{"id":643958,"date":"2024-09-18T00:00:00","date_gmt":"2024-09-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=643958"},"modified":"2025-12-17T18:55:57","modified_gmt":"2025-12-17T18:55:57","slug":"jaz-hotel-group-to-open-six-new-hotels-in-2025-under-usd-215-mn-expansion-plan","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/jaz-hotel-group-to-open-six-new-hotels-in-2025-under-usd-215-mn-expansion-plan\/","title":{"rendered":"Jaz Hotel Group to open six new hotels in 2025 under USD 215 mn expansion plan"},"content":{"rendered":"<section id=\"643960\" 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=\"643960\">\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\/18\/load-shedding-resumption-plans-shelved\/\">\r\n                            Load shedding resumption plans shelved?                        <\/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\/18\/load-shedding-resumption-plans-shelved\/\" target=\"_blank\">\n                    Open in new tab           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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/load-shedding-resumption-plans-shelved\/1697-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1697.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1697.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1697.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1697.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643960\" class=\"content-area-description single-story post-643960 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-egyptian-electricity-holding-company tag-electricity tag-energy tag-enterpriseam 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\/.61951feb-1a29-4ab3-9d67-0ddab686529e.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><strong>. <\/strong>As we enter the second half of this shorter than usual workweek, tourism investment news is leading the local business news cycle with reports of local companies investing in new hotels at home and abroad. Also in today\u2019s issue is securitization news, IPO updates, data center plans, and more. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT FIRST- <\/strong><strong>We\u2019re now only six days away<\/strong><strong> from this year\u2019s EnterpriseAM Finance Forum<\/strong>, taking place on Tuesday, 24 September.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Headlining the EnterpriseAM Finance Forum this year is<\/strong><strong> Investment Minister Hassan El<\/strong><strong> Khatib<\/strong>, 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\/1374.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- Temperatures will sit in the mid-30s in Cairo today<\/strong>, with a high of 34\u00b0C and a low of 24\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 will be just as warm in Alexandria today<\/strong>, with a high of 34\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=\"wwtt1\"><\/a> #<strong>1- The future of blackouts is still up in the air: <\/strong>Although many of us have been expecting power outages to return this week, a government source told us that it remains unclear whether or not the blackouts will be returning as the Egyptian Electricity Holding Company is yet to receive a decision from the cabinet. Our source pointed to a notable dip in energy consumption \u2014 likely thanks to us being in the final stretch of the summer season \u2014 and the government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da0fab5f-79e9-4d82-b4ca-ed6f42f04eeb\/egypt-secures-20%253cmark%253e-lng%253c%2Fmark%253e-cargoes-for-some-usd-907-mn-to-cover-winter-demand.-plus:-gov%25e2%2580%2599t-mulls-hiking-gas-prices-for-factories\" style=\"\" rel=\"noopener\">securing the needed LNG supplies<\/a> to keep the lights on. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8883e2e1-8006-4fd6-be3c-58d871338ead\" style=\"\" rel=\"noopener\">specified in a mid-July presser<\/a> that the summer respite from blackouts would come to an end in mid-September.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a>  <strong>#2- Investment banks are lining up to manage CID, Misr Pharma offerings:<\/strong> Five investment banks have submitted bids to state-owned pharma manufacturer HoldiPharma to manage the planned offerings of subsidiaries Chemical Industries Development (CID) and Misr Pharma on the EGX, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/09\/16\/1825916\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing unnamed government sources. HoldiPharma will select a bank before the end of the year, with the offerings expected to take place in 1H 2025. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> CID and Misr Pharma are on the government\u2019s list of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a0da43-f922-4a49-b3a9-839f397f8ce4\" style=\"\" rel=\"noopener\">35 state-owned companies<\/a> earmarked for <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\" rel=\"noopener\">privatization<\/a> via stake sales to strategic investors, the EGX, or a mix of both. HoldiPharma was said to be looking to appoint an investment bank to promote and manage the offering of Misr Pharma to a strategic investor back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f20e8b9-2a88-4d84-9c4c-cbb7083d24eb\/\" style=\"\" rel=\"noopener\">July<\/a> and a number of investors were reportedly in talks with the Public Enterprise Ministry to acquire stakes in the two pharma firms via a capital increase in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/110a2154-e125-47b9-9798-d5b3a06eaab8\/\" style=\"\" rel=\"noopener\">June 2023<\/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\"><a id=\"wwtt3\"><\/a>  <strong>#3- The gov\u2019t is getting ready to offer more shares in Kima and EgyptAlum on the EGX:<\/strong> The government has began taking the necessary steps to offer additional shares of Egyptian Chemical Industries (Kima) and Egypt Aluminum (EgyptAlum) on the EGX, Public Enterprises Minister Mohamed El Shimi told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1836026936289616361\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The government is currently in the process of finding an investment bank to provide technical consultations, El Shimi added.<\/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- It\u2019s day one of BEBA\u2019s business mission to the UK: <\/strong>The British Egyptian Business Association (BEBA) will today kick off its three-day business mission to the UK under the theme <a target=\"_blank\" href=\"https:\/\/beba.org.eg\/egypts-financial-landscape-emerging-opportunities-and-global-investments\/\" style=\"\" rel=\"noopener\">Invest in Egypt: Your Gateway to Growth<\/a>. The mission\u2019s organizers describe the trip as a \u201ccrucial moment for Egypt to showcase its progress and future plans, providing a unique opportunity for investors to engage directly with the policy makers shaping Egypt\u2019s economic future.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some big names will be in attendance: <\/strong>The mission will include Finance Minister Ahmed Kouchouk, Investment Minister Hassan El Khatib, SCZone head Walid Gamal El Din, ACUD Chairman Khaled Abbas, and Financial Regulatory Authority boss Mohamed Farid, who will take part in ministerial sessions that aim to highlight the country\u2019s \u201ceconomic progress and ongoing reforms.\u201d Some important figures from HSBC will also join the mission, including HSC Egypt CEO Todd Willcox.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThe interest we have seen from clients and global investors in the different international roadshows we have organized underscore how highly they regard future opportunities in Egypt. This year\u2019s delegation is very important as it is an opportunity to consider Egypt\u2019s economic reform programme in view of evolving global circumstances and to support the government\u2019s ambitions to attract more foreign direct investment,\u201d said Todd Wilcox.<\/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=\"wwtt5\"><\/a> <strong>#2- Gaza tops the agenda during Anthnony Blinken\u2019s three-day visit to Egypt: <\/strong>It\u2019s day two of US Secretary of State Antony Blinken\u2019s trip to Caio to co-chair the US-Egypt Strategic Dialogue 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>. Although the dialogue is set to also discuss strengthening economic, cultural, and educational ties, discussions are expected to focus on a Gaza ceasefire agreement in this and other meetings in the sidelines that Blinken is expected to have with high-level officials.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Unlike Blinken\u2019s previous trips to the region, Israel is conspicuously absent from his<\/strong><strong> itinerary: <\/strong>In a move that <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/egypt-blinken-gaza-israel-ceasefire-a5d09768f969a3ccce210478de82cf47\" style=\"\" rel=\"noopener\">some in the international press<\/a> are interpreting as sign of strained US-Israeli relations, Blinken will not be stopping off in Israel on his tenth trip to the region during the nearly year-long conflict. Also catching the attention of the international press is the absence of the usual hopeful forecasts from Blinken and the Biden administration of a supposedly fast-approaching ceasefire agreement.