{"id":655617,"date":"2024-11-21T00:00:00","date_gmt":"2024-11-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=655617"},"modified":"2025-12-18T01:29:58","modified_gmt":"2025-12-18T01:29:58","slug":"egypt-uae-ink-investments-for-solar-plants-solar-parts-factories-and-renewables-focussed-industrial-zone","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/egypt-uae-ink-investments-for-solar-plants-solar-parts-factories-and-renewables-focussed-industrial-zone\/","title":{"rendered":"Egypt, UAE ink investments for solar plants, solar parts factories, and renewables-focussed industrial zone"},"content":{"rendered":"<section id=\"655619\" 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=\"655619\">\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\/11\/21\/its-interest-rate-decision-time-for-the-central-bank\/\">\r\n                            Central Bank of Egypt to decide on interest rates later today                        <\/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\/11\/178.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"655620\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/its-interest-rate-decision-time-for-the-central-bank\/178-jpg-37\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/178.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"178.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/178.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/178.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655619\" class=\"content-area-description single-story post-655619 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-central-bank-of-egypt tag-enterpriseam tag-interest-rates tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.edcf47e7-6865-4cd4-86dd-30e0580971c0.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, friends.<\/strong> There\u2019s plenty of big stories for you to get through this morning, with news that the IMF is close to wrapping up its third review and apparently green lighting program adjustments requested by Egypt, the plethora of energy investments coming from the Emirates, and so much more.<\/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 a tad warmer in Cairo today<\/strong>, with a high of 26\u00b0C and a low of 18\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 also a few degrees warmer in Alexandria than it was yesterday<\/strong>, with a high of 27\u00b0C, a low of 15\u00b0C, and a small chance of light rain.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And over the weekend, <\/strong>expect to see temperatures in the capital and on the Mediterranean hover around the same mark.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>To cut, or not to cut? <\/strong>The Central Bank of Egypt\u2019s Monetary Policy Committee (MPC) will meet later today to review interest rates.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s looking like another uneventful meeting: <\/strong>The MPC is expected to leave interest rates unchanged amid persisting inflationary pressures and continuing geopolitical tensions in the region, as unanimously forecasted in our <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/85761119-225a-46c1-a919-4c39f830103d\/analysts-unanimously-forecast-that-the-central-bank-of-egypt-will-keep-interest-rates-unchanged-when-it-meets-on-thursday\" style=\"\" rel=\"noopener\">interest rate poll<\/a> of ten analysts and economists.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>If the analysts are right, this would mark the fifth time that the MPC voted to keep rates <\/strong><strong>steady<\/strong>, as the central bank hasn\u2019t made any changes to interest rates since the committee delivered 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.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One of those who expects the central bank to keep rates stable is EGBank board member<\/strong><strong> Mohamed Abdel Aal<\/strong>, who told EnterpriseAM among the factors determining the central bank\u2019s interest rate decision are geopolitical risks in the region, a steady increase in local liquidity, pressures from the IMF to take a certain fiscal route, the steady rise in inflation, and the global interest rate environment.<\/p><p class=\"tag-border-left\">WATCH THIS SPACE- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- The government is getting ready to launch EGP 115 bn second phase of universal <\/strong><strong>health ins. system in the next fiscal year<\/strong>, Prime Minister Mostafa Madbouly told reporters during his <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1076532437850509?ref=embed_post\" style=\"\" rel=\"noopener\">weekly presser<\/a>. The second phase will include five additional governorates and is planned to be completed within three years.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The government is set to spend somewhere around EGP 53 bn on the rollout of the first phase of the universal health ins. system, General Authority for Healthcare Ahmed El Sobky <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5e1e06f-2e87-4158-b655-2ece55c51d69\/israel-eyes-linking-its-grid-to-europe-%25e2%2580%2594-and-to-ours\" style=\"\" rel=\"noopener\">said<\/a> last year. The first phase covered Port Said, Luxor, Ismailia, South Sinai, Aswan, and Suez governorates.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- <\/strong><strong>Egypt may ne<\/strong><strong>ed to seek alternatives to Russian wheat<\/strong>, as Russian farmers are turning their backs against the grain, saying they will sow less wheat in favor of higher-margin crops like peas, lentils, and sunflowers, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/russian-farmers-ditch-wheat-other-crops-after-heavy-losses-2024-11-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Russia\u2019s wheat harvest is expected to decline to 83 mn tons in 2024, down from 92.8 mn tons in 2023, potentially reducing the country\u2019s 26% share of the global wheat market and inflating wheat prices, especially for major buyers like Egypt. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Russia is by far Egypt\u2019s largest supplier of wheat<\/strong>, exporting 76% of Egypt's imports of the grain in the first ten months of the year, an official from the Supply Ministry told EnterpriseAM. Our dependence on Russian wheat appears to be growing, with imports from the country increasing 51.5% y-o-y during the ten-month period to 9.2 mn tons and the country\u2019s contribution to our total wheat imports rising 2.7 percentage points y-o-y.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p class=\"tag-border-left\">CIRCLE YOUR CALENDAR- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Attention, l<\/strong><strong>ocal startup<\/strong><strong>s looking to enter the Saudi market:<\/strong> Saudi VC firm Edafa Venture Capital is hosting an event designed to bring together local entrepreneurs with Saudi industry leaders \u2014 dubbed <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/edafa-venture-capital_edafaabrventureabrcapital-startupabrsync-activity-7264241684828323841-J0mp?utm_source=share&amp;utm_medium=member_desktop\" style=\"\" rel=\"noopener\">StartupSync<\/a> \u2014 in Cairo on 29 November, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%a5%d8%b6%d8%a7%d9%81%d8%a9-%da%a4%d9%8a%d9%86%d8%b4%d8%b1-%d9%83%d8%a7%d8%a8%d9%8a%d8%aa%d8%a7%d9%84-%d8%aa%d9%86%d8%b8%d9%85-%d9%85%d8%a4%d8%aa%d9%85%d8%b1-startup-sync-%d9%84%d9%84%d8%a7\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports. The event aims to foster strategic partnerships and support startups across the MENA region. A bunch of new partnerships will be unveiled during the event between Edafa and Egyptian startups.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two stories are capturing the imagination of the international business press this <\/strong><strong>morning:<\/strong> The indictment of Adani Group\u2019s Gautam Adani on charges of bribery and fraud, and Nvidia\u2019s most recent financials. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>US prosecutors <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.justice.gov\/usao-edny\/pr\/billionaire-chairman-conglomerate-and-seven-other-senior-business-executives-indicted\" style=\"\" rel=\"noopener\">formally charged<\/a><\/strong><strong> Adani \u2014 one of the richest people in the world \u2014 and <\/strong><strong>seven others with being involved in a \u201cmassive\u201d bribery and fraud scheme.<\/strong> The defendants allegedly planned to pay USD 265 mn in bribes to officials in the Indian government to facilitate being awarded solar energy supply contracts, including for India\u2019s largest solar power plant. The contracts were forecasted to reel in USD 2 bn in net income over two decades. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The defendants are also being charged with raising capital \u201con the basis of false and <\/strong><strong>misleading statements,\u201d<\/strong> including USD 2 bn in syndicated loans \u201ccomprised of international financial institutions and US-based investors\u201d and another USD 1 bn from bond offerings that were also \u201cmarketed and sold to investors in the US.\u201d (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/legal\/chair-indias-adani-group-indicted-united-states-2024-11-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cab2e834-e5fa-4dd0-b757-76c243ac2eeb\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/11\/20\/billionaire-gautam-adani-charged-in-new-york-with-massive-fraud.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-20\/us-prosecutors-indict-gautam-adani-on-bribery-charges\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Nvidia reported lower than expected revenue growth in its <\/strong><strong><a target=\"_blank\" href=\"https:\/\/nvidianews.nvidia.com\/news\/nvidia-announces-financial-results-for-third-quarter-fiscal-2025\" style=\"\" rel=\"noopener\">3Q 2024-25<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/nvidianews.nvidia.com\/news\/nvidia-announces-financial-results-for-third-quarter-fiscal-2025\" style=\"\" rel=\"noopener\">earnings results<\/a><\/strong>, with the chipmaker saying its revenues grew 94% y-o-y and 17% q-o-q. The revenue figure came in at a record high of USD 35.1 bn. However, the company\u2019s sales forecast for the following quarter came in below projections, with the firm saying that its Blackwell AI chips are seeing \u201cvery strong\u201d demand but costs are expected to eat away at margins. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-20\/nvidia-forecast-fails-to-meet-the-loftiest-estimates-for-ai-star\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/11\/20\/nvidia-nvda-earnings-report-q3-2025.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/ai-chip-leader-nvidia-forecasts-fourth-quarter-revenue-above-estimates-2024-11-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/1465bbdd-62e3-48da-9012-8729263878c7\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"655621 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=\"655621\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/655621\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655621\" class=\"content-area-description single-story post-655621 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1544.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Somabay<\/span><span style=\"\">, every reason to fall in love.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"655622\" 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=\"655622\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/egypt-uae-ink-investments-for-solar-plants-solar-parts-factories-and-renewables-focused-industrial-zone\/\">\r\n                            Egypt, UAE ink investments for solar plants, solar parts factories, and renewables-focused industrial zone                        <\/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\/11\/21\/egypt-uae-ink-investments-for-solar-plants-solar-parts-factories-and-renewables-focused-industrial-zone\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" 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   <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1129.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"655623\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/egypt-uae-ink-investments-for-solar-plants-solar-parts-factories-and-renewables-focused-industrial-zone\/1129-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1129.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1129.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1129.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1129.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655622\" class=\"content-area-description single-story post-655622 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-energy tag-enterpriseam tag-manufacturing tag-renewables 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\/11\/.7a841a79-10c6-464f-a163-f947a579028c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>It was a big day for renewables investments and UAE-Egypt relations<\/strong>, with senior private and public sector figures from the two countries inking numerous investments yesterday for projects across the length and breadth of the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Lake Nasser may soon be getting a floating solar plant<\/strong> <strong>under an agreement signed<\/strong><strong> yesterday<\/strong> between the UAE\u2019s Masdar and the Egyptian state\u2019s <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/futureofegyptofficial\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">Future of Egypt<\/a> agricultural expansion project, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1076428327860920?ref=embed_post\" style=\"\" rel=\"noopener\">statement<\/a>. The project will not only take advantage of the large surface area and plenty of sun down south to produce much needed electricity, but will also help to reduce the rate of evaporation by covering much of the water\u2019s surface, Prime Minister Moustafa Madbouly said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s unclear how big the project will be<\/strong>, with Emirati state news agency <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/ar\/article\/33qwubg8-%25D8%25A7%25D9%2584%25D8%25A5%25D9%2585%25D8%25A7%25D8%25B1%25D8%25A7%25D8%25AA-%25D9%2588%25D9%2585%25D8%25B5%25D8%25B1-%25D8%25AA%25D9%2588%25D9%2582%25D8%25B9%25D8%25A7%25D9%2586-%25D9%2585%25D8%25B0%25D9%2583%25D8%25B1%25D8%25A7%25D8%25AA-%25D8%25AA%25D9%2581%25D8%25A7%25D9%2587%25D9%2585-%25D8%25A7%25D8%25B3%25D8%25AA%25D8%25B1%25D8%25A7%25D8%25AA%25D9%258A%25D8%25AC%25D9%258A%25D8%25A9\" style=\"\" rel=\"noopener\">Wam<\/a> putting the project\u2019s capacity at 3 GW and the cabinet statement putting the capacity at 5 GW, split between a 2 GW first stage and 3 GW second stage.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- This wasn\u2019t the only agreement Masdar signed with Future of Egypt<\/strong>, as another MoU was inked between the two to establish a solar plant in Nag Hammadi. Again, it was unclear how big the project will be, with Wam saying 2 GW and the cabinet saying 2.8 GW.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- A renewables-focused industrial zone in East Port Said may also be in the works,<\/strong><strong> courtesy of AD Ports<\/strong>, who inked an MoU for the project with the SCZone yesterday, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1076424267861326?ref=embed_post\" style=\"\" rel=\"noopener\">statement<\/a>. The Abu Dhabi sovereign wealth fund ADQ-owned company will develop, operate, and manage the 20 sq km zone in East Port Said. The possibility of linking the site with nearby docks and logistics areas is also under study.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know so far: <\/strong>The project will start with four factories, two of which will produce solar panels and other bits of solar tech, Madbouly said in his weekly <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1076512147852538?ref=embed_post\" style=\"\" rel=\"noopener\">presser<\/a>. Fast forward a few months, and the project will also have facilities producing batteries to store solar power by next summer, he added. The factories will have a capacity of 4 GW of solar panels and 2 GW of battery storage.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This isn\u2019t the first time we heard about the project: <\/strong>Recent meetings in August between government officials and Emirati government and business figures covered a proposal to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3090c98a-fef2-4ae3-a3ed-b39e501fc64e\/egypt-and-uae-ink-three-project-agreements-worth-bns-of-investments\" style=\"\" rel=\"noopener\">set up an Emirati industrial zone<\/a> in East Port Said, which the government said it was considering a freezone or special economic zone exempt from customs duties.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- A USD 12 mn battery storage factory is also in the works<\/strong>, after an MoU was inked between the Industry Ministry, the UAE\u2019s Global South Utilities, and China\u2019s Weiheng, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1076401331196953?ref=embed_post\" style=\"\" rel=\"noopener\">statement<\/a>. The facility will have a capacity of 1 GW.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- Global South Utilities are also embarking on a factory project with another Chinese<\/strong><strong> company<\/strong>, after inking an MoU with JA Solar for two solar power factories, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1076431537860599?ref=embed_post\" style=\"\" rel=\"noopener\">statement<\/a>. One of the factories will manufacture solar cells with a production capacity of 2 GW at an investment cost of USD 138 mn, alongside another to produce solar panels with the same production capacity at a cost of USD 75 mn<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- The cabinet greenlit two power purchase agreements for two separate solar<\/strong><strong> projects<\/strong> for a consortium made up of the UAE\u2019s <a target=\"_blank\" href=\"https:\/\/masdar.ae\/\" style=\"\" rel=\"noopener\">Masdar<\/a>, <a target=\"_blank\" href=\"https:\/\/www.hassanallam.com\/subsidaries\/ha-utilities\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.hassanallam.com\/subsidaries\/ha-utilities\" style=\"\" rel=\"noopener\">Hassan Allam Utilities<\/a>, and <a target=\"_blank\" href=\"https:\/\/weareinfinity.com\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/weareinfinity.com\/\" style=\"\" rel=\"noopener\">Infinity Power<\/a>, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02yjkAKQEqEXVmTDTXZ6PX5XQcJ9RdRZ1Er6idYC3Yac4kbf8TMCB2bBrRBTANF5m3l\" style=\"\" rel=\"noopener\">statement<\/a>. The agreements with the Egyptian Electricity Transmission Company are for a project at the giant Benban plant with a capacity of 300 MW and a battery storage capacity of 60 MWh, in addition to a second solar project in the Dahkla Oasis with a capacity of 900 MW and 660 MWh of battery storage. Trial operations for both projects will begin in July 2025, with the rest of the project to be completed the same year, according to a separate cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1076421427861610?ref=embed_post\" 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>Remember: <\/strong>The project with a combined capacity of 1.2 GW was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df14edc2-b089-4b19-9259-1c4724a140a1\/cabinet-approves-over-eur-1-bn-in-eu-funding\" style=\"\" rel=\"noopener\">first approved<\/a> by the cabinet in August.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- The cabinet also approved a draft decision to establish a USD 10 mn private freezone<\/strong><strong> for ready-made garments in Sadat City <\/strong>\u2014 dubbed LT Jeans Services. The 22.8k sqm proposed zone has a targeted production of 2.9 mn garments per year that will be earmarked entirely for exports, using a local component ratio of 75%.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/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\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> 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   \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/imf-set-to-wrap-fourth-review-and-green-light-program-amendments-requested-by-egypt\/\">\r\n                            IMF set to wrap fourth review and green light program amendments requested by Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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data-image-title=\"2052.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2052.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2052.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655625\" class=\"content-area-description single-story post-655625 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-debt tag-economy tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.f5a72891-5d61-4acf-ad28-c3a9b2f80f48.