{"id":673936,"date":"2025-10-21T00:00:00","date_gmt":"2025-10-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=673936"},"modified":"2025-12-18T08:53:19","modified_gmt":"2025-12-18T08:53:19","slug":"diving-into-the-war-for-the-future-of-payments-with-visa","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/diving-into-the-war-for-the-future-of-payments-with-visa\/","title":{"rendered":"Diving into the war for the future of payments with Visa"},"content":{"rendered":"<section id=\"673938\" 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=\"673938\">\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\/10\/21\/egypt-is-now-the-regions-biggest-lng-importer\/\">\r\n                            Egypt is now the region\u2019s biggest LNG importer                        <\/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\/10\/21\/egypt-is-now-the-regions-biggest-lng-importer\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/egypt-is-now-the-regions-biggest-lng-importer\/985-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/985.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"985.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/985.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/985.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-673938\" class=\"content-area-description single-story post-673938 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-today tag-enterpriseam tag-oil-and-gas tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/10\/.f0630cd4-8eb2-4e26-9903-b33b667d474a.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, all.<\/strong> We have a packed issue for you this morning diving into the FRA\u2019s decision to block the Emirati Sagasse from putting in a bid to acquire Elsewedy Electric, the new mechanism for calculating solidarity contribution, and fresh Chinese investments. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO IN TODAY\u2019S ISSUE- <\/strong>We discuss the future of payments with Tareq Muhmood, Visa\u2019s new regional president for CEMEA, and break down an Entlaq report on the untapped potential of our agritech sector. <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/9\/715.jpg?ssl=1\"><\/a> <\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p class=\"tag-border-left\">PSA- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>It\u2019s another sunny day in Cairo, with a high of 32\u00b0C and a low of 20\u00b0C, according to our favorite weather app.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s more or less the same in Alexandria<\/strong>, with a high of 31\u00b0C and a low of 19\u00b0C.<\/p><p class=\"tag-border-left\">WATCH THIS SPACE- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>Turkish textile and apparel company Eroglu Holding is in talks with the Public <\/strong><strong>Enterprises Ministry over operating some of its affiliated spinning and weaving plants,<\/strong> company chairman Nurettin Eroglu said <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=pfbid0sAF9mLHqTmnpzfYDPf1hd4WUVN2JnrKaDnoercFeGLAE4rAwARtsZgGTJFMqxjz4l&amp;id=100082443635568\" style=\"\" rel=\"noopener\">during a meeting<\/a> with the Public Enterprise Minister Mohamed El Shimi. The move comes as part of Egypt\u2019s plans to modernize its textile industry. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The company is already carrying out technical evaluations of the factories:<\/strong> A technical delegation from the Turkish company \u2014 which is not stranger to the local market, most recently inaugurating a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38369b34-0047-46ac-938e-92e93265eae5\/hengsheng-inaugurates-usd-70-mn-textile-plant-in-qantara\" style=\"\" rel=\"noopener\">USD 40 mn ready-made garment plant<\/a> in the Qantara West Industrial Zone \u2014 recently visited Misr Spinning &amp; Weaving\u2019s factory in Mahalla and has plans to visit more factories in the coming days.<\/p><p class=\"tag-border-left\">HAPPENING TODAY- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It<\/strong><strong>\u2019s day three of the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/awiu.net\/upcoming-event\/\" style=\"\" rel=\"noopener\">Arab-African Investment &amp; International Cooperation summit<\/a><\/strong><strong>. <\/strong>The four-day event, organized by the Arab Women Investors Union in Cairo, focuses on sustainable development, international partnerships, and capital pathways for this year\u2019s edition.<\/p><p class=\"tag-border-left\">HAPPENING TOMORROW- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>President Abdel Fattah El Sisi will land in Brussels tomorrow for the first-ever <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.consilium.europa.eu\/en\/meetings\/international-summit\/2025\/10\/22\/\" style=\"\" rel=\"noopener\">EU-Egypt Summit<\/a><\/strong>, according to an EU Council <a target=\"_blank\" href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2025\/10\/17\/first-ever-eu-egypt-summit-to-take-place-in-brussels-on-22-october\/\" style=\"\" rel=\"noopener\">statement<\/a>. El Sisi will be joined by European Council President Ant\u00f3nio Costa and European Commission President Ursula von der Leyen to discuss strengthening political and economic ties under the EU-Egypt Strategic and Comprehensive Partnership and build on Egypt\u2019s role as a key stabilizing force in the region.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Last year, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\/eu-pledges-eur-7.4-bn-aid-package-for-egypt\" style=\"\" rel=\"noopener\"><\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/183954ef-4dc7-49c8-9499-743e77de1e74\/eu-pledges-eur-7.4-bn-aid-package-for-egypt\" style=\"\" rel=\"noopener\">EU pledged a EUR 7.4 bn package<\/a> of loans, grants, and investments through to 2027 and inked a joint strategic and comprehensive partnership with Egypt. The package included a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77aff167-211c-469e-99d6-52ac8ef6a789\/eu%25e2%2580%2599s%253cmark%253e-eur%253c%2Fmark%253e-1.8%253cmark%253e-bn%253c%2Fmark%253e-investment-guarantee-mechanism-to-mobilize%253cmark%253e-eur%253c%2Fmark%253e-5%253cmark%253e-bn%253c%2Fmark%253e-in-investments-through-2027-launched\" style=\"\" rel=\"noopener\">EUR 1.8 bn investment<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77aff167-211c-469e-99d6-52ac8ef6a789\/eu%25e2%2580%2599s%253cmark%253e-eur%253c%2Fmark%253e-1.8%253cmark%253e-bn%253c%2Fmark%253e-investment-guarantee-mechanism-to-mobilize%253cmark%253e-eur%253c%2Fmark%253e-5%253cmark%253e-bn%253c%2Fmark%253e-in-investments-through-2027-launched\" style=\"\" rel=\"noopener\">protection<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77aff167-211c-469e-99d6-52ac8ef6a789\/eu%25e2%2580%2599s%253cmark%253e-eur%253c%2Fmark%253e-1.8%253cmark%253e-bn%253c%2Fmark%253e-investment-guarantee-mechanism-to-mobilize%253cmark%253e-eur%253c%2Fmark%253e-5%253cmark%253e-bn%253c%2Fmark%253e-in-investments-through-2027-launched\" style=\"\" rel=\"noopener\">mechanism<\/a>, EUR 5 bn in concessional loans to provide macro-financial assistance, and EUR 600 mn in grants. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egyptian and European leaders in the public and private sectors will also be taking part <\/strong><strong>in a day of discussions <\/strong>under the theme Implementing the EU-Egypt Strategic and Comprehensive Partnership: Accelerating Strategic Investment, Industrial Transformation and Innovation. Foreign Minister Badr Abdelatty and investment Minister Hassan El Khatib will be among those taking to the stage, according to the <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/10\/951.pdf\" style=\"\" rel=\"noopener\">draft agenda (pdf)<\/a>. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DATA POINT- <\/strong>The EU was Egypt's top trading partner in 2024, accounting for 22% of total trade. The year saw EUR 32.5 bn worth of goods exchanged between the two, split between EUR 19.9 bn of imports from the EU and EUR 12.6 bn worth of exports to the EU.<\/p><p class=\"tag-border-left\">GDP WATCH- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt4\"><\/a> <strong>A <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-economy-seen-growing-46-202526-inflation-eases-2025-10-20\/\" style=\"\" rel=\"noopener\">Reuter<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-economy-seen-growing-46-202526-inflation-eases-2025-10-20\/\" style=\"\" rel=\"noopener\">s poll<\/a><\/strong><strong> sees the economy growing 4.6% this fiscal year<\/strong>, with those surveyed citing falling inflation and interest rates, as well as a weaker EGP boosting exports. The survey of 16 economists expects GDP to accelerate to 4.9% in the following fiscal year and to 5.3% in the fiscal year 2027-2028. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The Madbouly government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/067ba81c-e766-415f-b4fd-411d7fd49186\/a-look-into-the-government%25e2%2580%2599s-economic-targets-for-the-next-four-fiscal-years\" style=\"\" rel=\"noopener\">expects<\/a> the economy to grow at a 4.5% clip this fiscal year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Average <\/strong><strong>inflation is expected to drop to 12.3% in FY 2025-26<\/strong>, then to 10.2% in FY 2026-27, and to 7.5% in FY 2027-2028. The CBE wants to see inflation at 7% (\u00b1 2 percentage points) by 4Q 2026.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>As for interest rates<\/strong>, economists expect the Central Bank of Egypt\u2019s overnight lending rate to decline to 16.00% by June, down from the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da4c3c78-eb78-465c-82e3-ac8b105a4da5\/central-bank-resumes-rate-cuts-with-100-bps-move\" style=\"\" rel=\"noopener\">current 22.0%<\/a>, and forecast another drop to 13.00% the following year, and to 11.25% in June 2028.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGP is projected to decline to 49.85 against the USD<\/strong> by the end of the fiscal year, down from its current rate of 47.50. It is expected to weaken further to 52.00 by June 2027, and reach 54.00 by June 2028, according to the poll. <\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/p><\/div>\n<\/div>\n<\/div><p class=\"tag-border-left\">SUKUK WATCH- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Week<\/strong><strong>ly sukuk roundup: <\/strong>The yield to maturity on our sovereign sukuk fell to 6.25% last Friday, down from 6.27% the week before, according to the Egyptian Financial Company for Sovereign Taskeek\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/10\/969.pdf\" style=\"\" rel=\"noopener\">weekly report (pdf)<\/a>. Egyptian sovereign sukuk prices fell to USD 101.58, compared to USD 101.67 a week earlier \u2014 the highest price in almost a month. <\/p><p class=\"tag-border-left\">DATA POINT- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>Egypt ha<\/strong><strong>s overtaken Kuwait to become the Middle East\u2019s biggest importer of <\/strong><strong>liquified natural gas (LNG)<\/strong>, bringing in 6.46 mn tons so far this year, compared to Kuwait\u2019s 6.44 mn tons, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-20\/egypt-usurps-kuwait-as-middle-east-s-biggest-lng-importer\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing ship-tracking data.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>Oil production fell to its lowest level in 47 years, coming in at 507k barrels a day during 1H 2025, <a target=\"_blank\" href=\"https:\/\/x.com\/AsharqbEGY\/status\/1980367166433112516\" style=\"\" rel=\"noopener\">Asharq Business<\/a> reports citing data from the US Energy Information Administration.