{"id":653467,"date":"2024-10-17T00:00:00","date_gmt":"2024-10-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=653467"},"modified":"2025-12-18T00:39:07","modified_gmt":"2025-12-18T00:39:07","slug":"world-bank-trims-egypts-growth-forecast-to-3-5","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/world-bank-trims-egypts-growth-forecast-to-3-5\/","title":{"rendered":"World Bank trims Egypt\u2019s growth forecast to 3.5%"},"content":{"rendered":"<section id=\"653469\" 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=\"653469\">\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\/17\/central-bank-is-meeting-later-today-to-review-rates\/\">\r\n                            Central Bank of Egypt is meeting later today to review rates                        <\/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\/17\/central-bank-is-meeting-later-today-to-review-rates\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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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\/.f21b1d35-0926-4b55-9e05-a77c92e45329.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good m<\/strong><strong>orning, fr<\/strong><strong>iends. <\/strong>We have made it to the end of one very busy week and we don\u2019t expect the news flow to slow down over the weekend with the central bank\u2019s MPC meeting later today to review rates and the Iranian foreign minister in town for his first visit in over a decade.<\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>#1- It\u2019s interest rate decision day:<\/strong> The Central Bank of Egypt\u2019s Monetary Policy Committee will meet later today to decide on our interest rates for the coming period. Rates have remained unchanged since the committee delivered a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac569e2c-c6f2-480e-bdaa-3f1cd4f81d05\" style=\"\" rel=\"noopener\">600 bps rate hike<\/a> following a surprise monetary policy meeting in March in conjunction with the float of the EGP and a larger loan package from the IMF being approved soon after. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The polls are in: <\/strong>All of the analysts and economists we surveyed for our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08a7d214-f3c7-479d-b02a-511da7f136c3\/egypt%25e2%2580%2599s-central-bank-expected-to-keep-interest-rates-unchanged-when-it-meets-on-thursday\" style=\"\" rel=\"noopener\">EnterpriseAM poll<\/a> see the MPC holding rates steady as the central bank works to prioritize controlling inflation over any monetary policy easing. Analysts we spoke to pointed to sticky inflation, current investor wariness of Egyptian debt, and Israel\u2019s war on its neighbors endangering Egypt-bound gas flows and ramping up the price of energy imports, as well as a seasonal rise in educational expenses as factors that could cause inflation to persist during 4Q 2024 \u2014 cementing the expectations of the ongoing tightening cycle carrying over to the first quarter of 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\"> <a id=\"wwtt5\"><\/a> <strong>#2- Iran\u2019s FM is in town: <\/strong>Iranian Foreign Minister Abbas Araghchi <a target=\"_blank\" href=\"https:\/\/x.com\/IRIMFA_SPOX\/status\/1846631150791377020\" style=\"\" rel=\"noopener\">landed in Cairo<\/a> late last night \u2014 marking the first visit by an Iranian FM in around 12 years \u2014 as part of a wider regional tour that saw him <a target=\"_blank\" href=\"https:\/\/x.com\/IRIMFA_SPOX\/status\/1846468379680395437\" style=\"\" rel=\"noopener\">visit Jordan<\/a>. The minister will meet with Egyptian high-level officials later today, with talks likely to center around regional security and stability. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Iran became at the forefront of the regional conflict earlier this month when it launched a missile attack on Tel Aviv in retaliation for its invasion of Lebanon and in response to the assassination of Hezbollah secretary-general Hassan Nasrallah and Hamas\u2019 political leader Ismail Haniyeh.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Egypt and Iran have been in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06e7e381-df4d-4d89-94c7-428dba34d5a3\" style=\"\" rel=\"noopener\">talks for some time<\/a> now about normalizing ties and reopening embassies, as part of a wider Iranian diplomatic push to mend relations with the Arab world. Then-Foreign Minister Sameh Shoukry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f3d9b08-2773-46b0-bbe7-351a631d978f\/shoukry-heads-to%253cmark%253e-iran%253c%2Fmark%253e-to-attend-raisi%25e2%2580%2599s-funeral\" style=\"\" rel=\"noopener\">made his first trip to Iran<\/a> in May \u2014 marking the first visit by an Egyptian foreign minister to Iran since 1979 \u2014 to attend late president Ebrahim Raisi\u2019s funeral.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#3- <\/strong><strong>El Khatib is in Brussels to boost EU trade: <\/strong>Investment Minister Hassan El Khatib is in the Belgian capital today, where he is scheduled to meet with the European Commissioner for Trade, the Vice-President of the European Commission, and representatives of a number of European and Belgian businesses to discuss strengthening economic and trade relations between Egypt and the bloc, the Investment Ministry said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/story.php?story_fbid=1048083054028781&amp;id=100064812882317&amp;_rdr\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Khatib will also be dropping in for a round table<\/strong> organized by the Arab-Belgian-Luxembourg Chamber of Commerce and the Brussels Chamber of Commerce, where a number of Belgium and Luxembourg-based companies will be in attendance.<\/p><p class=\"tag-border-left\">AT THE BOURSE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>Market reacts to Arla\u2019s bid for Domty: <\/strong>Local cheesemaker Domty shares saw its shares jump 20.0% during yesterday\u2019s trading to close at EGP 21.63 a share in response to Denmark-based Arla Foods <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3239e19b-5957-4421-9ce2-fa09f16d54c4\/arla-foods-looks-to-take-over-domty-in-usd-183-mn-transaction\" style=\"\" rel=\"noopener\">offer<\/a> to acquire up to 100% of the company.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A good day for the dairy sector: <\/strong>Domty wasn\u2019t the only dairy company on the bourse having a good day, with many of the country\u2019s major dairy producers finishing the day 20% up, including Juhayna, Arab Dairy, and Obour Land.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Arla is paying a 74.6% premium on the share price on the day the acquisition was <\/strong><strong>announced. <\/strong>Naeem Holding\u2019s VP of equity research, Hesham Hamdey, pointed to the premium as evidence of Egyptian stocks being undervalued in comments to <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/companies\/56894\/%D8%A3%D8%B3%D9%87%D9%85-%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%BA%D8%B0%D8%A7%D8%A1-%D8%AA%D9%82%D9%81%D8%B2-20-%D8%A8%D8%A7%D9%84%D9%85%D8%A6%D8%A9-%D8%A8%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D9%85%D8%B5%D8%B1-%D8%A8%D8%B9%D8%AF-%D8%B5%D9%81%D9%82%D8%A9-%D8%AF%D9%88%D9%85%D8%AA%D9%8A\/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=asharqbegy\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Thndr Securities\u2019 chief equity strategist Amr Elalfy told the outlet that the price premium can be explained as a control premium.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fresh details on the potential acquisition: <\/strong>The founding El Damaty family will hold around 20% stake in Domty post acquisition, unnamed sources told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/10\/16\/1834968\" style=\"\" rel=\"noopener\">Al Borsa<\/a>, adding that the company\u2019s board met yesterday to discuss the offer and set a date for the due diligence \u2014 which will likely take place next week. <\/p><p class=\"tag-border-left\">WATCH THIS SPACE- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>EU could <\/strong><strong>further tighten its stance on migration \u2014 with help from Egypt:<\/strong> The European Commission is set to issue a proposal to tighten the European Union\u2019s migration stance, European Commission President Ursula von der Leyen wrote in an unusually rightward-leaning <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/1365.pdf\" style=\"\" rel=\"noopener\">letter (pdf)<\/a>. Von der Leyen mentioned Egypt, Morocco, Algeria, Mauritania, Senegal, and Mali as countries the bloc should work with to ensure tightened measures are implemented, citing them as examples of countries from which migrants originate or through which they transit. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The EU <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\/eu-pledges-eur-7.4-bn-aid-package-for-egypt\" style=\"\" rel=\"noopener\">announced<\/a> back in March that it will provide Egypt with a EUR 7.4 bn package of loans, grants, and investments through to 2027 \u2014 EUR 200 mn of which has been earmarked for migration management measures and collaboration with the bloc on tackling irregular migration. The announcement saw many of the European heads of state emphasize the importance of Egypt\u2019s role in this process, pledging to continue to support Egypt in hosting refugees.<\/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\">DATA POINT- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More EVs on Egyptian streets: <\/strong>EV registration more than doubled during the first nine months of the year, rising 121.7% y-o-y to around 4.8k vehicles, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/10\/16\/1834489\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports, citing industry data.<\/p><p class=\"tag-border-left\">PSA- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- It\u2019s another cool day in Cairo<\/strong>, with a high of 29\u00b0C and a low of 21\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a bit cooler in Alexandria<\/strong>, with a high of 28\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>And over the weekend, <\/strong>expect to see a high of 29\u00b0C and a low of 20\u00b0C in the capital.