{"id":656853,"date":"2024-12-11T00:00:00","date_gmt":"2024-12-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=656853"},"modified":"2025-12-18T01:59:29","modified_gmt":"2025-12-18T01:59:29","slug":"inflation-beats-analysts-forecasts-and-falls-to-nearly-two-year-low-of-25-5","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-beats-analysts-forecasts-and-falls-to-nearly-two-year-low-of-25-5\/","title":{"rendered":"Inflation beats analysts forecasts and falls to nearly two-year low of 25.5%"},"content":{"rendered":"<section id=\"656855\" 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=\"656855\">\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\/12\/11\/egyptian-banks-begin-rolling-out-apple-pay\/\">\r\n                            Egyptian banks begin rolling out Apple Pay                        <\/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\/12\/11\/egyptian-banks-begin-rolling-out-apple-pay\/\" target=\"_blank\">\n                    Open in new tab        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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/egyptian-banks-begin-rolling-out-apple-pay\/1970-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1970.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1970.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1970.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1970.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-656855\" class=\"content-area-description single-story post-656855 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-apple tag-enterpriseam tag-fintech 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\/12\/.eabbdf27-17cf-4ca8-83ac-4f8a3c1915d5.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> In addition to United Bank officially arriving on the EGX, Apple Pay is also making its debut, with the service beginning to be rolled out by private and public banks alike. Today is a day of firsts, but also of important M&amp;A news, infrastructure updates, encouraging inflation data, and much more.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">  <strong>BUT FIRST, you may rejoice: Apple Pay has come to Egypt. <\/strong>The service has rolled out to many cards from several issuing banks. Others are expected to launch support for Apple Pay in the coming days and weeks. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to add your card? <\/strong>Some banks\u2019 mobile apps will prompt you to add a card the next time you log in. (Make sure you have the latest version of the app installed.) Don\u2019t sweat it if you\u2019re not prompted or you dismissed the prompt without acting \u2014 adding your card is easy:<\/p><ul>\n<li>Open the \u201cWallet\u201d app<\/li>\n<li>Tap the \u201c+\u201d symbol at the top right<\/li>\n<li>Choose \u201cDebit or Credit Card\u201d<\/li>\n<li>Tap \u201cContinue\u201d<\/li>\n<li>Add your card by scanning it or tapping \u201cEnter Card Details Manually\u201d<\/li>\n<li>Accept the terms and conditions<\/li>\n<li>Wait for an OTP verification via SMS<\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>And then you should be good to go. <\/strong>We\u2019ve successfully added both credit cards and debit cards without issue. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to pay for your coffee this morning by Apple Pay? <\/strong>Just double-click the power button and put your phone up to the POS machine. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Apple Pay and eSIMs in less than a week?<\/strong> Kinda feels like we\u2019re starting to catch up on a decade of technological progress\u2026 (Apple Pay launched in October 2014, for those of you keeping track at home.)<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a>  <strong>MEANWHILE- United Media Services, the state-owned media giant, has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/ONtv\/posts\/pfbid0hZ6XtophA8kkwJSbEs5ShcaE8mvbVtpAEgGfDgqUUNmNGyKWLiLnYf74RQLd8Lwnl\" style=\"\" rel=\"noopener\">entered an<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/ONtv\/posts\/pfbid0hZ6XtophA8kkwJSbEs5ShcaE8mvbVtpAEgGfDgqUUNmNGyKWLiLnYf74RQLd8Lwnl\" style=\"\" rel=\"noopener\">alliance<\/a><\/strong><strong> with our friends at Tarek Nour Communications (TNC)<\/strong>, with Tarek Nour stepping in as chairman. Television broadcaster El Mehwar is also part of the restructuring. The alliance said in a statement yesterday that it aims to \u201cdevelop a forward-looking strategy to improve the media industry.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Others from the private sector are joining Tarek on UMS\u2019 board<\/strong>, including our friends Sherif El-Kholy from Actis (who EnterpriseAM readers will know from his frequent appearances on our stage and in our pages) as well as TNC co-CEO Ahmed Tarek. Also joining the newly reconstituted board: Saif El Wazery, Mohamed El Saadi, Tamer Morsi, Amr El Feky, and Amro Al Khayyat.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Private-sector in the driver\u2019s seat? <\/strong>We\u2019re still reporting this one out and expect to have more to say soon, but color us interested (and hopeful for reasons to be optimistic). Private-sector involvement in UMS has the potentially to be a fundamentally good thing. Tarek Nour invented the modern Egyptian advertising market, and TNC has proven adept over the years at managing multiple forms of industry and technology shifts in advertising, communications, broadcast, and TV production. Stay tuned.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- The sun is out in Cairo today<\/strong>, with a high of 22\u00b0C and a low of 13\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 overcast and a tad warmer in Alexandria<\/strong>, with a high of 23\u00b0C and a low of 11\u00b0C.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Like yesterday, heavy fog is forecast for nearly the whole country<\/strong>, so take care on the roads.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we now cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\" style=\"\" rel=\"noopener\">Saudi Arabia<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p><p class=\"tag-border-left\">WATCH THIS SPACE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>Egypt\u2019s largest solar power plant will officially open this Saturday<\/strong>, with Prime Minister Moustafa Madbouly and other officials set to head south to the 560 MW Abydos plant in Kom Ombo for an opening ceremony, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%a7%d9%84%d8%b3%d8%a8%d8%aa-%d8%a7%d9%84%d9%85%d9%82%d8%a8%d9%84-%d8%a7%d9%84%d9%83%d9%87%d8%b1%d8%a8%d8%a7%d8%a1-%d8%aa%d8%b3%d8%aa%d8%b9%d8%af-%d9%84%d8%a7%d9%81%d8%aa%d8%aa%d8%a7\/#google_vignette\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing unnamed Electricity Ministry officials. The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d1a2b66-3c41-449b-934a-06d2b5f0d4ee\/the-roadmap-to-adding-28-gw-of-renewable-energy-to-the-country%25e2%2580%2599s-energy-mix\" style=\"\" rel=\"noopener\">project<\/a> built by AMEA Power is already feeding the national grid from at least October, according to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/399add70-be7a-4dd4-b41f-4802af3be0c6\/khalda-petroleum-has-a-usd-70-mn-diesel-project-brewing.-plus:-news-from%253cmark%253e-amea%253c%2Fmark%253e-power,-hhd,-delta-sugar,\" style=\"\" rel=\"noopener\">unconfirmed reports<\/a>, and will supply power to 256k homes under a 25-year offtake agreement with the Egyptian Electricity Transmission Company.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>The government wants to see <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8883e2e1-8006-4fd6-be3c-58d871338ead\/\" style=\"\" rel=\"noopener\">3-4 GW-worth of renewable energy projects go live<\/a> and start feeding the national grid by next summer to fill the energy supply gap. This push is part of a broader plan to secure the country's energy needs amid declining natural gas production and expanding electricity interconnection projects to enable exports to surrounding countries. Egypt plans to source <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06e7e381-df4d-4d89-94c7-428dba34d5a3#:~:text=Could%20we%20be%20in%20line%20for%20more%20climate%20funding%20for%20the%20NWFE%20program%3F%20Egypt%20officially\" style=\"\" rel=\"noopener\">42% of its energy from renewables by 2030<\/a>. <\/p><p class=\"tag-border-left\">HAPPENING TOMORROW-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Attention, handicraft fans: <\/strong>The annual MSMEDA-organized Turathna kicks off tomorrow at the Egypt International Exhibition Center, running until 21 December, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid037bvhc4Q4rysZCeeQb3cdHP6dpAamTecodwg5NtrdGsL4EfvY479KbQ188cnn457el\" style=\"\" rel=\"noopener\">statement<\/a> from the agency. The exhibition is set to host 1k+ exhibitors representing crafts and heritage arts from across the country.<\/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>The Egypt Economic Summit will take place on 1<\/strong><strong>4 January<\/strong>, bringing together \u201ckey ministries, government leaders, and top business minds\u201d to discuss Egypt\u2019s position and role in the global economy, according to an <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/v\/1GhaaZRjmj\/\" style=\"\" rel=\"noopener\">announcement<\/a> from the summit. The event \u2014 which will be held under the theme Redefining Economic Excellence: A Bold Vision for Egypt\u2019s Growth \u2014 will also focus on local efforts to achieve sustainable development, long-term growth, and global competitiveness.