{"id":670385,"date":"2025-08-19T00:00:00","date_gmt":"2025-08-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=670385"},"modified":"2025-12-18T07:24:23","modified_gmt":"2025-12-18T07:24:23","slug":"hassan-abdalla-is-spending-another-year-as-cbe-governor","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/hassan-abdalla-is-spending-another-year-as-cbe-governor\/","title":{"rendered":"Hassan Abdalla is spending another year as CBE governor"},"content":{"rendered":"<section id=\"670387\" 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=\"670387\">\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\/2025\/08\/19\/we-could-soon-hear-news-about-a-new-ras-shukeir-project-courtesy-of-a-gulf-sovereign-fund\/\">\r\n                            We could soon hear news about a new Ras Shukeir project courtesy of a Gulf sovereign fund                        <\/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\/2025\/08\/19\/we-could-soon-hear-news-about-a-new-ras-shukeir-project-courtesy-of-a-gulf-sovereign-fund\/\" 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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We also bring you a little bit of debt news with Beltone Mortgage closing its first securitization issuance.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- We finally know who will be at the helm of the central bank for the coming year. <\/strong>El Sisi decided to reappoint CBE governor Hassan Abdalla, extending his tenure for another year. While there has been some speculation over whether he will seek reappointment, him staying at the helm sends a message of continuity to foreign investors. <\/p>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>It\u2019s another warm day in Cairo, with a high of 37\u00b0C and a low of 27\u00b0C, according to our favorite weather app.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a little cooler in Alexandria<\/strong>, with a high of 32\u00b0C and a low of 24\u00b0C.<\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>#1- A G<\/strong><strong>ulf sovereign fund is set to announce a new <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bbf39fe3-7273-4890-a73d-1616408be585\/gcc-sovereign-wealth-fund-to-announce-big-ticket-project-in%253cmark%253e-ras%253c%2Fmark%253e-shukeir-in-the-coming-days\" style=\"\" rel=\"noopener\">Ras Shukeir<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bbf39fe3-7273-4890-a73d-1616408be585\/gcc-sovereign-wealth-fund-to-announce-big-ticket-project-in%253cmark%253e-ras%253c%2Fmark%253e-shukeir-in-the-coming-days\" style=\"\" rel=\"noopener\">project<\/a><\/strong> that will focus on infrastructure and energy development, according to a Finance Ministry report seen by EnterpriseAM. Geopolitical tensions in the region had delayed the finalization of the project agreement initially planned for the end of the previous fiscal year, but negotiations are expected to conclude shortly, a government source told EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You heard it here first: <\/strong>Government sources had told EnterpriseAM back in June that the government is gearing up to announce a new Ras Shukeir project involving one of the Gulf\u2019s sovereign wealth funds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> The agreement \u2014 the first in a series linked to the 174 sq km Ras Shukeir zone on the Red Sea \u2014 will back local sovereign sukuk issued by the Finance Ministry, with proceeds earmarked for reducing public debt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- <\/strong><strong>The Arab Association for Electric Vehicles has sent an <\/strong><strong><a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/8\/1100.jpg\" style=\"\" rel=\"noopener\">urgent petition (pdf)<\/a><\/strong><strong> to the <\/strong><strong>Industry Ministry asking it to delay the ban on GB\/T-compatible EV imports<\/strong> until the end of 2025. The letter, signed on behalf of traders and importers, warned that the decision could harm both local businesses and their customers. This comes after the Egyptian Customs Authority began enforcing new technical requirements for electric vehicle imports, requiring documentation that proves compatibility with the European-standard CCS2 charging protocol.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong>A government source told EnterpriseAM earlier this month that the Madbouly cabinet was gearing up to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/723ac4e1-4d81-48ab-a901-589662ccdd85\/gov%25e2%2580%2599t-to-limit%253cmark%253e-chinese%253c%2Fmark%253e-ev-imports-to-official-agents\" style=\"\" rel=\"noopener\">restrict imports of Chinese-made EVs<\/a> so that only officially licensed agents are able to get their hands on them. The move follows the Egyptian Electric Utility and Consumer Protection Regulatory Agency mandating all public charging stations shift to CCS2 back <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/677bc144-cecc-4da3-ab3c-662b41022224\/gov%25e2%2580%2599t-wants-to-do-away-with-chinese-ev-chargers-to-unify-infrastructure\" style=\"\" rel=\"noopener\">in April<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">DIPLOMACY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt is open to the temporary deployment of <\/strong><strong>international forces in Gaza as part of a political process toward statehood<\/strong>, Foreign Minister Badr Abdelatty told <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/reel\/1966199924177865\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. He did not rule out the temporary deployment of Egyptian forces under a resolution that ensures the establishment of a Palestinian state.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>This comes as Hamas agrees to a Egypt and Qatar-brokered truce: <\/strong>Hamas has agreed to a 60-day ceasefire proposal put forward by Egypt and Qatar, raising hopes that a long-awaited breakthrough in negotiations could be upon us, according to <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/hamas-accepts-proposed-deal-ceasefire-with-israel-hostage-release-egyptian-2025-08-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-18\/hamas-said-to-agree-to-gaza-truce-deal-proposed-by-egypt-qatar\" style=\"\" rel=\"noopener\">Bloomberg<\/a>. The plan would see Hamas release half of the Israeli hostages it still holds in exchange for Palestinian prisoners and a partial Israeli troop withdrawal. Israel is yet to respond to the terms of the ceasefire. Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani was in Cairo yesterday where he met with <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02sFzkULJNYnyxyVp5vfziJBsyGeC3t9hnEyRrs43wFkBnzSAzm9qHBS6tE2e1SM2Pl\" style=\"\" rel=\"noopener\">President Abdel Fattah El Sisi<\/a> and Hamas representatives to discuss the truce. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This has been in the works for a while: <\/strong>Egypt has been in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65ee1ef9-807b-4d8b-bb89-09d46bf73dff\/egypt,-jordan-sign-10-cooperation-agreements\" style=\"\" rel=\"noopener\">talks<\/a> with Qatar and the US to secure a 60-day truce in Gaza for some time now.<\/p>\n<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<\/p><\/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>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** DID YOU KNOW that we 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>\n<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>\n<p class=\"tag-border-left\">CIRCLE YOUR CALENDAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>The Food Export Council is sending a delegation to C\u00f4te d\u2019Ivoire this month <\/strong>to help Egyptian companies get a stronger foothold in African markets, deputy executive director Tameem Eldawy told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2025\/08\/17\/1908903\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. The delegation will study the Ivorian market\u2019s needs \u2014 from product types, sizes, and price points to the main competitors. It will also meet with major importers, government entities, business associations, and chambers of commerce. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> This comes just days after more than 60 Egyptian companies spanning multiple sectors said they plan to establish a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9320f2f5-5571-4fab-9c55-068c4d3630cd\/over-60-local-players-want-to-set-up-a-joint-marketing-firm-in%253cmark%253e-ghana%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">joint marketing company in Ghana<\/a> to ramp up exports there. The moves reflect a broader push by Egyptian businesses to deepen their footprint in African markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/\" style=\"\" rel=\"noopener\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The international press is focused on exactly two stories this morning:<\/strong> SoftBank investing in Intel, and US President Donald Trump\u2019s meeting with Ukraine\u2019s Volodymyr Zelensky in Washington yesterday. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Intel is getting a USD 2 bn investment from SoftBank<\/strong>, which is buying a c.2% stake in Intel \u2014 some 87 mn shares \u2014 at USD 23 apiece, Intel said in <a target=\"_blank\" href=\"https:\/\/www.intc.com\/news-events\/press-releases\/detail\/1746\/softbank-group-and-intel-corporation-sign-2b-investment\" style=\"\" rel=\"noopener\">a statement<\/a> overnight. The share price is slightly below Intel\u2019s closing price yesterday of USD 23.66, but is widely seen as a \u201clifeline\u201d for the US chipmaker, which reported net losses last year for the first time in nearly four decades. SoftBank\u2019s investment, which makes it Intel\u2019s fifth-largest shareholder, also comes as the US government is reportedly in talks to snap up a 10% stake in Intel. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The investment is a shot in the arm in Intel\u2019s (costly) drive to manufacture chips for <\/strong><strong>external customers<\/strong>, although Intel has yet to lock down any significant customers for this line of business. \u201cThis strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role,\u201d SoftBank said in <a target=\"_blank\" href=\"https:\/\/group.softbank\/en\/news\/press\/20250819\" style=\"\" rel=\"noopener\">a statement<\/a>. The story is front-page news in the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/97769020-6229-4f03-825b-89de4e4f3436\" style=\"\" rel=\"noopener\">Financial Times<\/a>, the <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/tech\/intel-us-government-stake-22a7f987?mod=hp_lead_pos1\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a>, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/08\/18\/intel-is-getting-a-2-billion-investment-from-softbank.html\" style=\"\" rel=\"noopener\">CNBC<\/a>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-18\/softbank-agrees-to-invest-2-billion-in-intel-as-part-of-us-push?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/media-telecom\/softbank-invest-2-billion-intel-become-top-10-shareholder-2025-08-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, Trump is now arranging a meeting between Ukraine\u2019s Zelensky and Russia\u2019s <\/strong><strong>Vladimir Putin<\/strong> after Trump and Zelensky agreed that the US would help ensure Ukraine\u2019s security in any peace agreement with Russia. Zelensky and Putin could meet in Hungary in the next two weeks, according to unconfirmed reports, with that meeting expected to be followed by a trilateral meeting with Trump to reach a final agreement to end the war between Kyiv and Moscow. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/ukraine-war-live-trump-zelenskiy-discuss-russias-terms-peace-2025-08-18\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.semafor.com\/article\/08\/18\/2025\/trump-begins-organizing-putin-zelenskyy-meeting-in-bid-to-end-war\" style=\"\" rel=\"noopener\">Semafor<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/08\/18\/trump-zelenskyy-ukraine-putin-live-updates.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-18\/zelenskiy-arrives-at-white-house-to-meet-trump-european-leaders\" style=\"\" rel=\"noopener\">Bloomberg<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/239.jpg?ssl=1\"\/><\/p>\n<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> EnterpriseAM\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>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We look at how our carbon market \u2014 Africa\u2019s first \u2014 has fared since its launch.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/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=\"670389 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=\"670389\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/670389\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-670389\" class=\"content-area-description single-story post-670389 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\/2025\/8\/664.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span>Whether you\u2019re diving into turquoise waters, catching golden hour from your terrace, or just letting time drift by \u2014 Somabay is summer, redefined. Your ultimate escape, every single time.<\/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=\"670390\" 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=\"670390\">\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\/2025\/08\/19\/finmin-looks-to-register-crude-suppliers-ahead-of-taxing-them\/\">\r\n                            Egypt looks to register crude suppliers ahead of taxing them                        <\/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\/2025\/08\/19\/finmin-looks-to-register-crude-suppliers-ahead-of-taxing-them\/\" 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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These amendments introduce a new tax treatment for crude oil \u2014 making it subject to a 10% tax. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who will be impacted? <\/strong>The Egyptian General Petroleum Corporation (EGPC) will face the burden of this new tax, seeing as it is the sole buyer of crude oil in Egypt. The Finance Ministry is currently holding meetings with the EGPC to set a mechanism for implementing the amendments. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What will the mechanism look like? <\/strong>The government is looking into the possibility of registering the suppliers under the simplified system with the Egyptian Tax Authority in the foreign suppliers registry, which would allow for reverse tax charging. The move would see the EGPC collecting the tax and verifying that the companies have paid it, which would allow the foreign suppliers to deduct the sum from their own tax obligations in their home countries. EGPC will pay the VAT after collecting it from the supplier, as it is considered an indirect tax.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s not all: <\/strong>The mechanism will include controls for issuing electronic invoices between the EGPC and its suppliers, including foreign players and irregular suppliers, seeing as at the moment EGPC agreements don\u2019t stipulate the issuance of e-invoices. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline:<\/strong> The government will start taxing crude oil as soon as the mechanism is finalized and the law\u2019s executive regulations are issued, according to our source, who affirmed that the process may take some time due to the specific handling required for petroleum agreements.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGPC\u2019s financial stability is a top priority. <\/strong>To achieve this, the finance and oil ministries are working together to improve the EGPC's financial position by settling subsidy allocations and resolving financial entanglements across various sectors, our sources said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A committee has been formed to review all the legislation governing the oil and energy <\/strong><strong>sectors<\/strong>, an informed source from the oil sector told us. The move aims to attract new investments and update the system, including the tax laws, legislative policies, and various agreements. The government is looking to achieve financial stability within the oil sector with the ultimate goal of becoming a regional energy hub.