{"id":644036,"date":"2024-09-19T00:00:00","date_gmt":"2024-09-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=644036"},"modified":"2025-12-17T18:57:57","modified_gmt":"2025-12-17T18:57:57","slug":"hassan-allam-and-acwa-power-to-secure-usd-900-mn-for-1-1-gw-gulf-of-suez-wind-farm-by-the-end-of-2024","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/hassan-allam-and-acwa-power-to-secure-usd-900-mn-for-1-1-gw-gulf-of-suez-wind-farm-by-the-end-of-2024\/","title":{"rendered":"Hassan Allam and ACWA Power to secure USD 900 mn for 1.1 GW Gulf of Suez wind farm by the end of 2024"},"content":{"rendered":"<section id=\"644038\" 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=\"644038\">\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\/19\/wolfpack-sets-its-sights-on-swvl\/\">\r\n                            Wolfpack sets its sights on Swvl                        <\/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\/19\/wolfpack-sets-its-sights-on-swvl\/\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/wolfpack-sets-its-sights-on-swvl\/1530-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1530.JPG?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1530.JPG\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1530.JPG?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1530.JPG?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-644038\" class=\"content-area-description single-story post-644038 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-swvl 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\/.437897ec-16b4-4ccd-bdad-d04d31aa49ec.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, and a happy Thursday to you all.<\/strong> All eyes in the business community are firmly set stateside after the US Federal Reserve cut interest rates for the first time in over four years. But not all the business news worth knowing about today is coming out of the US, with important investment, green energy, and manufacturing updates from Egypt ready for you to get to grips with in the issue below.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BUT FIRST- We\u2019re now only five days away 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\"><a id=\"wwtt3\"><\/a> <strong>Headlining the EnterpriseAM Finance Forum this year is 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>** 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- It\u2019s unseasonably hot in Cairo today<\/strong>, with a high of 36\u00b0C and a low of 27\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>The weather in Alexandria is also refusing to say goodbye to summer<\/strong>, with a high of 35\u00b0C and a low of 24\u00b0C.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And over the weekend, <\/strong>expect to see temperatures rise to 37\u00b0C on Friday in the capital before fizzling out. Temperatures for our friends on the Mediterranean will start falling as of tomorrow to around the 30\u00b0C mark.<\/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- Turkey could reroute a portion of its LNG imports to Egypt in a few years:<\/strong> Turkish state-run gas company Botas has inked a ten-year agreement to import LNG from French energy giant TotalEnergies with the option to redirect cargoes to Egypt and Europe, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-18\/turkey-boosts-gas-hub-aim-with-10-year-totalenergies-supply-deal%5C\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. The agreement, which will see TotalEnergies delivering some 1.6 bn cubic meters per year starting 2027, is part of Turkey\u2019s efforts to become a gas hub on the EU\u2019s doorstep.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We could also soon start seeing gas supplies coming from Cyprus:<\/strong> Egypt and Cyprus are reportedly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4f765f9f-8f72-4f9d-87f0-ff3226901d63\" style=\"\" rel=\"noopener\">exploring the construction<\/a> of a 90-km marine pipeline to transport Cypriot gas to our Zohr field\u2019s production facilities. Cyprus plans to start supplying 1 bn cubic feet of gas per day from its Aphrodite offshore field to Egypt between 2027 and 2028, according to unconfirmed reports.<\/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- Swvl is the latest target of short seller <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wolfpackresearch.com\/items\/swvl%2C-a-%E2%80%9Ctransportation-as-a-service%E2%80%9D-start-up-appears-to-be-a-few-breaths-away-from-bankruptcy\" style=\"\" rel=\"noopener\">Wolfpack Research<\/a><\/strong><strong>: <\/strong>The short seller claimed Cairo-born, UAE-based mass transit app Swvl is a \u201cfew breaths away from bankruptcy\u201d and in \u201cdire financial conditions.\u201d Wolfpack thinks Swvl\u2019s operations will soon \u201cgrind to a halt as they run out of money.\u201d Enterprise was unable to reach Swvl for comment by our deadline for dispatch. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The road to alleged bankruptcy: <\/strong>Swvl was hit with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/371428c9-41e3-4364-b81b-273b0a0b1086\/%253cmark%253eswvl%253c%2Fmark%253e-hit-with-a-second-nasdaq-delisting-notice,-will-unwind-volt-lines-acquisition\" style=\"\" rel=\"noopener\">two delisting warnings<\/a> from Nasdaq last year after the market value of its listed securities dipped below the required USD 50 mn, with its share price falling below the USD 1.00 mark for several months in 2023. This was mainly due to market volatility, as well as rising expenses and costs associated with the listing. The company exited several markets by selling off a number of its subsidiaries and <a target=\"_blank\" href=\"https:\/\/investors.swvl.com\/news-releases\/news-release-details\/swvl-reports-further-steps-its-portfolio-optimization-program\" style=\"\" rel=\"noopener\">laying off 50% of its global workforce<\/a> as part of its portfolio optimization strategy. Swvl shares are currently down 68% since the company\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\" style=\"\" rel=\"noopener\">IPO in April 2022<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax: <\/strong>Swvl shares were up 4.6% by the end of trading following the news to USD 3.19 a share. However, after hours trading tells a markedly different story, with Swvl shares down 1.6% at the time of writing.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Gov\u2019t t<\/strong><strong>o launch new investment and trade framework:<\/strong> The Investment Ministry is preparing a vision for investment and trade policies for 2024-2030, Investment Minister Hassan El Khatib <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02XR4VYED6pv1uNmvREzFyDeCE9mx494jxhvUkCtmaedt4R8sVuheRypiJ71JX1PZ8l\" style=\"\" rel=\"noopener\">said<\/a> on Tuesday. The priorities include restoring investor confidence in state policies, promoting manufacturing for export, and enhancing the private sector\u2019s role in the economy.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- Investment agreement with KSA sets the stage for uptick in bilateral investment: <\/strong>The signing of the anticipated Agreement on Promotion and Mutual Protection of Investments between Egypt and Saudi could see upwards of USD 10 bn in bilateral investments over the next three years, chairman of the Egyptian-Saudi Joint Business Council Bandar Al Ameri told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/financing-and-investment\/53992\/%D8%B7%D9%88%D9%8A-%D8%B5%D9%81%D8%AD%D8%A9-%D8%AA%D8%AD%D8%AF%D9%8A%D8%A7%D8%AA-%D8%A7%D9%84%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D8%AE%D9%84%D8%A7%D9%84-%D9%87%D8%B0%D8%A7-%D8%A7%D9%84%D8%B9%D8%A7%D9%85\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> yesterday. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> During a high-level visit to the kingdom earlier in the week, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b037f3f4-3f02-46c6-b156-8e255c10923b\/mohammed-bin-salman-tells-pif-to-pump-usd-5-bn-in-investments-into-egypt-in-first-phase\" style=\"\" rel=\"noopener\">we heard<\/a> that the agreement between the two countries, which aims to help protect Saudi investors as Egypt looks to double their investments in the country, will be put into effect in two months or less after both sides sort out the necessary legislative and regulatory issues.<\/p><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=\"wwtt5\"><\/a> <strong>#1- <\/strong><strong>It\u2019s the last day of Blinken\u2019s three-day trip to Egypt: <\/strong>US Secretary of State Antony Blinken\u2019s <a target=\"_blank\" href=\"https:\/\/www.state.gov\/secretary-blinkens-travel-to-egypt\/\" style=\"\" rel=\"noopener\">trip<\/a> has so far seen him co-chair the US-Egypt Strategic Dialogue alongside Foreign Minister Badr Abdelatty and meet with senior government officials, including President Abdel Fattah El Sisi. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The meetings \u2014 which we\u2019ve summarized below \u2014 were somewhat overshadowed by <\/strong><strong>two days of Hezbollah device detonations in Lebanon, <\/strong>which saw Blinken <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-blinken-discuss-bilateral-ties-gaza-ceasefire-2024-09-18\/\" style=\"\" rel=\"noopener\">call<\/a> on all parties to avoid \u201cany actions that could escalate the conflict\u201d in a joint press conference with Abdelatty. While Blinken did not name Israel as the party responsible for the explosions, he did note that there have been times during ceasefire negotiations when an incident \u201cthat makes the process more difficult, that threatens to slow it, stop it, derail it\u201d has thrown a wrench in reaching a final agreement.