style=\"\" rel=\"noopener\">launched<\/a> a World Bank-backed USD 50 mn VC fund in early 2022. The agency deployed the funds in about 15 venture capital funds. <\/p>\n<p class=\"tag-border-left\"> LOGISTICS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>East Qantara Dry Port to kick off operations mid 2025:<\/strong> New Suez Canal for Dry Ports and Logistics Services plans to start operating the East Qantara Dry Port by mid 2025, with 70% of the port\u2019s superstructure having already been completed, the company\u2019s vice chairman Mohamed El Banna told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%82%d9%86%d8%a7%d8%a9-%d8%a7%d9%84%d8%b3%d9%88%d9%8a%d8%b3-%d8%aa%d8%ae%d8%b7%d8%b7-%d9%84%d8%a7%d9%81%d8%aa%d8%aa%d8%a7%d8%ad-%d9%85%d9%8a%d9%86%d8%a7%d8%a1-%d8%a7%d9%84%d9%82%d9%86\/\" style=\"\" rel=\"noopener\">Al M<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%82%d9%86%d8%a7%d8%a9-%d8%a7%d9%84%d8%b3%d9%88%d9%8a%d8%b3-%d8%aa%d8%ae%d8%b7%d8%b7-%d9%84%d8%a7%d9%81%d8%aa%d8%aa%d8%a7%d8%ad-%d9%85%d9%8a%d9%86%d8%a7%d8%a1-%d8%a7%d9%84%d9%82%d9%86\/\" style=\"\" rel=\"noopener\">al<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The company is reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/05a719ee-7686-4275-8a9b-3e603145a58a\/fertilizer-manufacturer-biogrand-to-open-sar-25-mn-ksa-factory-in-early-2025.-plus:-east-qantara-dry-port,-eu-trade-agreement,-al-modawat-specialized-medical\" style=\"\" rel=\"noopener\">in talks<\/a> with entities over financing the superstructure of the port. The company has reportedly already fully completed the infrastructure of the port at a cost of EGP 500 mn, and had been looking to secure an additional EGP 500 mn for further development.<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bahrain\/\">Bahrain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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<\/div>\n<\/div>\n<\/section>\n<section id=\"640583\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"640583\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/retailer-temus-parent-company-sees-stocks-crash-in-latest-warning-over-struggling-chinese-economy\/\">\r\n                            Retailer Temu\u2019s parent company sees stocks crash in latest warning over struggling Chinese economy                        <\/a>\r\n                    <\/h3>\r\n\r\n                    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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2406.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"640584\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/08\/28\/retailer-temus-parent-company-sees-stocks-crash-in-latest-warning-over-struggling-chinese-economy\/2406-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2406.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2406.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2406.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2406.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-640583\" class=\"content-area-description single-story post-640583 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-china tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.7aeb3df4-9572-4b74-80dc-56022cd38517.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>It\u2019s not been a good week for Temu parent company PDD Holdings: <\/strong>Chinese fast fashion retailer Temu\u2019s parent company PDD Holdings saw its shares <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-26\/temu-owner-pdd-s-sales-disappoint-after-global-expansion-slows\" style=\"\" rel=\"noopener\">fall by a whopping 29%<\/a> during Monday trading on the Nasdaq \u2014 its biggest fall on record that saw its market value dip by some USD 55 bn. Things didn\u2019t get much better for the company yesterday either, with its stock value falling another 4.1% by the end of trading.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The trigger: <\/strong>The company\u2019s results for the second quarter of the year fell short of market expectations. The company recorded revenues of CNY 97.1 bn \u2014 up 86% y-o-y, but below Wall Street forecasts of CNY 100 bn. The crash came as a shock to global investors, as the company\u2019s long-standing low-pricing strategy was expected to appeal to cost conscious consumers amid ongoing volatility and slowing Chinese consumption.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The results are \u201cthe latest in a series of red flags\u201d in the Chinese economy<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-27\/china-s-crashing-consumer-star-sounds-alarm-on-economic-growth?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> writes, pointing to disappointing earnings from a number of Chinese conglomerates over the last period that have also suffered from weak consumer demand in the world\u2019s second largest economy. The \u201cbig issue\u201d is the weakness of domestic consumer demand, Robeco Hong Kong\u2019s Joshua Crabb told Bloomberg. \u201cThe read-across for competition and a weak consumer will be negative for sure.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But the volume of the sell-offs may represent an overreaction:<\/strong> The size of the drop in shares was \u201ctoo much of a correction,\u201d <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/08\/27\/shares-of-temu-parent-company-pdd-plunges-29percent-largest-one-day-loss.html\" style=\"\" rel=\"noopener\">CNBC<\/a> quotes China Market Research Group Managing Director Shaun Rein as saying. Rein added that now would be a good time for investors to buy into the stock, emphasizing that the panic was \u201coverblown.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This comes at a crucial time for China<\/strong>, which is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04ceade2-bf6b-422d-b9e7-da0031d0dcaf\/investors-lose-access-to-key-data-as%253cmark%253e-china%253c%2Fmark%253e-stops-sharing-daily-flows-data\" style=\"\" rel=\"noopener\">expected to see its first yearly outflow<\/a> from its bourse since 2016 as overseas fund flows continue to exit the market. The country\u2019s benchmark CSI 300 is down 3.7% for 2024 and is at risk of extending losses into a record fourth consecutive year.