{"id":692834,"date":"2026-04-14T00:00:00","date_gmt":"2026-04-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=692834"},"modified":"2026-04-14T03:52:49","modified_gmt":"2026-04-14T03:52:49","slug":"kouchouk-again-promises-no-new-taxes","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/kouchouk-again-promises-no-new-taxes\/","title":{"rendered":"Kouchouk again promises no new taxes"},"content":{"rendered":"<section id=\"692836\" 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=\"692836\">\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\u2019RE TRACKING TODAY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/cost-of-fueling-egypts-power-grid-doubles-to-egp-60-bn-in-the-last-two-months\/\">\r\n                            Power sector deficit swells as grid fuel costs double                        <\/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\/2026\/04\/14\/cost-of-fueling-egypts-power-grid-doubles-to-egp-60-bn-in-the-last-two-months\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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We have for you updates on the Madbouly government\u2019s next budget, which carries with it the promise that businesses will be spared new corporate taxes as the Tax Authority continues its drive to widen the tax base rather than wring new revenues out of the folks it already has on file.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- S&P Global Ratings affirmed Egypt\u2019s \u2018B\/B\u2019 credit rating with a stable <\/strong><strong>outlook<\/strong>, signaling that the country built strong-enough financial buffers. It\u2019s a welcome assessment that reflects both the buffers cabinet has built and the international community\u2019s increasingly positive outlook on how well officials here have handled the fallout from the US-Israel-Iran war in the Gulf. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- The oil ministry is pushing ahead with its drive to lock in energy supplies <\/strong>with Gulf production still off the board amid the war. State gas outfit Egas has inked a preliminary agreement with Cyprus to purchase the entirety of the natural gas produced from the Aphrodite field. Officials recently moved to <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/07\/egypt-secures-libyan-crude-to-compensate-for-hormuz-strait-closure-disruptions\/\" style=\"\">buy more crude from Libya<\/a>, news that <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/06\/israeli-gas-flows-return-to-pre-war-levels-following-leviathan-restart\/\" style=\"\">Israel may be resuming natural gas exports<\/a> to Egypt, and a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/08\/what-does-a-two-week-ceasefire-mean-for-egypt\/\" style=\"\">gas find by Eni in the Mediterranean<\/a> that officials believe can be quickly bought into production.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Madbouly government thinks it can pull off three privatization deals before the end of <\/strong><strong>June<\/strong>, Finance Ministry Ahmed Kouchouk said at a presser on the state budget. The minister didn\u2019t specify how many of the transactions would be IPOs and how many might be stake sales. We have more on the budget in this morning\u2019s news well, below. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>On a less cheerful note<\/strong>: Urban inflation accelerated to 15.2% last month, well ahead of estimates.<\/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\"><a href=\"https:\/\/omny.fm\/shows\/enterpriseam-egypt\" target=\"_blank\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/11\/780.jpg?ssl=1\"\/><\/a> <\/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 class=\"tag-border-left\">Watch this space<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\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\"><a id=\"wwtt2\"><\/a>  <strong>ECONOMY \u2014 The European Bank for Reconstruction and <\/strong><strong>Development<\/strong><strong> (EBRD) is committing EUR 5 bn this year to stabilize economies reeling from the war in the Gulf<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/home\/news-and-events\/news\/2026\/ebrd-aims-to-deploy-5-bn-in-economies-affected-by-middle-east-conflict.html\" style=\"\">statement<\/a>. Part of this support will head our way, as Egypt is designated as a key recipient in the program's second tier, alongside Turkey, Armenia, and Azerbaijan.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> Unlike frontline support for countries directly affected \u2014 like Lebanon and Jordan \u2014 the funding for Egypt is specifically designed as a liquidity backstop for state-owned enterprises and a stabilizer for agrifood producers. This suggests that the EBRD is stepping in to prevent a balance-of-payment crisis from cascading into a domestic energy or food security failure.