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Talks between El Sisi and Blinken centered around advancing ceasefire negotiations in <\/strong><strong>Gaza and the facilitation of <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02seCM4XDFDHgVwctD4rmM37WR9vFUtMS8E6ymaPF7QiGpbzCCDn4huTTHR94121tPl\" style=\"\" rel=\"noopener\">humanitarian<\/a><\/strong><strong> aid delivery, <\/strong>alongside ending Israeli transgressions in the West Bank, according to a statement from the Ittihadeya. The meeting also touched upon regional developments, including Egypt\u2019s support for Lebanon amid the targeting of Hezbollah communications networks, according to the spokesman\u2019s statement, and ongoing issues related to Nile water-sharing and the conflict in Sudan, according to the US State Department <a target=\"_blank\" href=\"https:\/\/eg.usembassy.gov\/secretary-blinkens-meeting-with-egyptian-president-el-sisi-10\/\" style=\"\" rel=\"noopener\">statement<\/a> on the meeting.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, Foreign Minister Abdelatty stressed the importance of increasing US <\/strong><strong>investment in and economic support for Egypt during yesterday\u2019s session of the Egyptian-American Strategic Dialogue,<\/strong> referring to economic and trade relations as \u201cone of the main pillars\u201d of the partnership between the two countries, according to a ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0sfHkMmf9vw82t1UrLAW5ANk64ftR5zAUyFAZKdqcUaowCAo2uMP1bztLL9RpYoe6l\" style=\"\" rel=\"noopener\">statement<\/a>. Abdelatty also reaffirmed its demand that Israel withdraw from the Philadelphi Corridor as part of an immediate ceasefire in the war in Gaza. The dialogue participants also <a target=\"_blank\" href=\"https:\/\/eg.usembassy.gov\/secretary-antony-j-blinken-and-egyptian-foreign-minister-badr-abdelatty-before-the-u-s-egypt-strategic-dialogue\/\" style=\"\" rel=\"noopener\">discussed<\/a> regional developments in Sudan, Libya, and Somalia, alongside issues related to navigation in the Red Sea and Ethiopia\u2019s construction of the Grand Ethiopian Renaissance Dam.<\/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=\"wwtt4\"><\/a> <strong>#2- It\u2019s day two of<\/strong><strong> BEBA\u2019s business mission to the UK:<\/strong> The British Egyptian Business Association\u2019s (BEBA) three-day <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> business mission to the UK is well underway and reports are starting to trickle in on what has been discussed.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>British pharma, fruit produce, and railway parts companies have been meeting with<\/strong><strong> Investment Minister Hassan El Khatib<\/strong> to <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0cgCHzwUfxp3xQy53PFKtJYWJwdmaMRd5hPi2ECtbDZzXRLni4ewFrBoZCdQJLPo9l\" style=\"\" rel=\"noopener\">discuss<\/a> investment and trade. Fruit producer giant Blue Skies told El Khatib that it plans to expand in Egypt and railway signaling part manufacturer Park Signaling discussed the possibility of opening up factories in Egypt to serve local and regional markets.<\/p><p class=\"tag-border-left\">HAPPENING TOMORROW-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Calling all local proptech startups: <\/strong>Tomorrow will be the last day that startups can <a target=\"_blank\" href=\"https:\/\/form.jotform.com\/241433579803561?utm_campaign=CSPX&amp;utm_source=PRL\" style=\"\" rel=\"noopener\">apply<\/a> to take part in the region\u2019s first proptech acceleration program \u2014 dubbed the Egypt PropTech Challenge 2024. Organizers PROPTEX describe the accelerator in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1225.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a> as \u201cEgypt\u2019s first proptech competition, designed to showcase innovative solutions in the real estate sector.\u201d The winning startups will be announced on 25 September following a demo day. <\/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>Even with everything going on in the world, the Fed\u2019s decision to cut interest rates is <\/strong><strong>topping the headlines in the international business press<\/strong>. US Federal Reserve chair Jay Powell <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/economy\/central-banking\/fed-cuts-rates-by-half-percentage-point-03566d82\" style=\"\" rel=\"noopener\">announced<\/a> late yesterday that the Fed had voted to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/with-feds-rate-cut-hand-debate-swirls-over-how-big-move-2024-09-18\/\" style=\"\" rel=\"noopener\">lower<\/a> interest rates by half a percentage point in its first rate cut since 2020, bringing the benchmark federal funds rate to between 4.75% and 5%. In its statement on the decision, the Fed noted that the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/bff9e6d8-8906-4b3d-9ff3-72b091b6cd9e\" style=\"\" rel=\"noopener\">decision<\/a> reflects \u201cgreater confidence that inflation is moving sustainably toward 2%.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gulf policymakers <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-18\/gulf-central-banks-follow-fed-cut-as-oil-prices-drop-toward-70?srnd=homepage-middle-east&amp;embedded-checkout=true\" style=\"\" rel=\"noopener\">followed suit<\/a><\/strong><strong> late yesterday<\/strong>, with the central banks of Saudi Arabia, the UAE, and Bahrain lowering their interest rates by 50 basis points, Qatar lowering rates 55 points, and Kuwait lowering rates by 25 basis points.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** We\u2019ve got the complete rundown of the Fed\u2019s decision to cut rates, what happens next, <\/strong><strong>and how the market reacted in our Planet Finance section, below.<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WHILE IN OUR CORNER OF THE WORLD- Lebanon was hit yesterday with yet <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/defb8bf1-da0b-403a-aa4d-d27a35d54201\" style=\"\" rel=\"noopener\">another<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/defb8bf1-da0b-403a-aa4d-d27a35d54201\" style=\"\" rel=\"noopener\">set of Israeli device explosions<\/a><\/strong> as Hezbollah continues to reel from what has been described as the most significant penetration of the armed group\u2019s communication networks since the beginning of the war on Gaza. The latest set of explosions were of the group\u2019s hand-held radios, which <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-planted-explosives-hezbollahs-taiwan-made-pagers-say-sources-2024-09-18\/\" style=\"\" rel=\"noopener\">killed 20 and injured over 450<\/a> in Lebanon's single deadliest day since Hezbollah and Israeli forces began exchanging fire over the border nearly a year ago. The episode has further heightened fears of an escalation on the Lebanese-Israeli border, with Hezbollah secretary-general Hassan Nasrallah set to give an address today.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND OVER IN TECH NEWS- Google will not have to pay a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f59441ee-e37f-4aa9-92a9-6f321b981e2c\" style=\"\" rel=\"noopener\">EUR 1.5 bn fine<\/a><\/strong> levied on the company by the European Commission after winning an appeal, though the court accepted the commission\u2019s assessment that the tech giant had engaged in anticompetitive practices with regard to its online advertising business. The decision marks a victory for big tech in the EU\u2019s recent antitrust crusade just as Meta <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/6e126355-eef3-46a8-875c-2480861ba38a\" style=\"\" rel=\"noopener\">comes under scrutiny<\/a> by the commission for anticompetitive practices linked to its Marketplace services, with a decision on the case \u2014 and an appropriate fine \u2014 to be decided as early as next month.<\/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\/swvl\/\">Swvl<\/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=\"644040 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=\"644040\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/644040\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-644040\" class=\"content-area-description single-story post-644040 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1085.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">For the first time in Egypt<\/span><span style=\"font-weight:400;\">, Somabay is thrilled to host the legendary Amy Winehouse Band live in concert. Prepare for an unforgettable evening filled with soul, jazz and iconic hits as the band performs live at Somabay\u2019s breathtaking The Marina in The Theater Somabay on 5 October. Set against the stunning backdrop of the Red Sea, this exclusive event promises a magical night of music and entertainment in a unique setting. #TheAmyWineHouseBand #OneParadiseAllSeasons #SomabayRedSea<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"644041\" 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=\"644041\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/acwa-power-hassan-allam-plan-to-secure-close-to-usd-900-mn-for-their-mega-gulf-of-suez-wind-farm-by-year-end\/\">\r\n                            ACWA Power, Hassan Allam plan to secure close to USD 900 mn for their mega Egypt wind farm by year end                        <\/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\/19\/acwa-power-hassan-allam-plan-to-secure-close-to-usd-900-mn-for-their-mega-gulf-of-suez-wind-farm-by-year-end\/\" target=\"_blank\">\n                    Open in new tab         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              <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/acwa-power-hassan-allam-plan-to-secure-close-to-usd-900-mn-for-their-mega-gulf-of-suez-wind-farm-by-year-end\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1515.