<\/p><hr style=\"height:2px;border-width:0;color:gray;background-color:gray\"><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** 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><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>** Were you forwarded this email?<\/strong> <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p><p class=\"tag-border-left\">THE BIG STORY ABROAD- <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Topping business headlines internationally this morning is Amazon Web Services\u2019 <\/strong><strong>outage yesterday<\/strong>, which lasted about 15 hours before operations were restored to normal. The outage \u2014 which was caused by a database malfunction \u2014 impacted thousands of websites and applications, including Venmo, Snapchat, and Zoom. It was the largest internet crash since CrowdStrike\u2019s last year, and the largest for AWS since a previous crash in 2021. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-20\/aws-suffers-service-disruption-with-thousands-reporting-issues?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/amazons-cloud-unit-reports-outage-several-websites-down-2025-10-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/arts-culture\/fine-art\/the-murky-underworld-where-the-louvre-thieves-hope-to-hawk-their-stolen-jewels-6daf5dda?mod=hp_lead_pos7\" style=\"\" rel=\"noopener\">Wall Street Journal<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/amazon-east-internet-services-outage-654a12ac9aff0bf4b9dc0e22499d92d7\" style=\"\" rel=\"noopener\">AP<\/a>) <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- Stock markets across the world are getting attention amid several stock rallies:<\/strong><\/p><ul>\n<li><strong>The S&amp;P 500 rose 1%<\/strong> as earnings season rolls in, boosted by Apple\u2019s shares hitting an all-time high on the back of strong sales momentum for its iPhone 17. (<a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-19\/us-stock-futures-rise-as-china-trade-tensions-cool-markets-wrap\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/apple-closes-4-trillion-valuation-data-shows-strong-demand-iphone-17-2025-10-20\/\" style=\"\" rel=\"noopener\">Reuters<\/a>) <\/li>\n<li><strong>Japan\u2019s benchmark Nikkei 225 rose more than 1%<\/strong> to an all-time high, as the country awaits a parliamentary vote which is likely to see Sanae Takaichi become the country\u2019s next prime minister (and its first female PM). (<a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/10\/21\/asia-markets-today-japan-parliamentary-vote-australia-rare-earths.html\" style=\"\" rel=\"noopener\">CNBC<\/a>) <\/li>\n<\/ul><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/239.jpg?ssl=1\"><\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> 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><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We dive into the country\u2019s agriculture sector, the challenges facing it, and what it is doing to overcome them. <\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/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=\"673940 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=\"673940\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/673940\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-673940\" class=\"content-area-description single-story post-673940 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\/10\/664.jpg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\">\n<p><span>From October 12\u201316, Somabay hosted the Somabay World Cup for the first time in Egypt, welcoming 173 participants from 19 countries to its signature Red Sea course. The tournament spotlighted Egypt\u2019s growing presence on the global golf map, set against Somabay\u2019s year-round sunshine, luxury resorts, and world-class sports and leisure scene.<\/span><\/p>\n<\/div>\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=\"673941\" 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=\"673941\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/electra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push\/\">\r\n                            Electra parent company Sagasse hits regulatory wall in Elsewedy takeover push                        <\/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\/10\/21\/electra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push\/\" 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\/10\/21\/electra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push\/')\">\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\/10\/21\/electra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push\/\">\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=Electra parent company Sagasse hits regulatory wall in Elsewedy takeover push&url=https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/electra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push\/\">\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\/10\/21\/electra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push\/&title=Electra parent company Sagasse hits regulatory wall in Elsewedy takeover push\">\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=Electra+parent+company+Sagasse+hits+regulatory+wall+in+Elsewedy+takeover+push+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F10%2F21%2Felectra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push%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\/10\/21\/electra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/663.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"673942\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/electra-parent-company-sagasse-hits-regulatory-wall-in-elsewedy-takeover-push\/663-jpg-32\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/663.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"663.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/663.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2024\/7\/663.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-673941\" class=\"content-area-description single-story post-673941 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-elsewedy-electric tag-enterpriseam tag-financial-regulatory-authority tag-ma-watch 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\/10\/.20bca4a5-b860-492e-9753-2096faeac65d.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>FRA b<\/strong><strong>locks Sagasse\u2019s bid to take full control of Elsewedy Electric: <\/strong>The Financial Regulatory Authority (FRA) rejected an acquisition offer submitted by Abu Dhabi-listed holding company Sagasse Investments to acquire 100% of EGX-listed industrial heavyweight Elsewedy Electric, citing governance, valuation, and minority rights concerns, the regulator said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/10\/932.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. Sagasse wanted to offer EGP 65 per share in cash or via share swap through newly-issued Sagasse stock to buy up all of Elsewedy Electric. The Abu Dhabi-based firm already holds an indirect 18.9% stake in Elsewedy Electric through its subsidiary <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b99033a-6043-45a7-aa07-f8a09c388613\/uae%25e2%2580%2599s-electra-snaps-up-20%2525-of%253cmark%253e-elsewedy%253c%2Fmark%253e-electric-for-usd-450-mn\" style=\"\" rel=\"noopener\">Electra Investment Holding<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>RATIONALE- <\/strong>The proposed structure violates market fairness and investor protection principles, according to the FRA. The regulator also pointed to the firm\u2019s limited track record and lack of operating assets, saying its shares cannot form a credible valuation basis for a swap offer. The FRA also raised concerns over conflict of interest risks, given Sagasse\u2019 indirect stake and warned that private negotiations with major shareholders could undermine equal treatment of investors. The watchdog said the offer, if executed, could distort trading dynamics while Elsewedy remains listed on the EGX.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">I<strong>CYMI- Electra <\/strong><strong>buying into the company last year<\/strong><strong> reshaped Elsewedy\u2019s <\/strong><strong>freefloat<\/strong><strong> profile<\/strong>, leading to its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a84e2e76-eafa-46a2-8f1f-95163724aa55\/orascom-development,-rameda,-egyptalum,-ibn-sina-pharma,-qalaa-holdings,-and-eipico-join-the-egx30-after-index-review\" style=\"\" rel=\"noopener\">removal from the<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a84e2e76-eafa-46a2-8f1f-95163724aa55\/orascom-development,-rameda,-egyptalum,-ibn-sina-pharma,-qalaa-holdings,-and-eipico-join-the-egx30-after-index-review\" style=\"\" rel=\"noopener\">EGX\u2019s main index<\/a> earlier this year. The drop in trading activity had prompted speculation over a potential delisting, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1d974ae-027a-4796-a596-f250d9beee32\/egx30-recoups-last-week%25e2%2580%2599s-losses\" style=\"\" rel=\"noopener\">which Elsewedy dismissed<\/a>, reiterating it has no plans to leave the EGX and remains committed to its listing.<\/p>\n<p class=\"tag-border-left\">IN OTHER M&A NEWS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Raya Customer Experience\u2019s (Raya CX) board rejected a mandatory tender <\/strong><strong>offer (MTO) <\/strong><strong>from its parent company Raya Holding<\/strong>, deeming the offer price (EGP 7.50 per share) below fair value, it said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/10\/942.pdf\" style=\"\" rel=\"noopener\">bourse filing (pdf)<\/a>. The board\u2019s rejection doesn't block the move outright; shareholders can still choose to tender their shares allowing the acquisition to go through. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>Raya Holding <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be348cc5-4537-409b-aa26-e9b91d1326cc\/fra-greenlights-wafa,%253cmark%253e-raya%253c%2Fmark%253e-tender-offers-as-bids-go-live-on-egx\" style=\"\" rel=\"noopener\">launched the MTO<\/a> after obtaining FRA approval last month, aiming to raise its ownership in the outsourcing arm to 90% from 60.8%. The offer, open through Sunday, 26 October, is valued at around EGP 330 mn, implying a total valuation of EGP 1.54 bn for Raya CX.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Al Ahly Pharos is the broker, Zilla Capital is the transaction advisor, and Zaki Hashem & Partners is providing counsel.<\/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\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n          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<\/a>\r\n\r\n                \n<article id=\"post-673944\" class=\"content-area-description single-story post-673944 post type-post status-publish format-standard has-post-thumbnail hentry category-coffee-with tag-coffee-with tag-enterpriseam tag-visa 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\/10\/.89666e45-e751-4943-84d2-7c96171f0d83.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.0;orphans:2;widows:2;text-align:left\"> <strong>For many aroun<\/strong><strong>d the world, Visa is just a logo on a card. In Egypt, it is to <\/strong><strong>\u2018non-cash payment\u2019 as Kleenex is to the word \u201ctissue.\u201d<\/strong> Go to pay in just about any shop, and you\u2019re not asked \u201cCash or card?\u201d but \u201cCash or Visa?\u201d That\u2019s the kind of brand dominance marketers dream of, and it\u2019s been built over nearly 70 years of being the invisible rails for consumer payments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>Visa is the biggest player in a messy global war over the future of payments. <\/strong>And every fintech founder and her brother on a \u201cmission\u201d to \u201crevolutionize\u201d the very definition of money (for the betterment of the \u201cecosystem,\u201d of course), the plastic in your wallet is no longer the central actor \u2014 electrons are. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>The war for the future of payments is unfolding on three fronts:<\/strong> First, there are the sovereigns: Governments, particularly in emerging markets, are building their own payment rails. Saudi Arabia has Mada, and Egypt has Meeza and the InstaPay network. They all look at India\u2019s UPI with envy, eager to control their own financial destiny, boost inclusion, and, yes, have a say on the fees. UPI, launched just nine years ago, <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2025\/10\/16\/cnbcs-inside-india-newsletter-upis-global-push-seems-an-economic-strategy.html\" style=\"\" rel=\"noopener\">processes even more real-time payments (640 mn a day) than does Visa (639 mn)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>Next, there\u2019s the infrastructure front:<\/strong> The massive, clunky, and wildly inefficient worlds of business-to-business (B2B) payments and cross-border remittances \u2014 still largely reliant on slow, expensive networks like SWIFT \u2014 are the next big frontier.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>And third, the \u201csci-fi\u201d front \u2014 the stuff of which OpenAI\u2019s Sam Altman and his buddies dream.<\/strong> The rails themselves are being challenged by <a target=\"_blank\" href=\"https:\/\/www.mckinsey.com\/featured-insights\/mckinsey-explainers\/what-is-a-stablecoin\" style=\"\" rel=\"noopener\">stablecoins<\/a> promising 24\/7 settlement and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b80e7284-5108-44c9-a434-d62b517ac426\/visa-goes-long-on-ai-driven-commerce,-and-expands-digital-payment-capabilities\" style=\"\" rel=\"noopener\">agentic commerce<\/a>, a future where the robot does it all for you: Your AI assistant books and pays for your holiday in one seamless, embedded transaction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>How does the 800-pound gorilla of the old map plan to win this new war? <\/strong>We sat down with Tareq Muhmood, Visa\u2019s new regional president for Central and Eastern Europe, Middle East, and Africa (CEMEA), to find out. In one of his first interviews since taking on the role, Muhmood laid out a vision for \u201cVisa as a platform\u201d \u2014 a company that has \u201cunbundled\u201d its decades of tech to offer clients everything from risk and anti-fraud services to core infrastructure, even for its new government-backed competitors. Joining us for the wide-ranging conversation were Leila Serhan, senior vice president and group country manager for North Africa, Levant, and Pakistan, and Malak El Baba, who runs Visa\u2019s business in Egypt. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>Edited excerpts from our conversation:<\/strong><\/p>\n<p class=\"tag-border-left\"> ACT I: WHAT\u2019S CEMEA, REALLY?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: You\u2019ve lived and worked in 13 countries. You\u2019re now running CEMEA, which strikes me as three very different territories: Central Europe, the Gulf, and Africa. How do you run a region that diverse?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TAREQ MUHMOOD (TM):<\/strong> It\u2019s a great question. I find there are a lot more similarities than differences. People want convenience, they want speed, they want transparency, whether you\u2019re a merchant or a consumer. That really shapes our strategy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\">At the same time, the execution is always very local. We have amazing people that sit on the ground. We just opened an office in Tanzania, for example, because we recognize that the payments ecosystem in that country needs more regular, intense connections. We\u2019re opening an office in Kuwait with 12 people.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\">And here in Egypt, we were just talking about the size of our team. It\u2019s grown from 15 people a few years ago to over 105 now. That\u2019s not going to go down anytime soon.<\/p>\n<p style=\"padding-top:12pt;margin:0;padding-left:0;padding-bottom:12pt;line-height:1.0;text-align:left;padding-right:0\"><strong>LEILA SERHAN (LS):<\/strong> One of the really interesting things we\u2019ve done at Visa is build what we call \u201cmarket archetypes.\u201d We look across the world and ask, \u2018Which markets behave alike?' For example, the UK might have more in common with Australia than with Poland \u2014 and in the same way, Egypt has a lot in common with parts of Southeast Asia.<\/p>\n<p style=\"padding-top:12pt;margin:0;padding-left:0;padding-bottom:12pt;line-height:1.0;text-align:left;padding-right:0\">That lens helps us decide what to prioritize in each place. In Egypt and similar markets, it\u2019s about building \u2014 creating relevant solutions for every segment, from large banks to the smallest sellers. And you\u2019d be surprised by how agile many of these markets are \u2014 in some cases, even more agile than the \u201cadvanced\u201d economies.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: Tareq, what\u2019s one thing an outsider would be surprised by across your territory?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> Especially for someone coming from Europe or North America, it\u2019s how mobile wallets are amazingly exciting and how they\u2019re having an impact. We were in Kenya last week, and you see how that\u2019s become very much a part of the ecosystem. I was in Ivory Coast not long ago, and those mobile operators have done a phenomenal job in complementing their telco networks by offering financial capability as well.<\/p>\n<p class=\"tag-border-left\"> WHAT IS VISA, ANYWAY?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: To understand how you\u2019re tackling the new battlegrounds, we need to understand what Visa is today. For readers who only know the logo, how does Visa actually make money?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> It\u2019s by facilitating payments, essentially, and then surrounding that with the right capabilities to make sure that payment is transparent, secure, and you can use the data to provide better payment experiences. It\u2019s a stack of technology services we provide to clients who want to use it to provide their clients with a great experience.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: <\/strong>I won\u2019t say we\u2019re clinging to our bills, but Egypt is still a society in which cash is quite central. How does that inform strategy for you? We can\u2019t be the only market that\u2019s like this\u2026<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong>I still remember when travelers checks were a thing\u2026 Look, I think it\u2019s about the evolution of what I think of as the \u201ccustomer experience of payments,\u201d which is evolving incredibly rapidly. If someone left the planet in the early 1990s and came back now? They wouldn\u2019t recognize it: Contactless payments. E-commerce. Now agentic commerce is just getting off the ground. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: You talk about Visa as a \u201cnetwork of networks\u201d. What does that mean in practice?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> I\u2019ll give you a real example. If you went to China five years ago, you would struggle to pay with a card outside the normal hotels or restaurants because WeChat and Alipay QR were dominant.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\">Over the last two or three years, we\u2019ve gone live where, in the WeChat or Alipay app, you can actually insert your Visa credential. You put in your Visa card details, and now you can use the Visa credential through the Alipay app or through WeChat to pay at any location you want around China.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\">Being a \u201cnetwork of networks\u201d is about accepting that we\u2019re not going to be at every potential location, but we\u2019re that network of networks that can connect to make sure every single merchant can be connected to every single consumer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: So what are the big drivers of the business for you? You\u2019re not just selling cards anymore.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> It\u2019s really across three main areas. One is the journey of creating efficient and beautiful payment experiences. This is our core. It includes expanding contactless payments onto transit systems or improving tokenization to make e-commerce smoother and more secure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\">The second growth driver is managing risk. As e-commerce grows, and as many countries launch real-time payment \u2014 or RTP \u2014 systems, along with that comes fraud. We see a rise in fraud, whether it\u2019s fake links or other scams, so we\u2019re really adapting our risk solutions to not only protect Visa payments, but to also protect all types of payments. Clients have been adopting our technology for different purposes than what we imagined years ago.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\">The final one, which excites me, is agility. Many of our clients are really struggling with their technology stacks. Because of compliance requirements, or because they need to innovate really quickly. We had a client that wanted to launch a new proposition. If they used their own in-house technology, it would have taken two years to build. By leveraging what we bought and built as Visa, they were able to go live in three or four months.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE:<\/strong> This is the new thesis, then. It\u2019s not just a card network \u2014 it\u2019s a modular tech company.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> Exactly. What\u2019s really exciting is that Visa has evolved. The stack of our technology that\u2019s been built over 60 years has been unbundled. Depending on what your needs are \u2014 whether it\u2019s risk, or infrastructure, or processing for Visa or non-Visa payments \u2014 there are different modules that you can pick and choose from our stack. It\u2019s Visa as a platform.<\/p>\n<p class=\"tag-border-left\">THE NEW BATTLEGROUNDS<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: Let\u2019s talk about those new battlegrounds. You have governments in this region launching their own payment schemes, like Mada in Saudi and Meeza in Egypt. They\u2019re encroaching on your space. They look at UPI in India and think, \u201cHmm\u2026 we want some of that.\u201d How do you work with sovereigns in cases like this?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> I\u2019ve been on a journey with this. My mindset is, I\u2019m thrilled. I\u2019m thrilled that every country has an agenda to drive digital payments. The more digital payments there are, the more transparency and inclusion there is.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\">There are two approaches. One is, we can help. We do actually help in some countries where they need risk advice or cybersecurity advice, because every payment system is vulnerable. At the same time, we\u2019ll continue to focus on building the network Visa\u2019s been building for more than 65 years. I think it should be welcomed that local digital payment systems exist.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>LS:<\/strong> You\u2019ve mentioned Meeza here in Egypt and Instapay. It is actually benefiting our business as well, because it\u2019s opening up opportunities for more financial inclusion and digitization. There are a lot of discussions we\u2019re having with the central bank and other regulators on how we can cooperate together, specifically on the risk part.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: Where is the most interesting white space for growth as government-backed companies get into the financial inclusion game?