<\/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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ENTERPRISEAM IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things.<\/strong> EnterpriseAM \u2014 the essential morning read on all the important news shaping business and the economy in Egypt, GCC, and the wider region \u2014 is looking for writers, reporters, and editors to help us build out new publications.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Never worked in a newsroom before?<\/strong> We have the EnterpriseAM Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the EnterpriseAM Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors, and entrepreneurs.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not an internship program \u2014 a career: <\/strong>The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing EnterpriseAM stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Apply directly to jobs@enterprisemea.com and mention \u201cwriting development program\u201d<\/strong> in your subject line.<\/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>PLUS- We\u2019re also looking for our first dedicated audience development professional. <\/strong>Someone who loves the challenge of helping us reach new readers in new markets \u2014 Saudi, the UAE, and lots more to come \u2014using a range of digital channels and tools. You\u2019re someone who thrives on working in a small, focused team. You\u2019ve got proven digital skills (more likely than not on the performance marketing side). And you want to be part of what we immodestly think is the region\u2019s most exciting media, advisory, and business intelligence company. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Interested? <\/strong>Tell Patrick and Moustafa why and send us your resume on <a target=\"_blank\" href=\"mailto:newjobs@enterprise.news\" style=\"\" rel=\"noopener\">newjobs@enterprise.news<\/a>. We\u2019d love to hear from you today. The position is based in Cairo, offers two days a week working anywhere you please, and offers a competitive package. (We\u2019re also pretty nice people to work with, if we don\u2019t say so ourselves.)<\/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>The race for the White House has pushed business news a bit further down the front <\/strong><strong>pages <\/strong>with 18 days to go until voters head to the polls in the United States. Harris <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/4018b10d-210a-4d15-961c-4aadfcac70a4\" style=\"\" rel=\"noopener\">raised substantially more than Trump<\/a> in 3Q and the two are <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2024\/10\/16\/us\/trump-harris-election\" style=\"\" rel=\"noopener\">chasing each other\u2019s voters<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>INTEREST RATE WATCH- <\/strong>Economists see the <strong>European Central Bank<\/strong> delivering another <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/europe\/going-all-out-five-questions-ecb-2024-10-14\/\" style=\"\" rel=\"noopener\">quarter-point rate cut<\/a> when it meets later today \u2014 and Goldman Sachs thinks the <strong>US Federal Reserve<\/strong> will deliver <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/goldman-sachs-expects-series-consecutive-25-basis-point-fed-cuts-ahead-2024-10-16\/\" style=\"\" rel=\"noopener\">consecutive 0.25 bps cuts<\/a> from November through June 2025.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON WALL STREET: <\/strong><\/p><ul>\n<li>The Dow posted yesterday its <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/us\/futures-steady-nasdaq-higher-markets-await-bank-earnings-2024-10-16\/\" style=\"\" rel=\"noopener\">third record-high close in four sessions<\/a> ;<\/li>\n<li>The <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/economy\/economists-predictions-survey-charts-68ba82d6?mod=hp_lead_pos7\" style=\"\" rel=\"noopener\">WSJ\u2019s latest survey suggests economists are more upbeat about economic growth<\/a> in the US of A;<\/li>\n<\/ul><ul>\n<li>Private equity limited partners are <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/3c7db0b6-19e8-45e3-84ab-833d47415450\" style=\"\" rel=\"noopener\">selling their stakes in the secondary market<\/a> amid a cash crunch; <\/li>\n<li>It\u2019s been a very good 3Q earnings season for <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/a741f162-0035-4135-aeca-6612fbfa43b8\" style=\"\" rel=\"noopener\">Wall Street banks<\/a> thanks to strong fees from M&amp;A activity and debt issuances<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN TECH- Uber\u2019s super-app ambitions now see it kicking the tires on the acquisition of <\/strong><strong>travel website <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/94a25bf7-e62b-462a-a4f0-e4feb6e244f7\" style=\"\" rel=\"noopener\">Expedia<\/a><\/strong><strong>. <\/strong>The Financial Times notes that while the transaction is in very early stages and could still go bust, Uber chief Dara Khosrowshahi was the CEO of Expedia for a dozen years ending in 2017 and is still on the site\u2019s board of directors, \u201cmaking it likely that any approach would be friendly.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In Lebanon: Israel has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-16\/israel-steps-up-air-strikes-in-lebanon-as-war-in-north-escalates?srnd=homepage-middle-east&amp;sref=mmeFTDW1\" style=\"\" rel=\"noopener\">stepped up its attack<\/a><\/strong> with further strikes and is claiming to have killed a Hezbollah commander yesterday.<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n       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-->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"653472\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/world-bank-trims-egypts-growth-forecast-to-3-5\/\">\r\n                            World Bank trims Egypt\u2019s growth forecast to 3.5%                        <\/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 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src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1412.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"653473\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/world-bank-trims-egypts-growth-forecast-to-3-5\/1412-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1412.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1412.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1412.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1412.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-653472\" class=\"content-area-description single-story post-653472 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-gdp tag-world-bank 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\/.c1a2f3f3-16ae-4d2c-b58e-971a8203b189.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>World B<\/strong><strong>ank revises downward ou<\/strong><strong>r growth outlook for FY 2024-2025: <\/strong>The international lender sees the Egyptian economy growing at a 3.5% clip during the fiscal year 2024-2025, trimming its outlook 0.7 percentage points from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/140daea3-14a0-4962-b51a-6369ff9535f2\/%253cmark%253eworld-bank%253c%2Fmark%253e-maintains-egypt%25e2%2580%2599s-growth-forecast-%2B-shares-forecast-for-fy-25-26\" style=\"\" rel=\"noopener\">4.2% forecasted in June<\/a>, the World Bank said in its semi-annual MENA economic update \u2014 <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/1407.pdf\" style=\"\" rel=\"noopener\">Growth in the Middle East and North Africa (pdf)<\/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>To blame: <\/strong>The lender sees Suez Canal revenues falling to USD 4.8 bn this fiscal year, almost half the USD 8.8 bn recorded during the fiscal year 2022-2023 and down 27% from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/969f89bf-ab59-42e5-924d-bcb8aa39241b\/egypt%25e2%2580%2599s-current-account-deficit-quadruples-in-fy-2023-24\" style=\"\" rel=\"noopener\">USD 6.6 bn recorded during FY 2023-2024<\/a>. This comes as escalating risks in the Red Sea continue to drive shipping companies away from the canal. Alongside this, \u201cthe uncertainty of the conflict looms large over portfolio investments, heightening investors\u2019 apprehension across the region.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s the best-case scenario: <\/strong>The lender cautioned that its forecast is made \u201cunder the assumption that the conflict will not worsen,\u201d explaining that should the conflict escalate further, it could lead to \u201cnegative spillovers\u201d that could very much affect growth \u2014 further escalations will impact business and consumer confidence, tourism, outflows, and financial conditions. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A<\/strong> <strong>little less optimistic than the government\u2019s forecast: <\/strong>The Madbouly government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f7ed194-9bf4-43df-b138-4372b364d873\/gdp%253cmark%253e-growth-%253c%2Fmark%253eslowed-to-2.4%2525-in-fy-2023-24\" style=\"\" rel=\"noopener\">sees the<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f7ed194-9bf4-43df-b138-4372b364d873\/gdp%253cmark%253e-growth-%253c%2Fmark%253eslowed-to-2.4%2525-in-fy-2023-24\" style=\"\" rel=\"noopener\">economy growing at a 4.0% clip<\/a> this fiscal year<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All in all, we\u2019re growing: <\/strong>Despite the downward revision, the economy is still expected to grow from last fiscal year\u2019s 2.5% growth estimate by the lender and the 2.4% figure provided by the government. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inflation is on a downward trajectory:<\/strong> While deemed the highest in the region, inflation in Egypt \u201chas been on a declining trend.