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"644042\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/acwa-power-hassan-allam-plan-to-secure-close-to-usd-900-mn-for-their-mega-gulf-of-suez-wind-farm-by-year-end\/1515-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1515.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1515.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1515.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1515.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-644041\" class=\"content-area-description single-story post-644041 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-acwa-power tag-energy tag-enterpriseam tag-hassan-allam-utilities tag-renewables tag-wind-power 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\/.ef1553b9-fd54-46f0-9671-45460ca95d7b.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>ACWA and <\/strong><strong>HAU<\/strong><strong> update investment ticket for mega wind farm: <\/strong>Saudi renewables giant ACWA Power and Hassan Allam Utilities (HAU) are reportedly set to secure close to USD 900 mn in financing by the end of the year for their 1.1 GW wind farm in Gulf of Suez, a source with knowledge of the matter told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s an update from earlier this year: <\/strong>The consortium <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d79ed63-6bef-4d9e-8dce-edca1c628ebb\/a-larger-imf-package-looks-like-a-question-of-if-and-not-when\" style=\"\" rel=\"noopener\">signed a 25-year land usufruct<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d79ed63-6bef-4d9e-8dce-edca1c628ebb\/a-larger-imf-package-looks-like-a-question-of-if-and-not-when\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d79ed63-6bef-4d9e-8dce-edca1c628ebb\/a-larger-imf-package-looks-like-a-question-of-if-and-not-when\" style=\"\" rel=\"noopener\">agreement<\/a> with the New and Renewable Energy Authority for the wind farm back in January, saying at the time the project had an investment value of up to USD 1.5 bn. Commercial operations are set to begin by the end of 2026, according to a statement released at the time.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ACWA and HAU have completed all studies for the project<\/strong>, <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/54086\/%D8%A3%D9%83%D9%88%D8%A7-%D8%A8%D8%A7%D9%88%D8%B1-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D9%88%D9%86%D8%B5%D9%81-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%85%D8%AD%D8%B7%D8%A9-%D8%B1%D9%8A%D8%A7%D8%AD-%D9%85%D8%B5%D8%B1\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports, citing an unnamed government source. The final contracts are expected to be signed before the end of the year ahead of kicking off project implementation. Asharq\u2019s sources said that the project will be implemented over two 550 MW phases and is expected to be fully operational by the end of 2027. Construction is scheduled to begin before the end of this year, with an estimated completion time of 30 months. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> ACWA Power and Hassan Allam signed a 25-year power purchase agreement with the Egyptian Electricity Transmission Company to develop the wind farm under a build-own-operate framework back in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/031ecccd-f816-4657-ae61-58d9c32a706d\" style=\"\" rel=\"noopener\">June 2022<\/a>. ACWA said at the time that the onshore wind farm will be one of the largest in the world and the largest in the Middle East.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ACWA has other plans in store for Egypt<\/strong>, with the company\u2019s vice chairman Raad Al Saady <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e02aa4d2-5b8a-4fc3-b530-cafc8c877ff7\/gov%25e2%2580%2599t-to-scrap-beni-suef%253cmark%253e-power%253c%2Fmark%253e-plant-sale%3F\" style=\"\" rel=\"noopener\">saying that the company plans<\/a> to invest USD 1.5 bn in a new project in Egypt earlier this week. No further details were provided. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/acwa-power\/\">ACWA Power<\/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\/hassan-allam-utilities\/\">Hassan Allam Utilities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wind-power\/\">wind power<\/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=\"644043\" 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 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class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"644044\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/govt-hikes-subsidized-butane-prices-by-up-to-50\/\">\r\n                            Egypt hikes subsidized butane prices by up to 50%                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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          \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/govt-hikes-subsidized-butane-prices-by-up-to-50\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1513.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"644045\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/govt-hikes-subsidized-butane-prices-by-up-to-50\/1513-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1513.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1513.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1513.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1513.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-644044\" class=\"content-area-description single-story post-644044 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-commodities tag-energy tag-enterpriseam tag-fuel tag-subsidies 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\/.6ce34639-730f-43b1-ae3b-0236a4a4ec49.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Gas cylinders just got more expensive: <\/strong>The government has hiked the prices of butane gas cylinders as part of efforts to rationalize subsidies for fuel, according to a decision published in the Official Gazette. The price hikes came into effect yesterday morning.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The ne<\/strong><strong>w price tags: <\/strong>The price of household cylinders has gone up 50% to EGP 150 ex-factory, while the price of cylinders for commercial use has increased 33.3% to EGP 200 ex-factory. Bulk gas prices have been raised to EGP 12k per ton, excluding transportation freight.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> Global price increases have driven up the cost of butane, necessitating domestic hikes to alleviate the burden on the state budget, a senior government source told Enterprise. Nevertheless, butane continues to be heavily subsidized by the state, with the actual costs standing at EGP 200 for household cylinders and EGP 450 for commercial cylinders, according to our source. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The payoff could be significant:<\/strong> The price hikes are expected to save the state over EGP 27 bn in annual expenditures, our source said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a steady supply of butane:<\/strong> An average of 1.5 mn cylinders are distributed to warehouses daily, our source said, adding that import agreements are in place to meet market demand for the foreseeable future, ensuring a stable supply in the coming months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mazut bills for power facilities also went up:<\/strong> The Oil Ministry has raised the price of mazut supplied to power generation and production facilities to EGP 6.5k per ton from EGP 2.5k, while the price for factories unchanged after their last hike in July. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t has been putting the brakes on petroleum product subsidies throughout the year:<\/strong> The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be2302e1-e1a7-4413-95b2-887642444241\/\" style=\"\" rel=\"noopener\">bumped up<\/a> the price of household gas cylinders by 33% in March and raised the price of mazut for most industries by 13.3% to EGP 8.5k per ton <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45d2052e-4c8d-4dde-b93c-8965df87dd03\/\" style=\"\" rel=\"noopener\">in July<\/a>. Car fuel prices were also raised by 11-15% in July.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And further hikes could be in the works: <\/strong>The government has been studying the possibility of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da0fab5f-79e9-4d82-b4ca-ed6f42f04eeb\/\" style=\"\" rel=\"noopener\">raising the price of natural gas<\/a> supplies for the country\u2019s industrial sector since July, a government source confirmed to Enterprise earlier this week.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The endgame is to suspend fuel subsidies altogether:<\/strong> The government plans to phase out subsidies for butane and other petroleum products entirely by the end of 2025, our source said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/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\/fuel\/\">fuel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsidies\/\">subsidies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"644046 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=\"644046\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/644046\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-644046\" class=\"content-area-description single-story post-644046 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.eg\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/295.