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SPEAKING OF OIL AGREEMENTS- <\/strong>There is an ongoing study to amend a number of petroleum agreements to make the sector more attractive to oil companies, two government sources told EnterpriseAM, adding that this includes revising the production sharing ratios and usufruct rights.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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      <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/beltone-mortgage-closes-first-egp-1-32-bn-securitization-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/8\/1144.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"670394\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/beltone-mortgage-closes-first-egp-1-32-bn-securitization-issuance\/1144-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/8\/1144.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1144.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/8\/1144.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/8\/1144.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-670393\" class=\"content-area-description single-story post-670393 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-beltone-holding tag-debt tag-debt-watch tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/8\/.23066c56-478e-4431-bc6a-5ad596644d0a.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Beltone Mortgage wraps up debut securitization issuance:<\/strong> Beltone Holdings\u2019 Beltone Mortgage has completed a EGP 1.32 bn securitized bond issuance, its first ever, according to a company <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/8\/1123.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The issuance came under Beltone Securitization\u2019s second program and was 2.3x oversubscribed. <\/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 breakdown: <\/strong>The issuance came in four tranches, with tenors ranging between 24 and 60 months and ratings between A- and AA+. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who bought in? <\/strong>Abu Dhabi Commercial Bank (ADCB), Saib Bank, Industrial Development Bank, and Housing and Development Bank subscribed to the issuance. The issuance was underwritten by the National Bank of Egypt, Banque du Caire, Al Baraka Bank, and Ahli Bank of Kuwait.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS-<\/strong> Beltone Investment Banking acted as financial advisor, lead arranger, and bookrunner. Matouk Bassiouny & Hennawy was legal advisor, KPMG was auditor, ADCB was custodian and backup servicer, and Banque du Caire acted as placement agent.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThis first securitization issuance marks a strategic turning point for Beltone Mortgage. It reflects the strength and quality of our mortgage finance portfolio and reinforces our ability to structure innovative funding solutions that support our sustainable growth ambitions,\u201d CEO Hassan Abdelnabi said. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beltone-holding\/\">Beltone Holding<\/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\/debt-watch\/\">debt watch<\/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=\"670395\" 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=\"670395\">\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\">Real estate<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/a-look-at-whats-in-the-pipeline-for-madinet-masr\/\">\r\n                            A look at what\u2019s in the pipeline for Madinet Masr                        <\/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\/2025\/08\/19\/a-look-at-whats-in-the-pipeline-for-madinet-masr\/\" 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\/2025\/08\/19\/a-look-at-whats-in-the-pipeline-for-madinet-masr\/')\">\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\/2025\/08\/19\/a-look-at-whats-in-the-pipeline-for-madinet-masr\/\">\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=A look at what\u2019s in the pipeline for Madinet Masr&url=https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/a-look-at-whats-in-the-pipeline-for-madinet-masr\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/a-look-at-whats-in-the-pipeline-for-madinet-masr\/&title=A look at what\u2019s in the pipeline for Madinet Masr\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=A+look+at+what%E2%80%99s+in+the+pipeline+for+Madinet+Masr+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F08%2F19%2Fa-look-at-whats-in-the-pipeline-for-madinet-masr%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/a-look-at-whats-in-the-pipeline-for-madinet-masr\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2070.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"670396\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/a-look-at-whats-in-the-pipeline-for-madinet-masr\/2070-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2070.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"2070.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2070.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/5\/2070.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-670395\" class=\"content-area-description single-story post-670395 post type-post status-publish format-standard has-post-thumbnail hentry category-real-estate tag-enterpriseam tag-madinet-masr tag-real-estate 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\/2025\/8\/.43ef3d82-aa44-4da0-9534-315e433e9cd3.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Real estate play<\/strong><strong>er Madinet Masr recorded a 6% rate in contract <\/strong><strong>cancellations in <\/strong><strong>1H 2025<\/strong>, coming below the industry average of 10-15%, CEO Abdallah Sallam said during a press conference attended by EnterpriseAM. The rate reflects a \u201chealthy\u201d increase \u2014 compared to previous periods when cancellations were almost nonexistent, Sallam said. Of these cancellations, 40% came on the shoulders of clients requesting to upgrade or downsize to other units, rather than financial distress. <\/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>Madinet Masr aims to hand over around 1.5k residential units during 2025<\/strong>, with the total value of construction contracts planned for the year estimated at EGP 13 bn, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/8\/1107.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a> to the EGX. Sallam highlighted the company\u2019s most recent megaproject Talala in New Heliopolis, which <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7ac5537-e428-49e8-afa9-7ee0aaf15016\/infinity-power-to-set-up-two-solar-projects-in-the-ivoirian-market\" style=\"\" rel=\"noopener\">launched<\/a> with investments of EGP 90 bn and targeted sales exceeding EGP 220 bn. The company\u2019s real estate unit prices recorded an average increase of around 10%, \u201creflecting strong demand and diversified projects,\u201d it said in the disclosure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Commenting on a <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d21c244-cfc3-4744-9fa2-57e0bde49661\/%253cmark%253emadinet-masr%253c%2Fmark%253e,-rameda,-tmg,-al-baraka-bank-report-earnings\" style=\"\" rel=\"noopener\">decline in the company\u2019s net income in 1H 2025<\/a><\/strong>, Salam explained that the decrease stems from Madinet Masr\u2019s expansion of co-development projects, whose revenues are only reflected upon delivery \u2014 meaning income will be reflected in future financial statements. In comparison, contracted sales rose in 2Q 2025, offsetting 1Q\u2019s decline and pushing 1H sales above last year\u2019s numbers, he said during the press conference.