{"id":647018,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=647018"},"modified":"2025-12-17T20:41:02","modified_gmt":"2025-12-17T20:41:02","slug":"industry-leaders-tell-us-what-to-look-out-for-next-year-at-the-enterprise-finance-forum","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/industry-leaders-tell-us-what-to-look-out-for-next-year-at-the-enterprise-finance-forum\/","title":{"rendered":"Industry leaders tell us what to look out for next year at the Enterprise Finance Forum"},"content":{"rendered":"<section id=\"647020\" 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=\"647020\">\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\/10\/07\/egypt-wants-to-get-back-on-jpmorgans-em-indices\/\">\r\n                            Egypt wants to get back on JPMorgan\u2019s EM indices                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/449.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"647021\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypt-wants-to-get-back-on-jpmorgans-em-indices\/449-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/449.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"449.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/449.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/449.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-647020\" class=\"content-area-description single-story post-647020 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-capital-markets tag-enterpriseam tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Goo<\/strong><strong>d morning, frien<\/strong><strong>ds. <\/strong>We are kicking off this shortened workweek with a packed issue, so let\u2019s dive in. <\/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\"><strong>#1- We\u2019re getting USD 2.9 bn from our development partners: <\/strong>Egypt is set to secure USD 2.9 bn in financing to support the state budget and enhance structural reforms from a number of development partners, including the European Union, the World Bank, the African Development Bank, Japan, the Asian Infrastructure Investment Bank, and the French Development Agency, Planning, Economic Development, and International Cooperation Minister Rania Al Mashat told reporters on the sidelines of the press conference on Thursday. The new funds are pending the necessary approvals, she added.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** We have more from the press conference in the news well, below. <\/strong><\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a><strong> #2- Egypt wants to get back on JPMorgan\u2019s EM indices: <\/strong>The government is \u201cstepping up efforts\u201d to be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ebff3a77-0e33-49a3-b18b-03cbb7d12e4c\/our-sovereign-bonds-could-be-removed-from-jp-morgan%25e2%2580%2599s-em%253cmark%253e-index%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">relisted<\/a> on JPMorgan\u2019s widely-tracked emerging-market sovereign bond indices, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-03\/egypt-steps-up-efforts-to-be-relisted-on-key-jpmorgan-bond-index\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing unnamed sources it says are familiar with the matter.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We will soon be eligible to be considered for reinclusion. <\/strong>Egypt is now 250 days into the 12-month period before the bank can consider putting it back on its Government Bond Index-Emerging Markets. We were <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba6da86a-4d90-4e47-98da-3beef39b5c1f\/another-sign-were-edging-towards-a-larger-imf-package\" style=\"\" rel=\"noopener\">dropped<\/a> from the index on 31 January due to at-the-time persistent FX shortages in the country that prevented investors from repatriating returns. Egypt is hoping to get on the bank\u2019s watchlist sometime within 1H 2025, which should open the door for a decision to be made late 2025 or in 2026. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This wouldn\u2019t be the first time we were put back on the list: <\/strong>We <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b27d495-abb6-48a9-8592-71684cf88cf7\" style=\"\" rel=\"noopener\">rejoined<\/a> the index in early 2022 after having been kicked out for over ten years because of the economic turmoil following the 25 January Revolution in 2011.<\/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>#3- An Egyptian-British investment conference is in the works: <\/strong>The government is planning an Egyptian-British investment conference to attract new British investments, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/8AcgnBTE4zjxFxi4\/\" style=\"\" rel=\"noopener\">statement<\/a>. The conference will give the Madbouly cabinet to showcase the available investments in the country and attract new investors, alongside further investments from existing investors, according to the statement, which did not provide any more details.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The news follows the British Egyptian Business Association\u2019s (BEBA) <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6ee7689-ba90-4661-90a2-abc64317d255\/the-key-takeaways-from%253cmark%253e-beba%253c%2Fmark%253e%25e2%2580%2599s-mission-to-the-uk\" style=\"\" rel=\"noopener\">September<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6ee7689-ba90-4661-90a2-abc64317d255\/the-key-takeaways-from%253cmark%253e-beba%253c%2Fmark%253e%25e2%2580%2599s-mission-to-the-uk\" style=\"\" rel=\"noopener\">business mission to the UK<\/a>, which saw a number of our cabinet members and gov\u2019t higher ups discuss a wide array of potential investments with UK-based firms and other entities.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Business conferences can generate some serious dough: <\/strong>The Egypt-EU Investment Conference in June saw Egypt ink <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b44bf694-9410-4f47-beea-46b32a2a5f11\/egypt-inks-eur-67.7-bn-worth-of-agreements-and-mous-at-egypt-eu%253cmark%253e-investment-conference%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">EUR 67.7 bn worth of agreements and MoUs<\/a> \u2014 making it a potential model for investment conferences going forward.<\/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>#4- More fre<\/strong><strong>ezones incoming:<\/strong> The General Authority for Investment and Freezones (GAFI) will set up four new freezones and have two others go live next year, GAFI boss Hossam Heiba told Asharq Business (<a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/55912\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%A5%D8%B6%D8%A7%D9%81%D8%A9-6-%D9%85%D9%86%D8%A7%D8%B7%D9%82-%D8%AD%D8%B1%D8%A9-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9\/\" style=\"\" rel=\"noopener\">watch, runtime: 6:28<\/a>).<\/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\"> <strong>#1- 5G services are closer than ever:<\/strong> The country\u2019s mobile network operators are inking agreements giving them access to 5G services today, one government source told Enterprise. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019ve been waiting:<\/strong> Telecom Egypt received the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ad35377-1b59-4aee-8ba2-5579248b6e3f\" style=\"\" rel=\"noopener\">first 5G license<\/a> in the country from the National Telecommunications Regulatory Authority back in January, after which it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a5746aea-05d4-4906-892b-34839fb3d90a\/telecom-egypt-and-huawei-team-up-to-deploy%253cmark%253e-5g%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">partnered with Chinese tech giant Huawei<\/a> to deploy 5G networks, allowing Huawei to set up 5G sites in \u201chotspot areas\u201d throughout Egypt.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt5\"><\/a> <strong>#2- The House is back in session:<\/strong> MPs kick off the fifth legislative season.today, discussing and voting on an array of decisions. The House will discuss and vote on amendments to the law regulating the Sovereign Fund Egypt, which give the prime minister the responsibility of assigning out the minister in charge of the fund \u2014 the responsibility currently falls to the planning minister.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- <\/strong>MPs will also discuss and vote on a EUR 2 mn grant from the European Investment Bank, which will help the Housing Ministry implement a number of national wastewater management projects.<\/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\">PSA- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>It\u2019s another cool day in Cairo, with a high of 32\u00b0C and a low of 22\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s cooler in Alexandria<\/strong>, with a high of 29\u00b0C and a low of 20\u00b0C.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>The CIT Ministry is planning to launch a specialized AI business incubator early next <\/strong><strong>year<\/strong>, CIT Minister Amr Talaat <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MCITEgypt\/posts\/pfbid02MwJnwy5omX8T3kZX7yvR3XXGWpMwNwqBNF9hEVC8QjzuBMh2uX5cNW8BKufMvn6Wl\" style=\"\" rel=\"noopener\">said<\/a>. The incubator, one of several set to be launched, will offer technical guidance and computing resources to support startups<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s exactly one year since Hamas\u2019 attacks on Israel triggered a deadly and<\/strong><strong> ongoing campaign in Gaza<\/strong> that has since seen thousands of Palestinians killed \u2014 with the estimate for the exact number of deaths contested by multiple sources as many remain missing or under rubble. The UN estimates over 42 mn tons of rubble, which could take more than a decade to clear, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/investigations\/after-year-war-gazans-wonder-how-deal-with-tonnes-rubble-2024-10-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Israel\u2019s military marked the eve of the anniversary of the start of the war with an aerial and ground offensive in Gaza<\/strong>, said to be the largest in months, killing 26 people in Deir al Balah through two attacks on a school and mosque that are now shelters for the displaced, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/heavy-strikes-shake-beirut-israel-expands-lebanon-campaign-2024-10-05\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports separately. It also struck Jabaliya in northern Gaza, dropping leaflets to tell residents they\u2019re attacking the area. <strong>In Lebanon<\/strong>, Israel bombarded Beirut overnight, while Hezbollah struck a military base near Haifa in Israel, <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/live\/2024\/oct\/06\/middle-east-crisis-live-heavy-israeli-airstrikes-hit-beirut-as-up-to-18-reported-killed-in-attack-on-gaza-mosque\" style=\"\" rel=\"noopener\">the Guardian<\/a> reports. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN THE BUSINESS PRESS- It\u2019s relatively quiet, typical for the start of a new week, but only for a little while as earnings season kicks into gear <\/strong>with 3Q figures set to trickle in as of 11 October. Speculations and forecasts are already making headlines, with <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/samsungs-profit-recovery-seen-weakening-q3-2024-10-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a> taking note of an expected weakening recovery in Samsung\u2019s earnings and of <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/wall-st-week-ahead-investors-look-earnings-support-record-high-stock-prices-2024-10-04\/\" style=\"\" rel=\"noopener\">UBS\u2019 forecast<\/a> of an average 4.7% growth in S&amp;P 500 earnings this quarter. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2495.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue:<\/strong> We take a deep dive into the financial literacy programs equipping Egypt\u2019s workforce for future employment.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"647022 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"647022\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/647022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-647022\" class=\"content-area-description single-story post-647022 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/386.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Somabay<\/span><span style=\"\">, every reason to fall in love.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"647023\" 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=\"647023\">\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\">ENTERPRISE FINANCE FORUM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/industry-leaders-tell-us-what-to-look-out-for-in-2025\/\">\r\n                            Industry leaders tell us what to look out for in 2025                        <\/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\/10\/07\/industry-leaders-tell-us-what-to-look-out-for-in-2025\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> 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href=\"https:\/\/api.whatsapp.com\/send?text=Industry+leaders+tell+us+what+to+look+out+for+in+2025+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F10%2F07%2Findustry-leaders-tell-us-what-to-look-out-for-in-2025%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\/10\/07\/industry-leaders-tell-us-what-to-look-out-for-in-2025\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/428.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"647024\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/industry-leaders-tell-us-what-to-look-out-for-in-2025\/428-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/428.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"428.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/428.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/428.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-647023\" class=\"content-area-description single-story post-647023 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-finance-forum tag-banque-misr tag-ci-capital tag-enterprise-finance-forum tag-enterpriseam tag-grant-thornton tag-investment-banking 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\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The stakes are high for Egypt\u2019s financial future as 2025 approaches<\/strong>. With uncertainty still lingering, we turned to three industry leaders to share their expectations on pressing topics such as M&A activity, debt flows, the all-important FX rate for the coming year, as well as key pieces of legislation and regulation now in the pipeline. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We convened a panel of leading financial experts at this year\u2019s EnterpriseAM Finance Forum<\/strong> \u2014 we spoke to <strong>Ahmed Sobhy<\/strong>, chief investment officer at Banque Misr, <strong>Amr Helal<\/strong>, CEO of sell-side investment bank at CI Capital, and <strong>Kamel Saleh<\/strong>, managing partner and CEO of Grant Thornton to find out their thoughts about the road ahead.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Cautious optimism is returning to Egypt\u2019s business landscape after a tough year<\/strong>. While \u201ceveryone was expecting the worst,\u201d recent macro adjustments and a government shake-up currently offer \u201cpositive signs,\u201d according to Sobhy. Saleh echoed the optimistic sentiment while acknowledging the many challenges ahead that need to be addressed. \u201cOur clients are coming to us for advice related mostly to their challenges in realizing their ambitions in investing or in growing in Egypt,\u201d Saleh said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>M&As will take some time to pick up pace<\/strong>, according to Helal. Despite the float of the currency, the expected surge in transaction flow hasn't occurred, but Helal insists this delay was anticipated. \u201cIt's no surprise to us,\u201d he said, pointing out that it would take \u201ctwo to three quarters\u201d of monitoring before seeing significant movement. He expects a \u201cmeaningful pickup in dealflow\u201d by 1Q 2025, as inbound inquiries are already on the rise \u2014 an encouraging sign for Egypt's capital markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Everyone\u2019s holding out for the first domino to fall:<\/strong> The main hurdle to growth and investment inflows in Egypt is a pervasive lack of trust that has left everyone waiting for someone else to make the first move, Sobhy highlighted. This standoff is a major obstacle that needs to be overcome to reignite investment activity, according to Sobhy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cWe need to make<\/strong><strong> the stock market a place where people want to invest,\u201d <\/strong>Sobhy said, emphasizing the need for greater participation from pension funds and ins. companies. With less than 5% of Egypt's pension funds invested in the stock market \u2014 compared to 20% in other countries \u2014 he warned that this misallocation is diverting capital from productive sectors and reducing activity on the EGX. Sobhy argued that investing in the stock market, particularly through pension funds, is more beneficial than focusing solely on t-bills, which \u201cfeed the government deficit\u201d without supporting long-term infrastructure projects.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201c<\/strong><strong>We need more targeted incentives<\/strong><strong>,\u201d<\/strong> Saleh said. \u201cWe really can't have a tax system that is taxing inflation because that erodes capital competence, and erodes equity,\u201d he said, expressing hopeful caution that inflation could decline within a year but stressed the need for regulators to \u201cact very, very quickly.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What can bring in more investors to Egypt right now?<\/strong> \u201cThere is a lot of international interest in Egyptian assets today. That could be because they're cheap, and I get that people don't like the fact that your assets are cheap. But you have to start somewhere,\u201d Sobhy said. The high risk premium attached to investing in Egypt makes assets cheaper, offering early investors a unique, albeit riskier, opportunity. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We have a <\/strong><strong>great location a<\/strong><strong>nd a strong labor force, <\/strong>according to Sobhy, pointing out Egypt's proximity to key markets like Europe and the surrounding MENA region. He also highlighted trends of friendshoring, \u201cEuropean companies are coming here to acquire smaller factories for export purposes, while Chinese companies, looking for lower tariffs on their goods, are choosing to manufacture in Egypt.\u201d Sobhy also highlighted strong Gulf investment in Egypt\u2019s tourism-focused real estate and noted that sectors like business services and Fintech, which leverage Egypt's human capital, have consistently thrived and are expected to continue doing so.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What USD rate are you using for next year\u2019s budget? <\/strong>\u201cEarly 50s end of year next year. We want to make sure that we're ready for the slight devaluation. However, there are a lot of very positive headwinds for FX,\u201d Sobhy said. \u201cThe implied rate in the IMF reports \u2014 which I think is way over the top \u2014 is 57 for 2025. We\u2019re thinking around the 50 plus range. But these are hopes, not just predictions,\u201d Saleh said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Which sectors look promising today?<\/strong> Consumer-focused businesses are coming out of the economic challenges \u201cin much better shape,\u201d according to Helal, with local players gaining market share from multinationals. He also mentioned IT services, where companies \u201cearn FX with a largely EGP-denominated cost base.\u201d Helal is less optimistic about high-capex projects, especially those reliant on imports, due to longer payback periods and increased risk aversion during recovery.