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our corner of the world is unfortunately once again dominating the international news<\/strong><strong> cycle<\/strong> after an Israeli operation that killed nine and injured thousands in Lebanon \u201cmarked an extremely concerning escalation,\u201d <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/37af2899-3b61-42c8-b359-9ae2e66e9aa4\" style=\"\" rel=\"noopener\">according<\/a> to UN Special Coordinator for Lebanon Jeanine Hennis-Plasschaert.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At around 3:30pm in Lebanon, pagers belonging to Hezbollah members began <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/hundreds-of-hezbollah-operatives-pagers-explode-in-apparent-attack-across-lebanon-cf31cad4?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">exploding<\/a><\/strong>, injuring more than 2.7k and <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/lebanon-hezbollah-israel-exploding-pagers-8893a09816410959b6fe94aec124461b\" style=\"\" rel=\"noopener\">killing<\/a> nine people \u2014 including a child. It is still unclear how Israel \u2014 which has not publicly admitted responsibility \u2014 conducted the attack, with some outlets reporting that they likely sabotaged supply lines and rigged the Taiwan-made pagers with small explosives prior to their arrival in Lebanon. An official from the armed group <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/dozens-hezbollah-members-wounded-lebanon-when-pagers-exploded-sources-witnesses-2024-09-17\/\" style=\"\" rel=\"noopener\">described<\/a> the attack as the \u201cbiggest security breach\u201d that Hezbollah has faced in the nearly year since 7 October. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All eyes are now on what happens next<\/strong>, with Hezbollah vowing that Israel would receive \u201cfair punishment\u201d for the attack and an increasingly belligerent Netanyahu saying Israel will pursue a \u201cfundamental change in the security situation in the north\u201d as part of its war aims.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHILE IN AI NEWS- BlackRock and Microsoft are teaming up to bring us a USD 30 bn AI<\/strong><strong> investment fund <\/strong>to <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/4441114b-a105-439c-949b-1e7f81517deb\" style=\"\" rel=\"noopener\">invest in<\/a> rapidly scaling up the power and digital infrastructure to get ahead of potential bottlenecks in AI\u2019s growth trajectory.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The news comes as the US continues to throw up regulatory hurdles to stop AI tech from<\/strong><strong> getting into Chinese hands, <\/strong>with Microsoft <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/bb9ed20e-8e95-4808-a37c-7a540ca4b056\" style=\"\" rel=\"noopener\">calling<\/a> yesterday for more \u201cclarity and consistency\u201d on US chip export controls to the Middle as the tech giant seeks to expand its collaboration with Abu Dhabi-based AI company G42. Meanwhile, over in Japan, policymakers are mulling a deal with the US that would <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/3fa44901-33e4-4ab4-9f7b-efe1575a6553\" style=\"\" rel=\"noopener\">curb chip exports to China<\/a> and prevent Japanese tech companies from falling afoul of new US export controls \u2014 though potentially at the cost of Chinese retaliation.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2503.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We speak to industry insiders and economists to find out whether there is a bubble brewing in the local real estate market.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-electricity-holding-company\/\">Egyptian Electricity Holding Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/energy\/\">energy<\/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=\"643962 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=\"643962\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/643962\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643962\" class=\"content-area-description single-story post-643962 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>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">For the first time in Egypt<\/span><span>, 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&rsquo;s 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=\"643963\" 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                            \"\r\n            id=\"643963\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/jaz-hotel-group-to-invest-usd-215-mn-to-open-six-new-hotels-in-2025-plus-pickalbatros-expands-hotel-portfolio-across-morocco\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1360.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643964\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/jaz-hotel-group-to-invest-usd-215-mn-to-open-six-new-hotels-in-2025-plus-pickalbatros-expands-hotel-portfolio-across-morocco\/1360-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1360.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1360.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1360.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1360.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643963\" class=\"content-area-description single-story post-643963 post type-post status-publish format-standard has-post-thumbnail hentry category-uncategorized tag-enterpriseam tag-hospitality tag-morocco tag-pickalbatros tag-tourism tag-travco 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\/.e2a6512e-66d5-4cae-b9ba-032e28b49bf0.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian tourism companies are expanding inside and out the country<\/strong>, with Pickalbatros acquiring four new hotels in Morocco and Jaz Hotel Group unveiling a USD 215 mn plan to open six new hotels next year.<\/p>\n<p class=\"tag-border-left\">JAZ HOTEL GROUP HAS BIG INVESTMENTS PLANS FOR NEXT YEAR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>New hotels from Jaz: <\/strong>Travco subsidiary <a target=\"_blank\" href=\"https:\/\/www.jazhotels.com\/\" style=\"\" rel=\"noopener\">Jaz Hotel Group<\/a> plans to set up six new hotels, scheduled to open their doors next year, under a USD 215 mn investment plan, CEO and Chairman Alaa Akel told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%ac%d8%a7%d8%b2-%d8%aa%d8%b3%d8%aa%d8%b9%d8%af-%d9%84%d8%b6%d8%ae-215-%d9%85%d9%84%d9%8a%d9%88%d9%86-%d8%af%d9%88%d9%84%d8%a7%d8%b1-%d9%84%d8%a8%d9%86%d8%a7%d8%a1-6-%d9%81%d9%86%d8%a7\/\" style=\"\" rel=\"noopener\">Al<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%ac%d8%a7%d8%b2-%d8%aa%d8%b3%d8%aa%d8%b9%d8%af-%d9%84%d8%b6%d8%ae-215-%d9%85%d9%84%d9%8a%d9%88%d9%86-%d8%af%d9%88%d9%84%d8%a7%d8%b1-%d9%84%d8%a8%d9%86%d8%a7%d8%a1-6-%d9%81%d9%86%d8%a7\/\" style=\"\" rel=\"noopener\">Mal<\/a>. The new hotels will add over 2.1k rooms to the company\u2019s portfolio, pushing it to 20k. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The breakdown:<\/strong> The hotel group will set up two new hotels in the North Coast, two in Hurghada, and two in Marsa Alam. The company will make use of the government's subsidized loan program for hospitality companies to help it fund the new projects alongside its own resources. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What loan program? <\/strong>The Madbouly government is offering hospitality players an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c9ab4a9-f406-4067-bab7-cc002137f0c8\/the-details-of-the-egp-50-bn%253cmark%253e-subsidized-loan%253c%2Fmark%253e-program-for-hospitality-players\" style=\"\" rel=\"noopener\">EGP 50 bn<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c9ab4a9-f406-4067-bab7-cc002137f0c8\/the-details-of-the-egp-50-bn%253cmark%253e-subsidized-loan%253c%2Fmark%253e-program-for-hospitality-players\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c9ab4a9-f406-4067-bab7-cc002137f0c8\/the-details-of-the-egp-50-bn%253cmark%253e-subsidized-loan%253c%2Fmark%253e-program-for-hospitality-players\" style=\"\" rel=\"noopener\">subsidized loan program<\/a> to help them build and operate new hotels, expand existing properties, and repurpose buildings into hotels. The program offers financing at a reducing interest rate of 12%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Jaz has been investing big:<\/strong> The group acquired <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5ce9220-41e9-4f7f-ac7d-9c90f4e45271\/travco-subsidiary-jaz-hotel-group-acquires-2-hotels-near-the-pyramids\" style=\"\" rel=\"noopener\">two hotels<\/a> near the Pyramids and six cruise ships worth EGP 3.5 bn last December. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the pipeline:<\/strong> Jaz Hotels is in negotiations with the government\u2019s Holding Company for Tourism and Hotels to take over the management and operation of two of its hotels. The company also has plans to expand internationally \u2014 it plans to set up three hotels in Tanzania\u2019s Zanzibar with one slated to open its doors this year and the other two next year. <\/p>\n<p class=\"tag-border-left\">PICKALBATROS MAKES GOOD ON MOROCCO EXPANSION PLANS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Pickalbatros had a busy year expanding across Morocco: <\/strong>Egypt-based hospitality group Pickalbatros Hotels &amp; Resorts acquired four hotels in Morocco this year, pushing its portfolio in the country to seven hotels and 2.6k rooms, CEO Kamel Abou Aly told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/travel-and-tourism\/53949\/%D8%A8%D9%8A%D9%83%D8%A7%D9%84%D8%A8%D8%A7%D8%AA%D8%B1%D9%88%D8%B3-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B3%D8%AA%D8%AD%D9%88%D8%B0-%D8%B9%D9%84%D9%89-4-%D9%81%D9%86%D8%A7%D8%AF%D9%82-%D9%81%D9%8A-%D8%A7%D9%84%D9%85%D8%BA%D8%B1%D8%A8-%D9%87%D8%B0%D8%A7-%D8%A7%D9%84%D8%B9%D8%A7%D9%85\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> without disclosing the value of the acquisitions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new additions:<\/strong> The new additions to the company\u2019s portfolio include Sangho Club, Palmeraie Palace, and the Hotel Du Golf all of which are in Marrakech as well as Palais des Roses in Agadir. Some of the hotels will undergo renovations and reopen their doors next year, Abou Aly added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The group <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7622f25-be17-4682-bff8-f9f2cb278e12\/egypt-based-pickalbatros-hotels-to-invest-usd-140-mn-in-morocco-within-2-years\" style=\"\" rel=\"noopener\">first let us in on its plan to expand<\/a> in Morocco last year, when Abou Aly said the group will invest USD 140 mn through 2025 to increase its hotel capacity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come? <\/strong>The group is still looking for additional investments in the country, seeing as the kingdom has great tourism potential, Abou Aly said. <\/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\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pickalbatros\/\">Pickalbatros<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travco\/\">Travco<\/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=\"643965\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 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stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-alp8axf-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-5lz0c9y\" data-v=\"4\" data-block-id=\"5lz0c9y\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-5lz0c9y-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-5lz0c9y-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27487.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Live More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column 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alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" 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   \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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/b2b-payment-platform-settle-raises-usd-2-mn-in-pre-seed-round\/\">\r\n                            Egyptian B2B payment platform Settle raises USD 2 mn in pre-seed round                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1342.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643967\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/b2b-payment-platform-settle-raises-usd-2-mn-in-pre-seed-round\/1342-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1342.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1342.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1342.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1342.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643966\" class=\"content-area-description single-story post-643966 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-fintech tag-non-banking-financial-services tag-startup-watch tag-startups 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\/.7c43414c-a080-48de-b945-7f46298343cf.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Local and regional VCs take part in Settle\u2019s seven-figure pre-seed round<\/strong><strong>:<\/strong> Local B2B payment platform <a target=\"_blank\" href=\"https:\/\/settle-payments.com\/\" style=\"\" rel=\"noopener\">Settle Payments<\/a> has raised USD 2 mn in a pre-seed funding round led by Abu Dhabi-based Shorooq Partners, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1358.pdf\" style=\"\" rel=\"noopener\">p<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1358.pdf\" style=\"\" rel=\"noopener\">ress release (pdf)<\/a>. Egypt\u2019s El Sewedy Capital Holding and Acasia Ventures participated in the round, alongside Abu Dhabi\u2019s Plus VC. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Settle? <\/strong>The fintech startup founded in 2023 is a B2B payments platform that aims to help businesses digitize and simplify their B2B payments, offering integration of companies\u2019 enterprise resource planning software with existing bank accounts to automate payments and receivables and improve the transparency of companies\u2019 financial processes, all while increasing efficiency and reducing operational errors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where\u2019s the money going?<\/strong> The company plans to use the funding to establish itself within the global market and further develop the platform, with the focus on helping companies make smart decisions on the basis of real-time financial data. It also aims to invest in top local talent, improve user experience, and ramp up the company\u2019s marketing efforts to get the attention of both SMEs and large enterprises, Shorooq Partners partner Tamer Azer told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>B2B payment automation is a growth industry in Egypt: <\/strong>While B2C services have seen rapid digitization in the recent past, B2B markets have been slower to make the transition to the digital age. \u201cWe have watched the Egyptian market undergo a significant digital transformation in B2C services,\u201d Settle co-founder Kamil Sayour said in the press release, adding that \u201cI believe Settle has a major opportunity to bring the same transformation to B2B financial operations.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Its backers think Settle is well positioned to take advantage of a gap in the market:<\/strong> \u201cSettle\u2019s innovative approach to automating B2B payments and treasury management addresses a significant gap in the market, particularly in Egypt, where many businesses still rely on outdated financial processes,\u201d Azer said in comments to Enterprise. Fellow investor El Sewedy Capital agrees, with Group CEO Haytham Sabry stating that \u201cwe seek out<font face=\"Arial\"> <\/font>technologies that address real-world challenges, and Settle is a perfect example of this.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Regional expansion is in the cards long-term: <\/strong>While Settle is currently focused on solidifying its presence in the Egyptian market, the company is eyeing regional expansion in the future with its key targets in the GCC that include Saudi Arabia and the UAE, Azer told us. The company\u2019s long-term goal is to be a regional leader for B2B payment automation, Azer added.<\/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\/fintech\/\">Fintech<\/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\/startup-watch\/\">Startup watch<\/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            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643968\" 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=\"643968\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">A MESSAGE FROM AIMS INTERNATIONAL EGYPT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/bye-bye-blue-insights-on-the-global-executive-search-industry\/\">\r\n                            Bye bye blue + insights on the global executive search industry                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/bye-bye-blue-insights-on-the-global-executive-search-industry\/\" 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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While our expertise and commitment to top-notch services remain unchanged, we're giving our appearance a modern refresh that reflects our forward-thinking approach.