{"id":643182,"date":"2024-09-04T00:00:00","date_gmt":"2024-09-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=643182"},"modified":"2025-12-17T18:37:49","modified_gmt":"2025-12-17T18:37:49","slug":"non-oil-private-sector-activity-back-in-the-green-after-three-years-of-contraction","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/non-oil-private-sector-activity-back-in-the-green-after-three-years-of-contraction\/","title":{"rendered":"Non-oil private sector activity back in the green after three years of contraction"},"content":{"rendered":"<section id=\"643184\" 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=\"643184\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n     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style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.9a2132ac-9277-4054-9aed-422a9abbf3d1.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends<\/strong><strong>. <\/strong>We\u2019re kicking off the issue with some good news that after three long years of contraction, the country\u2019s non-oil private sector has inched back up into growth territory. But that\u2019s not all today, with El Sisi is set to touch down in Turkey today for his first visit to the country since being in the top job, Hurghada\u2019s long-awaited solar projected back in the works, debt news galore, and much more. We\u2019ve got a packed issue today, so let\u2019s jump right into it.<\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#1- El Sisi touches down in Turkey:<\/strong> Today is the day that President Abdel Fattah El Sisi touches down in Turkey for his long-awaited visit to the country since assuming office as the two countries <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b79bcd3f-c14a-41e5-9ab7-50aa37b78975\/sweetening-the-pot-for-oil-and-gas-companies\" style=\"\" rel=\"noopener\">seek to mend fences<\/a> and build diplomatic and economic ties, Turkey\u2019s Directorate of Communications <a target=\"_blank\" href=\"https:\/\/www.iletisim.gov.tr\/english\/haberler\/detay\/president-el-sisi-of-egypt-to-pay-an-official-visit-to-turkiye\" style=\"\" rel=\"noopener\">confirmed<\/a> yesterday. El Sisi is set to meet with Turkish president Recep Tayyip Erdogan and together chair the first meeting of the long-stalled high-level Strategic Cooperation Council between the two countries in the works since 2010.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the agenda: <\/strong>Although details from the Turkish side are skimpy and Egypt has yet to release a statement on the trip, in addition to Gaza \u2014 that will presumably top discussions \u2014 Ahmed Moussa told his viewers on Ala Mas'ouleety earlier this week that the visit will include \u201cdiscussions on all bilateral and international issues, as well as the signing of numerous agreements and MoUs in various areas\u201d (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=o1tpJAn3VcY\" style=\"\" rel=\"noopener\">watch, runtime: 2:21<\/a>). Al Arabiya\u2019s Turkey correspondent also told Amr Adib that economic relations and cooperation in areas such as tourism, transportation, and the defense industry, alongside expanding the countries\u2019 joint freetrade agreement would be on the agenda.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The two countries are \u201copening a new chapter<\/strong>,\u201d El Sisi said in a presser when Erdogan made his <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ae5b0fc-803e-47d7-a69e-acd5831c4f19\/erdogan-talks-trade,-politics-with-el-sisi-in-his-first-visit-to-cairo-in-over-a-decade\" style=\"\" rel=\"noopener\">first visit in over a decade<\/a> in February (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=a6UQuGkbVcI\" style=\"\" rel=\"noopener\">watch, runtime: 15:15<\/a>). The two sides have been working to mend a decade of tense relations triggered by a host of issues, including Erogan\u2019s support for the Muslim Brotherhood, competing interests in Libya, and tensions over gas resources in the Eastern Mediterranean. Under this new relationship, the two countries are planning to boost annual bilateral trade from USD 6.6 bn in 2023 to USD 15 bn in the next few years.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- Madbouly is in Beijing for the launch of the Forum on China-Africa Cooperation: <\/strong>Keep your eyes peeled for investment and debt news, because Prime Minister Moustafa Madbouly is attending the three-day <a target=\"_blank\" href=\"http:\/\/www.focac.org\/eng\/\" style=\"\" rel=\"noopener\">Forum on China-Africa Cooperation<\/a> and is also booked in with Chinese officials and business leaders to discuss agreements and proposed investments in the works. A cabinet statement earlier this week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ea8c902-ddef-472a-8d98-4555b536b844\/gov%25e2%2580%2599t-mull-african-investor-focussed-freezone-to-boost-trade-with-the-continent\" style=\"\" rel=\"noopener\">told us<\/a> that Madbouly will ink a number of MoUs and contracts related to investments in the Suez Canal Economic Zone and the Egyptian telecommunications sector, without going into details.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve already heard that we\u2019re getting new funding from our BRICS buddy: <\/strong>China will be extending a CNY 100 mn in development grant \u2014 currently worth around EGP 681 mn or USD 14 mn \u2014 in order to implement a number of new joint projects, according to another cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02GHfApXWqMax4B7LdJdZyx7idsA614eWZhKXfLdBKDhkap6yB4mFUtTkhr3VvC6H3l\" style=\"\" rel=\"noopener\">statement<\/a> out yesterday. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- The two-day US-Egypt Joint Economic Committee meeting kicks off in Washington<\/strong><strong> today,<\/strong> with government and business representatives expected to discuss Egypt\u2019s current economic straits, existing investment opportunities and hurdles, and the coordination of PPPs between the two countries, according to an Investment Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02tUzxgpkPAopRnfdNVEdzFHkRiyKDp8swAdjwaQxyYqQZQyKYj4tqdwXb5Md6BHbgl\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- It\u2019s day two at the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.egypt-air-show.com\/\" style=\"\" rel=\"noopener\">Egypt International Airshow<\/a><\/strong>, which kicked off yesterday in El Alamein. The event covers all things aviation through Thursday, bringing together participants from over 300 companies from more than 100 countries. It also features exhibitions from 200+ companies, discussions from industry leaders, and even aircraft flyovers and displays.<\/p><p class=\"tag-border-left\">HAPPENING TOMORROW- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>It\u2019s decision time for the MPC: <\/strong>The Central Bank of Egypt\u2019s Monetary Policy Committee is meeting tomorrow to review rates. The bank left interest rates unchanged during its <a target=\"_blank\" rel=\"noopener\">last meeting<\/a> in July citing its commitment to sustaining the current trajectory of inflation moderation. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The polls are in: <\/strong>The central bank is once again expected to leave interest rates unchanged as persisting inflationary pressures keep potential rates at bay, eight analysts and economists <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6ce7d0d-e4c4-43a5-bcfc-bbd81940f659\/egypt%25e2%2580%2599s-central-bank-expected-to-keep-interest-rates-unchanged-when-it-meets-on-thursday\" style=\"\" rel=\"noopener\">told Enterprise<\/a> in a poll earlier this week. Those polled by Reuters agree, with 14 of the 15 that the newswire spoke to predicting that rates will be held steady and one penciling in a 100 bps rate cut<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"http:\/\/finance2024.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/282.jpg?ssl=1\"><\/a> <\/p><p class=\"tag-border-left\">DATA POINT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>The Electricity Ministry expects to collect EGP 500 mn in fines <\/strong>from overdue electricity bills during the current fiscal year, ministry sources told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/09\/03\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AA%D9%88%D9%82%D8%B9-%D9%86%D8%B5%D9%81-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AC%D9%86%D9%8A%D9%87-%D8%AD%D8%B5%D9%8A%D9%84%D8%A9-%D8%BA%D8%B1%D8%A7%D9%85%D8%A7%D8%AA-%D8%AA%D8%A3%D8%AE%D8%B1-%D8%B3%D8%AF%D8%A7%D8%AF-%D9%81%D9%88%D8%A7%D8%AA%D9%8A%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8009d81-feb4-44ba-9744-f4416fb29418\/new-electricity-bill-late-fines-incoming\" style=\"\" rel=\"noopener\">introduced<\/a> a 7% fine on overdue electricity bills which will come into effect with September\u2019s bill. Those who fail to pay for three consecutive months will receive a warning before having their meters removed.<\/p><p class=\"tag-border-left\">KUDOS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Local firm MUSEEUM is up for the Arab World Design Award: <\/strong>Local retail management company and the operator behind the Grand Egyptian Museum\u2019s (GEM) gift shop <a target=\"_blank\" href=\"http:\/\/museeumshop.com\" style=\"\" rel=\"noopener\">MUSEEUM<\/a> has been nominated for this year\u2019s Arab World Design Award for its curation of the GEM gift shop. Hosted by the Institut du Monde Arabe (IMA), the award \u201caims to highlight emerging and established designers from the Arab world,\u201d according to the institute\u2019s <a target=\"_blank\" href=\"https:\/\/www.imarabe.org\/en\/news\/the-awi-from-day-to-day\/2024\/arab-world-design-award-nominees-2024\" style=\"\" rel=\"noopener\">website<\/a>. The winning candidates will be named today and an exhibition of the winning projects will be held at the IMA in Paris from 5-15 September.