{"id":657631,"date":"2024-12-24T00:00:00","date_gmt":"2024-12-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=657631"},"modified":"2025-12-18T02:17:49","modified_gmt":"2025-12-18T02:17:49","slug":"the-egp-tumbles-to-a-record-low-against-the-greenback","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-egp-tumbles-to-a-record-low-against-the-greenback\/","title":{"rendered":"The EGP tumbles to a record low against the greenback"},"content":{"rendered":"<section id=\"657633\" 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=\"657633\">\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\/24\/usd-breaks-the-egp-51-barrier\/\">\r\n                            USD breaks the EGP 51 barrier                        <\/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\/24\/usd-breaks-the-egp-51-barrier\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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data-image-meta=\"[]\" data-image-title=\"544.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/544.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/544.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-657633\" class=\"content-area-description single-story post-657633 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-foreign-exchange tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.76c061e3-2989-4ebe-8232-575d344eabf1.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, all. <\/strong>It\u2019s another calm morning in local and international business news as we inch closer to the new year. We suspect the news slowdown is here to stay until the ball drops. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BEFORE WE DIVE IN- <\/strong>A very Merry Christmas to all those of you celebrating today and tomorrow. We hope the cold weather and the sprinkles of red and green throughout the city have put you in a festive mood.<\/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>There\u2019s a money story in the Gulf. <\/strong>Take one look at the news, and you\u2019ll see headlines about Saudi Arabia\u2019s rapidly changing economy, Qatar\u2019s investment in mass infrastructure, and the UAE\u2019s transformation into a global tech hub. The geopolitical tectonic plates are shifting. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">To stay up to date on the business happening in the Gulf that is impacting the world around you, <strong><a target=\"_blank\" href=\"https:\/\/www.semafor.com\/newsletters\/gulf?utm_medium=swap&amp;utm_source=swaps&amp;utm_campaign=enterpriseam2\" style=\"\" rel=\"noopener\">check out our friends at Semafor Gulf<\/a><\/strong><strong>.<\/strong> Each issue uncovers the economic forces shaping the region \u2014 and the world. <a target=\"_blank\" href=\"https:\/\/www.semafor.com\/newsletters\/gulf?utm_medium=swap&amp;utm_source=swaps&amp;utm_campaign=enterpriseam2\" style=\"\" rel=\"noopener\">Subscribe without charge<\/a>.<\/p><p class=\"tag-border-left\">PSA- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Temps are on the decline in Cairo today, with a high of 19\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 a bit warmer in Alexandria<\/strong>, with a high of 20\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>** 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\">FX WATCH- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt4\"><\/a> <strong>The greenback broke the EGP 51 barrier for the first time yesterday<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/ar\/economic-research\/statistics\/exchange-rates\" style=\"\" rel=\"noopener\">data<\/a> from the central bank, marking a record low for the EGP. The EGP has been declining steadily for some time now, dipping to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f6a2fff3-4dee-4ab1-b607-3306643cba13\" style=\"\" rel=\"noopener\">EGP 50.90 against the greenback<\/a> earlier this month.<\/p><p class=\"tag-border-left\">WATCH THIS SPACE- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#1- WiFi calls could go live before the year wraps up: <\/strong>WiFi calling services \u2014 which enable mobile phone users to make high-quality voice calls over internet connections, rather than via mobile networks \u2014 could launch within days, as the National Telecom Regulatory Authority finalizes approvals, sources told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/12\/22\/1855484\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The service aims to fix coverage gaps in dense neighborhoods and high rises and is expected to work using 4G services with support from mobile carriers. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The service \u2014 originally slated to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/775f4b65-09b5-4424-a7c4-3ea22b1405ad\/no-talks-to-sell-suez-port-management-rights-to-adp,-says-transmin\" style=\"\" rel=\"noopener\">kick off<\/a> in 2023 \u2014 was reportedly being tested by mobile operators in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1a1a4531-1fa7-400d-9dd1-1e485d4d6911\/electricity-ministry-reportedly-eyeing-electricity-price-hikes-starting-next-month\" style=\"\" rel=\"noopener\">August<\/a>, with sources saying at the time that the calls would have the same rate as regular calls per each network operator.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#2- A fresh green hydrogen project incoming? <\/strong>The Suez Canal Economic Zone is in the process of inking a framework agreement for a USD 7.5 bn green hydrogen project, SCZone head Walid Gamal El Din <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0S1Turac5oxtMShLiCVKKYVr5q6s9avZEcK2iraqSoPDJfRn75pygJnDkpkCdMf8Hl\" style=\"\" rel=\"noopener\">said<\/a> during a meeting with Prime Minister Moustafa Madbouly. The project will have a production capacity of 1.3 mn tons annually. The agreement will follow the signing of 12 other framework agreements for green hydrogen production.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- How many vehic<\/strong><strong>les are dealerships looking to import next year? <\/strong>The Investment Ministry is scheduled to meet with a number of automotive agents next month to discuss the amount of cars they are looking to import throughout next year, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d8%ac%d8%aa%d9%85%d8%a7%d8%b9-%d9%85%d8%b1%d8%aa%d9%82%d8%a8-%d8%a8%d9%8a%d9%86-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d9%88%d9%88%d9%83%d9%84%d8%a7%d8%a1-%d8%a7\/\" style=\"\" rel=\"noopener\">A<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d8%ac%d8%aa%d9%85%d8%a7%d8%b9-%d9%85%d8%b1%d8%aa%d9%82%d8%a8-%d8%a8%d9%8a%d9%86-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d9%88%d9%88%d9%83%d9%84%d8%a7%d8%a1-%d8%a7\/\" style=\"\" rel=\"noopener\">l Ma<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d8%ac%d8%aa%d9%85%d8%a7%d8%b9-%d9%85%d8%b1%d8%aa%d9%82%d8%a8-%d8%a8%d9%8a%d9%86-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1-%d9%88%d9%88%d9%83%d9%84%d8%a7%d8%a1-%d8%a7\/\" style=\"\" rel=\"noopener\">l<\/a> reports. <\/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\">IN THE SENATE-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>The Senate gave final approval on the draft <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d8944b0-e6d6-4e6e-bebd-a6e0bc6727b5\/investors-are-looking-at-egypt%25e2%2580%2599s-long-term-debt-amid-expectations-of-rate-cuts\" style=\"\" rel=\"noopener\">Medical Liability and Patient Protection bill<\/a><\/strong> <strong> yesterday<\/strong>, paving the way for tighter medical liability regulations, enhanced patient safeguards, and the creation of a committee to oversee compliance. If passed, the current draft will introduce prison sentences and fines for health service providers who commit medical errors.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Health Minister Khaled Abdel Ghaffar defended the bill<\/strong>, noting that it won\u2019t \u201cget 100% satisfaction from all parties involved\u201d but aims to \u201cstrike a balance between the rights of patients and the duties of medical service providers.\u201d He stressed that detaining doctors would only occur under \u201cstrict conditions,\u201d adding that \u201cthe doctor is not responsible for curing the patient, but just doing his best to achieve this end.\u201d<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>The bill now heads to the House of Representatives for a final vote as the Senate breaks until 5 January.<\/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>We\u2019re well into the Christmas news slowdown<\/strong> with little capturing the attention of the foreign pages this morning. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN THE US- Ex-congressman is facing [redacted] misconduct allegations: <\/strong>Former Florida Congressman Matt Gaetz reportedly spent tens of thousands on illicit activities, according to a report prepared by the House Ethics Committee. The committee also found evidence Gaetz violated Florida\u2019s laws, which protect against [redacted] activities with minors. Gaetz, who resigned last month after being tapped as attorney general by president-elect Donald Trump, denied the allegations but admitted to having \u201cpartied and womanized\u201d earlier in life. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/us-house-report-finds-matt-gaetz-violated-law-with-sexual-misconduct-drug-use-2024-12-23\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0ccd5910-113e-4b42-88e3-7eb8cdd8e23a\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/live\/cj49ynwen8nt\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.washingtonpost.com\/politics\/2024\/12\/23\/matt-gaetz-ethics-report\/\" style=\"\" rel=\"noopener\">Washington Post<\/a> | <a target=\"_blank\" href=\"https:\/\/edition.cnn.com\/2024\/12\/23\/politics\/matt-gaetz-house-ethics-report\/index.html\" style=\"\" rel=\"noopener\">CNN<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/matt-gaetz-congress-ethics-report-538cb5387bf95925245bf87fa6b1adcb\" style=\"\" rel=\"noopener\">AP<\/a>) <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CLOSER TO HOME- Saudi Arabia halts BRICS membership? <\/strong>The Kremlin has reportedly announced that Saudi Arabia has frozen its full membership in the BRICS group, <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/64841\/%D8%A5%D9%86%D8%AA%D8%B1%D9%81%D8%A7%D9%83%D8%B3-%D8%A7%D9%84%D9%83%D8%B1%D9%85%D9%84%D9%8A%D9%86-%D9%8A%D8%B9%D9%84%D9%86-%D8%AA%D8%AC%D9%85%D9%8A%D8%AF-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%A7%D9%86%D8%B6%D9%85%D8%A7%D9%85%D9%87%D8%A7-%D8%A5%D9%84%D9%89-%D8%A8%D8%B1%D9%8A%D9%83%D8%B3\/\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports citing Russian news agency Interfax. The Kingdom was invited to join the alliance over a year ago but has yet to formalise its membership.<\/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\/ads\/imgs\/239.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We take a look at our green goals for 2024 and what progress has been made to usher in a cleaner, more sustainable economy.<\/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\/foreign-exchange\/\">foreign exchange<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"657635 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=\"657635\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/657635\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-657635\" class=\"content-area-description single-story post-657635 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\/12\/1997.jpg?ssl=1\"><\/a><\/span><\/p>\n<div class=\"grouped-tags\">\n<p><span style=\"font-weight:700;\">Countdown to Christmas Magic at Somabay<\/span><\/p>\n<p><span style=\"font-weight:400;\">This holiday season, Somabay transforms into a wonderland of joy, entertainment, and unforgettable moments. The Playpark Christmas Carnival, running from 19 December to 7 January, offers Christmas carnival games, shopping, and a delightful food experience wrapped in a festive atmosphere. <\/span><\/p>\n<p><span style=\"font-weight:400;\">Wyte Soma Beach Club promises an outstanding beach experience daily from 9am til sunset blending delicious cuisine, serene beach settings, and an upbeat atmosphere. <\/span><\/p>\n<p><span style=\"font-weight:400;\">From 24 December to 7 January, Cairo Jazz Club takes over the Sobar rooftop delivering vibrant performances by talented artists, energetic DJs, and an exquisite menu against the stunning Red Sea backdrop. <\/span><\/p>\n<p><span style=\"\">For the little ones, the Soma Junior Winter Camp with WG Camps from 29 December to 2 January provides a five-day adventure filled with fun, creativity, and team-building activities in a breathtaking setting. Plan your holiday getaway now and join the celebrations at Somabay this festive season<\/span><span style=\"\">.<\/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=\"657636\" 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=\"657636\">\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\">Tax<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/a-look-into-the-governments-new-tax-system\/\">\r\n                            New details emerge over Egypt\u2019s new tax system                        <\/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\/24\/a-look-into-the-governments-new-tax-system\/\" 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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data-image-title=\"2094.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2094.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2094.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-657636\" class=\"content-area-description single-story post-657636 post type-post status-publish format-standard has-post-thumbnail hentry category-tax tag-economy tag-enterpriseam tag-finance-ministry tag-policy tag-tax 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\/.336f4a3a-1650-40fd-8937-9e6ec18db9cf.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Fresh details are out on th<\/strong><strong>e government\u2019s new tax system: <\/strong>The Madbouly government is gearing up to launch its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/12788a5c-65f4-49bf-8f7a-5525080814b7\/following-up-on-egypt%25e2%2580%2599s-long-awaited-tax-policy\" style=\"\" rel=\"noopener\">long-awaited tax policy document<\/a> next year, as part of a wider package of measures aimed at attracting foreign investments and changing the overall investment climate in Egypt, two government sources told EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI: <\/strong>The Finance Ministry announced <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\">earlier this month<\/a> that it will launch public consultations on its tax policy document in the first quarter of the next fiscal year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What the new system entails:<\/strong> The new tax system will see just two or three entities in charge of collecting taxes and fees, in an effort to streamline the overall fee collection process. The government\u2019s payment network will handle real-time transfers of the collected amounts to each firm or entity, while ensuring that the revenues owed to each entity remain unaffected, our sources said. Taxes and fees will be paid through a single platform to reduce the burden on investors, they added. The committee formed to handle unifying the tax structure has concluded its work, with the aim of making \u201cinvestment planning more transparent.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government is moving toward unifying 55% of taxes and fees<\/strong>, a move which will grant investors more clarity and allow them to develop more accurate investment plans. Establishing specific entities to collect all taxes and fees will significantly accelerate investment activity, the sources said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fees will be consistent throughout the duration of each project:<\/strong> Companies established after the issuance of the new tax policy will enjoy consistent tax treatment for the entire duration of their projects regardless of future changes in laws, giving investors further assurances for their investment planning, the sources said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A new digital platform will allow the collection of fees over the phone<\/strong>, with the platform set to be launched alongside the CIT Ministry. This app will include services that pertain to imported mobile phones, tourists, Egyptians residing abroad, foreigners, and businesspeople residing in Egypt for over three months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Imported mobile phones could be <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4dd8203-fbef-4b21-a7e1-fede50d77192\/imported-mobile-phones-could-see-customs-and-tax-fees-totalling-37.5%2525\" style=\"\" rel=\"noopener\">subject<\/a> to customs and tax fees totaling 37.5% \u2014 including a 5% development fee tax \u2014 as part of incoming government regulations to support the country\u2019s mobile phone manufacturing localization efforts, a high-ranking government source previously told EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Prepare to welcome the new tax with the new year<\/strong>, unnamed sources in the telecom sector told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d8%aa%d8%b1%d8%a7%d9%88%d8%ad-%d8%a8%d9%8a%d9%86-24-5%d9%88-38-5-%d8%aa%d8%ad%d8%b5%d9%8a%d9%84-%d8%b1%d8%b3%d9%88%d9%85-%d8%ac%d9%85%d8%a7%d8%b1%d9%83-%d8%b9%d9%84%d9%8a-%d8%a7%d9%84%d9%87%d9%88\/\" style=\"\" rel=\"noopener\">Al Mal<\/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\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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  \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\/24\/turkish-denim-manufacturer-to-invest-usd-8-8-mn-in-sczone\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2111.