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"644047\" 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=\"644047\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/local-edtech-platform-farid-secures-usd-250k-in-pre-seed-round\/\">\r\n                            Egyptian edtech platform Farid secures USD 250k 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 href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/local-edtech-platform-farid-secures-usd-250k-in-pre-seed-round\/\" 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\/19\/local-edtech-platform-farid-secures-usd-250k-in-pre-seed-round\/')\">\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\/19\/local-edtech-platform-farid-secures-usd-250k-in-pre-seed-round\/\">\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=Local edtech platform Farid secures USD 250k in pre-seed round&url=https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/local-edtech-platform-farid-secures-usd-250k-in-pre-seed-round\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/local-edtech-platform-farid-secures-usd-250k-in-pre-seed-round\/&title=Local edtech platform Farid secures USD 250k in pre-seed round\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Local+edtech+platform+Farid+secures+USD+250k+in+pre-seed+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F09%2F19%2Flocal-edtech-platform-farid-secures-usd-250k-in-pre-seed-round%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\/19\/local-edtech-platform-farid-secures-usd-250k-in-pre-seed-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1463.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"644048\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/local-edtech-platform-farid-secures-usd-250k-in-pre-seed-round\/1463-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1463.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1463.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1463.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1463.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-644047\" class=\"content-area-description single-story post-644047 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-edtech tag-education tag-enterpriseam 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\/.78b6b6b3-bd97-4007-b606-65d6fe7e124e.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egyptian<\/strong><strong> edtec<\/strong><strong>h startup Farid secures USD 250k in pre-seed round<\/strong> from Saudi businesswoman Amal bint Abdulaziz Al-Ajlan, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1425.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The funding will help the company expand its platform, develop new content, recruit employees and trainers, and expand into Saudi Arabia and the UAE.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Farid? <\/strong>Founded earlier this year by Mahmoud Hussein, Farid is the region\u2019s first platform to provide \u201cdirect, one-on-one sessions for character building and mental health support for Arab children aged 3 to 18 years.\u201d It also offers training for youth and graduates to become certified trainers in Farid\u2019s methodology.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next for Farid? <\/strong>The startup is looking to add workshops and introduce new curricula that \u201cenhance children\u2019s personal skills, nurture their talents, and support their mental health to prepare them confidently for future challenges.\u201d It aims to increase its number of users to 20k over the coming two years.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edtech\/\">edtech<\/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\/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=\"644049\" 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=\"644049\">\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\">A MESSAGE FROM AUC SCHOOL OF BUSINESS EXECUTIVE EDUCATION<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/empowering-future-leaders-auc-school-of-business-joins-forces-with-beltone-holding\/\">\r\n                            Empowering future leaders: AUC School of Business joins forces with Beltone Holding                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/empowering-future-leaders-auc-school-of-business-joins-forces-with-beltone-holding\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/empowering-future-leaders-auc-school-of-business-joins-forces-with-beltone-holding\/')\">\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\/19\/empowering-future-leaders-auc-school-of-business-joins-forces-with-beltone-holding\/\">\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=Empowering future leaders: AUC School of Business joins forces with Beltone Holding&url=https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/empowering-future-leaders-auc-school-of-business-joins-forces-with-beltone-holding\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/empowering-future-leaders-auc-school-of-business-joins-forces-with-beltone-holding\/&title=Empowering future leaders: AUC School of Business joins forces with Beltone Holding\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Empowering+future+leaders%3A+AUC+School+of+Business+joins+forces+with+Beltone+Holding+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F09%2F19%2Fempowering-future-leaders-auc-school-of-business-joins-forces-with-beltone-holding%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\/19\/empowering-future-leaders-auc-school-of-business-joins-forces-with-beltone-holding\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/303.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"644050\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/empowering-future-leaders-auc-school-of-business-joins-forces-with-beltone-holding\/303-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/303.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"303.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/303.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/303.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-644049\" class=\"content-area-description single-story post-644049 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from-auc-school-of-business-executive-education tag-a-message-from-auc-school-of-business-executive-education tag-auc tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.dd3f7999-cd4e-4e8f-a1fb-0e2502089d33.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In February 2024, The Americ<\/strong><strong>an Univ<\/strong><strong>ersit<\/strong><strong>y of Cairo (AUC) Sc<\/strong><strong>hool of Business kicked off<\/strong><strong> a strategic partnership with Beltone Holding.<\/strong> As part of this collaboration, AUC School of Business Executive Education joins forces with Beltone Academy, the educational arm of Beltone Holding.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In its<\/strong><strong> 1Q<\/strong><strong> 20<\/strong><strong>24 earnings, Beltone reported an 812% y-o-y boost in operating revenue<\/strong>, recording a whopping EGP 1.33 bn. This propels Beltone Holding to the forefront of the fastest-growing financial businesses in the Egyptian market. Meanwhile, the AUC School of Business Executive Education (ExecEd) shines with its academic and professional excellence, consistently ranked among the world\u2019s top business schools and recognized by the Financial Times (FT).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The strategic partnership aims to support students and professionals<\/strong>, achieving a dynamic and multifaceted impact on both fronts. The program wields the academic expertise of instructors at ExecEd, allowing Beltone\u2019s employees to enrich their professional capabilities through a rigorous academic program. The intricately customized programs offered by the ExecEd team highlight their focus on dynamism and agility, featuring market-centric modules that prioritize market needs and trends in classroom learning.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Olfat Amer<\/strong><strong>,<\/strong><strong> head <\/strong><strong>of Beltone Academy, emphasizes, <\/strong><strong>\u201cWe collaborated with AUC School of <\/strong><strong>Business because it is one of the best business schools in the region<\/strong>. The ExecEd team, in particular, is agile and robust \u2013 one of the main reasons that attracted us to work with the school.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The collaboration with ExecEd kicked off in July<\/strong> <strong>with a credit course comprising 11<\/strong><strong> modules focusing on numerous financial aspects <\/strong>ranging from the most basic principles of accounting to the complexities of writing a credit proposal. This approach ensures that by the end of the program, participants have engaged in real-life case studies that thoroughly apply all aspects of credit assessment. The modules comprise 186 training hours. Currently, 20 Beltone employees are enrolled, and upon completion, they will receive a professional certificate from ExecEd. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At Beltone Academy, both undergraduate and postgraduate students gain firsthand<\/strong><strong> experience of Beltone Holding\u2019s work culture<\/strong> through hands-on training opportunities. This blend of academia and practical experience, allows students to grasp the robust working environment at Beltone and apply their academic knowledge in real-world settings. As Maha Mourad, dean for undergraduate studies and administration at the School of Business, notes, \u201cBy offering our undergraduates the chance to work alongside Beltone's seasoned professionals, we're not just enhancing their learning \u2014 we're helping to sculpt the financial problem-solvers and innovators of tomorrow.