\u201d The report attributed this to the CBE\u2019s decision to float the EGP, unify the exchange rate against the USD, and hike rates in March \u2014 a policy mainly aimed to address the persistent inflationary pressures, according to the report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Annual headline urban inflation <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c7c709e1-e024-43f6-891f-8690610c2724\/%253cmark%253einflation%253c%2Fmark%253e-accelerates-for-a-second-month-in-september-to-26.4%2525\" style=\"\" rel=\"noopener\">ticked up for a second month in September<\/a>, rising 0.2 percentage points from the month before to 26.4%. Some see inflation rising a third consecutive month in October as recent price hikes feed in. However, the outlook for the rest of 4Q is more positive and even more optimistic walking into 2025. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REGIONALLY- <\/strong>The lender now sees the MENA region growing 2.2% this year, down from the 2.8% forecasted over the summer but up from the 1.8% recorded in 2023. \u201cOver the past year, MENA\u2019s 2024 real GDP growth forecasts have been substantially downgraded, with the largest<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">downward revisions among fragile and conflict-affected situations,\u201d according to the report. The region is expected to grow 3.8% next year \u2014 down from an earlier forecast of 4.2%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The worry: <\/strong>\u201cEconomic\u202funcertainty in MENA\u202fis currently twice the average of other emerging markets and developing economies worldwide,\u201d the report writes, saying its estimate is based on its measure of \u201cthe dispersion of views amongst private sector forecasters.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch for next: <\/strong>The report is out ahead of the kickoff next week of the <a target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/annual\" style=\"\" rel=\"noopener\">World Bank and<\/a><a target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/annual\" style=\"\" rel=\"noopener\">IMF Annual Meetings<\/a> in Washington, DC. The meetings run Monday, 21 October through Saturday, 26 October, with the main events taking place 22-25 October. <\/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\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/united-bank-submits-request-to-list-shares-on-the-egx\/\">\r\n                            United Bank submits request to list shares on the EGX                        <\/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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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/535.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"653476\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/united-bank-submits-request-to-list-shares-on-the-egx\/535-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/535.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"535.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/535.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/535.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-653475\" class=\"content-area-description single-story post-653475 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-banking tag-central-bank-of-egypt tag-enterpriseam tag-privatization-watch tag-united-bank 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\/.b15dcd42-3e4b-4f7b-87cf-30070b9fef13.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>United Bank\u2019s IPO is in motion: <\/strong>United Bank has officially submitted a request to list its shares on the EGX as the central bank pushes ahead with its plan to sell a stake in the lender in an initial public offering before the end of 1Q 2025, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/1387.jpg\" style=\"\" rel=\"noopener\">EGX bulletin<\/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>The details: <\/strong>The bank is planning to list 1.1 bn shares with a nominal value of EGP 5 per share \u2014 bringing its total issued capital to EGP 5.5 bn. While the size of the stake in proportional terms was not disclosed, we\u2019ve been expecting the CBE to offer anywhere between 30% and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a78c923-5790-48d1-b5a6-ab1de406caa1\/alexandria-for-industrial-development-to-build-usd-120-mn-worth-of-turnkey-factories-for-foreign-companies.-plus:%253cmark%253e-united-bank%253c%2Fmark%253e,-fawry,-raya-cx,-easwaaq-%2B-post-for-investment,-trellix\" style=\"\" rel=\"noopener\">up to 49% of the lender<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The lender is in the process of finalizing the necessary paperwork ahead of presenting it to the EGX\u2019s listing committee. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The Central Bank of Egypt \u2014 which owns 99.9% of the United Bank \u2014 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40b1d4bd-9030-4e7f-8543-b52679d46ab5\/egypt%E2%80%99s-central-bank-to-offer-a-portion-of-its-stake-in-united-bank-on-the-egx\" style=\"\" rel=\"noopener\">announced last<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40b1d4bd-9030-4e7f-8543-b52679d46ab5\/egypt%E2%80%99s-central-bank-to-offer-a-portion-of-its-stake-in-united-bank-on-the-egx\" style=\"\" rel=\"noopener\">month<\/a> that it would offer a stake of United Bank\u2019s shares on the bourse. The lender\u2019s CEO Ashraf El Kady previously said that the IPO will be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a78c923-5790-48d1-b5a6-ab1de406caa1\/alexandria-for-industrial-development-to-build-usd-120-mn-worth-of-turnkey-factories-for-foreign-companies.-plus:%253cmark%253e-united-bank%253c%2Fmark%253e,-fawry,-raya-cx,-easwaaq-%2B-post-for-investment,-trellix\" style=\"\" rel=\"noopener\">promoted to investors<\/a> across the Gulf, Europe, and the US. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The central bank remains on the lookout for a strategic investor:<\/strong> The central bank remains on the hunt for a strategic investor to acquire a majority stake in the lender, a senior banking source previously told EnterpriseAM, adding that offering a portion of the bank on the EGX will make it more appealing to potential investors.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A long time coming:<\/strong> The CBE first announced its plan to sell the bank in 2017, but the Covid pandemic put the plans on ice. United Bank was also listed in the lineup of state companies and assets earmarked for privatization in the rebooted privatization program unveiled in February 2023.<\/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\/banking\/\">banking<\/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\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/united-bank\/\">United Bank<\/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=\"653477\" 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=\"653477\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Policy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/madbouly-assures-readiness-in-case-of-regional-escalation-during-weekly-presser\/\">\r\n                            Egypt\u2019s Madbouly assures readiness in case of regional escalation during weekly presser                        <\/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\/17\/madbouly-assures-readiness-in-case-of-regional-escalation-during-weekly-presser\/\" 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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Madbouly also provided a few more nuggets of information about what to expect from growing Egyptian-Saudi economic ties.<\/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>Madbouly focused on the economic impact of a broadened conflict<\/strong>, saying that the government was making contingency plans for escalation that leads to disruptions to trade, transport, and logistics networks. He also noted that the government is preparing plans for a situation in which escalating reciprocal attacks target regional oil and nuclear facilities, threatening to send the conflict spiraling out of control. Such a scenario would have \u201cfar-reaching consequences for energy prices and the movement of goods, including to Egypt,\u201d he said, adding that \u201cour role as a government is to be prepared for all eventualities.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We got some clarity on \u201cw<\/strong><strong>artime economy\u201d:<\/strong> Addressing recent discussions about Egypt\u2019s preparedness for further regional escalation, Madbouly clarified comments he <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e6beddd-7ce3-47f0-945f-ed88a70605dc\/\" style=\"\" rel=\"noopener\">made last week<\/a> about the possibility that further escalation might force Egypt into war economy mode. \u201cWhat I meant was that if the situation escalates into a regional war, Egypt would turn to what\u2019s known as a \u2018war economy,\u2019 which means directing all state resources to secure basic needs \u2026 to ensure minimal impact on the Egyptian people,\u201d he explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>His message to the people<\/strong><strong>:<\/strong> Madbouly emphasized the need for national unity in the face of regional tensions. \u201cPresident Abdel Fattah El Sisi made it clear that these regional challenges require a very high level of unity from the Egyptian people to safeguard the nation\u2019s assets and achievements,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madbouly assured citizen<\/strong><strong>s that there is no need t<\/strong><strong>o fear external threats<\/strong><strong>:<\/strong> \u201cIt\u2019s essential for the Egyptian people to remain aware of the unprecedented regional challenges and stay resilient,\u201d said Madbouly.<\/p>\n<p class=\"tag-border-left\">MORE DETAILS ON GROWING EGYPT-SAUDI ECONOMIC TIES- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the economic front,<\/strong><strong> the PM touched on the potential for <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02JWDvBoA5747MhfyYAckLYm2iMJn8QmGENq4RopP3MSSjx51bzUDuTqeLnad55fqkl\" style=\"\" rel=\"noopener\">local currency transactions<\/a><\/strong> between Egypt and Saudi Arabia. \u201cThe use of local currencies in cooperation and investment between Egypt and Saudi Arabia will be done through agreements and coordination between both countries\u2019 central banks,\u201d he said, explaining that the logistics of the move is being studied and will be implemented once a final decision is reached. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What sectors are Saudi investors interested in?<\/strong> The Saudi side will initially target the industrial, tourism, renewables, and urban development sectors, Madbouly said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The press conference came one day after President El Sisi and Crown Prince Mohammed <\/strong><strong>Bin Salman\u2019s meeting on <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bbe0aae-ba3a-4ca8-a09e-ba17d1cfce14\/\" style=\"\" rel=\"noopener\">Tuesday<\/a><\/strong><strong>,<\/strong> where the two heads of state signed an agreement to form the Egyptian-Saudi Supreme Coordination Council, which will be co-chaired by them personally, in addition to the bilateral <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78b9247c-e3ea-40e2-8b60-117d6727695a\/madbouly,-kouchouck,-el-khatib-land-in-riyadh-on-diplomatic-mission-to-boost-trade,-investment.-plus:-egypt,%253cmark%253e-kuwait%253c%2Fmark%253e-ink-ten-mous-during-joint-committee\" style=\"\" rel=\"noopener\">Agreement on Promotion and Mutual Protection of Investments<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s not all: <\/strong>Both sides issued a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0d3fRu6vmxBjh7bnJkwnTtMqaHDT7gy3RZbyshpEm7WkmL5X1TYq1kHQRNWj214jl\" style=\"\" rel=\"noopener\">joint statement<\/a> wrapping up the crown prince\u2019s visit and highlighting future areas of cooperation \u2014 CIT, logistics, combating corruption, culture, tourism, higher education and scientific research, media, industry and mining, and environment protection.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF SAUDI INVESTMENTS- USD 15 bn worth of Saudi investments incoming? <\/strong>Egypt-bound investments from the Saudi private sector totaling USD 15 bn have already been agreed and were awaiting the rubber stamping of the agreement, chairman of the Egyptian-Saudi Joint Business Council Bandar Al Ameri told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/10\/16\/%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A7%D8%AA-%D9%84%D8%B6%D8%AE-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D8%A8%D9%82%D9%8A%D9%85%D8%A9-15-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. Al Ameri pointed to the renewables, industry, real estate, tourism, and tech sectors as targets of the investments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t hold your breath: <\/strong>The agreement will be implemented within the coming two months once the legislation receives the regulatory greenlight from both sides.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We heard that this might be in the cards: <\/strong>We <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b037f3f4-3f02-46c6-b156-8e255c10923b\" style=\"\" rel=\"noopener\">heard in September<\/a> that Madbouly\u2019s government is in talks with major private-sector companies in Saudi to invest USD 10-15 bn in Egypt in different sectors, including renewable energy and seawater desalination.<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/a>\n                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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/el-sisi-appoints-hassan-rashad-as-the-new-intelligence-chief\/\">\r\n                            El Sisi appoints Hassan Rashad as the new intelligence chief                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1429.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"653481\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/el-sisi-appoints-hassan-rashad-as-the-new-intelligence-chief\/1429-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1429.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1429.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1429.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1429.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-653480\" class=\"content-area-description single-story post-653480 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-abbas-kamel tag-al-ahly tag-diplomacy tag-enterpriseam tag-middle-east-politics tag-moves tag-sports 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\/.081e2c7b-f899-4bf3-a2aa-769532da4e83.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Hassan Rashad was <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.youm7.com\/story\/2024\/10\/16\/%D8%AA%D8%B9%D9%8A%D9%8A%D9%86-%D8%A7%D9%84%D9%84%D9%88%D8%A7%D8%A1-%D8%B9%D8%A8%D8%A7%D8%B3-%D9%83%D8%A7%D9%85%D9%84-%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1%D8%A7-%D9%84%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%AC%D9%85%D9%87%D9%88%D8%B1%D9%8A%D8%A9-%D9%85%D9%86%D8%B3%D9%82%D8%A7-%D8%B9%D8%A7%D9%85%D8%A7-%D9%84%D9%84%D8%A3%D8%AC%D9%87%D8%B2%D8%A9\/6743866?fbclid=IwZXh0bgNhZW0CMTEAAR3StSUSSQqWn9nSl5XAEZV6caWHQz29po38vYrotVY7ygh1pQgo8Mvb-I4_aem_sU29_Lyg2GHCjmM8uWi7Pw#google_vignette\" style=\"\" rel=\"noopener\">sworn in<\/a><\/strong><strong> yesterday as Egypt\u2019s new intelligence chief<\/strong>, with outgoing head Abbas Kamel named advisor to the presidency, general coordinator of the security services, and special envoy of the president. Rashad graduated from the Military Technical College, he then joined the General Intelligence Service and rose through the ranks to become the Intelligence Service deputy before his appointment yesterday, Extra News reports (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=T2jrY9HJn9o\" style=\"\" rel=\"noopener\">Watch, runtime 0:58<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The foreign press took note: <\/strong>The story caught the attention of <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-sisi-appoints-new-head-general-intelligence-2024-10-16\/\" style=\"\" rel=\"noopener\">Reuters<\/a>, the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/egypt-replaces-spy-chief-trusted-by-u-s-israel-and-hamas-8bf2b8a7\" style=\"\" rel=\"noopener\">Wall Street<\/a><a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/middle-east\/egypt-replaces-spy-chief-trusted-by-u-s-israel-and-hamas-8bf2b8a7\" style=\"\" rel=\"noopener\">Journal<\/a>, the <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/news\/mena\/2024\/10\/16\/el-sisi-names-new-chief-of-intelligence-agency-replacing-long-time-close-aide-and-confidant\/\" style=\"\" rel=\"noopener\">National<\/a>, and <a target=\"_blank\" href=\"https:\/\/english.news.cn\/africa\/20241017\/1986be7f8a1a4b5e83dc6f7c4b1b756f\/c.html\" style=\"\" rel=\"noopener\">Xinhua<\/a>. <\/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>Al Ahly FC welcomes new faces with managerial shake up: <\/strong>Sky Investment\u2019s Ayman Hussein has been appointed chairman of Al Ahly Football Company and EFG Hermes Head of Research Ahmed Shams El Din was appointed as his vice chairman, the football club <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/alahly\/posts\/pfbid0avkkUgrXmvQin2ajBEuScx1sX33Z6P6fcUpQawEJVQQj3TjgwEnrbq22MZDzRHfsl\" style=\"\" rel=\"noopener\">announced<\/a>. Sitting on the board are Zilla Capital Chairman Wael Ziada (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/wael-ziada-6753b0a\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>) and Ahmed Hossam Awad. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are some new faces at the <\/strong><strong>Al Ahly Sports Facilities Company<\/strong>, with former Heliopolis Housing and Development CEO Tamer Nasser appointed chairman and Hazem Hilal as vice chairman. Over at Al Ahly Company for Sports services, former Civil Aviation Minister Mohammed Manar Enabah is now chairman and Assistant Investment Minister Lamia Mokhtar is sitting on the board.<\/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\/abbas-kamel\/\">Abbas Kamel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly\/\">Al Ahly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/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=\"653482\" 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=\"653482\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/egyptians-make-it-onto-forbes-sustainability-leaders-list\/\">\r\n                            Egyptians make it onto Forbes\u2019 Sustainability Leaders list                        <\/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\/17\/egyptians-make-it-onto-forbes-sustainability-leaders-list\/\" 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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Featured on the list \u2014 and in no particular order:<\/p>\n<ul>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/yasmine-fouad\/\" style=\"\" rel=\"noopener\">Yasmine Fouad<\/a>, Egypt's Environment Minister;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/dalia-khorshid\/\" style=\"\" rel=\"noopener\">Dalia Khorshid<\/a>, Group CEO of Beltone Holding;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/ahmed-abdelaal\/\" style=\"\" rel=\"noopener\">Ahmed Abdelaal<\/a>, Group CEO, Mashreq Bank;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/hassan-allam-amr-allam\/\" style=\"\" rel=\"noopener\">Hassan Allam &amp; Amr Allam<\/a>, Co-CEOs of Hassan Allam Holding;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/walid-hassouna\/\" style=\"\" rel=\"noopener\">Walid Hassouna<\/a>, CEO of Valu;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/said-zater\/\" style=\"\" rel=\"noopener\">Said Zater<\/a>, Group CEO of Contact Financial Holding;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/ahmed-heikal\/\" style=\"\" rel=\"noopener\">Ahmed Heikal<\/a>, Founder of Qalaa Holdings;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/ahmed-el-hoshy\/\" style=\"\" rel=\"noopener\">Ahmed El Hoshy<\/a>, CEO of Fertiglobe;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/mohamed-abdelbary\/\" style=\"\" rel=\"noopener\">Mohamed Abdelbary<\/a>, Acting Group CEO of Abu Dhabi Islamic Bank;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/othman-a-ibrahim\/\" style=\"\" rel=\"noopener\">Othman Ibrahim<\/a>, CEO of Rawabi Holding;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/yasser-zaghloul\/\" style=\"\" rel=\"noopener\">Yasser Zagloul<\/a>, Group CEO of NMDC;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/hatem-dowidar\/\" style=\"\" rel=\"noopener\">Hatem Dowidar<\/a>, Group CEO of e&amp;;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/manal-hassan\/\" style=\"\" rel=\"noopener\">Manal Hassan<\/a>, Chief Sustainability Officer at Elsewedy Electric;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/mohamed-amer\/\" style=\"\" rel=\"noopener\">Mohamed Amer<\/a>, CEO of El Gouna;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/seif-thabet\/\" style=\"\" rel=\"noopener\">Seif Thabet<\/a>, CEO of Juhayna Food Industries;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/mohamed-ismail-mansour\/\" style=\"\" rel=\"noopener\">Mohamed Mansour<\/a>, Chairman of Infinity Power;<\/li>\n<li><a target=\"_blank\" href=\"https:\/\/www.forbesmiddleeast.com\/lists\/the-middle-easts-sustainable-leaders-2024\/hanaa-helmy\/\" style=\"\" rel=\"noopener\">Hanaa Helmy<\/a>, CEO of EFG Foundation.