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As a global executive search & leadership advisory firm with local roots<\/strong>, we've spent years matching leaders with companies, empowering organizations to thrive. This week, we're excited to share our new look with Enterprise readers, waving goodbye to our blue brand identity and welcoming a sleek black and white look with a splash of vibrant orange. This change reflects our passion, energy, and the human side of our industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Before diving into our rebrand, here are some industry facts.<\/strong> The Association of Executive Search <a target=\"_blank\" href=\"https:\/\/www.aesc.org\/\" style=\"\" rel=\"noopener\">(AESC)<\/a> reports that the Global Executive Search industry has grown to USD 20.5 bn in 2023 from USD 16 bn in 2019. 28% growth. What's driving this growth?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uncertainty: <\/strong>COVID-19 taught us how to not just survive but also how to lead during difficult times, remain resilient, and build a company culture that continues to grow with the new demands and challenges in the business world. Industries evolve at a fast pace and the need for leaders who can take on these challenges is increasingly in demand. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Global talent shortage: <\/strong>Skills, competencies, personality, cultural fit, and personal values are essential ingredients for any company, but the recipe is unique for each of our clients. ES firms like ours have a distinct ability to identify and attract the ideal candidates for each organization. With talent shortages, brain drain, and evolving personal preferences, competition for top talent is fierce. The 2023 McKinsey Africa report highlights that our region will play a significant role in fulfilling the talent shortage in the coming years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Increased focus on strategic leadership: <\/strong>Let's talk about the cost of the wrong hire. As many companies have come to realize, it's a hefty price tag: time, money, replacement, and unachieved objectives. Companies need to make sure they minimize the risk of such errors and have thus taken further interest in the executive search industry. They have come to view us as partners, advisers, and consultants. This tailor-made approach is more likely to achieve positive outcomes with bringing successful leaders on board. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>With all this excitement in our industry, we wanted to make ourselves more bold and visually appealing. <\/strong>We're starting a new journey, evolving just like the industries we work with. We're fueled up with a new strategy and ready to make a big impact regionally and globally.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This evolution represents more than just a visual update;<\/strong> it's about reflecting our evolution in a new era of leadership. Our refreshed identity reflects our dedication to empowering people who lead sustainable businesses \u2014 and a world \u2014 that thrives for generations to come. The future of leadership is here, and we're ready to deliver on our promise of \u201cLeadership for Future Impact.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Shout out to the <a target=\"_blank\" href=\"https:\/\/thebrandcompany.co\/\" style=\"\" rel=\"noopener\">Brand Company MENA<\/a> for pulling off our global international rebrand, showcasing that we have some of the brightest minds and talent in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Check out our <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/aims-international-we-find%26grow-your-leaders_aimsinternational-newaimsnewera-leadership-activity-7241777956358893569-4hpH?utm_source=share&utm_medium=member_desktop\" style=\"\" rel=\"noopener\">brand launch video<\/a> and <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1340.pdf\" style=\"\" rel=\"noopener\">p<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1340.pdf\" style=\"\" rel=\"noopener\">ress rele<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1340.pdf\" style=\"\" rel=\"noopener\">ase<\/a> to get the full scoop on our transformation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Written by Zeinab Noureldin - Managing Partner of AIMS Egypt and Vice President for the Middle East and Africa Region, AIMS International. For more information visit <a target=\"_blank\" href=\"http:\/\/www.aimsinternational.com\" style=\"\" rel=\"noopener\">www.aimsinternational.com<\/a> <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aims\/\">Aims<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/op-ed\/\">op-ed<\/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=\"643970\" 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=\"643970\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/rayas-aman-issues-egp-1-29-bn-in-securitized-bonds\/\">\r\n                            Raya\u2019s Aman issues EGP 1.29 bn in securitized bonds                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul 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photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1362.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643971\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/rayas-aman-issues-egp-1-29-bn-in-securitized-bonds\/1362-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1362.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1362.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1362.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1362.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643970\" class=\"content-area-description single-story post-643970 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-aman-financial-services tag-ci-capital tag-debt-watch tag-enterpriseam tag-non-banking-financial-services tag-securitization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.21308682-208d-422e-b0cd-8f11dd0b3f66.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Raya Holding\u2019s Aman Consumer Finance has issued EGP 1.29 bn in<\/strong><strong> securitized bonds, <\/strong>according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1352.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from CI Capital, the sole financial advisor on the transaction. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: <\/strong>The issuance came in six tranches with tenors of 6, 12, 24, 36, 48, and 60 months with ratings of Prime 1, AA, AA-, A+, and A from Middle East Rating Services (MERIS).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Issuance no. 5: <\/strong>The issuance is part of a wider EGP 5 bn, three-year securitization program that kicked off in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3bed0478-7336-4621-8db5-145529864fa2\" style=\"\" rel=\"noopener\">February 2023<\/a>, with Aman Consumer Finance now having issued over EGP 4.7 bn of that sum, according to head of DCM at CI Capital Mohamed Abbas. The company last tapped the securitization market with an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb139dcb-48fa-41d5-ab3c-04233b470041\/%253cmark%253eaman%253c%2Fmark%253e-issues-egp-1-bn-in-securitized-bonds\" style=\"\" rel=\"noopener\">EGP 1.04 bn issuance<\/a> in June.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cThis transaction demonstrates our ongoing commitment to diversifying our financing instruments, enhancing our strategy to strengthen the group's financial standing and expand its business scope,\u201d Raya Holding CFO and Aman Securitization Chairman Hossam Hussein said in the press release. \u201cWe are proud of our fruitful partnership with key players in the financial market to successfully conclude this transaction and look forward to achieving further progress and reinforcing our position in the Egyptian market.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>CI Capital was the sole financial advisor, arranger, and issuance manager. Zaki Hashem provided counsel and United for Accounting, Auditing, and Tax Consulting was auditor.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT: <\/strong>The issuance brings the total value of securitized bonds issued in Egypt in 2024 so far to around EGP 19.8 bn \u2014 61.8% less than the amount raised in the same period last year \u2014 according to data tracked by Enterprise. <\/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\/aman-financial-services\/\">Aman Financial Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643972 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=\"643972\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/643972\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643972\" class=\"content-area-description single-story post-643972 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicContactUs\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1877.