{"id":643872,"date":"2024-09-17T00:00:00","date_gmt":"2024-09-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=643872"},"modified":"2025-12-17T18:54:05","modified_gmt":"2025-12-17T18:54:05","slug":"saudis-public-investment-fund-to-invest-usd-5-bn-in-first-phase","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/saudis-public-investment-fund-to-invest-usd-5-bn-in-first-phase\/","title":{"rendered":"Saudi\u2019s Public Investment Fund to invest USD 5 bn in \u201cfirst phase\u201d"},"content":{"rendered":"<section id=\"643874\" 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=\"643874\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/govt-to-scrap-beni-suef-power-plant-sale\/\">\r\n                            Gov\u2019t to scrap Beni Suef power plant sale?                        <\/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\/17\/govt-to-scrap-beni-suef-power-plant-sale\/\" target=\"_blank\">\n                    Open in new tab       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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/govt-to-scrap-beni-suef-power-plant-sale\/1259-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1259.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1259.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1259.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1259.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643874\" class=\"content-area-description single-story post-643874 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-energy tag-enterpriseam tag-siemens tag-state-privatization-program tag-what-were-tracking-today 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_27645\"\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\">\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\/.222f0541-eb65-4c42-99b4-83bbc01882bf.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, folks.<\/strong> We\u2019ve got another packed issue for you today, full of FDI, renewables, M&amp;A, real estate, and tax news. But before we get started you ought to know that we\u2019re exactly a week away from this year\u2019s EnterpriseAM Finance Forum, taking place on Tuesday, 24 September.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>Headlining the EnterpriseAM Finance Forum: <\/strong>We\u2019ll be joined for the first time on stage by a senior government official, who\u2019s joining us to outline a vision for where we\u2019re going as a community and as an economy. The keynote interview will get underway at 9am sharp, and you won\u2019t want to miss our exclusive networking breakfast from 8am.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Among the topics on the agenda<\/strong>, which <a target=\"_blank\" href=\"https:\/\/finance2024.enterprise.news\/#agenda\" style=\"\" rel=\"noopener\">you can view here<\/a>:<\/p><ul>\n<li><strong>Welcome to the hot seat<\/strong> \u2014 top industry CEOs set the tone by addressing the biggest (and toughest) questions of the day. <\/li>\n<li><strong>Looking from the outside in<\/strong> \u2014 what foreign investors and strategics think about Egypt right now.<\/li>\n<li><strong>The only asset class in town \u2014<\/strong> It\u2019s real estate or nothing. We\u2019ll get into the ins and outs of the industry, how it\u2019s financing itself, which areas (and price points) are next, and more. <\/li>\n<li><strong>Gazing into that crystal ball <\/strong>\u2014 The outlook for dealflow in 2025, from M&amp;A and IPOs to securitization, FX and more. <\/li>\n<li><strong>A once in a generation opportunity? <\/strong>\u2014 A deep dive into the promise and pitfalls of the emerging energy economy.<\/li>\n<li><strong>Do we really love banking SMEs? <\/strong>\u2014 With NBFIs and fintech players staking their claims, banks are starting to take the SME market seriously.<\/li>\n<li><strong>The NBFI panel<\/strong> \u2014 The resilience of the Egyptian consumer is the business story of the decade. How are banks and NBFS players building sustainable businesses? What are the opportunities \u2014 and credit worries \u2014 in the B2B space?<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Haven\u2019t requested an invitation yet? Do it today \u2014 space is limited. <\/strong><strong><a target=\"_blank\" href=\"https:\/\/finance2024.enterprise.news\/\" style=\"\" rel=\"noopener\">Tap or click here<\/a><\/strong><a target=\"_blank\" href=\"https:\/\/finance2024.enterprise.news\/\" style=\"\" rel=\"noopener\">to<\/a><a target=\"_blank\" href=\"https:\/\/finance2024.enterprise.news\/\" style=\"\" rel=\"noopener\">let us know you\u2019re interested<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** IMPORTANT NOTE \u2014 If you\u2019ve already received your invitation on email, you *must* <\/strong><strong>click through to confirm you\u2019re attending. <\/strong><\/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\/1078.jpg?ssl=1\"><\/a> <\/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- <\/strong>It\u2019s much the same in Cairo today, with a high of 33\u00b0C and a low of 25\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 almost just as warm in Alexandria<\/strong>, with a high of 32\u00b0C and a low of 23\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\">WATCH THIS SPACE- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a>  <strong>#1- Gov\u2019t reconsiders Beni Suef power plant sale:<\/strong> The Madbouly government is reconsidering its decision to sell the Siemens-built Beni Suef power plant, unnamed government sources told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/09\/16\/%D9%85%D8%B5%D8%A7%D8%AF%D8%B1-%D9%85%D8%B5%D8%B1-%D8%AA%D8%AF%D8%B1%D8%B3-%D8%A7%D9%84%D8%B9%D8%AF%D9%88%D9%84-%D8%B9%D9%86-%D8%A8%D9%8A%D8%B9-%D9%85%D8%AD%D8%B7%D8%A9-%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D8%A8%D9%86%D9%8A-%D8%B3%D9%88%D9%8A%D9%81-\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The why: <\/strong>Negotiations with potential investors reportedly stalled after the state suggested that the buyer be responsible for securing the necessary gas supplies to power the plant. The German lenders involved in financing the plant are yet to approve the acquisition plans.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cfdc99d8-291f-4b7c-8af8-8e1cccc74de5\/egypt-to-sell-70%2525-stake-in-siemens-built-power-plant.-plus:-updates-on-zafarana,-helwan-fertilizers-sales.\" style=\"\" rel=\"noopener\">has been looking to sell<\/a> a c. 70% stake in the 4.8-GW combined-cycle power plant for around USD 2 bn. The plant has been officially slated for privatization <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\" rel=\"noopener\">since<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\" rel=\"noopener\">February<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\" rel=\"noopener\">2023<\/a> and private equity outfit Actis and Malaysian power company Edra were reportedly vying to pick up the stake. <\/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=\"wwtt3\"><\/a>  <strong>#2- ACWA Power is looking to invest USD 1.5 bn in new project: <\/strong>Saudi energy player ACWA Power is considering investing USD 1.5 bn in a new project in Egypt, the company\u2019s vice chairman, Raad Al Saady, said during a meeting with Investment Minister Hassan El Khatib, according to a ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/7527o7pw9G3y3tPQ\/\" style=\"\" rel=\"noopener\">readout<\/a>. No further details were disclosed about what type of project the company \u2014 which is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c91a33c-e8f3-4481-872d-9f2335c2deaa\/%253cmark%253eacwa-power%253c%2Fmark%253e-to-complete-first-phase-of-its-sczone-green-hydrogen-project-in-4q-2028\" style=\"\" rel=\"noopener\">currently developing<\/a> a number of large-scale renewables projects, including a green hydrogen megaproject in the Suez Canal Economic Zone \u2014 would be undertaking.<\/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- Private players to help fund state-owned fertilizer producers\u2019 projects? <\/strong>The Madbouly government has plans to onboard private players to help state-owned fertilizer producers \u2014 Egyptian Chemical Industries (Kima), Delta Fertilizers, and El Nasr for Fertilizers &amp; Chemical Industries (Semadco) \u2014 fund their projects by 1Q 2025, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/09\/15\/1825945\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing sources it says have knowledge of the matter. In exchange for providing FX to fill financing gaps, the private sector companies will receive a share of the projects under development.<\/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=\"wwtt4\"><\/a> <strong>#1- US Secretary of State Antony Blinken is in Cairo today <\/strong>to co-chair the US-Egypt Strategic Dialogue \u2014 set to run from 17-19 September \u2014 alongside Foreign Minister Badr Abdelatty, according to a US State Department <a target=\"_blank\" href=\"https:\/\/www.state.gov\/secretary-blinkens-travel-to-egypt\/\" style=\"\" rel=\"noopener\">press statement<\/a>. Blinken is also set to meet with state officials to discuss ongoing negotiations for a ceasefire in Gaza.<\/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- <\/strong><strong>Pitching Egypt to French investors: <\/strong>One day after the <a target=\"_blank\" href=\"https:\/\/www.the-ta.com\/upcoming-events\/egypt-uk-investment-forum-16th-sept-in-london-uk\/\" style=\"\" rel=\"noopener\">Egypt-UK Investment and<\/a><a target=\"_blank\" href=\"https:\/\/www.the-ta.com\/upcoming-events\/egypt-uk-investment-forum-16th-sept-in-london-uk\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.the-ta.com\/upcoming-events\/egypt-uk-investment-forum-16th-sept-in-london-uk\/\" style=\"\" rel=\"noopener\">Opportunities Forum<\/a> took place in London, hosted by our friends at HSBC, together with <a target=\"_blank\" href=\"https:\/\/www.ukexportfinance.gov.uk\/\" style=\"\" rel=\"noopener\">UK Export Finance<\/a> and <a target=\"_blank\" href=\"https:\/\/www.theebcc.com\/\" style=\"\" rel=\"noopener\">Egyptian-British Chamber of Commerce<\/a>, Deputy CEO &amp; Head of Global Banking Egypt at HSBC Helmy Ghazi is in France \u201cto update French corporates of the improving economic situation and discuss potential investment opportunities in Egypt.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What went down during the forum in London? <\/strong>The conference showcased investment opportunities in Egypt across different sectors \u2014 including renewable energy, water, automotive, food processing, IT, and AI \u2014 to potential investors from the UK. It also helped connect institutions of both countries, bringing together government representatives, business leaders, and senior executives.<\/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=\"wwtt5\"><\/a> <strong>Egypt\u2019s wheat imports increased 30% y-o-y in 1H 2024 to <\/strong><strong>USD 2.3 bn<\/strong>, according to data from state statistics agency Capmas. During the same period, the nation\u2019s total imports increased 2.7% to USD 41.8 bn.<\/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\">CIRCLE YOUR CALENDAR- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1<\/strong><strong>- ITIDA\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/secc.org.eg\/English\/Pages\/DevOpsDays-Cairo.aspx\" style=\"\" rel=\"noopener\">DevOpsDays<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/secc.org.eg\/English\/Pages\/DevOpsDays-Cairo.aspx\" style=\"\" rel=\"noopener\">Cairo 2024 conference<\/a><\/strong><strong> is set to take place on 25 September<\/strong> at the Nile Ritz-Carlton. The conference is set to delve into the latest trends and innovations in DevOps featuring a lineup of \u201cworld-class speakers from renowned organizations.\u201d <strong>Check out the full list of speakers and register to attend <\/strong><strong><a target=\"_blank\" href=\"https:\/\/secc.org.eg\/English\/MediaCenter\/Events\/Pages\/DevOpsDays-Cairo-2024.aspx\" style=\"\" rel=\"noopener\">here<\/a><\/strong>. <\/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- Dive into all things EVs <\/strong>in the inaugural edition of the EVs Electricity Egypt Expo and Conference. The conference will showcase the latest innovations in EV technology and will bring together local and global industry leaders and 300 exhibitors, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1224.pdf\" style=\"\" rel=\"noopener\">press release (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1224.