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madinet Masr has also submitted an application to regulatory authorities to establish a <\/strong><strong>real estate investment fund with a targeted capital of EGP 300 mn<\/strong>, under its fractional real estate ownership platform Safe, according to the disclosure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A North Coast expansion could be on the horizon? <\/strong>The real estate player is reviewing its strategy to enter the North Coast, Sallam said, after seeing real estate giants developing megaprojects like South Med and Ras El Hekma, which have \u201cchanged the rules of the game.\u201d The North Coast is no longer a destination for small gated compounds, but for fully integrated cities operating year-round, he said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Meanwhile, a Saudi expansion is also simmering. <\/strong>Madinet Masr is currently evaluating three land plots in Saudi Arabia to launch a real estate project in Riyadh, with land sizes ranging between 300k and 500k sqm, the company said in the disclosure. The project will be a mixed-use residential and commercial development established under a partnership agreement with Saudi-based <a target=\"_blank\" href=\"https:\/\/waheejsa.com\/\" style=\"\" rel=\"noopener\">Waheej for Real Estate<\/a>, with whom it inked an MoU in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e04184b2-afbc-40b1-befa-628b36e2e60f\/emaar-misr-to-develop-tourism-project-on-the-red-sea-alongside-saudi-owned-citystars-properties.-plus:%253cmark%253e-madinet-masr%253c%2Fmark%253e-inks-ksa-expansion-mou,-saudi-investor-eyes-piece-of-dreamland\" style=\"\" rel=\"noopener\">June<\/a>, to diversify the company\u2019s investment portfolio, Sallam said during the conference. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr\/\">Madinet Masr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"670397 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"670397\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/670397\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-670397\" class=\"content-area-description single-story post-670397 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.eg\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2099.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"670398\" 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=\"670398\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/hassan-abdalla-gets-another-year-as-cbe-governor-2\/\">\r\n                            Hassan Abdalla gets another year as the governor of the Central Bank of Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/hassan-abdalla-gets-another-year-as-cbe-governor-2\/\" 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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El Sisi met with Abdalla yesterday to discuss efforts to continue curbing inflation and strengthening the country\u2019s FX reserves, according to an Ittihadiya <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0e1GRWWLjWVwK2bF9Apxf1mPEkWoBwXNXFZhw2rgL9PC1tQ3s4cJ5jxxSobM2iQLUl?locale=ar_AR\" 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>Abdalla has been the governor of the central bank since he <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5625f5cb-17e4-4442-b970-0bb2d1088793\/hassan-abdalla-gets-another-year-as-central-bank-of-egypt-governor\" style=\"\" rel=\"noopener\">took over<\/a><\/strong><strong> from Tarek Amer <\/strong><strong>in 2022. <\/strong>The new term is set to conclude almost two weeks ahead of the scheduled completion of our USD 8 bn IMF loan program in September 2026.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next on the agenda? <\/strong>\u201cHis priority now will be to build up additional foreign-currency buffers and tackle risks to Egypt\u2019s current-account deficit from economic shocks that range from a plunge in Suez Canal receipts caused by Houthi attacks on Red Sea shipping to rising energy imports for the Middle East\u2019s largest population. A resumption of interest-rate cuts is also expected, in what would be a boost for local investors and industries,\u201d <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-08-18\/egypt-extends-central-bank-chief-abdalla-s-rule-into-fourth-year\" style=\"\" rel=\"noopener\">Bloomberg<\/a> wrote. <\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-abdalla\/\">Hassan Abdalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"670400 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=\"670400\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/670400\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-670400\" class=\"content-area-description single-story post-670400 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.instagram.com\/reel\/DHs9VNZtJeS\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/770.jpg?ssl=1\"><\/a><\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"670401\" 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=\"670401\">\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\/2025\/08\/19\/govt-eyes-fresh-foreign-investments-into-the-energy-sector\/\">\r\n                            Egypt eyes fresh foreign investments into the energy sector                        <\/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\/2025\/08\/19\/govt-eyes-fresh-foreign-investments-into-the-energy-sector\/\" target=\"_blank\">\n  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           <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Gov%E2%80%99t+eyes+fresh+foreign+investments+into+the+energy+sector+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F08%2F19%2Fgovt-eyes-fresh-foreign-investments-into-the-energy-sector%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/govt-eyes-fresh-foreign-investments-into-the-energy-sector\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1027.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"670402\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/govt-eyes-fresh-foreign-investments-into-the-energy-sector\/1027-jpg-23\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1027.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1027.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1027.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/10\/1027.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-670401\" class=\"content-area-description single-story post-670401 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-alexandria-container-and-cargo-handling-company tag-alexbank tag-also-on-our-radar tag-amoc tag-capital-markets tag-cayesh tag-earnings tag-egypt-post tag-egyptian-general-petroleum-corporation tag-electricity-ministry tag-enterpriseam tag-localization tag-non-banking-financial-services tag-oil-and-gas tag-post-for-investment tag-zaldi-capital 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\/2025\/8\/.d85a365d-9874-4f5e-b44e-bc3685dd8de9.mp3\"><\/audio><\/figure>\n<p class=\"tag-border-left\">ENERGY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The government plans <\/strong><strong>to attract USD 5.5 b<\/strong><strong>n in foreign investment in the oil <\/strong><strong>and gas sector <\/strong>with plans to drill 133 new oil and gas wells in FY 2025-2026, a government official told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2025\/08\/18\/%D8%A7%D9%84%D8%A8%D8%AA%D8%B1%D9%88%D9%84-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%AD%D9%81%D8%B1-133-%D8%A8%D8%A6%D8%B1-%D9%86%D9%81%D8%B7-%D9%88%D8%BA%D8%A7%D8%B2-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D8%AE%D9%84%D8%A7%D9%84-2025-2026\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. The Oil Ministry aims to drill around 70 wells in the first half of the fiscal year and more than 60 wells in the second half, all through the Egyptian Natural Gas Holding Company (Egas) and the Egyptian General Petroleum Corporation.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details:<\/strong> Gas concessions drilling will focus on the Red Sea, the Mediterranean, the Nile Delta, and the Western Desert, while oil drilling plans will focus on basins in the Gulf of Suez, the Western Desert, and the Mediterranean.