<\/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>Syria is once again front and center in the news this morning<\/strong>, with Israeli airstrikes and incursions into the country continuing to pick up after the collapse of the Assad regime earlier this week. In just the last 48 hours, Israel conducted over 350 airstrikes that hit weapons stores, missile stores, fighter jets, navy vessels, and sites it claims could be holding chemical weapons. While over in the southwest of the country, Israel also expanded its already illegal occupation of the Golan Heights to create in confunction with its airstrikes what it terms a \u201csterile defence zone.\u201d (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/9426844d-1890-4ce4-9725-3e38bc43dcf4\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-12-10\/unprecedented-israeli-hits-on-arms-sites-shake-post-assad-syria?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-incursion-into-syria-reaches-25-km-southwest-damascus-security-sources-2024-12-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/syria-israel-airstrike-assad-war-b90edb8dbe8268dacf90e59ca601e2e3\" style=\"\" rel=\"noopener\">Associated Press<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/12\/10\/world\/middleeast\/israel-strikes-syria.html\" style=\"\" rel=\"noopener\">New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2024\/dec\/10\/israel-strikes-hundreds-of-military-targets-in-syria\" style=\"\" rel=\"noopener\">Guardian<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The country\u2019s delicate political transition is also getting close attention from the world\u2019s<\/strong><strong> press, <\/strong>with Mohammed Al Bashir appointed as interim prime minister to lead the caretaker government until 1 March. The relatively unknown figure outside Idlib \u2014 where headed a comparatively miniscule rebel-held administration \u2014 now has a monumental task ahead of him as he tries to navigate the complexities of a post-Assad Syria. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/syrias-rebels-work-form-government-restore-order-after-assad-ouster-2024-12-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/world\/2024\/dec\/10\/syrian-rebels-name-new-pm-as-outside-powers-move-to-shore-up-interests\" style=\"\" rel=\"noopener\">Guardian<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While over in the US<\/strong>, President-elect Donald Trump is doubling down on deregulation with a pledge to fast-track permits for investors committing USD 1 bn or more to US projects. While some hail it as a boon for large-scale infrastructure and manufacturing, critics argue it sidelines smaller projects and risks undermining environmental protections. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/740d339c-eb21-4fb5-8c29-db42e4937665\" style=\"\" rel=\"noopener\">Financial Times<\/a>)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2503.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We dive into Egypt\u2019s National Smart Cities Strategy and how it can change how we go about urban development.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/apple\/\">Apple<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"656857 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"656857\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/656857\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-656857\" class=\"content-area-description single-story post-656857 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/somabay.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1544.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700\">Somabay<\/span><span style=\"\">, <\/span><span style=\"font-weight:400;\">every reason to fall in love.<\/span><\/p>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"656858\" 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=\"656858\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/inflation-falls-to-its-lowest-level-in-nearly-two-years-in-november\/\">\r\n                            Inflation falls to its lowest level in nearly two years in November                        <\/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\/12\/11\/inflation-falls-to-its-lowest-level-in-nearly-two-years-in-november\/\" 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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wp-post-image\" alt=\"\" data-attachment-id=\"656859\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/inflation-falls-to-its-lowest-level-in-nearly-two-years-in-november\/1023-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1023.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1023.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1023.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1023.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-656858\" class=\"content-area-description single-story post-656858 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-capmas tag-economy tag-enterpriseam tag-inflation tag-interest-rates 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\/12\/.b852c3d4-2689-49ef-a4f5-5248f9efd448.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Inflation decelerates for the first time since July:<\/strong> Annual headline urban inflation dropped a full percentage point from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fbdb675-e769-438a-ba63-11d1f9466840\/inflation-rises-for-the-third-consecutive-month-to-26.5%2525\" style=\"\" rel=\"noopener\">month before<\/a> to 25.5% in November, marking the first fall in inflation in three months and Egypt\u2019s lowest inflation reading since December 2022, according to data from state statistics agency Capmas. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the decline: <\/strong>Food and beverage price inflation \u2014 the largest component of the basket of goods and services used to calculate headline inflation \u2014 fell 2.7 percentage points throughout the month to an annual rate of 24.6%, their slowest pace in over two years. On a monthly basis, F&amp;B prices fell to negative 1.9% \u2014 marking a three percentage point drop and the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8757d10a-4390-4b5a-9dbc-4205d62e07a3\" style=\"\" rel=\"noopener\">first time in the red since May<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>November\u2019s numbers were well below expectations:<\/strong> The one percentage point drop was well below the <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-annual-urban-consumer-price-inflation-255-november-2024-12-10\/\" style=\"\" rel=\"noopener\">median forecast<\/a> of 15 analysts polled by Reuters last month, who anticipated inflation decelerating only 0.1 percentage points from October\u2019s reading to 26.4%. Most of the nine analysts polled by EnterpriseAM in <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\">mid-November<\/a> were even more pessimistic, with the majority expecting the full impact of fuel price hikes and rising tobacco prices to be reflected in worsening inflation in November.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Annual core i<\/strong><strong>nflation<\/strong><strong> \u2014 which excludes volatile items like food and fuel \u2014<\/strong> <strong>fell 0.7 <\/strong><strong>percentage points<\/strong> from October\u2019s reading of 24.4%, recording 23.7% in November, according to the <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/en\/economic-research\/statistics\/inflation-rates\" style=\"\" rel=\"noopener\">Central Bank of Egypt<\/a>. On a monthly basis, core inflation fell 0.9 percentage points, registering 0.4% in November.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some expect inflation to drop back to single digits in 1Q 2025:<\/strong> Capital Economics\u2019 James Swanston <a target=\"_blank\" href=\"https:\/\/www.capitaleconomics.com\/publications\/middle-east-north-africa-rapid-response\/egypt-consumer-prices-nov-2024\" style=\"\" rel=\"noopener\">is penciling in<\/a> continued small decelerations in December and January before a more significant drop back into single digits through the rest of 1Q 2025. This would come as the year-on-year comparisons begin to reflect previous falls in the EGP, Swanston noted.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What does this mean for interest rates?<\/strong> Despite the better-than-expected inflation readings, a majority of analysts are standing by their conviction that the Central Bank\u2019s Monetary Policy Committee will keep rates stable when it meets next on 26 December, according to <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-12-10\/egyptian-inflation-slows-for-first-time-in-three-months\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. Analysts are on the whole staying with their prediction that the central bank will begin its rate easing cycle in the first quarter of the year. The CBE <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5fa5091d-1a11-476a-bb06-468fe450d909\/central-bank-of-egypt-keeps-rates-stable-for-fifth-time-in-a-row\" style=\"\" rel=\"noopener\">left interest rates unchanged<\/a> at its last Monetary Policy Committee meeting late last month, with the bank stating that \u201cthe current policy stance remains appropriate until a significant and sustained decline in inflation materializes\u201d and citing continued upside risks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lower-than-expected inflation could impact our negotiations with the IMF: <\/strong>The new data could <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49f57560-b333-4f41-aa1b-5a5b969e6424\/imf-expected-to-greenlight-reform-program-renegotiations-requested-by-egypt-before-christmas\" style=\"\" rel=\"noopener\">undercut our case<\/a> for delaying planned fuel subsidy cuts under our current IMF program, with lower-than-expected inflation possibly indicating that another fuel price hike might not have as much of an impact on inflation as expected. Negotiations between the government and the Fund and expected to wrap up before the end of the year. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The unexpected drop also caught the attention of the int\u2019l press: <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-annual-urban-consumer-price-inflation-255-november-2024-12-10\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-12-10\/egyptian-inflation-slows-for-first-time-in-three-months\" style=\"\" rel=\"noopener\">Bloomberg<\/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\/capmas\/\">CAPMAS<\/a>\n                <!-- <span 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                   <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/africa50-eyes-42-9-stake-in-raya-data-center-with-usd-15-mn-investment-to-fund-new-data-center\/\">\r\n                            Africa50 eyes 42.9% stake in Raya Data Center with USD 15 mn investment to fund new data center                        <\/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\/12\/11\/africa50-eyes-42-9-stake-in-raya-data-center-with-usd-15-mn-investment-to-fund-new-data-center\/\" target=\"_blank\">\n                    Open in new tab                    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href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/africa50-eyes-42-9-stake-in-raya-data-center-with-usd-15-mn-investment-to-fund-new-data-center\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/628.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"656862\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/africa50-eyes-42-9-stake-in-raya-data-center-with-usd-15-mn-investment-to-fund-new-data-center\/628-jpg-21\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/628.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"628.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/628.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/628.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-656861\" class=\"content-area-description single-story post-656861 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-africa50 tag-data-centers tag-enterpriseam tag-ma-watch tag-raya-holding tag-raya-it 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\/12\/.7c35849d-dae1-4fa9-9610-60989e25b027.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Africa50 has another Egypt acquisition in its sights: <\/strong>Raya Holding\u2019s board of directors has voted to preliminary approve an offer from African infrastructure investment platform Africa50 to acquire a 42.9% stake in Raya IT subsidiary Raya Data Center for USD 15 mn, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/944.pdf\" style=\"\" rel=\"noopener\">EGX statement (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where will the money go?<\/strong> The investment will be used to finance the establishment of a new Tier III data center in Egypt, with construction set to begin in early 2025, Raya Holding CEO Ahmed Khalil told EnterpriseAM. The new center will \u201caddress the pressing need for reliable, scalable, and certified digital infrastructure in Egypt and Africa,\u201d Khalil noted in a company <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/968.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>Raya IT and others will also be putting their money where their mouth is for the USD 35 <\/strong><strong>mn project: <\/strong>Wholly owned Raya Holding subsidiary Raya IT will be contributing an additional USD 10 mn for the data center. The company also plans to raise an additional USD 10 mn through undisclosed financing institutions, bringing the combined total investments to USD 35 mn, Khail told us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Africa50? <\/strong><a target=\"_blank\" href=\"https:\/\/www.africa50.com\/\" style=\"\" rel=\"noopener\">Africa50<\/a> is an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f8a988b-a718-47bf-99fb-85f0127eeea3\/egypt-to-expand-ties-with-african-infrastructure-investment-platform-%2B-tougher-penalties-for-harassers-approved\" style=\"\" rel=\"noopener\">infrastructure investment platform<\/a> established by African governments and the African Development Bank that targets projects in the power, transport, IT, midstream gas sectors, and has recently broadened its remit to include fintech, health, and education-focused projects. The platform has already invested in Scatec\u2019s 400-MW solar plant at the giant 1.5-GW Benban project. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Up next:<\/strong> The board has authorized the appointment of an independent financial advisor to assess Raya Data Center\u2019s fair value. The board also greenlit efforts to study the offer, negotiate terms, and to start putting together final contracts. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some Saudi IT acquisitions could be in the pipeline, too:<\/strong> Raya Holding is also planning to acquire two companies in Saudi Arabia operating in the IT and data center sectors by 3Q 2025 as part of its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aae6db9d-ba00-47ce-a6ca-873528b02da4\/%253cmark%253eraya%253c%2Fmark%253e-foods-eyes-usd-20-mn-factory-to-boost-exports\" style=\"\" rel=\"noopener\">larger plan to grow its business in the Kingdom<\/a>, Khalil said in comments to EnterpriseAM. Raya\u2019s IT arm Raya IT has a three pronged approach to KSA, with the company focussing on expanding data centers and its cloud and digital solutions to banks, expanding its outsourcing operations, and expanding in the fintech sector by obtaining a license from the Saudi Central Bank to practice consumer finance through its fintech arm Aman Holding. Aman Holding is also set for a further EGP 1 bn in investment next year, as part of a wider EGP 2 bn investment plan for the year, the company\u2019s CFO Hossam Hussein told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/12\/10\/1852363\" 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\"><strong>There are also some expansion plans closer to home in the works: <\/strong>Raya\u2019s manufacturing subsidiary Raya Electric will open a production line for products from De\u2019 Longhi Group \u2014 owner of household name brands Kenwood and Braun, among others \u2014 next year, Khalil told us. Also in the pipeline is an <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ba2fa5a-4b7c-4884-ab6b-15221bf361a2\/egypt-could-soon-welcome-its-first-spac.-plus:-news-from-nrea,-raya,-new-jersey-developments\" style=\"\" rel=\"noopener\">agreement<\/a> with Korean home appliance giant LG to locally manufacture 100k LG-branded residential air conditioners annually after three years with over 60% locally sourced components. The group also plans to apply for a digital bank license for its Aman arm by year-end from the Central Bank of Egypt, Khalil told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1866484931867574646\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But any upcoming <\/strong><strong>IPOs<\/strong><strong> from Raya are on hold \u2014 for now at least<\/strong><strong>:<\/strong> \u201cWe have no plans to list any of our subsidiaries on the EGX under the current circumstances, and the matter is constantly under discussion to determine the appropriate time,\u201d Khalil said at the event. Khalil\u2019s comments reiterated the company\u2019s position that it will wait for more favourable market conditions before offering up Raya IT, Raya for Trade and Distribution, and Aman Holding that have been earmarked for offerings for some time now.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Africa50 also plans to ramp up its digital infrastructure investments in Egyp<\/strong><strong>t<\/strong>, with over seven deals in the pipeline over the next two years, says Managing Director Raza Hasnani to <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1866502749539422304\" style=\"\" rel=\"noopener\">Asharq Business<\/a>, with investment tickets ranging from USD 20-40 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A<\/strong><strong>dvisors: <\/strong>CI Capital acted as Raya Holding\u2019s financial advisor, while Helmy, Hamza &amp; Partners \u2014 Baker McKenzie\u2019s Cairo office \u2014 acted as the company\u2019s counsel. Herbert Smith Freehills LLP served as financial advisor for Africa50, while Matouk Bassiouny &amp; Hennawy offered legal counsel on the agreement.<\/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\/africa50\/\">Africa50<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/data-centers\/\">Data Centers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-holding\/\">Raya Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-it\/\">Raya IT<\/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=\"656863\" 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=\"656863\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/united-banks-shares-rise-3-2-in-egx-debut\/\">\r\n                            United Bank\u2019s shares rise 3.2% in EGX debut                        <\/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\/12\/11\/united-banks-shares-rise-3-2-in-egx-debut\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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This put the bank\u2019s market capitalization yesterday at EGP 15.7 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This marks only the second post-IPO EGX debut this year<\/strong>, after Act Financial began trading on the EGX in late July and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f490e809-9cb1-4e21-93b8-3af74b284fd9\/%253cmark%253eact-financial%253c%2Fmark%253e-shares-rose-29.7%2525-on-their-egx-debut\" style=\"\" rel=\"noopener\">saw its shares jump<\/a> 29.7% on the first day of trading. It also marks the first IPO of a bank on the EGX in 28 years, according to the offering\u2019s sole global coordinator and bookrunner CI Capital in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/971.pdf\" 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 Central Bank of Egypt-owned bank offered up a 30% stake in the IPO \u2014 equivalent to 330 mn shares \u2014 at a share price of EGP 