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egypt\u2019s fourth IMF review is set to wrap by tomorrow<\/strong>, with only procedural stages left before the Fund\u2019s Executive Board formally greenlights the decision that <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34a5b4ba-e7d0-46b6-a984-45db566a7c90\/imf-begins-its-fourth-review-of-egypt%E2%80%99s-usd-8-bn-program\" style=\"\" rel=\"noopener\">will unlock USD 1.3 bn<\/a> in financing, Prime Minister Moustafa Madbouly announced at his <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1076512147852538?ref=embed_post\" style=\"\" rel=\"noopener\">weekly presser<\/a> yesterday. Madbouly pointed to significant progress made in many of the review\u2019s targets and added that Fund Executive Director Kristalina Georgieva had spoken positively about actions taken by the country. We will be keeping an eye out for when Egypt next pops up on the board\u2019s <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/About\/executive-board\/EBC-Scheduled\" style=\"\" rel=\"noopener\">calendar<\/a> for the review\u2019s final thumbs up.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The IMF is striking a similar tone<\/strong>, stating that the two sides had made \u201csubstantial progress on policy discussions toward the completion of the fourth review\u201d in a <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2024\/11\/20\/pr-24429-egypt-imf-mission-concludes-visit-to-egypt-for-the-4th-review-under-the-eff\" style=\"\" rel=\"noopener\">statement<\/a> released yesterday announcing that the IMF\u2019s mission to Egypt had come to an end. The Fund\u2019s Egypt head Ivanna Hollar, however, suggested that there\u2019s still a little way to go before the review can be concluded as \u201cdiscussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It looks we may be in line for more than just fresh funds<\/strong>, with the prime minister announcing that the IMF has amended some of the program\u2019s conditions. Madbouly did not detail the agreed-upon amendments, but noted that \u201cthere is a complete understanding of the Fund\u2019s mission regarding the requests of the Egyptian state\u201d and that the changes could even be extended throughout the entire course of the program.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re still yet to find out what the amendments actually are<\/strong>, but Madboly <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5915c925-ff5d-404b-85af-3d657f921b3c\/government-to-unveil-revamped-privatization-program-before-december\" style=\"\" rel=\"noopener\">alluded to<\/a> ongoing negotiations with the Fund on \u201chow we can postpone some of the targets so that we do not put pressure on the citizens in the coming period\u201d in a previous presser.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The announcement follows news that the International Monetary Fund<\/strong> <strong>mission had <\/strong><strong>concluded its two-week visit to <\/strong><strong>Cairo<\/strong> and is expected to greenlight the fourth review of Egypt\u2019s loan program with the Fund, three government sources told EnterpriseAM earlier in the day. The sources mirrored Madbouly\u2019s comments and noted broad agreement that economic indicators are moving in the right direction, with structural reforms showing tangible progress despite a challenging external environment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Thankfully, it seems that a fall in Suez Canal contributions were offset by gains <\/strong><strong>elsewhere<\/strong>, as although the Suez Canal Authority\u2019s contributions to the state coffers plummeted 92% y-o-y to EGP 1.0 bn in the first quarter of FY 2024-25, the shortfall was partially offset by a 108% surge in revenues from special funds and accounts bringing in EGP 4.4 bn, alongside higher contributions from state entities, according to one source. These gains \u2014 driven by the government\u2019s new <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c7f9d4a1-9326-4fcc-a122-dfb01dc53a7a\/next-fiscal-year%25e2%2580%2599s-draft-state%253cmark%253e-budget%253c%2Fmark%253e-dominated-the-airwaves\" style=\"\" rel=\"noopener\">unified budget framework<\/a> \u2014 helped push the Finance Ministry\u2019s surplus to EGP 3.6 bn, up from EGP 2.6 bn during the same period last year, the sources said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sources noted a revenue surplus over four times higher than recorded in the same <\/strong><strong>period last year<\/strong>, driven by spending realignments, improved inter-agency coordination, and better management of due payments. These measures bolstered revenue-generating government entities and cut deficits. The sources also noted that tax revenue has grown an unprecedented 45% to reach EGP 413 bn in the first quarter of FY 2024-25, compared to EGP 285 bn in the same period last year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The sources noted a positive shift in public debt management strategy<\/strong>, including a greater reliance on self-generated resources from various entities, which was highlighted as a key strength in reports submitted to the IMF mission. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Regarding exchange rate flexibility,<\/strong> one source told EnterpriseAM that the IMF mission\u2019s report noted the EGP had performed well throughout the past period. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Fund made clear its priorities for the government going forwards<\/strong>, arguing that the \u201cfocus needs to remain on ensuring inflation is on a firm downward trend toward the medium-term target.\u201d The IMF also pointed to the need for \u201ccontinued fiscal discipline\u201d to further reduce public debt vulnerabilities and mutually agreed upon priorities of increasing domestic revenues, reducing fiscal risks \u2014 particularly in the energy sector, and strengthening the social safety apparatus. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The international press also took note of the story: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/imf-mission-concludes-visit-egypt-fourth-review-loan-programme-2024-11-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-11-20\/imf-says-egypt-program-review-talks-to-continue-after-progress\" style=\"\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"655627\" 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=\"655627\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/efg-holding-reports-a-76-y-o-y-net-income-increase-in-3q-2024-plus-qalaa-sees-revenues-rise-income-fall\/\">\r\n                            EFG Holding reports a 76% y-o-y net income increase in 3Q 2024. PLUS: Qalaa sees revenues rise, income fall                        <\/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\/11\/21\/efg-holding-reports-a-76-y-o-y-net-income-increase-in-3q-2024-plus-qalaa-sees-revenues-rise-income-fall\/\" 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\/11\/21\/efg-holding-reports-a-76-y-o-y-net-income-increase-in-3q-2024-plus-qalaa-sees-revenues-rise-income-fall\/')\">\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\/11\/21\/efg-holding-reports-a-76-y-o-y-net-income-increase-in-3q-2024-plus-qalaa-sees-revenues-rise-income-fall\/\">\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=EFG Holding reports a 76% y-o-y net income increase in 3Q 2024. PLUS: Qalaa sees revenues rise, income fall&url=https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/efg-holding-reports-a-76-y-o-y-net-income-increase-in-3q-2024-plus-qalaa-sees-revenues-rise-income-fall\/\">\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\/11\/21\/efg-holding-reports-a-76-y-o-y-net-income-increase-in-3q-2024-plus-qalaa-sees-revenues-rise-income-fall\/&title=EFG Holding reports a 76% y-o-y net income increase in 3Q 2024. PLUS: Qalaa sees revenues rise, income fall\">\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=EFG+Holding+reports+a+76%25+y-o-y+net+income+increase+in+3Q+2024.+PLUS%3A+Qalaa+sees+revenues+rise%2C+income+fall+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F11%2F21%2Fefg-holding-reports-a-76-y-o-y-net-income-increase-in-3q-2024-plus-qalaa-sees-revenues-rise-income-fall%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\/11\/21\/efg-holding-reports-a-76-y-o-y-net-income-increase-in-3q-2024-plus-qalaa-sees-revenues-rise-income-fall\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2035.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"655628\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/efg-holding-reports-a-76-y-o-y-net-income-increase-in-3q-2024-plus-qalaa-sees-revenues-rise-income-fall\/2035-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2035.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2035.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2035.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2035.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655627\" class=\"content-area-description single-story post-655627 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings tag-earnings-watch tag-efg-holding tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.fafc7215-1c88-4f6d-9073-16ef8e5aabcf.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Wrapping up an earnings-heavy week<\/strong>, EFG Holding and Qalaa Holdings are also out with their latest set of financials.<\/p>\n<p class=\"tag-border-left\">EFG HOLDING SEES INCOME, REVENUES RISE IN 3Q<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our friends at EFG Holding saw its net income after tax and minority interest rise 76% <\/strong><strong>y-o-y during the third quarter of the year<\/strong> to record EGP 697 mn, the company said in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1985.pdf\" style=\"\" rel=\"noopener\">e<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1985.pdf\" style=\"\" rel=\"noopener\">arnings release (pd<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1985.pdf\" style=\"\" rel=\"noopener\">f)<\/a>. Revenues rose 68% y-o-y to reach EGP 5.0 bn during the quarter, driven by robust performances across all of the group\u2019s lines of business. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Investment bank EFG Hermes saw another \"buoyant quarter<\/strong>,\u201d with its revenues jumping 87% y-o-y to EGP 2.7 bn, \u201csupported by higher revenues generated by all its lines of business; particularly holding &amp; treasury activities and brokerage.