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The partnership between Beltone Holding and AUC School of Business represents a<\/strong><strong> comprehensive blend of intellectual and practical experiences.<\/strong> This cooperation falls in line with the schools\u2019 goal to prepare both students and professionals for the dynamic nature of the ever-evolving job market. Mohamed Abdel Salam, executive director of AUC School of Business ExecEd states, \u201cOur alliance with Beltone is built on a shared vision of creating an agile and knowledgeable workforce. We aim to offer a transformative educational experience that extends professional growth far beyond the classroom.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/a-message-from-auc-school-of-business-executive-education\/\">A MESSAGE FROM AUC SCHOOL OF BUSINESS EXECUTIVE EDUCATION<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/auc\/\">AUC<\/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=\"644051\" 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=\"644051\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/qalaa-holdings-sees-revenues-income-rise-in-1q-2024\/\">\r\n                            Qalaa Holdings sees revenues, income rise in 1Q 2024                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/qalaa-holdings-sees-revenues-income-rise-in-1q-2024\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Qalaa\u2019s revenues recorded a 45% y-o-y jump in the same period to EGP 37.6 bn, \u201cmainly driven by [Egyptian Refining Company\u2019s] USD-denominated revenue, and was further boosted by broad-based growth across most subsidiaries.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the growth:<\/strong> This significant rise in the company\u2019s net income was primarily attributed to a EGP 9.7 bn gain associated with the Financial Holdings International (FHI) settlement \u2014 during the quarter, Qalaa settled a bulk of its liabilities and those of its subsidiaries owed to FHI.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Qalaa is on a mission to try and reduce its debt levels, with the company\u2019s consolidated debt standing at EGP 111.2 bn at the end of the first quarter. Of the company\u2019s total consolidated debt, 72.5% is related to its Egyptian Refining Company (ERC) \u2014 a multi-bn USD greenfield refinery in Mostorod funded by debt that Qalaa has since struggled to pay off despite its businesses achieving good returns. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Onward looking: <\/strong>\u201cWhile the domestic economy continues to go through a challenging period, where the difficulties faced at home are further exacerbated by the current state of global macroeconomic uncertainty as well as the armed conflicts taking place around us, Qalaa remains well-positioned to overcome these challenges, thanks to our resilience, flexibility, and efficiency, which are ingrained into the core of our DNA,\u201d Qalaa founder and chairman Ahmed Heikal said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Qalaa\u2019s efforts to settle its debts ramped up in 2Q: <\/strong>The company's next quarterly earnings release will reflect it settling EGP 3.3 bn worth of debt with a group of local banks <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60b57930-a5be-41fc-bb02-f4f2b0945ed1\/%253cmark%253eqalaa%253c%2Fmark%253e-settles-egp-3.34-bn-of-debt-in-exchange-for-a-stake-in-taqa\" style=\"\" rel=\"noopener\">in exchange for<\/a> a 17.7% stake in its Taqa Energy subsidiary. Also reflected, will be Qalaa\u2019s USD 28 mn <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a85e72e7-a641-4739-93ec-05187b6b74a5\/phase-two-of%253cmark%253e-qalaa%253c%2Fmark%253e%25e2%2580%2599s-debt-buyback-program-oversubscribed\" style=\"\" rel=\"noopener\">debt buyback program<\/a> that\u2019s part of a wider plan to retire some USD 430 mn in foreign-currency debt. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-refining-company\/\">Egyptian Refining Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"644053\" 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=\"644053\">\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\">Spotlight<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/fras-farid-highlights-how-the-regulator-brought-new-instruments-depth-to-the-market\/\">\r\n                            FRA\u2019s Mohamed Farid highlights how Egypt\u2019s regulator brought new instruments + depth to the market                        <\/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\/19\/fras-farid-highlights-how-the-regulator-brought-new-instruments-depth-to-the-market\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Speaking at EFG Hermes\u2019 annual conference in London last week, Farid touched on the different regulatory changes the authority has introduced over the past several years and the changes seen across the country\u2019s IPO market, ins. sector, and the digitization push. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>From EGX to FRA:<\/strong> Transitioning from the bourse to the FRA allowed Farid to bring an inside perspective on the regulatory priorities for the agency, including facilitating the process for companies to IPO on the bourse, he said. \u201cWe discovered that in Egypt, for companies to get fully ready to be able to trade their shares on the market through a complete IPO, they need lots of time,\u201d Farid said. To facilitate that process and encourage the introduction of new paper on the EGX, the FRA <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/781f8a28-a5ae-4f4f-b1e2-a24e80ce512a\" style=\"\" rel=\"noopener\">introduced in September 2022<\/a> amendments to listing rules that allow companies to temporarily list on the EGX while seeking regulatory approvals from the FRA. The amendments also granted companies a longer window to meet listing requirements. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The FRA also recently introduced changes to the listing rules for special purpose <\/strong><strong>acquisition vehicles (SPACs)<\/strong>, Farid noted. The regulator had first greenlit a proposal to allow SPACs in Egypt <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a464bafe-21f2-4b7e-a02e-63708d29114c\" style=\"\" rel=\"noopener\">back in 2021<\/a>. In introducing SPACs to Egypt, the FRA looked at the model introduced in the US and modified it to fit the local market. \u201cWe took a slightly different approach whereby the traditional model of SPACs that\u2019s in the US is allowed, but there\u2019s also a complementary model that also exists in Saudi and the UAE that introduces an SME platform,\u201d Farid said. This setup allows VC funds themselves to get listed. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The rationale:<\/strong> \u201cIf we allow companies to be listed with a minimum capital requirement of EGP 1 mn, and we\u2019re allowing investors to take this risk, it doesn\u2019t make any sense for us to not allow VC funds to be listed as well,\u201d Farid said. The new model is \u201cnamed SPACs for marketing purposes but it\u2019s more about listing private equity and venture capital funds\u201d and eventually create a path for limited partners (LPs) in startups to have a clear exit scenario, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Egyptian SPAC model takes heed of multinational institutions\u2019 guidance that <\/strong><strong>encourage the increased transparency that comes from listing a VC fund<\/strong>, Farid said, pointing to research from the European Bank of Reconstruction and Development, among others. \u201cThese institutions found that the performance of listed private equity and VC firms is by far superior to unlisted or \u2018opaque\u2019 peers,\u201d Farid said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This model is also designed to \u201cenable different asset management firms with the aim of <\/strong><strong>investing in startups<\/strong> and companies with newly developed ideas,\u201d while still providing investors with a clear exit mechanism, Farid said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Besides SPACs, the introduction of a voluntary carbon market with carbon credit trading<\/strong><strong> was another major development<\/strong> in the Egyptian market. Egypt officially launched <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf6f83bf-cf94-4686-a908-2e5c27b3c511\/egypt-launches-africa%e2%80%99s-first-carbon-market\" style=\"\" rel=\"noopener\">Africa\u2019s first carbon market<\/a> last month, which Farid stressed made Egypt \u201cone of the very few [countries] that decided to put in place a full-fledged regulatory framework\u201d for the market and to trade carbon credits. Egypt already had several different green and sustainability-linked debt instruments, including green bonds, brown bonds, and transition bonds, but \u201canother sweetener that adds returns to those types of investments is to issue carbon credits,\u201d Farid said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Carbon credits: Commodities or financial instruments?<\/strong> The idea of launching a regional platform for carbon credit trading originated at COP27, which Egypt hosted in Sharm El Sheikh, Farid said. \u201cBut the difficulty was that we needed to decide how to treat carbon credits in a regulatory sense,\u201d he said. The US\u2019 model considers carbon credits as a commodity, whereas in the EU, they are considered to be financial instruments. \u201cFor the credits to be treated as a commodity, you need to not see significant deviations in the prices \u2014 but in reality, there were huge price differences.