13.85 each, raising some EGP 4.57 bn. United Bank\u2019s retail offering, which closed last week, was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c086b524-6ef6-49ed-bfb6-8a538ad83b83\/%253cmark%253eunited-bank%253c%2Fmark%253e%25e2%2580%2599s-retail-tranche-59x-oversubscribed-as-subscription-period-closes\" style=\"\" rel=\"noopener\">overs<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c086b524-6ef6-49ed-bfb6-8a538ad83b83\/%253cmark%253eunited-bank%253c%2Fmark%253e%25e2%2580%2599s-retail-tranche-59x-oversubscribed-as-subscription-period-closes\" style=\"\" rel=\"noopener\">ubscribed 59x<\/a>, while the offering\u2019s private placement was covered 6x. The offering as a whole was more than 8.6x oversubscribed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More IPOs of state-owned companies could soon be on their way:<\/strong> Prime Minister Mostafa Madbouly told reporters last week that his government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d81eac64-af84-497f-a4b5-ea6bf1bedfe1\/gov%25e2%2580%2599t-eyes-listing-up-to-four-military-companies-on-the-egx\" style=\"\" rel=\"noopener\">plans<\/a> to offer three to four companies affiliated with the military on the bourse, which was followed by <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb8bacf0-6544-41ed-a38f-eb27dcf9bf12\/egp-falls-to-lowest-level-since-march-float,-passing-egp-50-mark-against-the-greenback\" style=\"\" rel=\"noopener\">unconfirmed reports<\/a> naming two of the companies as Wataneya and Safi with listings pencilled in for 1Q 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThe offering coverage figures reflected a great thirst for new subscriptions and offerings, and increased confidence in the EGX, and increasing confidence in the bourse to accommodate all subscriptions and offerings, whether coming from the government of the private sector,\u201d EGX head Ahmed El Sheikh said at the ringing of the bell to mark the entrance of the stock, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/987.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a> from the central bank.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>CI Capital was the sole global coordinator and bookrunner for the offering, while Helmy, Hamza &amp; Partners \u2014 Baker McKenzie\u2019s Cairo office \u2014 acted as counsel. Baker Tilly was the offering\u2019s independent financial advisor and Ernst &amp; Young (EY) the auditor. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>United Bank\u2019s EGX debut also caught the attention of the int\u2019l business press: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-12-10\/united-bank-gains-in-debut-on-egypt-exchange-after-state-ipo?srnd=homepage-middle-east&amp;embedded-checkout=true\" style=\"\" rel=\"noopener\">Bloomberg<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madbouly-cabinet\/\">Madbouly Cabinet<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mena-ipos\/\">MENA IPOs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/united-bank\/\">United Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"656865 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=\"656865\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/656865\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-656865\" class=\"content-area-description single-story post-656865 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:\/\/outbound.sixt.aboughalymotors.com\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/921.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"656866\" 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=\"656866\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/madbouly-follows-up-on-localization-efforts-in-port-said-factory-tour\/\">\r\n                            Madbouly follows up on localization efforts in Port Said factory tour                        <\/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\/12\/11\/madbouly-follows-up-on-localization-efforts-in-port-said-factory-tour\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n   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localization efforts in Port Said factory tour&url=https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/madbouly-follows-up-on-localization-efforts-in-port-said-factory-tour\/\">\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\/12\/11\/madbouly-follows-up-on-localization-efforts-in-port-said-factory-tour\/&title=Madbouly follows up on localization efforts in Port Said factory tour\">\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=Madbouly+follows+up+on+localization+efforts+in+Port+Said+factory+tour+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F12%2F11%2Fmadbouly-follows-up-on-localization-efforts-in-port-said-factory-tour%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\/12\/11\/madbouly-follows-up-on-localization-efforts-in-port-said-factory-tour\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1014.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"656867\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/madbouly-follows-up-on-localization-efforts-in-port-said-factory-tour\/1014-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1014.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1014.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1014.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1014.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-656866\" class=\"content-area-description single-story post-656866 post type-post status-publish format-standard has-post-thumbnail hentry category-manufacturing tag-enterpriseam tag-investment-watch tag-manufacturing 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\/12\/.24a0efd1-cbd0-45c8-b099-989947ef43fc.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Localization, investment and expansion was the theme of Prime Minister Moustafa<\/strong><strong> Madbouly\u2019s trip to Port Said yesterday<\/strong>, where he toured the city\u2019s industrial zones and factories.<\/p>\n<p class=\"tag-border-left\">MOAMEN PERFUMES PLANS EGP 200 MN AEROSOL FACILITY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Moamen Perfumes will invest EGP 200 mn to establish Egypt\u2019s first aerosol<\/strong><strong> manufacturing plant<\/strong>, the company\u2019s factory director Mohamed Moustafa Saad <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0u61T1PDPG3tqfUsLBTQGAEhVUfYRX3tkgDZZdUHChjBppVsrud9h2GydW8WWP4yLl\" style=\"\" rel=\"noopener\">told Madbouly<\/a> during his visit. The project will create 200 jobs and reduce the country\u2019s import bill, Saad added. The company\u2019s existing EGP 110 mn factory already employs 200 people and exports USD 800k worth of products a year and generates EGP 43 mn in local sales.<\/p>\n<p class=\"tag-border-left\">SOUDANCO TO LAUNCH EGP 250 MN JUICE EXPANSION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/soudanco.com\/\" style=\"\" rel=\"noopener\">Soudanco<\/a><\/strong><strong> plans to expand its investments in its juice factory from EGP 350 mn to EGP <\/strong><strong>600 mn by next yea<\/strong>r and launch an orange concentrates factory in partnership with an unnamed Moroccan company at a cost of USD 7.5 mn, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0f7tTMzbCccqBu9To3Q2qtV6ygAsDH55YkPyEZNAiSdsKrTiTTJejpaFkKp6afAZFl\" style=\"\" rel=\"noopener\">statement<\/a> by the MP. <\/p>\n<p class=\"tag-border-left\">EBM TEXTILE EYES 3X PRODUCTION BOOST BY 2025-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian-Turkish textile venture <\/strong><strong>EBM Textile<\/strong><strong> plans to triple its production capacity to 75k <\/strong><strong>pieces per month by 2025 and grow its workforce from 100 to 400 employees<\/strong>, factory manager Mahmoud Ismail <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02qfF9Q54JMdYLxV791Xktgz7tCLPihycSypxQJyisLmimCR186Pr53NCyD6PAbHFrl\" style=\"\" rel=\"noopener\">told the prime minister<\/a> during his visit to the Port Said facility.<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span 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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/egypt-condemns-israels-seizure-of-syrian-buffer-zone-urges-international-action\/\">\r\n                            Egypt condemns Israel's seizure of Syrian buffer zone, urges international action                        <\/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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condemns Israel's seizure of Syrian buffer zone, urges international action\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+condemns+Israel%27s+seizure+of+Syrian+buffer+zone%2C+urges+international+action+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F12%2F11%2Fegypt-condemns-israels-seizure-of-syrian-buffer-zone-urges-international-action%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\/12\/11\/egypt-condemns-israels-seizure-of-syrian-buffer-zone-urges-international-action\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1005.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"656870\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/egypt-condemns-israels-seizure-of-syrian-buffer-zone-urges-international-action\/1005-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1005.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1005.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1005.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1005.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-656869\" class=\"content-area-description single-story post-656869 post type-post status-publish format-standard has-post-thumbnail hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-middle-east-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.0f96ee4c-735c-43c4-b15b-37d7340dac41.