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CAPITAL MARKETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Zaldi Capital\u2019s investment arm Zaldi Investment is looking to launch three new <\/strong><strong>investment funds this year<\/strong>, an equity fund, an EGX33 Shariah Index tracker, and a Shariah-compliant fund, the company\u2019s head of promotions Mohamed Alsherif told <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2025\/08\/18\/1909226\" style=\"\" rel=\"noopener\">Al Borsa<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">NBFS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PFI, Cayesh to launch factoring JV:<\/strong> Post for Investment (PFI) \u2014 the investment arm of Egypt Post \u2014 partnered with homegrown fintech startup Cayesh to establish a new factoring company, PFI Cayesh Factoring, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/8\/1111.pdf\" style=\"\" rel=\"noopener\">press release<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/8\/1111.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. The venture has already secured initial approval from the Financial Regulatory Authority and is expected to launch operations in 4Q 2025, offering supply chain financing solutions tailored to SMEs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EARNINGS WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- AMOC sees revenues, net income edge up in FY 2024-25:<\/strong> Alexandria Mineral Oils Company (AMOC) reported an attributable net income of about EGP 1.5 bn in FY 2024-2025, up from EGP 1.3 bn the year before, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/8\/1109.pdf\" style=\"\" rel=\"noopener\">latest financials statement (pdf)<\/a>. Net sales came in at EGP 37.6 bn, marking an 11.2% y-o-y increase.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Alexandria Containers reported a net income of EGP 6.4 bn in <\/strong><strong>FY 2024-2025<\/strong><strong>, up 23% y-o-y<\/strong>, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/8\/1110.pdf\" style=\"\" rel=\"noopener\">financial statement (pdf)<\/a>. Revenues also increased during the year, rising 26% y-o-y to EGP 8.3 bn.<\/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>#3- Alexbank\u2019s net income rose 28.5% y-o-y in 2Q 2025 to EGP 3.8 bn<\/strong>, according to the bank\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/8\/1124.pdf\" style=\"\" rel=\"noopener\">financial statement (pdf)<\/a>. The bank\u2019s net income in 1H 2025 rose 46.9% y-o-y to EGP 7.5 bn.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alexandria-container-and-cargo-handling-company\/\">Alexandria Container and Cargo Handling Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alexbank\/\">Alexbank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/amoc\/\">AMOC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cayesh\/\">Cayesh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-post\/\">Egypt Post<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-general-petroleum-corporation\/\">Egyptian General Petroleum Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity-ministry\/\">Electricity Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/localization\/\">localization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/post-for-investment\/\">Post for Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zaldi-capital\/\">Zaldi Capital<\/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=\"670403\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"670403\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                  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                  <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/39.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"670404\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/emerging-markets-bond-boom-accelerates-as-investors-bank-on-upcoming-rate-cuts\/39-jpg-35\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/39.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"39.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/39.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/39.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-670403\" class=\"content-area-description single-story post-670403 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-bonds tag-debt 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\/2025\/8\/.606bbacc-8abe-4ec1-8065-0089958bb160.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Companies and banks in emerging markets \u2014 excluding China \u2014 sold <\/strong><strong>some <\/strong><strong>USD 250 bn in international bonds between January and July<\/strong> \u2014 the fastest pace of issuance since the post-pandemic boom of 2021, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/a850fbcb-b4c2-4fb9-ae45-54e0cd90a0db\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports, citing figures from JPMorgan and S&amp;P Global. JPMorgan sees 2025 issuances reaching USD 370 bn, just shy of 2021\u2019s full-year record.<\/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>Falling borrowing costs are luring borrowers off the sidelines as markets begin to price in <\/strong><strong>rate cuts under a second Donald Trump presidency.<\/strong> \u201cThe market is beginning to price in a more accommodative Fed,\u201d said Ninety One Co-Head of EM Corporate Debt Alan Siow, with optimism that upcoming Fed rate cuts would outweigh fears over Trump\u2019s tariff rhetoric, including recent threats of 50% duties on India and Brazil.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Spreads are tight \u2014 and risk appetite is holding.<\/strong> Though average yields on JPMorgan\u2019s EM corporate bond index remain near 6%, spreads over ten-year US Treasuries have narrowed to below 200 bps \u2014 the tightest in nearly two decades. High-yield EM spreads have also compressed, signaling continued appetite for riskier debt.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Despite the issuance surge, net new EM corporate debt including China is actually <\/strong><strong>negative YTD<\/strong>, as repayments are outpacing new supply by USD 8 bn. Companies are still refinancing cautiously after years of high interest rates and many pandemic-era bonds now maturing. \u201cWhat is beneath the surface here is that, year to date, the net supply is negative,\u201d Siow said.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sovereign issuers have sold more than USD 160 bn of international debt YTD<\/strong> \u2014 outpacing the same period in 2020, which ended up being a record year. Saudi Arabia has led the charge with a flurry of sovereign and bank bond sales to finance megaprojects and offset soft oil revenues. Mexico also steered a USD 12 bn issuance to partially bail out state oil giant Pemex.<\/p><p class=\"tag-border-left\">MARKETS THIS MORNING- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Asian markets are mixed in early trading this morning<\/strong>, as traders sit tight in anticipation of the annual Jackson Hole Symposium. Japan\u2019s Nikkei and the Hang Seng are flat, while the Shanghai Composite is inching up and South Korea\u2019s Kospi is down 0.4%. <\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\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\">35,825<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4% (YTD: +20.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CBE)<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.30<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 48.43<\/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><strong>) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 48.30<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Sell 48.40<\/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\">24.00% 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\">25.00% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Tadawul<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">10,886<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: -9.6%)<\/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>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\">10,213<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +8.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width: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\">6,129<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +18.8%)<\/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>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\">6,449<\/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: +9.