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What MUSEEUM does:<\/strong> The company works as a curator for heritage destinations and museums, using \u201cresearch and analysis to craft a collection that captures the historical essence of its surroundings,\u201d MUSEEUM co-founder Jaeyung Kwon told Enterprise. \u201cOur goal is to cater to a diverse audience, encompassing tourists, bucket list enthusiasts, proud locals, Egyptophiles, as well as academics and teachers and students,\u201d she said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The firm\u2019s strategy involves collaborating with both artisanal and manufactured products <\/strong><strong>fully crafted by Egyptians<\/strong>, and making sure that artists get their fair share of the value chain while still delivering favorable and varied prices, Kwon tells us. \u201cIn Egypt, the artisanal talent is there, but through design and curation we point artisans towards global interest. Good design can show both the customers and the craftsmen what they've been missing,\u201d she said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Want more? <\/strong>We spoke to Kwon at length for our My Morning Routine column \u2014 look out for the full interview in tomorrow\u2019s issue of EnterpriseAM Egypt. <\/p><p class=\"tag-border-left\">PSA-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s much the same in Cairo today<\/strong>, with a high of 34\u00b0C and a low of 26\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a notch cooler in Alexandria and along the North Coast<\/strong>, with a high of 32\u00b0C and a low of 24\u00b0C.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge. <\/p><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>German<\/strong><strong> President Frank-Walter Steinmeier and an accompanying business delegation<\/strong><strong> will touch down in Egypt next week<\/strong>, a German embassy official recently announced, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/ZnYgq3iHxGp78v6i\/\" style=\"\" rel=\"noopener\">statement<\/a> from the General Authority for Investment and Free Zones. Steinmeier\u2019s visit will mark the first time in 24 years that a sitting German president has visited Egypt.<\/p><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><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>All eyes are on Wall Street in the international business press<\/strong> <strong>this morning<\/strong>, with the S&amp;P 500 having <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/us-stocks-tumble-investors-pause-ai-rally-2024-09-03\/\" style=\"\" rel=\"noopener\">dropped<\/a> 2.1% by yesterday\u2019s close. A 9.5% slide in Nvidia\u2019s stock price prompted a selloff of other big tech names. Nvidia was breaking all of the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/ec95b2e3-94fc-4713-b4a6-2997338c3678\" style=\"\" rel=\"noopener\">wrong types of records<\/a> yesterday, claiming the unenviable title of having the <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/nvidia-chip-index-tumble-investors-pause-ai-rally-2024-09-03\/\" style=\"\" rel=\"noopener\">steepest-ever single-day loss of market cap<\/a> by a US company \u2014 wiping off a whopping USD 279 bn during trading.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Traders were <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0a99a4e-38b6-446c-95c2-e7a4166a372f\/historic-losses-and-us-fed-uncertainty-weigh-on-traders-in-september\" style=\"\" rel=\"noopener\">prepared for a rocky September<\/a><\/strong><strong>, but probably not this rocky. <\/strong>On top of the \u201ctraditional\u201d September slump, an upcoming US jobs report on Friday, interest rate cut speculation ahead of the Fed\u2019s mid-month meeting, and 10 September televised debate between Kamala Harris and Donald Trump have been weighing on the market.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Analysts are increasingly wondering if this may signal the end to chip mania<\/strong>, which had until recently been the main driver pushing US stock markets to historic records. After all the money that has been pumped into chipmakers over the last year and a half, a period of reflection and readjustment may be a matter of course, thinks Jackson Square Capital\u2019s Andrew Graham, telling Reuters that \u201call tech revolutions go through periods of disillusionment.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But high expectations aren\u2019t Nvidia\u2019s only problem<\/strong>, with it being <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-03\/nvidia-gets-doj-subpoena-in-escalating-antitrust-investigation?srnd=homepage-middle-east&amp;embedded-checkout=true\" style=\"\" rel=\"noopener\">reported on the same day<\/a> that the US Department of Justice has subpoenaed Nvidia in an antitrust probe.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It wasn\u2019t much calmer in the oil markets<\/strong>, with Brent crude falling <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-02\/latest-oil-market-news-and-analysis-for-aug-3?srnd=homepage-middle-east&amp;embedded-checkout=true\" style=\"\" rel=\"noopener\">4.9% to settle under USD<\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-02\/latest-oil-market-news-and-analysis-for-aug-3?srnd=homepage-middle-east&amp;embedded-checkout=true\" style=\"\" rel=\"noopener\">74<\/a> and wiping out gains the black stuff had made throughout the year. Driving the fall was news that Libya is ready to turn back the tap back on. A dispute between competing political factions over oil revenue and control of the central bank had effectively stopped exports on the formal market. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND IN OUR CORNER of the world, Riad Salameh faces the music \u2026 again. <\/strong>Former Banque du Liban head Riad Salameh <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/lebanon-former-central-bank-governor-riad-salameh-arrested-judicial-source-says-2024-09-03\/\" style=\"\" rel=\"noopener\">was arrested<\/a> yesterday in Beirut for alleged financial crimes related to USD 110 mn he amassed through the Lebanese central bank\u2019s dealings with brokerage firm Optimum Invest.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2503.jpg?ssl=1\"><\/p><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><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We look into what the government has done \u2014 and has yet to do \u2014 in the lead up to the Grand Egyptian Museum's official opening.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-turkey-relations\/\">Egypt-Turkey relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/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=\"643186 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=\"643186\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/643186\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643186\" class=\"content-area-description single-story post-643186 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>\n<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&rsquo;s 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=\"643187\" 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=\"643187\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/non-oil-private-sector-activity-grows-after-three-years-in-contraction-2\/\">\r\n                            Egypt\u2019s non-oil private sector activity grows after three years in contraction                        <\/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\/09\/04\/non-oil-private-sector-activity-grows-after-three-years-in-contraction-2\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The report pointed to more stable demand conditions thanks to \u201cmarket recovery amid improved macro-economic factors and rising export business\u201d as an important reason behind activity finally increasing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s been a long time coming: <\/strong>The index rose to 50.4 in August, up from <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5080d3b9-49d2-402a-ae89-507194e6565e\/non-oil-private-sector-activity-remains-near-growth-territory-despite-dipping-in-july\" style=\"\" rel=\"noopener\">49.7 in July<\/a>. The country\u2019s non-oil private sector has been in contraction since November 2020, but has been flirting with the 50.0 mark that separates growth from contraction since <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00137b19-6fbc-49ee-a1f2-1f5ad0b91e46\/egypt%25e2%2580%2599s-non-oil-private-sector-inches-closer-to-growth\" style=\"\" rel=\"noopener\">May<\/a> thanks to cooling inflation and growing confidence. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Growth across the board \u2014 almost: <\/strong>Demand stability reports encouraged companies to increase their output, expand their inventories, and hire more staff for the second consecutive month. However, weakening client demand resulted in a marginal decline in new orders.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But don\u2019t celebrate yet, inflationary pressures persist: <\/strong>The EGP weakening against the greenback last month pushed input price inflation up for the third consecutive month. The report also pointed to an increase in transport cost \u2014 thanks to the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45d2052e-4c8d-4dde-b93c-8965df87dd03\/egypt-hikes-car%253cmark%253e-fuel%253c%2Fmark%253e-prices-by-up-to-15%2525\" style=\"\" rel=\"noopener\">latest fuel price hike<\/a> \u2014 and a rise in salaries, explaining that \u201cefforts to pass through higher costs to customers also resulted in an increase in average prices charged.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cRising price pressures are another risk<\/strong> \u2014 August data signaled the fastest uplifts in costs and charges for five months \u2014 which has the potential to limit spending and weaken the market recovery,\" S&amp;P Global Market Intelligence Senior Economist David Owen noted. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Business sentiment rises to its highest level in years: <\/strong>Businesses had high expectations \u2014 their highest since mid-2022 \u2014 for future business activity last month. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news is bolstering growth projections for the country<\/strong><strong>:<\/strong> \u201cEconomic growth bottomed out at 2.2% in 3Q FY 2023-2024,\u201d Fitch Solutions' director of MENA country risk Ramona Moubarak <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/ramona-moubarak_egypt-activity-7236668822076743682-y4HO\/?utm_source=share&amp;utm_medium=member_android\" style=\"\" rel=\"noopener\">wrote<\/a>, reaffirming the Madbouly government\u2019s growth forecast of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/150370b7-8811-44e0-8b91-782cfb66541c\/\" style=\"\" rel=\"noopener\">4.2%<\/a> for the current fiscal year. She pointed to \u201chigher investment, a recovery in the manufacturing sector and a normalization of traffic through the Suez Canal (assuming the war in Gaza ends in H2 2024),\u201d behind her forecast and explained that the high cost of living and issues with the oil and gas sector will prevent the economy from growing even further. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The international press also took note: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/egypts-non-oil-sector-returns-growth-august-pmi-shows-2024-09-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-03\/key-egyptian-business-index-expands-for-first-time-since-2020\" style=\"\" rel=\"noopener\">Bloomberg<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ELSEWHERE IN THE REGION- <\/strong><\/p>\n<ul>\n<li>Saudi Arabia\u2019s PMI rose to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/231.pdf\" style=\"\" rel=\"noopener\">5<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/231.pdf\" style=\"\" rel=\"noopener\">4.8 in A<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/231.pdf\" style=\"\" rel=\"noopener\">ugust (pdf)<\/a>, up from 54.4 in July. <\/li>\n<li>Kuwait\u2019s PMI dipped to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/233.pdf\" style=\"\" rel=\"noopener\">49.7 i<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/233.pdf\" style=\"\" rel=\"noopener\">n August (pdf)<\/a>, down from 51.5 in July.<\/li>\n<li>Qatar\u2019s PMI increased to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/234.pdf\" style=\"\" rel=\"noopener\">53.1<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/234.pdf\" style=\"\" rel=\"noopener\">in August<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/234.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>, up from 51.3 in July.<\/li>\n<li>Readings for the UAE and Lebanon will be out later this morning.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp\/\">S&amp;P<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- 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   \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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/qalaa-settles-egp-3-34-bn-of-debt-in-exchange-for-a-stake-in-taqa\/\">\r\n                            Qalaa settles EGP 3.34 bn of debt in exchange for a stake in Taqa                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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        <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/958.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643191\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/qalaa-settles-egp-3-34-bn-of-debt-in-exchange-for-a-stake-in-taqa\/958-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/958.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"958.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/958.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/958.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643190\" class=\"content-area-description single-story post-643190 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt tag-debt-watch tag-enterpriseam tag-qalaa-holdings tag-taqa-arabia 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\/9\/.a87e65f5-180e-4996-ba0d-d4c922a5b765.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Qalaa officially offloads 18% stake in Taqa in debt settlement agreement: <\/strong>Qalaa Holdings has settled some EGP 3.35 bn worth of debt to four local banks in exchange for a 17.7% stake \u2014 239 mn shares \u2014 in Taqa Arabia, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/246.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The banks: <\/strong>Banque Misr and Banque du Caire each got a 4.9% stake in the company, while the Arab African International Bank got a 6.0% stake and Al Ahli Bank of Kuwait got a 1.9% stake. Silverstone Capital Investments \u2014 an entity controlled by Qalaa Holdings \u2014 <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/248.png\" style=\"\" rel=\"noopener\">transferred the shares<\/a> in a block trade yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s not all: <\/strong>The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bcf5cb2f-3ac0-44bc-acfc-663be1713a73\/qalaa-holdings-offloads-18%2525-stake-in%253cmark%253e-taqa%253c%2Fmark%253e-arabia-in-debt-settlement-agreement\" style=\"\" rel=\"noopener\">agreement saw Qalaa<\/a> settling its entire EGP 4.5 bn debt in exchange for the 17.7% stake in Taqa as well as a land plot overlooking the Nile. There was no mention of the land plot in the disclosure. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Under the agreement, Qalaa \u2014 Taqa Arabia\u2019s parent company \u2014 will retain the right to repurchase its shares in the energy distribution company from the banks within the next five years, but if that doesn\u2019t happen the banks can resell the shares back to Qalaa in the sixth year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>The Arab International Law Firm represented the banks in the transaction, while Zulficar and Partners represented Qalaa Holdings and its subsidiaries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax: <\/strong>Qalaa\u2019s shares rose 1.0% during yesterday\u2019s trading to close at EGP 2.11, while Taqa saw its shares rise 2.3% during yesterday\u2019s trading to close at EGP 14.62. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Qalaa has been working overtime to settle its dues: <\/strong>The holding company\u2019s plan to retire <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a12cc802-2c68-489e-8114-d91e647ee836\" style=\"\" rel=\"noopener\">some USD 430 mn in foreign-currency debt<\/a> also included a debt buyback program that saw it raise over <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c81ffbb-b7d3-4261-b696-f616baa222ee\/uae%25e2%2580%2599s-masdar-raises-usd-1-bn-in-its-second-green-bond-issuance\" style=\"\" rel=\"noopener\">EGP 2.6 bn from shareholders<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taqa-arabia\/\">TAQA Arabia<\/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=\"643192\" 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=\"643192\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/fresh-details-on-the-move-to-cash-based-subsidies\/\">\r\n                            Fresh details on the move to cash-based subsidies                        <\/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\/09\/04\/fresh-details-on-the-move-to-cash-based-subsidies\/\" 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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A two-person household will receive a monthly EGP 500, three-person households will receive EGP 750, while four-person households will be getting a monthly EGP 1,250. Households with more than four members will not be eligible for any subsidies, our source told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Annual increases: <\/strong>The sums suggested will be raised annually in line with inflation levels, the source said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It will be a gradual transition: <\/strong>The first year of implementation will see both in-kind and cash-based subsidies granted to households \u2014 in-kind subsidies will exclude oil and sugar. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How will the funds be distributed? <\/strong>Families will receive their cash subsidies through a card that can be used just like a prepaid card in retail stores. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline: <\/strong>Prime Minister Moustafa Madbouly last week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8006b9d5-4a15-40d9-811a-8e885083c8b2\/commodities,-tourism-incentives,-and-subsidies-were-the-main-talking-points-in-madbouly%25e2%2580%2599s-weekly-presser\" style=\"\" rel=\"noopener\">said<\/a> that he hopes to see the initial phases of the implementation of cash-based subsidies at some point during the next fiscal year. The matter has already been discussed by the National Dialogue, which is now in talks with the government over how it could be implemented, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Slashing <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce01f29c-8a4e-43ba-ac77-91e06d5c9990\/imf-to-begin-fourth-loan-review-by-october-at-the-latest\" style=\"\" rel=\"noopener\">subsidies<\/a> and moving towards direct cash-based assistance is one of the steps the International Monetary Fund is eager for us to carry out. <\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsidies\/\">subsidies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643194\" 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=\"643194\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/mitsubishi-and-another-undisclosed-japanese-firm-selected-to-set-up-hurghadas-20-mw-solar-power-plant\/\">\r\n                            Mitsubishi and another undisclosed Japanese firm selected to set up 20 MW solar power plant in Egypt\u2019s Hurghada                        <\/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\/09\/04\/mitsubishi-and-another-undisclosed-japanese-firm-selected-to-set-up-hurghadas-20-mw-solar-power-plant\/\" target=\"_blank\">\n                    Open in new tab         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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/mitsubishi-and-another-undisclosed-japanese-firm-selected-to-set-up-hurghadas-20-mw-solar-power-plant\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/766.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643195\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/mitsubishi-and-another-undisclosed-japanese-firm-selected-to-set-up-hurghadas-20-mw-solar-power-plant\/766-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/766.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"766.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/766.