\u201d Net income after tax and minority interest rose 68% y-o-y during 3Q 2024 to record EGP 274 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company\u2019s NBFI arm EFG Finance reported revenues of EGP 1.1 bn during the <\/strong><strong>quarter<\/strong>, up 68% y-o-y, with all of its business lines growing during the quarter \u2014 Tanmeyah\u2019s revenues almost doubled and Valu\u2019s revenues were up 36% y-o-y. EFG Finance\u2019s net income jumped 349% y-o-y to EGP 203 mn in 3Q 2024, driven by higher profitability from Tanmeyah and Leasing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9209a489-6a51-4381-845b-5f975e3a41a3\/efg-holding%25e2%2580%2599s-aibank-rebrands-to-bank%253cmark%253e-nxt%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">newly-rebranded Bank NXT<\/a><\/strong><strong> reported a 20% y-o-y increase in net income<\/strong> to EGP 428 mn during 3Q 2024. The commercial bank reported a 38% y-o-y increase in revenues to record EGP 1.2 bn, supported by higher net interest income.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cOur third-quarter results stand as a clear testament to the resilience and strategic acumen that EFG Holding embodies. They also highlight the Group\u2019s ability to withstand the negative impact of currency devaluation and persistent inflation in our home market, which has translated into higher employee and operating expenses across all three platforms, particularly at the Investment Bank. Our ability to achieve outstanding growth amidst a challenging economic landscape results from our ability to execute a solid strategy that allows us to expand our business in compelling markets such as Saudi Arabia,\u201d Group CEO Karim Awad said in the <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1994.pdf\" style=\"\" rel=\"noopener\">release (pd<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1994.pdf\" style=\"\" rel=\"noopener\">f)<\/a> accompanying the earnings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The bigger picture: <\/strong>The group saw a 77% y-o-y jump in revenues during the first nine months of the year to record EGP 18.6 bn. Its net income after tax and minority interest was up 96% y-o-y during the nine-month period to sit at EGP 3.3 bn. <\/p>\n<p class=\"tag-border-left\">QALAA RECORDS IMPROVED REVENUES, LOWER BOTTOM LINE IN 2Q-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Qalaa Holdings saw its revenues grow by 64% y-o-y to EGP 38.2 bn in 2Q 2024,<\/strong> which the company attributed to \u201cbroadbased growth across the Group\u2019s subsidiaries,\u201d as well as ERC\u2019s USD-denominated revenue, the company said in its latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/2040.pdf\" style=\"\" rel=\"noopener\">earnings release (pdf)<\/a>. However, the firm recorded a consolidated net loss after minority interest of EGP 1.4 bn during the quarter \u2014 a 255% y-o-y increase in losses \u2014 which it said was down to the \u201cincreased non-operating expenses\u201d and revaluation of Allied Crop and TAQA Arabia shares.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company\u2019s debt levels hurt its profitability during the quarter:<\/strong> The revaluation of shares coupled with legal costs associated with the restructuring and settlement of bank debt collectively led to the losses during the quarter, the firm said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong>\u201cLooking ahead, I remain confident in my positive outlook for the Group. Our portfolio companies\u2019 cash flows are strong with very low levels of debt, and with growth achieved through efficiencies and small, incremental investments. Additionally, over the past couple of quarters we have taken huge steps in our debt settlement and restructuring strategy, placing Qalaa in a stronger and more favorable financial position,\u201d Qalaa founder and chairman, Ahmed Heikal, said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-holding\/\">EFG Holding<\/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=\"655629\" 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=\"655629\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/ariika-raises-usd-3-mn-in-series-a-extension-funding-to-fuel-regional-growth\/\">\r\n                            Ariika raises USD 3 mn in series A extension funding to fuel regional growth                        <\/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\/11\/21\/ariika-raises-usd-3-mn-in-series-a-extension-funding-to-fuel-regional-growth\/\" 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\/11\/21\/ariika-raises-usd-3-mn-in-series-a-extension-funding-to-fuel-regional-growth\/')\">\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\/11\/21\/ariika-raises-usd-3-mn-in-series-a-extension-funding-to-fuel-regional-growth\/\">\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=Ariika raises USD 3 mn in series A extension funding to fuel regional growth&url=https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/ariika-raises-usd-3-mn-in-series-a-extension-funding-to-fuel-regional-growth\/\">\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\/11\/21\/ariika-raises-usd-3-mn-in-series-a-extension-funding-to-fuel-regional-growth\/&title=Ariika raises USD 3 mn in series A extension funding to fuel regional growth\">\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=Ariika+raises+USD+3+mn+in+series+A+extension+funding+to+fuel+regional+growth+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F11%2F21%2Fariika-raises-usd-3-mn-in-series-a-extension-funding-to-fuel-regional-growth%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\/11\/21\/ariika-raises-usd-3-mn-in-series-a-extension-funding-to-fuel-regional-growth\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2037.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"655630\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/ariika-raises-usd-3-mn-in-series-a-extension-funding-to-fuel-regional-growth\/2037-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2037.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2037.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2037.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2037.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655629\" class=\"content-area-description single-story post-655629 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-ariika tag-enterpriseam tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.fc0a15fc-44e3-47ba-84ce-025cb2462597.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ariika looks investors at home and in the region to fund growth plan:<\/strong> Digital-led home furnishing brand Ariika has raised USD 3 mn in a series A extension round led by Beltone Venture Capital and UAE-based Citadel International Holdings, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/2011.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where is the money going?<\/strong> The funds will support ariika\u2019s expansion in its home market and help strengthen its presence in Saudi Arabia and Iraq, which are expected to account for half of the company\u2019s consolidated business by 2025. Ariika recently opened a flagship store in Baghdad and plans to launch its first Saudi Arabia location in January. The funds will also be channeled into developing its product portfolio and executing go-to-market strategies as part of its efforts to tap into a USD 20 bn home and decor market in the MENA region. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About ariika: <\/strong>Founded in 2016, Ariika is a digital-led home furnishings company that serves customers through online and offline channels. The startup has achieved a compound annual growth rate (CAGR) of 90%, serving over 1 mn customers globally. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cOur strategy will always be to develop innovative, must-have products, build deep and personal connections with our consumers, and deliver a superior online and offline experience. We are a value- based brand focusing on our people, customers, quality, and profits,\u201d said co-founder and CEO Khaled Attalah.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>**We sat down with Attalah last year<\/strong> for our Founder of the Week column. You can check out the interview <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5295191f-5933-40b2-87d0-8aea31657ca4\/meet-our-founder-of-the-week:-khaled-attallah,-cofounder-and-ceo-of%253cmark%253e-ariika%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">here<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ariika\/\">Ariika<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"655631\" 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=\"655631\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/tamweely-raises-egp-782-mn-in-first-securitized-bond-issuance\/\">\r\n                            Tamweely raises EGP 782  mn in first securitized bond issuance                        <\/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\/11\/21\/tamweely-raises-egp-782-mn-in-first-securitized-bond-issuance\/\" 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\/11\/21\/tamweely-raises-egp-782-mn-in-first-securitized-bond-issuance\/')\">\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\/11\/21\/tamweely-raises-egp-782-mn-in-first-securitized-bond-issuance\/\">\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=Tamweely raises EGP 782 mn in first securitized bond issuance&url=https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/tamweely-raises-egp-782-mn-in-first-securitized-bond-issuance\/\">\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\/11\/21\/tamweely-raises-egp-782-mn-in-first-securitized-bond-issuance\/&title=Tamweely raises EGP 782 mn in first securitized bond issuance\">\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=Tamweely+raises+EGP+782+mn+in+first+securitized+bond+issuance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F11%2F21%2Ftamweely-raises-egp-782-mn-in-first-securitized-bond-issuance%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\/11\/21\/tamweely-raises-egp-782-mn-in-first-securitized-bond-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/416.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"655632\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/tamweely-raises-egp-782-mn-in-first-securitized-bond-issuance\/416-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/416.