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643973\" 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=\"643973\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/israeli-sabotage-of-hezbollah-pagers-dominated-the-talk-shows-last-night\/\">\r\n                            Israeli sabotage of Hezbollah pagers dominated the talk shows last night                        <\/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\/18\/israeli-sabotage-of-hezbollah-pagers-dominated-the-talk-shows-last-night\/\" 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\/18\/israeli-sabotage-of-hezbollah-pagers-dominated-the-talk-shows-last-night\/')\">\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\/18\/israeli-sabotage-of-hezbollah-pagers-dominated-the-talk-shows-last-night\/\">\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=Israeli sabotage of Hezbollah pagers dominated the talk shows last 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href=\"https:\/\/api.whatsapp.com\/send?text=Israeli+sabotage+of+Hezbollah+pagers+dominated+the+talk+shows+last+night+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F09%2F18%2Fisraeli-sabotage-of-hezbollah-pagers-dominated-the-talk-shows-last-night%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\/18\/israeli-sabotage-of-hezbollah-pagers-dominated-the-talk-shows-last-night\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1378.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643974\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/israeli-sabotage-of-hezbollah-pagers-dominated-the-talk-shows-last-night\/1378-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1378.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1378.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1378.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1378.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643973\" class=\"content-area-description single-story post-643973 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-cybersecurity tag-diplomacy tag-education tag-enterpriseam tag-last-nights-talk-shows tag-lebanon tag-middle-east-politics tag-war-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\/.fe1979d1-7b33-43e5-86cc-0ad34d3e8a28.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The detonation of Hezbollah members\u2019 pagers across Lebanon and Syria dominated the<\/strong><strong> talk show circuit last night. <\/strong>Also catching the attention of the talking heads last night were President Abdel Fattah El Sisi\u2019s new human development initiative and Education Minister Mohamed Abdellatif\u2019s comments on private tutoring.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On his show Ala Mas\u2019ouleety, Ahmed Moussa noted that the operation was Israel\u2019s<\/strong><strong> largest breach of Hezbollah\u2019s communications systems,<\/strong> saying that Israel had simultaneously detonated some 4k pagers belonging to Hezbollah members and their families, killing 9 and injuring nearly 3k. Moussa regarded the attack as the group\u2019s biggest blow, suggesting that the ramifications of these events may be bigger than any expectations (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=Curk_FJqlLw\" style=\"\" rel=\"noopener\">watch, runtime: 4:04<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moussa described Israel\u2019s communications penetration and bombing operation as a \u201c<\/strong><strong>terrorist\u201d act,<\/strong> saying that the term was an appropriate descriptor for the actions of a terrorist state that has actively targeted civilians. He called for action to support Lebanon through the UN, the UN Security Council, or the Arab League. (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=iCX6uJylqw0\" style=\"\" rel=\"noopener\">watch, runtime: 2:20<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moussa struck a note of caution on working with foreign companies, <\/strong>saying that the attack should give us pause over dealing with foreign companies given that the Mossad had been able to tamper with the process and rig the imported devices (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ucNKBMYgR2Q&amp;t=23s\" style=\"\" rel=\"noopener\">watch, runtime: 3:08<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moussa also noted that Israeli forces are moving north to the Lebanese border, r<\/strong>elaying a report from Israel\u2019s Channel 14 stating that Israeli security and military forces have begun relocating from the Gaza Strip to the northern front in advance of an anticipated escalation with Hezbollah (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=L9NUnjY0hEk\" style=\"\" rel=\"noopener\">watch, runtime: 4:02<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How did Israel pull it off?<\/strong> IT systems expert Mostafa Abu Hamza told Sherif Amer that he believes the rigging could have occurred during the production, the shipping, or before the delivery of the devices. Abu Hamza added that Hezbollah\u2019s engineers had been unable to detect it because the explosives were embedded inside the devices\u2019 batteries. He also mentioned that the detonation took about 20 minutes, which means it was likely triggered by messages sent to the devices in batches (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=xDva3ClpIME\" style=\"\" rel=\"noopener\">watch, runtime: 4:39<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO ON THE AIRWAVES- The talk shows touched on the presidential initiative <\/strong><strong>Bedeya,<\/strong> launched by Prime Minister Mostafa Madbouly yesterday per a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/kKRv1JuuvVcNcuAx\/\" style=\"\" rel=\"noopener\">statement<\/a>. According Ahmed Moussa, the initiative is supported by around 30-40 entities from government and civil society institutions and is set to run for 100 days across 27 governorates, aiming to provide services to citizens that focus on investing in human development (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=c29591t3syA\" style=\"\" rel=\"noopener\">watch, runtime: 8:31<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ala Mas\u2019ouleety also shared comments attributed to Education Minister Mohamed <\/strong><strong>Abdellatif on the ministry\u2019s stance on private tutoring: <\/strong>Moussa explained that while Abdellatif noted his inability to immediately ban private tutoring, the system will gradually disappear with the establishment of the new educational regime, which will involve providing more teachers in schools, reducing the number of subjects, and limiting the hours of study \u2014 making private tutoring no longer necessary (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1855581218267162\" style=\"\" rel=\"noopener\">watch, runtime: 2:39<\/a>).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cybersecurity\/\">cybersecurity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/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\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war 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=\"643975\" 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=\"643975\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/sczone-eyes-usd-60-mn-data-center-project-partnership-with-private-sector-plus-spe-capital-valu-majid-al-futtaim-tatweer-misr-cushman-wakefield\/\">\r\n                            SCZone eyes USD 60 mn data center project partnership with private sector. 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data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1367.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1367.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1367.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643975\" class=\"content-area-description single-story post-643975 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-capital-markets tag-commodities tag-data-centers tag-enterpriseam tag-fintech tag-infrastructure tag-investment-watch tag-logistics tag-majid-al-futtaim tag-public-private-partnership tag-redcon-properties tag-spe-capital tag-tatweer-misr tag-valu 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_408146\"\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\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/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\/.3a3fb900-3302-4705-bb0c-9f61a669144d.