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not all carbon credits are born equal:<\/strong> \u201cA carbon credit issued by a project that only put a filter on a factory chimney to reduce CO2 had one price, while another carbon credit that was issued for slashing CO2 in addition to addressing other SDG components \u2014 such as women\u2019s empowerment, poverty alleviation, etc. \u2014 had a much higher price. Accordingly, given that you have this significant price deviation, we had to treat it as a financial instrument, not a commodity, and we had to create the regulations accordingly,\u201d Farid explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cAs it currently stands, we have 16 projects that are registered with the FRA with carbon<\/strong><strong> credits eligible for trading,\u201d<\/strong> Farid said. These projects \u2014 which are studied and verified and have the proper ISO certifications related to carbon credits \u2014 are primarily in the agriculture space, Farid noted. Out of the 16 projects currently listed, 15 of them are agricultural projects \u201cwhere farms have invested in swapping out their diesel-powered machinery to run on solar panels\u201d and introducing other sustainable practices, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s not just Egyptian projects:<\/strong> The 16th project currently registered with the regulator is from India, Farid said, noting that the real idea behind launching Egypt\u2019s carbon market \u201cis to create a regional platform where Egypt, Morocco, Tunisia, Kenya, and other countries can register these projects and start seeing an aggregated trading platform for these players in the market.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-farid\/\">Mohamed Farid<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spotlight\/\">SPOTLIGHT<\/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=\"644055 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=\"644055\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/644055\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-644055\" class=\"content-area-description single-story post-644055 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicContactUs\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1877.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"644056\" 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=\"644056\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/blinkens-meetings-with-el-sisi-abdelatty-dominated-the-airwaves\/\">\r\n                            Blinken\u2019s meetings with El Sisi, Abdelatty dominated the airwaves                        <\/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\/19\/blinkens-meetings-with-el-sisi-abdelatty-dominated-the-airwaves\/\" 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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Mohieldin went on to say that the visit reaffirms that this relationship is not influenced by oscillations in negotiations and tensions (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=XQotCH8c2c4\" style=\"\" rel=\"noopener\">watch, runtime: 9:17<\/a>).<\/p>\n<p style=\"padding-top:12pt;margin:0;padding-left:0;padding-bottom:12pt;line-height:1.15;orphans:2;widows:2;text-align:left;padding-right:0\"><strong>The State Department\u2019s regional spox joined Ahmed Moussa to discuss the visit: <\/strong>Expanding Egypt-US cooperation was one key goal of Blinken\u2019s trip to Egypt, the State Department\u2019s regional spokesperson Samuel Warberg said during an appearance on Ala Mas\u2019ouleety with Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=wKqx30gJE2o\" style=\"\" rel=\"noopener\">watch, runtime: 2:48<\/a>). Warberg focused his discussion with Moussa on the war in Gaza, saying, \u201cThe defense, military, and security relations between the United States and Israel are not new, nor did they begin after the events of October 7. They have extended for more than 75 years with successive US administrations, both Republican and Democrat. These relations are not solely about Hamas but also about attacks from neighboring countries like Iran, the Houthis, and Iraq.\u201d He emphasized that ongoing efforts to end the war in Gaza in conjunction with Egypt are not connected at all to considerations around the upcoming US elections (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=FU6m0xMkh_o\" style=\"\" rel=\"noopener\">watch, runtime: 2:54<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cEvery inch of land in the Gaza Strip is Palestinian land\u201d: <\/strong>In response to a question from Moussa about US concerns over Israeli forces\u2019 presence in the Philadelphi Corridor, Warberg said that \u201cfor months, we\u2019ve heard from the White House and the US Secretary of State about core US principles, including opposition to any Israeli occupation in Gaza. Every inch of land in the Gaza Strip is Palestinian land. Therefore, the Philadelphi Corridor is also part of Palestinian territory. In general, the US is against any reduction or shrinking of Palestinian lands\u201d (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=HueLk-vgnQY\" 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>Will the mediation by Egypt, Qatar, and the US lead to a truce between the two sides? <\/strong>Warberg answered by referring to Blinken\u2019s statement in a press conference about \u201cneeding to see political will\u201d from both sides, explaining that the US secretary of state was referring to the fact that Hamas had agreed on nearly 95% of the details for a ceasefire agreement but that both sides needed to be willing to make agreement. He emphasized that the US, Egypt, and Qatar are acting as mediators between the parties, but that ultimately the mediators cannot impose their stance without sufficient political will from both sides (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=2Cxnuh1DPeE\" style=\"\" rel=\"noopener\">watch, runtime: 1:53<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-us-relations\/\">Egypt-US relations<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gaza\/\">Gaza<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"644058\" 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=\"644058\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/\">\r\n                            Turkey\u2019s Beko has officially set up shop in Egypt with new USD 100 mn factory. PLUS: SEIC + Abu Qir Fertilizers, Beko, EgyptAlum, Zilla Capital, City Lab + Cairo Clinical Lab                        <\/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\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/\" 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\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/')\">\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\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/\">\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=Turkey\u2019s Beko has officially set up shop in Egypt with new USD 100 mn factory. PLUS: SEIC + Abu Qir Fertilizers, Beko, EgyptAlum, Zilla Capital, City Lab + Cairo Clinical Lab&url=https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/&title=Turkey\u2019s Beko has officially set up shop in Egypt with new USD 100 mn factory. PLUS: SEIC + Abu Qir Fertilizers, Beko, EgyptAlum, Zilla Capital, City Lab + Cairo Clinical Lab\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Turkey%E2%80%99s+Beko+has+officially+set+up+shop+in+Egypt+with+new+USD+100+mn+factory.+PLUS%3A+SEIC+%2B+Abu+Qir+Fertilizers%2C+Beko%2C+EgyptAlum%2C+Zilla+Capital%2C+City+Lab+%2B+Cairo+Clinical+Lab+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F09%2F19%2Fturkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab%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\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1517.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"644059\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/turkeys-beko-has-officially-set-up-shop-in-egypt-with-new-usd-100-mn-factory-plus-seic-abu-qir-fertilizers-beko-egyptalum-zilla-capital-city-lab-cairo-clinical-lab\/1517-jpg-27\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1517.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1517.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1517.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1517.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-644058\" class=\"content-area-description single-story post-644058 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-beko tag-egypt-aluminum tag-enterpriseam tag-fertilizers tag-hassan-allam-construction tag-manufacturing tag-saudi-arabia tag-zilla-capital 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\/.d249bb85-6f1f-4545-9966-914a9565203f.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\">MANUFACTURING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Turkish manufacturer Beko has officially set up shop in Egypt:<\/strong> Turkish home appliance manufacturer Beko has opened its first Egyptian home appliance factory in Tenth of Ramadan city at a cost of USD 100 mn, in what Prime Minister Moustafa Madbouly described as a success for the government\u2019s strategy to attract major companies to Egypt, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/o4KNeVGjmRtDkTsr\/?mibextid=WC7FNe\" style=\"\" rel=\"noopener\">statement<\/a>. The factory was built by Hassan Allam Construction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Beko is one of three big international companies that government wanted to attract<\/strong>, with the other two being China\u2019s Haier \u2014 which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cf64e09-d946-4480-a14f-11c860716cc3\" style=\"\" rel=\"noopener\">inaugurated<\/a> its eco-industrial park in Tenth of Ramadan City in May \u2014 and subsidiary of Germany\u2019s Bosch, BSH Home Appliances, which will soon open its EUR 30 mn oven factory in Tenth of Ramadan City soon, according to Madbouly.