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- Arab Contractors recognized by the Engineering News Record\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.enr.com\/blogs\/13-critical-path\/post\/59493-judges-highlight-innovation-teamwork-among-global-best-projects-winners\" style=\"\" rel=\"noopener\">Global Best<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.enr.com\/blogs\/13-critical-path\/post\/59493-judges-highlight-innovation-teamwork-among-global-best-projects-winners\" style=\"\" rel=\"noopener\">Projects<\/a><\/strong><strong> for the fourth consecutive year. <\/strong>The state-owned construction company was awarded the title of best international restoration and renovation for its work on the Damietta Bridge and a merit award for its restoration of Cairo\u2019s El Sayeda Zeinab Mosque, the Housing Ministry said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02tzqoUmEAPRZ3hfySJDapTcHgmvNCkGC7yaoAVhTViB3cdsUXtZ2rtoJQbm11AqAal\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- Egypt\u2019s Rawdat El Sayeda development has won the Arab Housing <\/strong><strong>Ministers\u2019 Council Award for the Best Completed Housing Project for 2024<\/strong>, with the project receiving praise for its \u201cnotable urban development and its positive impact on the residents' lives,\u201d the Housing Ministry announced in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02qMJXrfaupAknNek8dErnVbGyadjZxzsh9exrM6vxvots9Yi211nosGrJsAPDvxyVl\" style=\"\" rel=\"noopener\">statement<\/a>. Inaugurated in October 2021, the Rawdat El Sayed project aimed at transforming the Tel Al Aqareb area \u2014 which was filled with buildings with poor infrastructure \u2014 into a \u201cmodern urban community providing decent housing.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ON TOP OF THAT- Mondelez Egypt shifted its chocolate and biscuits factories in <\/strong><strong>the Tenth of Ramadan to run entirely on renewable energy<\/strong>, implemented in collaboration with the New and Renewable Energy Authority, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/mondelez-egypt-transitions-from-electricity-to-green-energy-with-100-renewable-energy-in-its-10th-ramadan-factories-cdiid1o1\" style=\"\" rel=\"noopener\">statement<\/a>. The company will source its energy from five government-owned power plants including the Hurghada, Gabal El Zeit, and Zafarana wind farms, the Zafarana and Kom Ombo solar plants.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- The Arab Bank will help provide women with essential diagnostic tests and <\/strong><strong>treatment options to combat breast cancer<\/strong> under a cooperation agreement with the Baheya Foundation for Early Detection and Treatment of Breast Cancer, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/1231.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The bank will fund two surgical clinics at Baheya\u2019s Sheikh Zayed Hospital, which are expected to benefit over 19.5k women annually.<\/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\/forbes\/\">Forbes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sustainability\/\">sustainability<\/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=\"653483 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=\"653483\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/653483\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-653483\" class=\"content-area-description single-story post-653483 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=\"653484\" 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=\"653484\">\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\/17\/following-up-on-the-galala-university-bus-crash\/\">\r\n                            Following up on the Galala University bus crash                        <\/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\/17\/following-up-on-the-galala-university-bus-crash\/\" 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\/17\/following-up-on-the-galala-university-bus-crash\/')\">\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\/17\/following-up-on-the-galala-university-bus-crash\/\">\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=Following up on the Galala University bus crash&url=https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/following-up-on-the-galala-university-bus-crash\/\">\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\/17\/following-up-on-the-galala-university-bus-crash\/&title=Following up on the Galala University bus crash\">\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=Following+up+on+the+Galala+University+bus+crash+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F10%2F17%2Ffollowing-up-on-the-galala-university-bus-crash%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\/17\/following-up-on-the-galala-university-bus-crash\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1410.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"653485\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/following-up-on-the-galala-university-bus-crash\/1410-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1410.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1410.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1410.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1410.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-653484\" class=\"content-area-description single-story post-653484 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-education tag-enterpriseam tag-infrastructure tag-last-nights-talk-shows 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\/.0949120e-b34e-4cc6-8a97-6d6d708f6092.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Last night\u2019s talk shows focused on developments in the Galala University bus crash that <\/strong>took place earlier this week, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1a59ee0-0301-4249-a5a6-bfab7a5b9bfd\/a-bus%253cmark%253e-crash%253c%2Fmark%253e-in-ain-sokhna-kills-12-and-injures-tens-others\" style=\"\" rel=\"noopener\">killing 12 and injuring 33<\/a>. The bus was transporting students to their Ain Sokhna residence because of limited available on-campus housing, Galala University President Mohamed El Shinawi told Ala Masouleety\u2019s Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=uveqVuTx0VE\" style=\"\" rel=\"noopener\">watch, runtime: 21:02<\/a>). Only around 4.7k students out of the approximately 12k enrolled are able to live on-site, El Shinawi told Moussa. <\/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 university is now looking to expand its facilities: <\/strong>Galala University is now in negotiations to establish a dedicated field hospital within the university, alongside a new upscale residential area that will add some 2.5k beds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Improvements to Galala City infrastructure are also in order:<\/strong> Suez Governor Tarek El Shazly and the university have reached an agreement that will see improved emergency services in the city and add surveillance cameras throughout within the next month, Galala University\u2019s student union president Mostafa El Ashram told Yahduth Fi Masr (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/watch\/?v=897174981973803\" style=\"\" rel=\"noopener\">watch, runtime: 3:14<\/a>). El Ashram highlighted the issues students face with roads, lighting, and a lack of speed monitoring in the city.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- The appointment of a new intelligence chief got airtime <\/strong>from Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=O9GeWfnIfVQ\" style=\"\" rel=\"noopener\">watch,<\/a><a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=O9GeWfnIfVQ\" style=\"\" rel=\"noopener\">runtime: 2:38<\/a>). We have the details in the news well, above. <\/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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"653486\" 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=\"653486\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/egypts-usd-debt-catches-the-attention-of-investors-and-the-international-press\/\">\r\n                            Egypt\u2019s USD debt catches the attention of investors and the international press                        <\/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\/17\/egypts-usd-debt-catches-the-attention-of-investors-and-the-international-press\/\" 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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Egypt and Argentina saw their high-yield spreads over treasuries narrow by three basis points despite global uncertainties driven by Trump\u2019s tariff threats and China\u2019s economic slowdown. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- A US judge described former Capital One banker Pierre Girgis an \u201caccidental spy\u201d <\/strong>in a case that acquitted the dual US-Egyptian national of jail time, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-15\/ex-banker-dubbed-accidental-spy-by-judge-gets-no-jail-time\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports. Girgis was accused of seeking confidential American law enforcement information on critics of the Egyptian government, which Girgis\u2019 lawyer successfully painted as a \u201cmisguided effort to try to promote security\u201d in the Egyptian expat community in the US.