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next: <\/strong>Expect short-term facilities for state-owned energy utilities to ensure service continuity despite the rising price of energy. Smaller and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/29\/ebrd-continues-egypt-msme-push-with-targeted-usd-50-mn-facility\/\" style=\"\">youth-led businesses<\/a> could also get a shot in the arm through funding extended to banks. Look for the lender\u2019s focus to toward the rebuilding of trade routes when and if the conflict recedes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong> We reported <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/17\/the-ebrd-could-lend-egypt-a-helping-hand-amid-ongoing-regional-war\/\" style=\"\">last month<\/a> that the bank was prepping a financial lifeline to Egypt and others in the region. EBRD has deployed some EUR 26.5\u202fbn in our corner of the world (which it calls the \u201csouthern and eastern Mediterranean region\u201d since 2012.<\/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\">Data point <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong><a target=\"_blank\" href=\"https:\/\/www.facebook.com\/moere.gov.eg\/posts\/pfbid0nUdPRWVUyrfXN9VTHtffxA3Ydesd6sB7bohqfaN8BHYacZzdDNAjcmZ2UNwPvVh5l\" style=\"\">USD 14.4 mn<\/a><\/strong><strong> \u2014 that\u2019s how much Egypt saved in a single week through its <\/strong><strong>electricity conservation drive. <\/strong>The savings were driven by the government-mandated rationing in April, Electricity Ministry Spokesperson Mansour Abdel Ghani told Ala Masouleety\u2019s Ahmed Moussa earlier this week (<a target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=3M4_Zsy3u-Y\" style=\"\">watch, runtime: 1:36:46<\/a>). <\/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\"><a id=\"wwtt1\"><\/a> <strong>ENERGY<\/strong><strong> \u2014 The cost of generating electricity nearly doubled in <\/strong><strong>February and March<\/strong>, hitting EGP 60 bn as global crude prices climbed past USD 100 on the back of the Middle East conflict, <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/power\/127828\/%D9%81%D8%A7%D8%AA%D9%88%D8%B1%D8%A9-%D9%88%D9%82%D9%88%D8%AF-%D9%85%D8%AD%D8%B7%D8%A7%D8%AA-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D8%AA%D9%82%D9%81%D8%B2-87-%D8%A8%D8%A7%D9%84%D9%85%D8%A6%D8%A9-%D8%AE%D9%84%D8%A7%D9%84-%D8%B4%D9%87%D8%B1%D9%8A%D9%86\/\" style=\"\">Asharq Business<\/a> reports, citing what it says are government officials. While the Finance Ministry is currently absorbing the bulk of the electricity sector\u2019s EGP 500 bn annual deficit, more of the cost overrun will be passed on to businesses..<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong>This is a direct hit to business margins. While most households remain shielded from the full brunt of the crisis, commercial tariffs spiked <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/05\/egypt-begins-work-from-home-experiment-to-cut-energy-use-amid-wartime-pressures\/\" style=\"\">earlier this month<\/a> by as much as 91% for initial consumption brackets. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>You\u2019re going to hear a lot in the domestic press about the \u201celectricity sector\u201d owing the <\/strong><strong>\u201cpetroleum sector\u201d money. <\/strong>That\u2019s bureaucracy-speak \u201cthe oil ministry is now selling the electricity ministry petroleum at about 75% below cost.\u201d <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What that means for normies: <\/strong>Early closing mandates for retail and entertainment will stay in effect \u2014 and we\u2019re probably going to see a push for more remote-work days to shave peak load.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"tag-border-left\">Happening today <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign <\/strong><strong>Minister Badr Abdelatty is scheduled to meet US Secretary of State Marco Rubio <\/strong><strong>by 8:30 pm Cairo time today in Washington<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/live\/cp9vm5ezxz4t\" style=\"\">BBC<\/a> reports. Rubio is also meeting with the Lebanese and Israeli ambassadors to the US today to discuss ending the ongoing conflict in southern Lebanon.<\/p>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Expect a typical spring day in Cairo today, with a high of 29\u00b0C and a low of 17\u00b0C, according to our favorite weather app. <strong>Expect the mercury to rise <\/strong>tomorrow (a high of 34\u00b0C) and Thursday (37\u00b0C).<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It\u2019s a bit cooler in Alexandria<\/strong>, with a high of 27\u00b0C and a low of 16\u00b0C.<\/p>\n<p class=\"tag-border-left\">The big story abroad <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The <strong>US-Iran<\/strong><strong> ceasefire is still holding after <\/strong>Washington <a target=\"_blank\" href=\"https:\/\/www.centcom.mil\/MEDIA\/PRESS-RELEASES\/Press-Release-View\/Article\/4457255\/us-to-blockade-ships-entering-or-exiting-iranian-ports\/\" style=\"\">started a blockade<\/a> of Iranian ports yesterday and said it would seize at sea any vessel that paid a toll to Iran in return for transit through Hormuz. US and Iranian officials <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-13\/trump-s-hormuz-blockade-deadline-hits-raising-iran-war-stakes?srnd=homepage-middle-east\" style=\"\">are reportedly pursuing<\/a> a new round of face-to-face talks, aiming to reach an agreement before the <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/08\/what-does-a-two-week-ceasefire-mean-for-egypt\/\" style=\"\">two-week ceasefire<\/a> lapses. Iran has offered to suspend nuclear activity for up to five years (the US is demanding 20). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to go deeper? <\/strong>The <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2026\/04\/13\/us\/politics\/iran-war-strait-of-hormuz-blockade-economy.html\" style=\"\">New York Times<\/a> thinks Tehran is betting Washington can take less economic pain than Washington can.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>From the Dept. of Whistling Past the Grave? Asset management giant BlackRock has <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/jpmorgan-morgan-stanley-urge-buying-dip-us-earnings-stay-resilient-2026-04-13\/\" style=\"\">upgraded its forecast<\/a><\/strong><strong> for US equities<\/strong>, saying it expects the impact of the conflict in Iran to be. The firm raised its outlook a notch to overweight from neutral, arguing that there is \u201ctangible evidence of actions\u201d that will lead to a resumption of traffic through the Strait of Hormuz. BlackRock singled-out earnings in the tech sector as especially likely to shield stateside equities from fallout of the regional war. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/ads\/imgs\/239.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> EnterpriseAM\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In today\u2019s issue: <\/strong>We look at how local waste tech startups are pushing for a traceable and tech-driven industry.<\/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\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-grid\/\">National Grid<\/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=\"692838 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=\"692838\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/692838\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-692838\" class=\"content-area-description single-story post-692838 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\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/176.jpeg?ssl=1\"><\/a><\/span><\/p><div class=\"grouped-tags\"><p><span>This Easter, nothing ends early. It simply unfolds. From sunlit days to evenings that carry on, Somabay becomes a place where every moment finds its rhythm.<\/span><\/p><\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"692839\" 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=\"692839\">\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\">The Big Story Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/egypts-finance-minister-promises-no-new-taxes-in-wartime-budget\/\">\r\n                            No new taxes as Kouchouk looks to land wartime budget                        <\/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\/2026\/04\/14\/egypts-finance-minister-promises-no-new-taxes-in-wartime-budget\/\" 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\/2026\/04\/14\/egypts-finance-minister-promises-no-new-taxes-in-wartime-budget\/')\">\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\/2026\/04\/14\/egypts-finance-minister-promises-no-new-taxes-in-wartime-budget\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt\u2019s Finance Minister promises no new taxes in wartime budget&url=https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/egypts-finance-minister-promises-no-new-taxes-in-wartime-budget\/\">\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\/2026\/04\/14\/egypts-finance-minister-promises-no-new-taxes-in-wartime-budget\/&title=Egypt\u2019s Finance Minister promises no new taxes in wartime budget\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt%E2%80%99s+Finance+Minister+promises+no+new+taxes+in+wartime+budget+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F04%2F14%2Fegypts-finance-minister-promises-no-new-taxes-in-wartime-budget%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\/2026\/04\/14\/egypts-finance-minister-promises-no-new-taxes-in-wartime-budget\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/790.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"692840\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/egypts-finance-minister-promises-no-new-taxes-in-wartime-budget\/790-jpg-22\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/790.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"790.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/790.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/790.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-692839\" class=\"content-area-description single-story post-692839 post type-post status-publish format-standard has-post-thumbnail hentry category-the-big-story-today tag-budget tag-budget-watch tag-economy tag-enterpriseam tag-finance-ministry tag-tax tag-taxation tag-the-big-story-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The state budget<\/strong><strong> for FY 2026-27 will aim to cut the total deficit to 4.9% of <\/strong><strong>GDP<\/strong>, Finance Minister Ahmed Kouchouk said at a press conference attended by EnterpriseAM. The overall deficit in the current fiscal year's budget is <a href=\"https:\/\/gate.ahram.org.eg\/News\/5584841.aspx#:~:text=%D9%88%D8%B2%D8%A7%D8%B1%D8%A9%20%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9%20%D8%AA%D8%B3%D8%AA%D9%87%D8%AF%D9%81%20%D8%AE%D9%81%D8%B6%20%D8%A7%D9%84%D8%B9%D8%AC%D8%B2%20%D8%A7%D9%84%D9%83%D9%84%D9%8A%20%D9%84%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9%20%D8%A8%D9%86%D8%AD%D9%88%201.2%25%20%2D%20%D8%A8%D9%88%D8%A7%D8%A8%D8%A9%20%D8%A7%D9%84%D8%A3%D9%87%D8%B1%D8%A7%D9%85\" target=\"_blank\" rel=\"noopener\">expected to reach 6.1% of GDP<\/a> and rise in 4Q due to the impact of the US-Israeli war on Iran. (The government\u2019s fiscal year runs 1 July - 30 June.)