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The golden license bears fruit: <\/strong>Beko is among a number of companies \u2014 including also BSH and Haier \u2014 that have received <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49e94fca-e544-45f3-90bd-06a9a43cb6c2\/egypt-to-ease-payment-terms-for-industrial-land-purchases.-plus:-bosch-subsidiary-%2B-turkey%25e2%2580%2599s-beko-get-golden-licenses\" style=\"\" rel=\"noopener\">golden licenses<\/a> to operate in Egypt, with Madbouly adding that the land for Beko\u2019s complex was provided by direct allocation, allowing their factories to be completed faster.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All part of a plan to become a regional hub for home appliances:<\/strong> International companies have <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38b5c5b6-12da-4675-8d04-d24da127f663\/international-investment-heats-up-egypt%25e2%2580%2599s-home-appliances-sector\" style=\"\" rel=\"noopener\">lately turned to Egypt<\/a> to manufacture and export home appliances, with several companies moving in the past few months to set up factories in the country. Although there are no official figures, market studies suggest the electronic appliance market in Egypt reached EGP 126.7 bn in 2021, growing 24.5% y-o-y. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- EgyptAlum has four new projects in the works:<\/strong> EGX-listed Egypt Aluminum (EgyptAlum) is looking into setting up four new projects with some USD 6 bn, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1442.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1442.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1442.pdf\" style=\"\" rel=\"noopener\">)<\/a>. The company is in talks with banks and local and foreign investment over potential partnerships for the new projects, CEO Mahmoud Agour told <a target=\"_blank\" href=\"https:\/\/x.com\/CNBCArabia\/status\/1836012561940029781?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1836012561940029781%7Ctwgr%5E7b406d23b197263209062a4e8632e142243a86f9%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.cnbcarabia.com%2F128256%2F2024%2F18%2F09%2FD8AAD8A3D983D98AD8AFD8A7D98B-D984D980CNBC-D8B9D8B1D8A8D98AD8A9%3A-D985D8B5D8B1-D984D984D8A3D984D988D985D986D98AD988D985-D8AAD8B9D8AAD8B2D985-D8A5D8B7D984D8A7D982-4-D985D8B4D8B1D988D8B9D8A7D8AA-D8ACD8AFD98AD8AFD8A9-D8A8D8A7D8B3D8AAD8ABD985D8A7D8B1D8A7D8AA-6-D985D984D98AD8A7D8B1D8A7D8AA-D8AFD988D984D8A7D8B1\" style=\"\" rel=\"noopener\">CNBC Arabia<\/a>. <\/p>\n<p class=\"tag-border-left\">M&amp;A-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- SEIC sells 1% stake in Abu Qir Fertilizers: <\/strong>The Saudi Egyptian Investment Company (SEIC) \u2014 a wholly-owned subsidiary of Saudi Arabia\u2019s Public Investment Fund \u2014 has sold a 1.0% stake in Abu Qir Fertilizers for nearly EGP 556 mn, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1482.pdf\" style=\"\" rel=\"noopener\">company disclosure (pdf)<\/a>. After the transaction, SEIC and its related group now own 20.9% of the company.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- That\u2019s a wrap on City Lab\u2019s acquisition of Cairo Clinical Lab: <\/strong>City Lab and Cairo Clinical have inked a final investment agreement that will see the City Lab acquire Cairo Clinical Lab in a long-awaited agreement, according to a company <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1494.pdf\" style=\"\" rel=\"noopener\">press disclosure (pdf)<\/a>. Following Financial Advice Corporate Transactions\u2019 (FACT) appointment as an independent financial advisor to provide a second opinion on Cairo Clinical Labs\u2019 value, the two sides <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fbd40929-6504-4a20-b946-3069b3e96d54\/city-lab-is-set-to-finalize-its-acquisition-of%253cmark%253e-cairo-clinical-labs%253c%2Fmark%253e-tomorrow.-plus:-mb-engineering,-educalty,-nextera-education,-egyptalum\" style=\"\" rel=\"noopener\">agreed<\/a> on a price tag of EGP 59 mn.<\/p>\n<p class=\"tag-border-left\">EXPANSION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zilla Capital is stepping into the Saudi market: <\/strong>Investment bank Zilla Capital plans to launch its first project in the Saudi market, an asset management company, by the end of November, Chairman Wael Ziada told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/financial-markets\/53918\/%D8%B2%D9%8A%D9%84%D8%A7-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B7%D9%84%D9%82-%D8%B4%D8%B1%D9%83%D8%A9-%D9%84%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%AF%D9%8A%D9%82-%D8%A8%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AE%D9%84%D8%A7%D9%84-%D8%A3%D8%B3%D8%A7%D8%A8%D9%8A%D8%B9\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The firm is looking into launching an investment fund in Egypt next year, with the final decision expected to be taken in less than a month. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beko\/\">Beko<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-aluminum\/\">Egypt Aluminum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fertilizers\/\">fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-construction\/\">Hassan Allam Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zilla-capital\/\">Zilla Capital<\/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=\"644060\" 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=\"644060\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/fed-kicks-off-easing-cycle-with-a-bang\/\">\r\n                            Fed kicks off easing cycle with a bang                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn 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\/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-644060\" class=\"content-area-description single-story post-644060 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-interest-rates tag-planet-finance tag-us-federal-reserve 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\/.18653fdd-c897-4714-a00b-7aad5bad12ac.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The US Federal Reserve cut interest rates by half a percentage point<\/strong>, marking the start of its first easing cycle since the pandemic, according to a <a target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/monetary20240918a.htm\" style=\"\" rel=\"noopener\">statement out yesterday<\/a>. The Open Market Committee\u2019s meeting voted 11 to 1 to reduce the federal funds rate to a range of 4.75% to 5%. Additional rate adjustments will be considered by policymakers based on \u201cincoming data, the evolving outlook, and the balance of risks,\u201d according to their statement. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Powell says nothing is set in stone: <\/strong>The Fed will respond flexibly to evolving economic conditions, chair Jay Powell said at a presser after the meeting, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/bff9e6d8-8906-4b3d-9ff3-72b091b6cd9e\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports. Powell indicated that rates are not set on a \u201cfixed path\u201d and that the Fed may adjust its approach if inflation remains persistent. He also emphasized the central bank\u2019s readiness to act if unexpected weaknesses in the labor market emerge.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to expect:<\/strong> The Fed\u2019s updated projections include a further 50 bps rate cut by year end, another 100 bps in 2025, and a final 50 bps in 2026, bringing the benchmark rate to 2.75%-3%, according to its <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/9\/1495.pdf\" style=\"\" rel=\"noopener\">median forecast (pdf)<\/a>. The Fed has two meetings left this year, in November and December, implying two 25 bps rate cuts in each of the meetings. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Is the Fed playing catch-up?<\/strong> The Fed\u2019s 50 bps reduction contrasts with the Fed\u2019s assessment that the US economy is in a good place, Egyptian-American economist Mohamed El Erian said in an <a target=\"_blank\" href=\"https:\/\/x.com\/elerianm\/status\/1836485208557674499\" style=\"\" rel=\"noopener\">X post<\/a>. \u201cToday's 50 bps move is a catch-up for not having reduced rates in July.\u201d <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax: <\/strong>The stock market responded positively, with the S&amp;P 500, Dow, and Nasdaq Composite all posting gains before easing to close slightly down, the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/livecoverage\/fed-interest-rate-cut-inflation-live-09-18-2024\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> reports. Treasury yields also dipped after initially rising to 3.706%, settling at 3.685%. <\/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>Asia-Pacific markets are also reacting positively to the start of the era of monetary <\/strong><strong>easing<\/strong>, with Japan\u2019s Nikkei leading gains. Hong Kong\u2019s monetary authority followed the Fed\u2019s lead with a 50 bps rate cut, with Hang Seng futures pointing to a flat open after markets return to trade on Thursday following a day off yesterday. <strong>Wall Street futures<\/strong> are also up as traders continue to weigh the Fed\u2019s moves yesterday. <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">30,342<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +21.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 48.49<\/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 48.63<\/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>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 48.48<\/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 48.58<\/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\">11,921<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: -0.