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"657640\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/turkish-denim-manufacturer-to-invest-usd-8-8-mn-in-sczone\/2111-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2111.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2111.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2111.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2111.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-657639\" class=\"content-area-description single-story post-657639 post type-post status-publish format-standard has-post-thumbnail hentry category-manufacturing tag-enterpriseam tag-manufacturing tag-sczone tag-west-qantara-industrial-zone 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\/.0df0a5a1-f0df-4f6e-a678-5befde8d1309.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Turkish denim manufacturer to invest USD 8.8 mn in SCZone: <\/strong>The Suez Canal Economic Zone (SCZone) signed an agreement yesterday with Turkish apparel company Denim Rise to establish a garment manufacturing facility in the Qantara West Industrial Zone, according to an SCZone <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/18MoUznCmk\/\" 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>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Project details:<\/strong> The 26k sqm project is expected to create 1k direct jobs, with 70% of its total production earmarked for export. The project\u2019s foundation stone is expected to be laid soon, with the company targeting a 2H 2025 opening.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not the first Turkish investment in Qantara West:<\/strong> The agreement marks the fourth project to be established by a Turkish firm in the industrial zone, with Turkish clothing manufacturer <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa1bdc9a-fd03-47c7-9928-212a51bd6ba5\/turkish-firms-erciyas-and-eroglu-working-on-setting-up-garments,-pipeline-factories.-plus:-green-core-%2B--egyptian-electronic-waste-recycling-company,-ebrd-%2B-red-sea-wind-energy,-suez-canal-bank-%2B-mint-real-estate-assets,-sympl,-talabat,-enovate\" style=\"\" rel=\"noopener\">Eroglu Holding<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce89f5d7-083f-4cb7-9cbc-8fe5c1249f18\" style=\"\" rel=\"noopener\">DNM Textile for Spinning Weaving and Dying<\/a> currently developing projects in the area.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Hot on the heels of two fresh agreements signed earlier this month:<\/strong> The SCZone last week <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c09fb4bb-a77b-4cf7-8f57-6f69132950a7\/qantara-west-industrial-zone-to-welcome-two-new-projects-with-investments-of-usd-38-mn\" style=\"\" rel=\"noopener\">announced<\/a> two new projects in West Qantara with combined investments of USD 38 mn. The new projects \u2014 one in partnership with Turkish food manufacturer Saray Biskuvi and the other with Chinese home textile maker Kelida \u2014 will come online during 4Q 2025 and create 1.5k jobs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>The SCZone has so far inked agreements for nine projects to be set up in the first phase of the Qantara West Industrial Zone with investments totaling USD 317.8 mn. The projects are expected to create 15.2k jobs. <\/p>\n<p class=\"tag-border-left\">WE HAVE A LAUNCH DATE FOR AJE\u2019S FACTORY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AJE\u2019s USD 10 mn factory set to launch by end of next year:<\/strong> Global beverage giant AJE \u2014 the world\u2019s fourth-largest beverage producer \u2014 plans to inaugurate its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1063306d-a6cf-44f8-9eea-958a85fb78bd\/egypt%25e2%2580%2599s-first-micro-ins.-company.-plus:-news-from-gafi,-nbe,-dopay,-intro-group#:~:text=Peru%E2%80%99s%20AJE%20to%20invest%20USD%2010%20mn%20on%20two%20new%20production%20lines%3A\" style=\"\" rel=\"noopener\">USD 10 mn<\/a> beverage factory in Sixth of October by the end of 2025, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%b4%d8%b1%d9%83%d8%a9-aje-%d9%84%d9%84%d9%85%d8%b4%d8%b1%d9%88%d8%a8%d8%a7%d8%aa-%d8%a7%d9%84%d8%ba%d8%a7%d8%b2%d9%8a%d8%a9-%d8%aa%d8%ae%d8%b7%d8%b7-%d9%84%d8%aa%d8%af%d8%b4%d9%8a%d9%86\/\" style=\"\" rel=\"noopener\">Al Ma<\/a><a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%b4%d8%b1%d9%83%d8%a9-aje-%d9%84%d9%84%d9%85%d8%b4%d8%b1%d9%88%d8%a8%d8%a7%d8%aa-%d8%a7%d9%84%d8%ba%d8%a7%d8%b2%d9%8a%d8%a9-%d8%aa%d8%ae%d8%b7%d8%b7-%d9%84%d8%aa%d8%af%d8%b4%d9%8a%d9%86\/\" style=\"\" rel=\"noopener\">l<\/a> reports. The factory will bolster supply across Egypt and neighboring Arab and African countries. <\/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\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sczone\/\">SCZone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/west-qantara-industrial-zone\/\">West Qantara Industrial Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2099.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=\"657642\" 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=\"657642\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/ebrd-greenlights-usd-275-mn-loan-for-gulf-of-suez-mega-wind-farm\/\">\r\n                            EBRD greenlights USD 275 mn loan for Gulf of Suez mega wind farm                        <\/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\/24\/ebrd-greenlights-usd-275-mn-loan-for-gulf-of-suez-mega-wind-farm\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                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wp-post-image\" alt=\"\" data-attachment-id=\"657643\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/ebrd-greenlights-usd-275-mn-loan-for-gulf-of-suez-mega-wind-farm\/2088-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2088.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2088.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2088.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/2088.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-657642\" class=\"content-area-description single-story post-657642 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-acwa-power tag-ebrd tag-energy tag-enterpriseam tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.4a378b77-d6bc-4ab4-9baa-76ffdd12ac7d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>EBRD greenlit USD 275 mn loan for Gulf of Suez mega wind farm: <\/strong>The European Bank for Reconstruction and Development (EBRD) approved a USD 275 mn syndicated loan to Saudi renewables giant ACWA Power and Hassan Allam Utilities\u2019 <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2853d3da-411c-443c-869a-de7e74e1b45e\" style=\"\" rel=\"noopener\">1.1 GW wind farm<\/a> in the Gulf of Suez \u2014 the largest wind project in both Africa and the Middle East, according to two separate statements from the Planning Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid029eRoFQhWgfXHbpRmwZ62kAwjvUPSFpEpnYQzccSdukMeafPgkcySeTmi88AX4AZwl\" style=\"\" rel=\"noopener\">statement<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/news\/2024\/ebrd-supports-the-largest-onshore-wind-project-in-africa.html#:~:text=The%20European%20Bank%20for%20Reconstruction,largest%20wind%20farm%20in%20Africa.\" style=\"\" rel=\"noopener\">multilateral development bank<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We knew this was coming:<\/strong> We first heard about the loan <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5724322f-73a4-4a47-a93b-9501e054971b\/ebrd-mulling-usd-200-mn-loan-for-hassan-allam-utilities-and-acwa-power%e2%80%99s-1.1-gw-gulf-of-suez-wind-farm\" style=\"\" rel=\"noopener\">back in November<\/a>, when the two companies were said to be in talks with the EBRD over the funding. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Everyone is pitching in: <\/strong>The EBRD is contributing USD 200 mn and the remaining USD 75 mn will be coming from Arab Bank (USD 60 mn) and Standard Chartered (USD 15 mn). The USD 1.1 bn project is also backed by a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f8b6fcea-f622-422b-a6a8-e1c65c9c2e41\/afdb-backs-hassan-allam-and-acwa%e2%80%99s-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan\" style=\"\" rel=\"noopener\">USD 170 mn loan<\/a> from the African Development Bank, a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/96080bfb-af45-4398-a4db-32c0e0e09cad\/mnt-halan-enters-the-uae-market-with-halan-advance-launch.-plus:-hassan-allam-utilities-%2B-acwa-power,-somabay-%2B-taqa-arabia,--amea-power,-monoprix-%2B-tmt\" style=\"\" rel=\"noopener\">USD 40 mn loan<\/a> from the OPEC Fund for International Development, the British International Investment, Deutsche Investitions und Entwicklungsgesellschaft, and the Arab Petroleum Investments Corporation (APICORP). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More to come? <\/strong>The two companies are reportedly set to secure close to USD 900 mn in financing by the end of the year for their 1.1 GW wind farm in the Gulf of Suez, a source with knowledge of the matter <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a627ddcc-5e87-4c76-a1e0-33b30fea09f8\/acwa-power,-hassan-allam-plan-to-secure-close-to-usd-900-mn-for-their-mega-gulf-of-suez-wind-farm-by-year-end\" style=\"\" rel=\"noopener\">told EnterpriseAM<\/a> in September. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know about the project: <\/strong>When operational, the project will be a big boost to our energy production and green transition targets, with the project set to offset 2.2 mn tons of carbon dioxide annually and produce enough power for nearly 1.1 mn households. <\/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\/acwa-power\/\">ACWA Power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/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=\"657644\" 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=\"657644\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/el-zahy-group-secures-egp-4-2-bn-syndicated-loan\/\">\r\n                            El Zahy Group secures EGP 4.2 bn syndicated loan                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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           <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/el-zahy-group-secures-egp-4-2-bn-syndicated-loan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2075.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"657645\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/el-zahy-group-secures-egp-4-2-bn-syndicated-loan\/2075-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2075.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2075.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2075.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2075.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-657644\" class=\"content-area-description single-story post-657644 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-banque-misr tag-debt-watch tag-emirates-nbd tag-enterpriseam tag-national-bank-of-egypt tag-qnb 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\/.f229495b-7ef3-4c3b-bba7-024c61b0b3cd.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>El Zahy Group secures EGP 4.2 bn in financing:<\/strong> Local construction player <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/elzahy-group-for-construction\/?originalSubdomain=eg\" style=\"\" rel=\"noopener\">El Zahy Group<\/a> inked a syndicated loan agreement with three banks \u2014 the National Bank of Egypt (NBE), Banque Misr, and QNB Egypt \u2014 for EGP 4.2 bn, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/2065.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>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What we know so far: <\/strong>NBE and Banque Misr each contributed EGP 1.5 bn to the financing agreement, while QNB Egypt pitched in with the remaining EGP 1.2 bn, Amwal El Ghad reports, citing unnamed banking sources. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the money is headed:<\/strong> The funding will help finance a number of projects in El Zahy Group's pipeline, including facility design, land reclamation, infrastructure work, leveling agricultural land, and the construction of irrigation and drainage lines, the statement reads.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Advisors: <\/strong>The three banks all acted as the lead arrangers, with NBE also acting as the financing marketer, financing agent, and document bank. Banque Misr also served as the financing marketer and account bank, according to the statement.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Emirates NBD to grant ACC EGP 2.5 bn in credit facilities:<\/strong> Emirates NBD has signed a financing agreement with Arabian Construction Company (ACC) that will grant the firm some EGP 2.5 bn in credit facilities, in a move to \u201cbolster ACC\u2019s ongoing and future projects in Egypt and the GCC region,\u201d Emirates NBD said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/2072.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/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\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emirates-nbd\/\">Emirates NBD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qnb\/\">QNB<\/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=\"657646 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=\"657646\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/657646\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-657646\" class=\"content-area-description single-story post-657646 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.sodic.com\/SodicContactUs\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/1921.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=\"657647\" 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=\"657647\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/sunrise-resorts-cruises-plans-to-add-4k-hotel-rooms-in-2025\/\">\r\n                            Sunrise Resorts &amp; Cruises plans to add 4k hotel rooms in 2025                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/24\/sunrise-resorts-cruises-plans-to-add-4k-hotel-rooms-in-2025\/\" 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\/24\/sunrise-resorts-cruises-plans-to-add-4k-hotel-rooms-in-2025\/')\">\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\/24\/sunrise-resorts-cruises-plans-to-add-4k-hotel-rooms-in-2025\/\">\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=Sunrise Resorts &#038; 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Cruises plans to add 4k hotel rooms to its hotel <\/strong><strong>capacity next year<\/strong>, increasing it by 50%, Founder and Chairman Hossam El Shaer told <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1871186653563236522\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Of the planned capacity, 1k will be added to existing hotels, while the remaining 3k will be spread across new hotels. The company plans to launch a handful of new hotels through 2027 in Cairo, Sharm El Sheikh, Marsa Allam, and the North Coast. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The government aims to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60fef4bb-7de6-4a00-bf5a-e9ea88661f8e\" style=\"\" rel=\"noopener\">attract some 25 mn tourists annually<\/a> by 2030. To that end, it plans to add some 240-250k rooms to existing hotel room capacity. That\u2019s at least 20% more than the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab30ba76-0ab5-4e56-8e3f-6913538a4cb3\" style=\"\" rel=\"noopener\">200k hotel rooms<\/a> that were initially planned. The finance and tourism ministries launched the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bea8025f-3500-43b2-a52b-7fb163b6dca1\/%253cmark%253ehospitality-%253c%2Fmark%253eplayers%25e2%2580%2599-egp-50-bn-subsidized-loan-program-goes-live.-plus:-news-from-accor,-air-cairo,-somabay\" style=\"\" rel=\"noopener\">EGP 50 bn subsidized loan program for hospitality players<\/a> last month.<\/p><p class=\"tag-border-left\">PROPTECH-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madinet Masr has launched its <\/strong><strong><a target=\"_blank\" href=\"https:\/\/apps.apple.com\/at\/app\/safe-investments\/id6738397531?l=en-GB\" style=\"\" rel=\"noopener\">SAFE Investments<\/a><\/strong><strong> app<\/strong>, its platform for fractional property ownership investments, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/2113.pdf\" style=\"\" rel=\"noopener\">press rele<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/2113.pdf\" style=\"\" rel=\"noopener\">ase (pdf)<\/a>. The app allows multiple investors to purchase shares in a single property and will enable investors to benefit from property ownership without taking on full responsibility.