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> There is just an abundance of opportunity. I\u2019ll give you two real examples. First, many banks around the region continue to use SWIFT as the primary way of sending money. I have two sons in Sydney. For me to send them money via SWIFT, it takes maybe four days. And if I send USD 700, they\u2019ll receive USD 650 because of correspondent banking charges.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\">The other day, I was talking to my son on Snapchat, and he told me, \u201cDad, I need USD 700\u201d. While I was speaking to him, I was able to open up my bank app and send him USD 700 on Visa Direct, on our rails. He received it within four seconds of me hitting \u2018send.\u2019 It\u2019s from a bank account to another bank account, but using Visa\u2019s rails. And there\u2019s maybe a USD 3 charge for that payment, but he received exactly what I sent him. We\u2019re going to see that become a very normal payment experience, even on a Sunday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: And the second one?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> The second one that I find really exciting is that there are still huge inefficiencies in B2B payments. When companies pay each other, whether it\u2019s supply chains or contractors \u2026 when a building contractor needs to pay the subcontractors, it\u2019s a very clunky method. The digitization of that has a huge growth opportunity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>LS:<\/strong> I would double down on the remittances. We know how important they are for these economies. In my own country, Lebanon, 50% of the GDP is remittances. People sending money back home. And I think what we\u2019ve done with Visa Direct and Visa Plus, sending money mobile-to-mobile, push-to-a-wallet, push-to-an-account \u2026 It is a game changer for these markets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: So the white space is more B2B now than financial inclusion?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>LS:<\/strong> There is so much financial inclusion to be done in these markets \u2014 financial inclusion is B2B and B2C. Don\u2019t only think of individuals \u2014 think of the small-scale sellers. Whether it\u2019s one person at home baking cookies or an artisan or a small shop, they\u2019re hungry to get the right financial services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> Many people think of this as a financing need, when it\u2019s not. A lot of the need is just transactional \u2014 they just need to be able to pay their suppliers and receive money as fast as possible.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>LS:<\/strong> And we\u2019ve seen mobile operators getting into this. I know a mobile operator in Pakistan that disperses more than 100k loans a day at an average ticket of between USD 5 and USD 10. Because that\u2019s exactly what these macro-nano merchants need \u2014 he needs to put in petrol, he needs to top-up his mobile data or whatever. The mobile operators have the data to do that, and they\u2019re taking this risk.<\/p>\n<p class=\"tag-border-left\">THE FUTURE OF THE RAILS<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE:<\/strong> Let\u2019s turn now to the future of the rails themselves. I asked about Central Bank Digital Currencies (CBDCs) and whether they\u2019re a threat.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong>I feel that conversation has almost moved on to stablecoins much more than CBDCs, and how stablecoins can facilitate a more efficient payment system. We\u2019re heavily engaged.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\">[Editor\u2019s note: While Muhmood is bullish on the potential of stablecoins, his optimism comes at a moment of deep regulatory friction. Just this week, Chinese authorities reportedly <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/chinese-tech-giants-pause-stablecoin-plans-after-beijing-steps-ft-reports-2025-10-19\/\" style=\"\" rel=\"noopener\">tapped the brakes on stablecoin plans from Ant Group and JD.com<\/a>, highlighting the exact sovereign anxieties Visa will have to navigate.]<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: Where will I really use a stablecoin? By definition, it\u2019s pegged to the USD or another currency, so why am I going outside a bank to use a stablecoin instead of just paying by bank using fiat currency?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> You\u2019ll see it in a lot of countries, mostly where foreign-exchange restrictions are impacting the ability to move money. It\u2019s just a convenient method to allow people to send money to each other. The other use case is really where people need settlement seven days a week, so you don\u2019t need the clearing houses to be open. Stablecoin gives you that transparency plus the ability to transact 24\/7. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: Moving even deeper into the sci-fi stuff, we have agentic commerce\u2026<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> It reminds me of my first time opening up \u2026 what was the first browser?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: Netscape Navigator.<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> Netscape Navigator. That first time it opened up and you start thinking, \u201cOh my God, what is this?\u201d I feel agentic commerce is at that chapter or stage. Think about it: Right now, you search your holiday plans, and whichever AI is giving you recommendations of which hotels to stay at, that\u2019s where the journey ends. The payment experience is still something you have to get out of that and go and do. Where the future is going is a completely embedded experience, but within parameters that you set, where you as a consumer feel safe and the merchant also feels safe.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE But if I\u2019m a boutique hotel, I want that direct relationship. I want the customer to come to my site, join my loyalty program. Won\u2019t this disintermediate me?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong> It will sometimes, but it\u2019s similar to \u2026 you walk around a shopping mall in Singapore, and they still sell beautiful fountain pens in the digital age. That will still exist. I\u2019m sure in 15 years, there\u2019ll still be travel boutiques that create great experiences. But there\u2019ll be a huge amount of commercial transactions happening through agentic commerce where the robot does the shopping as well.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE: Agentic feels \u2026 early, I guess I would say. <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong>It is, but similar to the launch of the internet and payments there, it's also going to take a few chapters before agentic commerce is a beautiful experience. But that train's left the station, and we\u2019ll play a big part there. All around the world, people want convenience, they want speed, they want transparency \u2014 whether they\u2019re the merchant or the consumer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>ENTERPRISE:<\/strong> Okay, last question. I have a college-age daughter. What are you telling your kids to study?<\/p>\n<p style=\"padding:0;margin:0;line-height:1.0;text-align:left\"><strong>TM:<\/strong>I\u2019m trying to teach them how to keep learning, rather than what to learn. They\u2019ve got to learn how to be adaptable. I think it\u2019s got to be behavioral, rather than what to study. That\u2019s where I go.<\/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\/coffee-with\/\">Coffee With<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/visa\/\">Visa<\/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=\"673946\" 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          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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/983.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"983.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/983.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/983.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-673946\" class=\"content-area-description single-story post-673946 post type-post status-publish format-standard has-post-thumbnail hentry category-tax tag-enterpriseam tag-finance-ministry tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/10\/.7ea977e0-005e-4593-be82-85ab7601d71c.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The fin<\/strong><strong>ance and investment ministries have agreed to gradually reduce fees <\/strong><strong>imposed on manufacturers<\/strong>, starting with the introduction of a new mechanism for calculating the solidarity contribution that goes towards the universal healthcare system, 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>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>REMEMBER-<\/strong> The General Authority for Investment and Freezones <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/191542fc-cfd1-4803-b10d-e104a5d86fc8\/egypt-moves-closer-to-simplifying-the-tax-system-for-investors\" style=\"\" rel=\"noopener\">recently found<\/a> that investors face a total of 2,224 administrative fees collected by 67 different government entities. In response to that, the Finance Ministry <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/535be9bb-8382-432d-8798-c27236d71999\/egypt-to-change-up-how-solidarity-contributions-are-calculated\" style=\"\" rel=\"noopener\">started mulling<\/a> changes into how solidarity contributions are calculated and paid out.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>So, what\u2019s new? <\/strong>The solidarity contribution will be calculated based on net income rather than revenues, at a rate of 1% of net profit instead of the current 0.25% of revenues, the source explained.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The reasons behind changing the mechanism:<\/strong> Firms are currently facing two main issues with the solidarity contribution \u2014 contribution is calculated based on revenues, not net income, which increases its value and negatively affects companies' liquidity and paying it is a prerequisite for participating in government tenders and auctions, which forces companies to pay it.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REFRESHER- <\/strong>The cabinet <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d077e660-9c01-4f7e-b86c-577319ff8717\/%252525d8%252525a7%252525d9%25252584%252525d8%252525ad%252525d9%25252583%252525d9%25252588%252525d9%25252585%252525d8%252525a9-%252525d8%252525aa%252525d9%25252583%252525d8%252525b4%252525d9%25252581-%252525d8%252525b9%252525d9%25252586-%252525d8%252525a7%252525d9%25252584%252525d8%252525ad%252525d8%252525b2%252525d9%25252585%252525d8%252525a9-%252525d8%252525a7%252525d9%25252584%252525d8%252525a3%252525d9%25252588%252525d9%25252584%252525d9%25252589-%252525d9%25252584%252525d9%25252584%252525d8%252525aa%252525d8%252525b3%252525d9%25252587%252525d9%2525258a%252525d9%25252584%252525d8%252525a7%252525d8%252525aa-%252525d8%252525a7%252525d9%25252584%252525d8%252525b6%252525d8%252525b1%252525d9%2525258a%252525d8%252525a8%252525d9%2525258a%252525d8%252525a9\" style=\"\" rel=\"noopener\">agreed<\/a> last year to change how the solidarity contribution is calculated. The amendments included a 0.25% healthcare tithe to fund the universal healthcare system calculated based on companies\u2019 net income, instead of their total revenues. However, this was met with concerns from the Universal Health Ins. Authority.