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"416.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/416.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/416.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655631\" class=\"content-area-description single-story post-655631 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-enterpriseam tag-securitization tag-tamweely 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\/11\/.b44730cb-acdf-44ae-97b6-a5ea8824b609.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Tamweely makes its securitization debut:<\/strong> Local microfinance provider Tamweely has closed its first securitized bond issuance, raising some EGP 782 mn, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1957.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. The issuance was backed by a portfolio of deferred financial rights for EGP 948.8 mn microfinance contracts and it came in five tranches with tenors ranging from six and 21 months, rated Prime 1 and A- by MERIS.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kicking off a three-year program: <\/strong>The issuance is the first in a EGP 5 bn three-year securitization program part of the firm\u2019s comprehensive plan to diversify funding sources, reduce costs, accelerate portfolio growth, and expand over the coming years, CEO Ahmed Khorched said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>High demand: <\/strong>The issuance was 2.6x oversubscribed \u201csignaling robust investor confidence in Tamweely and setting the stage for further expansion.\u201d Al Ahly Pharos, the National Bank of Egypt, and the Arab African International Bank were underwriters. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The advisors: <\/strong> Arab African International Bank served as the subscription recipient and the Suez Canal Bank played the role of custodian. Al Ahly Pharos acted as financial advisor, while Baker Tilly was auditor. Matouk Bassiouny &amp; Hennawy was legal counsel, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/1963.pdf\" style=\"\" rel=\"noopener\">separate press release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It has been a busy year for Tamweely:<\/strong> A consortium of international investors including SPE Capital-run equity fund SPE PEF III, the European Bank for Reconstruction and Development, local private equity firm Tanmiya Capital Ventures, and the UK government\u2019s British International Investment <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8dfe000b-b619-4de4-a6c8-0793a206df4d\/state-exits-egyptian-microfinance-player-tamweely-after-egp-2.8-bn-buyout-by-int%e2%80%99l-consortium\" style=\"\" rel=\"noopener\">fully acquired Tamweely<\/a> from the government in a EGP 2.8 bn transaction back in September.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT:<\/strong> The transaction brings the total value of securitized bonds issued in Egypt so far this year to EGP 29.2 bn \u2014 52% less than the amount raised in the same period last year \u2014 according to data tracked by EnterpriseAM.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tamweely\/\">Tamweely<\/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=\"655633\" 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=\"655633\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/mohamed-el-shenawy-appointed-as-new-ittihadiya-spokesperson\/\">\r\n                            Mohamed El Shenawy appointed as new Ittihadiya spokesperson                        <\/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\/11\/21\/mohamed-el-shenawy-appointed-as-new-ittihadiya-spokesperson\/\" 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\/11\/21\/mohamed-el-shenawy-appointed-as-new-ittihadiya-spokesperson\/')\">\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\/11\/21\/mohamed-el-shenawy-appointed-as-new-ittihadiya-spokesperson\/\">\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=Mohamed El Shenawy appointed as new Ittihadiya spokesperson&url=https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/mohamed-el-shenawy-appointed-as-new-ittihadiya-spokesperson\/\">\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\/11\/21\/mohamed-el-shenawy-appointed-as-new-ittihadiya-spokesperson\/&title=Mohamed El Shenawy appointed as new Ittihadiya spokesperson\">\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=Mohamed+El+Shenawy+appointed+as+new+Ittihadiya+spokesperson+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F11%2F21%2Fmohamed-el-shenawy-appointed-as-new-ittihadiya-spokesperson%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\/11\/21\/mohamed-el-shenawy-appointed-as-new-ittihadiya-spokesperson\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2033.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"655634\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/mohamed-el-shenawy-appointed-as-new-ittihadiya-spokesperson\/2033-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2033.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2033.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2033.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2033.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655633\" class=\"content-area-description single-story post-655633 post type-post status-publish format-standard has-post-thumbnail hentry category-moves tag-enterpriseam tag-ittihadiya tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.ae2a4e2f-9c56-4d1d-959a-9f64aa6fa3b0.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Ambassador Mohamed El Shenawy has been tapped as the Ittihadiya spokesperson<\/strong>, taking over from Ahmed Fahmy who has held the position for close to two years, Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/photo?fbid=1126352942186766&set=a.324472699041465\" style=\"\" rel=\"noopener\">announced<\/a> yesterday. El Shenaway previously held roles at the Foreign Ministry and most recently served as Egypt\u2019s Ambassador to Hungary. Fahmy will take over El Shenawy\u2019s previous role as Egypt\u2019s Ambassador to Hungary. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ittihadiya\/\">Ittihadiya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"655635 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=\"655635\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/655635\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655635\" class=\"content-area-description single-story post-655635 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\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=\"655636\" 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=\"655636\">\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\/11\/21\/united-banks-ipo-catches-the-attention-of-of-the-international-press\/\">\r\n                            United Bank\u2019s IPO catches the attention of of 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\/11\/21\/united-banks-ipo-catches-the-attention-of-of-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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The offering comes as the Madbouly government \u201cpresses ahead with a privatization program being encouraged by the International Monetary Fund,\u201d Bloomberg wrote.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The Central Bank of Egypt-owned lender <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00c11936-83ec-4e17-baf2-f2952186124d\/egypt%25e2%2580%2599s-united-bank-sets-ipo-plans-in-motion-with-private-placement-starting-today\" style=\"\" rel=\"noopener\">kicked off its planned offering on the<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00c11936-83ec-4e17-baf2-f2952186124d\/egypt%25e2%2580%2599s-united-bank-sets-ipo-plans-in-motion-with-private-placement-starting-today\" style=\"\" rel=\"noopener\">EGX yesterday<\/a>, offering shares for up to EGP 15.60 a pop in a private placement. The total offering could see the bank raise up to EGP 5.1 bn by floating 330 mn of its shares \u2014 equivalent to a 30% stake.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"655638\" 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=\"655638\">\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\/11\/21\/turkish-firms-erciyas-and-eroglu-working-on-setting-up-garments-pipeline-factories-plus-green-core-egyptian-electronic-waste-recycling-company-ebrd-red-sea-wind-energy-suez-canal-bank-mint\/\">\r\n                            Turkish firms Erciyas and Eroglu working on setting up garments, pipeline factories. PLUS: Green Core +  Egyptian Electronic Waste Recycling Company, EBRD + Red Sea Wind Energy, Suez Canal Bank + Mint Real Estate Assets, Sympl, Talabat, eNovate                        <\/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\/11\/21\/turkish-firms-erciyas-and-eroglu-working-on-setting-up-garments-pipeline-factories-plus-green-core-egyptian-electronic-waste-recycling-company-ebrd-red-sea-wind-energy-suez-canal-bank-mint\/\" 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\/11\/21\/turkish-firms-erciyas-and-eroglu-working-on-setting-up-garments-pipeline-factories-plus-green-core-egyptian-electronic-waste-recycling-company-ebrd-red-sea-wind-energy-suez-canal-bank-mint\/')\">\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\/11\/21\/turkish-firms-erciyas-and-eroglu-working-on-setting-up-garments-pipeline-factories-plus-green-core-egyptian-electronic-waste-recycling-company-ebrd-red-sea-wind-energy-suez-canal-bank-mint\/\">\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=Turkish firms Erciyas and Eroglu working on setting up garments, pipeline factories. PLUS: Green Core +  Egyptian Electronic Waste Recycling Company, EBRD + Red Sea Wind Energy, Suez Canal Bank + Mint Real Estate Assets, Sympl, Talabat, eNovate&url=https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/turkish-firms-erciyas-and-eroglu-working-on-setting-up-garments-pipeline-factories-plus-green-core-egyptian-electronic-waste-recycling-company-ebrd-red-sea-wind-energy-suez-canal-bank-mint\/\">\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\/11\/21\/turkish-firms-erciyas-and-eroglu-working-on-setting-up-garments-pipeline-factories-plus-green-core-egyptian-electronic-waste-recycling-company-ebrd-red-sea-wind-energy-suez-canal-bank-mint\/&title=Turkish firms Erciyas and Eroglu working on setting up garments, pipeline factories. PLUS: Green Core +  Egyptian Electronic Waste Recycling Company, EBRD + Red Sea Wind Energy, Suez Canal Bank + Mint Real Estate Assets, Sympl, Talabat, eNovate\">\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=Turkish+firms+Erciyas+and+Eroglu+working+on+setting+up+garments%2C+pipeline+factories.