<\/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>#1- <\/strong><strong>Korra Energi<\/strong><strong> to invest USD 90 mn in two power plants: <\/strong>Energy solutions firm Korra Energi plans to build a turbine-based power plant and a solar plant at Damietta Port\u2019s biofuel complex with investments of USD 90 mn, <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/12\/23\/-%D9%82%D8%B1%D8%A9-%D8%A7%D9%86%D8%B1%D8%AC%D9%8A-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%AE%D8%B7%D8%B7-%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0-%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D9%8A-%D8%B7%D8%A7%D9%82%D8%A9-%D8%A8%D9%80-90-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\" style=\"\" rel=\"noopener\">Al Arabiya<\/a> reports. The turbine power plant will have a capacity of 16 MW and will cost USD 30 mn, while the 30 MW solar plant will require investments exceeding USD 60 mn. The implementation timeline will be clarified at the beginning of FY 2025-26.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Kicking off work at the ethane pipeline: <\/strong>The consortium <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c0da62a-2b89-4edc-8cf9-1ecc32d69810\/state-owned-firms-to-build-a-usd-40-mn%253cmark%253e-ethane%253c%2Fmark%253e-pipeline\" style=\"\" rel=\"noopener\">setting up the USD 40 mn<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c0da62a-2b89-4edc-8cf9-1ecc32d69810\/state-owned-firms-to-build-a-usd-40-mn%253cmark%253e-ethane%253c%2Fmark%253e-pipeline\" style=\"\" rel=\"noopener\">pipeline to transport imported liquified ethane gas<\/a> derived from US shale gas from Alexandria's Dekheila Port to Sidi Kerir Petrochemicals (Sidpec) and the Egyptian Ethylene and Derivatives Company (Ethydco) has started working on the pipeline\u2019s infrastructure, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/12\/23\/1855847\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports citing unnamed sources. The pipeline will be operational during the summer of 2026. <\/p><p class=\"tag-border-left\">DIPLOMACY-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt to send troops to Somalia peacekeeping mission: <\/strong>Egypt will deploy troops to the African Union Somalia Stabilisation and Support Mission (AUSSOM), Foreign Minister Badr Abdelatty <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-troops-join-african-union-somalia-mission-foreign-minister-says-2024-12-23\/\" style=\"\" rel=\"noopener\">said<\/a> during a presser. The mission will replace an anti-terror initiative set to wrap up operations this year. \u201cEgypt has decided to participate in the mission based on the Somali government's request and welcoming of the African Union's Peace and Security Council,\u201d the minister said. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong>Egypt and Somalia <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e599c65f-b3fa-40ea-b3d5-9a9da8c41c58\/egypt-inks-military-cooperation-protocol-with%253cmark%253e-somalia%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">inked a military cooperation protocol<\/a> earlier this year. <\/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>#1- A record year for 2024:<\/strong> Talaat Moustafa Group reported a record EGP 500 bn in sales in 2024, up nearly 250% y-o-y, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/2045.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. TMG launched two major projects this year: the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1863d30d-e2c5-4721-8879-3f85b05ac31b\" style=\"\" rel=\"noopener\">Benan city<\/a> project in Saudi Arabia and the North Coast\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb1356d6-f56b-48d1-895e-9e21e3e3a668\/emirati-egyptian-partnership-to-launch-usd-500-mn-nile-side-development.-plus:-talaat-moustafa-group,--acwa-power-%2B-amea-power,-elsewedy,-admaius,-concrete,-puma\" style=\"\" rel=\"noopener\">SouthMed<\/a> \u2014 TMG raked in over EGP 64 bn in sales for Benan and over EGP 280 bn for SouthMed. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the pipeline for next year: <\/strong>TMG will launch its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8b2bca5-eaec-47de-a5c5-d25a1fd0fa55\/tmg-to-invest-egp-300-bn-in-new-project-in-madinaty\" style=\"\" rel=\"noopener\">Spine project<\/a> in 2H 2025, offering Madinaty a mixed-use downtown area that will include residential, retail, administrative, and hospitality spaces.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- A new EGP 2 bn Sheikh Zayed project: <\/strong>Real estate player Garnet Developments has inked a cooperation agreement with Raya Smart Buildings to set up a mixed-use commercial real estate project in Sheikh Zayed dubbed Flare Plaza, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/garnet-developments-and-raya-smart-buildings-join-forces-to-launch-flare-plaza-project-in-the-heart-of-sheikh-zayed-city-lrnclcop\" style=\"\" rel=\"noopener\">press release<\/a>. The project will feature offices, retail spaces, and F&amp;B outlets and is set for completion within two years.<\/p><p class=\"tag-border-left\">BANKING-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Banque Misr has cut rates on its three-year USD CDs<\/strong>, Al Qema and Elite. The state-owned lender has lowered interest rates by 0.5 percentage points to 6% and 8%, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/2103.pdf\" style=\"\" rel=\"noopener\">press release (pdf)<\/a>. Banque Misr slashed rates a similar 0.5 percentage points <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/887bda04-8b49-4e5e-8c3a-9b77507f2781\/chevron-to-start-drilling-a-new-gas-well-soon.-plus:-news-from-nbe,-raya-it\" style=\"\" rel=\"noopener\">in October<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The lender rolled out high-interest three-year USD certificates <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f565556-4988-49bb-9a64-3228d9d46e59\/banque-misr-%2B-nbe-are-back-with-another-round-of%253cmark%253e-usd-certificates%253c%2Fmark%253e-to-draw-more-fx-into-the-banking-system\" style=\"\" rel=\"noopener\">last year<\/a> designed to attract FX especially from remittances.<\/p><p class=\"tag-border-left\">INVESTMENT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gold Era\u2019s EGP 1 bn bullion factory to open its doors next quarter:<\/strong> Gold bars and coins manufacturer <a target=\"_blank\" href=\"https:\/\/egypt.gold-era.com\/ar\/?srsltid=AfmBOoo10ghOpMrHPz6u9QNmnDTCi_Iu6A-bMQmj9akjAit52oCyzQKY\" style=\"\" rel=\"noopener\">Gold Era Egypt<\/a> \u2019s EGP 1 bn gold manufacturing facility will kick off operations in 1Q 2025, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2024\/12\/23\/1855808\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports. The new factory will have a production capacity of 4-5 tons per month to meet local market needs. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the pipeline: <\/strong>The company plans to start exporting its products to the US market next year \u2014 it currently exports to the UAE, Saudi Arabia, and a number of other Arab nations. <\/p><p class=\"tag-border-left\">DEBT-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remco\u2019s board approves debt settlement with Technolease: <\/strong>Remco Tourism Villages Construction\u2019s board has approved a debt settlement framework with Technolease for Financial Leasing to resolve EGP 1.19 bn in outstanding liabilities, according to EGX <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/2063.pdf\" style=\"\" rel=\"noopener\">disclosures (pdf)<\/a> | <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/2062.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. The settlement includes a cash payment of EGP 320 mn in installments, with the remaining amount to be cleared through asset transfers, including the Golf Hotel, Stella Di Mare Sea Club Hotel, and 140 units in the Sokhna 2 project. <\/p><p class=\"tag-border-left\">EXPANSION-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MPCO, UAE\u2019s United Eastern Group to establish JV for egg production: <\/strong>Mansoura Poultry Company (MPCO) and the UAE\u2019s United Eastern Group have agreed to set up a JV for poultry farming and table egg production in the UAE, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/12\/2040.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. The venture, with a 60\/40 capital split favoring the Emirati partner, aims to reduce egg imports and meet growing Emirati demand. <\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/proptech\/\">proptech<\/a>\n        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data-image-meta=\"[]\" data-image-title=\"2122.