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Implementing the new mechanism could leave the universal healthcare system <\/strong><strong>underfunded<\/strong> \u2014 to address this the Finance Ministry proposed measures to prevent the system from facing a funding gap and to identify new funding sources, given that solidarity contributions currently finance most of the system\u2019s services.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>State budget to cover the gap starting next fiscal year: <\/strong>The government has decided that the state budget will cover the funding gap between solidarity contributions and universal healthcare system expenditure starting fiscal year 2026-2027, according to the source.<\/p>\n<p class=\"tag-border-left\">ANOTHER METHOD TO HELP FUND THE GAP- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We could soon start paying more for a can of soda: <\/strong>Discussions are underway to develop proposals for a \u201chealth tax\u201d on sweetened beverages, similar to those implemented in several Arab countries, another government source told EnterpriseAM. The move follows a <a target=\"_blank\" href=\"https:\/\/www.who.int\/news\/item\/02-07-2025-who-launches-bold-push-to-raise-health-taxes-and-save-millions-of-lives\" style=\"\" rel=\"noopener\">World Health Organization (WHO) recommendation<\/a> \u2014 in June the organization launched an initiative \u201curging countries to raise real prices on tobacco, alcohol, and sugary drinks by at least 50% by 2035 through health taxes in a move designed to curb chronic diseases and generate critical public revenue.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How it would work: <\/strong>The proposed health tax \u2014 being developed by the health and finance ministries \u2014 would be applied progressively based on the sugar content of each product, the source said. Sugar-free and healthy drinks would be exempt, while beverages containing 5-9 grams of sugar per 100 ml would face a 20% tax, and those exceeding that threshold would be subject to a 30% tax.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>When will it be implemented? <\/strong>The tax will be imposed once the required legislative amendments are finalized, the source added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We had an idea this was coming: <\/strong>Sources told us in May that the government was considering <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4b541ae7-8230-4a36-b7f1-47f2f104b0bd\/egypt-looks-to-add-more-tax-exemptions-to-the-chopping-block\" style=\"\" rel=\"noopener\">introducing taxes on a range of goods and services<\/a> for the first time \u2014 including soft drinks, sweetened and unsweetened juices, and non-alcoholic beer \u2014 as part of a broader plan to eliminate exemptions for 19-20 goods that receive them under the current law. However, the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f42067c-d0e3-4c25-8ec8-cd5cd9e0f444\/house-approves-amendments-to-vat-law-on-select-items\" style=\"\" rel=\"noopener\">VAT amendments<\/a> that came <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/89550700-4672-4bef-b3dc-c26f4c9bb045\/%2525d8%2525a7%2525d9%252584%2525d9%252585%2525d8%2525a7%2525d9%252584%2525d9%25258a%2525d8%2525a9-%2525d8%2525aa%2525d8%2525aa%2525d9%252588%2525d9%252582%2525d8%2525b9-%2525d8%2525b5%2525d8%2525b1%2525d9%252581-2.5-%2525d9%252585%2525d9%252584%2525d9%25258a%2525d8%2525a7%2525d8%2525b1-%2525d8%2525af%2525d9%252588%2525d9%252584%2525d8%2525a7%2525d8%2525b1-%2525d9%252585%2525d9%252586-%2525d9%252582%2525d8%2525b1%2525d8%2525b6-%2525d8%2525b5%2525d9%252586%2525d8%2525af%2525d9%252588%2525d9%252582-%2525d8%2525a7%2525d9%252584%2525d9%252586%2525d9%252582%2525d8%2525af-%2525d9%252587%2525d8%2525b0%2525d8%2525a7-%2525d8%2525a7%2525d9%252584%2525d8%2525ae%2525d8%2525b1%2525d9%25258a%2525d9%252581\" style=\"\" rel=\"noopener\">into effect in July<\/a> did not include taxes on sweetened beverages.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"673948 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"673948\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/673948\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-673948\" class=\"content-area-description single-story post-673948 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.grantthornton.eg\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/2099.jpg?ssl=1\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"673949\" 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=\"673949\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/chinese-players-to-set-up-four-new-textile-projects-worth-a-combined-usd-65-mn\/\">\r\n                            Chinese players to set up four new textile projects worth a combined USD 65 mn                        <\/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\/10\/21\/chinese-players-to-set-up-four-new-textile-projects-worth-a-combined-usd-65-mn\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The four factories will cover 238k sqm and create over 3k direct jobs. No further details were provided regarding the projects. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About the zone: <\/strong>Sokhna 360 is a 10 mn sqm integrated industrial city in the Ain Sokhna industrial zone, offering industrial, residential, educational, and commercial areas, according to the company\u2019s <a target=\"_blank\" href=\"https:\/\/elsewedydevelopment.com\/opportunities\/sokhna-360\/\" style=\"\" rel=\"noopener\">website<\/a>. The project targets USD 3 bn in total investments and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2e531fa-61d4-4888-bf4e-cc6d1b7a0699\/the-first-german-green-logistics-hub-in%253cmark%253e-sokhna-360%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">offers<\/a> a range of incentives to foreign investors, including 100% ownership, full control of import and export activities, and exemptions from customs duties and sales tax.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Chinese textile firms \u2764\ufe0f SCZone:<\/strong> The SCZone has seen a surge in Chinese textile investments in 2H 2025. So far during the second half of the year we\u2019ve seen Hengsheng inaugurate its <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38369b34-0047-46ac-938e-92e93265eae5\/hengsheng-inaugurates-usd-70-mn%253cmark%253e-textile%253c%2Fmark%253e-plant-in-qantara\" style=\"\" rel=\"noopener\">USD 70 mn<\/a> textile technology plant in Qantara West, Everfar Textile Egypt ink an agreement to invest <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36e4026d-f8e4-4a01-8705-0aaf3ddef82d\/turkish,-chinese-firms-line-up-over-usd-200-mn-in-local%253cmark%253e-textile%253c%2Fmark%253e,-tourism-projects\" style=\"\" rel=\"noopener\">USD 130 mn<\/a> in a new facility, and Changzhou Ramada sign an agreement to set up a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0de65f5d-ae05-4719-8ba3-d69b8a0b3d23\/china%25e2%2580%2599s-changzhou-ramada-to-invest-usd-22.6-mn-in-qantara-west%253cmark%253e-textile%253c%2Fmark%253e-plant\" style=\"\" rel=\"noopener\">USD 22.6 mn<\/a> textile manufacturing facility also in Qantara. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PLUS- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/agrogreen.co.uk\/\" style=\"\" rel=\"noopener\">Agro Green For Exporting Agriculture Crops<\/a><\/strong><strong> inaugurated its EGP 300 mn <\/strong><strong>agricultural products factory in Dakahlia\u2019s Gamasa Industrial Zone<\/strong>, according to an Industry Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02cLm2BszFvXQefuTCh8hRVjC4ShSW6KVyzYfiAKuJEhDhKEerG7A4oFL4djrXu4eXl\" style=\"\" rel=\"noopener\">statement<\/a>. The new 11k sqm facility has an annual production capacity of 30k tons of packaged fresh vegetables. The factory will export its entire output to markets including the UK, the Netherlands, and France.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- The <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.ecc-hub.com\/\" style=\"\" rel=\"noopener\">Egyptian Company For Cosmetics<\/a><\/strong><strong> also inaugurated three new pharma <\/strong><strong>production lines in its EGP 200 mn cosmetics factory in Gamasa<\/strong>, producing tablets, capsules, and powders. The 4k sqm facility has an annual capacity of 650 tons, 40% of which is exported. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> The government is planning to set up two new industrial zones in Dakahlia, covering 141 feddans and 93.5 feddans, as extensions of the Gamasa Industrial Zone, Industry Minister Kamel El Wazir said. The new areas aim to meet growing demand for industrial land, with priority given to existing manufacturers seeking expansion. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the pipeline: <\/strong>El Wazir added that work is underway to develop a logistics zone at Damietta Port to speed up cargo handling and export operations. <\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"673951\" 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=\"673951\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/govt-raises-its-local-debt-target-for-october-to-egp-845-bn\/\">\r\n                            Egypt raises its local debt target for October to EGP 845 bn                        <\/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\/10\/21\/govt-raises-its-local-debt-target-for-october-to-egp-845-bn\/\" 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\/10\/21\/govt-raises-its-local-debt-target-for-october-to-egp-845-bn\/')\">\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\/10\/21\/govt-raises-its-local-debt-target-for-october-to-egp-845-bn\/\">\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=Gov\u2019t raises its local debt target for October to EGP 845 bn&url=https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/govt-raises-its-local-debt-target-for-october-to-egp-845-bn\/\">\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\/10\/21\/govt-raises-its-local-debt-target-for-october-to-egp-845-bn\/&title=Gov\u2019t raises its local debt target for October to EGP 845 bn\">\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=Gov%E2%80%99t+raises+its+local+debt+target+for+October+to+EGP+845+bn+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F10%2F21%2Fgovt-raises-its-local-debt-target-for-october-to-egp-845-bn%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\/10\/21\/govt-raises-its-local-debt-target-for-october-to-egp-845-bn\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1760.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"673952\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/govt-raises-its-local-debt-target-for-october-to-egp-845-bn\/1760-jpg-39\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1760.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1760.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1760.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/1\/1760.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-673951\" class=\"content-area-description single-story post-673951 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-banking tag-central-bank-of-egypt tag-debt tag-debt-watch tag-enterpriseam tag-finance-ministry 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\/10\/.4cba000c-1c10-43d0-98db-13453d8fe599.