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1224.pdf\" style=\"\" rel=\"noopener\">)<\/a>. The Egypt International Exhibition Centre will host the event from 10-12 October. You can register to attend <a target=\"_blank\" href=\"https:\/\/evs-electrify.egyreg.com\/\" style=\"\" rel=\"noopener\">here<\/a> or showcase your EV product by booking a booth <a target=\"_blank\" href=\"https:\/\/evs-electrify-booking.egyreg.com\/\" style=\"\" rel=\"noopener\">here<\/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>#3- Calling all local proptech startups: <\/strong>The region\u2019s first proptech acceleration program, PROPTEX is hosting the Egypt PropTech Challenge 2024, \u201cEgypt\u2019s first proptech competition, designed to showcase innovative solutions in the real estate sector,\u201d according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1225.pdf\" style=\"\" rel=\"noopener\">p<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1225.pdf\" style=\"\" rel=\"noopener\">ress rele<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1225.pdf\" style=\"\" rel=\"noopener\">ase (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1225.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1225.pdf\" style=\"\" rel=\"noopener\">)<\/a>. Startups have until 20 September to <a target=\"_blank\" href=\"https:\/\/form.jotform.com\/241433579803561?utm_campaign=CSPX&amp;utm_source=PRL\" style=\"\" rel=\"noopener\">apply<\/a> and the winning startups will be announced on 25 September following a demo day. <\/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><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\"><strong>Away from the wall-to-wall coverage trying to figure out who the man accused of trying to<\/strong><strong> assassinate Trump is and what drove him<\/strong>, the business papers and corners of the int\u2019l press are gearing up for the US Federal Reserve\u2019s two-day policy meeting, set to begin today.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Naturally, all eyes are on Wall Street in the run up to the Fed\u2019s decision<\/strong>, with the S&amp;P 500 <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/futures-kick-off-fed-meeting-week-cautious-note-2024-09-16\/\" style=\"\" rel=\"noopener\">closing essentially flat<\/a> yesterday while the Nasdaq fell slightly. The S&amp;P\u2019s tech index saw the steepest declines among the S&amp;P\u2019s 11 major sectors yesterday, with some commentators chalking up the drop to investors\u2019 desire to generate quick returns selling high-value tech stocks ahead of the Fed\u2019s rate-cut decision.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Analysts <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e7f4f58e-eb0f-4294-97ad-2f65c289165a\/the-big-question-of-the-week:-how-far-will-the-fed-go%3F\" style=\"\" rel=\"noopener\">remain torn<\/a><\/strong><strong> between the arguments for a 25 bps cut and a more aggressive 50<\/strong><strong> bps cut <\/strong>amid persistent inflation and a cooling job market. Market expectations tilted toward a larger cut over the weekend, buoyed by signals from former Fed officials \u2014 meaning the central bank has the opportunity to take bold action without spooking investors.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHILE IN BIG ENERGY NEWS- BP is now <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/de1695e8-790d-4dec-b842-b312ca9508d2\" style=\"\" rel=\"noopener\">taking offers<\/a><\/strong><strong> for its USD 2 bn bp Wind Energy<\/strong>, its onshore wind business in the US, as the energy giant seeks to offload underperforming assets and focus on its upcoming solar project Lightsource bp.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND OVER IN AVIATION NEWS- Over 30k Boeing workers are on strike for the first time<\/strong><strong> since 2008 after rejecting the terms of the company\u2019s proposed contract,<\/strong> in a move that could cost the company over USD 100 mn in daily revenue, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/strike-could-cost-boeing-100-million-plus-daily-revenue-analysts-say-2024-09-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. A prolonged strike may also mean a credit rating downgrade, the \u201cbig three\u201d credit ratings agencies have warned, making accessing financing even more expensive for the already indebted airplane manufacturer.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- Amazon has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/401e13fe-d065-4c07-9b51-e21fa38ad6e1\" style=\"\" rel=\"noopener\">informed its staff<\/a><\/strong><strong> that all employees will be expected to work from<\/strong><strong> the office five days a week beginning next year<\/strong> \u2014 one of the starkest reversals of pandemic-era remote work policies seen in the corporate world thus far. In an internal memo, CEO Andy Jassy justified the move by saying that \u201cWe\u2019ve observed that it\u2019s easier for our teammates to learn, model, practice, and strengthen our culture\u201d in a work environment more similar to the one that existed pre-Covid.<\/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\/ads\/imgs\/239.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We dive into the list of startups that graduated this year\u2019s Climate Finance Accelerator. <\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/siemens\/\">Siemens<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"643876 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=\"643876\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/643876\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643876\" class=\"content-area-description single-story post-643876 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\/9\/1085.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">For the first time in Egypt<\/span><span style=\"font-weight:400;\">, Somabay is thrilled to host the legendary Amy Winehouse Band live in concert. Prepare for an unforgettable evening filled with soul, jazz and iconic hits as the band performs live at Somabay\u2019s breathtaking The Marina in The Theater Somabay on 5 October. Set against the stunning backdrop of the Red Sea, this exclusive event promises a magical night of music and entertainment in a unique setting. #TheAmyWineHouseBand #OneParadiseAllSeasons #SomabayRedSea<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643877\" 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=\"643877\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/mohammed-bin-salman-tells-pif-to-pump-usd-5-bn-in-investments-into-egypt-in-first-phase\/\">\r\n                            Mohammed bin Salman tells PIF to pump USD 5 bn in investments into Egypt in \u201cfirst phase\u201d                        <\/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\/17\/mohammed-bin-salman-tells-pif-to-pump-usd-5-bn-in-investments-into-egypt-in-first-phase\/\" 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 timeline of when we can expect to see the funds or what areas they will target were not disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve been on the look out for news like this for a while: <\/strong>Saudi Arabia is looking to turn its deposits with the Central Bank of Egypt into investments, Saudi investment Minister Khalid Al Falih <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd9d20a4-66f5-4c38-8d87-5d14990d600c\/saudi-arabia-to-use-cbe%253cmark%253e-deposits%253c%2Fmark%253e-to-fuel-egypt-investments\" style=\"\" rel=\"noopener\">first told<\/a> Prime Minister Moustafa Madbouly in August. Saudi Arabia is the second largest contributing nation to our long-term deposits, making up USD 5.3 bn of the USD 15.0 bn long-term deposits currently sitting at the central bank as of March 2024, according to the Central Bank of Egypt\u2019s most recent data set. Yesterday\u2019s statement did not confirm whether this is how the USD 5 bn from the PIF will be funded.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Madbouly touched down in Riyadh yesterday alongside Finance Minister Ahmed Kouchouk and Investment Minister Hassan El Khatib for talks with their Saudi counterparts aimed at strengthening trade and investment between the two countries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The PIF is no stranger to Egypt:<\/strong> The sovereign fund\u2019s most recent moves in the country saw it join up with CIRA Education\u2019s majority shareholder in May <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a82c702-10eb-4631-b5ba-77ad9f1a1781\/pif-returns-to-market-in-first-post-float-investment,-aims-to-take-cira-education-private-in-partnership-with-founders\" style=\"\" rel=\"noopener\">to acquire up to 100%<\/a> of the company. A little later on in the month, the fund \u2014 which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43da5fe1-bc9d-4ed3-b816-afc38d7a9962\/saudi-arabia%25e2%2580%2599s-public-investment-fund-ranked-as-world%25e2%2580%2599s-top-sovereign-wealth-fund-big-spender-in-2023\" style=\"\" rel=\"noopener\">ranked<\/a> as the world\u2019s highest-spending sovereign wealth fund in 2023 \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/25d1e3c9-1102-40bb-9cb5-3dad57e30595\/pif-in-talks-to-get-a-piece-of-local-agriculture-firm-daltex\" style=\"\" rel=\"noopener\">began negotiations<\/a> to acquire a minority stake in local agriculture firm Daltex. In 2022 alone, the PIF through its Saudi Egyptian Investment Company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/316415e5-ccc3-42ca-b442-80dd3b8b2e16\" style=\"\" rel=\"noopener\">invested<\/a> over USD 1.3 bn via SEIC to acquire stakes in state-held EGX-listed companies. Its holdings here include a 25% stake in Mopco, a 19.82% stake in Abu Qir Fertilizers, a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/580af8a9-0b28-47e9-8cb0-043811c265a6\" style=\"\" rel=\"noopener\">27% stake in E-finance<\/a>, and a 20% stake in Alexandria Container and Cargo Handling.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madbouly was keen to signal that Egypt is ready for business: <\/strong>In his meeting with bin Salman, and in an <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0wHWyxCc1XDXMgyp5YEh6U6b6sth4NihoB7RqCFFv4EzN9zVREnzS4JWQUQc5dmcvl?rdid=ZJf7kCdR91edtK4W\" style=\"\" rel=\"noopener\">earlier speech to private sector players<\/a>, Madbouly noted that the majority of the approximately 90 problems identified by Saudi investors have already been sorted out. The 14 remaining issues will be solved by the end of the year, Madbouly added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A bilateral investment agreement to push everything along will also soon be in place: <\/strong>The Agreement on Promotion and Mutual Protection of Investments between the two countries, which aims to help protect Saudi investors as Egypt looks to double their investments in the country, will be put into effect in two months or less after both sides sort out the necessary legislative and regulatory issues.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As will a coordination council currently in the works: <\/strong>The crown prince said he wants to hold the first meeting of a coordination council between the two sides in October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi-Egyptian investment isn\u2019t just a one-way street: <\/strong>There are now over 5.7k Egyptian companies investing in the Saudi market, according to the prime minister.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The story also got ink in the international press:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egyptian-cabinet-says-saudi-crown-prince-told-pif-pump-5-bln-into-egypt-first-2024-09-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-16\/egypt-says-saudi-arabia-s-wealth-fund-set-to-invest-5-billion\" style=\"\" rel=\"noopener\">Bloomberg<\/a> <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-investment-fund\/\">Public Investment Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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      <\/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\/17\/smes-are-getting-a-boost-with-new-targeted-tax-incentives-package\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1106.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643881\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/smes-are-getting-a-boost-with-new-targeted-tax-incentives-package\/1106-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1106.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1106.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1106.