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/766.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643194\" class=\"content-area-description single-story post-643194 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-electricity-ministry tag-energy tag-enterpriseam tag-jica tag-mitsubishi tag-new-and-renewable-energy-authority tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.8e863013-7d8c-49ee-8b07-6e841055bfc7.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Is Hurghada finally getting its 20 MW solar power plant? <\/strong>A Japanese consortium was selected to set up a EUR 90 mn, 20 MW solar power plant in Hurghada, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%aa%d8%ad%d8%a7%d9%84%d9%81-%d9%8a%d8%a7%d8%a8%d8%a7%d9%86%d9%89-%d9%8a%d9%81%d9%88%d8%b2-%d8%a8%d9%85%d9%86%d8%a7%d9%82%d8%b5%d8%a9-%d8%aa%d8%af%d8%b4%d9%8a%d9%86-%d8%a7%d9%84%d9%85%d8%ad%d8%b7\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing Electricity Ministry sources. The consortium may decide on a local partner to take on the design and construct of the project as well as operate and maintain it for two years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The players:<\/strong> The consortium consists of two companies \u2014 Mitsubishi and another undisclosed firm \u2014 and it was the only participant in the tender, the sources said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Years and years in the making: <\/strong>The project first came to light in 2016 before being put on hold for two years, until <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14b7e1b5-95f1-449b-898c-f1c9ed19d5e4\/%253cmark%253ejica%253c%2Fmark%253e-and-nrea-sign-usd-106-mn-loan-for-20-mw-hurghada-solar-power-plant\" style=\"\" rel=\"noopener\">JICA agreed to provide the New and Renewable Energy Authority (NREA) with a USD 106 mn loan<\/a> for the project. At the time, the power plant was set to kick off operations in mid-2019. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When can we expect the final agreement?<\/strong> The Madbouly government and the Japanese side are currently in negotiations regarding the financials and are expected to ink the final contract in 4Q 2024 for the plant to be up and running in 2026. NREA has obtained the necessary licenses for the project and an electrical connection was set up to link the station with electricity transformers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A first for us:<\/strong> The Hurghada solar station will be Egypt\u2019s first to be equipped with a battery to store energy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another step towards our ambitious renewables target:<\/strong> The project is the latest in a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d1a2b66-3c41-449b-934a-06d2b5f0d4ee\/the-roadmap-to-adding-28-gw-of-renewable-energy-to-the-country%25e2%2580%2599s-energy-mix\" style=\"\" rel=\"noopener\">long list of renewable projects<\/a> in the pipeline as the state works towards its goal to add 28 GW of renewable energy to the country\u2019s energy mix over the next five to seven years.<\/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\/electricity-ministry\/\">Electricity Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jica\/\">JICA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mitsubishi\/\">Mitsubishi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-and-renewable-energy-authority\/\">New and Renewable Energy Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643196\" 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=\"643196\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/whats-next-for-egx-listed-middle-east-glass\/\">\r\n                            What\u2019s next for EGX-listed Middle East Glass?                        <\/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\/09\/04\/whats-next-for-egx-listed-middle-east-glass\/\" 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\/09\/04\/whats-next-for-egx-listed-middle-east-glass\/')\">\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\/09\/04\/whats-next-for-egx-listed-middle-east-glass\/\">\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\u2019s next for EGX-listed Middle East Glass?&url=https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/whats-next-for-egx-listed-middle-east-glass\/\">\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\/09\/04\/whats-next-for-egx-listed-middle-east-glass\/&title=What\u2019s next for EGX-listed Middle East Glass?\">\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%E2%80%99s+next+for+EGX-listed+Middle+East+Glass%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F09%2F04%2Fwhats-next-for-egx-listed-middle-east-glass%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\/09\/04\/whats-next-for-egx-listed-middle-east-glass\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/279.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643197\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/whats-next-for-egx-listed-middle-east-glass\/279-jpg-26\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/279.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"279.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/279.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/279.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643196\" class=\"content-area-description single-story post-643196 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-enterpriseam tag-gulf-capital tag-ma-watch tag-manufacturing tag-middle-east-glass-manufacturing-company 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\/9\/.07742dad-b99e-48e7-a842-3205c2f0abff.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>What\u2019s next for Middle East Glass? <\/strong>Late last month, MENA Glass Holding <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3baba23d-30cc-45f2-a453-9a1de5550447\/mena%253cmark%253e-glass%253c%2Fmark%253e-nearly-doubles-stake-middle-east%253cmark%253e-glass%253c%2Fmark%253e-to-c-93.7%2525\" style=\"\" rel=\"noopener\">upped its stake<\/a> in EGX-listed bottle maker Middle East Glass (MEG) to 93.7% in an EGP 2.8 bn transaction. Now that the dust has settled on the acquisition, we spoke with Middle East Glass CEO Tawfik Laham to learn what\u2019s next for the company. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>MENA Glass Holding acquired an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3baba23d-30cc-45f2-a453-9a1de5550447\/mena%253cmark%253e-glass%253c%2Fmark%253e-nearly-doubles-stake-middle-east%253cmark%253e-glass%253c%2Fmark%253e-to-c-93.7%2525\" style=\"\" rel=\"noopener\">additional 40.2% in MEG<\/a> after stakeholders agreed to offload 25.1 mn shares. MENA Glass had submitted a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d29ba32-c706-4fcc-a453-553ae4c097e1\" style=\"\" rel=\"noopener\">mandatory tender offer<\/a> to acquire an additional 40.8% \u2014 25.5 mn shares \u2014 in MEG in a USD 57.8 mn transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MENA Glass bought up Gulf Capital\u2019s stake: <\/strong>Private equity firm Gulf Capital exited the company, selling its entire 36.9% stake. \u201cIt is normal for any private equity firm to exit its investment after a certain period of time,\u201d Laham told Enterprise, adding that Gulf Capital was a very good partner that added value to MEG \u2014 operationally and financially. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The added value: <\/strong>\u201cGulf Capital\u2019s growth investment enabled MEG to become the largest glass packaging manufacturer in the Middle East and the second largest in Africa,\u201d the private equity firm said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/277.pdf\" style=\"\" rel=\"noopener\">st<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/277.pdf\" style=\"\" rel=\"noopener\">atement (pd<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/277.pdf\" style=\"\" rel=\"noopener\">f)<\/a>. The firm also helped the glass maker double its production capacity, set up new production lines, and increase its exports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Now that Gulf Capital is out of the picture, what can we expect from MEG? <\/strong>The main objective for the company at the moment is growth \u2014 \u201cwe are working on setting up our fourth factory and enhancing and improving efficiency in existing plants,\u201d Laham said, adding that the company plans to \u201csignificantly\u201d increase its capacity over the coming 3-5 years and expand its exports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As things stand: <\/strong>The company has three glass factories with 17 production lines and six furnaces. It exports over 50% of its production to over 25 markets, making it one of Egypt\u2019s top five exporters. \u201cThe company was the first glass exporter in Africa,\u201d Laham said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEG has no plans to exit the EGX<\/strong>, Laham tells us. \u201cWe definitely will stay listed \u2026 being an EGX-listed company will help us to grow regionally in the future,\u201d he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors:<\/strong> EFG Hermes was tapped to broker the acquisition, while Bahaa Eldin Law Office and MENA Associates acted as the buy-side legal advisor. MEG tapped Tanami Financial Advisory as its independent financial advisor to conduct the fair value study, while Arqaam Capital was the sell-side financial advisor and White &amp; Case was the sell-side legal advisor.<\/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\/gulf-capital\/\">Gulf Capital<\/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\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-glass-manufacturing-company\/\">Middle East Glass Manufacturing Company<\/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=\"643198\" 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=\"643198\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/egypt-to-lag-behind-north-african-peers-in-vehicle-production-over-next-decade-but-production-growth-in-2024-remains-strong\/\">\r\n                            Egypt to lag behind North African peers in vehicle production over next decade, despite strong production forecast for 2024                        <\/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\/09\/04\/egypt-to-lag-behind-north-african-peers-in-vehicle-production-over-next-decade-but-production-growth-in-2024-remains-strong\/\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/egypt-to-lag-behind-north-african-peers-in-vehicle-production-over-next-decade-but-production-growth-in-2024-remains-strong\/2423-jpg-9\/\" 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-643198\" class=\"content-area-description single-story post-643198 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-automotive tag-enterpriseam tag-industry 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\/9\/.4f315945-6142-4976-ae09-1d0e421b37a8.