<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/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=\"653488\" 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=\"653488\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/arab-contractors-will-build-usd-70-mn-road-in-uganda-plus-news-from-cib-hsbc\/\">\r\n                            Arab Contractors will build USD 70 mn road in Uganda                        <\/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\/17\/arab-contractors-will-build-usd-70-mn-road-in-uganda-plus-news-from-cib-hsbc\/\" 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\/17\/arab-contractors-will-build-usd-70-mn-road-in-uganda-plus-news-from-cib-hsbc\/')\">\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\/17\/arab-contractors-will-build-usd-70-mn-road-in-uganda-plus-news-from-cib-hsbc\/\">\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=Arab Contractors will build USD 70 mn road in Uganda. PLUS: News from CIB, HSBC,&url=https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/arab-contractors-will-build-usd-70-mn-road-in-uganda-plus-news-from-cib-hsbc\/\">\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\/17\/arab-contractors-will-build-usd-70-mn-road-in-uganda-plus-news-from-cib-hsbc\/&title=Arab Contractors will build USD 70 mn road in Uganda. PLUS: News from CIB, HSBC,\">\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=Arab+Contractors+will+build+USD+70+mn+road+in+Uganda.+PLUS%3A+News+from+CIB%2C+HSBC%2C+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F10%2F17%2Farab-contractors-will-build-usd-70-mn-road-in-uganda-plus-news-from-cib-hsbc%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\/17\/arab-contractors-will-build-usd-70-mn-road-in-uganda-plus-news-from-cib-hsbc\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1399.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"653489\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/arab-contractors-will-build-usd-70-mn-road-in-uganda-plus-news-from-cib-hsbc\/1399-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1399.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1399.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1399.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1399.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-653488\" class=\"content-area-description single-story post-653488 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-arab-contractors tag-cib tag-construction tag-enterpriseam tag-hsbc tag-infrastructure tag-kima tag-manufacturing tag-sczone tag-water 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\/.2d6a3310-192f-4549-b9aa-dd4644148f8b.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\">INFRASTRUCTURE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- Arab Contractors to build 56 km, USD 70 mn road in Uganda: <\/strong>Local construction firm Arab Contractors signed a USD 70 mn agreement with the Uganda National Roads Authority for the design and construction of the 56 km-long Iganga-Kamuli road project, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid032qbRnNs1duVLGkHcUvxPWp1yRRxmfPRjfBzjaaRipEdmjb783Mv2PPjpwDP59ip2l\" style=\"\" rel=\"noopener\">statement<\/a>. The road project \u2014 Arab Contractors' fifth in the country in as many years \u2014 will connect a number of cities and is expected to enhance Uganda\u2019s export trade, particularly with neighboring Kenya.<\/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\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Gov\u2019t will within weeks offer a desalination plant to private players <\/strong>to be implemented under a public-private partnership (PPP) in the Suez Canal Economic Zone, the Finance Ministry's PPP unit head Atter Hannoura told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/10\/16\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B7%D8%B1%D8%AD-%D9%85%D8%AD%D8%B7%D8%A9-%D9%84%D8%AA%D8%AD%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D9%8A%D8%A7%D9%87-%D8%A8%D9%80-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A%D8%A9-%D9%82%D9%86%D8%A7%D8%A9-%D8%A7%D9%84%D8%B3%D9%88%D9%8A%D8%B3-%D8%AE%D9%84%D8%A7%D9%84-%D8%A3%D8%B3%D8%A7%D8%A8%D9%8A%D8%B9\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. The new plant is set to desalinate some 250k cubic meters of seawater daily. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The first of many? <\/strong>The government plans to offer more desalination plants early next year, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We heard this was coming: <\/strong>SCZone director Ahmed Saad <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/db51c40e-c6dd-4ad1-b299-67a0b7a37e3b\/gem-kicks-off-trial-operations-today\" style=\"\" rel=\"noopener\">said Tuesday<\/a> that the zone was close to launching its first-ever water desalination PPP, adding that the plant will be used to help produce green hydrogen in the SCZone.<\/p>\n<p class=\"tag-border-left\">PRIVATIZATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elhefny pitches Copelouzos Group on our airport privatization plans:<\/strong> Civil Aviation Minister Sameh Elhefny met with a delegation from Greek infrastructure investment company <a target=\"_blank\" href=\"https:\/\/www.copelouzos.gr\/en\/copelouzos-group\/\" style=\"\" rel=\"noopener\">Copelouzos Group<\/a> to discuss potential joint projects to develop, manage, and operate airports in the country, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02rtREE3T1N86c9W5HrAaTiQCniBHm428dgEb2m33YP8KgJqVQSLESChRLuJhet8GTl\" style=\"\" rel=\"noopener\">ministry statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> We\u2019ve been on the lookout for airport privatization news since Prime Minister Moustafa Madbouly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5e54f1d-dc98-4fe2-ac8a-af684b381301\/madbouly-promises-important-privatization-news-soon\" style=\"\" rel=\"noopener\">said earlier this week<\/a> that some \u201cimportant\u201d updates regarding our plans to privatize airports and banks would be announced soon. The Madbouly government first revealed <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39dc4a75-8ed5-46ed-a296-30a40cf2f166\" style=\"\" rel=\"noopener\">in November 2023<\/a> that it planned to invite private sector players \u2014 including foreign companies \u2014 to take over the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e94bb97-4820-4349-bc3a-d65afa8cdcb1\/egypt-looks-towards-airport-expansion,-smart-policy,-and-the-private-sector-to-support-its-ambitious-aviation-goals\" style=\"\" rel=\"noopener\">management of airports<\/a> in the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Copelouzos is no stranger to Egypt:<\/strong> The company recently signed a partnership agreement with state gas firm EGAS to set up a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17b2687c-bf5b-491d-8d8c-e4e04ac7c127\/\" style=\"\" rel=\"noopener\">Greece-headquartered JV<\/a> focused on the trade, transport, supply, and regasification of natural gas in Eastern Europe and Greece. Copelouzos and Infinity Power are also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/414aad37-9a32-4305-b52b-01080a56d104\" style=\"\" rel=\"noopener\">developing renewable energy projects<\/a> to supply energy to the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b4cdf86-bd8c-496a-bb9f-a0a96ced5721\" style=\"\" rel=\"noopener\">3 GW Greece-Egypt Interconnector (GREGY)<\/a>.<\/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\">BANKING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>More banks are cutting rates on their high-yield CDs:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.cibeg.com\/en\/personal\/accounts-and-deposits\/deposits\/certificate\" style=\"\" rel=\"noopener\">CIB<\/a> and <a target=\"_blank\" href=\"https:\/\/www.hsbc.com.eg\/accounts\/products\/savings-certificates\/\" style=\"\" rel=\"noopener\">HSBC<\/a> cut interest rates on their local currency high-yield CDs yesterday. CIB has lowered interest rates on its premium, plus, and prime three-year fixed-rate CDs by 2 percentage points to 20%, 19%, and 18%, respectively, while HSBC has slashed its three-year fixed CD by 1.5 percentage points to 20.5%.<\/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\">MANUFACTURING- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/portsfi\/\" style=\"\" rel=\"noopener\">Alporsaideya For Food Industries<\/a><\/strong><strong> will invest EUR 5 mn in a new ghee <\/strong><strong>production line<\/strong>, with the company in talks with a German company to source parts for the new line, CEO Mohamed Soliman told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%a8%d9%88%d8%b1%d8%b3%d8%b9%d9%8a%d8%af%d9%8a%d8%a9-%d9%84%d9%84%d8%b5%d9%86%d8%a7%d8%b9%d8%a7%d8%aa-%d8%a7%d9%84%d8%ba%d8%b0%d8%a7%d8%a6%d9%8a%d8%a9-%d8%aa%d8%b3%d8%aa\/\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%a8%d9%88%d8%b1%d8%b3%d8%b9%d9%8a%d8%af%d9%8a%d8%a9-%d9%84%d9%84%d8%b5%d9%86%d8%a7%d8%b9%d8%a7%d8%aa-%d8%a7%d9%84%d8%ba%d8%b0%d8%a7%d8%a6%d9%8a%d8%a9-%d8%aa%d8%b3%d8%aa\/\" style=\"\" rel=\"noopener\">l M<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%a8%d9%88%d8%b1%d8%b3%d8%b9%d9%8a%d8%af%d9%8a%d8%a9-%d9%84%d9%84%d8%b5%d9%86%d8%a7%d8%b9%d8%a7%d8%aa-%d8%a7%d9%84%d8%ba%d8%b0%d8%a7%d8%a6%d9%8a%d8%a9-%d8%aa%d8%b3%d8%aa\/\" style=\"\" rel=\"noopener\">al<\/a>. The production line is set to produce 120 tons of ghee daily once it begins operation in six months\u2019 time, with the company currently in negotiations to rent a temporary line for ghee production until the project\u2019s completion.