<\/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 markers are in the red during early trading this morning<\/strong>, with traders eagerly awaiting Nvidia releasing its much anticipated earnings later today. Korea\u2019s Kospi is down 0.5%, China\u2019s Hang Seng is down 0.3%, and Japan\u2019s Nikkei is down 0.2%.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\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\">30,363<\/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: +22.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.64<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 48.77<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.65<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 48.75<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,182<\/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: +1.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,334<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: -2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,343<\/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: +7.0%)<\/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>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\">5,626<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +18.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE<\/strong> <strong>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\">8,345<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +7.9%)<\/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>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\">4,899<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +19.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 79.55<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 1.92<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.1%<\/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 2,560.10<\/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 61,878.50<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.5% (YTD: +46.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.8% at today\u2019s close<\/strong> on turnover of EGP 5.8 bn (56.3% above the 90-day average). Foreign investors were net buyers. The index is up 22.0% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Beltone (+7.3%), GB Corp (+5.2%) and Alexandria Container &amp; Cargo Handling (+3.7%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Mopco (-7.1%), B Investments (-4.3%) and Credit Agricole Egypt (-1.0%).<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"640585\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">10<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/what-is-the-govt-doing-to-revive-and-enhance-the-building-and-property-sector-in-the-country\/\"> \r\n                            What is the gov\u2019t doing to revive and enhance the building and property sector in the country?<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/what-is-the-govt-doing-to-revive-and-enhance-the-building-and-property-sector-in-the-country\/\" 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\/hardhats\/what-is-the-govt-doing-to-revive-and-enhance-the-building-and-property-sector-in-the-country\/')\">\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\/hardhats\/what-is-the-govt-doing-to-revive-and-enhance-the-building-and-property-sector-in-the-country\/\">\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=What is the gov\u2019t doing to revive and enhance the building and property sector in the country?&url=https:\/\/enterpriseam.com\/egypt\/hardhats\/what-is-the-govt-doing-to-revive-and-enhance-the-building-and-property-sector-in-the-country\/\">\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\/hardhats\/what-is-the-govt-doing-to-revive-and-enhance-the-building-and-property-sector-in-the-country\/&title=What is the gov\u2019t doing to revive and enhance the building and property sector in the country?\">\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=What+is+the+gov%E2%80%99t+doing+to+revive+and+enhance+the+building+and+property+sector+in+the+country%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fhardhats%2Fwhat-is-the-govt-doing-to-revive-and-enhance-the-building-and-property-sector-in-the-country%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n    \r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/what-is-the-govt-doing-to-revive-and-enhance-the-building-and-property-sector-in-the-country\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2404.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"640586\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/what-is-the-govt-doing-to-revive-and-enhance-the-building-and-property-sector-in-the-country\/2404-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2404.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2404.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2404.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2404.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-640585\" class=\"content-area-description post-640585 hardhat type-hardhat status-publish has-post-thumbnail hentry category-hardhat tag-construction tag-enterprise-hardhat tag-enterpriseam tag-federation-of-egyptian-industries tag-hardhat tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>What\u2019s in the cards for Egyptian real estate?<\/strong> The real estate sector has seen rapid development in recent years as the government has shifted its focus toward regulating building operations across the country. The Madbouly government is now backing the sector with new measures and simplified procedures, as the headwinds that real estate operations have faced over the past two years begin to recede. This new impetus is fueling growth in property, contracting, and construction materials markets, officials and industry insiders tell Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Global real estate consultancy JLL said in its Construction Market Intelligence Report for 1Q 2024 that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/edd45ebd-6fd3-47c0-a5a5-42a4f46c44fa\/\" style=\"\" rel=\"noopener\">Egypt\u2019s construction sector is set for a recovery<\/a>, with the firm penciling in a compounded annual growth rate for the sector above 8% until 2029. The report highlighted government spending, PPPs, infrastructure development, and rising FDI inflows as positioning the country to become an appealing destination for future investments.