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s auto production to grow, but at a slower pace than its neighbors:<\/strong> The country\u2019s vehicle production is expected to witness steady increases over the coming years, but will likely fall behind regional competitors, according to a recent <a target=\"_blank\" href=\"https:\/\/www.fitchsolutions.com\/bmi\/autos\/north-african-vehicle-production-progressing-algeria-overtake-egypt-2026-28-08-2024\" style=\"\" rel=\"noopener\">BMI report<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The numbers for the year ahead:<\/strong> The report expects Egypt to produce 37k vehicles in 2024, putting the country second place in the region above Algeria with an expected 17.4k vehicles and way behind Morocco in first place with 614k vehicles \u2014 marking it as the largest auto producer in the whole of the continent.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Long-term outlook shows modest growth:<\/strong> BMI sees Egypt's vehicle production growing at an average annual rate of 11.4% between 2024 and 2033, reaching just under 83.5k vehicles by the end of the forecasted period. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> BMI attributed its \u201cstrong\u201d vehicle production output in 2024 to \u201canticipated FX stabilization period and the easing of import restrictions.\u201d Also, \u201cthe reduction in currency fluctuation will provide much-needed certainty for manufacturers, which will support a more stable business landscape in which to scale up production.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The Madbouly government has been working to localize the auto industry, introducing the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a06d4ec-4025-490e-8842-45c8a9fe0d8a\" style=\"\" rel=\"noopener\">Egyptian Automotive Industry Development Program (AIDP)<\/a> in 2022, which will offer incentives to auto players with the aim of localizing the industry and its feeder industries, with the aim of enhancing the country\u2019s existing assembly and manufacturing capabilities \u2014 and of encouraging new investment to the sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But Algeria and others look set to outpace us: <\/strong>While Egypt\u2019s forecast represents significant growth, it lags behind the more optimistic growth forecasts for other North African markets. Algeria is expected to see production grow an annual 36.5% over the period between 2025-2033 and have an annual output of 236.7k units by end of the period \u2014 over 180% more than what Egypt is expected to produce. According to this trajectory, Algeria is expected to nudge Egypt out of its place as North Africa\u2019s second largest auto producer by 2026. Morocco is expected to expand output 6.8% every year until 2033 and remain at the top of the leader board with an eventual annual output of 1.1 mn vehicles.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF-<\/strong> <strong>Chinese auto players eying Egypt:<\/strong> Representatives from 20 Chinese automotive companies are set to land in Egypt in the coming days to look into how they can sell their models in Egypt in the coming period, business development head at the Egyptian Auto Feeders Association Ehab Mohamed told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/20-%d8%b4%d8%b1%d9%83%d8%a9-%d8%b3%d9%8a%d8%a7%d8%b1%d8%a7%d8%aa-%d8%b5%d9%8a%d9%86%d9%8a%d8%a9-%d8%aa%d8%a8%d8%ad%d8%ab-%d9%85%d8%b9-%d8%a7%d9%84%d8%b5%d9%86%d8%a7%d8%b9%d8%a7%d8%aa-%d8%a7\/\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/20-%d8%b4%d8%b1%d9%83%d8%a9-%d8%b3%d9%8a%d8%a7%d8%b1%d8%a7%d8%aa-%d8%b5%d9%8a%d9%86%d9%8a%d8%a9-%d8%aa%d8%a8%d8%ad%d8%ab-%d9%85%d8%b9-%d8%a7%d9%84%d8%b5%d9%86%d8%a7%d8%b9%d8%a7%d8%aa-%d8%a7\/\" style=\"\" rel=\"noopener\">l M<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/20-%d8%b4%d8%b1%d9%83%d8%a9-%d8%b3%d9%8a%d8%a7%d8%b1%d8%a7%d8%aa-%d8%b5%d9%8a%d9%86%d9%8a%d8%a9-%d8%aa%d8%a8%d8%ad%d8%ab-%d9%85%d8%b9-%d8%a7%d9%84%d8%b5%d9%86%d8%a7%d8%b9%d8%a7%d8%aa-%d8%a7\/\" style=\"\" rel=\"noopener\">al<\/a>. The representatives will be meeting with a number of local car agents and importers to look into how they could enter the local market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Read more: <\/strong>We dove into the government\u2019s efforts to localize the auto industry in an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1ed2652-13a2-4dbb-ad35-647e35adcae1\/\" style=\"\" rel=\"noopener\">Inside<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1ed2652-13a2-4dbb-ad35-647e35adcae1\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1ed2652-13a2-4dbb-ad35-647e35adcae1\/\" style=\"\" rel=\"noopener\">Industry<\/a> published earlier this week.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643200\" 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=\"643200\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/mashreq-egypt-taps-amr-hassan-as-cro\/\">\r\n                            Mashreq Egypt taps Amr Hassan as CRO                        <\/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\/09\/04\/mashreq-egypt-taps-amr-hassan-as-cro\/\" 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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Hassan served as the bank\u2019s head of corporate credit risk for over four years before assuming his new post. He brings over 20 years of risk management and credit risk analysis expertise to the role \u2014 he has held positions in several financial institutions, including Credit Agricole Egypt, Emirates NBD Egypt, and BNP Paribas Egypt.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mashreq-bank\/\">Mashreq Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643202 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"643202\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/643202\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643202\" class=\"content-area-description single-story post-643202 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicContactUs\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1877.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643203\" 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=\"643203\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/egypt-rejects-netenyahus-statements-on-the-philadelphi-corridor\/\">\r\n                            Egypt rejects Netenyahu\u2019s statements on the Philadelphi Corridor                        <\/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\/09\/04\/egypt-rejects-netenyahus-statements-on-the-philadelphi-corridor\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" 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href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+rejects+Netenyahu%E2%80%99s+statements+on+the+Philadelphi+Corridor+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F09%2F04%2Fegypt-rejects-netenyahus-statements-on-the-philadelphi-corridor%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\/09\/04\/egypt-rejects-netenyahus-statements-on-the-philadelphi-corridor\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/299.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643204\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/egypt-rejects-netenyahus-statements-on-the-philadelphi-corridor\/299-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/299.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"299.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/299.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/299.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643203\" class=\"content-area-description single-story post-643203 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-diplomacy tag-enterpriseam tag-gaza tag-israel tag-last-nights-talk-shows tag-middle-east-politics tag-turkey 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\/9\/.6d190aec-e74d-4f9a-a20f-5b359b33b597.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Talk<\/strong><strong> show hosts kept the spotlight on diplomacy last night <\/strong>after Egypt expressed its \u201ccomplete rejection\u201d of statements made by Israeli prime minister Benjamin Netanyahu in which the Israeli PM <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ea8c902-ddef-472a-8d98-4555b536b844\/gov%25e2%2580%2599t-mull-african-investor-focussed-freezone-to-boost-trade-with-the-continent\" style=\"\" rel=\"noopener\">affirmed his commitment<\/a> to keeping Israeli forces in the Philadelphi Corridor on the border between Egypt and Gaza.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt responds to Netanyahu: <\/strong>In a statement issued by the Foreign Ministry yesterday, the government said that Netanyahu had \u201cattempted to drag Egypt\u2019s name into the matter to distract Israeli public opinion, hinder reaching a ceasefire agreement and hostage exchange, and obstruct mediation efforts being made by Egypt, Qatar, and the US.\u201d Egypt emphasized its \u201ctotal rejection of all allegations being made by Israeli officials in this matter,\u201d adding that it holds the Israeli government responsible for the consequences of these statements \u201cwhich exacerbate the situation, aim to justify aggressive and provocative policies, and lead to further escalation in the region.