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1106.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643880\" class=\"content-area-description single-story post-643880 post type-post status-publish format-standard has-post-thumbnail hentry category-tax tag-banking tag-enterpriseam tag-finance tag-financial-inclusion tag-smes tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.e2310a1b-2123-4649-bd29-d0177219bea3.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>SMEs <\/strong><strong>are getting a slew of tax incentives as part of new tax reform: <\/strong>A new package of tax incentives for SMEs aimed at helping small businesses grow and easing the administrative burden of monitoring them are soon to be released as part of the government\u2019s new tax reform package. Deputy Finance Minister for Taxes Sherif Al Kilani sat down with Enterprise to discuss the details of this new package at length.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong><\/p>\n<ul>\n<li>Businesses with an annual turnover of up to EGP 15 mn will pay a simple flat tax and will not be audited for five years.<\/li>\n<li>Such businesses will submit quarterly VAT returns instead of monthly VAT returns.<\/li>\n<li>Labor income taxes will be settled annually, rather than 17 times a year \u2014 12 monthly settlements, four quarterly, and one annual. <\/li>\n<li>Tax leniency on stamp tax, capital gains tax, dividends, real estate registration fees, and other tax obligations.<\/li>\n<li>Leniency for erroneous returns filed between 2020 and 2023, which can be corrected and refiled without penalty.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Finance Ministry\u2019s reform package represents a major shift in dealing with taxpayers,<\/strong> Al Kilani said, similar to the government's 2005 Income Tax Law, which led to a significant increase in revenue and taxpayer confidence.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Incentivizing the use of online tax registration: <\/strong>The gov\u2019t is willing to provide comprehensive technical support, tax amnesty, simplified procedures, and the removal of small fines, Al Kilani said, in exchange for one commitment \u2014 that small businesses register their transactions online with the help of service providers and technical support.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Encouraging voluntary compliance from a growing informal sector:<\/strong> Al Kilani noted that with a growing informal economy, inspection and monitoring committees have found a significant number of previously unknown, would-be taxpayers that are not registered in any tax system. However, legal actions against them have been suspended in conjunction with the release of the new reforms in order to encourage voluntary compliance, Al Kilani added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The<\/strong><strong> professional sector <\/strong><strong>is among the first targets of the program,<\/strong> given the high levels of total and partial evasion within the sector that need to be addressed. The goal is not just to increase revenue, but to achieve tax justice in society, according to Al Kilani, who pointed out that \u201cour goal is to focus on large projects and organize small businesses by incorporating them without burdening them significantly.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The business community will get its say on the new reforms: <\/strong>Once the Finance Ministry finalizes its SME tax reform package, it will be presented for input to the business community, industrial unions, chambers of commerce, and investors. Al Kilani clarified that the ministry is open to any request from the business community and will issue reforms in response to what is discussed in the meetings, saying that the ministry \u201caims to facilitate investment, open a new page of trust that leads to greater tax compliance, allow people to grow their businesses in the future, and foster economic activity without tax-related pressures or burdens.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Raising tax exemption limits are on hold for now:<\/strong> The gov\u2019t needs to study the financial impact of raising tax exemption limits before going ahead with such a move<strong>,<\/strong> particularly in light of current inflation indicators and targets, Al Kilani said. However, we could see this happen in the new fiscal year or at another time, as indicated by the results of the study, Al Kilani added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-inclusion\/\">financial inclusion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643882\" 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=\"643882\">\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\">Real estate<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/tatweer-misr-mountain-view-prepare-for-ksa-expansions\/\">\r\n                            Tatweer Misr, Mountain View prepare for KSA expansions                        <\/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\/17\/tatweer-misr-mountain-view-prepare-for-ksa-expansions\/\" 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 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1863d30d-e2c5-4721-8879-3f85b05ac31b\" style=\"\" rel=\"noopener\">SAR 65 bn<\/a> city will house nearly 28k residential units and it marks the Egyptian real estate giant\u2019s first overseas project. Real estate developer Palm Hills also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b6adeb2-4542-420b-b461-22ebaca13fdb\" style=\"\" rel=\"noopener\">set up a Saudi branch<\/a> last month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And that\u2019s just scratching the surface: <\/strong>Egyptian construction and real estate players are ramping up efforts to expand abroad as domestic opportunities shrink. In last week\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e95a939-7f25-45dc-b1d1-3198c176d6a2\/\" style=\"\" rel=\"noopener\">Hardhat<\/a> we spoke to a number of industry leaders to learn where they\u2019re heading and what makes these markets appealing. <\/p>\n<p class=\"tag-border-left\">TATWEER MISR READIES FOR KSA EXPANSION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Another one of our real estate developers is heading to Saudi Arabia: <\/strong>Real estate developer <a target=\"_blank\" href=\"https:\/\/tatweermisr.com\/fouka-bay\" style=\"\" rel=\"noopener\">Tatweer Misr<\/a> is partnering up with Saudi\u2019s <a target=\"_blank\" href=\"https:\/\/nalrajhi.com\/\" style=\"\" rel=\"noopener\">Naif Alrajhi Investment<\/a> to launch its first projects in Saudi Arabia, <a target=\"_blank\" href=\"https:\/\/hapijournal.com\/2024\/09\/16\/%d8%a3%d8%ad%d9%85%d8%af-%d8%b4%d9%84%d8%a8%d9%8a-%d8%aa%d8%b7%d9%88%d9%8a%d8%b1-%d9%85%d8%b5%d8%b1-%d8%aa%d8%b7%d9%84%d9%82-%d8%a3%d9%88%d9%84-%d9%85%d8%b4%d8%b1%d9%88%d8%b9%d8%a7%d8%aa%d9%87%d8%a7\/\" style=\"\" rel=\"noopener\">Hapi Journal<\/a> quotes Tatweer Misr CEO Ahmed Shalaby as saying at a conference. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>We first heard about this project in 2023, after Tatweer Misr <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d618c524-4165-4e95-99f7-493fb5811d71\/valu,-telda-partner-up.-plus:-tatweer-misr-signs-partnership-deal-to-enter-saudi,-frs-approves-egx-futures-clearing-company\" style=\"\" rel=\"noopener\">formed a joint venture<\/a> with the Naif Alrajhi Investment to develop the company\u2019s first Saudi-based project. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline: <\/strong>The projects are expected to debut at the end of the year or the beginning of the next. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A long time coming: <\/strong>The company first started exploring the idea of stepping into the Saudi market in 2019 before shelving it due to the Covid-19 pandemic and revisited the plan in 2022 as Saudi interest in Egyptian real estate rose, Shalaby said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve been given a few clues<\/strong> <strong>as to what Tatweer Misr\u2019s first projects in the country may<\/strong><strong> be: <\/strong>The company is also currently studying 3-4 potential investments in Riyadh, Shalaby told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/special-stories\/2024\/09\/16\/-%D8%AA%D8%B7%D9%88%D9%8A%D8%B1-%D9%85%D8%B5%D8%B1-%D8%AA%D8%AF%D8%B1%D8%B3-4-%D9%81%D8%B1%D8%B5-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D9%8A%D8%A9-%D8%A8%D8%A7%D9%84%D8%B1%D9%8A%D8%A7%D8%B6\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> yesterday, adding that the anticipated mixed-use project is expected to be implemented on a plot ranging between 2-3 mn square meters. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new investments are part of a larger plan to rapidly expand in the Saudi market over<\/strong><strong> the next five years,<\/strong> Shalaby said in an interview with <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/09\/16\/1826205\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. Shalaby noted that the company is interested in implementing projects in partnership with both the public and private sector, with the company currently studying investments with the Saudi Housing Ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More expansions abroad in the works? <\/strong>Shalaby also mentioned the company\u2019s plans to expand into Libya, Iraq, and Oman \u2014 with the CEO telling Al Arabiya that the company\u2019s plans for Oman are expected to be announced early next year.<\/p>\n<p class=\"tag-border-left\">MOUNTAIN VIEW ALSO STUDYING SAUDI INVESTMENTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mountain View, too, is preparing for its Saudi debut: <\/strong>The real estate player will introduce its first project to the Saudi market in November, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/09\/16\/1826101\" style=\"\" rel=\"noopener\">Al Borsa<\/a> quotes Chairman Amr Soliman as saying. The project will be launched in partnership with Saudi developers <a target=\"_blank\" href=\"https:\/\/maya.sa.com\/\" style=\"\" rel=\"noopener\">Maya Real Estate Development and Investment<\/a> and <a target=\"_blank\" href=\"https:\/\/www.alsaedan.com\/\" style=\"\" rel=\"noopener\">Al Saedan Real Estate<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The project is expected to bring in a hefty sum: <\/strong>The company is targeting SAR 2 bn in sales from the new Saudi-based project, Soliman told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/real-estate\/53866\/%D9%85%D8%A7%D9%88%D9%86%D8%AA%D9%86-%D9%81%D9%8A%D9%88-%D8%AA%D8%B3%D8%AA%D9%87%D8%AF%D9%81-%D9%85%D8%A8%D9%8A%D8%B9%D8%A7%D8%AA-%D8%A8%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D9%8A-%D8%B1%D9%8A%D8%A7%D9%84-%D9%85%D9%86-%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D9%87%D8%A7-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9\/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=asharqbegy\" style=\"\" rel=\"noopener\">Asharq Business<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come? <\/strong>Mountain View is currently studying a number of potential investments in the Saudi market \u2014 including residential, commercial, and administrative projects. The projects will be carried out in partnership with the Saudi government or private sector players.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Mountain View earlier this month announced that it has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c19f9124-56b3-4412-9964-250fd531fed7\/\" style=\"\" rel=\"noopener\">acquired its first plot of<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c19f9124-56b3-4412-9964-250fd531fed7\/\" style=\"\" rel=\"noopener\">land<\/a> in a \u201cstrategic location\u201d in Riyadh in partnership with the two Saudi developers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Brace for more: <\/strong>An Egyptian real estate investment delegation consisting of 25 developers will head to Saudi Arabia in November to explore potential investments in the Kingdom, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/AsharqbEGY\/posts\/pfbid0VPsvPWztSPaiY3da54i1mD9j5onNUVA8byHe7cHTLkZTubVJXVMKLjAB5k9C1EDkl?rdid=sELMz0zN2sMvyNSO\" style=\"\" rel=\"noopener\">Asharq Business<\/a> quotes Fathallah Fawzi, chair of the Real Estate Development Committee at the Egyptian Businessmen's Association, as saying. <\/p>\n<p class=\"tag-border-left\">SAUDI DEVELOPERS ARE ALSO LOOKING TOWARDS EGYPT- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dallah Albaraka secures land plot in east Cairo: <\/strong>The New Urban Communities Authority has granted Saudi investment group <a target=\"_blank\" href=\"https:\/\/www.dallah.com\/\" style=\"\" rel=\"noopener\">Dallah Albaraka<\/a> 500 feddans in east Cairo to compensate for a North Coast plot that has been withdrawn from the company, sources familiar with the matter told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/real-estate\/53847\/%D8%AF%D9%84%D8%A9-%D8%A7%D9%84%D8%A8%D8%B1%D9%83%D8%A9-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%AD%D8%B5%D9%84-%D8%B9%D9%84%D9%89-500-%D9%81%D8%AF%D8%A7%D9%86-%D8%A8%D8%A7%D9%84%D9%82%D8%A7%D9%87%D8%B1%D8%A9\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The Saudi group plans to use the land to set up two integrated residential projects in partnership with Egyptian real estate developers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Dallah Albaraka is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c8fe0f-1cbd-43e6-8c83-262051a5b263\/palm-hills-to-embark-on-usd-300-mn-project-to-set-up-15-saudi-schools.