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Last <\/strong><strong>night\u2019s<\/strong><strong> talk shows zeroed in on Israeli airstrikes on Syria <\/strong>\u2014 with the Israeli military claiming to have wiped out around 70% of Syria\u2019s military capabilities, including army bases, the naval fleet, and air defense systems, the <a target=\"_blank\" href=\"https:\/\/www.timesofisrael.com\/idf-says-it-has-stuck-over-320-targets-in-syria-taking-out-70-of-army-capabilities\/\" style=\"\" rel=\"noopener\">Times of Israel<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThis is the greatest catastrophe to occur in the past 50 years. <\/strong>What Israel achieved in just three days, it hasn\u2019t achieved over the past 50 years,\u201d said military commentator Samir Farag in a phone call with Ahmed Moussa (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=02ix6qDlnSE\" style=\"\" rel=\"noopener\">watch, runtime 17:52<\/a>). He pointed out that Israel exploited the collapse of the Syrian army to seize the remaining areas of the Golan Heights, already occupied since 1967, including the demilitarized zone and Mount Hermon. He also noted that Israel annulled the disengagement agreement signed between the two countries in 1974.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe occupation of Mount Hermon gives Israel a strategic advantage<\/strong>, as it enables it to strike Damascus with ease due to its high elevation. This is Israel\u2019s greatest victory in 50 years,\u201d Farag added, explaining that \u201cMount Hermon is the key to Syria.\u201d With Israel\u2019s expansion of its presence into Syria, its forces are now only \u201cwithin 25 kilometers of Damascus,\u201d he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>However, there was little to no sympathy for Assad on the airwaves<\/strong>, with political thinker Mostafa El Feki telling that Sherif Amer that \u201cthe oppressive Bashar al-Assad regime is not to be mourned, as it hasn\u2019t fired a single shot at Israel since 1973\u201d (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=4NSFhTnuwc8\" style=\"\" rel=\"noopener\">watch, runtime at 21:58<\/a>).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe United States had no prior knowledge of Israel\u2019s intention to launch military strike<\/strong><strong>s on Syria,\u201d <\/strong>said Michael Mitchell, the regional spokesperson for the U.S. State Department told Sherif Amer (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=hKM6YmQUXQc\" style=\"\" rel=\"noopener\">watch, runtime 6:01<\/a>). \u201cIsrael did not notify us of its intention to carry out the strikes,\u201d Mitchell added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The nation\u2019s hosts also touched on Egypt\u2019s condemnation of Israel\u2019s actions in its buffer<\/strong><strong> zone with Syria<\/strong>, stating that Israeli forces\u2019 seizure of Syrian land constitutes \u201can occupation of Syrian territory,\u201d a \u201cblatant violation\u201d of sovereignty, and a breach of the 1974 disengagement agreement between the two countries, according to a Foreign Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MFAEgyptEnglish\/posts\/pfbid02jkS8mtwkCnKzTCYC9mkRx1xtUUREpyNXwyySPFMzhhmi4gL51KkciH5peaoeVYuBl\" style=\"\" rel=\"noopener\">statement<\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"656871\" 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=\"656871\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/hassan-allam-utilities-to-invest-in-and-develop-king-abdullah-economic-city-off-port-terminal-plus-madinet-masr-efg-hermes-majid-al-futtaim-empower-abb-group\/\">\r\n                            Hassan Allam Utilities to invest in and develop King Abdullah Economic City off-port terminal. PLUS: Madinet Masr, EFG Hermes, Majid Al Futtaim + Empower, ABB Group                        <\/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\/12\/11\/hassan-allam-utilities-to-invest-in-and-develop-king-abdullah-economic-city-off-port-terminal-plus-madinet-masr-efg-hermes-majid-al-futtaim-empower-abb-group\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/hassan-allam-utilities-to-invest-in-and-develop-king-abdullah-economic-city-off-port-terminal-plus-madinet-masr-efg-hermes-majid-al-futtaim-empower-abb-group\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/hassan-allam-utilities-to-invest-in-and-develop-king-abdullah-economic-city-off-port-terminal-plus-madinet-masr-efg-hermes-majid-al-futtaim-empower-abb-group\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Hassan Allam Utilities to invest in and develop King Abdullah Economic City off-port terminal. PLUS: Madinet Masr, EFG Hermes, Majid Al Futtaim + Empower, ABB Group&url=https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/hassan-allam-utilities-to-invest-in-and-develop-king-abdullah-economic-city-off-port-terminal-plus-madinet-masr-efg-hermes-majid-al-futtaim-empower-abb-group\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/hassan-allam-utilities-to-invest-in-and-develop-king-abdullah-economic-city-off-port-terminal-plus-madinet-masr-efg-hermes-majid-al-futtaim-empower-abb-group\/&title=Hassan Allam Utilities to invest in and develop King Abdullah Economic City off-port terminal. PLUS: Madinet Masr, EFG Hermes, Majid Al Futtaim + Empower, ABB Group\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Hassan+Allam+Utilities+to+invest+in+and+develop+King+Abdullah+Economic+City+off-port+terminal.+PLUS%3A+Madinet+Masr%2C+EFG+Hermes%2C+Majid+Al+Futtaim+%2B+Empower%2C+ABB+Group+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F12%2F11%2Fhassan-allam-utilities-to-invest-in-and-develop-king-abdullah-economic-city-off-port-terminal-plus-madinet-masr-efg-hermes-majid-al-futtaim-empower-abb-group%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/hassan-allam-utilities-to-invest-in-and-develop-king-abdullah-economic-city-off-port-terminal-plus-madinet-masr-efg-hermes-majid-al-futtaim-empower-abb-group\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/249.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"656872\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/hassan-allam-utilities-to-invest-in-and-develop-king-abdullah-economic-city-off-port-terminal-plus-madinet-masr-efg-hermes-majid-al-futtaim-empower-abb-group\/249-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/249.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"249.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/249.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/3\/249.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-656871\" class=\"content-area-description single-story post-656871 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-capital-markets tag-customs tag-education tag-energy tag-enterpriseam tag-fintech tag-hassan-allam-utilities tag-infrastructure tag-logistics tag-madinet-masr tag-manufacturing tag-real-estate tag-saudi-arabia tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.17eca22a-88a4-4033-b1cb-968379224635.mp3\"><\/audio><\/figure><p class=\"tag-border-left\"> INFRASTRUCTURE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Hassan Alla<\/strong><strong>m Utilities to develop an off-port terminal in Saudi\u2019s King Abdullah Economic <\/strong><strong>City:<\/strong> Local energy and infrastructure leader Hassan Allam Utilities has signed a strategic partnership agreement with Saudi-based Nesma Holding\u2019s logistics subsidiary Defaf United for Logistics to invest in and develop an advanced off-port terminal in King Abdullah Economic City, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/959.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The terminal will include \u201ccontainer yards and warehousing facilities, delivering flexible and integrated logistics solutions tailored to a wide range of customers,\u201d the statement reads. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Strategic placement:<\/strong> The new terminal aims to serve clients across Saudi Arabia, the GCC, and East Africa, establishing the King Abdullah Economic City as a key logistics hub to support regional trade.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThe off-port terminal in KAEC will play a crucial role in strengthening the region's logistics infrastructure. Together, we are committed to providing cutting-edge solutions that meet client needs and drive economic growth in the Kingdom,\u201d Hassan Allam Holding Co-CEO Amr Allam said.<\/p><p class=\"tag-border-left\">REAL ESTATE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madinet Masr wants to speed up the construction of Taj City:<\/strong> Real estate player Madinet Masr has signed an MoU with local construction company El Hazek Construction to \u201cexecute infrastructure works\u201d and build villas in Taj City\u2019s Elect development with planned investments exceeding EGP 900 mn, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/916.pdf\" style=\"\" rel=\"noopener\">statement (<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/916.pdf\" style=\"\" rel=\"noopener\">pdf<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/916.pdf\" style=\"\" rel=\"noopener\">)<\/a>. <\/p><p class=\"tag-border-left\"> CAPITAL MARKETS-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EFG Hermes has now run nine IPOs on GCC bourses in 2024:<\/strong> EFG Hermes has officially closed Talabat Holding\u2019s USD 2 bn IPO on the Dubai Financial Market and Lulu Group International\u2019s USD 1.7 bn listing on the Abu Dhabi Securities Exchange, acting as joint bookrunner for both offerings. This brings EFG Hermes\u2019 total number of GCC IPOs this year to nine. Talabat\u2019s debut \u2014 involving a 20% stake in Delivery Hero \u2014 marked the largest global tech deal this year, raking in USD 2 bn, while Lulu\u2019s IPO came in 25x oversubscribed with total demand exceeding USD 37 bn. <\/p><p class=\"tag-border-left\">TRADE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speedier customs clearance between Egypt and KSA: <\/strong>Egypt and Saudi Arabia agreed to slash customs clearance time from three days to 3-4 hours, Deputy Finance Minister for Taxes Sherif Al Kilani told <a target=\"_blank\" href=\"https:\/\/www.asharqbusiness.com\/economics\/63450\/%D8%A7%D8%AA%D9%81%D8%A7%D9%82-%D9%85%D8%B5%D8%B1%D9%8A-%D8%B3%D8%B9%D9%88%D8%AF%D9%8A-%D8%B9%D9%84%D9%89-%D8%AA%D9%82%D9%84%D9%8A%D8%B5-%D8%B2%D9%85%D9%86-%D8%A7%D9%84%D8%A5%D9%81%D8%B1%D8%A7%D8%AC-%D8%A7%D9%84%D8%AC%D9%85%D8%B1%D9%83%D9%8A-%D8%A5%D9%84%D9%89-3-%D8%B3%D8%A7%D8%B9%D8%A7%D8%AA\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. \u201cWe are working to introduce custom facilities for trade between Egypt and Saudi Arabia,\u201d he said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>Earlier this month, the Egyptian Customs Authority and Saudi Zakat, Tax and Customs Authority inked a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9119be50-1b01-40b5-a340-4b20cf3bfb45\/abu-qir-fertizers%E2%80%99-looks-to-green-hydrogen-to-help-power-ammonia-plant.