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">9,158<\/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: +12.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Euro Stoxx 50<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,435<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.3% (YTD: +11.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 66.31<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 2.88<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.4%<\/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 3,376<\/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-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>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 116,340<\/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: +24.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width: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 Egypt Sovereign Bond Index<\/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\">892.64<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +14.8%)<\/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>S&amp;P MENA Bond &amp; Sukuk<\/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\">148.24<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.1% (YTD: +5.9%)<\/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>VIX (Volatility Index)<\/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\">14.99<\/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\">-0.7% (YTD: -13.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\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 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 5.3 bn (2.4% above the 90-day average). Local investors were the sole net buyers. The index is up 20.5% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>Misr Cement (+11.6%), Arabian Cement (+5.6%), and GB Corp (+4.8%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Eastern Company (-3.8%), Palm Hills Development (-2.8%), and Juhayna (-2.7%). <\/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\/bonds\/\">Bonds<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"670405\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">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\/how-has-our-carbon-market-fared-since-its-launch\/\">\r\n                            How has Egypt\u2019s carbon market fared since its launch?<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/how-has-our-carbon-market-fared-since-its-launch\/\" 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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While the regulatory framework is largely in place, trading volumes are still modest, and private sector engagement is limited.<\/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 launch was followed by <\/strong><strong><a target=\"_blank\" href=\"https:\/\/fra.gov.eg\/en\/fra_news\/financial-regulatory-authority-fra-launches-egypts-first-voluntary-carbon-market-with-the-the-participants-of-the-relevant-private-public-and-parliamentarians\/\" style=\"\" rel=\"noopener\">some market activity<\/a><\/strong>, with local agriculture firm <a target=\"_blank\" href=\"https:\/\/www.daltexcorp.com\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.daltexcorp.com\/\" style=\"\" rel=\"noopener\">Daltex<\/a> purchasing 1.5k carbon credits from an <a target=\"_blank\" href=\"https:\/\/www.vnvadvisory.com\/our-projects\/agroforestry-in-punjab\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/www.vnvadvisory.com\/our-projects\/agroforestry-in-punjab\/\" style=\"\" rel=\"noopener\">agroforestry project<\/a> in India\u2019s Punjab through <a target=\"_blank\" href=\"https:\/\/www.vnvadvisory.com\/\" style=\"\" rel=\"noopener\"><\/a> Singapore-based <a target=\"_blank\" href=\"https:\/\/www.vnvadvisory.com\/\" style=\"\" rel=\"noopener\">VNV Advisory<\/a>, Sekem\u2019s <a target=\"_blank\" href=\"https:\/\/isisorganic.com\/\" style=\"\" rel=\"noopener\">Isis Organic<\/a> purchasing credits representing 500 tons of carbon dioxide from 10 farms through the <a target=\"_blank\" href=\"https:\/\/ebda.earth\/\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/ebda.earth\/\" style=\"\" rel=\"noopener\">Egyptian Biodynamic Association<\/a>, and SCB Environmental Markets buying 2.5k carbon credits from VNV Advisory.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But there\u2019s been little action on the market since<\/strong>, with the market \u2014 renamed earlier this year to the <a target=\"_blank\" href=\"https:\/\/www.egcx.com.eg\/\" style=\"\" rel=\"noopener\">Egyptian Climate Exchange<\/a> \u2014 counting only six transactions since its launch, according to its <a target=\"_blank\" href=\"https:\/\/www.egcx.com.eg\/transactions\" style=\"\" rel=\"noopener\">website<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>There\u2019s been progress on the listing front, however<\/strong>, with registered credits reaching nearly <a target=\"_blank\" href=\"https:\/\/www.egcx.com.eg\/projects\/all\" style=\"\" rel=\"noopener\">140.0k<\/a> from 28 projects across five countries, of which it says 42.0k have been retired. Agricultural projects remain the main driver of carbon credits in the exchange. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We could see an acceleration of issuances soon<\/strong>, with the government gearing up to issue carbon credits for renewable energy projects exceeding 10 MW, a government source told EnterpriseAM. The projects will be listed on the exchange in the second half of this year or early 2026, we were told.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pricing remains a challenge<\/strong>, as Egypt has so far relied on international benchmarks for negotiations \u2014 as was the case with the Benban solar park. However, the introduction of an organized mechanism will allow for a fair pricing system for these certificates, the source said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While private engagement in the market is increasing, it's yet to reach the desired level<\/strong>, VNV Advisory MEA Lead Omar El Nemr told EnterpriseAM. The growth is supported by extensive awareness and capacity-building efforts from the Financial Regulatory Authority, which initially focused on establishing a robust regulatory framework. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The carbon market is now very welcoming to developers, private sector investors<\/strong>, and offtakers, with streamlined processes for project registration and credit trading, we were told. The expectation is that the coming year will bring increased private sector engagement from the demand side, as projects are already listed on the exchange.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a target=\"_blank\" href=\"https:\/\/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\">CBAM-affected sectors<\/a><\/strong><strong> have shown most interest in emission reductions<\/strong> <strong>and offsetting<\/strong>, specifically the fertilizer and aluminum industries, El Nemr tells us. These sectors are actively inquiring about the potential role of carbon credits in reducing their CBAM exposure, though the exact nature of this role remains unclear.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How would it affect them? <\/strong>CBAM <a target=\"_blank\" href=\"https:\/\/taxation-customs.ec.europa.eu\/carbon-border-adjustment-mechanism_en#:~:text=EU%20importers%20will%20declare%20the,corresponding%20amount%20can%20be%20deducted.\" style=\"\" rel=\"noopener\">allows<\/a> EU importers to deduct the cost of any carbon tax or emissions trading system already paid in the exporting country. If a non-EU country has its own carbon pricing in place, its exporters can reduce their CBAM-related costs by the equivalent amount paid domestically.