-plus:-contact-financial,-brotinni,-isis-organic,-efg-hermes,-ayadi,-vacsera\" style=\"\" rel=\"noopener\">working with local real estate developer Palm Hills<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c8fe0f-1cbd-43e6-8c83-262051a5b263\/palm-hills-to-embark-on-usd-300-mn-project-to-set-up-15-saudi-schools.-plus:-contact-financial,-brotinni,-isis-organic,-efg-hermes,-ayadi,-vacsera\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c8fe0f-1cbd-43e6-8c83-262051a5b263\/palm-hills-to-embark-on-usd-300-mn-project-to-set-up-15-saudi-schools.-plus:-contact-financial,-brotinni,-isis-organic,-efg-hermes,-ayadi,-vacsera\" style=\"\" rel=\"noopener\">Developments<\/a> to set up 15 new schools in Saudi Arabia with combined investments of USD 300 mn.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mountain-view\/\">Mountain View<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tatweer-misr\/\">Tatweer Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643884 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"643884\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/643884\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643884\" class=\"content-area-description single-story post-643884 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.eg\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/295.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643885\" 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=\"643885\">\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\">REGULATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/fra-updates-ma-rules-for-nbfis\/\">\r\n                            Egypt\u2019s FRA updates M&amp;A rules for NBFIs                        <\/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\/17\/fra-updates-ma-rules-for-nbfis\/\" 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\/17\/fra-updates-ma-rules-for-nbfis\/')\">\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\/17\/fra-updates-ma-rules-for-nbfis\/\">\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=FRA updates M&#038;A rules for NBFIs&url=https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/fra-updates-ma-rules-for-nbfis\/\">\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\/17\/fra-updates-ma-rules-for-nbfis\/&title=FRA updates M&#038;A rules for NBFIs\">\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=FRA+updates+M%26%23038%3BA+rules+for+NBFIs+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F09%2F17%2Ffra-updates-ma-rules-for-nbfis%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\/17\/fra-updates-ma-rules-for-nbfis\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1251.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643886\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/fra-updates-ma-rules-for-nbfis\/1251-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1251.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1251.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1251.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1251.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643885\" class=\"content-area-description single-story post-643885 post type-post status-publish format-standard has-post-thumbnail hentry category-regulation-watch tag-enterpriseam tag-financial-regulatory-authority tag-non-banking-financial-services tag-regulation tag-regulation-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.7638e822-67b8-492a-8447-72052bde9a2a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fresh regulations for M&amp;As in the NBFIs sphere: <\/strong>The Financial regulatory Authority (FRA) has updated the regulations that govern mergers and acquisitions of non-banking financial institutions in a move aimed at enhancing competitiveness and streamlining the approval process, according to a <a target=\"_blank\" href=\"https:\/\/fra.gov.eg\/fra_news\/%d8%a7%d9%84%d8%b1%d9%82%d8%a7%d8%a8%d8%a9-%d8%a7%d9%84%d9%85%d8%a7%d9%84%d9%8a%d8%a9-%d8%aa%d8%b7%d9%88%d8%b1-%d8%b6%d9%88%d8%a7%d8%a8%d8%b7-%d8%a7%d9%84%d8%aa%d9%85%d9%84%d9%83-%d8%a3%d9%88-%d8%a7\/\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Among the key changes:<\/strong> Under the new rules, mergers and acquisitions of NBFIs will only need to go through the FRA board if they end up giving the buyer a controlling stake in the market. Otherwise, the transaction can go through without the board\u2019s approval. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>If one NBFI wants to merge with another <\/strong>and the acquisition will give them market control, the board\u2019s approval will also be necessary. The FRA will publish a M&amp;A notice allowing for a 15-day public comment period for affected parties.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART-<\/strong> The regulator defines a controlling stake in the market as anything above the 10% mark. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ins. <\/strong><strong>companies<\/strong><strong> get a special treatment:<\/strong> The FRA board approval remains mandatory for all M&amp;A activity that involves acquiring an ins. or reins. firm. The authority\u2019s approval will also be required if the buyer ups their stake to exceed one of a number of predetermined thresholds \u2014 between 10-90%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Keeping taps on market dominance:<\/strong> The regulator will closely monitor any actions that could lead to a single entity or a related group controlling 10% or more of any non-banking financial activity\u2019s market share to maintain balance and fair competition in the market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timelines: <\/strong>The FRA will have 45 days to either approve or reject any M&amp;A requests. Approvals will be valid for a six-month period after that they will need to be extended or deemed void. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The end goal:<\/strong> The authority is working to facilitate business growth and create a more investment-friendly environment to attract more investments in the NBFIs by simplifying procedures while maintaining the required oversight. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation\/\">regulation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643887\" 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=\"643887\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024\/\">\r\n                            Concrete Fashion Group sees net income rise despite fall in sales in 1H 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\/17\/concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024\/\" 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\/17\/concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024\/')\">\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\/17\/concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024\/\">\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=Concrete Fashion Group sees net income rise despite fall in sales in 1H 2024&url=https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024\/\">\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\/17\/concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024\/&title=Concrete Fashion Group sees net income rise despite fall in sales in 1H 2024\">\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=Concrete+Fashion+Group+sees+net+income+rise+despite+fall+in+sales+in+1H+2024+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F09%2F17%2Fconcrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024%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\/17\/concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2712.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643888\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/concrete-fashion-group-sees-net-income-rise-despite-fall-in-sales-in-1h-2024\/2712-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2712.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2712.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2712.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2712.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643887\" class=\"content-area-description single-story post-643887 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-concrete-fashion-group tag-earnings-watch tag-enterpriseam tag-retail 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\/.759c4df6-c808-43b3-8eb4-66c89e7e2e9a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Concrete Fashion Group\u2019s (CFG) net income jumped to USD 9.8 mn <\/strong>during the first half of the year, up from last year\u2019s USD 150k, the company said in its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1204.pdf\" style=\"\" rel=\"noopener\">latest ear<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1204.pdf\" style=\"\" rel=\"noopener\">nings r<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1204.pdf\" style=\"\" rel=\"noopener\">elease (pdf)<\/a>. The jump in income came alongside stronger operating profitability and a 15.4% y-o-y dip in financing costs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This came despite a small dip in sales<\/strong>, with <strong>t<\/strong>he company seeing its net sales fall 2.4% y-o-y to record USD 65.9 mn during the six-month period \u201clargely due to an anticipated drop in manufacturing net sales.\u201d Net sales from the group\u2019s manufacturing segment were down 16.5% y-o-y thanks to continued Red Sea disruptions. Meanwhile, net sales from the group\u2019s retail segment were up 10.1% y-o-y during 1H 2024 to record USD 13.1 mn, which it attributed to an increase in brand recognition, higher demand, and expanded store network.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moving forward:<\/strong> \u201cWe remain confident in the [manufacturing] segment\u2019s second-half performance, expecting a recovery in net sales driven by new clients like Ralph Lauren, rising demand from Turkey, and increased interest from Europe as economic conditions improve.\u201d CEO Alaa Arafa said. \u201cWe will continue to expand our client portfolio by adding new brands and markets to our already rich roster.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It has been an eventful year for CFG<\/strong>, which is the product of a demerger at Arafa Holding that took place earlier this year. The demerger produced CFC and GTEX Holding, both of which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ea59e39-6fc2-4391-a708-7c96349d5908\/another-package%3F\" style=\"\" rel=\"noopener\">started trading on the EGX in March<\/a> following the completion of the demerger.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/concrete-fashion-group\/\">Concrete Fashion Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/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=\"643889\" 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=\"643889\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/hisham-ezz-al-arab-to-take-over-from-hussein-abaza-as-cibs-new-ceo\/\">\r\n                            Ezz Al Arab to take over from Hussein Abaza as CIB\u2019s new CEO                        <\/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\/17\/hisham-ezz-al-arab-to-take-over-from-hussein-abaza-as-cibs-new-ceo\/\" 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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CEO&url=https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/hisham-ezz-al-arab-to-take-over-from-hussein-abaza-as-cibs-new-ceo\/\">\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\/17\/hisham-ezz-al-arab-to-take-over-from-hussein-abaza-as-cibs-new-ceo\/&title=Hisham Ezz Al Arab to take over from Hussein Abaza as CIB\u2019s new CEO\">\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=Hisham+Ezz+Al+Arab+to+take+over+from+Hussein+Abaza+as+CIB%E2%80%99s+new+CEO+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F09%2F17%2Fhisham-ezz-al-arab-to-take-over-from-hussein-abaza-as-cibs-new-ceo%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\/17\/hisham-ezz-al-arab-to-take-over-from-hussein-abaza-as-cibs-new-ceo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1233.