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2122.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2122.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-657649\" class=\"content-area-description single-story post-657649 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-automotive tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.8bb90f31-ff4e-4725-ab65-a6c54c2a6872.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The single biggest story on Planet Finance is the possible merger of automobile gia<\/strong><strong>nts Honda and Nissan<\/strong>, after the two companies inked an MoU in a bid to create the world\u2019s third-largest automaker by sales, according to a <a target=\"_blank\" href=\"https:\/\/global.honda\/en\/newsroom\/news\/2024\/c241223beng.html\" style=\"\" rel=\"noopener\">statement<\/a> yesterday.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Is Mitsubishi in? <\/strong>The talks, which could also include Mitsubishi Motors, who is set to decide whether to formally join the merger talks next month, according to a <a target=\"_blank\" href=\"https:\/\/global.honda\/en\/newsroom\/news\/2024\/c241223ceng.html\" style=\"\" rel=\"noopener\">separate MoU<\/a>, are set to finalize by June 2025, with a holding company established by 2026. The transaction would bring the combined valuation of Honda and Nissan to USD 54 bn according to their current market caps, and to USD 58 bn if Mitsubishi were included. This would put them only behind Toyota and Volkswagen in terms of size, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/dbad4d4d-effc-4926-b2c7-c573d5d6deca\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports. The two companies would aim for combined sales of JPY 30 tn yen (USD 191 bn) and operating profit of more than JPY 3 tn yen. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The automakers say it is a competitive play:<\/strong> The merger is part of a broader strategy to maintain competitiveness amid \u201cdrastically changing business dynamics,\u201d Honda CEO Toshihiro Mibe said, with Chinese EV makers and Tesla rapidly gaining traction against the Japanese automotive sector. \u201cWe have to build up capabilities to fight with them by 2030, otherwise we'll be beaten,\u201d Mibe said. The need for scale represents a forward-looking strategy and is \u201cnot a rescue of Nissan,\u201d Mibe added.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s the issue with Nissan? <\/strong>The Japanese automaker recently <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/nissan-plans-9000-job-cuts-slashes-annual-profit-outlook-by-70-2024-11-07\/\" style=\"\" rel=\"noopener\">announced<\/a> a 20% cut in global production capacity and plans to slash 9k jobs following a 90% drop in operating profit in the first half of the fiscal year. According to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/honda-nissan-set-announce-launch-integration-talks-media-reports-say-2024-12-22\/\" style=\"\" rel=\"noopener\">Reuters<\/a>, Nissan\u2019s weakened financial position has raised speculation that the merger is a lifeline, despite denials from both CEOs. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The challenge? <\/strong>Creating meaningful synergies and avoiding past merger pitfalls, such as DaimlerChrysler's failed union, the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/12\/23\/business\/honda-nissan-merger-talks.html\" style=\"\" rel=\"noopener\">New York Times<\/a> said. The FT and Reuters forecast that the merger could face hurdles \u2014 including resistance from shareholders and regulatory approvals \u2014 on the back of Nissan\u2019s weaker financial footing amid profitability concerns and declining sales in its largest market, China. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Honda and Nissan plan to share platforms and resources to cut costs<\/strong>, focusing on EVs, autonomous driving technologies, and software development. However, its scale still may fall short of providing a competitive edge against Tesla and Chinese automakers, lauded for their cost-efficient production and technological advancements, the NY Times reports.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market reax: <\/strong>Honda\u2019s shares climbed up 13.4% on the news, benefiting from a separate share buyback announcement, while Nissan shares fell 7% on the Tokyo Stock Exchange, and Mitsubishi Motors gained 0.3%.<\/p><p class=\"tag-border-left\">ALSO WORTH KNOWING ON PLANET FINANCE- <\/p><ul>\n<li><strong>South Korea is set to issue its first KRW-denominated foreign-excha<\/strong><strong>nge stabilization bonds in over two decades next month<\/strong>, targeting up to KRW 20 tn (USD 13.8 bn) in total debt issuance for 2025 to reduce KRW funding costs and boost currency market stability, according to a Finance Ministry source with knowledge of the matter. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-12-23\/south-korea-plans-first-won-denominated-fx-bonds-in-21-years?srnd=phx-economics-v2\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/li>\n<li><strong>Global bond funds attracted a record USD 600 bn in inflows this <\/strong><strong>year<\/strong>, despite closing the year down 1.7%, according to Bloomberg\u2019s global aggregate bond index, amid concerns about slower-than-expected rate cuts in 4Q. Investor demand was driven by elevated yields and slowing inflation, alongside an anticipated easing of monetary policy. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/de2c7f49-1ae0-4f02-b403-6c12dfa55b76\" style=\"\" rel=\"noopener\">Financial Times<\/a>) <\/li>\n<\/ul><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>, with South Korea\u2019s Kospi and Japan\u2019s Nikkei both slipping 0.3%, after the Bank of Japan published minutes from its latest monetary policy meeting. Meanwhile, Hong Kong\u2019s Hang Seng index rose 0.4% on open, while mainland China\u2019s CSI 300 gained 0.1%. <strong>Over on Wall Street<\/strong>, futures are near the flatline ahead of an early day for the New York Stock Exchange for Christmas Eve. <\/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\">30,118<\/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: +21.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 51.0<\/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 51.14<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 51.02<\/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 51.12<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">27.25% deposit<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">28.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">11,949<\/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: +0.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">9,402<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: -1.8%)<\/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>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\">5,056<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">0.0% (YTD: +24.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,974<\/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: +25.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">8,103<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.2% (YTD: +4.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">4,853<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.2% (YTD: +7.3%)<\/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 72.99<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.71<\/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-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>Gold<\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2,629<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6%<\/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 94,075<\/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% (YTD: +122.4%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 fell 0.8% at yesterday\u2019s close<\/strong> on turnover of EGP 3.1 bn (25.2% below the 90-day average). International investors were the sole net buyers. The index is up 21.0% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Ezz Steel (+1.8%), TMG Holding (+1.6%) and AMOC (+0.9%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Beltone Holding (-3.3%), Palm Hills Development (-3.0%) and Sidpec (-2.9%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/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                        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            <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">8<\/div>\r\n\r\n                        <p class=\"f-graphik\">Going Green<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-green-economy-in-2024-a-rundown-of-investments-initiatives-and-challenges-that-defined-the-year\/\">\r\n                            The green economy in 2024: A rundown of investments, initiatives, and challenges that defined the year<\/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 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-green-economy-in-2024-a-rundown-of-investments-initiatives-and-challenges-that-defined-the-year\/2046-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2046.