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The regulatory framework to facilitate investment is already in place. <\/strong>The next step is to provide clear guidance on how and when carbon credits should be utilized. Institutional investors often don\u2019t fully grasp the value of carbon credits, how to hedge associated risks, or the general risks involved \u2014 a challenge observed in both domestic and international carbon markets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So what comes next?<\/strong> Education and capacity building take priority when it comes to developing a robust pipeline of high-quality carbon projects in Egypt, El Nemr added. The goal is to \u201craise awareness and build capacity for the private sector on what a carbon credit is and how it is used and when it should be used,\u201d he added. Many current emission reduction initiatives in Egypt struggle to meet return requirements and are often unaware of the potential value carbon markets and credits can add to their performance. Efforts should also incorporate integrity principles such as the <a target=\"_blank\" href=\"https:\/\/icvcm.org\/core-carbon-principles\/\" style=\"\" rel=\"noopener\">core carbon principles<\/a>, as issued by the <a target=\"_blank\" href=\"https:\/\/icvcm.org\/\" style=\"\" rel=\"noopener\">Integrity Council for the Voluntary Carbon Market (ICVCM)<\/a>, he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The FRA is supporting this by providing education and facilitating matchmaking between <\/strong><strong>validation verification bodies, project developers, and registries. <\/strong>The FRA also has a soon-to-be-fully-launched <a target=\"_blank\" href=\"https:\/\/www.egcx.com.eg\/how_itworks_ar\" style=\"\" rel=\"noopener\">platform<\/a> that serves as a knowledge center to guide emission reduction project developers through the process, stakeholders, steps, and relevant regulations in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Private companies should actively consult platforms like <\/strong><strong><a target=\"_blank\" href=\"https:\/\/verra.org\/programs\/verified-carbon-standard\/\" style=\"\" rel=\"noopener\">Verra<\/a><\/strong><strong> and <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.goldstandard.org\/\" style=\"\" rel=\"noopener\">Gold Standard<\/a><\/strong><strong> for <\/strong><strong>guidance on credit standards and project eligibility<\/strong> to make the most of carbon markets for both climate goals and financial returns, says El Nemr. These platforms offer methodologies applicable to projects that companies might register and suggest project types for investment or offsetting as part of environmental stewardship. Engagement with local registries in Egypt, such as <a target=\"_blank\" href=\"https:\/\/eol.global\/\" style=\"\" rel=\"noopener\">Economy of Love<\/a>, is also encouraged, particularly for companies seeking to support local farmers and communities.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>National <\/strong><strong><a target=\"_blank\" href=\"https:\/\/carbonwire.org\/carbon-voices\/beyond-administration-why-national-carbon-registries-are-critical-infrastructure-for-the-climate-economy\/\" style=\"\" rel=\"noopener\">carbon registries<\/a><\/strong><strong> \u2014 platforms monitoring the full lifecycle of carbon credits \u2014 <\/strong><strong>play a crucial role in the evolving market<\/strong>, El Nemr told us. A carbon registry serves as a central platform for issuing, storing, and tracking carbon credits, including transfers and ownership changes, which can be essential for transparency and regulatory oversight \u2014 especially now that carbon credits are classified as financial instruments in Egypt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Speaking of transparency and monitoring: <\/strong><a target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/news\/feature\/2022\/07\/27\/what-you-need-to-know-about-the-measurement-reporting-and-verification-mrv-of-carbon-credits\" style=\"\" rel=\"noopener\">Digital measurement, reporting, and<\/a><a target=\"_blank\" href=\"https:\/\/www.worldbank.org\/en\/news\/feature\/2022\/07\/27\/what-you-need-to-know-about-the-measurement-reporting-and-verification-mrv-of-carbon-credits\" style=\"\" rel=\"noopener\">verification<\/a> (DMRV) technologies, including satellite imagery and blockchain, can play a significant role, particularly in project development. Given that many potential projects in Egypt will be located in remote areas and there's growing interest in distributed energy systems, DMRV becomes increasingly important for continuously monitoring these systems from a central control point, El Nemr said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where should the focus be?<\/strong> The energy and agriculture sectors are key to developing a robust pipeline of carbon projects in Egypt. The energy sector accounts for the majority of Egypt's emissions, while the country's economy largely depends on the agriculture sector, which is actively \u201clooking to transition to a low-carbon industry,\u201d El Nemr tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Regarding the long-term decarbonization strategy in Egypt<\/strong>, the voluntary carbon market is an excellent starting point, El Nemr adds. Adopting a voluntary mechanism initially allows the private sector to choose its engagement, which is seen as a smoother approach. After establishing sufficient awareness of carbon credits and allowances and the distinctions between voluntary and compliance credits, engagement with the compliance market is expected to increase.<\/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>Yo<\/strong><strong>ur <\/strong><strong>top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>The EFG Foundation for Social Development <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1235a423-aac7-4f73-a94c-aa83a8c29d8f\/oil-ministry-readies-red-sea-exploration-tender-following-exits.-plus:-efg-foundation,-sodic,-modern-sport-fc\" style=\"\" rel=\"noopener\">launched<\/a><\/strong><strong> the EFG <\/strong><strong>Hermes Applied Technology School for Agri-tech in Luxor<\/strong>, marking Egypt\u2019s first applied technology school specializing in climate-smart agriculture. <\/li>\n<li><strong>Egypt plans to issue a new tranche of sovereign green bonds<\/strong>, a senior <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4f79dc89-78bc-42ac-8965-dbd2350b0df3\/a-fresh%253cmark%253e-green%253c%2Fmark%253e-bond-issuance-could-be-upon-us\" style=\"\" rel=\"noopener\">government source told EnterpriseAM<\/a>. The Finance Ministry, in consultation with the offering advisors, is looking into either replacing the bond maturing in September or reopening the current bond for another five years.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/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\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"670407\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/670407\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-670407\" class=\"content-area-description single-story post-670407 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\">AUGUST <\/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 August (Thursday): 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:400;\">Mid-August: Launch of electronic platform to register Old Rent Law tenants.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>Tourism Development Authority to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a9f59c5-87cd-41d0-a92d-546cb0333b03\/gov%25e2%2580%2599t-offers-up-seven-airport-investments#:~:text=%231%2D%20Tourism%20authority,the%20tourism%20sector.\" style=\"\">waive late payment penalties<\/a><\/span><span> for land purchases if full installments are paid<\/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;\">Late-August: Deadline for cement factories to restart production.<\/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\">SEPTEMBER<\/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;\">8-11 September (Monday-Thursday): EFG Hermes London Conference takes place in the British capital.