+PLUS%3A+Green+Core+%2B++Egyptian+Electronic+Waste+Recycling+Company%2C+EBRD+%2B+Red+Sea+Wind+Energy%2C+Suez+Canal+Bank+%2B+Mint+Real+Estate+Assets%2C+Sympl%2C+Talabat%2C+eNovate+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F11%2F21%2Fturkish-firms-erciyas-and-eroglu-working-on-setting-up-garments-pipeline-factories-plus-green-core-egyptian-electronic-waste-recycling-company-ebrd-red-sea-wind-energy-suez-canal-bank-mint%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\/11\/21\/turkish-firms-erciyas-and-eroglu-working-on-setting-up-garments-pipeline-factories-plus-green-core-egyptian-electronic-waste-recycling-company-ebrd-red-sea-wind-energy-suez-canal-bank-mint\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/408.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"655639\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/21\/turkish-firms-erciyas-and-eroglu-working-on-setting-up-garments-pipeline-factories-plus-green-core-egyptian-electronic-waste-recycling-company-ebrd-red-sea-wind-energy-suez-canal-bank-mint\/408-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/408.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"408.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/408.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/408.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655638\" class=\"content-area-description single-story post-655638 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-fintech tag-manufacturing tag-nwfe tag-real-estate tag-recycling tag-renewable-energy tag-startups tag-subsidies tag-sympl 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\/11\/.c3c8e85b-7ebf-4a79-af4e-9d7c1be15236.mp3\"><\/audio><\/figure>\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- Turkish firm eyes USD 60 mn pipeline factory: <\/strong>Turkish Investment group <a target=\"_blank\" href=\"https:\/\/erciyas.com\/\" style=\"\" rel=\"noopener\">Erciyas Holding<\/a> is looking to establish a USD 60 mn oil, natural gas, and water pipelines factory in Egypt, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=pfbid0fQutu2RDw68aUySkmj4qzprzyp6ams3ZX3A7FvBVCdpQEEeP8yTYajKJUs9bMxz6l&id=61562245173260\" style=\"\" rel=\"noopener\">statement<\/a> from the Investment Ministry. The factory will focus on producing large-pressure pipes with the aim of generating USD 200 mn in revenues from the project in an undisclosed period. Some 40% of output will be allocated to the local market and the remaining 60% will be exported. <\/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- Eroglu Holding begins work on another clothing plant in Qantara West:<\/strong> Turkish clothing manufacturer Eroglu Holding has broken ground on its USD 51 mn garments factory in the Qantara West Industrial Zone, making it the third project <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b829ddbb-1767-4eb3-b38f-d9121dae41ce\/gasc-is-still-after-its-big-wheat-purchase.-plus:-news-from%253cmark%253e-eroglu%253c%2Fmark%253e-holding,-kima,-concrete-plus,-easy-lease\" style=\"\" rel=\"noopener\">launched in the area<\/a> within the past four months, according to a Suez Canal Economic Zone <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0XjLSVNjr2HMvN2x7bd8dmbDV2TKpAxUzDrX5geJACM7Yed9qkXD2Lo39g4vTdfbPl\" style=\"\" rel=\"noopener\">statement<\/a>. Spanning 84.2 sqm, the factory is expected to create some 5k jobs when operational. <\/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\">RECYCLING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two local players are looking to set up EGP 400 mn battery recycling plant: <\/strong>Local e-waste recycling solutions providers Green Core and Egyptian Electronic Waste Recycling Company are looking to build a EGP 400 mn battery recycling plant, Green Core CEO Hatem Youssef told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/11\/20\/%D8%B4%D8%B1%D9%83%D8%AA%D8%A7%D9%86-%D9%85%D8%B5%D8%B1%D9%8A%D8%AA%D8%A7%D9%86-%D8%AA%D8%AE%D8%B7%D8%B7%D8%A7%D9%86-%D9%84%D8%A7%D9%86%D8%B4%D8%A7%D8%A1-%D9%85%D8%B5%D9%86%D8%B9-%D9%84%D8%A7%D8%B9%D8%A7%D8%AF%D8%A9-%D8%AA%D8%AF%D9%88%D9%8A%D8%B1-%D8%A7%D9%84%D8%A8%D8%B7%D8%A7%D8%B1%D9%8A%D8%A7%D8%AA-%D8%A8%D9%80-400-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AC%D9%86%D9%8A%D9%87\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. The two companies are also looking to expand their regional footprint by stepping into the Saudi market and setting up an e-waste recycling facility there.<\/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\">RENEWABLES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ERBD to provide USD 21.3 mn for Red Sea Wind Energy:<\/strong> The European Bank for Reconstruction and Development (EBRD) is set to provide some USD 21.3 mn in new funding to the Red Sea Wind Energy (RSWE) \u2014 a JV between Orascom Construction, France\u2019s Engie, and Japan\u2019s Toyota Tsusho\/Eurus Energy. The loan will fund the capacity expansion of RSWE\u2019s wind farm in the Gulf of Suez to 650 MW from 500 MW, as part of the government\u2019s Nexus for Food, Water, and Energy initiative (NWFE), the Planning and International Cooperation Ministry said in a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1076412121195874?ref=embed_post\" style=\"\" rel=\"noopener\">statement<\/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\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t steps up its crackdown on electricity theft:<\/strong> The cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02yjkAKQEqEXVmTDTXZ6PX5XQcJ9RdRZ1Er6idYC3Yac4kbf8TMCB2bBrRBTANF5m3l\" style=\"\" rel=\"noopener\">approved<\/a> a decision yesterday to intensify the penalties for electricity theft. Those charged with illegally providing connection of electricity to individuals or entities \u2014 or those who fail to report such violations \u2014 can now face imprisonment of at least one year and a fine ranging from EGP 100k-1 mn. The same penalty will be imposed on the unauthorized use of electricity, which could result in imprisonment if the offense leads to a power outage. The fine can also be doubled if the crime involves deliberate tampering with equipment for electricity production or transmission.<\/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\">LEGISLATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Draft cash-based subsidies bill to go to the House following committee approval:<\/strong> The House\u2019s Social Solidarity Committee gave its final approval for a draft cash-based subsidies bill that aims to give cash-based subsidies to citizens under the poverty line without access to social insurance. The payments will be made from a Takaful and Karama fund affiliated with the Social Solidarity Ministry funded from the state budget, private contributions, foreign grants and loans, and investments. The bill will now be passed to the House for a vote.<\/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<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new real e<\/strong><strong>state company enters the scene:<\/strong> Suez Canal Bank and Mint Real Estate Assets \u2014 a joint venture between Al Ahly Sabbour and the National Bank of Egypt \u2014 have set up a new real estate development company dubbed Anchors for Real Estate Development, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d9%82%d9%86%d8%a7%d8%a9-%d8%a7%d9%84%d8%b3%d9%88%d9%8a%d8%b3-%d9%88%d9%85%d9%8a%d9%86%d8%aa-%d9%8a%d8%a4%d8%b3%d8%b3%d8%a7%d9%86-%d8%a3%d9%86%d9%83%d9%88%d8%b1%d8%b2\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports. Mint will hold 60% of the company, while the Suez Canal Bank will hold the remaining 40%. The company has already kicked off operations inking an EGP 500 mn agreement to acquire and develop on behalf of a leading developer in the local market.<\/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\">STARTUPS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sympl e<\/strong><strong>yes fresh funding to support African expansion: <\/strong>Homegrown BNPL platform Sympl is in negotiations to raise USD 2 mn to fund its expansion into Morocco, Kenya, Nigeria, and Tanzania, CEO and founder Mohamed El Feky told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/11\/19\/1845177\" style=\"\" rel=\"noopener\">Al Borsa<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">RETAIL-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Talab<\/strong><strong>at to help develop food carts in Egypt:<\/strong> Leading food delivery app Talabt Egypt launched its Seketna Wahda initiative to transform food carts into fully equipped restaurants, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%b7%d9%84%d8%a8%d8%a7%d8%aa-%d9%85%d8%b5%d8%b1-%d8%aa%d8%b7%d9%84%d9%82-%d9%85%d8%a8%d8%a7%d8%af%d8%b1%d8%a9-%d8%b3%d9%83%d8%aa%d9%86%d8%a7-%d9%88%d8%a7%d8%ad%d8%af%d8%a9-%d9%84%d8%aa%d8%ad\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports. The initiative will also see these food carts-turned restaurants listed on the Talabat app to expand their reach. The initiative targets food cart owners between the ages of 18 and 35.<\/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\">FINTECH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>eNo<\/strong><strong>vate to support Premium Card\u2019s offerings:<\/strong> State-owned fintech player E-finance\u2019s subsidiary eNovate \u2014 formerly eCards \u2014 will work with consumer finance firm Premium Card to support the issuance and management of its prepaid card, according to a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/enovatepaymentenabler_enovate-digitalpayments-fintech-activity-7264622387852181505-0YEb\/?utm_source=share&utm_medium=member_desktop\" style=\"\" rel=\"noopener\">statement<\/a>. eNovate will offer \u201csecure and seamless services like mobile app management, real-time fraud protection, and 3D Secure technology.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/fintech\/\">Fintech<\/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\/nwfe\/\">NWFE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/recycling\/\">recycling<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsidies\/\">subsidies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sympl\/\">Sympl<\/a>\n      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data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2029.