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shifting our money from gold and real estate necessitates making financial assets more <\/strong><strong>attractive and accessible<\/strong>, according to Saleh. \u201cThe ease of doing transactions and the cost of the transactions need to be looked at.\u201d The uncertainty surrounding capital gains tax on the sale of shares, particularly taxing inflation-driven gains, is a significant deterrent to investment and needs to be looked at, according to Saleh. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cI would do away with the capital gains tax in its entirety<\/strong>,\u201d Helal said, expressing doubt about the tax's ability to generate meaningful revenue. He argued that eliminating the tax could incentivize more companies to list on the stock market, \u201cbut obviously the listing has to have an economic viability,\u201d Helal cautioned.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s a lot of liquidity in the market as a hedge against devaluation and inflation, <\/strong>Helal said. \u201cI think more needs to be done to encourage those investors, especially as interest rates come down and the easy money from parking funds in treasuries or government securities fades, to increase their allocation to the stock market.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We can\u2019t expect foreign capital to flood our stock market before we do<\/strong>, Helal said, noting that \u201coutside capital needs to see the local capital heavily invested in their home markets to feel a sense of security.\u201d With continued domestic participation and the return of regional and international inflows, Helal believes trading activity could eventually surpass previous years, even in USD terms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where would you invest USD 500 mn today?<\/strong> \u201cLong-term prospects for Egypt are very high, given our potential to export to Europe, to build industry, to serve Europe and the region and Africa,\u201d Saleh said. Sobhy believes Egypt offers attractive long-term returns, particularly in sectors that leverage the country's competitive advantages. Sobhy cautioned against investing in low-value, consumption-based sectors that rely heavily on foreign capital, stressing that the focus should shift towards investment and exports rather than consumption.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1962.jpg?ssl=1\"\/><\/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\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-finance-forum\/\">Enterprise Finance Forum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/grant-thornton\/\">Grant Thornton<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-banking\/\">investment banking<\/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=\"647025\" 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=\"647025\">\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\">Construction<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/adq-taps-modon-holding-as-ras-el-hekma-master-developer\/\">\r\n                            ADQ taps Modon Holding as master developer for Egypt\u2019s Ras El Hekma megaproject                        <\/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\/10\/07\/adq-taps-modon-holding-as-ras-el-hekma-master-developer\/\" 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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Modon inked agreements tapping the project\u2019s contractor, building material supplier, and much more. The signings took place over the weekend when President Abdel Fattah El Sisi and UAE President Sheikh Mohamed bin Zayed officially launched construction of the megaproject in a televised visit to the site (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=W2jZn1gUhq4\" style=\"\" rel=\"noopener\">watch runtime: 3:10)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Modon has a big task ahead of it: <\/strong>Modon will not only take up the responsibilities as the master developer for the 170 mn sqm project, but it will also develop the first 50 mn sqm phase of the city.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Modon inked several agreements with local, regional, and international players<\/strong> at the event to help get the project off the ground, including: <\/p>\n<ul>\n<li>A framework agreement with local construction giant <strong>Orascom Construction<\/strong> for it to be a key contractor for the project's first phase. <\/li>\n<li>An MoU with <strong>Elsewedy Electric<\/strong> to look into supplying building materials and collaborating on industrial park development, operations, and maintenance. <\/li>\n<li>An MoU with <strong>Abu Dhabi Airports<\/strong> to collaborate in strategic airport planning, development, and operations.<\/li>\n<li>A memorandum of understanding with <strong>Taqa<\/strong> to explore cooperation on greenfield utilities, water desalination, and electricity projects.<\/li>\n<li>An MoU with <strong>e& Egypt<\/strong> to help design and implement smart city infrastructure, from 5G networks and IoT-enabled solutions to city-wide data analytics systems. <\/li>\n<li>An MoU with <strong>Valderrama<\/strong> to develop and operate golfing facilities.<\/li>\n<li>An MoU with <strong>Candy International <\/strong>to look into developing luxury real estate. <\/li>\n<li>An MoU with US-based luxury hotel management company <strong>Montage International<\/strong> for the development and management of luxury hotels. <\/li>\n<li>An MoU with the French hospitality company <strong>Accor and Ennismore <\/strong>to operate hotels and resorts.<\/li>\n<li>An MoU with Emirati <strong>Burjeel Holdings<\/strong> to develop healthcare facilities and collaborate on public health programs<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ras El Hekma is expected to reach total investments worth USD 110 bn by 2045<\/strong>, with a yearly GDP contribution of USD 25 bn, and create around 750k direct and indirect jobs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The international press also picked up on the story: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/uaes-modon-appointed-main-developer-egypts-ras-el-hekma-city-project-2024-10-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/modon-holding\/\">Modon Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n    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                   <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-647028\" class=\"content-area-description single-story post-647028 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-gdp tag-manufacturing tag-oil-and-gas tag-suez-canal 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\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Growth slo<\/strong><strong>wed 1.4 perc<\/strong><strong>entage points last fiscal year:<\/strong> GDP growth for the fiscal year 2023-2024 came in at 2.4%, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/402.pdf\" style=\"\" rel=\"noopener\">data<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/402.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a> from the Planning, Economic Development, and International Cooperation Ministry. The figure represents a 1.4 percentage point drop from the 3.8% growth rate recorded during the previous fiscal year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the decline:<\/strong> The lower GDP growth rate came as geopolitical tension and volatility in the global economy put pressure on the Egyptian economy, particularly with \u201cthe government\u2019s contractionary policies aimed at restoring macroeconomic stability \u2014 strengthening the governance of public investments being a key policy,\u201d the report read. Suez Canal activity was a particularly important factor, with activity dropping 30% y-o-y in FY 2023-24 <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The extraction sector also experienced a decline of 4.7%<\/strong>, primarily driven by reduced oil and gas production, which the ministry attributed to \u201da decline in foreign investments in new well discoveries, as well as a slowdown in the development and enhancement of existing wells.\u201d However, the gradual clearing arrears to foreign oil and gas players over the past few months has already begun to reverse this trend, it added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Things should be shaping up soon: <\/strong>The government is currently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76e0292b-903e-44ce-a127-021c00848173\/%253cmark%253e%253c%2Fmark%253enew%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eenergy%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eincentives%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eaim%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eto%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eboost%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253edomestic%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eproduction%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eand%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253eforeign%253cmark%253e%253c%2Fmark%253e-%253cmark%253e%253c%2Fmark%253einvestment%253cmark%253e%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">in talks<\/a> with foreign partners over a new set of incentives for the oil and gas industry that aim to boost oil and gas production and reduce the growing gap between energy supply and demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The manufacturing sector didn\u2019t fare much better:<\/strong> The sector \u2014 which contributes somewhere around 11.4% to the overall GDP \u2014 contracted by 5.2% during the year, which was attributed to a shortage in raw materials. The industries that experienced the worst declines were metals (42%), tobacco (38%), wood products (31%), paper (18%), chemicals (8%), food products (7%), and pharma (7%).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>These drops were offset by growth in other sectors<\/strong>, including information and communications technology, tourism, wholesale and retail trade, transport and storage, and social services, including education and health.