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The Finance M<\/strong><strong>inistry has raised its local debt target for October to EGP 845 <\/strong><strong>bn<\/strong>, up from EGP 833 bn in September, a government source told EnterpriseAM. The increase comes on the back of strong investor appetite for government-backed treasury bills and bonds in both primary and secondary markets, following the recent decline in interest rates across the country. <\/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>Local banks are taking the lion\u2019s share: <\/strong>Demand from Egypt\u2019s banking sector for local debt instruments has grown more than that from foreign investors in the current period, thanks to improvements in the economic landscape and the USD \/ EGP exchange rate, as well as shrinking yields within the banking system, the source explained. The higher demand for local debt coverage from banks was driven by a rise in individual investments in debt instruments through their banks, who are offering them as an alternative investment option amid falling returns on other savings instruments, the source said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Long-term t-bills make up the larger share of the targeted issuances<\/strong>, as a part of the government\u2019s efforts to extend the average maturity of public debt, the source added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>An overview of the latest t-bill auctions: <\/strong>During last Thursday and Sunday\u2019s t-bill auctions the central bank sold EGP 228.4 bn worth of t-bills \u2014 up 29.8% from the targeted EGP 176 bn, according to the bank\u2019s <a target=\"_blank\" href=\"https:\/\/www.cbe.org.eg\/ar\/auctions\/egp-t-bills\" style=\"\" rel=\"noopener\">website<\/a>. The bills were sold at an average yield ranging between 25.59% and 26.79%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Finance Ministry is now working to reduce the number of new issuances<\/strong> by reopening issuances for two, three, and five-year bonds instead of offering new ones.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong> The Finance Ministry is planning to unveil its new public debt strategy this <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da175d77-a5bd-4ac2-99e2-b88bd8104616\/egypt-to-unveil-public-debt-strategy-in-december\" style=\"\" rel=\"noopener\">December<\/a>. The strategy aims to bring public debt down to below 75% of GDP within three years, from 85% in the last fiscal year, while cutting debt servicing costs to 7% of GDP and extending debt maturity to five years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The budget deficit<\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10afb773-3b4d-44f9-8006-f938479c8531\/%2525253cmark%2525253efinancing-gap%2525253c%25252Fmark%2525253e-set-to-rise-over-25%25252525-next-fiscal-year-to-egp-3.6-tn\" style=\"\" rel=\"noopener\">is expected to narrow to<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10afb773-3b4d-44f9-8006-f938479c8531\/%2525253cmark%2525253efinancing-gap%2525253c%25252Fmark%2525253e-set-to-rise-over-25%25252525-next-fiscal-year-to-egp-3.6-tn\" style=\"\" rel=\"noopener\">7.3%<\/a><\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10afb773-3b4d-44f9-8006-f938479c8531\/%2525253cmark%2525253efinancing-gap%2525253c%25252Fmark%2525253e-set-to-rise-over-25%25252525-next-fiscal-year-to-egp-3.6-tn\" style=\"\" rel=\"noopener\">of GDP<\/a><\/strong><strong> this fiscal year<\/strong>, down from an estimated 7.6% last fiscal year. Meanwhile, the financing gap for the current fiscal year is estimated at around <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10665dd7-d681-4a55-9aaa-09edec33ddf9\/madbouly-government-boosts-international-debt-program-to-usd-8-bn-in-new-budget\" style=\"\" rel=\"noopener\">EGP 3.6 tn<\/a>. To that end, the Finance Ministry plans to issue fresh local debt instruments worth EGP 3.2 tn \u2014 EGP 2.2 tn in t-bills and around EGP 928.9 bn in t-bonds \u2014 according to official figures seen by EnterpriseAM.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/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=\"673953 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=\"673953\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/673953\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-673953\" class=\"content-area-description single-story post-673953 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\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=\"673954\" 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=\"673954\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/petrojet-secures-usd-1-bn-contract-to-develop-algerian-oil-field\/\">\r\n                            Petrojet secures USD 1 bn contract to develop Algerian oil field                        <\/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\/10\/21\/petrojet-secures-usd-1-bn-contract-to-develop-algerian-oil-field\/\" 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\/10\/21\/petrojet-secures-usd-1-bn-contract-to-develop-algerian-oil-field\/')\">\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\/10\/21\/petrojet-secures-usd-1-bn-contract-to-develop-algerian-oil-field\/\">\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=Petrojet secures USD 1 bn contract to develop Algerian oil field&url=https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/petrojet-secures-usd-1-bn-contract-to-develop-algerian-oil-field\/\">\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\/10\/21\/petrojet-secures-usd-1-bn-contract-to-develop-algerian-oil-field\/&title=Petrojet secures USD 1 bn contract to develop Algerian oil field\">\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=Petrojet+secures+USD+1+bn+contract+to+develop+Algerian+oil+field+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2025%2F10%2F21%2Fpetrojet-secures-usd-1-bn-contract-to-develop-algerian-oil-field%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\/10\/21\/petrojet-secures-usd-1-bn-contract-to-develop-algerian-oil-field\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/981.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"673955\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/petrojet-secures-usd-1-bn-contract-to-develop-algerian-oil-field\/981-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/981.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"981.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/981.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/10\/981.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-673954\" class=\"content-area-description single-story post-673954 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-capital-markets tag-egx tag-energy tag-enterpriseam tag-financial-regulatory-authority tag-insurance tag-ma-watch tag-manufacturing tag-middle-east-glass-manufacturing-company tag-petrojet 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\/10\/.af4f5c7f-de21-40a8-adba-519d8d2f1b90.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>Petr<\/strong><strong>ojet lands USD 1 bn contract to develop Algerian field: <\/strong>State-owned oil and gas contractor Petrojet was awarded a USD 1.1 bn contract to develop the second phase of the Hassi Bir Rkaiz field project in Algeria, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/story.php?story_fbid=1131685665813070&id=100069149411340&mibextid=wwXIfr&rdid=ewucDTRNZJgFW2o4#\" style=\"\" rel=\"noopener\">statement<\/a> from the Oil Ministry. The company took part in a competitive bidding process against major international firms for the project. <\/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>Petrojet will lead a consortium alongside Italy\u2019s Arkad SpA to execute the project. The project includes the construction of a central processing facility with a capacity of 31.5k barrels per day, along with linked infrastructure, including 217 km of pipelines.<\/p>\n<p class=\"tag-border-left\">M&A WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Delta Ins. shares were valued at EGP 40.54 <\/strong>under a fair value report prepared by independent advisor BDO Keys Financial Consulting and approved by Delta\u2019s board, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/10\/937.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a> to the EGX. The fair value study price is higher than Wafa Assurance\u2019s EGP 40 per share offered in its mandatory tender offer. The board described the offer as a positive chance for shareholders to achieve strong returns and said this would enhance the company\u2019s competitive position while ensuring job stability for employees.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Casablanca-listed Wafa Assurance received regulatory approval <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be348cc5-4537-409b-aa26-e9b91d1326cc\/fra-greenlights-wafa,-raya-tender-offers-as-bids-go-live-on-egx\" style=\"\" rel=\"noopener\">last month<\/a> to launch its mandatory tender offer for up to 125 mn Delta shares \u2014 representing 100% of the company \u2014 at EGP 40 per share, valuing the transaction at up to EGP 5 bn. Shareholders have until 27 October to respond, with settlement due within five days of the offer\u2019s close.<\/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>#<\/strong><strong>2-<\/strong><strong> Middle East Glass\u2019 general assembly approved the merging of three of its <\/strong><strong>subsidiaries into the company<\/strong>, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/10\/959.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>. Following the merger of Misr Glass Manufacturing, MEG Misr for Glass, and Middle East Glass Containers-Sadat, the parent company will maintain its authorized capital at EGP 150 mn and issued capital at EGP 62.6 mn, with the EGP 755.2 mn difference between equity rights recorded in reserves.<\/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- <\/strong><strong>Saudi <\/strong><strong><a target=\"_blank\" href=\"https:\/\/alhassanest.com\/en\/\" style=\"\" rel=\"noopener\">Al Hassan Contracting<\/a><\/strong><strong> is in talks with Egyptian digital transformation <\/strong><strong>and cybersecurity solutions company <\/strong><strong><a target=\"_blank\" href=\"https:\/\/digital-planets.net\/\" style=\"\" rel=\"noopener\">Digital Planets<\/a><\/strong><strong> over a<\/strong><strong> 50% stake acquisition<\/strong>, Digital Planets\u2019 CEO Ahmed Hanafy told <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/2080755\/%D8%A7%D9%84%D8%AD%D8%B3%D9%86-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D9%84%D9%84%D9%85%D9%82%D8%A7%D9%88%D9%84%D8%A7%D8%AA-%D8%AA%D8%AA%D9%81%D8%A7%D9%88%D8%B6-%D9%84%D8%B4%D8%B1%D8%A7%D8%A1-50\/\" style=\"\" rel=\"noopener\">Al Mal<\/a>. The transaction \u2014 which could later extend to include Digital Planets\u2019 UAE operations \u2014 follows Al Hassan\u2019s earlier acquisition of a 50% stake in the company\u2019s Saudi subsidiary, Hanafy told EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the pipeline: <\/strong>Digital Planets is preparing to enter the Omani market next year, Hanafy told us. The move aims to strengthen the company\u2019s presence in the GGC. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> 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href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/21\/gold-rally-lifts-emerging-markets-as-miners-currencies-and-confidence-surge\/\">\r\n                            Emerging markets shine as gold rally lifts assets to multi-year highs                        <\/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\/10\/21\/gold-rally-lifts-emerging-markets-as-miners-currencies-and-confidence-surge\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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has-post-thumbnail hentry category-planet-finance tag-emerging-markets tag-enterpriseam tag-financial-markets tag-gold 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\/10\/.d38edecc-6795-4060-a8fc-ba29de8ed8ae.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The sharp rally in gold prices is fueling strong gains across emerging markets<\/strong>, lifting equities, currencies, and investor sentiment in key producers, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-19\/gold-s-historic-rally-comes-with-a-bonus-for-emerging-markets\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported on Sunday. South Africa\u2019s bourse is on track for its best year in two decades, with gold miners Sibanye Stillwater, AngloGod Anshanti, and Gold Fields tripling in value this year.