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">INFRASTRUCTURE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>SCZone wants to set up a USD 60 mn data center: <\/strong>The Suez Canal Economic Zone wants to set up a USD 60 mn data center with a capacity of 5-7 MW in partnership with the private sector, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af%d9%8a%d8%a9-%d9%82%d9%86%d8%a7%d8%a9-%d8%a7%d9%84%d8%b3%d9%88%d9%8a%d8%b3-%d8%aa%d8%b7%d8%b1%d8%ad-%d9%85%d8%b4%d8%b1%d9%88%d8%b9%d9%8b%d8%a7-%d9%84%d8%a5%d9%86\/\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af%d9%8a%d8%a9-%d9%82%d9%86%d8%a7%d8%a9-%d8%a7%d9%84%d8%b3%d9%88%d9%8a%d8%b3-%d8%aa%d8%b7%d8%b1%d8%ad-%d9%85%d8%b4%d8%b1%d9%88%d8%b9%d9%8b%d8%a7-%d9%84%d8%a5%d9%86\/\" style=\"\" rel=\"noopener\">l M<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af%d9%8a%d8%a9-%d9%82%d9%86%d8%a7%d8%a9-%d8%a7%d9%84%d8%b3%d9%88%d9%8a%d8%b3-%d8%aa%d8%b7%d8%b1%d8%ad-%d9%85%d8%b4%d8%b1%d9%88%d8%b9%d9%8b%d8%a7-%d9%84%d8%a5%d9%86\/\" style=\"\" rel=\"noopener\">al<\/a> reports, citing unnamed government sources. The General Authority for Investment and Freezones will promote the project to local and foreign investors and the SCZone will provide all the necessary services for the project in terms of logistics and infrastructure, qualified labor, and a package of incentives. <\/p><p class=\"tag-border-left\">INVESTMENT-<\/p><p><strong>Egypt is no stranger to data centers: <\/strong>Egypt was among the countries that helped push expectations that Africa\u2019s data center market size <a target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2020\/08\/04\/2072600\/0\/en\/The-Africa-data-center-market-by-revenue-is-expected-to-grow-at-a-CAGR-of-over-12-during-the-period-2019-2025.html\" style=\"\" rel=\"noopener\">will grow<\/a> at a compound annual growth rate of 12% between 2019 and 2025 to surpass USD 3 bn by 2025. Egypt currently has <a target=\"_blank\" href=\"https:\/\/www.datacentermap.com\/egypt\/\" style=\"\" rel=\"noopener\">14 data centers<\/a>.<\/p><p><strong><br><\/strong><\/p><p><strong>Brace for more Egypt investments from SPE Capital: <\/strong>Private equity firm SPE Capital plans to allocate 25-33% of its USD 350 mn SPE PEF III \u2014 a private equity fund that focuses on mid-cap companies in Africa \u2014 to Egyptian investments, partner Ahmed Eloraby told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%b4%d8%b1%d9%83%d8%a9-spe-%d8%aa%d8%b9%d8%aa%d8%b2%d9%85-%d8%aa%d8%ae%d8%b5%d9%8a%d8%b5-25-33-%d9%85%d9%86-%d8%aa%d8%a7%d8%a8%d8%b9%d9%87%d8%a7-%d8%a7%d9%84%d8%ab\/\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%b4%d8%b1%d9%83%d8%a9-spe-%d8%aa%d8%b9%d8%aa%d8%b2%d9%85-%d8%aa%d8%ae%d8%b5%d9%8a%d8%b5-25-33-%d9%85%d9%86-%d8%aa%d8%a7%d8%a8%d8%b9%d9%87%d8%a7-%d8%a7%d9%84%d8%ab\/\" style=\"\" rel=\"noopener\">l M<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%b4%d8%b1%d9%83%d8%a9-spe-%d8%aa%d8%b9%d8%aa%d8%b2%d9%85-%d8%aa%d8%ae%d8%b5%d9%8a%d8%b5-25-33-%d9%85%d9%86-%d8%aa%d8%a7%d8%a8%d8%b9%d9%87%d8%a7-%d8%a7%d9%84%d8%ab\/\" style=\"\" rel=\"noopener\">al<\/a>. The company plans to acquire stakes in 2-3 local companies, with an eye on export industries, financial services, and logistics. The fund should reach second close before the end of the year, he added. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> SPE PEF III was part of the consortium that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8dfe000b-b619-4de4-a6c8-0793a206df4d\/state-exits-egyptian-microfinance-player-tamweely-after-egp-2.8-bn-buyout-by-int%e2%80%99l-consortium\" style=\"\" rel=\"noopener\">fully acquired<\/a> leading local microfinance provider Tamweely earlier this month. <\/p><p class=\"tag-border-left\">FINTECH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shopping at MAF malls ju<\/strong><strong>st got easier: <\/strong>Homegrown fintech player Valu will introduce mall gift cards for UAE-based retail giant Majid Al Futtaim\u2019s (MAF) malls across Egypt under a newly-announced partnership between the two sides, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1295.pdf\" style=\"\" rel=\"noopener\">press release<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1295.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. The gift card will allow shoppers to use Valu's payment plans for their purchases from over 400 brands across MAF shopping destinations. The move aims to \u201coffer customers enhanced flexibility, exclusive benefits and an elevated shopping experience at Majid Al Futtaim\u2019s shopping centers.\u201d<\/p><p class=\"tag-border-left\">COMMODITIES-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Less space for rice cultivation: <\/strong>The Madbouly government will reduce the area allotted for rice cultivation by 32% from 1.1 mn acres to 750k acres for the upcoming season, starting next May, <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/financial-markets\/53910\/%D9%85%D8%B5%D8%B1-%D8%AA%D9%82%D9%84%D8%B5-%D8%B2%D8%B1%D8%A7%D8%B9%D8%A9-%D8%A7%D9%84%D8%A3%D8%B1%D8%B2-%D8%A8%D9%86%D8%AD%D9%88-%D8%A7%D9%84%D8%AB%D9%84%D8%AB-%D9%81%D9%8A-%D8%A7%D9%84%D9%85%D9%88%D8%B3%D9%85-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing an unnamed government official. The new limit aims to conserve water resources while ensuring that domestic needs will be met.<\/p><p class=\"tag-border-left\">CAPITAL MARKETS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An EGP 1 bn real estate fund in the making:<\/strong> A consortium including Redcon Properties, Al Baraka Bank, and other institutions has plans to set up a local real estate investment fund with initial investments of over EGP 1 bn, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%aa%d8%ad%d8%a7%d9%84%d9%81-%d9%8a%d8%b6%d9%85-%d8%b1%d9%8a%d8%af%d9%83%d9%88%d9%86-%d8%a8%d8%b1%d9%88%d8%a8%d8%b1%d8%aa%d9%8a%d8%b2-%d9%88%d8%a7%d9%84%d8%a8%d8%b1%d9%83%d8%a9\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing Vice Chairman Ahmed Abdallah. The fund, which is expected to launch at the end of 2025, will acquire administrative and commercial buildings, with a focus on projects in east Cairo.<\/p><p class=\"tag-border-left\">EXPANSION-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cushman &amp; Wakefield expands into Egypt: <\/strong>NYSE-listed global real estate firm <a target=\"_blank\" href=\"https:\/\/www.cushmanwakefield.com\/en\" style=\"\" rel=\"noopener\">Cushman<\/a><a target=\"_blank\" href=\"https:\/\/www.cushmanwakefield.com\/en\" style=\"\" rel=\"noopener\">&amp; Wakefield<\/a> and its Emirati arm <a target=\"_blank\" href=\"https:\/\/www.cushwake.ae\/\" style=\"\" rel=\"noopener\">Cushman &amp; Wakefield Core<\/a> have expanded into Egypt as part of a wider regional expansion plan, the companies said in a <a target=\"_blank\" href=\"https:\/\/www.cushwake.ae\/news\/cushman-wakefield-core-expands-into-egypt\" style=\"\" rel=\"noopener\">press release<\/a>. The company will provide local clients with \u201cresearch &amp; consultancy, capital markets, sales &amp; leasing, asset management, property management and global occupier services.\u201d<\/p><p class=\"tag-border-left\">LOGISTICS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tenth of Ramadan dry port expected to move to final contract signing in November: <\/strong>The Transport Ministry\u2019s Public Authority for Land and Dry Ports is set to sign final agreements for a public-private partnership (PPP) with Medlog, the cargo subsidiary of Italy\u2019s Mediterranean Shipping Company (MSC), to design, construct, administer, and maintain the new dry ports and logistic center in Tenth of Ramadan in November, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/09\/17\/1826532\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing unnamed sources it says are in the know. The signing will follow the House of Representatives\u2019 expected greenlighting of the project next month.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Medlog first inked the agreement with the government to develop the new dry port in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c300f1c5-ae22-4ca2-a261-423df0bfc36a\" style=\"\" rel=\"noopener\">August 2023<\/a> The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2924d3de-2c58-464c-a105-e18beba04051\/egypt-has-big-dry-port-plans-%25e2%2580%2594-where-do-they-currently-stand%3F\" style=\"\" rel=\"noopener\">250-feddan project<\/a> will be carried out under a 30-year PPP contract with around USD 100 mn in total investments, and is expected to serve the industrial area in Badr, Ain Sokhna, East Port Said, the New Capital, and the Tenth of Ramadan.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/data-centers\/\">Data Centers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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<!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"643977\" 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=\"643977\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/wall-streets-biggest-banks-are-lagging-in-their-response-to-climate-risks\/\">\r\n                            Wall Street's biggest banks are lagging in their response to climate risks                        <\/a>\r\n                    <\/h3>\r\n\r\n                    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size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"643978\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/18\/wall-streets-biggest-banks-are-lagging-in-their-response-to-climate-risks\/2525-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2525.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2525.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2525.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/2525.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643977\" class=\"content-area-description single-story post-643977 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-banking tag-climate tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.6676fbd3-8141-484b-a05a-7a38d187d1d0.