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2029.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/11\/2029.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655640\" class=\"content-area-description single-story post-655640 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-debt tag-enterpriseam tag-european-central-bank tag-financial-markets tag-global-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.331cdba9-2b0a-451b-86b7-7b29518c707a.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The<\/strong> <strong>ECB is r<\/strong><strong>aising red flags about Eurozone instability: <\/strong>The European Central Bank (ECB) has warned of risks to the Eurozone\u2019s financial stability, with its annual <a target=\"_blank\" href=\"https:\/\/www.ecb.europa.eu\/press\/financial-stability-publications\/fsr\/html\/ecb.fsr202411~dd60fc02c3.en.html\" style=\"\" rel=\"noopener\">Financial Stability Review<\/a> pointing to high public debt, low growth, and political uncertainty as key issues. Rising borrowing costs in some countries \u2014 notably France \u2014 and growing concerns over debt sustainability and fiscal health could lead to renewed instability reminiscent of past Eurozone debt crises.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>High borrowing costs in more-indebted EU countries are giving the ECB pause: <\/strong>While borrowing costs for some of the southern European epicenters of the EU\u2019s last round of sovereign debt crises remain well below their historic highs, rising borrowing costs for countries like France are driving concerns that the continent\u2019s more-indebted countries might be facing serious threats to debt sustainability. Recent financial volatility has only exacerbated this, with ECB Vice President Luis de Guindos noting that during recent episodes \u201cthe funding costs of countries with debt-to-GDP ratios of more than 100% widened notably,\u201d in comments to reporters picked up by the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/8f2dac5d-b64a-43dc-8f4b-5e76e1a60a43\" style=\"\" rel=\"noopener\">Financial Times<\/a>.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EU budgets are going to feel the pinch:<\/strong> A combination of weak growth and elevated debt levels will make it harder for governments to finance defense spending and climate initiatives \u2014 both necessities if the incoming Trump administration remains bent on rolling back the US\u2019 commitments to NATO and climate action. Higher refinancing costs for maturing debt are also adding to the pressure, the ECB noted.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Big Tech also may be a cause for concern:<\/strong> The ECB warned that a potential <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/ecb-warns-bubble-ai-stocks-funds-deplete-cash-buffers-2024-11-20\/\" style=\"\" rel=\"noopener\">AI-linked asset<\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/ecb-warns-bubble-ai-stocks-funds-deplete-cash-buffers-2024-11-20\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/europe\/ecb-warns-bubble-ai-stocks-funds-deplete-cash-buffers-2024-11-20\/\" style=\"\" rel=\"noopener\">price bubble<\/a> could have a significant impact on an already precarious Eurozone, noting that the stock market\u2019s increasing reliance on just a few US tech giants poses the risk of global market disruptions should earnings for these firms not meet expectations. <\/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>Asian markets are a mixed bag in early trading this morning as traders assess Nvidia\u2019s<\/strong><strong> latest earnings<\/strong>, led by Japan\u2019s Nikkei in the red at -0.8%, while Korea\u2019s Kospi and China\u2019s Shanghai index are both up 0.4% and Hong Kong\u2019s Hang Seng is in the green at 0.1%.<\/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\">30,588<\/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: +22.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 49.67<\/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 49.81<\/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 49.68<\/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 49.78<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,868<\/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: -0.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9405<\/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: -1.8%)<\/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\">4761<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.6% (YTD: +17.3%)<\/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>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\">5917<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +24.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">8085<\/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: +4.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4730<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5% (YTD: +4.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 72.81<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.21<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2653.60<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 94,393.10<\/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\">+2.4% (YTD: +123.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 2.9 bn (31.2% below the 90-day average). Local investors were the sole net buyers. The index is up 22.9% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Palm Hills Development (+3.5%), B Investments Holding (+3.2%), and Emaar Misr (+1.1%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Faisal Islamic Bank -EGP (-6.7%), Juhayna (-3.3%), and Cleopatra Hospitals (-2.0%).<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/european-central-bank\/\">European Central Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-markets\/\">global markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"655642\" 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=\"655642\">\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\/11\/21\/ahmed-el-tatawy-director-of-partnerships-and-growth-at-localized\/\">\r\n                            Ahmed El Tatawy, director of partnerships and growth at Localized                        <\/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\/11\/21\/ahmed-el-tatawy-director-of-partnerships-and-growth-at-localized\/\" 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 Ahmed El Tatawy (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/ahmedeltatawy\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), director of partnerships and growth at Localized.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My name is Ahmed El Tatawy, and I currently manage partnerships and growth at a<\/strong> <strong>startup called <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.localized.world\/\" style=\"\" rel=\"noopener\">Localized<\/a><\/strong>, which operates in the education technology sector. I\u2019ve been with Localized for nearly five years, fully committed to driving its mission in edtech.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I was a corporate guy for 15 years, spending a decade with Ahram Beverages and later<\/strong> <strong>holding roles at <\/strong><strong>Etisalat <\/strong><strong>and Pepsi. <\/strong>Along the way, my wife and I dipped our toes into entrepreneurship by opening a small bakery. Our modest venture sparked my interest in building something from the ground up. After selling the bakery to a private equity firm, I returned to the corporate world, but the entrepreneurial spirit stayed with me.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I tried to launch another business in Egypt, but the regulatory framework hindered its full<\/strong> <strong>development.<\/strong> Despite that, my enthusiasm for entrepreneurship persisted, and I wanted to do something meaningful. Now, working in edtech, I\u2019ve found a meaningful path where I can make an impact, especially after completing my online MBA at Imperial College London, which deepened my interest in digital education and the potential of virtual learning. There\u2019s a lot we can accomplish in that space, and still so much left to do.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I joined Localized in January 2020, just before Covid hit.<\/strong> Like everyone else, I quickly adjusted to working remotely, and I\u2019ve come to really appreciate its benefits. One unique aspect of my role is the extended experience of working in a fully remote setup, something I genuinely enjoy. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My role involves managing partnerships and identifying new business opportunities for<\/strong> <strong>Localized across the region.<\/strong> I focus primarily on building and expanding our network of university partnerships. While another team member handles direct corporate relationships, I contribute to developing unique, tailored business solutions that support educational goals. We\u2019re currently working on a major project set to launch soon in Bahrain.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At its core, Localized is a career tech company that connects universities in emerging<\/strong> <strong>markets with industry experts<\/strong> to guide them and global employers to hire them. Our platform brings together learners and experts, creating an environment where students can stay up-to-date with the latest industry skills and trends. If there\u2019s any lag in that process it\u2019s usually because we\u2019re constantly trying to bring new experts onto the platform. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>At Localized, we\u2019re focused on meeting today\u2019s evolving work demands through two <\/strong><strong>main areas: <\/strong>virtual intelligence and carbon intelligence. In a remote-centric world, virtual intelligence goes beyond working from home, it involves mastering remote collaboration. Our globally distributed team has firsthand experience in this, and we\u2019ve learned how to work effectively across time zones and cultures. To address our partners' challenges in assessing remote work readiness, we partnered with ETS to create the <a target=\"_blank\" href=\"https:\/\/www.ets.org\/anywherepro.html\" style=\"\" rel=\"noopener\">AnywherePro<\/a> assessment, a certification that validates key skills like communication, digital literacy, and collaboration, helping companies confidently hire remote talent.