<\/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>#2- EGFCO to launch new polyethylene pipe plant: <\/strong>Pipe producer <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/egfco\/about\/\" style=\"\" rel=\"noopener\">EGFCO<\/a> has completed construction work on its new polyethylene pipe factory in Tenth of Ramadan, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%b4%d8%b1%d9%83%d8%a9-egfco-%d8%aa%d8%af%d8%b4%d9%86-%d9%85%d8%b5%d9%86%d8%b9%d8%a7-%d8%ac%d8%af%d9%8a%d8%af%d8%a7-%d9%84%d8%a5%d9%86%d8%aa%d8%a7%d8%ac-%d9%85%d9%88%d8%a7%d8%b3\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing managing director Karim Sadek. The plant will manufacture pipes for key sectors like natural gas, water, sewage, and irrigation, supporting Egypt\u2019s infrastructure development. The firm \u2014 a JV between Egypt Gas, the Swiss <a target=\"_blank\" href=\"https:\/\/www.gfps.com\/int\/en.html\" style=\"\" rel=\"noopener\">GF Piping Systems<\/a>, and the UAE\u2019s <a target=\"_blank\" href=\"https:\/\/gfcorys.com\/\" style=\"\" rel=\"noopener\">GF Corys<\/a> \u2014 also plans to target new export markets in north and east Africa.<\/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\">EARNINGS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kima\u2019s revised FY 2023-24 earnings see net income more than double in:<\/strong> Egyptian Chemical Industries (Kima) saw its net income rise 120% y-o-y to EGP 2.5 bn during the fiscal year 2023-2024, it said in its revised <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/1374.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a> for the fiscal year. Total sales fell 1.2% to EGP 6.5 bn during the fiscal year. Pre-revision the company had <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af0fe3e5-6b45-49c6-a66d-5123d996d91a\" style=\"\" rel=\"noopener\">reported<\/a> a 93.9% y-o-y dip in its net income to EGP 70 mn.<\/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\/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\/arab-contractors\/\">Arab Contractors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kima\/\">Kima<\/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\/sczone\/\">SCZone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/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=\"653490\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"653490\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 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<div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1262.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"653491\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/amid-rising-interest-rates-middle-east-sustainable-bond-issuance-drop-in-9m-2024\/1262-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1262.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1262.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1262.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/1262.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-653490\" class=\"content-area-description single-story post-653490 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-bonds tag-debt-watch tag-enterpriseam tag-financial-services tag-planet-finance tag-sukuk wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.927fe361-36df-4a54-a1da-b603c02cf3dc.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Sustainable bond issuance across the Middle East declined 18% y-o-y to USD 16.7 bn in <\/strong><strong>9M 2024<\/strong>, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/1334.pdf\" style=\"\" rel=\"noopener\">S&amp;P Global report (pdf)<\/a>. The market\u2019s cooling reflects a normalization following COP28\u2019s momentum in late 2023, while other factors such as inflation, interest rates, and economic growth all impact demand for the notes. Meanwhile, funding and regulation can also be affected by \u201ctransparency and disclosure within ESG reporting [which] are in the early stages of development.\u201d <\/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>The Middle East\u2019s sustainable bond issuances accounted for 2.2% of global sustainable <\/strong><strong>bond issuance<\/strong> in 9M 2024, down from 2.6% during the same period in 2023.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Although issuances have slowed, sustainable bonds account for a larger share of the<\/strong><strong> region\u2019s bond market than the global average.<\/strong> In the Middle East, sustainable bond issuances account for 15-20% of total bond issuances (excluding sovereigns and private placements), coming in above the 12-14% global average.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sustainable sukuk issuances accounted for 35-40% of all issuances in the region so far<\/strong><strong> this year<\/strong>, up from 25-30% in 2023. Total sustainable sukuk issuances in the region remained basically unchanged at USD 6.1 bn in 9M 2024, in the face of a global 11% y-o-y decline to USD 7.1 bn. Saudi Arabia dethroned the UAE as the largest issuer of this type of issuances in 9M this year, compared to the same period in 2023.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia and the UAE are leading the market<\/strong>, accounting for 60% of sustainable bond issuances in the region, with Qatar also making strides this year, including recording the region\u2019s largest issuance in 2024 so far with the sale of a USD 1.5 bn sovereign green bond sale in 2Q 2024. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Financial institutions are the most prevalent issuer in the region<\/strong>, while issuances by state-owned corporates are down 45% in 9M 2024 on an annual basis. \u201cIn the UAE, the financial sector has pledged to mobilize AED 1 tn (USD 272 bn) in sustainable finance by 2030,\u201d the report says. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The implementation of net-zero policies could drive more issuances: <\/strong>Stakeholders will need to move swiftly towards net-zero policies, along with a stronger focus on sustainability strategies, as well as new regulations for sustainable bond issuances to gain better traction.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The composition of sustainable bond issuances is changing:<\/strong> Whereas sustainable bond issuances in 2023 were primarily green bonds, this year saw growth in \u201csustainability issuances (including funding social projects),\u201d the report says. The shift is largely driven by financial institutions, which are incorporating social elements into their projects to align with broader sector objectives. Common social initiatives include improving access to essential services, supporting affordable housing, and creating jobs through investments in SMEs. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Globally, it\u2019s a bit of a different picture:<\/strong> Although green bonds continued to be a fixture of the region\u2019s debt market \u201cgiven the exposure to hydrocarbons,\u201d they account for a far smaller share of sustainable bond issuances this year than the global average. On a global scale, green bonds still make up around 60% of sustainable bonds.<\/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>The Shanghai Composite, Hang Seng, and ASX 200 are all up in early trading this <\/strong><strong>morning<\/strong>, boosted by yet another record close for the Dow yesterday. Only the Nikkei (-0.5%) is bucking the trend. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Futures suggest major Wall Street and European benchmarks could see a bit of selling <\/strong><strong>pressure <\/strong>at the opening bell later today. <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">30,545<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +22.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.54<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 48.68<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.54<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 48.64<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,039<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3% (YTD: +0.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,306<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: -2.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,485<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.4% (YTD: +10.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,821<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +21.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,329<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.0% (YTD: +7.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,909<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.8% (YTD: +8.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 74.48<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.37<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-5.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,691<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 67,552<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.6% (YTD: +59.9%)<\/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 fell 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 5.2 bn (25.7% above the 90-day average). International investors were net sellers. The index is up 22.7% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Juhayna (+20.0%), Oriental Weavers (+11.1%), and Cleopatra Hospitals (+4.6%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Elsewedy Electric (-5.0%), Palm Hills Developments (-4.1%), and Alex Containers and Cargo Handling (-2.6%).<\/p><p class=\"tag-border-left\">CORPORATE ACTIONS- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- CIRA Education\u2019s general assembly approved paying out dividends of EGP <\/strong><strong>0.257 per share on its FY 2022-23 earnings<\/strong>, totalling EGP 150 mn, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/1359.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- E-finance will pay out dividends of EGP 0.197 per share on its 1H 2024 <\/strong><strong>earnings<\/strong> after its general assembly greenlit the move, the state-owned fintech player said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/1336.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Eastern Company is paying out dividends of EGP 2.70 per share on its FY <\/strong><strong>2023-24 earnings<\/strong> after its general assembly approved the decision, the state-owned tobacco giant said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/10\/1337.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The dividends will be paid out in two installments, with the first paid on 21 October and the second on 25 November.