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201c<\/strong><strong>Israeli officials have repeatedly described Netanyahu\u2019s claims that the Philadelphi<\/strong><strong> Corridor poses a threat to Israel as false,<\/strong> asserting that they are merely a pretext for thwarting any ceasefire agreement in Gaza,\u201d military strategist and commentator Samir Ragheb told Sherif Amer on his program Yahduth Fi Masr (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=xGd9fAyjh0s\" style=\"\" rel=\"noopener\">watch, runtime: 5:34<\/a>). The topic received extensive coverage on other programs as well, including Ala Mas'ouleety (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=C2_gilp83L8\" style=\"\" rel=\"noopener\">watch, runtime: 2:14<\/a>) and El Sa\u2019a El Sadesa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=6i26MUoaz5A\" style=\"\" rel=\"noopener\">watch, runtime: 6:53<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>President<\/strong><strong> Abdel Fattah El Sisi\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ea8c902-ddef-472a-8d98-4555b536b844\/gov%25e2%2580%2599t-mull-african-investor-focussed-freezone-to-boost-trade-with-the-continent\" style=\"\" rel=\"noopener\">inauguration<\/a><\/strong><strong> of the Egypt International Airshow in El<\/strong><strong> Alamein yesterday was also caught the attention of the talk show circuit,<\/strong> with advisor to the Military Academy for Postgraduate and Strategic Studies Hisham Al Halabi telling Ahmed Moussa on his program Ala Mas'ouleety that the exhibition \u201cis expected to attract significant investments and place Egypt on the map of international exhibition tourism\u201d (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=0DUpXCoLjkE\" style=\"\" rel=\"noopener\">watch, runtime: 18:45<\/a>). The topic was also covered by Azza Mostafa in El Sa\u2019a El Sadesa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=JGGinKETa40\" style=\"\" rel=\"noopener\">watch, runtime: 5:40<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And<\/strong><strong> in rosier diplomatic news, the programs continued their coverage of President Abdel<\/strong><strong> Fattah El Sisi\u2019s visit to Turkey, set to begin today. <\/strong>Speaking to Sherif Amer on his program Yahduth Fi Masr, Turkey\u2019s ambassador to Egypt Salih Mutlu Sen said that El Sisi\u2019s first visit to Ankara as president is \u201chistoric and of special significance\u201d (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Vx3JcmXQNeg\" style=\"\" rel=\"noopener\">watch, runtime: 12:35<\/a>). He added that his country is \u201cseeking to reconcile with Egypt after a period of stagnation\u201d in relations, noting that the Israeli assault on Gaza will be among the main topics that El Sisi and Erdogan will discuss.<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gaza\/\">Gaza<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/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=\"643205\" 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=\"643205\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/bp-to-invest-usd-400-mn-in-two-new-wells-plus-agiba-pickalbatros-juba-alexandria-port-authority-el-araby-group-carbon-credits\/\">\r\n                            BP to invest USD 400 mn in two new wells. PLUS: Agiba, Pickalbatros, Juba, Alexandria Port Authority, El Araby Group, carbon credits                        <\/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\/09\/04\/bp-to-invest-usd-400-mn-in-two-new-wells-plus-agiba-pickalbatros-juba-alexandria-port-authority-el-araby-group-carbon-credits\/\" 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\/09\/04\/bp-to-invest-usd-400-mn-in-two-new-wells-plus-agiba-pickalbatros-juba-alexandria-port-authority-el-araby-group-carbon-credits\/')\">\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\/09\/04\/bp-to-invest-usd-400-mn-in-two-new-wells-plus-agiba-pickalbatros-juba-alexandria-port-authority-el-araby-group-carbon-credits\/\">\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=BP to invest USD 400 mn in two new wells. 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The two wells will add a combined daily 400 mn cubic feet of gas to its output. The first well will go live next month \u2014 adding some 200 mn cubic feet of gas and 8k barrels to the company\u2019s overall output \u2014 and the second will go live in February. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More and earlier than expected: <\/strong>Last July, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d4b1cf9-149f-4685-a4bc-5613d04fec2b\/uae%25e2%2580%2599s-beeah-to-invest-usd-136-mn-in-egypt.-plus:-news-from%253cmark%253e-bp%253c%2Fmark%253e,-lionsbridge,-tourism-ministry\" style=\"\" rel=\"noopener\">Oil Ministry said<\/a> that BP plans to invest some USD 200 mn to drill two new wells at its Raven field, with the new wells adding 200 mn cubic feet of gas to its overall output by the third quarter of the fiscal 2024-2025.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil players have been ramping up their activity in Egypt <\/strong>after the government started <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a32982d2-a780-4740-9669-17aced583182\/gov%25e2%2580%2599t-clears-usd-1.3-bn-oil-and-gas-arrears\" style=\"\" rel=\"noopener\">clearing its arrear<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a32982d2-a780-4740-9669-17aced583182\/gov%25e2%2580%2599t-clears-usd-1.3-bn-oil-and-gas-arrears\" style=\"\" rel=\"noopener\">s<\/a> to foreign oil and gas companies operating in the country and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b79bcd3f-c14a-41e5-9ab7-50aa37b78975\/sweetening-the-pot-for-oil-and-gas-companies\" style=\"\" rel=\"noopener\">recently-introduced incentive package<\/a> for oil and gas players helped sweeten the pot even further.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Agiba to bring three more rigs online this week: <\/strong>Agiba \u2014 a JV between energy giant Eni subsidiary IEOC and the Egyptian General Petroleum Corporation (EGPC) \u2014 will start operating three of its rigs next week, Eni <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0dwo1sbjf47v3yyE8vJzxL7Y3qGVrm1KLHkR9577vhMPkD7cS7JVEQJtExa6T8HFZl?rdid=0XoiEn0DdGIPkPaF\" style=\"\" rel=\"noopener\">announced<\/a> yesterday. This came during Oil Minister Karim Badawi\u2019s visit to Italy to meet with Eni officials and look into enhancing cooperation between Egypt and the Italian oil giant.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08f8054f-8a68-4f0d-a4bc-a647c1ca7739\/madbouly-announces-ambitious-renewables-plan,-tax-reforms\" style=\"\" rel=\"noopener\">said<\/a> last month that the oil minister will be meeting with foreign energy players with the aim of boosting local production starting early 2025. After months of blackouts and then setting aside USD 1.2 bn for energy imports, the government has been noticeably more proactive in its efforts to try to get local energy production rates back up. <\/p><p class=\"tag-border-left\"> HOSPITALITY<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Red Sea hotels have raised their prices some 10-15% <\/strong>during 2024 so far, Red Sea Tourism Investment Association Chairman and Pickalbatros Hotels &amp; Resorts CEO Kamel Abou Aly told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/09\/03\/%D8%A7%D8%B1%D8%AA%D9%81%D8%A7%D8%B9-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D8%A7%D9%82%D8%A7%D9%85%D8%A9-%D8%A8%D9%81%D9%86%D8%A7%D8%AF%D9%82-%D8%A7%D9%84%D8%A8%D8%AD%D8%B1-%D8%A7%D9%84%D8%A3%D8%AD%D9%85%D8%B1-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%A8%D9%8A%D9%86-10%D9%8815-\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. In tandem with this, average occupancy rates in Red Sea hotels rose to 75% over the past two months, he added. <\/p><p class=\"tag-border-left\">MANUFACTURING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another fertilizer factory incoming:<\/strong> Local agricultural development firm <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/profile.php?id=100084093547420&amp;sk=about\" style=\"\" rel=\"noopener\">Juba<\/a> plans to set up its first fertilizers and agricultural nutrients factory \u2014 in partnership with local investors \u2014 with plans to kick off operations for the EGP 50 mn facility in early 2027, chairman Eslam Madina told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%ac%d9%88%d8%a8%d8%a7-%d9%84%d9%84%d8%aa%d9%86%d9%85%d9%8a%d8%a9-%d8%a7%d9%84%d8%b2%d8%b1%d8%a7%d8%b9%d9%8a%d8%a9-%d8%aa%d8%b9%d8%aa%d8%b2%d9%85-%d8%aa%d8%af%d8%b4%d9%8a%d9%86-%d9%85\/\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%ac%d9%88%d8%a8%d8%a7-%d9%84%d9%84%d8%aa%d9%86%d9%85%d9%8a%d8%a9-%d8%a7%d9%84%d8%b2%d8%b1%d8%a7%d8%b9%d9%8a%d8%a9-%d8%aa%d8%b9%d8%aa%d8%b2%d9%85-%d8%aa%d8%af%d8%b4%d9%8a%d9%86-%d9%85\/\" style=\"\" rel=\"noopener\">l M<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%ac%d9%88%d8%a8%d8%a7-%d9%84%d9%84%d8%aa%d9%86%d9%85%d9%8a%d8%a9-%d8%a7%d9%84%d8%b2%d8%b1%d8%a7%d8%b9%d9%8a%d8%a9-%d8%aa%d8%b9%d8%aa%d8%b2%d9%85-%d8%aa%d8%af%d8%b4%d9%8a%d9%86-%d9%85\/\" style=\"\" rel=\"noopener\">al<\/a>. The factory will be set up on a 3k sqm plot in Sadat City and will have a production capacity of 350-400 tons a month during its first year, which will then increase to up to 500 tons by early 2028. The company will initially produce 20 products with plans to expand its portfolio to 100 products by 2029.