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,423<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: -1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,390<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +8.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,618<\/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: +17.8%)<\/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>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\">8,254<\/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: +6.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4,835<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: +6.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 73.65<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2.30<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 2,598.60<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 60,378.90<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +42.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 2.9 bn (25.3% below the 90-day average). International investors were the sole net sellers. The index is up 21.9% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Ezz Steel (+9.1%), EFG Holding (+3.2%), and Beltone Holding (+2.2%).<\/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 (-2.0%), Egyptian Kuwaiti Holding -EGP (-1.2%), and Madinet Masr (-1.2%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-federal-reserve\/\">US Federal Reserve<\/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=\"644062\" 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=\"644062\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/my-morning-routine-dalia-el-gabry-vp-and-country-chair-of-shell-egypt\/\">\r\n                            My Morning Routine: Dalia El Gabry, VP and country chair of Shell Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/my-morning-routine-dalia-el-gabry-vp-and-country-chair-of-shell-egypt\/\" 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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This week, we\u2019re speaking with Dalia El Gabry (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/dalia-elgabry-466a4b25\/\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), VP and country chair of Shell Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I'm Dalia El Gabry, and I have the privilege of leading Shell Egypt as vice president and <\/strong><strong>country chair.<\/strong> My journey in the energy sector spans over two decades, driven by a passion for sustainability and economic development. Every day, my focus is on strengthening Egypt\u2019s energy sector, while pushing for social and economic progress. It\u2019s a role that not only challenges me, but also allows me to create meaningful change for our partners, customers, and the communities we engage with.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In simple terms, I make sure Shell Egypt is running smoothly<\/strong> and playing a key role in shaping the future of energy in the country. Whether it's aligning with Shell\u2019s global vision for energy transition or working on local energy needs, my job involves balancing strategic planning with real-world impact. I collaborate with our teams and engage with stakeholders to ensure that we\u2019re always moving forward, contributing to Egypt\u2019s energy transition goals while delivering value for everyone involved.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shell\u2019s story in Egypt goes back more than 100 years<\/strong>, which is something I take great pride in. Our mission has always been to provide reliable and accessible energy, but it\u2019s evolved to meet today\u2019s challenges. We\u2019re not just focusing on oil and gas anymore. We\u2019re also investing heavily in cutting-edge renewable technologies to meet the growing demand for cleaner energy solutions, both globally and here in Egypt. Our goal is to help the country transition to a more sustainable future, while ensuring energy remains affordable and reliable for everyone.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I\u2019m an early riser.<\/strong> After waking up, I make sure to kick-start my day with a small snack and a much-needed cup of coffee. I\u2019ll do a quick check of my emails to get a sense of what the day looks like, and then I head to work. On my way to the office, I make the most of my time by reading EnterpriseAM Egypt \u2014 it has become a daily ritual for me to catch up on the latest news and updates before the day picks up speed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My typical workday usually runs from 9am to 6pm<\/strong>, and it\u2019s a mix of meetings, calls, and strategic discussions. I\u2019m often moving from one thing to the next, so it\u2019s always dynamic. Lately, my schedule also includes attending panels and after-work networking events, which is a refreshing change and helps me stay connected with others in the industry. It\u2019s definitely busier than my previous routine, but I enjoy the variety it brings to my day.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The one thing I never compromise on is taking the first 15 minutes of my morning to map <\/strong><strong>out the day ahead.<\/strong> It\u2019s a small ritual that makes a big difference, giving me the clarity to focus on my tasks and handle any unexpected challenges that might come up. It\u2019s my way of setting the tone for a productive day.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I rely heavily on my calendar and to-do list <\/strong>\u2014 they\u2019re my daily guides. I check them religiously at both the start and end of the day to stay on top of things. That way, I\u2019m always aware of what\u2019s next and can adapt quickly if something changes. Staying focused comes down to being clear about my priorities and what needs my attention most. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Work-life balance is definitely a work in progress for me.<\/strong> I\u2019ve gotten much better at achieving balance now compared to my earlier career years, especially in my 30s and 40s. But work-life balance is different for everyone. It took me some time to realize that prioritizing health, community, and wellness are just as important as work. Once I embraced that, things improved. That said, I still have to fight old habits.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I\u2019m a fan of the simple things in life<\/strong> \u2014 like spending time with my family and watching TV. After a hectic day or week, there\u2019s nothing better than settling down with some popcorn and a good movie. Those moments of unwinding at home really help me recharge.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I love older Arabic movies <\/strong>like <a target=\"_blank\" href=\"https:\/\/www.imdb.com\/title\/tt0370257\/\" style=\"\" rel=\"noopener\">Aelit Zizi<\/a> and <a target=\"_blank\" href=\"https:\/\/www.imdb.com\/title\/tt0355220\/\" style=\"\" rel=\"noopener\">Eshaet Hob<\/a>, along with feel-good classics like <a target=\"_blank\" href=\"https:\/\/www.imdb.com\/title\/tt0795421\/\" style=\"\" rel=\"noopener\">Mamma Mia<\/a> and <a target=\"_blank\" href=\"https:\/\/www.imdb.com\/title\/tt2361509\/?ref_=nv_sr_srsg_0_tt_8_nm_0_in_0_q_the%2520intern\" style=\"\" rel=\"noopener\">The Intern<\/a>. I\u2019m also always up for a good documentary. After a long day, there\u2019s something comforting about revisiting those familiar favorites.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The best piece of advice I ever received came from my mentor when I worked with Shell <\/strong><strong>in South Africa <\/strong><strong>15 years ago.<\/strong> Moira Bowie, who was my line manager, always reminded me that my integrity is my strongest asset and to stay true to myself. That advice stuck with me throughout my career. Knowing what your strengths and areas for improvement are helps a lot along the journey.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dalia-el-gabry\/\">Dalia El Gabry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shell\/\">Shell<\/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=\"644064\" 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\/19\/644064\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-644064\" class=\"content-area-description single-story post-644064 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 (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 (Wednesday): 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 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>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 style=\"font-weight:400;\">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 style=\"font-weight:400;\">10-12 October (Thursday-Saturday): The FinExpo Conference and Exhibition, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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 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>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\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>Gas price hikes | Earnings, earnings, earnings | Swvl is being shorted | Cairo Clinical Lab welcomes new owner | Fed cuts with a bang<\/p>\n","protected":false},"featured_media":644037,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-644036","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"868daed2-51d8-4362-b970-d4dc4004f6bb","teaser":"Gas price hikes | Earnings, earnings, earnings | Swvl is being shorted | Cairo Clinical Lab welcomes new owner | Fed cuts with a bang","photo_url":"https:\/\/ent.news\/2024\/8\/265.jpg"},"yoast_head":"<!-- This site is optimized with the 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