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThe rally in gold is beneficial for a small group of countries in emerging markets such <\/strong><strong>as Uzbekistan, Ghana, and South Africa<\/strong>. The wider story of the rising gold price is that investors are increasingly looking for alternative investments away from the more traditional developed market currencies,\u201d portfolio manager at William Blair Investment Management Daniel Wood told Bloomberg.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>South Africa's FTSE\/JSE Africa All Share Index has climbed more than 30% this year<\/strong>, supported by a stronger rand and 10-year government yields falling below 9% for the first time since 2018. Softer inflation and recent rate cuts have further boosted confidence \u2014 marking a sharp turnaround for a market long held back by political uncertainty and power shortages. <\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ghana \u2014 Africa\u2019s top gold producer \u2014 has taken a more direct route to capture value <\/strong><strong>from its gold output.<\/strong> The newly established GoldBod \u2014 a state gold-trading body launched in March \u2014 has generated roughly USD 8 bn in foreign exchange inflows by centralizing gold export proceeds and channeling them through the banking system, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/state-run-gold-body-has-boosted-ghanas-foreign-reserves-central-bank-chief-says-2025-10-16\/?utm_source=chatgpt.com\" style=\"\" rel=\"noopener\">Reuters<\/a> reported, citing Central Bank Governor Johnson Asiama. The Ghanaian cedi (GHS) has also surged about 38% this year, making it the world\u2019s best-performing currency, according to Bloomberg.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>While some analysts warn against overstating the impact of the metal\u2019s rally, many see it <\/strong><strong>as part of a broader rotation away from the USD<\/strong>. Countries such as Poland, Turkey, Uzbekistan, and Kazakhstan have been adding to their gold reserves. \u201cThe rally does benefit emerging markets more than developed markets. Emerging markets not only produce gold, they also hoard the metal,\u201d said senior emerging-markets strategist at State Street Markets Ning Sun.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Gold\u2019s meteoric rise is being powered by a mix of macroeconomic and geopolitical <\/strong><strong>forces. <\/strong>Expectations of rate cuts from the US Federal Reserve have lowered the cost of holding non-yielding assets like gold, strengthening investor appetite, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/gold-extends-record-rally-us-china-tensions-rate-outlook-2025-10-16\/?utm_source=chatgpt.com\" style=\"\" rel=\"noopener\">Reuters<\/a> reported. Safe haven flows spurred by persistent geopolitical tensions \u2014 including renewed strains between the US and China \u2014 have intensified demand. Central banks have also played a pivotal role, continuing to diversify away from the USD and increase their bullion reserves, with surveys showing a growing preference for gold as a long-term store of value.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Reflecting these trends<\/strong>, HSBC raised its 2025 average gold price forecast to USD 3.4k per ounce last Wednesday, citing steady demand from institutional investors and official purchases seeking protection against volatility and currency weakness.<\/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 soaring this morning on bumper Hong Kong earnings and US trade <\/strong><strong>optimism<\/strong>, with Hong Kong\u2019s Hang Seng up 1.9% in early trading, while Japan\u2019s Nikkei is up 1.5% and the Shanghai Composite is up 0.8%. Meanwhile, Wall Street futures are little changed following a broad rally yesterday.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\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>EGX<\/strong><strong>30<\/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\">37,975<\/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: +27.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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 47.43<\/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 47.56<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>USD (CIB<\/strong><strong>) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">Buy 47.45<\/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 47.55<\/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\">21.00% 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\">22.00% 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\">11,645<\/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: -3.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">10,098<\/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: +7.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>DFM<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">5,955<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.6% (YTD: +15.4%)<\/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 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\">6,735<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.1% (YTD: +14.5%)<\/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>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\">9,404<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5% (YTD: +15.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">5,681<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.3% (YTD: +16.0%)<\/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 61.01<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Natural gas (Nymex) <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 3.42<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Gold <\/strong><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 4,378<\/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-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>BTC<\/strong> <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">USD 110,599<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+1.8% (YTD: +18.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">947.01<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">+0.1% (YTD: +21.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>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\">151.76<\/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-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\">18.23<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"border-right-style:solid;padding:5pt 5pt 5pt 5pt;border-bottom-border-top-width:1pt;border-right-width:1pt;border-left-border-right-border-left-width:1pt;border-top-style:solid;border-left-style:solid;border-bottom-width:1pt;width:139.2pt;border-top-border-bottom-style:solid\">\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\">-12.3% (YTD: +5.1%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX30 rose 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 7.0 bn (54% above the 90-day average). Local investors were the sole net buyers. The index is up 27.7% YTD.<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the green: <\/strong>ADIB (+3.5%), Qalaa Holdings (+3.0%), and Misr Cement (+2.8%).<\/p><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the red: <\/strong>Madinet Masr (-1.4%), Raya Holding (-1.4%), and Orascom Construction (-0.8%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/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\/gold\/\">gold<\/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=\"673958\">\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\">9<\/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\/what-are-the-challenges-facing-our-agriculture-sector-and-how-can-it-overcome-them\/\">\r\n                            What are the challenges facing Egypt\u2019s agriculture sector and how can it overcome them?<\/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\/what-are-the-challenges-facing-our-agriculture-sector-and-how-can-it-overcome-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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Technology could be the bridge between ambition and reality \u2014 from precision irrigation to data-driven farm management and traceable supply chains \u2014 according to Entlaq\u2019s <a target=\"_blank\" href=\"https:\/\/entlaq.com\/reports\/7\" style=\"\" rel=\"noopener\">The U<\/a><a target=\"_blank\" href=\"https:\/\/entlaq.com\/reports\/7\" style=\"\" rel=\"noopener\">ntapped Potential of The Egyptian Agri-Tech Sector: Driving Inn<\/a><a target=\"_blank\" href=\"https:\/\/entlaq.com\/reports\/7\" style=\"\" rel=\"noopener\">ovation and Growth<\/a> report, but the country\u2019s fast expanding agritech ecosystem remains constrained by limited financing, weak infrastructure, and a shortage of skilled talent.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">THE TARGETS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s Vision 2030 for agriculture aims to expand arable land, boost self-sufficiency in <\/strong><strong>key crops, and ramp up exports<\/strong> \u2014 all while digitalizing who farms what and modernizing irrigation. The state plans to grow total cultivated land to 12 mn feddans by 2030, up from 9.6 mn in the fiscal year 2021-2022, and raise the total crop area to 21.5 mn feddans.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The government is also looking to lift wheat self-sufficiency from 47% to 70% by the end <\/strong><strong>of the decade<\/strong>, targeting an average yield of 3.3 tons per feddan. To help deliver that, it\u2019s pushing agricultural expansion in the Western Desert, Sinai, and Toshka \u2014 with around EGP 116.6 bn earmarked for agriculture and irrigation investments in the fiscal year 2023-2024, of which the private sector will shoulder 44%. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The plan also seeks to double agricultural exports to USD 14 bn by 2030<\/strong>, led by higher-value fruits and vegetables. At the same time, the government is rolling out digital farmer IDs and expanding contract farming and greenhouse projects to stabilize markets, enhance traceability, and make support programs more targeted.<\/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\"> WHAT\u2019S HOLDING BACK EGYPT\u2019S AGRI SECTOR-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s agribusiness sector still faces deep structural hurdles that are dragging on <\/strong><strong>productivity, innovation, and profitability <\/strong>\u2014 from poor market visibility to weak financing and outdated farming methods. The report identifies \u201cthe lack of transparency in government-determined supply prices for agricultural products\u201d as one of the biggest pain points, leaving agribusinesses \u201coperating in a blindfold, struggling to set competitive purchase prices for crops from farmers and establish lucrative export prices.\u201d The result is a chain reaction that distorts farm profitability and weakens export competitiveness. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The report\u2019s survey pointed to difficulties obtaining government licenses and <\/strong><strong>registrations as holding the sector back.<\/strong> \u201cWe see the future of agritech in Egypt as promising \u2026 for this growth to be sustainable, there needs to be an improvement in regulatory and legal frameworks,\u201d homegrown agribusiness company <a target=\"_blank\" href=\"https:\/\/mozare3.net\/en\/\" style=\"\" rel=\"noopener\">Mozare3<\/a> CEO Hussein Abobakr said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Agriculture Ministry\u2019s support network \u2014 designed to help farmers adopt best <\/strong><strong>practices \u2014 \u201care unfortunately under-resourced<\/strong>,\u201d the report warns. The resulting lack of guidance means that many farmers are left to rely on \u201csubstandard seeds and unregistered pesticides, creating a vicious cycle of poor yields, contaminated produce, and ultimately, financial losses.