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our second focus, carbon intelligence, is key to building a sustainable future.<\/strong> In partnership with Cambridge University and supported by the MasterCard Foundation, we launched a virtual course on <a target=\"_blank\" href=\"https:\/\/www.localized.world\/blog\/student\/25\/carbon-and-esg-analyst-pilot\" style=\"\" rel=\"noopener\">Carbon &amp; ESG Analysis<\/a> in November to equip participants with skills in carbon management. We also host the <a target=\"_blank\" href=\"https:\/\/www.localized.world\/conference\/invitation\/16\/green-talent-forum-2024\" style=\"\" rel=\"noopener\">Green Talent Forum<\/a>, one of the biggest virtual events focused on the green economy, connecting learners with industry leaders from companies like IBM and Apple.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s also a lot of opportunity in the GCC region, where growth and available capital <\/strong><strong>make it a prime area for strategic partnerships.<\/strong> Localization initiatives also pose both a challenge and an opportunity, with no clear solution yet. In North Africa, rising interest in the green economy is driving governments and NGOs to invest in environmental training and upskilling programs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remote work is also becoming a major focus,<\/strong> as organizations across the region focus on supporting and integrating distributed teams. Remote work lets us expand our reach across geographies, though time zone differences require flexibility \u2014 sometimes meaning late meetings or adjusted schedules. Despite these challenges, the benefits are significant: I get more family time, like daily lunches, and the freedom from commuting is invaluable. This flexibility even allows me to take extended vacations with my family and work from different locations when needed, provided I have a suitable workspace.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I\u2019ve observed that Egyptian youth are eager to seize new opportunities,<\/strong> and there\u2019s a strong desire among them to learn and grow. However, the market presents challenges in reaching the right people. Compared to other North African markets, it\u2019s harder in Egypt to ensure youth are aware of available resources, like training programs or networking opportunities. The large population makes targeted outreach complex, which may limit the full utilization of these opportunities. With improved communication strategies, we could better tap into this eagerness and help more young people access what\u2019s available.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>I usually read EnterpriseAM around the middle of my morning,<\/strong> fitting it in when it feels right, rather than at a set time. My routine is all about flexibility \u2014 I don\u2019t follow a rigid morning schedule, preferring instead to adapt as my day unfolds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Over the years, my mornings have shifted to accommodate different phases of life.<\/strong> Earlier this year, for instance, I was training for an Olympic distance triathlon, which meant starting my day at 5am with my daughter by my side. We\u2019d head to training, then I\u2019d drop her off at school before diving into work. Now, with changes in her schedule, my mornings are evolving once again. For me, flexibility isn\u2019t just a convenience \u2014 it\u2019s what keeps my routine sustainable and in sync with my goals.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>My days are packed with meetings, and I rely heavily on my calendar to stay organized <\/strong>\u2014 if it\u2019s not scheduled, it\u2019s off my radar. I make sure everything is on there, from work tasks to family commitments, with specific time blocks for each to-do. My calendar also includes my kids' and my wife\u2019s schedules, which helps me plan around times when I can focus fully. At the end of each day, I review and fine-tune my schedule, moving any unfinished tasks to keep everything on track and balanced.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Work-life balance is definitely tricky, but I think I\u2019m managing it well.<\/strong> After years in corporate life, I know how draining commuting and office routines can be. For about eight years, my daily commute averaged three hours \u2014 an exhausting routine that left little time or energy for anything else. Working remotely has helped me reclaim that time and improve my balance. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The best advice I received was to balance kindness with people and firmness with ideas <\/strong><strong>and suggestions \u2014<\/strong> a lesson shared by a manager at Ahram Beverages. It\u2019s about knowing when to hold firm on a principle and when to let go and consider others\u2019 perspectives. This has stayed with me for 20 years, continuously shaping my approach to work and leadership.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edtech\/\">edtech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/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=\"655644\" 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\/11\/21\/655644\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-655644\" class=\"content-area-description single-story post-655644 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\">NOVEMBER<\/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;\">20-25 November (Wednesday-Monday): United Bank IPO - Private Placement <\/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;\">27-3 December (Wednesday-Tuesday): United Bank IPO - Retail Placement<\/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>28-30 November (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.woodshowglobal.com\/cairo\" style=\"\">Cairo International Wood and Wood Machinery 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 style=\"font-weight:400;\">29 November (Friday): Egypt and Italy to launch a ro-ro shipping line connecting Damietta Port with Italy\u2019s Port of Trieste.<\/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;\">29 November (Friday): Startup Sync, 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>15-17 December (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/nebugoldexpo.com\/\" style=\"\">Nebu Expo for Gold & Jewelry<\/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>16-17 December (Monday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/miningconferences.org\/?gad_source=1&gclid=Cj0KCQjwpvK4BhDUARIsADHt9sTVcsDWTGxkNysGtI5XPnT0MFyamDuIerIl2V-j7l3upmN0pJDOSNoaAjLGEALw_wcB\" style=\"\">Mining World Conference 2024<\/a><\/span><span style=\"font-weight:400;\">, London, UK.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>2H 2024: Gov\u2019t to launch the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f7fd9b9-a159-4b31-b974-f809d55f55d9\/egyptian-telecom-providers-suspend-e-wallet-fx-payments\" style=\"\">Cairo Ring Road BRT buses<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>3Q 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid04Z7JWbGbYGqFTr8kF2XNgc5Dq2cUR3hn25JDryhDjLnPJkYgaKaqbwzQr6A4QgB2l\" style=\"\">Egyptian-Armenian Joint Committee.<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>First week of November: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02ssjPZtZgtyuDjtqu6kXr1MpWTPFUnnFbPA8etz9LtXPrcjGgGnArn6sg1ryr4jEXl\" style=\"\">Egypt-Turkey high-level trade consultation mechanism.<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>November 2024: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LLPJRjsu6SZLwtRHuLmCQxoAZB3xaXVXH8aYkMSEH3ae4aW6JCZaPe5h5u9nKmcRl\" style=\"\">Egypt to host<\/a><\/span><span style=\"font-weight:400;\"> the World Urban Forum (WUF12).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>End of 2024: The launch of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.sis.gov.eg\/Story\/192175\/Trial-Operation-of-the-Sokhna-El-Alamein-Matrouh-High-Speed-Train-Starts-by-the-End-of-this-Year?lang=en-us\" style=\"\">high-speed train<\/a><\/span><span style=\"font-weight:400;\"> line linking Ain Sokhna with Al Alamein City.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">2025<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">January 2025: CBE to launch InstaPay remittances for Egyptians abroad<\/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;\">28 January (Tuesday): Nigeria to inaugurate the USD 5 bn Africa Energy Bank in Abuja. <\/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 style=\"font-weight:400;\">1H 2025: Digital Financial Identity Company will launch an electronic bank account opening service<\/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;\">2025: The InterAcademy Partnership assembly.<\/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;\">2025: Nile Basin States Summit, Cairo, Egypt.<\/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 style=\"font-weight:400;\"> 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:400;\">Mid-2025: The Administrative Capital for Urban Developments to roll out the second phase of offering industrial plots to investors. <\/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<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>September 2028: First unit of <\/span><span>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;\"> begins operations. <\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>IMF to wrap review | Tamweely\u2019s securitization debut | It\u2019s interest rate decision time | Turkish firms eye factories<\/p>\n","protected":false},"featured_media":655618,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-655617","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"5180fd67-66d8-4869-b6bd-649ca73d907c","teaser":"IMF to wrap review | Tamweely\u2019s securitization debut | It\u2019s interest rate decision time | Turkish firms eye factories","photo_url":"https:\/\/ent.news\/2024\/11\/2050.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>Egypt, UAE ink investments for solar plants, solar parts factories, and renewables-focussed industrial zone - 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\/egypt-uae-ink-investments-for-solar-plants-solar-parts-factories-and-renewables-focussed-industrial-zone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt, UAE ink investments for solar plants, solar parts factories, and 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