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a 4Q basis:<\/strong> The economy grew at a 2.4% clip during the final quarter of the fiscal year driven by a 68% dip in Suez Canal activity. Also to blame: the extraction sector fell by 6.3%, with oil and gas production falling by 4.4% and 15.3%, respectively. Petroleum refining activities fell 8.7%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Things have been looking up for some sectors since March:<\/strong> The economic reforms taken during March 2024 \u2014 including a jumbo interest rate hike and the float of the EGP \u2014 led the manufacturing sector to record a positive growth rate of 4.7% for the first time since the first quarter of FY 2022-23, with growth seen in the garment, computing and electronics, textiles and<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">beverage sectors in particular. A number of other sectors saw improved growth rates following the government\u2019s decisions, including the construction, CIT, wholesale and retail trade, transport and storage, as well as the financial intermediation sectors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What about this year? <\/strong>The government currently sees the economy growing at a 4.0% clip this fiscal year, Planning, Economic Development, and International Cooperation Minister Rania Al Mashat said at a press conference on Thursday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WHAT TO EXPECT MOVING FORWARD-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t lays out near-term plans for ongoing projects + investment goals:<\/strong> Al Mashat laid out what the ministry has in store for a number of government projects and investment goals in the coming period, as well as laws that the ministry is in the process of finalizing, according to a number of statements shared on the cabinet\u2019s Facebook page (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02u29YHcFMHrAfxumTz9t5crbpEK1htwwFiPT3LAjhoDyDRbbe7MiVfZYAoc3AXwLfl\" style=\"\" rel=\"noopener\">here<\/a>, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Mu1muiEYGfVhDcnNHKr3Cts5Ex8GW2AsJnYTVniHqHQGtBKeydMAbA3Dzq59Q61gl\" style=\"\" rel=\"noopener\">here<\/a>, <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0P8L2v3LS68xQe4fx6ELuMYrmmNWiE48aLeU931x9a4kgak8QaLkDRz3zhF5HphoKl\" style=\"\" rel=\"noopener\">here<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0dB9Stch8LNNDnqf5ex4a7yWSGBAdWep29Pmidvv7XVDar1G6x37sDnkCU6zqy4eRl\" style=\"\" rel=\"noopener\">here<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Unified Plan<\/strong><strong>ning Law nears completion:<\/strong> The government is in the process of completing the executive regulations for the General Unified Planning Law and \u201cactivating it to enhance the use of comprehensive data analysis and direct investments towards priority sectors,\u201d Al Mashat said. The law aims to improve policy coherence and resource allocation based on comprehensive assessments of sector needs and available opportunities \u2014 which, in turn, would direct investments towards the sectors most capable of achieving growth, she continued.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>President Abdel Fattah El Sisi ratified the law in 2022 shortly after the House gave it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64c7215d-8eaa-4ae7-95fb-9967426efe0d\" style=\"\" rel=\"noopener\">its final nod<\/a> in early 2022. At the time, the law was described as a way to dictate how governorate-level economic, social, and urban development plans are financed and implemented. It would also seek to diversify funding for development projects by encouraging more public-private partnerships.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- FDI strategy in t<\/strong><strong>he works:<\/strong> The ministry is also working alongside other ministries to finalize Egypt\u2019s FDI strategy and the World Bank to finalize the Trade and Industry Strategy as part of a wider effort to bring in additional investment and further economic development, Al Mashat said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-gdp-growth-slows-24-202324-year-says-planning-ministry-2024-10-03\/\" style=\"\" rel=\"noopener\">Reuters also had the story.<\/a><\/strong><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    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style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.eg\/insights\/STTR-impact-on-Egypt\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/388.jpeg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"647031\" 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=\"647031\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypts-pmi-falls-back-into-contraction-territory-as-input-prices-soar\/\">\r\n                            Egypt\u2019s non-oil private sector activity falls back into contraction territory amid persistent inflation                        <\/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\/10\/07\/egypts-pmi-falls-back-into-contraction-territory-as-input-prices-soar\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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       <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt%E2%80%99s+PMI+falls+back+into+contraction+territory+as+input+prices+soar+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F10%2F07%2Fegypts-pmi-falls-back-into-contraction-territory-as-input-prices-soar%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\/10\/07\/egypts-pmi-falls-back-into-contraction-territory-as-input-prices-soar\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/439.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"647032\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypts-pmi-falls-back-into-contraction-territory-as-input-prices-soar\/439-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/439.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"439.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/439.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/439.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-647031\" class=\"content-area-description single-story post-647031 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-pmi tag-sp 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\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Business activity falls <\/strong><strong>back into contraction territory after one month in the green:<\/strong> Egypt\u2019s non-oil private sector activity contracted in September, just one month after expanding for the first time in three years, S&P Global\u2019s most recent <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/336.pdf\" style=\"\" rel=\"noopener\">Egypt Purchasing Managers Index (PMI) (pdf)<\/a> report showed. The report pointed to price pressures dampening sales and slowing overall business activity, with output and new orders both declining \u201cat the sharpest rates since April.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The September index reading came in at 48.8<\/strong>, below the 50.0 mark that separates growth from contraction and down from 50.4 in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32fe05be-c843-4ccd-9e99-d5fb997ce85d\/non-oil-private-sector-activity-grows-after-three-years-in-contraction\" style=\"\" rel=\"noopener\">August<\/a>, which was the first time the country\u2019s non-oil private sector had witnessed growth since November 2020. Business activity is now at its lowest since April. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the fall was accelerating cost inflation<\/strong>, which ramped up to a six-month high thanks to \u201cincreased raw material costs and currency weakness.\u201d Rising price pressures helped depress demand as accelerating input cost inflation in 3Q 2024 was reflected in the output cost for consumers. This had a \u201cdampening effect on customer orders, leaving them to scale back business activity,\u201d S&P Global Market Intelligence Senior Economist David Owen noted<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The pace of decline in new business \u201caccelerated to the quickest in five months<\/strong>,\u201d with respondents reporting a drop in demand from the domestic market. But it wasn\u2019t all bad on the demand front, as new orders from outside the country \u201cstrengthened for a fifth straight month.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It looks like the price pressures stunting demand aren\u2019t going anywhere anytime soon<\/strong>, with Owen noting that continued increases in output charges suggest that \u201cprice-related sales reductions may continue.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a positive note, firms were hiring more and buying stock<\/strong>, signaling that the private sector is hopeful that growth will return this quarter. Employment increased for the third month in a row and companies brought more stock than in the previous month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Business sentiment was down, but remained positive:<\/strong> Businesses are still confident about the 12-month period, but the level of confidence was down from August to its lowest in three months.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp\/\">S&amp;P<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"647033\" 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=\"647033\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypt-mulls-adding-corn-flour-to-subsidized-bread-to-reduce-import-bill\/\">\r\n                            Egypt mulls adding corn flour to subsidized bread to reduce import bill                        <\/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\/10\/07\/egypt-mulls-adding-corn-flour-to-subsidized-bread-to-reduce-import-bill\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The proposal, presented to bakers and millers in late September, would see a 1:4 ratio of corn flour to wheat flour implemented starting April 2025. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not everyone\u2019s on board:<\/strong> Bakers and millers argue the change could hurt bread quality, affecting its texture and smell. This isn\u2019t Egypt\u2019s first attempt to introduce wheat alternatives \u2014 corn was used two decades ago, but was dropped after several years after industry pushback. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Crunching the numbers:<\/strong> \u201cAt best, the government could save around USD 35-41 per ton,\u201d Cairo-based trader Hesham Soliman told the newswire. Using locally-grown corn in subsidized bread \u201ccould allow for significant hard currency savings,\u201d two of the sources said, adding that those savings would vanish if the corn used were imported. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The Madbouly government is set to shift from in-kind subsidies to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/018eb8f0-33bb-4154-8315-01dd92a8f2db\/adq-will-lay-the-foundation-stone-for-its-ras-el-hekma-project-this-week#:~:text=Gov%E2%80%99t%20to%20start%20the%20move%20to%20cash%2Dbased%20subsidies%20with\" style=\"\" rel=\"noopener\">cash-based<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/018eb8f0-33bb-4154-8315-01dd92a8f2db\/adq-will-lay-the-foundation-stone-for-its-ras-el-hekma-project-this-week#:~:text=Gov%E2%80%99t%20to%20start%20the%20move%20to%20cash%2Dbased%20subsidies%20with\" style=\"\" rel=\"noopener\">support<\/a> \u2014 a key element of the economic reform program linked to our most recent IMF package \u2014 starting next fiscal year. Enterprise sources <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58546cd7-5ad9-49a6-a325-645b2cf769d9\/fresh-details-on-the-move-to%253cmark%253e-cash%253c%2Fmark%253e-based%253cmark%253e-subsidies%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">previously told us<\/a> that cash-based subsidies will range between EGP 500-1,250 and will be raised annually in line with inflation levels.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We just secured a big wheat buy: <\/strong>State grain buyer GASC <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3edd35fc-ac19-4282-b12e-2d4af7dbd914\/egypt-purchases-3.1-mn-tons-of-wheat-to-be-supplied-monthly-through-april\" style=\"\" rel=\"noopener\">secured 3.12 mn metric tons of<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3edd35fc-ac19-4282-b12e-2d4af7dbd914\/egypt-purchases-3.1-mn-tons-of-wheat-to-be-supplied-monthly-through-april\" style=\"\" rel=\"noopener\">wheat<\/a> last week. The government has been looking to capitalize on a global dip in prices in efforts to bolster strategic wheat reserves amid geopolitical tension. President Abdel Fattah El Sisi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4448ca70-634d-4b89-bfec-59e7237cc21f\/\" style=\"\" rel=\"noopener\">reportedly personally ordered<\/a> GASC's biggest ever tender in August after he received an intelligence briefing that raised concerns over our food security. <\/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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-ministry\/\">Supply Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/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=\"647035 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=\"647035\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/647035\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-647035\" class=\"content-area-description single-story post-647035 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\/9\/2301.jpeg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"647036\" 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=\"647036\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/all-about-iran-and-israel\/\">\r\n                            All about Iran and Israel                        <\/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\/10\/07\/all-about-iran-and-israel\/\" 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\/10\/07\/all-about-iran-and-israel\/')\">\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\/10\/07\/all-about-iran-and-israel\/\">\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=All about Iran and Israel&url=https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/all-about-iran-and-israel\/\">\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\/10\/07\/all-about-iran-and-israel\/&title=All about Iran and Israel\">\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=All+about+Iran+and+Israel+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F10%2F07%2Fall-about-iran-and-israel%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\/10\/07\/all-about-iran-and-israel\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/445.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"647037\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/all-about-iran-and-israel\/445-jpg-32\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/445.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"445.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/445.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/445.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-647036\" class=\"content-area-description single-story post-647036 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-iran tag-israel tag-last-nights-talk-shows tag-middle-east-politics 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\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All about the<\/strong><strong> potential Israeli retaliation against <\/strong><strong>Iran:<\/strong> The nation's talking heads spent last night discussing possible scenarios for Israel's response to Iran's recent missile attack on Tel Aviv. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are two possible s<\/strong><strong>cenarios for Isr<\/strong><strong>aeli retaliation<\/strong>, military expert Samir Farag told Ala Masouleety\u2019s Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=1069294521301840\" style=\"\" rel=\"noopener\">watch, runtime: 3:16<\/a>). The first scenario would involve conventional strikes on Iranian command centers or storage facilities, but the more dangerous scenario would be striking Iranian nuclear reactors, which could provoke a severe response from Tehran, potentially including attacks on Israeli gas fields in the Mediterranean, leading to a total blackout in Tel Aviv. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What should happen next?<\/strong> Iran should be neutralized to become a normal state in the region that doesn't interfere in ways that harm the entire region, while simultaneously using Tehran to wear down the Israeli military, Tarek Fahmy, head of the Israeli studies at the National Center for Middle East Studies told Al Hekayah\u2019s Amr Adib (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=881346013638423\" style=\"\" rel=\"noopener\">watch, runtime: 5:44<\/a>). <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iran\/\">Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"647038\" 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=\"647038\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group\/\">\r\n                            Egypt\u2019s first micro ins. company                        <\/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\/10\/07\/egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group\/\" 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\/10\/07\/egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group\/')\">\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\/10\/07\/egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group\/\">\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=Egypt\u2019s first micro ins. company. PLUS: News from GAFI, NBE, Dopay, Intro Group&url=https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group\/\">\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\/10\/07\/egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group\/&title=Egypt\u2019s first micro ins. company. PLUS: News from GAFI, NBE, Dopay, Intro Group\">\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=Egypt%E2%80%99s+first+micro+ins.+company.+PLUS%3A+News+from+GAFI%2C+NBE%2C+Dopay%2C+Intro+Group+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F10%2F07%2Fegypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group%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\/10\/07\/egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/433.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"647039\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group\/433-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/433.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"433.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/433.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/433.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-647038\" class=\"content-area-description single-story post-647038 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-axa-egypt tag-dopay tag-enterpriseam tag-fintech tag-gafi tag-insurance tag-intro-group tag-manufacturing tag-national-bank-of-egypt tag-non-banking-financial-services tag-post-for-investment tag-real-estate tag-somabay tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3\"><\/audio><\/figure><p class=\"tag-border-left\">NBFS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s first micro ins. company: <\/strong>Post for Investment and private ins. provider AXA Egypt inked a strategic partnership agreement to launch Egypt\u2019s first micro ins. company in line with the Unified Ins. Law, according to a CIT Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/EwyHnAft5QhD5XCe\/\" style=\"\" rel=\"noopener\">statement<\/a>. The agreement, which targets over 12 mn low-income Egyptians, will see micro ins. added to the range of financial services provided by the Egypt Post. The services will also be available through microfinance companies and selected digital platforms. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who owns what? <\/strong>Post for Investments owns 51% of the company, while AXA owns the remaining 49%, Post for Investment CEO and Managing Director Ahmed Ali Abdelrahman told Enterprise. The new company has an issued and paid-up capital of EGP 30 mn. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>AXA has been working on setting up a micro ins. company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e26dd66-3e96-41fd-8593-4f6b5c6a27b0\/africa-energy-transition-plan-to-launch-at-cop-27\" style=\"\" rel=\"noopener\">since at least 2022<\/a>, when the project was reported to be in the feasibility study stage. At the time, the final decision on the new company was expected to be decided following the final version of the Unified Ins. Act, which President Abdel Fattah El Sisi ratified this past <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fce0507f-e9c4-4195-a36f-3bf45c30e82a\/el-sisi-ratifies%253cmark%253e-unified-ins.-law%253c%2Fmark%253e-%25e2%2580%2594-what-does-that-mean-for-the-ins.-market%3F\" style=\"\" rel=\"noopener\">July<\/a>. <\/p><p class=\"tag-border-left\">ENERGY-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hydrogen cooperation with Bavaria? <\/strong>Egypt and Bavaria will work to boost cooperation in the field of hydrogen under a newly-inked declaration of intent, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1037000508470369?comment_id=560495813111149\" style=\"\" rel=\"noopener\">statement<\/a>. The two sides will exchange knowledge regarding production capabilities, hydrogen technologies, market development, and R&amp;D. They will also work to build relationships between Egyptian producers and German buyers. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Germany, through its H2Global hydrogen initiative, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f049fa22-56b2-4eef-aaec-6571ab41fb5e\/fertiglobe-awarded-eur-397-mn-bid-to-supply-europe-with-green-ammonia\" style=\"\" rel=\"noopener\">was awarded a 20-year<\/a>, EUR 397 mn green ammonia offtake agreement with UAE-based renewables player Fertiglobe. Fertiglobe\u2019s green hydrogen partnership with Orascom Construction, Scatec, the Sovereign Fund of Egypt (SFE), and the Egyptian Electricity Transmission Company \u2014 dubbed Egypt Green Hydrogen \u2014 will provide the green hydrogen needed for Fertiglobe to produce green ammonia at its ammonia plants. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And more cooperation:<\/strong> Prime Minister Moustafa Madbouly and Bavarian Premier Markus S\u00f6der held talks on collaboration between Egyptian and Bavarian companies in renewable energy, automotive manufacturing, and AI, according to a separate <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02BzEyeJhn6zA2zLD1JCC9M7hX2L1hWwoXayuU1hYb8waQKFWE2GQ7X4DdwW1wRSy8l\" style=\"\" rel=\"noopener\">statement<\/a>. The discussions, which included high level officials on both sides, focused on expanding investment, particularly in the Suez Canal Economic Zone. S\u00f6der also discussed the potential of training Egyptian workers to meet Bavaria's labor needs. <\/p><p class=\"tag-border-left\">MANUFACTURING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Peru\u2019s AJE to invest USD 10 mn on two new production lines:<\/strong> Peruvian beverage manufacturer AJE \u2014 the world\u2019s fourth largest beverage producer \u2014 is set to invest some USD 10 mn to add two production lines at its juice, soft drink, and energy drink factory in Sixth of October this fiscal year, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/GAFIEG\/posts\/pfbid0U6CyRWTT7QBgq171LK32goMfoEZXsk2ayi5teEMQZyhE7RQk3Rqup6u8aEbL2ggzl\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p><p class=\"tag-border-left\">INVESTMENT- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- GAFI, Business France <\/strong><strong>ink<\/strong><strong> MoU to boost investment ties:<\/strong> General Authority for Investment and Freezones boss Hossam Heiba signed an MoU with Business France at the <a target=\"_blank\" href=\"https:\/\/event.businessfrance.fr\/forum-daffaires-egypte\/en\/home\/\" style=\"\" rel=\"noopener\">Egypt Business Forum<\/a> to boost investment ties between Egypt and France, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02MAK7EU8fHFisY9ETp2KDieRCu2R8b6egKN2f6qXgwdQ4F6BtZouRJHyP6fuuaNAvl\" style=\"\" rel=\"noopener\">statement<\/a> from the authority. The MoU includes comprehensive investment support, closer ties between business communities, and data sharing on key sectors and regulations. It also includes plans for investment seminars and business delegations to explore potential investments in both markets.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Swiss chocolatier eyes USD 30 mn investment in Egypt:<\/strong> Swiss chocolate manufacturer <a target=\"_blank\" href=\"https:\/\/www.barry-callebaut.com\/en\" style=\"\" rel=\"noopener\">Barry Callebaut<\/a> is looking to enter the local market with a USD 30 mn chocolate production facility, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02zrUsei4FDhZQqMXUxRsUrNe58V6aMj7tcBhNBGbhcnDfFKsJSszQY1HPpViYi53rl\" style=\"\" rel=\"noopener\">statement<\/a>. The factory will aim to fulfill domestic demand and become a regional export hub. The statement didn\u2019t provide any details on the location or timeline of the project. <\/p><p class=\"tag-border-left\">EXPANSION-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- NBE to open its first Saudi branch before year end:<\/strong> The National Bank of Egypt (NBE) plans to open its inaugural branch in Riyadh before the end of the year, CEO Mohamed El Etreby told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%aa%d8%a3%d9%83%d9%8a%d8%af%d8%a7-%d9%84%d9%80%d8%a7%d9%84%d9%85%d8%a7%d9%84-%d8%a7%d9%81%d8%aa%d8%aa%d8%a7%d8%ad-%d9%81%d8%b1%d8%b9-%d9%84%d9%84%d8%a8%d9%86%d9%83-%d8%a7%d9%84%d8%a3\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. The branch opening, originally scheduled for the first half of this year, was reportedly delayed because of issues related to establishing the appropriate technological infrastructure. The Saudi government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/baba18db-9c47-4514-875a-7e7eb8975f70\/citibank-could-be-on-board-to-finance-renewable-energy,-green-hydrogen-projects-in-egypt\" style=\"\" rel=\"noopener\">granted NBE a license<\/a> to operate in the Saudi market in 2021.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Dopay to expand across MENA in 2025: <\/strong>Local fintech startup Dopay is planning to expand across MENA markets in 2025, with a particular focus on Morocco, Saudi Arabia, and the UAE, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/10\/02\/1830902\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports. The platform is also reportedly set to link with the central bank\u2019s digital payment platform Instapay in 1Q 2025 and has plans to close <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdfeab29-f7dd-495f-9097-a841909fb24d\/local-fintech-player%253cmark%253e-dopay%253c%2Fmark%253e-secures-usd-13.5-mn-in-a-series-a-extension-round\" style=\"\" rel=\"noopener\">another<\/a> financing round next year.<\/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- Intro Group has acquired a USD 20 mn waste recycling plant in Jeddah<\/strong>, Managing Partner Ayman Abbas told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1841466062086271082\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The group is also investing EGP 80 bn in two real estate projects in east and west Cairo.<\/p><p class=\"tag-border-left\">HOSPITALITY-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Somabay developer Abu Soma Development Company (ASDC) plans to invest <\/strong><strong>EGP 3-4 bn in 2025 to develop the hotel sector in Egypt<\/strong>, CEO Ibrahim El Missiri told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/10\/06\/-%D8%A3%D8%A8%D9%88-%D8%B3%D9%88%D9%85%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%AE%D8%B7%D8%B7-%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-4-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AC%D9%86%D9%8A%D9%87-%D9%81%D9%8A-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D9%81%D9%86%D8%AF%D9%82%D9%8A\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. The company aims to increase its hotel room capacity to 3k from 1.4k within the coming three years, with three hotels currently under construction. The three hotels are expected to open in 2025, 2026, and 2027.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/axa-egypt\/\">AXA Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dopay\/\">Dopay<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n         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       \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/us-september-jobs-report-beats-analyst-expectations\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/411.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"647041\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/us-september-jobs-report-beats-analyst-expectations\/411-jpg-31\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/411.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"411.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/411.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/411.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-647040\" class=\"content-area-description single-story post-647040 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.a5a40e6f-858b-431c-ae7b-08b403cff6c1.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The US economy added 254k jobs in September, coming in far above forecasts<\/strong>, with unemployment dropping to 4.1%, according to data from the <a target=\"_blank\" href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" style=\"\" rel=\"noopener\">Bureau of Labor Statistics<\/a> over the weekend. Unemployment also fell to 4.1% during the month, coming down from a three-year high of 4.3% in July. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sector breakdown: <\/strong>Job growth in the US was led by the leisure and hospitality sectors, with nearly 70k new positions added in restaurants and bars. Healthcare also posted gains with 45k new jobs. Meanwhile manufacturing, mining, oil, retail, and other sectors remained flat for the month. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cSmashing\u201d expectations:<\/strong> The September data far exceeded the 140k new jobs figure cited in a <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/us-expected-report-moderate-september-job-growth-2024-10-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> poll, with the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/66233322-b081-4d9d-aef0-0d6d7e46f664\" style=\"\" rel=\"noopener\">Financial Times<\/a> saying the figures \u201csmashed\u201d expectations and led traders to reassess their expectations of the US Federal Reserve\u2019s monetary easing pace. Traders are now penciling in a smaller 25 bps reduction at the Fed\u2019s next policy meeting in November. The higher-than-expected employment growth reinforces economists\u2019 hopes that the US Federal Reserve\u2019s strategy is placing the US economy on track for a \u201csoft landing,\u201d the salmon-colored paper reported. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Strong outlook for the US economy:<\/strong> \u201cYou couldn\u2019t paint a prettier picture of the job market and broader economy. If this report doesn\u2019t silence the recession fearmongers, then nothing will,\u201d the Financial Times quotes chief economist at Moody\u2019s Analytics Mark Zandi as saying. Meanwhile, senior US economist at Vanguard Josh Hirt has described the latest jobs reports as \u201ca bit of a game-changer.\u201d The boost in perceptions on the US economy is also expected to boost VP Kamala Harris\u2019 standing against Donald Trump ahead of November\u2019s presidential elections with the pair currently head-to-head in polls.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bond markets paint a different picture:<\/strong> US Treasury yields rose after the job numbers were published, with the two-year yield rising to a one-month high of 3.93%. Stocks also rallied, with S&amp;P 500 closing up 0.9% on Friday, marking its fourth straight week of gains. Bond traders are now concerned that the higher-than-expected jobs figures are putting the US economy on track for a \u201c\u2018no landing\u2019 scenario \u2014 a situation where the US economy keeps growing, inflation reignites and the Federal Reserve has little room to cut interest rates,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-06\/bond-traders-buckle-up-for-no-landing-after-jobs-surprise\" style=\"\" rel=\"noopener\">Bloomberg<\/a> says. The data \u201cspoiled\u201d a rally in US Treasuries that had driven yields down, with bond markets reacting to fears that the Fed\u2019s monetary easing cycle is \u201cdisconnected\u201d from the market. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All eyes on inflation now:<\/strong> Queens\u2019 College, Cambridge President Mohamed El Erian told <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-04\/el-erian-warns-fed-after-jobs-data-inflation-is-not-dead\" style=\"\" rel=\"noopener\">Bloomberg TV<\/a> the strong employment figures require that the Fed \u201crenew its focus\u201d on keeping inflation in check. \u201cThis is not just a solid labor market, but if you take these numbers at face value, it\u2019s a strong labor market late in the cycle,\u201d El Erian said. The Bureau of Labor Statistics is set to release its Consumer Price Index for September this Thursday, 10 October. <\/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 solidly in the green in early morning trading today<\/strong>, Japan\u2019s Nikkei rising more than 2% and Hong Kong\u2019s HSI rising nearly 1%. South Korea\u2019s Kospi and Australia\u2019s ASX 200 are also in the green. Mainland China\u2019s markets are still closed for the Golden Week holiday and will reopen tomorrow. <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">31,721<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2% (YTD: +27.4%)<\/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:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.27<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 48.41<\/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:141pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.29<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 48.39<\/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:141pt;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:138pt;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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,769<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.6% (YTD: -1.7%)<\/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:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,180<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: -4.2%)<\/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:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,406<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +8.5%)<\/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:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,751<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9% (YTD: +21.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,281<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.02% (YTD: +10.4%)<\/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:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,955<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.7% (YTD: +9.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 78.05<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.85<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-3.9%<\/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:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,667.80<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4%<\/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:141pt;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:138pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 62,501<\/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:139.5pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +47.9%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 1.2% at Thursday\u2019s close<\/strong> on turnover of EGP 3.9 bn (5.8% below the 90-day average). Regional investors were net sellers. The index is up 27.4% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Elsewedy Electric (+19.6%), Eastern Company (+3.6%), and Egyptian Kuwaiti Holding -EGP (+3.2%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Credit Agricole (-1.2%), E-finance (-1.0%), and Beltone Holding (-0.9%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"647042\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">10<\/div>\r\n\r\n                        <p class=\"f-graphik\">BLACKBOARD<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/a-deep-dive-into-the-financial-literacy-programs-equipping-egypts-workforce-for-future-employment\/\">\r\n                            A deep dive into the financial literacy programs equipping Egypt\u2019s workforce for future employment<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/a-deep-dive-into-the-financial-literacy-programs-equipping-egypts-workforce-for-future-employment\/\" 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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Interest in them has significantly increased in Egypt, with 219k beneficiaries this year, reflecting a 44% increase from the previous year, <a target=\"_blank\" href=\"https:\/\/ebi.gov.eg\/\" style=\"\" rel=\"noopener\">Egyptian Banking Institute<\/a> (EBI) Executive Director Abdel Aziz Nossier told Enterprise. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What kind of programs are we talking about? <\/strong>The programs included financial awareness, financial literacy, assessment services for recruitment, and development and promotions. Awareness programs brought in the lion\u2019s shares of students with 122.5k students, reflecting a 133% y-o-y increase. They were followed by financial literacy (37.3k) and assessment services (60k), which saw demand increase 88% and 51% y-o-y, respectively. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To meet this growing demand, the government has taken steps to enhance the offering of <\/strong><strong>financial training programs<\/strong> at universities and institutions, including establishing a framework for fresh graduate engagement with universities, with training courses playing a leading role in student preparation for the job market. Universities are the primary gateway to spreading financial literacy, Nossier and EBI Business Development and Training Execution Chief Zeinab Abdel Razek said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EBI\u2019s higher education initiatives:<\/strong> The EBI, which operates under the auspices of the Central Bank of Egypt, currently has a presence in four universities \u2014 in the form of training programs and fixed centers \u2014 at Nahda University, Deraya University, Alexandria University, and Cairo University. The EBI has inked agreements with another 14 universities across the country to provide training programs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of the initiatives is FinYology:<\/strong> <a target=\"_blank\" href=\"https:\/\/fintech-egypt.com\/FinYology\/#:~:text=FinYology%20%E2%80%93%20FinTech%20for%20Youth%20Graded,financial%20problem%20statements%20in%20Egypt.\" style=\"\" rel=\"noopener\">Fintech for Youth initiative<\/a> \u2014 aka FinYology \u2014 teaches the fundamentals of fintech in several universities. The program has already kicked off in two universities, namely the <a target=\"_blank\" href=\"https:\/\/aast.edu\/en\/\" style=\"\" rel=\"noopener\">Arab Academy for Science, Technology, and Maritime Transport<\/a> and <a target=\"_blank\" href=\"https:\/\/ngu.edu.eg\/\" style=\"\" rel=\"noopener\">Newgiza University<\/a>. The <a target=\"_blank\" href=\"https:\/\/www.bue.edu.eg\/\" style=\"\" rel=\"noopener\">British University in Egypt<\/a> along with other universities are expected to follow suit as part of the CBE\u2019s efforts to advance the financial technology ecosystem.