<\/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\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"653492\" 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=\"653492\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/10\/17\/my-morning-routine-amr-seif-egypt-levant-and-iraq-cluster-lead-pfizer\/\">\r\n                            My Morning Routine: Amr Seif, Egypt, Levant, and Iraq cluster lead, Pfizer                        <\/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\/17\/my-morning-routine-amr-seif-egypt-levant-and-iraq-cluster-lead-pfizer\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Speaking to us this week is Amr Seif (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/amr-seif\/?originalSubdomain=ae\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), Pfizer\u2019s cluster lead for Egypt, Levant and Iraq (ELI) and country manager for Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My name is Amr Seif and I am the ELI cluster lead at <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.pfizer.com\/?source=Linkedin\" style=\"\" rel=\"noopener\">Pfizer<\/a><\/strong><strong>. <\/strong>I am a pharmacist, and I\u2019ve worked in a variety of areas including sales and marketing. I\u2019ve been living and working in Dubai for the past 13 years, and only recently moved back to Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I shifted into leadership roles in 2008 and recently joined Pfizer<\/strong> as ELI cluster lead \u2014 managing Egypt, Levant and Iraq.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The main responsibility in my role is addressing purpose.<\/strong> Our purpose is to ensure access to our innovative breakthrough treatments to patients. My role relies on collaboration and partnering with key stakeholders to address our common purpose. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pfizer has a strong legacy.<\/strong> Having joined it only recently, I am impressed at how Pfizer\u2019s products have changed the lives of bns of people around the world and made what was once unimaginable imaginable.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>For 175 years, Pfizer has been delivering breakthrough medications and vaccines<\/strong> and has a promising future that is looking at creating more innovative medicines for patients. If you look at the stats, 1.3 bn people have taken Pfizer medications last year, the products are very widespread.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re seeing great innovation in the pharma industry with the rise of AI.<\/strong> We are excited about integrating artificial intelligence in developing ground-breaking therapies, which we intend to harness in the fight against cancer and other diseases.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There are also more interesting trends happening<\/strong> \u2014 like precision medicine or the customization of treatments targeted to specific patient populations for specific ailments. Researchers now have much more detailed information about individual patients, thanks to advances in DNA analysis, which help us to produce personalized and effective treatments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I lead a very disciplined morning routine<\/strong>. I sleep at around 9:30pm, wake up at around 6:15am, head to the gym, and arrive at the office at around 8:30am. When I get there, I start by reading EnterpriseAM and looking through my emails. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I\u2019m usually the most productive during those first few hours<\/strong> so I aim to get things done early. I try to leave the office at 7pm and head home for dinner with the family. I like going on a quiet walk in the evening \u2014 without music \u2014 just to clear my head.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The constants in my everyday life are: <\/strong>working out, working, reflecting, and my family.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I stay focused by prioritizing.<\/strong> This way I\u2019m able to direct all of my focus to whatever is most important at that specific moment. I even block out reflection time in my calendar to make sure that I always give myself a moment to think and reflect. I do this to avoid making decisions based on quick impressions \u2014 a natural human instinct \u2014 instead I pause, and look at things from a different perspective.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I collaborate with the team to focus on our priorities<\/strong>, while staying flexible to handle last-minute opportunities that arise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In terms of my professional goals<\/strong>, my current ambition is to continue to drive growth, help advance health equity and innovation, collaborate with governments on projects and initiatives that impact patients and continue to invest in developing and growing the teams.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My personal goal is to become more present in the moment. <\/strong>I want to get in touch with my feelings and emotions at each moment.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To me, work-life balance is relative.<\/strong> When I first started my new role, I needed to give it my all, so my balance leaned more towards work. So, it differs based on the circumstances. What\u2019s more important is being fully present in whichever it is you\u2019re focused on.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I like to wind down from work during the drive home<\/strong>, which is why I enjoy going to the office. However long that drive is, it\u2019s the perfect chance to reflect on the day and switch off work mode.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sometimes a vacation is truly needed.<\/strong> I make it a point to take a two-week holiday every year to spend quality time with my family and enjoy our favorite activities together.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I don\u2019t watch TV<\/strong>. Ten years ago, I just randomly stopped watching TV. I sometimes watch football and other times my son puts on Friends and I watch it with him. I do really enjoy TED Talks, though.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One piece of advice that has always resonated with me came when I received my very <\/strong><strong>first promotion<\/strong>. My boss's boss told me that what got me to this role is not what will make me succeed in it. Essentially, this means that if we stick to what we're good at, we might get one promotion, but we need to stay agile and keep learning. If you continue doing what you did in your previous role, you won't achieve everything you aspire to. It's crucial to keep learning and adapting.<\/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\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pfizer\/\">Pfizer<\/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=\"653494\" 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\/17\/653494\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-653494\" class=\"content-area-description single-story post-653494 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>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<\/a><\/span><span style=\"font-weight:400;\">, Alexandria, Egypt.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>21 October (Monday): BEBA <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/beba.org.eg\/events\/working-luncheon-in-honour-of-h-e-dr-sameh-ahmed-el-hefny-minister-of-civil-aviation\/\" style=\"\">working luncheon<\/a><\/span><span style=\"font-weight:400;\"> with Aviation Minister Sameh El Hefny, 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;\">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>22-24 October (Tuesday-Thursday: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/brics-russia2024.ru\/en\/summit\/\" style=\"\">16th Brics Summit<\/a><\/span><span style=\"font-weight:400;\">, Kazan, Russia<\/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>30 October (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ceo-women.com\/#\" style=\"\">The CEO Women Conference<\/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: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 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>7-9 November (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/themediaavenue.com\/finexpo-conference-and-exhibition\/?fbclid=IwY2xjawFx5hhleHR[%E2%80%A6]lHpueR1voqHGSwP-T4M0Es5hTmwMQexw_aem_uX5AEuxyE5bG21Y8xCCXkw\" style=\"\">FinExpo Conference and Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>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>25-27 November (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/cit-fei.org\/conference-annual-nation-digital\" style=\"\">Annual Digital Nation Conference<\/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>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>7-10 April 2025 (Monday-Thursday) : <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.efghldg.com\/en\/conferences\" style=\"\">EFG Hermes One on One<\/a><\/span><span style=\"font-weight:400;\"> conference, Dubai, UAE. <\/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:400;\">March 2025: Operation of phase one of the Amotope wind farm <\/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>New intelligence chief | Iranian FM in town | A message of reassurance | Interest rate day.<\/p>\n","protected":false},"featured_media":653468,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-653467","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"503813f9-e270-46c7-b462-f45b1ca8cf26","teaser":"New intelligence chief | Iranian FM in town | A message of reassurance | Interest rate day.","photo_url":"https:\/\/ent.news\/2024\/10\/1420.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>World Bank trims Egypt\u2019s growth forecast to 3.5% - 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\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/world-bank-trims-egypts-growth-forecast-to-3-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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