-plus:-exxon-mobil,-instapay,-egypt-post,-abu-auf,-ezz-elarab,\" style=\"\" rel=\"noopener\">mutual recognition agreement<\/a> for the Authorized Economic Operator program to enhance economic cooperation, streamline customs procedures, reduce costs, and boost trade through benefits like priority clearance and lower fees. The agreement will double trade between the two countries, according to Al Kilani. <\/p><p class=\"tag-border-left\"> ENERGY-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>President Abdel Fattah El Sisi met with representatives from several Norwegian <\/strong><strong>companies during his official visit to Norway<\/strong>, according to Ittihadiya statements <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0qLTkTfnKwocJW2agK6uHBYQKsGVC6pWuBCGB5vGSSJVtDM4zyew1sBnJzNA5RWoBl\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0224XFUq7W6qnf1Wwr76DeZ5iQJph18wRccGqJY5mxVcCP18prbuHo544bNFJLGpVYl\" style=\"\" rel=\"noopener\">here<\/a>. The meetings focused on boosting investment cooperation, particularly in renewable energy, green investment, and African development projects. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The companies:<\/strong> El Sisi met with officials from renewable energy firms Empower and Scatec, as well as gas liquefaction company Golar, fertilizer giant Yara, Norwegian development agency Norfund, and the Norwegian-African Business Association. Discussions extended to potential tripartite cooperation in Africa, with Norwegian businesses expressing their interest in expanding their portfolios in Egypt. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The meetings were followed by an MoU between Empower and the UAE\u2019s Majid Al<\/strong><strong> Futtaim to build a solar project <\/strong>that will power an industrial project, one of the statements said without providing any further details.<\/p><p class=\"tag-border-left\">EDUCATION-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Seven new centers for students with disabilities to be set up at public universities: <\/strong>The Education Ministry has signed cooperation protocol agreements with AMIDEAST to establish student disability service centers in seven public universities as part of the third phase of the project\u2019s implementation, according to a ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02nSpgx7j1dWgvDX48Mxyw2bP1HPfEvQSgpY8qq2jEpEfWRxXApZVMMY6pMMoSHrzRl?rdid=k7rTgYetteWPU8vB\" style=\"\" rel=\"noopener\">statement<\/a>. The protocols cover supervising the centers\u2019 implementation, financing training activities, and following up on center activities. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where will the centers be?<\/strong> The seven centers will be established in Minya University, Benha University, Menofia University, Port Said University, Aswan University, and Kafr El Sheikh University.<\/p><p class=\"tag-border-left\">MANUFACTURING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ABB Group launches new production line for power distribution units:<\/strong> Industry and Transport Minister Kamel El Wazir oversaw the inauguration of a production line for power distribution units in Swiss-Swedish power company ABB Group\u2019s factory in Tenth of Ramadan City, according to an Industry Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0HneS8jZMGuKXjyPMxzmBMvhbRhMxra4YFnRrWG73XKocERokpSZFJ8dnTZki1csKl?rdid=CRhpHR4iEU4XW5LX\" style=\"\" rel=\"noopener\">statement<\/a>. The final products will all be earmarked for export.<\/p><p class=\"tag-border-left\"> PRIVATIZATION-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Finance Ministry is offering up six public-private partnerships (PPPs) with a total<\/strong><strong> investment cost of EGP 29 bn<\/strong>, Ater Hanoura, head of the Finance Ministry\u2019s Private Partnership Unit, told <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/financing-and-investment\/63448\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%B3%D8%AA%D8%B9%D8%AF-%D9%84%D8%B7%D8%B1%D8%AD-24-%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D8%A7-%D8%AA%D8%B9%D9%84%D9%8A%D9%85%D9%8A%D8%A7-%D9%84%D9%85%D8%B4%D8%A7%D8%B1%D9%83%D8%A9-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. The first of the projects is sludge treatment facility with an investment ticket of between EGP 9-10 bn and the second is for a wastewater treatment station, Hanoura said. The six projects are part of a wider offering of 12 projects with investments totalling EGP 61 bn.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/customs\/\">customs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n               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          <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr\/\">Madinet Masr<\/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\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"656873\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"656873\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/complex-finance-hit-its-highest-level-since-before-the-2008-financial-crisis\/\">\r\n                            Complex finance hit its highest level since before the 2008 financial crisis                        <\/a>\r\n                    <\/h3>\r\n\r\n                    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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"656874\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/complex-finance-hit-its-highest-level-since-before-the-2008-financial-crisis\/991-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/991.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"991.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/991.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/991.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-656873\" class=\"content-area-description single-story post-656873 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-debt tag-enterpriseam tag-finance tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.ceda0be0-c393-4bdb-b3d3-efe8b4ef0253.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Could Wall Street be headed toward another financial crisis? <\/strong>Complex financial products are seeing a boom the likes of which has not been seen since 2007, with global structured finance transaction volumes hitting USD 380 bn this year, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5219f962-3499-4928-8c73-5610b7a0109e\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports. The surge, which has seen transaction volumes surpass their 2021 post-financial crisis peak, is being driven by investor demand for higher yields and bonds \u2014 including in significantly riskier assets, the salmon-colored paper writes.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bonds backed by\u2026 wings? <\/strong>This year\u2019s transactions have included bonds backed by unconventional revenue sources, with recent transactions involving fast food chain Wingstop franchise fees and the music catalogues of Shakira, Bon Jovi, and Fleetwood Mac. Transactions involving the more obscure parts of the market have risen 50% y-o-y to USD 63 bn, with analysts expecting further growth. Investments in niche markets rose by 50% y-o-y to USD 63 bn in 2024.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Higher yields are a big part of the appeal: <\/strong>Structured financial products offer higher yields than traditional bonds, making them particularly attractive to investors seeking to channel a growing stream of retiree assets into income-producing investments amid rising borrowing costs. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It also comes as other segments of Wall Street\u2019s business remain sluggish<\/strong>, with the investment banking industry\u2019s fees still below their historic highs. The underwriting fees for structured financial products outstrip those for more conventional activities, like government bonds and corporate debt \u2014 no small part of their attractiveness to financiers.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The question is \u2014 are the risks being contained? <\/strong>Some investors are raising concerns that investment managers are not properly vetting structured financial products, with some saying that certain buyers are purchasing these products indiscriminately. While analysts cited by the FT claim that the market is as of yet too small to constitute a \u201csystemic risk,\u201d a large portion of these transactions are backed by consumer credit products like credit card loans \u2014 which have seen rising default rates since the US Federal Reserve began lifting interest rates in 2022.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>One \u2014 possibly bad \u2014 sign is that investors have shown increasing appetite for the<\/strong> <strong>riskiest ends of structured product transactions.