\u201d Outdated irrigation systems like flood irrigation still dominate, wasting scarce water and eroding productivity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aspiring agribusinesses face \u201ca formidable barrier \u2014 limited access to capital<\/strong>,\u201d with cumbersome documentation and limited funding channels discouraging investment. This credit squeeze \u201chinders the development of modern infrastructure, the adoption of advanced technologies, and the creation of new business models that could revolutionize Egyptian agriculture.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The survey conducted by Entlaq showed that only 17% of the respondents are somewhat <\/strong><strong>satisfied with access to capital<\/strong>, while none of them rated their satisfaction at the highest level. The survey also found that \u201cthe most significant obstacles in securing funding are a lack of investor understanding of agritech potential (78%) \u2026 and high-risk perception due to agriculture's inherent risks (56%).\u201d Local agribusiness company Mahaseel Technologies CEO Mohamed Abdel Rahman noted that \u201csecuring funding in the agritech sector has been particularly challenging due to the intersection of agriculture and technology \u2014 two industries that operate at different paces.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Inadequate drying and storage facilities expose crops to contamination, spoilage, and<\/strong><strong> rejection. <\/strong>Meanwhile, well-intentioned land protection rules \u201care inadvertently creating an unintended consequence: the need for long-distance transportation of harvested materials. This not only inflates production costs but also increases food waste due to spoilage and raises the risk of contamination during transport.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Most farmers rely on traders for market access and credit, leading to \u201cprice manipulation<\/strong><strong> and reduced profits<\/strong>.\u201d Add to that Egypt\u2019s dependence on informal labor and the \u201clack of innovation and technology transfer\u201d across rural areas \u2014 a mix of limited financing, poor internet infrastructure, and language barriers block smallholders from adopting new methods or tools. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The scarcity of skilled labor has also been one of the sector\u2019s sore points<\/strong>, with a survey showing that \u201cfinding qualified individuals with the necessary skills is notably difficult. A significant 94% of respondents noted difficulties in finding the right employees.<\/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\">HOW AGRITECH CAN CHANGE THE GAME-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s agritech sector is fast emerging as a lifeline for the country\u2019s strained <\/strong><strong>agricultural system.<\/strong> The report calls agricultural technology \u201ca transformative force in the agricultural sector, harnessing innovations to increase productivity, sustainability, and efficiency.\u201d By improving how farmers use water, energy, and land, agritech promises to raise yields and cut waste at a time when resources are stretched thin. <a target=\"_blank\" href=\"http:\/\/rayafoods.org\/\" style=\"\" rel=\"noopener\">Raya Foods<\/a> Agri Director Ehab Emara said that his company sees \u201cthe future of agriculture shaped by innovations in mechanization and genetic engineering\u2026 high-yield, high-quality varieties that require less water and are resistant to diseases.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Efficiency through precision. <\/strong>\u201cAgritech introduces advanced tools like precision farming, which utilizes GPS and Internet of Things (IoT) sensors to optimize field-level management with regard to crop farming,\u201d the report notes. Such tools let farmers monitor soil, irrigation, and crop health in real time, reducing input costs and boosting output. Entlaq\u2019s survey also showed that \u201cintegrating AI and IoT into farm management systems can improve efficiency and productivity,\u201d while \u201cdata-driven decision-making helps farmers manage their farms more effectively.\u201d Meanwhile, tech innovations like drip irrigation and hydroponics can slash water use by up to half while lifting yields \u2014 a critical edge in one of the world\u2019s driest climates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Beyond sustainability, the report stresses that \u201cagritech can help ensure food security by <\/strong><strong>enabling farmers to produce more food with fewer resources.<\/strong>\u201d Local startups are scaling these technologies, supported by growing venture funding and partnerships with universities \u2014 turning research into practical solutions that protect harvests, preserve water, and create new jobs.<\/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\">HOW TO GET THERE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Unlocking Egypt\u2019s agritech potential will require a mix of smarter policy, stronger <\/strong><strong>financing, and better integration between government and the private sector. <\/strong>The report calls for \u201cincreased transparency in government pricing decisions\u201d and a revival of \u201cthe [Agriculture Ministry] extension services\u201d to provide farmers with modern know-how and technical support. Coupled with stricter quality control and certified inputs, these measures could create a more productive and competitive ecosystem.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\u201c<strong>Facilitating access to capital and simplifying documentation processes would <\/strong><strong>encourage entrepreneurship and innovation within the sector<\/strong>,\u201d the report notes. It recommends expanding microfinance, loan guarantees, and partnerships with private banks. The study also proposes new \u201cprocessing zones within agricultural areas\u201d to cut transport costs and post-harvest losses, alongside better storage and cold-chain infrastructure to strengthen supply chains.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The report also urges the government to foster \u201cpublic-private partnerships to address <\/strong><strong>agricultural challenges<\/strong> through joint research and development projects,\u201d while improving rural connectivity and digital training to widen access to precision farming and other technologies. Expanding high-speed internet, promoting angel investor networks, and easing certification for agritech products will be key to scaling innovation and ensuring Egypt\u2019s agritech ecosystem delivers lasting impact.<\/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\/agriculture\/\">agriculture<\/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                    <\/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=\"673960\" 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\/10\/21\/673960\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-673960\" class=\"content-area-description single-story post-673960 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\">OCTOBER<\/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 style=\"font-weight:400;\">22 October (Wednesday): Egypt-EU Summit, Brussels, Belgium.<\/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>28 October (Tuesday): BEBA\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/beba.org.eg\/events\/a-working-early-dinner-in-conversation-with-h-e-ahmed-kouchouk-minister-of-finance-and-h-e-hassan-el-khatib-minister-of-investment-and-foreign-trade\/\" style=\"\">working dinner<\/a><\/span><span style=\"font-weight:400;\"> with Finance Minister Ahmed Kouchouk and Investment Minister Hassan El Khatib.<\/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>October: The tenth <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/MOICEgypt\/posts\/pfbid05bMNdJYwy1V5V4QdfixntScePvj4CxXBPKj3CmkDgJvetAX3bn75ZUes162Un6dKl\" style=\"\">session<\/a><\/span><span style=\"font-weight:400;\"> of the Egyptian-Lebanese Joint Higher Committee.<\/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 style=\"font-weight:400;\">1 November (Saturday): The official opening of the Grand Egyptian Museum.<\/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;\">3 November (Monday): S&P Global to release PMI data for September.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-11 November (Sunday-Tuesday): The sixth edition of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/trans-mea.com\/about\" style=\"\">TransMEA 2025<\/a><\/span><span style=\"font-weight:400;\"> forum and exhibition, 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;\">10 November (Monday): Capmas expected to release inflation data for October.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16-19 November (Sunday-Wednesday): <\/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>23-25 November (Sunday-Tuesday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/nebugoldexpo.com\/\" style=\"\">NEBU Expo 2025 gold and jewelry exhibition<\/a><\/span><span style=\"font-weight:400;\">, Egypt International Exhibitions Center, New 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;\">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:400;\">November: The Conference on Early Recovery, Reconstruction, and Development in Gaza.<\/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;\"> (Monday-Thursday), 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>4-7 December (Thursday-Sunday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/egystitchandtex.com\/garments\/\" style=\"\">Egy Stitch & Tex Expo 2025<\/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>15 December (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/dfp.global\/#conference\" style=\"\">Neo Gen PropTech and Sustainable Smart Cities Conference<\/a><\/span><span style=\"font-weight:400;\">, The St. Regis Hotel New Capital<\/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:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">December: Germany\u2019s North Rhine-Westphala business delegation to land 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;\">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>10-12 February (Tuesday-Thursday): Gitex Global\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/share\/p\/1QkF8DUZBj\/\" style=\"\">AI Everything Middle East & Africa<\/a><\/span><span style=\"font-weight:400;\"> Summit <\/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 style=\"font-weight:400;\">September 2028: First unit of the Dabaa nuclear power plant begins operations.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>FRA blocks Sagasse\u2019s bid for Elsewedy | More Chinese textile investments | New mechanism for calculating solidarity contribution.<\/p>\n","protected":false},"featured_media":673937,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-673936","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"18e3000a-7e0b-4e9c-8677-a701a2b582e5","teaser":"FRA blocks Sagasse\u2019s bid for Elsewedy | More Chinese textile investments | New mechanism for calculating solidarity contribution.","photo_url":"https:\/\/ent.news\/2025\/10\/988.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Diving into the war for the future of payments with Visa - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, 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