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643890\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/hisham-ezz-al-arab-to-take-over-from-hussein-abaza-as-cibs-new-ceo\/1233-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1233.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1233.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1233.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1233.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643889\" class=\"content-area-description single-story post-643889 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-banque-du-caire tag-cib tag-enterpriseam tag-hisham-ezz-al-arab tag-hussein-abaza tag-moves 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\/.a37add22-1270-4d96-8981-66d1b98c8611.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>CIB board shuffle in the works:<\/strong> The Commercial International Bank (CIB) is overhauling its board of directors, introducing several key changes pending regulatory approvals, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1160.pdf\" style=\"\" rel=\"noopener\">EGX disclosure<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1160.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Here\u2019s a breakdown of the new board:<\/strong><\/p>\n<ul>\n<li><strong>Hisham Ezz Al Arab (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/hisham-ezz-al-arab-4510714b\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a><\/strong><strong>) was appointed as the bank\u2019s CEO and board<\/strong><strong> member.<\/strong> Ezz Al Arab is taking over from Hussein Abaza, who served as the lender\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2017\/03\/15\/what-were-tracking-on-15-march-2017\/\" style=\"\" rel=\"noopener\">CEO since 2017<\/a>. Ezz Al Arab has been CIB\u2019s non-executive chairman <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef687b59-5f9e-424f-a77b-2c4e82da9b24\/%253cmark%253ehisham-ezz-el-arab%253c%2Fmark%253e-appointed-cib%25e2%2580%2599s-non-executive-chairman\" style=\"\" rel=\"noopener\">since December 2022<\/a>. <\/li>\n<li><strong>Neveen Sabbour (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cibeg.com\/en\/about-us\/board-of-directors\/independent-director---ms-nevine-sabbour\" style=\"\" rel=\"noopener\">bio<\/a><\/strong><strong>) will replace Ezz Al Arab as non-executive chairman<\/strong>, becoming the first woman to chair the lender\u2019s board. Sabbour is currently on the boards of several institutions, including credit rating agency Meris and the Holding Company for Metallurgical Industries. She first joined the lender as a non-executive director in March last year.<\/li>\n<li><strong>Amr El Ganainy (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.cibeg.com\/en\/about-us\/executive-management\/deputy-ceo-and-managing-director\" style=\"\" rel=\"noopener\">bio<\/a><\/strong><strong>) is assuming the executive director post on the lender\u2019s<\/strong> <strong>board<\/strong>, in his capacity as deputy CEO \u2014 he was named deputy CEO and managing director <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c8c33d4-ca47-4f94-baab-9a533e536765\/\" style=\"\" rel=\"noopener\">last October<\/a>.<\/li>\n<li><strong>Veteran banker Tony Prestedge (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/tony-prestedge-867a7621a\/?originalSubdomain=uk\" style=\"\" rel=\"noopener\">LinkedIn<\/a><\/strong><strong>) is becoming executive advisor<\/strong> to the banks' board of directors.<\/li>\n<li><strong>The lender\u2019s CFO Islam Zekry (<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/islam-zekry-6725105b\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a><\/strong><strong>) will become executive director<\/strong> to the CIB board of directors.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next for Abaza? <\/strong>The lender\u2019s CEO will depart his position for a three-year stint at Banque du Caire as its CEO, he told <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/AsharqbEGY\/posts\/pfbid02K73XtiUPUFGp9XFE2V59tN7HLFiykNETn6HxAECPgFZE6gsedNt8KeUwnbwRR1tFl?rdid=oRnG9rcB44J0rsSF\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Abaza will take over from Tarek Fayed who has been the state-owned bank\u2019s chairman and CEO since January 2018.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-ezz-al-arab\/\">Hisham Ezz Al Arab<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hussein-abaza\/\">Hussein Abaza<\/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=\"643891 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=\"643891\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/643891\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643891\" class=\"content-area-description single-story post-643891 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicContactUs\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1877.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643892\" 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=\"643892\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/madboulys-investment-charm-offensive-in-riyadh-continues-to-dominate-the-talk-show-circuit\/\">\r\n                            Madbouly\u2019s investment charm offensive in Riyadh continues to dominate the talk show circuit                        <\/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\/17\/madboulys-investment-charm-offensive-in-riyadh-continues-to-dominate-the-talk-show-circuit\/\" 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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He added that all developments in the relations between the two countries were discussed, including the new bilateral investment promotion and protection agreement that will be presented to both countries\u2019 legislative councils for approval once finalized. The Egyptian side also highlighted investment potentials in Egypt\u2019s agricultural, new and renewable energy, and food and car manufacturing sectors (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=6DLseexiszE\" style=\"\" rel=\"noopener\">watch: runtime: 6:35)<\/a> .<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt and Saudi\u2019s historic ties got a mention on the Saudi side: <\/strong>Ala Mas\u2019ouleety shared a clip of Saudi Commerce Minister Majid bin Abdullah Al Qasabi\u2019s speech during a press conference, where he spoke about the depth of the Egypt-Saudi relationship on scientific, practical, and cultural levels, as well as Egypt\u2019s role in transmitting knowledge to Saudi Arabia during its period of development (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=t5ty-KoL-0g\" style=\"\" rel=\"noopener\">watch, runtime: 2:19<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moussa described the relationship between Egypt and Saudi Arabia as \u201chistoric, which<\/strong><strong> no one will be able to effect,\u201d <\/strong>adding that the agreements finalized between the two sides during the Egyptian delegation\u2019s visit are the product of a long path and many efforts from both parties over the preceding years. He also confirmed bin Salman\u2019s upcoming visit to Egypt (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=fL7jup797DA\" style=\"\" rel=\"noopener\">watch, runtime: 3:40<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Amr Adib also weighed in on the visit on his show El Hekaya, <\/strong>describing bin Salman\u2019s directive to inject USD 5 bn in new investments into the economy as \u201cmutually beneficial.\u201d He added that Saudi Arabia is well-aware of the value of investing in Egypt, but that at the same time both parties need these investments to be solid, strong, and guaranteed (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=R_JlFT7-RZE\" style=\"\" rel=\"noopener\">watch, runtime: 5:12<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/public-investment-fund\/\">Public Investment Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"643894\" 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=\"643894\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/the-international-press-is-taking-note-of-how-warming-egypt-turkey-ties-could-help-resolve-the-crisis-in-libya\/\">\r\n                            Egypt, Turkey are working to resolve crisis in Libya                        <\/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\/17\/the-international-press-is-taking-note-of-how-warming-egypt-turkey-ties-could-help-resolve-the-crisis-in-libya\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/the-international-press-is-taking-note-of-how-warming-egypt-turkey-ties-could-help-resolve-the-crisis-in-libya\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1231.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643895\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/the-international-press-is-taking-note-of-how-warming-egypt-turkey-ties-could-help-resolve-the-crisis-in-libya\/1231-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1231.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1231.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1231.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1231.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643894\" class=\"content-area-description single-story post-643894 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-diplomacy tag-egypt-turkey-relations tag-enterpriseam tag-sharm-el-sheikh 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\/.9e35401a-4367-4caa-aa54-a4f1bb45a907.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Could the key to the crisis in Libya be in Egyptian-Turkish hands? <\/strong>After years of standing on separate sides of the long-running conflict in Libya, new friends Egypt and Turkey are pushing for a resolution to the crisis in Libya, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-15\/one-time-foes-egypt-and-turkey-race-to-solve-libya-s-new-crisis?embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/a> writes, citing unnamed officials and diplomats. The two sides are pressuring Libya\u2019s two rivaling governments to reach an agreement that the publication said would bring about the end of an oil blockade. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>During his <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d054ab96-d6ee-4a2e-88db-2ff81dec5f42\/cairo,-ankara-deepen-cooperation,-economic-ties-during-el-sisi%25e2%2580%2599s-first-official-visit-to-turkey\" style=\"\" rel=\"noopener\">historic visit to Turkey<\/a> earlier this month, President Abdel Fattah El Sisi and his Turkish counterpart Recep Tayyip Erdogan discussed the developments in Libya. \u201cWe stress that it is important to turn the page on the ongoing crisis through holding presidential and parliamentary elections,\u201d El Sisi said, adding that \u201cillegal foreign forces and mercenaries\u201d need to leave the country, alongside the disbandment of local militias.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ELSEWHERE IN THE FOREIGN PRESS- Our tourism hotspots are once again making the<\/strong><strong> rounds ahead of the winter holiday season. <\/strong>Sharm El Sheikh was recognized as one of six \u201coffbeat\u201d winter destinations for winter 2024, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-12\/six-winter-trip-ideas-bahamas-oregon-portugal-madagascar-morocco-egypt\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The newswire specifically recommended the <a target=\"_blank\" href=\"https:\/\/www.fourseasons.com\/sharmelsheikh\/?utm_source=google&utm_medium=paidsearch&utm_campaign=Saatchi-sha-hre-mid-brd_brand.pt_sharm-na&utm_content=na-na&utm_term=na&ppc=true&utm_source=google&utm_medium=paidsearch&utm_campaign=acr-sha-hre-low-brd-sch-xx-na-na&utm_content=na-71700000118861051-58700008724241293-0&utm_term=brand&gad_source=1&gclid=Cj0KCQjwrp-3BhDgARIsAEWJ6SxttW_H-l5sfqZxKJiN29zYsgpLjkDR8oagFwYiswb9_yHRRNVK9qQaArEbEALw_wcB&gclsrc=aw.ds\" style=\"\" rel=\"noopener\">Four Seasons Sharm El Sheikh<\/a> due to its proximity to the airport and its recent renovation that made it the picturesque destination it is today. Other destinations that made Bloomberg\u2019s list include the Bahamas, Portugal, Madagascar, Oregon, and Morocco. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-turkey-relations\/\">Egypt-Turkey relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sharm-el-sheikh\/\">Sharm El Sheikh<\/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=\"643896\" 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=\"643896\">\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\/17\/city-lab-is-set-to-finalize-its-acquisition-of-cairo-clinical-labs-tomorrow-plus-mb-engineering-educalty-nextera-education-egyptalum\/\">\r\n                            City Lab is set to finalize its acquisition of Cairo Clinical Labs tomorrow. PLUS: MB Engineering, Educalty, NextEra Education, EgyptAlum                        <\/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\/17\/city-lab-is-set-to-finalize-its-acquisition-of-cairo-clinical-labs-tomorrow-plus-mb-engineering-educalty-nextera-education-egyptalum\/\" 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\/17\/city-lab-is-set-to-finalize-its-acquisition-of-cairo-clinical-labs-tomorrow-plus-mb-engineering-educalty-nextera-education-egyptalum\/')\">\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\/17\/city-lab-is-set-to-finalize-its-acquisition-of-cairo-clinical-labs-tomorrow-plus-mb-engineering-educalty-nextera-education-egyptalum\/\">\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=City Lab is set to finalize its acquisition of Cairo Clinical Labs tomorrow. PLUS: MB Engineering, Educalty, NextEra Education, EgyptAlum&url=https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/city-lab-is-set-to-finalize-its-acquisition-of-cairo-clinical-labs-tomorrow-plus-mb-engineering-educalty-nextera-education-egyptalum\/\">\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\/17\/city-lab-is-set-to-finalize-its-acquisition-of-cairo-clinical-labs-tomorrow-plus-mb-engineering-educalty-nextera-education-egyptalum\/&title=City Lab is set to finalize its acquisition of Cairo Clinical Labs tomorrow. PLUS: MB Engineering, Educalty, NextEra Education, EgyptAlum\">\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=City+Lab+is+set+to+finalize+its+acquisition+of+Cairo+Clinical+Labs+tomorrow.+PLUS%3A+MB+Engineering%2C+Educalty%2C+NextEra+Education%2C+EgyptAlum+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F09%2F17%2Fcity-lab-is-set-to-finalize-its-acquisition-of-cairo-clinical-labs-tomorrow-plus-mb-engineering-educalty-nextera-education-egyptalum%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\/17\/city-lab-is-set-to-finalize-its-acquisition-of-cairo-clinical-labs-tomorrow-plus-mb-engineering-educalty-nextera-education-egyptalum\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1247.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643897\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/city-lab-is-set-to-finalize-its-acquisition-of-cairo-clinical-labs-tomorrow-plus-mb-engineering-educalty-nextera-education-egyptalum\/1247-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1247.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1247.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1247.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1247.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643896\" class=\"content-area-description single-story post-643896 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-cybersecurity tag-education tag-egypt-aluminum tag-enterpriseam tag-manufacturing tag-pharma 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\/.6c942bb1-3ae7-493f-a2fb-9195af045d97.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\">M&amp;A-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- Cairo Clinical Labs gets ready to welcome a new owner: <\/strong>City Lab is set to finalize its acquisition of Cairo Clinical Labs tomorrow, with the two sides agreeing to ink the final agreement tomorrow, City Labs said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1168.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. City Lab\u2019s board also approved the fair value study of acquisition target Cairo Clinical Labs, which values the firm at EGP 60.2 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>In July, City Lab <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e263ec4-9e1a-4475-81a2-d8737429a1ca\/japan%25e2%2580%2599s-saraya-mulls-another-two-sczone-projects.-plus:-yacht-tourism,%253cmark%253e-city%253c%2Fmark%253e%253cmark%253e-lab%253c%2Fmark%253e-%2B-cairo-clinical-labs,-afreximbank,-instapay,-mermec,-kima,-exits,-eagles-fert,-sky-abu-dhabi,-azimut\" style=\"\" rel=\"noopener\">appointed<\/a> the Financial Advice Corporate Transactions (FACT) as independent financial advisor to provide a second opinion on Cairo Clinical Labs\u2019 value.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The price tag?<\/strong> Prior to the fair value study, the two sides had agreed on a EGP 55 mn price tag, but following the study they agreed to up the price tag to EGP 59 mn. Some EGP 37 mn will be paid in cash \u2014 EGP 10 mn of which has already been paid in April \u2014 while the remaining EGP 22 mn will be used for future capital increases.<\/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>#2- MB Engineering has an acquisition brewing:<\/strong> Industrial outfit MB Group subsidiary MB Engineering is gearing up to submit a mandatory tender offer for a controlling stake in an unnamed industrial company operating within the same sector, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1170.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>, without naming the target company or the percentage it is looking to snap up.<\/p>\n<p class=\"tag-border-left\">EDUCATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Educatly wants a financing license:<\/strong> Edtech startup <a target=\"_blank\" href=\"https:\/\/www.educatly.com\/\" style=\"\" rel=\"noopener\">Educatly<\/a> is in talks with the central bank to obtain a license to provide education financing for students, co-founder and CEO Mohammed El Sonabty told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/09\/16\/1825863\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Educatly?<\/strong> The startup works to bridge the gap between students and universities across the globe to help people find and secure a place to study abroad.The startup has raised some USD 3.5 mn since its launch in 2020 and has a student user base of over 3 mn students around the world and signed agreements with 1.1k universities across 90 countries.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to find out more? <\/strong>We <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd16962a-9e96-46a9-89d6-c41f58b31818\/%253cmark%253e%253c%2Fmark%253ea%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253elook%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eat%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ethe%253cmark%253e%253c%2Fmark%253e%253c%253cmark%253e%253c%2Fmark%253emark%253cmark%253e%253c%2Fmark%253e%253e%253cmark%253e%253c%2Fmark%253e%253cmark%253e%253c%2Fmark%253eeducatly%253cmark%253e%253c%2Fmark%253e%253c%2F%253cmark%253e%253c%2Fmark%253emark%253cmark%253e%253c%2Fmark%253e%253e%25e2%2580%2599%253cmark%253e%253c%2Fmark%253es%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eexpansion%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eplan%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eafter%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eraising%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eusd%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253e3%253cmark%253e%253c%2Fmark%253e.%253cmark%253e%253c%2Fmark%253e5%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253emn%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253ein%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253efunding%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">sat down with El Sonbaty last month<\/a> to discuss the education platform\u2019s expansion plans. <\/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>#2- New education platform on the block:<\/strong> Edtech platform EYouth and a number of business figures have launched <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/nexera-education\/\" style=\"\" rel=\"noopener\">NextEra<\/a><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/nexera-education\/\" style=\"\" rel=\"noopener\">Education<\/a>, an EGP 2 bn educational initiative, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1199.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The platform will leverage AI-powered learning and global partnerships to deliver accredited programs and bachelor\u2019s degrees in fields such as programming, cybersecurity, AI, business administration, data science, and analytics. Its partners include Drake University, University of Minnesota, Illinois Institute of Technology, Coll\u00e8ge de Paris, and Nexford University.<\/p>\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Gov\u2019t looks at private players to manage industrial zones:<\/strong> The Industry Ministry is looking into contracting local and foreign private players to take over the management and operation of three industrial zones \u2014 Kom Abu Radi Industrial Zone, Bayad Al Arab Industrial Zone, and an undisclosed zone in Upper Egypt \u2014 <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%ad%d9%83%d9%88%d9%85%d8%a9-%d8%aa%d8%af%d8%b1%d8%b3-%d8%ae%d8%b7%d8%a9-%d8%ac%d8%af%d9%8a%d8%af%d8%a9-%d9%84%d8%a5%d8%b4%d8%b1%d8%a7%d9%83-%d8%a7%d9%84%d9%85%d8%b7%d9%88%d8%b1\/\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%ad%d9%83%d9%88%d9%85%d8%a9-%d8%aa%d8%af%d8%b1%d8%b3-%d8%ae%d8%b7%d8%a9-%d8%ac%d8%af%d9%8a%d8%af%d8%a9-%d9%84%d8%a5%d8%b4%d8%b1%d8%a7%d9%83-%d8%a7%d9%84%d9%85%d8%b7%d9%88%d8%b1\/\" style=\"\" rel=\"noopener\">l Ma<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%ad%d9%83%d9%88%d9%85%d8%a9-%d8%aa%d8%af%d8%b1%d8%b3-%d8%ae%d8%b7%d8%a9-%d8%ac%d8%af%d9%8a%d8%af%d8%a9-%d9%84%d8%a5%d8%b4%d8%b1%d8%a7%d9%83-%d8%a7%d9%84%d9%85%d8%b7%d9%88%d8%b1\/\" style=\"\" rel=\"noopener\">l<\/a> reports citing informed sources. The selected companies will be awarded 10-15-year contracts, under which they will have to reach annual targets for bringing in new factories. <\/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>#2- EgyptAlum raises the curtain off partner for foil production line: <\/strong>EGX-listed Egypt Aluminium (EgyptAlum) is in negotiations with German rolling and foil slitting technology specialist <a target=\"_blank\" href=\"https:\/\/www.achenbach.de\/en\/\" style=\"\" rel=\"noopener\">Achenbach<\/a> over its potential investment and funding of its USD 100 mn foil production line, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1195.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. EgyptAlum first unveiled its plans for the production line <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1172e99e-6721-428e-bf34-f906d6339e94\/egypt%e2%80%99s-el-sisi-ratifies-unified-budget-act-amendments\" style=\"\" rel=\"noopener\">in April<\/a>.<\/p>\n<p class=\"tag-border-left\">CYBERSECURITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt scores full marks in cybersecurity index:<\/strong> Egypt was placed in the Tier 1of the International Telecommunication Union\u2019s 2024 <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1220.pdf\" style=\"\" rel=\"noopener\">Global Cybersecurity Index (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1220.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1220.pdf\" style=\"\" rel=\"noopener\">)<\/a>, scoring 100, receiving maximum score for all five pillars \u2014 legal measures, technical measures, organization measures, capacity development, and cooperation measures. This is an improvement on the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1219.pdf\" style=\"\" rel=\"noopener\">2020 index<\/a>, which gave us an overall score of 95.48, with technical measures dragging our score down. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cybersecurity has been a hot topic: <\/strong>In recent years, Egypt\u2019s public and private sectors have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f941cc9-1de6-42b8-8426-98e960f6e953\/in-the-wake-of-several-large-scale-cyber-attacks,-what'\" style=\"\" rel=\"noopener\">witnessed a considerable increase in high-profile cyber attacks<\/a>, from claims that hackers have obtained and sold online the WhatsApp numbers of 45 mn Egyptians to reports alleging that two Egyptian blue chip companies were hacked by LockBit \u2014 the world\u2019s most successful ransomware gang at the time \u2014 compromising personal and financial data. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/cybersecurity\/\">cybersecurity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-aluminum\/\">Egypt Aluminum<\/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\/pharma\/\">pharma<\/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=\"643898\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"643898\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/islamic-bond-market-may-see-shift-from-asset-based-to-equity-like-sukuk\/\">\r\n                            Islamic bond market may see shift from asset-based to equity-like sukuk                        <\/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\/17\/islamic-bond-market-may-see-shift-from-asset-based-to-equity-like-sukuk\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1261.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643899\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/17\/islamic-bond-market-may-see-shift-from-asset-based-to-equity-like-sukuk\/1261-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1261.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1261.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1261.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1261.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643898\" class=\"content-area-description single-story post-643898 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-islamic-finance tag-planet-finance tag-sukuk 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\/.03c1c975-03dd-4b94-a750-1f15287fd189.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Sukuk shake-up in the works?<\/strong> The normally steady Islamic bond market may be gearing up for a major overhaul as the Accounting and Auditing Organization for Islamic Financial Institutions (<a target=\"_blank\" href=\"https:\/\/aaoifi.com\/?lang=en\" style=\"\" rel=\"noopener\">AAOIFI<\/a>) reviews a proposal that could shift sukuk from asset-based debt instruments to equity-like, asset-backed ones, <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/special-coverage\/the-world-of-islamic-finance\/sharia-proposals-could-mean-a-revolution-in-sukuk-market-ifr-gr8l8y9g\" style=\"\" rel=\"noopener\">IFR<\/a> reports.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background:<\/strong> First proposed in November 2023, the draft for Sharia Standard 62 has been in the feedback stage, with the deadline extended twice \u2014 most recently to 31 July. There has been no update yet on a third extension.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s the difference? <\/strong>Currently, the structure of sukuk differs from bonds as they rely on an underlying asset, commonly real estate, to generate returns. The new standard, on the other hand, would give sukuk holders asset ownership, exposing them to risks like defaults. Investors would need to assess \u201cthe credit risk of the asset, rather than the credit risk of the obligor,\u201d said Bashar Al Natoor, global head of Islamic finance at Fitch Ratings.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Issuers would also bear more risk:<\/strong> Issuers could face added costs from asset transfers and legal documentation, in addition to the fact that they tend to prefer retaining full control over their assets, according to a <a target=\"_blank\" href=\"https:\/\/insightplus.bakermckenzie.com\/bm\/banking-finance_1\/united-arab-emirates-shariah-standard-62-much-ado-about-nothing\" style=\"\" rel=\"noopener\">Baker McKenzie<\/a> report. This shift could fragment the market or delay new sukuk issuances until a more balanced structure emerges, S&amp;P said in a <a target=\"_blank\" href=\"https:\/\/www.spglobal.com\/ratings\/en\/research\/articles\/240715-sukuk-market-the-calm-before-the-storm-13174532\" style=\"\" rel=\"noopener\">report<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some markets could push back: <\/strong>AAOIFI\u2019s standards are mandatory in countries like the UAE, Qatar, and Bahrain, but some markets might resist. UAE banks, with one of the largest sukuk markets globally, could reject the standard if it restricts liquidity access, IFR notes. This could also mean that the AAOFI\u2019s guidelines could begin to be sidelined, with parallel markets emerging and the AAOFI potentially becoming obsolete, Mehdi Popotte, fixed-income portfolio manager at Arqaam Capital said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GCC sukuk are having a moment: <\/strong>This comes as GCC sukuk are seeing their longest winning streak since early 2021, with 11 consecutive weeks of gains, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-16\/gulf-sukuk-rally-grows-as-fed-rate-cuts-outweigh-oil-s-plunge\" style=\"\" rel=\"noopener\">Bloomberg\u2019s<\/a> GCC sukuk gauge. With expectations of a US Fed rate cut, investors are flocking to GCC bonds and sukuk, which have outperformed global bonds this year, the business information service reports.<\/p><p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s another mixed morning for Asia-Pacific markets<\/strong> \u2014 tracking similar movements over on Wall Street as investors prepare for the Federal Reserve to make a rate cut decision in its meeting today and tomorrow. Japan\u2019s Nikkei is down 0.4%, while the Topix is down 0.3%. Meanwhile, markets in South Korea, mainland China, and Taiwan are closed for the mid-Autumn festival. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Wall Street futures were again flat<\/strong>, with the Nasdaq adding less than 0.1% and S&amp;P 500 futures hovering near the flatline. <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">30,260<\/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: +21.6%)<\/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 48.36<\/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 48.50<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.37<\/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 48.47<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,867<\/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: -0.8)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,389<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: -2.0%)<\/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>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\">4,395<\/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: +8.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,633<\/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: +18.1%)<\/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>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\">8,278<\/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: +7.1%)<\/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>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\">4,828<\/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: +6.8%)<\/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>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 72.94<\/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\">+1.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.37<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+3.0%<\/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>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 2,608.90<\/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 57,855.20<\/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\">-3.0% (YTD: +36.5%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 0.8% at yesterday\u2019s close<\/strong> on turnover of EGP 3.6 bn (6.9% below the 90-day average). Regional investors were the sole net sellers. The index is up 21.6% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Heliopolis Housing (+2.5%), E-finance (+2.4%), and Juhayna (+1.7%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Egypt Kuwait Holding -USD (-3.7%), Emaar Misr (-3.3%), TMG Holding (-2.4%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CI Capital will introduce a cash incentive scheme<\/strong> for employees, executive board members, and its subsidiaries after its board greenlit the move in principle, according to an <a target=\"_blank\" href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d8%b3%d9%89%20%d8%a7%d9%89%20%d9%83%d8%a7%d8%a8%d9%8a%d8%aa%d8%a7%d9%84%20%d9%85%d8%ac%d9%84%d8%b3%2016-09-2024.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The scheme will allocate 3% of the company\u2019s fair value for the FY ending in 2025 and will be paid in EGP after 31 December 2025. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/islamic-finance\/\">Islamic finance<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"643900\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n\r\n                        <p class=\"f-graphik\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-lowdown-on-the-startups-graduating-this-years-climate-finance-accelerator\/\">\r\n                            The lowdown on the startups graduating this year\u2019s Climate Finance Accelerator<\/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 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href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-lowdown-on-the-startups-graduating-this-years-climate-finance-accelerator\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1250.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"643901\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-lowdown-on-the-startups-graduating-this-years-climate-finance-accelerator\/1250-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1250.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1250.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1250.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1250.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-643900\" class=\"content-area-description post-643900 goinggreen type-goinggreen status-publish has-post-thumbnail hentry category-going-green tag-enterprise-going-green tag-enterpriseam tag-flat6labs tag-going-green tag-green-economy tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s up-and-coming green startups:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/flat6labs_cfaegypt-flat6labs-cfa-activity-7235213470940450817-hfKE\/?utm_source=share&utm_medium=member_desktop\" style=\"\" rel=\"noopener\">Nine local startups<\/a> graduated the UK-backed <a target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/publications\/climate-finance-accelerator\/climate-finance-accelerator\" style=\"\" rel=\"noopener\">Climate<\/a><a target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/publications\/climate-finance-accelerator\/climate-finance-accelerator\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.gov.uk\/government\/publications\/climate-finance-accelerator\/climate-finance-accelerator\" style=\"\" rel=\"noopener\">Finance Accelerator<\/a> (CFA) run in partnership with Flat6Labs late last month. Enterprise attended the graduation ceremony and spoke to some of the founders and higher ups to gauge the impact the accelerator had and to get the inside scoop on what\u2019s next for these startups. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>First things first, what is the CFA?<\/strong> The Climate Financial Accelerator is a GBP 12.6 mn technical assistance program funded by the British government\u2019s <a target=\"_blank\" href=\"https:\/\/www.gov.uk\/guidance\/international-climate-finance\" style=\"\" rel=\"noopener\">International Climate Finance<\/a> commitment that runs in Egypt and nine other countries. The initiative is part of the UK government\u2019s efforts to support emerging economies \u201cfinance and deliver their climate commitments.\u201d Zeroing in on Egypt, the accelerator runs a 16-week program that provides local green startups with \u201cfinancial, technical, climate mitigation, and gender equality and social inclusion-focused support and advice from the program's experts.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The selected nine: <\/strong><\/p>\n<ul>\n<li><strong><a target=\"_blank\" href=\"https:\/\/agricash.app\/\" style=\"\" rel=\"noopener\">AgriCash<\/a><\/strong><strong>: <\/strong>An agritech platform that provides interest-free financing for farmers to help them adopt solar energy and sustainable agriculture in their practices using a buy now, pay later system.