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The academic content of the course was prepared by the London Institute of Banking & <\/strong><strong>Finance (LIBF)<\/strong> as a part of the previously signed MoU between the CBE and the LIBF back in 2023. This agreement includes offering training courses, workshops, educational programs, and preparatory programs designed specifically to support and enhance financial technology expertise in the Egyptian market, whether for banking professionals, graduates, or students in schools and universities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>These initiatives are not only in response to high demand:<\/strong> Nossier explained that the EBI previously conducted a study on the future skills required in the banking sector as a practical guide for promoting financial literacy education and awareness. They found artificial intelligence, sustainability programs, and responsible banking to be most in demand in today\u2019s job market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Their work goes beyond program facilitation:<\/strong> The EBI also holds listening sessions focused on analyzing students\u2019 psychology, their needs and how they can help prepare them for the job market. They also now have a comprehensive student database including which students are qualified to work, equipped with financial literacy and technology skills. The database is then made available for banks to facilitate employment for these students. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And a growing digital platform:<\/strong> Alongside university courses and research, the institution offers 110 online training programs in Arabic and English for e-learning and helping people to find employment in the banking sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Many students equipped with fintech training remain reluctant to work in banks<\/strong>, opting instead to work in the IT sector. The EBI accordingly plans to emphasize awareness and educational courses to reveal the various job types within the banking sector and the vitality of fintech in banking.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Expansion in works in Upper Egypt and the Delta: <\/strong>With some 1.8k students from various universities already trained through the EBI\u2019s Training for Employment program, the institute is looking to expand across the country. They have already signed MoUs with Benha University and more are in the works with other universities in Egypt in response to growing student demand.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Internationally accredited curriculum: <\/strong>The institute has succeeded in obtaining international accreditation for the fourth consecutive time from the Accrediting Council for Continuing Education and Training (ACCET) for five more years, making its certifications internationally recognized for all job roles. In line with international standards, the EBI has initiated multiple study tours to Kenya, Italy, Turkey, and Estonia focused on different areas of innovation and financial technology. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The availability of these educational programs has attracted local and foreign financial <\/strong><strong>technology trainees<\/strong>, with the institution having now trained 519 individuals from several African countries and trainees from some 40 African countries have attended the institute's programs over the past few years. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Aberdeen University is coming to Egypt:<\/strong> Higher Education Minister Ayman Ashour met with a delegation from the <a target=\"_blank\" href=\"https:\/\/www.abdn.ac.uk\/\" style=\"\" rel=\"noopener\">University of Aberdeen<\/a> to discuss a plan for the British university to set up a branch in Egypt. (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0B4WUA5aTY21YPPmRsdskfNbjBNGWwecmegKrqKo1NAbXuap7Pr3Cembk4VxosKN9l?rdid=rpmsWKbbPWzd5Vc9\" style=\"\" rel=\"noopener\">Statement<\/a>) <\/li>\n<li><strong>Palm Hills Developments <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b86e132-5590-4a75-89fa-8cd5d21a149f\/palm-hills-to-snap-up-mansour%25e2%2580%2599s-29.6%2525-stake-in-taaleem\" style=\"\" rel=\"noopener\">will acquire Chairman Yasseen Mansour\u2019s 29.6% stake<\/a><\/strong><strong> in <\/strong><strong>higher education outfit Taaleem<\/strong> after receiving the greenlight from the ordinary general assembly. <\/li>\n<li><strong>Sami Hashem was <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0cdf3b86-ad5b-43b6-90ab-0c59adb8a726\/parliamentary-committee-results-are-in\" style=\"\" rel=\"noopener\">re-elected<\/a><\/strong><strong> as the head of the House Education Committee<\/strong>, a decision that will see the Mostaqbal Watan MP head the committee for the new legislative cycle.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blackboard\/\">Blackboard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/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                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"647044\" 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\/10\/07\/647044\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-647044\" class=\"content-area-description single-story post-647044 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;\">OCTOBER<\/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;\">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 style=\"font-weight:400;\">21-25 October (Monday-Friday): The second iteration of the Global Forum for Population, Health, and Human Development.<\/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>11-15 November (Monday-Friday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0m61FMcuP2Qn6d36We1ozK1CgZEF6KGqaen15UMX7EkfRovB1cuxZ1gFtbqZNFvQ5l\" style=\"\">Arab African Investment and International Cooperation Summit<\/a><\/span><span style=\"font-weight:400;\">, Aswan, Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>26-28 November (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\" style=\"\">Egypt Energy Show<\/a><\/span><span style=\"font-weight:400;\">, Cairo, Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>30 November (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/almalnews.com\/premium\/%d9%85%d8%b1%d9%81%d9%82-%d8%a7%d9%84%d9%83%d9%87%d8%b1%d8%a8%d8%a7%d8%a1-%d9%85%d8%af-%d9%81%d8%aa%d8%b1%d8%a9-%d8%aa%d9%84%d9%82%d9%89-%d8%b7%d9%84%d8%a8%d8%a7%d8%aa-%d8%a7%d9%84%d9%85\/\" style=\"\">Deadline<\/a><\/span><span> to apply for renewable energy projects under the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5fe8f4bb-3a22-40ac-a502-6f18fb3420db\/\" style=\"\">peer-to-peer (P2P) system<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2H 2024: Gov\u2019t to launch the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f7fd9b9-a159-4b31-b974-f809d55f55d9\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\" style=\"\">Cairo Ring Road BRT buses<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3Q 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid04Z7JWbGbYGqFTr8kF2XNgc5Dq2cUR3hn25JDryhDjLnPJkYgaKaqbwzQr6A4QgB2l\" style=\"\">Egyptian-Armenian Joint Committee.<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>First week of November: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02ssjPZtZgtyuDjtqu6kXr1MpWTPFUnnFbPA8etz9LtXPrcjGgGnArn6sg1ryr4jEXl\" style=\"\">Egypt-Turkey high-level trade consultation mechanism.<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>November 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LLPJRjsu6SZLwtRHuLmCQxoAZB3xaXVXH8aYkMSEH3ae4aW6JCZaPe5h5u9nKmcRl\" style=\"\">Egypt to host<\/a><\/span><span style=\"font-weight:400;\"> the World Urban Forum (WUF12).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>End of 2024: The launch of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sis.gov.eg\/Story\/192175\/Trial-Operation-of-the-Sokhna-El-Alamein-Matrouh-High-Speed-Train-Starts-by-the-End-of-this-Year?lang=en-us\" style=\"\">high-speed train<\/a><\/span><span style=\"font-weight:400;\"> line linking Ain Sokhna with Al Alamein City.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">May 2025: Egyptian Exporters Association (Expolink) exhibition, Italy.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">July 2025: The first operational trail of Egypt-KSA electricity interconnection line.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2Q 2025: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad18b775-3e22-4e6b-b4fc-9dd30f4b85ad\/abu-dhabi-ports-to-build-and-run%253cmark%253e-safaga-terminal%253c%2Fmark%253e,-cruise-ship-infrastructure\" style=\"\">Safaga Terminal 2<\/a><\/span><span> to start operations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2027<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>20 January-7 February: Egypt to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f9a5a94-cc1c-4fc1-b8c6-7c02d15cae3b\/ramadan-kareem\" style=\"\">host the African Games<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>End of 2027: Trial operations at the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52aa0e65-5b6f-4c84-aa49-70ac4152bb87\" style=\"\">Dabaa nuclear power plant<\/a><\/span><span style=\"font-weight:400;\"> expected to take place.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Looking into the crystal ball | GDP growth slows | Progress on Ras El Hekma | Back in contraction.<\/p>\n","protected":false},"featured_media":647019,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-647018","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"ddad5409-17d0-4f1e-a0e4-38e67a25aade","teaser":"Looking into the crystal ball | GDP growth slows | Progress on Ras El Hekma | Back in contraction.","photo_url":"https:\/\/ent.news\/2024\/10\/467.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Industry leaders tell us what to look out for next year at the Enterprise Finance Forum - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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