<\/p>\n<p class=\"tag-border-left\"> PERMIT ISSUANCE TO RESUME- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Positive movement on long-awaited construction permits:<\/strong> The Local Development Ministry is set to roll out much-anticipated measures to resume issuing construction permits in various governorates, head of the House\u2019s Housing Committee, Mohamed Attia El Fayoumi, told Enterprise. These measures will significantly boost construction activity and reduce the violations that emerged during the four-year period in which permit issuance was suspended, El Fayoumi added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec8c2b4f-f425-443e-ad0a-82c4e82b1578\" style=\"\" rel=\"noopener\">imposed a suspension on building permits in 2020<\/a>, initially expected to last six months, in response to continued building code violations. The suspension seriously hurt real estate companies\u2019 bottom lines, with contractors facing challenges liquidating letters of guarantee and finding themselves short on liquidity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new rules will see permits issued within 26 days:<\/strong> El Fayoumi highlighted that easing building requirements will enable applicants to obtain permits within just 26 days, which is expected to alleviate long-standing issues in the construction industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Streamlining building regulations:<\/strong> Local Development Minister Manal Awad confirmed that the number of procedures required to obtain a building permit in cities will be cut from 15 to 8 steps. This simplification aims to ease the process for citizens and shorten the time needed to secure a permit.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Plus, longer permit validity:<\/strong> One of the biggest wins for the sector is the government extending administrative building permits\u2019 validity to five years, up from just one, Tarek Shoukry, chairman of the Federation of Egyptian Industries\u2019 (FEI) real estate division, tells Enterprise. This will give developers more flexibility to manage projects, Shoukry added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More permit issuance will revive stagnant industries:<\/strong> The expected decisions will stimulate construction activity and demand for building materials, head of the Cairo Chamber of Commerce\u2019s Building Materials Division Ahmed El Zeiny told Enterprise. This comes as cement manufacturers have been reducing production due to limited demand, which was previously offset by investment demand that also took a hit due to rationing measures. El Zeiny stressed that resuming construction permit issuance with proper support from the government will revive an industry that serves over 90 other trades.<\/p>\n<p class=\"tag-border-left\"> MEASURES ARE IN THE WORKS TO HELP CONTRACTORS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Support for the contracting sector:<\/strong> The contracting sector is working to regain balance amid changes in economic conditions like the recent FX shortage and many companies\u2019 shift from now-scarce government projects to those led by the private sector, Egyptian Federation for Construction and Building Contractors (EFCBC) head Mohamed Sami Saad told Enterprise. The government has capped public sector investment spending at <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7712d797-29c6-4c30-be05-f97820a5082e\/\" style=\"\" rel=\"noopener\">EGP 1 tn<\/a> in FY 2024-25 to control the budget deficit and stop the development of new projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tackling liquidity issues amid soaring inflation:<\/strong> Saad also noted that the current challenges facing the sector are rooted in liquidity shortages and delayed dues payments, compounded by high inflation and rising costs. EFCBC has received assurances from Housing Minister Sherif El Sherbiny that the ministry will consider several sector proposals, including:<\/p>\n<ul>\n<li>Issuing a circular for projects with a completion duration of six months;<\/li>\n<li>Reviewing penalties and project withdrawals;<\/li>\n<li>Following up on compensation and price differentials, including approving submitted compensation, releasing retained securities, and fast-tracking the approval of final statements;<\/li>\n<li>Forming a coordination committee between the EFCBC and the Housing Ministry to monitor implementation;<\/li>\n<li>Addressing issues related to e-invoicing, balanced contracts, and exiting unfunded projects without cashing in on guarantees for delayed work;<\/li>\n<li>Expanding the number of contractors working with new city authorities by preparing a list of qualified companies for infrastructure, housing, utilities, and other projects.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ras El Hekma is a bright spot for a recovering sector:<\/strong> EFCBC board member Shams El Din Youssef told Enterprise that the sector had seen a significant reduction in small contractors and challenges in project execution during the FX crisis. Companies still in operation today have two windows of opportunity, however: they can execute large-scale investment projects like those in Ras El Hekma City, or they can export expertise to neighboring countries. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Ras El Hekma is expected to attract <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/0c0bd366-882b-4afd-9182-2c2b3e929dee\/madbouly-virtually-sits-down-with-over-200-investors-in-a-bid-to-attract-more-investments\/wwtt1\" style=\"\" rel=\"noopener\">USD 150 bn<\/a> in investments as it\u2019s built out, with investments expected to come at a rate of USD 3-4 bn per year, Prime Minister Moustafa Madbouly said earlier this year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fixed pricing for land in new communities:<\/strong> The Housing Ministry has resolved one of the most significant issues facing the real estate sector \u2014 changing land prices over time in new urban communities. The ministry has approved fixing land prices, Shoukry told Enterprise, mitigating potential pricing risks. This sentiment was echoed by Fathallah Fawzi, chair of the Real Estate Development Committee at the Egyptian Businessmen's Association, who emphasized that changing the land price at the time of the final contract harms the project's investment costs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fast-tracking nearly finished projects:<\/strong> Shoukry also told us that the government\u2019s move to classify projects that are 80% complete as \u201cfinished\u201d is a substantial support measure that will push real estate companies to complete their projects.<\/p>\n<p class=\"tag-border-left\">FINALLY, FINANCING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Locking in interest rates at 15%:<\/strong> The Housing Ministry has agreed to cap the interest rate on installments for real estate developers at 15%, which will reduce financial burdens and allow for faster project completion, according to Shoukry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ring a bell?<\/strong> This step resembles a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0fbf63f-f196-4ab6-acac-529210bde7e3\/\" style=\"\" rel=\"noopener\">EGP 120 bn program<\/a> approved by Prime Minister Moustafa Madbouly in March that offers subsidized loans for manufacturers in freezones, players in the agriculture industry, and renewable energy companies at an interest rate of 15%.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Egypt to help develop Sierra Leone\u2019s roads: <\/strong>An Egyptian delegation will visit Sierra Leone next month ahead of a planned cooperation between the two sides to develop the country\u2019s roads and bridges. The two sides are also looking to set up a shipping line connecting them. (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/pfbid02BmYrJY7d2wrDUjjw5JcBteVKK4KV3eY9x9tPkagpsehWMPiCe2DgYJyJMbhesjCVl\" style=\"\" rel=\"noopener\">Statement<\/a>)<\/li>\n<li><strong>Three maritime terminals seeking operators:<\/strong> Alexandria Port Authority is gearing up to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a17d2714-c74f-42d5-afa5-205839c0e91c\/three-egyptian-terminals-to-be-handed-over-to-operators-by-year-end\" style=\"\" rel=\"noopener\">hand over three maritime terminals<\/a> to local and foreign operators before the end of the year. <\/li>\n<li><strong>Dry port and logistics zone in Borg El Arab:<\/strong> The Transport Ministry got the thumbs up from the cabinet to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df14edc2-b089-4b19-9259-1c4724a140a1\/egypt%e2%80%99s-cabinet-approves-over-eur-1-bn-in-eu-funding\" style=\"\" rel=\"noopener\">proceed with contracting<\/a> an unnamed company to finance, design, establish, manage, and maintain the planned dry port and logistics zone in Borg El Arab. <\/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\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/federation-of-egyptian-industries\/\">Federation of Egyptian Industries<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"640587\" 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\/28\/640587\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-640587\" class=\"content-area-description single-story post-640587 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>2-3 September (Monday-Tuesday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.terrapinn.com\/exhibition\/seamless-north-africa\/index.stm\" style=\"\">Seamless North Africa conference<\/a><\/span><span style=\"font-weight:400;\">, Cairo.<\/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>4-5 September (Wednesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02tUzxgpkPAopRnfdNVEdzFHkRiyKDp8swAdjwaQxyYqQZQyKYj4tqdwXb5Md6BHbgl\" style=\"\">The US-Egypt Joint Economic Committee<\/a><\/span><span style=\"font-weight:400;\"> meeting, Washington.<\/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;\">9-12 September (Monday-Thursday): The annual EFG Hermes London Conference.<\/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 style=\"font-weight:400;\">16 September (Monday): Egypt-UK Investment and Opportunities Forum, London. <\/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;\">10-12 October (Thursday-Saturday): The FinExpo Conference and Exhibition, 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>20-22 October (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/moc-egypt.com\/\" style=\"\">Mediterranean Offshore Conference (MOC)<\/a><\/span><span style=\"font-weight:400;\">, Alexandria, 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>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>Indian investments, incoming | Africa\u2019s largest-ever tech merger | Auto sales up for fourth consecutive month | SFE taps new interim CEO<\/p>\n","protected":false},"featured_media":640563,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-640562","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"e7008ad1-2223-41fe-bc08-3da018c1b393","teaser":"Indian investments, incoming | Africa\u2019s largest-ever tech merger | Auto sales up for fourth consecutive month | SFE taps new interim CEO","photo_url":"https:\/\/ent.news\/2024\/8\/2444.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>A USD 1.2 bn phosphoric acid plant in the works set to support local fertilizer industry - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/a-usd-1-2-bn-phosphoric-acid-plant-in-the-works-set-to-support-local-fertilizer-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A USD 1.2 bn phosphoric acid plant in the works set to support local fertilizer industry\" \/>\n<meta property=\"og:description\" content=\"Indian investments, incoming | Africa\u2019s 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