<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/agrisolar-eg.com\/en\/home\/\" style=\"\" rel=\"noopener\">AgriSolar Egypt<\/a><\/strong><strong>: <\/strong>A firm that acts as a one-stop-shop for solar energy solutions \u201cwith a primary focus on cutting-edge solar pumping systems.\u201d The company offers a wide range of services including solution selection, maintenance, technical support, and implementation supervision, as well as high quality solar products and services for the agricultural sector. <\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.egrobots.com\/\" style=\"\" rel=\"noopener\">Egrobots<\/a><\/strong><strong>:<\/strong> An agritech platform that looks to digitize farming using robotics and AI analytics to provide digital solutions for farmers to improve crop productivity, reduce resource consumption, and promote sustainable practices.<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/egymag\/about\/\" style=\"\" rel=\"noopener\">EGYM<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/egymag\/about\/\" style=\"\" rel=\"noopener\">AG Biotechnology<\/a><\/strong><strong>: <\/strong>A company that specializes in insect-based bio-refinery \u2014 the first of its kind in the MENA region. It produces proteins, organic fertilizers, and animal feed from insects. <\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.hnefutures.com\/\" style=\"\" rel=\"noopener\">HNE Futures<\/a><\/strong><strong>: <\/strong>A cleantech startup that develops, manufactures, installs, and maintains e-mobility hardware charging solutions. The startup also has its own software app that helps businesses track their EVs.<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.loopmicromobility.com\/\" style=\"\" rel=\"noopener\">Loop Micromobility<\/a><\/strong><strong>:<\/strong> An e-scooter sharing service that specializes in the adoption of electric vehicles. Its platform helps new entrepreneurs start and expand their own vehicle-sharing businesses.<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/medex-smart-solutions\/about\/\" style=\"\" rel=\"noopener\">MEDEX Smart Solutions<\/a><\/strong><strong>: <\/strong>\u201cA smart logistics network\u201d that safely disposes of expired and unused medicines from pharmas and households. It operates in over 60 countries across the Middle East and Africa. <\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/plstka.com\/\" style=\"\" rel=\"noopener\">Plstka<\/a><\/strong><strong>:<\/strong> The cleantech startup\u2019s app \u201cemploys AI-optimized supply chain systems for waste management.\u201d It allows users to exchange their solid trash for discounts on an array of services. It also provides in-app competitions to help raise awareness about waste management.<\/li>\n<li><strong><a target=\"_blank\" href=\"https:\/\/www.plugngrow.me\/\" style=\"\" rel=\"noopener\">Plug \u2018n\u2019 Grow<\/a><\/strong><strong>: <\/strong>The startup offers hydroponic solutions and services to large agribusinesses and new growers, helping them reduce their carbon footprint. <\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The startups were happy with the event: <\/strong>\u201cThe accelerator was very helpful for us, especially in teaching us how to pitch to investors, and how to measure our impact in terms of ESG, gender inclusion, and the things that investors keep track of,\u201d AgriSolar\u2019s Business Development Manager Mohamed Serag El Din told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The emphasis on gender inclusion was a recurring theme:<\/strong> \u201cGender and social inclusion was a big part of the event, and the accelerator helped us articulate and present how our company supports female empowerment in the agricultural sector \u2014 placing an emphasis on gender inclusion can benefit your business when you\u2019re pitching to investors,\u201d Egrobots founder and CEO Akhlad Alabhar tells us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Creating a link between startups and governing bodies: <\/strong>The accelerator also helped connect startups with authorities like the Financial Regulatory Authority and the IMF, where there's usually a big gap in terms of access and reach, Plug \u2018n\u2019 Grow co-founder Nouran El Said told us. \u201cThis was particularly helpful in terms of discussing the new regulations related to carbon credits.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Factoring in carbon credits is a \u201cmust\u201d for startups<\/strong>, FRA head Mohamed Farid said in his speech during the event. \u201cCarbon credits are a sweetener,\u201d he said, adding that startups need to look into how they can bank on carbon credits.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cInvestment is on hold in Egypt at the moment \u2014 especially in the agricultural sector,\u201d<\/strong> Alabhar said. \u201cHowever, there were attempts to connect us with investors and programs abroad, through which we could attain additional funds and grants,\u201d he continued. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Many of the companies are already looking to expand in the region and beyond:<\/strong> AgriSolar is planning to up its distribution channels in Egypt and is looking to expand into Lebanon, Jordan, Morocco, and Saudi Arabia. The company is currently in the process of speaking to distributors in Morocco and Saudi Arabia, and plans to expand into at least one of them in 2025, Serag El Din told Enterprise. \u201cThere's no choice but to look abroad,\" he said. Agricash is also looking to expand into new markets in the Middle East and Africa upon receiving seed funding, while Egrobots is looking at the GCC.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>AMEA to funnel more investments into our renewables sector: <\/strong>UAE\u2019s AMEA Power <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e0776b4-6497-4dbd-9af6-c265e8eaedbc\/amea-power-to-invest-usd-800-mn-to-develop-africa%25e2%2580%2599s-largest-solar-power-plant-and-battery-storage-projects-in-upper-egypt.-plus:-scatec,-two-int%25e2%2580%2599l-consortia-set-the-wheels-in-motion-on-renewables-projects.\" style=\"\" rel=\"noopener\">will invest USD 800 mn<\/a> to develop two renewable energy projects in Upper Egypt after inking new purchase power agreements with the Egyptian Electricity Transmission Company.<\/li>\n<li><strong>Elite Solar\u2019s planned solar panel facility is bigger and more expensive than we first<\/strong><strong> thought: <\/strong>Chinese solar panel manufacturer Elite Solar\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eb9f636-99c8-4dc9-a327-72722d4229d6\/egypt-inks-over-usd-1.1-bn-worth-of-agreements-and-mous-at-forum-on-china-africa-cooperation\" style=\"\" rel=\"noopener\">solar panel production facility<\/a> will cost a total of USD 150 mn, up from the USD 100 mn we first heard. Likewise, the factory will have a production capacity of 8 GW, up from the 2 GW we first thought and reported. The project\u2019s first 2 GW phase is set to be complete by September 2025. (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/pulse\/elite-solar-establish-8-gw-manufacturing-hub-egypt-elitesolar-kmzze\/?trackingId=LpUhwyvcwdLvKRT%2FlMnjIQ%3D%3D\" style=\"\" rel=\"noopener\">Statement<\/a>)<\/li>\n<li><strong>Oriental Weavers goes green: <\/strong>Oriental Weavers has inked a USD 1.5 mn agreement to install a solar power plant to power one of its factories with <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/irsc\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Integrated Renewable & Sustainable Communities<\/a>. (<a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/953.pdf\" style=\"\" rel=\"noopener\">Statement, pdf<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/flat6labs\/\">Flat6Labs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"643902\" 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\/17\/643902\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643902\" class=\"content-area-description single-story post-643902 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 style=\"font-weight:400;\">18-20 September (Wednesday-Friday): BEBA mission to the UK, 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>29 September (Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.amcham.org.eg\/events-activities\/events?keyword=Madbouly&year=all&category=all\" style=\"\">AmCham Egypt Real Estate Conference<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 September (Monday): Ban on sugar exports expiration.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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>30 September (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/event.businessfrance.fr\/forum-daffaires-egypte\/en\/home\/\" style=\"\">Egypt Business Forum<\/a><\/span><span style=\"font-weight:400;\">, Paris.<\/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 October (Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/event.businessfrance.fr\/forum-daffaires-egypte\/en\/home\/\" style=\"\">Egypt Business Forum<\/a><\/span><span>, Marseille.<\/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>5-8 October (Saturday- Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/alex.technesummit.com\/2024\" style=\"\">Techne Summit Alexandria<\/a><\/span><span style=\"font-weight:400;\">, Biblioteca, Alexandria.<\/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>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 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>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 apply 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 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;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2H 2024: Gov\u2019t to launch the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f7fd9b9-a159-4b31-b974-f809d55f55d9\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\" style=\"\">Cairo Ring Road BRT buses<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3Q 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid04Z7JWbGbYGqFTr8kF2XNgc5Dq2cUR3hn25JDryhDjLnPJkYgaKaqbwzQr6A4QgB2l\" style=\"\">Egyptian-Armenian Joint Committee.<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">September 2024: Turkish-Egyptian Business Council meeting in Turkey.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">End of September: The Suez Canal Economic Zone (SCZone) roadshows in Paris and Marseille, France.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>First week of November: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02ssjPZtZgtyuDjtqu6kXr1MpWTPFUnnFbPA8etz9LtXPrcjGgGnArn6sg1ryr4jEXl\" style=\"\">Egypt-Turkey high-level trade consultation mechanism.<\/a><\/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;\">May 2025: Egyptian Exporters Association (Expolink) exhibition, Italy.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">July 2025: The first operational trail of Egypt-KSA electricity interconnection line.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2Q 2025: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad18b775-3e22-4e6b-b4fc-9dd30f4b85ad\/abu-dhabi-ports-to-build-and-run%253cmark%253e-safaga-terminal%253c%2Fmark%253e,-cruise-ship-infrastructure\" style=\"\">Safaga Terminal 2<\/a><\/span><span> to start operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2027<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>20 January-7 February: Egypt to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f9a5a94-cc1c-4fc1-b8c6-7c02d15cae3b\/ramadan-kareem\" style=\"\">host the African Games<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>End of 2027: Trial operations at the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52aa0e65-5b6f-4c84-aa49-70ac4152bb87\" style=\"\">Dabaa nuclear power plant<\/a><\/span><span style=\"font-weight:400;\"> expected to take place.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>New SME tax incentives | More real estate players head to the KSA | Beni Suef plant off the table? | CIB management shake-up<\/p>\n","protected":false},"featured_media":643873,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-643872","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"4b71acae-f04f-431f-a292-bd62f712e82b","teaser":"New SME tax incentives | More real estate players head to the KSA | Beni Suef plant off the table? | CIB management shake-up","photo_url":"https:\/\/ent.news\/2024\/9\/1260.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>Saudi\u2019s Public Investment Fund to invest USD 5 bn in \u201cfirst phase\u201d - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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