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2046.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2046.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2046.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-657651\" class=\"content-area-description post-657651 goinggreen type-goinggreen status-publish has-post-thumbnail hentry category-going-green tag-cop28 tag-enterpriseam tag-going-green tag-green-economy tag-infrastructure tag-oil-and-gas tag-renewables wpautop entry\">\n\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\"> <strong>Continued rolling blackouts, gas shortages reinforce the need for a green transition: <\/strong>This year offered yet another argument for the swift implementation of our green energy targets, as soaring heat waves, a continued dip in domestic gas production, and rising summer energy demand caused an increase in costly gas imports and left the country dealing with rolling blackouts throughout the summer months (and beyond) for the second year in a row. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new Madbouly government brought a new green agenda along with it:<\/strong> The new government announced shortly after its formation in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c204253-74bf-4487-ae7d-62ae0cb51bb5\/breaking-down-the-new-cabinet%25e2%2580%2599s-green-goals\" style=\"\" rel=\"noopener\">July<\/a> that it plans to shepherd an increase in renewables to around 18.6% of Egypt\u2019s total energy mix by FY 2026-27, up from 11.5% last year. The government\u2019s long-term goals are even more ambitious, with the state hoping to bring renewables up to 42% of the country\u2019s total energy mix by 2030. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the electricity front: <\/strong>The new cabinet also announced plans to steadily ramp up electricity production from 229 terawatt hours (TWh) in the current fiscal year to 242 TWh in FY 2026-27 and 260 TWh by 2030. It also wants to cut down on the percentage of energy wasted from 19.4% during the last fiscal year to 12% by 2030 and reduce energy consumption by 18% by 2035 through developing the electricity grid, promoting the use of energy-saving appliances in households, and putting an end to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa1bdc9a-fd03-47c7-9928-212a51bd6ba5\/turkish-firms-erciyas-and-eroglu-working-on-setting-up-garments,-pipeline-factories.-plus:-green-core-%2B--egyptian-electronic-waste-recycling-company,-ebrd-%2B-red-sea-wind-energy,-suez-canal-bank-%2B-mint-real-estate-assets,-sympl,-talabat,-enovate\" style=\"\" rel=\"noopener\">electricity theft<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The new government also detailed a long list of environment-related goals for the coming <\/strong><strong>three years<\/strong>, from reducing pollution to finding a way to tackle rising sea levels. Most notably, the cabinet wants to set up more networks to monitor air and noise pollution, boost the efficiency of solid municipal waste gathering to 85% by FY 2026-27 and 95% by 2030, and continue carrying out its plan to manage the country\u2019s natural reserves ahead of offering them to investors. It also plans to reduce water waste and roll out an investment plan to ensure the agriculture sector is not impacted by climate change.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>To fund it all:<\/strong> The cabinet plans to raise the portion of green investments to 60% of total public investments during FY 2026-27, up from 40% during the last fiscal year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Preparations for the EU\u2019s impending climate regulations was among the biggest talking <\/strong><strong>points of the year: <\/strong>The <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63f69456-ee23-4b0d-ab40-cf8156033b69\/fertilizer,-cement,-steel,-and-aluminum-exporters-need-to-prepare-for-the-eu%25e2%2580%2599s-carbon-border-adjustment-mechanism\" style=\"\" rel=\"noopener\">EU\u2019S Carbon Border Adjustment Mechanism (CBAM)<\/a>, a new set of climate standards set to go into full effect starting in 2026, drove the conversation across various sectors in 2024. Both the government and the private sector spent much of the year looking for ways to adapt to \u2014 and potentially benefit from \u2014 the new regulations, which will impose a carbon emissions tax on goods that are imported into the EU.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The incoming regulations have accelerated the government\u2019s localization push:<\/strong> The Madbouly government announced in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/63f69456-ee23-4b0d-ab40-cf8156033b69\/fertilizer,-cement,-steel,-and-aluminum-exporters-need-to-prepare-for-the-eu%25e2%2580%2599s-carbon-border-adjustment-mechanism\" style=\"\" rel=\"noopener\">October<\/a> that it would work to localize the manufacture of 12 products selected by the ministries of housing and industry, including electric motors, generators, valves, pumps, water filtration devices, electric tools, solar cells, electrical control and power distribution panels, and elevators. The move was justified as part of a plan to help Egyptian industry adjust to our largest trading partner\u2019s new standards.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Madbouly cabinet has also been working on <\/strong><strong>Egypt\u2019s first-ever carbon pricing draft <\/strong><strong>law<\/strong> \u2014 and is said to be in the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a5ae3ac5-8aca-4a2a-a005-a3a36e0e8cd8\/egypt%25e2%2580%2599s-first%253cmark%253e-carbon-pricing%253c%2Fmark%253e-draft-law-is-almost-here\" style=\"\" rel=\"noopener\">final stages<\/a> of drafting the new legislation. The law was set to be discussed with key players in the highest carbon-emitting industries before being submitted to the House of Representatives by the end of this year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt also launched Africa\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf6f83bf-cf94-4686-a908-2e5c27b3c511\/egypt-launches-africa%E2%80%99s-first-carbon-market\" style=\"\" rel=\"noopener\">first carbon market<\/a><\/strong><strong> back in August<\/strong>, which Financial Regulatory Authority chairman Mohamed Farid <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6c0a7e0-f6e8-4bb2-8bf5-2189aeb32e7b\/fra%25e2%2580%2599s-farid-highlights-how-the-regulator-brought-new-instruments-%2B-depth-to-the-market\" style=\"\" rel=\"noopener\">noted<\/a> made Egypt \u201cone of the very few [countries] that decided to put in place a full-fledged regulatory framework\u201d for the market. The carbon market allows companies to issue and trade voluntary carbon certificates in Egypt and Africa, which can be bought by other companies wanting to offset their emissions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The agricultural sector was among the biggest beneficiaries:<\/strong> Out of the 16 projects currently registered with the FRA with carbon credits eligible for trading, 15 of them are agricultural projects \u2014 \u201cwhere farms have invested in swapping out their diesel-powered machinery to run on solar panels\u201d and introduced other sustainable practices, Farid said. The carbon market could also aid the transition from conventional to organic farming while also helping offset 14% of Egypt\u2019s overall emissions, SEKEM CEO Helmy Abouleish <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eaec7777-860c-44ff-8ab1-a6071d9ba86e\/sekem-wants-to-make-organic-and-biodynamic-agricultural-egypt%25e2%2580%2599s-industry-standard\" style=\"\" rel=\"noopener\">told us<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gov\u2019t efforts to promote EV investment and localization have also been bearing fruit:<\/strong> Throughout 2024 the government has been making strides toward its goal of <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/595b510c-e5af-4062-a856-717169a979bb\/gov%25e2%2580%2599t-to-invest-in-auto-feeding-industries.