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-11 September (Tuesday-Thursday): The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.papermideast.com\/eg\/\" style=\"\">International Exhibition for Paper, Corrugated Board, Paperboard and Tissue Paper Industries<\/a><\/span><span style=\"font-weight:400;\"> \u2014 PAPER-ME \u2014 takes place at the Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 September (Monday): IMF to hold its combined fifth and sixth reviews of Egypt\u2019s USD 8 bn EFF arrangement.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>24-27 September (Wednesday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cityscape-events.com\/egypt\/en\/home.html\" style=\"\">Cityscape Egypt 2025<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>The Egyptian-Moroccan Business Council <\/span><span>to send<\/span><span> a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2025\/06\/28\/1897472\" style=\"\">delegation<\/a><\/span><span style=\"font-weight:400;\"> of 23 local companies to Rabat.<\/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;\">The Engineering Export Council of Egypt will ship a commercial delegation to Russia to ramp up exports to European markets.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">Egypt Education Platform (EEP) to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1e93e97-a640-4519-9bdc-69be48815b08\/education-platform-epp-wants-to-set-up-two-schools-in-alexandria-and-soma-bay-by%253cmark%253e-2025%253c%2Fmark%253e\" style=\"\">launch two new schools in Alexandria and Somabay<\/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=\"\">Egypt Otsuka\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/951a0387-415a-4039-83bb-955ab4e7a746\/otsuka-breaks-ground-on-new-usd-40-mn-factory-in-egypt\" style=\"\">nutritional products factory<\/a><\/span><span style=\"\"> in Tenth of Ramadan to begin operations, with <\/span><span>exports to Gulf countries expected by January 2026.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">OCTOBER<\/span> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 October (Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/photo.php?fbid=1308615827975501&id=100064812882317&set=a.144073987763030\" style=\"\">Applications<\/a><\/span><span style=\"font-weight:400;\"> for alternative housing for old rent tenants will open through an online platform or at post offices nationwide.<\/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;\">2 October (Thursday): Monetary Policy Committee\u2019s sixth 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:400;\">7 October (Tuesday): The 2025 EnterpriseAM Egypt Forum.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>7-8 October (Tuesday-Wednesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/hace.com.eg\/\" style=\"\">HACE-Hotel Expo<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibitions Center. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>7-9 October (Tuesday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/egymedica.com\/\" style=\"\">EgyMedica Exhibition<\/a><\/span><span style=\"font-weight:400;\">, Cairo International Convention Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12-16 October (Sunday-Thursday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02NagbQx5dgqu17pbmb9FVEcu5tcoZrNEazUBXhBmBDT6Q1c3Yv2QFszSBGqSsXjyvl\" style=\"\">Cairo Water Week<\/a><\/span><span style=\"font-weight:400;\">, Cairo. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">19-22 October (Sunday-Wednesday): Arab African Investment and International Cooperation Summit.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>23-25 October (Thursday-Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/stoneafrica.com\/\" style=\"\">Stone Africa Expo<\/a><\/span><span style=\"font-weight:400;\">, Cairo International Conference Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>October: The third iteration of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/exportsmart.net\/\" style=\"\">Export Smart<\/a><\/span><span style=\"font-weight:400;\"> Exhibition and Conference.<\/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-October: Capmas to publish the findings of its 2023-2024 income and expenditure survey.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">NOVEMBER<\/span> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-19 November: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/cairoict.com\/\" style=\"\">Cairo ICT 2025<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibition Center<\/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 November (Thursday): 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:400;\">November: Egypt to join the EU\u2019s Horizon Europe research and innovation program.<\/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>1-4 December: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.egyptdefenceexpo.com\/\" style=\"\">Egypt Defence Expo<\/a><\/span><span style=\"font-weight:400;\"> (EDEX), Egypt International Exhibition Center.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>25 December: (Thursday): 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;\">Mid-2025: EGX launches sustainability index.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.5;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">3Q 2025: Nasr Automotive begins locally manufacturing passenger cars.<\/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;\">3Q 2025: Polaris Parks to finalize contracts for two new industrial zones in the new capital and Sadat 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: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;\">2H 2025: Potential visit by Chinese President Xi Jinping 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;\">4Q 2025: The beginning of construction works on China\u2019s State Grid two solar projects.<\/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;\">4Q 2025: GB Auto starts assembling one of China\u2019s Great Wall Motor models in 4Q 2025.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>4Q 2025-1Q 2026: Kasrawy Group to launch first <\/span><span>Avatr<\/span><span style=\"font-weight:400;\"> EV models in 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: 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:400;\">Before 2025-end: The government will launch two ro-ro shipping lines with Saudi Arabia and Turkey.<\/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;\">2026<\/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\">Early 2026:<\/span><span style=\"font-weight:400;\"> Passenger operations on the New Administrative Capital\u2013Nasr City monorail scheduled to begin.<\/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\">1Q 2026: <\/span><span style=\"font-weight:400;\">Trial operations for the Ain Sokhna\u2013Sixth of October section of Egypt\u2019s first high-speed rail line scheduled to begin.<\/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;\">1 January: European Union\u2019s Carbon Border Adjustment Mechanism (CBAM) to fully come into effect.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 March 2026: IMF to hold its seventh review of Egypt\u2019s USD 8 bn EFF arrangement.<\/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 2026: End of extension for developers on 15% interest rates for land installment payments <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 September 2026: IMF to hold its eighth review of Egypt\u2019s USD 8 bn EFF arrangement.<\/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;\">2H 2026: Operations at Deli Glass Co\u2019s new USD 70 mn glassware factory kick off.<\/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>April 2027: Tenth of Ramadan <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8320d4df-e1a7-405e-be07-08e6590aff0e\/\" style=\"\">dry port and logistics hub<\/a><\/span><span style=\"font-weight:400;\"> 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: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;\">2027: Egypt to host EBRD\u2019s annual meetings for 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;\">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>September 2028: First unit of the Dabaa nuclear power plant begins operations.<\/span><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    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