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Wall Street\u2019s climate blind spot: <\/strong>Some of Wall Street\u2019s biggest banks might be miscalculating a crucial risk metric \u2014 how they\u2019ll navigate a world shaped by rising temperatures and extreme weather, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-17\/wall-street-may-be-underestimating-an-important-risk-metric?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. A new study from <a target=\"_blank\" href=\"https:\/\/www.climate-x.com\/articles\/press-releases\/top-50-banks-tackling-climate-adaptation\" style=\"\" rel=\"noopener\">Climate X<\/a>, a risk data provider, suggests that while banks, such as Goldman Sachs, Morgan Stanley, and JPMorgan Chase, are beginning to track climate-related risks, they are not making the necessary shifts to address future disruptions caused by extreme weather and rising global temperatures. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>D\u00e9j\u00e0 vu?<\/strong> Kamil Kluza, chief product officer at Climate X, drew a parallel to the 2008 financial crisis, when banks overlooked liquidity risks. He believes a similar gap exists today with climate risk.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How banks fared:<\/strong> Standard Chartered and Banco Santander emerged as the top performers in financing climate adaptation, scoring around 11-12 points out of 17, while US banks Goldman Sachs, Morgan Stanley, and JPMorgan Chase rank among the lowest for investments that support climate adaptation.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adaptation efforts fall short:<\/strong> Climate X found that while 80% of banks are collecting climate-related data, less than half are actively engaging with clients to adjust their financing for climate-vulnerable businesses. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Creating a funding gap: <\/strong>The private sector\u2019s contribution to climate adaptation finance is still alarmingly low. From 2019 to 2022, it accounted for just 3% of the total funding, with most of the burden falling on governments and philanthropies. The current allocation of funds represents only a \u201cfraction of what\u2019s needed,\" according to World Bank Senior Managing Director Axel van Trotsenburg, who criticized that much of it is being used to \"rectify mistakes that should not have been made.\u201d<\/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>Once again, Asian markets are mixed<\/strong> as traders continue to brace themselves for a decisive day for global markets, with the Fed expected to make its first rate cut in five years. While South Korea and Hong Kong markets remain closed for national holidays, Japan\u2019s Nikkei rose 1.2%, and Topix was up 0.9%. Meanwhile, <strong>Wall Street futures<\/strong> are flat heading into the big day, with the Nasdaq and Dow Jones only marginally up. <\/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\">30,159<\/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: +21.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 48.35<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 48.49<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.36<\/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 48.46<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,886<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: -0.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,428<\/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: -1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,395<\/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\">0.0% (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\">5,635<\/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\">+0.03% (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\">8,310<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +7.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,861<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +7.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 73.70<\/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\">+1.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2.31<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 2,592.40<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 60,380.70<\/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\">+4.2% (YTD: +42.3%)<\/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 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 3.1 bn (20.5% below the 90-day average). International investors were net buyers. The index is up 21.2% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>B Investments (+1.9%), Abu Qir Fertilizers (+1.8%), and Sidi Kerir Petrochemicals (+1.5%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Palm Hills Development (-3.5%), Egypt Kuwait Holding -USD (-3.4%), and Beltone Holding (-3.1%). <\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"643979\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">8<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/is-there-a-real-estate-bubble\/\"> \r\n                            What are the prospects of the real estate market being hit by a bubble?<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/is-there-a-real-estate-bubble\/\" 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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However, industry players are quick to dismiss these concerns, asserting that the fundamental conditions for a bubble are not present in the Egyptian market. In today's HardHat, we delve into the ongoing debate, exploring the factors at play and the sector's outlook.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But what exactly is a real estate bubble?<\/strong> A real estate bubble occurs when property prices in an area or city become excessively inflated compared to their actual value, often driven by speculation and other factors. The problem with bubbles though, is that they tend to burst, which in this case could trigger a sharp decline in property prices as the market tries to reevaluate prices \u2014 often through overcorrection.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fears that a property bubble is about to emerge are fueled by economic headwinds:<\/strong> Some economic analysts have pointed to the rising USD exchange rate as a potential trigger for a real estate bubble. Economist Hany Tawfik repeatedly suggests that the weakening purchasing power of citizens could lead to a significant slowdown in the sector, suggesting a property bubble could develop by Q4 this year or early 2025. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Although others think that we may already have a property bubble:<\/strong> Some suggest that there is already a real estate bubble forming in the market, according to several industry players. Economist Medhat Nafei in his latest article on <a target=\"_blank\" href=\"https:\/\/www.shorouknews.com\/columns\/view.aspx?cdate=16092024&amp;id=7f5f1619-b501-4e11-ba12-3a1f140c88cc\" style=\"\" rel=\"noopener\">Shorouk News<\/a> thinks there is currently a property bubble, which he attributed to soaring real estate prices during the past ten years to unprecedented levels. Nafei said the increase was not determined primarily by rising wages, but instead the depreciation of the EGP against the greenback. A volatile and depreciating national currency pushed citizens and investors alike to pile into property purchases to hedge against currency fluctuations and ride the property investment boom.<\/p>\n<p class=\"tag-border-left\">INDUSTRY INSIDERS SEEM CONFIDENT A BUBBLE IS NOT IN THE CARDS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Most industry insiders we spoke to think the possibility of a bubble emerging is out of<\/strong><strong> the question:<\/strong> Real estate experts and developers we spoke to rejected the notion of an impending bubble, <strong>citing several key factors, including<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Genuine and growing demand:<\/strong> Mohamed El Bustani, the deputy head of the real estate division at the Federation of Egyptian Chambers of Commerce, told Enterprise that demand in Egypt is real and increasing. He pointed to the significant opening of the Egyptian real estate market to foreign markets and the presence of both local and global demand for real estate investment in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Robust property sales and revenues:<\/strong> Tatweer Misr CEO Ahmed Shalaby highlighted the substantial efforts made by real estate companies to boost the sector's contribution to economic growth. Major companies have reported significant revenues, reflecting strong domestic and foreign demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shift from speculation to real demand:<\/strong> El Bustani told us that current property purchases are driven by genuine demand rather than speculation, as the market saw solid demand on real estate assets at times last year when there was widespread uncertainty across other sectors. This demand has recently subsided, and developers refrained from rolling out other property projects or putting up new units for sale until balance returns to the market and to allow themselves to accurately calculate the costs to lay out stable pricing policies, according to Bustani, who says sales during the quarter are up.