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Exports on the agenda:<\/strong> The is looking to tap two new export markets \u2014 Saudi Arabia and Lebanon \u2014 with plans to earmark 30% of its production to exports. <\/p><p class=\"tag-border-left\">LOGISTICS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Loading and unloading companies at ports told to upgrade equipment:<\/strong> The Alexandria Port Authority has instructed companies involved in loading and unloading cargo from ships \u2014 known in the industry as stevedoring \u2014 to develop a five-year plan for upgrading their equipment, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%85%d9%8a%d9%86%d8%a7%d8%a1-%d8%a7%d9%84%d8%a5%d8%b3%d9%83%d9%86%d8%af%d8%b1%d9%8a%d8%a9-%d8%aa%d8%b7%d8%a7%d9%84%d8%a8-%d8%b4%d8%b1%d9%83%d8%a7%d8%aa-%d8%a7%d9%84%d8%b4%d8%ad%d9%86\/\" style=\"\" rel=\"noopener\">Al<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%85%d9%8a%d9%86%d8%a7%d8%a1-%d8%a7%d9%84%d8%a5%d8%b3%d9%83%d9%86%d8%af%d8%b1%d9%8a%d8%a9-%d8%aa%d8%b7%d8%a7%d9%84%d8%a8-%d8%b4%d8%b1%d9%83%d8%a7%d8%aa-%d8%a7%d9%84%d8%b4%d8%ad%d9%86\/\" style=\"\" rel=\"noopener\">Mal<\/a> reports, citing a circular by the authority. The initiative, which will prohibit companies from using outdated equipment after the five-year deadline, aims to align shipping and unloading rates with global standards. <\/p><p class=\"tag-border-left\">DEBT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Araby Group secures EGP 1.9 bn loan:<\/strong> Electronics and home appliances manufacturer <a target=\"_blank\" href=\"https:\/\/www.elarabygroup.com\/en\/\" style=\"\" rel=\"noopener\">El<\/a><a target=\"_blank\" href=\"https:\/\/www.elarabygroup.com\/en\/\" style=\"\" rel=\"noopener\">Araby Group<\/a> has secured EGP 1.9 bn in financing from the Suez Canal Bank, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%85%d8%ac%d9%85%d9%88%d8%b9%d8%a9-%d8%a7%d9%84%d8%b9%d8%b1%d8%a8%d9%89-%d8%aa%d8%ad%d8%b5%d9%84-%d8%b9%d9%84%d9%89-%d9%82%d8%b1%d8%b6-%d8%a8%d9%82%d9%8a%d9%85%d8%a9-1-9-%d9%85%d9%84\/\" style=\"\" rel=\"noopener\">Al<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%85%d8%ac%d9%85%d9%88%d8%b9%d8%a9-%d8%a7%d9%84%d8%b9%d8%b1%d8%a8%d9%89-%d8%aa%d8%ad%d8%b5%d9%84-%d8%b9%d9%84%d9%89-%d9%82%d8%b1%d8%b6-%d8%a8%d9%82%d9%8a%d9%85%d8%a9-1-9-%d9%85%d9%84\/\" style=\"\" rel=\"noopener\">Mal<\/a> reports, citing sources it says are in the know. The funds include a five-year EGP 1.1 bn loan for expanding logistical capabilities and upgrading equipment in addition to a short-term EGP 800 mn loan for boosting working capital and facilitating local purchases.<\/p><p class=\"tag-border-left\">CAPITAL MARKETS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All aboard the carbon market:<\/strong> The Financial Regulatory Authority (FRA) has registered 12 new carbon reduction projects to its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf6f83bf-cf94-4686-a908-2e5c27b3c511\/egypt-launches-the-continent%25e2%2580%2599s-first%253cmark%253e-carbon-market%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">newly-launched carbon market<\/a>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0EsRb396hiugWVZPgviHAzKpu2qHmj5D6FjU2DSym2XPYF999y48oNj9kGYjADuH9l\" style=\"\" rel=\"noopener\">statem<\/a><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0EsRb396hiugWVZPgviHAzKpu2qHmj5D6FjU2DSym2XPYF999y48oNj9kGYjADuH9l\" style=\"\" rel=\"noopener\">ent<\/a> from the authority. All 12 projects are certified under Egyptian Biodynamic Association\u2019s Economy of Love standard, which aims to support small-scale farmers as they switch to organic and biodynamic farming methods. They will offer over 13.2k carbon credits that will help reduce 13.3k tons of carbon emissions. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Egypt launched Africa\u2019s first carbon market last month, allowing companies to issue and trade voluntary carbon certificates in Egypt and Africa, which can be bought by other companies wanting to offset their emissions. <\/p><p class=\"tag-border-left\">FINTECH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new fintech accelerator in town: <\/strong>EG Bank launched the MINT fintech accelerator, in partnership with USAID\u2019s Business Egypt program and DAI Egypt, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/288.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The accelerator aims to support fintech startups by providing funding, training, and mentorship as well as connecting entrepreneurs with potential partners.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bp\/\">BP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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          <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/usd-drops-2-in-august-as-jpy-eur-and-gbp-gain-steam\/\">\r\n                            The USD lost 2% against other major currencies in August 2024                        <\/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\/09\/04\/usd-drops-2-in-august-as-jpy-eur-and-gbp-gain-steam\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-attachment-id=\"643208\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/usd-drops-2-in-august-as-jpy-eur-and-gbp-gain-steam\/260-jpg-37\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/260.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"260.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/260.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/260.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643207\" class=\"content-area-description single-story post-643207 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-federal-reserve 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\/9\/.82787416-5dc4-4cce-acc7-49f61c882a9a.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The USD took its steepest dive of the year in August, losing over 2% against other major <\/strong><strong>currencies <\/strong>as markets anticipated the US Federal Reserve might cut interest rates amid signs of a slowing economy, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/currencies\/dollar-defensive-brings-relief-policymakers-globally-2024-09-02\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. The greenback nevertheless <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/currencies\/dollar-steady-traders-brace-labour-data-deluge-2024-09-03\/\" style=\"\" rel=\"noopener\">rose to a two-week high yesterday<\/a>, as markets braced for a series of key economic reports, including Friday's U.S. Jobs report, which pundits think will help set the tone for the US Federal Reserve\u2019s next three interest rate meetings. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The USD\u2019s fall eased pressures on most global markets<\/strong>, particularly in Japan, offering breathing space for (emerging) markets to cut rates and become more sensitive to domestic growth issues, Reuters suggests.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Currencies in Latin America gained no ground on the greenback in August<\/strong> thanks to economic troubles and shaky commodity prices.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The weaker USD positioned the EUR and GBP as the top-performing major currencies <\/strong><strong>this year<\/strong>, with the GBP above USD 1.30, up over 25% since its record lows, and the EUR above USD 1.10. Sweden\u2019s SEK was the best-performing major currency, rallying 4% in August.<\/p><p class=\"tag-border-left\">THE MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets fell sharply in early trading this morning, mirroring yesterday\u2019s tech-led <\/strong><strong>selloff on Wall Street.<\/strong> Japan\u2019s Nikkei and Taiwan\u2019s Taiex were each down more than 3%, while Australia\u2019s ASX 200 was off 1.7%. Benchmark indexes in China have so-far been least impacted: The Shanghai Composite is down 0.6% and the Hang Seng is off 1.5%. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Futures suggest we can expect more of the same in Europe as well as on Wall Street<\/strong> and Bay Street when trading opens there later today. <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">31,018<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9% (YTD: +24.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 48.43<\/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 48.57<\/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 48.45<\/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 48.55<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,180<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +1.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,379<\/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: -2.1%)<\/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>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\">4,370<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,529<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-2.1% (YTD: +15.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,198<\/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: +7.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,913<\/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\">-1.2% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 73.75<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-4.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.20<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,524.20<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 58,149.10<\/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\">-1.5% (YTD: +37.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.9% at yesterday\u2019s close<\/strong> on turnover of EGP 5.0 bn (27.5% above the 90-day average). International investors were the sole net sellers. The index is up 24.6% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Abu Qir Fertilizers (+4.9%), Juhayna (+3.3%), and Cleopatra Hospitals (+2.4%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Palm Hills Development (-1.7%), Eastern Company (-1.6%), and Orascom Construction (-1.1%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/federal-reserve\/\">Federal Reserve<\/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=\"643209\">\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\">12<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/egypt-gears-up-to-unveil-the-grand-egyptian-museum-as-construction-nears-completion\/\"> \r\n                            Egypt gears up to unveil the Grand Egyptian Museum as construction nears completion<\/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\/egypt-gears-up-to-unveil-the-grand-egyptian-museum-as-construction-nears-completion\/\" 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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In today\u2019s HardHat, we look at what has been done, what is left to get down, and what we can expect when the government officially raises the curtains on GEM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Construction completed, infrastructure work underway: <\/strong>Construction work on the GEM has been fully completed, with work now focused on finalizing key infrastructure projects in the surrounding areas to ready the site to make its official debut, Maj.Gen. Atef Moftah, who is supervising the project, told Enterprise. The electrical grid is being upgraded and new rainwater drainage systems are being installed in the surrounding areas, he said, adding that work is underway to complete the construction of walkways connecting the museum to the area near the Mena House Hotel. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> The government announced <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5121945f-14cf-4b24-ad55-c49e787fbe8c\/\" style=\"\" rel=\"noopener\">earlier this year<\/a> that all works on the museum would conclude in February, with the official opening to follow shortly after. The museum has been partially open for some time now, hosting a number of events and exhibitions, but the galleries displaying its permanent collection have not been open to visitors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A landmark state-of-the-art project:<\/strong> Spanning 300k sqm, the GEM is a huge project. The museum's exhibition space alone covers 45k sqm, while an additional 55k sqm have been allocated for commercial and retail development in partnership with private sector players \u2014 about half of which are already operational, according to Moftah. The project utilized the latest tech and was meticulously planned \u2014 it received the International Finance Corporation\u2019s (IFC) <a target=\"_blank\" href=\"https:\/\/pressroom.ifc.org\/all\/pages\/PressDetail.aspx?ID=28039\" style=\"\" rel=\"noopener\">EDGE Advanced Green Building Certification<\/a>, becoming the region\u2019s first museum to receive the certificate. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In numbers: <\/strong>\u201cGEM's resource efficient and climate-smart design and construction is helping the museum save more than 60% in energy costs and reduce water use by 34% compared to a conventional building of its type and size,\u201d according to the IFC. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GEM could also stand for the Green Egyptian Museum:<\/strong> A dedicated 1 GW solar power plant has been set up to supply the museum with energy, with plans to eventually expand the plant's capacity to 10 GW as energy demands grow, according to Moftah. The museum also features a massive 300 cubic meter rainwater harvesting tank, allowing captured precipitation to be filtered and reused, reducing reliance on municipal water sources.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A net-zero museum?<\/strong> Moftah told us that the museum was built with carbon emission reduction mechanisms installed to achieve near-zero emissions. This includes using eco-friendly materials, relying on solar energy for lighting, and utilizing electric golf carts to lower emissions. GEM aims to become the world\u2019s first museum to achieve zero carbon certification, with plans to secure the certification shortly after the museum becomes operational, according to Moftah.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GEM carbon certificates? <\/strong>The Madbouly government plans to issue carbon certificates for the museum once it begins operations, Moftah told us. Last month, Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf6f83bf-cf94-4686-a908-2e5c27b3c511\/\" style=\"\" rel=\"noopener\">launched<\/a> its voluntary carbon trading market \u2014 the first in Africa. The market allows companies to issue and trade voluntary carbon certificates in Egypt and Africa, which can be bought by other companies wanting to offset their emissions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Connecting Cairo\u2019s past and present:<\/strong> The Transport Ministry is working on a corridor that will link GEM to the Giza Plateau, creating a seamless connection between two of Egypt\u2019s most iconic sites. The museum will house over 100k artifacts, with around 20k on display and the rest securely stored in state-of-the-art scientific storage facilities to be studied and preserved. Specialized storage units for organic materials such as wood and leather, as well as for metals and stones, are also part of the museum's extensive infrastructure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What remains to be done:<\/strong> Only minor tasks remain, such as the finishing touches on the surrounding areas, according to Moftah, who added that the museum itself, its outdoor spaces, landscaping, and the installation of electromechanical systems and smart communication and security systems has all been completed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>No impact from the March float:<\/strong> Moftah told us that the major construction and infrastructure work were completed before the float of the EGP in March hit construction costs \u2014 the project's value has significantly increased due to the ongoing rise in costs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ushering a new era for tourism in the capital:<\/strong> GEM is set to revolutionize Cairo's appeal as a tourist destination once operational, Moftah told Enterprise. Currently, most tourists spend only \u201cone or two nights in Cairo before embarking on their tours to other tourism destinations like the Red Sea or other leisure tourism spots. However, the goal is to extend the average Cairo visit to three to five nights with the museum's opening and the development of surrounding areas, with a focus on cultural and eco-tourism,\u201d Moftah told us. <\/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>Vodafone Egypt has launched a new network frequency software system <\/strong>in cooperation with Huawei that the company expects to improve network performance, connection speed, and quality of service, according to <a target=\"_blank\" href=\"https:\/\/hapijournal.com\/2024\/09\/02\/%da%a4%d9%88%d8%af%d8%a7%d9%81%d9%88%d9%86-%d9%85%d8%b5%d8%b1-%d8%aa%d8%b7%d9%84%d9%82-%d9%86%d8%b8%d8%a7%d9%85-%d8%a8%d8%b1%d9%85%d8%ac%d9%8a-%d9%84%d8%aa%d9%82%d9%86%d9%8a%d8%a7%d8%aa-%d8%aa%d8%b1\/\" style=\"\" rel=\"noopener\">Hapi Journal<\/a>. The company has invested USD 540 mn in the new infrastructure, the outlet reports.<\/li>\n<li><strong>An African investor-focussed freezone is in the cards:<\/strong> The gov\u2019t is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ea8c902-ddef-472a-8d98-4555b536b844\/gov%25e2%2580%2599t-mull-african-investor-focussed-freezone-to-boost-trade-with-the-continent\" style=\"\" rel=\"noopener\">mulling<\/a> the creation of a freezone for African investors as part of the government\u2019s long-term goal of increasing trade with the continent.<\/li>\n<li><strong>East Qantara Dry Port to kick off operations mid 2025:<\/strong> New Suez Canal for Dry Ports and Logistics Services <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0cd315b9-f330-4173-8492-6cba27b83e8d\/stellantis-in-talks-with-gov%25e2%2580%2599t-to-start-assembling-fiat,-citroen,-and-opel-models-locally.-plus:-sodic,-cib-%2B-chemicals-&amp;-fertilizers-export-council,-misr-ins.,-eaton,-msmeda\" style=\"\" rel=\"noopener\">plans to start operating<\/a> the East Qantara Dry Port by mid 2025, with 70% of the port\u2019s superstructure having already been completed.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/grand-egyptian-museum\/\">Grand Egyptian Museum<\/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\/infrastructure\/\">infrastructure<\/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=\"643211\" 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\/09\/04\/643211\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643211\" class=\"content-area-description single-story post-643211 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">2024<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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;\">9 September (Monday): Egyptian delegation to visit Iraq. <\/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 September (Tuesday): The fifth edition of technology conference Tech Invest will take place.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10 September (Tuesday): Finance Minister Ahmed Kouchouk to speak at <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.amcham.org.eg\/cyberlink\/events\/register\/1854\" style=\"\">AmCham luncheon<\/a><\/span><span style=\"font-weight:400;\">, Nile Ritz Carlton, 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;\">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>30 September (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.almalgtm.org\/portfolio\/the-7th-portfolio-egypt-conference-2024\/\" style=\"\">Portfolio Egypt 2024<\/a><\/span><span style=\"font-weight:400;\">, Nile Ritz-Carlton, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1-3 October (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/csew.net\/\" style=\"\">Cairo Sustainable Energy Week<\/a><\/span><span>, Cairo, Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 October (Sunday): Armed Forces Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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>30 November (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/almalnews.com\/premium\/%d9%85%d8%b1%d9%81%d9%82-%d8%a7%d9%84%d9%83%d9%87%d8%b1%d8%a8%d8%a7%d8%a1-%d9%85%d8%af-%d9%81%d8%aa%d8%b1%d8%a9-%d8%aa%d9%84%d9%82%d9%89-%d8%b7%d9%84%d8%a8%d8%a7%d8%aa-%d8%a7%d9%84%d9%85\/\" style=\"\">Deadline<\/a><\/span> <span> to app<\/span><span>ly for renewable energy projects under the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5fe8f4bb-3a22-40ac-a502-6f18fb3420db\/\" style=\"\">peer-to-peer (P2P) system<\/a><\/span><span>.<\/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\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>El Sisi lands down in Turkey | Nightmare on Wall Street | Finishing touches to the GEM | Hurghada solar project back in play<\/p>\n","protected":false},"featured_media":643183,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-643182","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"10c2374c-3a63-41fc-add5-6d8c5e50f6b7","teaser":"El Sisi lands down in Turkey | Nightmare on Wall Street | Finishing touches to the GEM | Hurghada solar project back in play","photo_url":"https:\/\/ent.news\/2024\/6\/994.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>Non-oil private sector 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