-plus:-locally-made-ev-batteries\" style=\"\" rel=\"noopener\">increasing<\/a> the market share of private EVs to 50% by 2040. Among the developments on this front were Ezz Elarab Group\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9119be50-1b01-40b5-a340-4b20cf3bfb45\/abu-qir-fertizers%25e2%2580%2599-looks-to-green-hydrogen-to-help-power-ammonia-plant.-plus:-exxon-mobil,-instapay,-egypt-post,-abu-auf,-ezz-elarab,\" style=\"\" rel=\"noopener\">launch<\/a> of a new Volvo EV announced earlier this month.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More imported models are on their way:<\/strong> Abou Ghaly Motors will bring in the Subaru Solterra <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d2310cb-7766-4324-9da9-08da481f6cc1\/the-guide-to-going-electric\" style=\"\" rel=\"noopener\">at the end of next year<\/a>, while Alkan Auto is also preparing to launch BAIC subsidiary Arcfox\u2019s EVs to the market in 1Q 2025. Meanwhile, National Automotive Company\u2019s (NATCO) plans to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4911645a-064c-4314-9586-8da4f7d0f3c7\/alkan,-natco,-and-zero-carbon-plan-major-ev-launches-in-2025\" style=\"\" rel=\"noopener\">launch distribution<\/a> of Chinese Neta Auto EVs by mid-next year.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The gov\u2019t also launched the <\/strong><strong><a target=\"_blank\" href=\"http:\/\/greenhydrogen.cabinet.gov.eg\/\" style=\"\" rel=\"noopener\">National Low-Carbon Hydrogen Strategy<\/a><\/strong>, which focuses on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f644d2ea-6505-4046-8a9d-f668f2a3a73c\/how-will-egypt-fare-in-the-global-green%253cmark%253e-hydrogen%253c%2Fmark%253e-race-by-2030%3F\" style=\"\" rel=\"noopener\">scaling up<\/a> the production of blue hydrogen \u2014 hydrogen whose emissions are offset by carbon capture \u2014 and green hydrogen, which is produced via a zero-carbon process called electrolysis. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The strategy provides two possible scenarios for scaling up the two energy sources:<\/strong> In its less ambitious \u201ccentral\u201d scenario, the country would produce 1.5 mn tons per annum of green hydrogen by 2030 with 1.4 mn tons pegged for export, and 5.8 mn tons per annum by 2040 with 3.75 mn tonnes pegged for export. In the more ambitious \u201cgreen\u201d scenario, the country would produce 3.2 mn metric tons of green hydrogen annually by 2030, with 2.8 mn metric tons marked for export, and 9.2 mn metric tons by 2040, with 5.6 mn metric tons pegged for export.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On the SDG front, our progress was a mixed bag in 2024:<\/strong> While Egypt has <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2a4ea2a9-5af4-4018-9bc7-9bfd145390b5\/is-egypt-on-track-toward-achieving-the-un%25e2%2580%2599s-sustainable-development-goals%3F\" style=\"\" rel=\"noopener\">made progress<\/a> on several Sustainable Development Goals (SDGs), significant work remains to reach the country\u2019s 2030 targets. Our SDG achievement ranking saw a slight downtick this year, with modest improvements in some areas and setbacks in others. The country\u2019s overall score came at 69.2 in 2024, down slightly from 69.6 last year, placing it in 83rd place out of the 167 countries researched in the report. However, this ranking places Egypt above the average regional score of 65.6 and ahead of all MENA countries except Tunisia, Morocco, the UAE, and Algeria.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>The Agriculture Ministry signed a cooperation protocol with Italian <\/strong><strong>vegetable seed producer Sativa<\/strong> to locally produce hybrids of peppers, cucumbers, and tomatoes. The partnership aims to reduce imports, provide affordable seeds to farmers, and boost agricultural research through shared expertise. (<a target=\"_blank\" href=\"https:\/\/www.facebook.com\/min.agriculture\/posts\/pfbid02dBJ6aAxQRvMgjs8hfwBdKgxj5LYxuhPfeiyCLS1gQoAiR3y93f7zx3B1HkrzaHZzl\" style=\"\" rel=\"noopener\">Statement<\/a>)<\/li>\n<li><strong>Egypt issues its first energy efficiency certificates for buildings:<\/strong> The Housing and Building Research Center has certified buildings by Palm Hills Development and Banque Misr as energy efficient as part of a drive to implement the National Green Building Strategy. (<a target=\"_blank\" href=\"https:\/\/www.hbrc.edu.eg\/ar\/2022-08-28-09-46-59\/blog-ar\/841-certtaka\" style=\"\" rel=\"noopener\">Statement<\/a>)<\/li>\n<li><strong>Fast tracking AMEA\u2019s Benban solar plant: <\/strong>UAE\u2019s AMEA Power <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd31a359-eb91-469f-8e28-aea7c99cf6ee\/amea-power%25e2%2580%2599s-1-gw-solar-plant-in-benban-gets-golden-license\" style=\"\" rel=\"noopener\">will receive a golden<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dd31a359-eb91-469f-8e28-aea7c99cf6ee\/amea-power%25e2%2580%2599s-1-gw-solar-plant-in-benban-gets-golden-license\" style=\"\" rel=\"noopener\">license<\/a> for its 1 GW solar power plant with 600 MWh battery storage system in Benban. <\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div 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\n<article id=\"post-657653\" class=\"content-area-description single-story post-657653 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;\">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>1 January (Wednesday): Launch of the urgent <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0J6EcHtfaLPMoMkf97jebS7ikmatvZsPRwFfNrC34KTRMBPZemxC5saJU2mEKEvBWl\" style=\"\">plan<\/a><\/span><span style=\"font-weight:400;\"> for the National Population and Development Strategy.<\/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 Economic 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;\">28-29 January (Tuesday-Wednesday): US Federal Reserve\u2019s Federal Open Market Committee meeting.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>January 2025: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/12\/19\/%D8%A7%D9%84%D8%B3%D9%81%D9%8A%D8%B1-%D8%A7%D9%84%D8%A3%D9%84%D9%85%D8%A7%D9%86%D9%8A-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1%D9%88%D9%86-%D8%A3%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D8%B2%D9%88%D8%B1%D9%86-%D9%85%D8%B5%D8%B1-%D9%81%D9%8A-%D9%8A%D9%86%D8%A7%D9%8A%D8%B1-%D9%88%D8%A3%D8%A8%D8%B1%D9%8A%D9%84-2025\" style=\"\">Bavarian Delegation<\/a><\/span><span style=\"font-weight:400;\"> visit to Egypt <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>17-19 February (Monday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egypes.com\/conferences\/technical-conference\/?utm_content=&CNAME=Enterprise%20Mea&CID=&utm_campaign=TC%20Speaker%20Announcement&utm_medium=email&utm_source=Adestra\" style=\"\">EGYPES Technical Conference<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center, 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;\">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>April 2025: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2024\/12\/19\/%D8%A7%D9%84%D8%B3%D9%81%D9%8A%D8%B1-%D8%A7%D9%84%D8%A3%D9%84%D9%85%D8%A7%D9%86%D9%8A-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D9%85%D8%B3%D8%AA%D8%AB%D9%85%D8%B1%D9%88%D9%86-%D8%A3%D9%84%D9%85%D8%A7%D9%86-%D9%8A%D8%B2%D9%88%D8%B1%D9%86-%D9%85%D8%B5%D8%B1-%D9%81%D9%8A-%D9%8A%D9%86%D8%A7%D9%8A%D8%B1-%D9%88%D8%A3%D8%A8%D8%B1%D9%8A%D9%84-2025\" style=\"\">Saxony Delegation<\/a><\/span><span style=\"font-weight:400;\"> visit to 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;\">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:700\">May 2025:<\/span><span style=\"font-weight:400;\"> French rolling stock manufacturer Alstom will submit technical and financial bids for Cairo Metro Line 6. <\/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>1H 2025: The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02tdh3mCYLosumerUCfcCf7RCRxvRXhtoPBVL5A2E1CaL75iy68qTmstXJiGw2hMt6l\" style=\"\">Egyptian-US Investment Forum<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">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>New tax system | Denim factory | Fresh loans | More hotel rooms.<\/p>\n","protected":false},"featured_media":657632,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-657631","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"600bce44-444e-40b6-893a-11b14585ecdc","teaser":"New tax system | Denim factory | Fresh loans | More hotel rooms.","photo_url":"https:\/\/ent.news\/2024\/12\/2121.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\/ 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