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Soaring costs drove property prices up:<\/strong> The high price tags on real estate units are not arbitrary, but rather pushed up by the rising exchange rate of foreign currencies against the EGP, inflation, and inflated costs across various sections, Ahmed Adbullah, member of the Federation of Egyptian Chambers of Commerce\u2019s real estate investment division, told Enterprise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Early resales are a healthy sign:<\/strong> El Bustani argues that purchasing property assets from those who are reselling early to make gains is \u201ca healthy sign.\u201d It helps put more capital into the system, achieves returns for owners, and indicates that real estate is a good asset to own.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Newly married couples are helping fuel real estate demand \u2014 and in turn prices:<\/strong> Fathallah Fawzi, chair of the Real Estate Development Committee at the Egyptian Businessmen's Association, told Enterprise that the fundamentals for a bubble are not present in Egypt. Fawzi highlighted that, according to official data, there are one mn new marriages annually in Egypt, requiring at least 500k units, which is reflected in growing demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Continuous population growth is also a factor:<\/strong> Abdullah added that the continuous increase in population reflects growth in demand on property units, with real estate companies significantly expanding across various diverse projects to meet different types of demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Limited contribution from luxury housing:<\/strong> Fawzi noted that luxury and upper-middle housing provided by private sector developers represents only about 10% of the annual demand volume, with no more than 35k units annually.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The difference in prices between the primary and secondary market is not evidence of a<\/strong><strong> bubble, but of a weakening of demand: <\/strong>Prices in the primary market are currently 30-50% higher than the secondary market is due to \u201ca year and a half of economic reform measures that impacted\u201d purchasing power and hit demand, Arab African International Securities Co-Head of Research Mahmoud Gad <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/pulse\/its-bubble-game-time-value-money-mahmoud-gad-cma\/?trackingId=mpOeUy2H9Ss2nAbcuNeYzQ%3D%3D\" style=\"\" rel=\"noopener\">said in a note<\/a>. As the CBE begins to cut rates, increased liquidity in the secondary market should help bring down prices to a similar level.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Limited role of mortgage financing:<\/strong> Both Abdullah and El Bustani pointed out that only about 5% of property purchases in Egypt are financed through mortgages, which they see as one of the key conditions for a bubble that is not prevalent in the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers:<\/strong> Mortgage financing volumes granted to beneficiaries so far have reached EGP 74 bn through 22 banks and 8 companies, with cash support of EGP 9.7 bn, according to Mai Abdel Hamid, head of the government\u2019s Mortgage Finance Fund. Meanwhile, 20 local developers have achieved record sales exceeding EGP 700 bn last year \u2014 a 111% y-o-y jump compared to the previous year's EGP 332 bn, according to the annual report by <a target=\"_blank\" href=\"https:\/\/theboardconsulting.com\/portfolio\/real-estate\/\" style=\"\" rel=\"noopener\">The Board Consulting<\/a> on the Egyptian real estate sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI-<\/strong> Tarek Shoukry, the head of the Federation of Egyptian Industries\u2019 real estate division, told us <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d4e0572-29fc-4a47-bf2a-45e426753724\/\" style=\"\" rel=\"noopener\">previously<\/a> that the Central Bank of Egypt is looking to revitalize mortgage financing, which would lead to increased demand, provided that the property unit itself serves as the collateral for mortgage financing, guaranteeing the developers\u2019 rights should clients fail to meet their payments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Real estate is a growth driver:<\/strong> El Bustani sees the real estate sector as a leading driver of economic growth in Egypt, supported by a surge in investments from local, Arab, and foreign players. He emphasized that real estate remains the preferred investment for Egyptians despite rising prices.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Prices expected to calm down:<\/strong> House Housing Committee Secretary Amin Massoud told us that he expects prices to stabilize as the pound\u2019s exchange rates settle and developers aim to maintain market appeal.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>A berth for handling grains in Qena:<\/strong> The River Transport Authority is planning to build an EGP 350 mn berth for grain and crop trading at Dandara River Port in Qena. The project is pending the cabinet\u2019s approval. (<a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/09\/15\/1825943\" style=\"\" rel=\"noopener\">Al Borsa<\/a>)<\/li>\n<li><strong>Some USD 3.2 bn worth of PPP infrastructure projects on offer by the end of year:<\/strong> The government plans to invite bids for over USD 3.2 bn worth of projects before the end of the year, Director of the Finance Ministry's public-private partnership (PPP) unit Atter Hannoura <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/567a0eaf-5133-4459-8f7b-25a0bb8d73a8\/gov%25e2%2580%2599t-to-invite-bids-for-usd-3-bn-worth-of-ppp%253cmark%253e-infrastructure%253c%2Fmark%253e-projects-by-the-end-of-the-year.-plus:-beltone-to-launch-two-new-venture-funds\" style=\"\" rel=\"noopener\">said<\/a> at the PPP MENA Forum in Dubai. <\/li>\n<li><strong>Another one of our real estate developers is heading to Saudi Arabia:<\/strong> Real estate developer Tatweer Misr is <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44d3bb58-4d45-40aa-8114-ac3553330773\/tatweer-misr,-mountain-view-prepare-for-ksa-expansions\" style=\"\" rel=\"noopener\">partnering up<\/a> with Saudi\u2019s Naif Alrajhi Investment to launch its first projects in Saudi Arabia. The projects are expected to debut at the end of the year or the beginning of the next. <\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hardhat\/\">Hardhat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"643981\" 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\/18\/643981\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-643981\" class=\"content-area-description single-story post-643981 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>20 September<\/span><span> (Friday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/form.jotform.com\/241433579803561?utm_campaign=CSPX&utm_source=PRL\" style=\"\">Egypt PropTech Challenge 2024<\/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>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 September (We<\/span><span>dnesday): <\/span><span>ITIDA\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/secc.org.eg\/English\/Pages\/DevOpsDays-Cairo.aspx\" style=\"\">DevOpsDays Cairo 2024 conference<\/a><\/span><span>.<\/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>7-11 October (Monday-Friday): Egyptian-Romanian Business Council Forum, Bucharest, Romania.<\/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>10-12 October <\/span><span style=\"font-weight:400;\">(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>10-12 October (Thursday-Saturday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/evs-electrify.egyreg.com\/\" style=\"\">EVs Electricity Egypt Expo and Conference<\/a><\/span><span>.<\/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>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\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>Aman hits securitization market | Pickalbatros expands Morocco portfolio | Settle raised USD 2 mn | SCZone data center project<\/p>\n","protected":false},"featured_media":643959,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-643958","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"d662df02-4a46-4a06-b159-dcd55f5908ac","teaser":"Aman hits securitization market | Pickalbatros expands Morocco portfolio | Settle raised USD 2 mn | SCZone data center project","photo_url":"https:\/\/ent.news\/2023\/12\/1625.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO 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