<\/strong> Strong demand for low-risk \u201csenior\u201d tranches of this debt has seen banks issue ever-riskier slices of debt \u2014 a narrative that bears striking parallel with the risk spiral in mortgage-backed securities that precipitated the 2008 financial crisis.<\/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 mixed<\/strong> as traders look ahead to China\u2019s annual economic work conference later today, with Hong Kong\u2019s Hang Seng up 0.7%, China\u2019s CSI 300 flat, and Japan\u2019s Nikkei down 0.3%. Wall Street futures are flat once again after another day of losses on S&amp;P 500 and Nasdaq. <\/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\">30,618<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.3% (YTD: +23.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 50.39<\/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 50.53<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 50.40<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 50.50<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">12,194<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.8% (YTD: +1.9%)<\/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>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\">9250<\/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: -3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">4794<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-1.1% (YTD: +18.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">6035<\/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: +26.5%)<\/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\">8280<\/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% (YTD: +7.1%)<\/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>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\">4952<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.7% (YTD: +9.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 72.19<\/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\">+0.07%<\/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 3.19<\/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>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 2718.40<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 96,673.20<\/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: +129.5%)<\/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 1.3% at yesterday\u2019s close<\/strong> on turnover of EGP 4.2 bn (0% above the 90-day average). Regional investors were the sole net buyers. The index is up 23.0% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Fawry (+0.7%), Edita (+0.5%), and B Investments Holding (+0.4%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>ADIB (-4.0%), Faisal Islamic Bank -EGP (-4.0%), and Credit Agricole (-3.8%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"656875\" 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=\"656875\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/egypt-calls-for-a-unified-syrian-led-political-solution\/\">\r\n                            Egypt calls for a unified Syrian-led political solution                        <\/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\/12\/11\/egypt-calls-for-a-unified-syrian-led-political-solution\/\" 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\/12\/11\/egypt-calls-for-a-unified-syrian-led-political-solution\/')\">\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\/12\/11\/egypt-calls-for-a-unified-syrian-led-political-solution\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt calls for a unified Syrian-led political solution&url=https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/egypt-calls-for-a-unified-syrian-led-political-solution\/\">\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\/12\/11\/egypt-calls-for-a-unified-syrian-led-political-solution\/&title=Egypt calls for a unified Syrian-led political solution\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+calls+for+a+unified+Syrian-led+political+solution+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2024%2F12%2F11%2Fegypt-calls-for-a-unified-syrian-led-political-solution%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\/12\/11\/egypt-calls-for-a-unified-syrian-led-political-solution\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1004.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"656876\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/11\/egypt-calls-for-a-unified-syrian-led-political-solution\/1004-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1004.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1004.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1004.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1004.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-656875\" class=\"content-area-description single-story post-656875 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-diplomacy tag-enterpriseam tag-middle-east-politics tag-syria tag-turkey 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\/12\/.94e376ae-2062-422d-af26-8aa497734865.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s Foreign Ministry stressed the urgency of a Syrian-owned political process free <\/strong><strong>from external interference<\/strong> \u2014 aligned with UN Resolution 2254 \u2014 to safeguard the country\u2019s unity and stability, a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/photo\/?fbid=1092207792949640&amp;set=a.144073987763030\" style=\"\" rel=\"noopener\">statement<\/a> from the ministry read. Egypt pledged to support efforts for a political resolution that ends exploitation of the crisis, paves the way for reconstruction, and ensures the safe return of refugees and displaced Syrians.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign Minister Badr Abdelatty also held a phone call yesterday with his Turkish <\/strong><strong>counterpart Hakan Fidan to discuss developments in Syria<\/strong>, according to a separate <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Y3uqQimzF9rqNkXjaje2HSvVVNYijs4yxYwAEDhEPTt7bw2wo6CG9eiLkYb7zgJCl\" style=\"\" rel=\"noopener\">statement<\/a>. The two officials underscored the importance of a Syrian-led political process free from external interference to safeguard the country\u2019s sovereignty and territorial integrity. They also called for intensified regional and international efforts to stabilize Syria, ensure its unity, and alleviate the humanitarian suffering of its people. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/middle-east-politics\/\">Middle East politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/syria\/\">Syria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"656877\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">10<\/div>\r\n    \r\n                        <p class=\"f-graphik\">HARDHAT<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/could-the-national-smart-cities-strategy-change-how-we-go-about-urban-development\/\"> \r\n                            Could Egypt\u2019s National Smart Cities Strategy change how we go about urban development?<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/could-the-national-smart-cities-strategy-change-how-we-go-about-urban-development\/\" 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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But what does it all mean for urban development and the real estate sector? <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>First things first, what makes a city smart? <\/strong>A smart city is one that operates using intelligent methods and strategies to improve residents\u2019 quality of life, strengthen the economy, solve social challenges, and preserve the environment and its resources. This is achieved by leveraging the latest technologies. Smart cities rely on data analysis to optimize resources, improve road quality, regulate traffic, and enhance utilities and other services. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Smart cities need to follow international standards<\/strong> in communication, housing, solid waste management, safety, urban planning, governance, energy, environment, and much more. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>National Smart Cities Strategy?<\/strong> Launched in November <a target=\"_blank\" href=\"https:\/\/wuf.unhabitat.org\/event\/wuf12\/launching-national-strategy-smart-cities#:~:text=Summary,equitable%2C%20and%20technologically%20advanced%20future.\" style=\"\" rel=\"noopener\">during the World Urban Forum<\/a>, the strategy is a \u201ccomprehensive roadmap designed to transform Egypt's urban landscape and propel the country towards a more sustainable, equitable, and technologically advanced future.\u201d The strategy aims to position Egypt as a \u201cglobal leader in smart city development.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The strategy puts a lot of weight on private projects <\/strong>as it comes during a time when the state is working to step away from national projects \u2014 for the coming fiscal year state-funded <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/207aac15-f186-4bd4-8587-b8b44fda18a0\/construction-sector-calls-for-updated-contract-standards-to-keep-up-with-changing-industry\" style=\"\" rel=\"noopener\">investments will focus on ongoing national projects that are at least 70% complete<\/a> and expected to enter the operational phase within a year or two at most. New national projects will also only get funding if they get the go-ahead from the cabinet.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re no strangers to smart cities:<\/strong> Egypt already houses 22 smart cities, including fourth-generation cities such as the new capital, New Alamein, Galala, and New Mansoura, one government source in the housing sector told EnterpriseAM. He explained that the state aims to push the number of smart cities to 37 nationwide. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The global drive for smart cities: <\/strong>Smart cities are gaining momentum worldwide, as they present a more environmentally friendly alternative to urban areas which make up 60-80% of global energy consumption and over 70% of annual carbon emissions. Tech spending on smart cities more than doubled between 2018 and 2023, jumping from USD 81 bn to USD 189.5 bn, according to data from <a target=\"_blank\" href=\"https:\/\/www.statista.com\/statistics\/884092\/worldwide-spending-smart-city-initiatives\/\" style=\"\" rel=\"noopener\">Statista<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A growing market: <\/strong>The global smart cities market was valued at USD 998.7 bn in 2022 and is expected to reach USD 5.2 tn by 2030, according to a 2024 <a target=\"_blank\" href=\"https:\/\/www.researchandmarkets.com\/reports\/3633914\/smart-cities-global-strategic-business-report?utm_source=GNE&utm_medium=PressRelease&utm_code=t3qmw3&utm_campaign=1841796+-+Global+Smart+Cities+Strategic+Report+2023%3a+Market+to+Reach+%245.2+Trillion+by+2030+-+Advanced+Technologies+Create+Perfect+Ground+for+Transformation&utm_exec=chdo54prd\" style=\"\" rel=\"noopener\">glob<\/a><a target=\"_blank\" href=\"https:\/\/www.researchandmarkets.com\/reports\/3633914\/smart-cities-global-strategic-business-report?utm_source=GNE&utm_medium=PressRelease&utm_code=t3qmw3&utm_campaign=1841796+-+Global+Smart+Cities+Strategic+Report+2023%3a+Market+to+Reach+%245.2+Trillion+by+2030+-+Advanced+Technologies+Create+Perfect+Ground+for+Transformation&utm_exec=chdo54prd\" style=\"\" rel=\"noopener\">al strategic business report<\/a><a target=\"_blank\" href=\"https:\/\/www.researchandmarkets.com\/reports\/3633914\/smart-cities-global-strategic-business-report?utm_source=GNE&utm_medium=PressRelease&utm_code=t3qmw3&utm_campaign=1841796+-+Global+Smart+Cities+Strategic+Report+2023%3a+Market+to+Reach+%245.2+Trillion+by+2030+-+Advanced+Technologies+Create+Perfect+Ground+for+Transformation&utm_exec=chdo54prd\" style=\"\" rel=\"noopener\">on smart cities<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Smart cities are an intricate web <\/strong>that utilize ICT and smart applications to improve the quality of life of its citizens, our source said, explaining that it is about a lot more than infrastructure and green spaces. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>5G and advanced technologies enable infrastructure development:<\/strong> The entrance of 5G services into the Egyptian market has opened the door for real estate developers to utilize tech in their developments, head of the Federation of Egyptian Industries\u2019 (FEI) real estate division, Osama Saad El Din, told EnterpriseAM. Other developers have started using AI in their projects. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What does an AI-reliant project look like? <\/strong>\u201cWe have a compound that relies on AI in the new capital. We use AI to control energy consumption, water consumption, security systems, and maintenance, among other things that help raise the efficiency of the area,\u201d Chairman of Sigma for Smart Cities Ahmed El Zayat told us. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In line with sustainability goals: <\/strong>The strategy also aims to cut down on the consumption of energy and water and improve the use of resources, which will have a direct impact on enhancing air quality and public health. The strategy aims to raise the efficiency of public services all with the aim of improving the quality of life. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s about more than just technology: <\/strong>The development of smart cities largely relies on specific construction standards that help reduce emissions and energy use in homes, head of the Federation of Egyptian Industries\u2019 Refractories and Bricks division Ali Singer told EnterpriseAM. He pointed to the use of clay bricks in construction and how they can provide thermal resistance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Looking ahead: <\/strong>The government is currently holding meetings with inventors who have patents for energy-efficient, low-investment construction designs including those that reflect sunlight, reducing the need for air conditioning. These designs also ensure regular airflow into units and focus on building materials suitable for the Egyptian environment, Saad El Din added. \u201cWe have started working on consultancy offices on new smart designs,\u201d he said, adding that \u201cwe will soon start developing workshops for real estate developers to push them to adopt smart construction.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t worry \u2014 smarter cities won\u2019t come with a higher price tag<\/strong>, Saad El Din told us, explaining that the main goal is to utilize sustainable materials and minimize costs. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Just scratching the surface: <\/strong>Over the next few years, Egypt will enter the era of the Internet of Things in smart cities and we\u2019ll see cities using platforms to tie all their facilities together, El Zayat said, adding that this will increase the efficiency of infrastructure networks and cut down on maintenance costs. <\/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\/hardhat\/\">Hardhat<\/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\/smart-cities\/\">smart cities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/urban-development\/\">urban development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"656879\" 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\/12\/11\/656879\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-656879\" class=\"content-area-description single-story post-656879 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;\">DECEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">12-21 December (Thursday-Saturday): Turathna handicrafts and heritage exhibition, Egypt International Exhibitions Center, Cairo<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 December (Sunday): MPs will reconvene in the House<\/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;\">15-17 December (Sunday-Tuesday): Nebu Expo for Gold & Jewelry, 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;\">16-17 December (Monday-Tuesday): Mining World Conference 2024, 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;\">22 December (Sunday): The Nahda University Economic Forum\u2019s third edition is set to take place<\/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 style=\"font-weight:400;\">End of 2024: The launch of the high-speed train 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: 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;\">February: Orascom Pyramids Entertainment to bring total investments in the Pyramids Plateau to EGP 1.5 bn  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 January (Wednesday): The minimum pension will <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0AuG4sE6XqJHZFNt85jbQW7k9u1dgwtmCJK27h1VgQHQ5n2YKnDFX6wGVj3kRPGKgl\" style=\"\">increase<\/a><\/span><span style=\"font-weight:400;\"> to EGP 1.5k, and the maximum to EGP 11.6k<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14 January (Tuesday): The 4th edition of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/share\/v\/1GhaaZRjmj\/\" style=\"\">Egypt E<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/share\/v\/1GhaaZRjmj\/\" style=\"\">conomic Summit<\/a><\/span><span style=\"font-weight:400;\"> will take place.<\/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 style=\"font-weight:400;\">18-19 February (Saturday-Sunday): German-Egyptian Joint Economic Committee meetings, 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;\">7-10 April 2025 (Monday-Thursday): EFG Hermes One on One 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;\">Early 2025: The Communications Ministry will unveil the second edition of its national AI strategy in early 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;\">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;\">1Q 2025: Eipico\u2019s biopharma plant to begin 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;\">1Q 2025: Finance Ministry to launch public consultations on its tax policy document<\/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;\">2Q 2025: Financial Regulatory Authority (FRA) to introduce derivatives on the EGX <\/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;\">2Q 2025: Safaga Terminal 2 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: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 style=\"font-weight:400;\">2025: Release of the government\u2019s Startup Charter document <\/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 style=\"font-weight:400;\">20 January-7 February: Egypt to host the African Games<\/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;\">End of 2027: Trial operations at the Dabaa nuclear power plant 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 style=\"font-weight:400;\">September 2028: First unit of the Dabaa nuclear power plant begins operations<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Africa50 eyes Raya Data Center | United Bank shares rise in debut | Tarek Nour to head UMC | Hassan Allam secures KSA infrastructure project<\/p>\n","protected":false},"featured_media":656854,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-656853","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"6e84b41c-2a70-43db-ad9c-8cc9d54f9a24","teaser":"Africa50 eyes Raya Data Center | United Bank shares rise in debut | Tarek Nour to head UMC | Hassan Allam secures KSA infrastructure project","photo_url":"https:\/\/ent.news\/2024\/9\/833.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>Inflation beats analysts forecasts and falls to nearly two-year low of 25.5% - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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