<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The key takeaway: <\/strong>Despite ongoing fallout from the war in the Gulf, Kouchouk is not backing away from his longstanding promise of no new taxes, instead signaling that the widening of the tax base is his top priority in the scramble for new revenues. There will be no new taxes next year, Kouchouk said in direct response to a question from EnterpriseAM.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>How\u2019s he going to do it? <\/strong>More of the same, really. The Finance Ministry has been pushing for more than a year now to bring more taxpayers into the system. Kouchouk wants to see tax revenues clock in at 14.4% of GDP in the budget cycle starting in July \u2014 a 1-percentage-point increase. That represents a 27% increase in tax receipts, which Kouchouk says will be possible if incentive programs bring 100k new taxpayers into the system.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>BACKGROUND- <\/strong>The Finance Ministry has been pushing incentives including low, flat taxes for smaller first-time filers in a bid to get more businesses to enter the formal economies. Estimates over the years have suggested that the informal (read: not-tax-paying) economy is at least as large as the formal economy.<\/p>\n<p class=\"tag-border-left\">One big caveat\u2026<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The current draft of the budget was drawn up before the war in the Gulf accelerated \u2014 it <\/strong><strong>has oil at USD 75 per barrel and an exchange rate of EGP 47 to the greenback.<\/strong> \u201cWe hope the situation stabilizes quickly to achieve these targets,\u201d Kouchouk said, noting that flexibility has been built in by raising contingency reserves to 5% of total spending, up from 3% in the current budget.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Kouchouk is looking to bring in a EGP 5.1 tn budget<\/strong> (+13.2% year-on-year) and says he\u2019s targeting a targeting a 27.6% y-o-y increase in revenues to EGP 4 tn.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Debt targets:<\/strong> The government aims to reduce public debt to 78% of GDP by 2027, with any exceptional revenues directed toward debt reduction. External debt is expected to decline by USD 1-2 bn annually. <strong>Critically: <\/strong>Debt service costs are projected to fall to 35% of total state spending from about 50% this year.<\/p>\n<p class=\"tag-border-left\">Where\u2019s the money going?<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Start bracing now for fuel costs to rise: <\/strong>Energy subsidies are on track to come in at EGP 120 bn next fiscal year (down from 150 bn today). Some EGP 104.2 bn of that figure will be earmarked for electricity subsidies, a 39% increase. But fuel subsidies will be cut drastically to EGP 16.5 bn from EGP 75 bn in the current budget \u2014 meaning prices will go up at the pumps at the same time as pundits expect oil prices to remain high thanks to the war.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Subsidies are set to rise 12% to EGP 832.3 bn<\/strong>, including:<\/p>\n<ul>\n<li>EGP 175.3 bn for food subsidies<\/li>\n<li>EGP 55.3 bn for transfers under the Takaful and Karama welfare programs<\/li>\n<li>EGP 69.1 bn for to buy local wheat<\/li>\n<\/ul>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The government will boost spending on salaries for public-sector employees by 21% \u2014 <\/strong><strong>an increase of over EGP 100 bn<\/strong>, raising total spending on wages to EGP 821 bn. Health spending will rise 30% to EGP 369 bn, while spending on education will grow 20% to EGP 422 bn.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Priority industries will get more financing: <\/strong>The budget will earmark EGP 48 bn to support exports and EGP 25.9 bn in concessional financing for industry and agriculture. Additional allocations include EGP 5 bn in incentives for <strong>SMEs<\/strong> and the <strong>automotive<\/strong> sector, alongside continued support for <strong>tourism<\/strong> and hotel capacity expansion.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Egypt will renew hedging contracts for 50% of its energy needs <\/strong>and is exploring the potential expansion of the hedging program to other commodities, Kouchouk added. Egypt is hedging roughly 50% of its petroleum product requirements \u2014 excluding gas.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>We saw this coming:<\/strong> Government sources told EnterpriseAM <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/09\/finmin-seeks-new-hedges-to-protect-budget-as-egp-hits-53-per-usd\/\" target=\"_blank\" rel=\"noopener\">last month<\/a> that the Finance Ministry had entered negotiations to not only renew existing oil hedges but also secure new contracts for wheat and other essential goods. Kouchouk\u2019s comments effectively confirm that the ministry is moving to lock in \u201cwar risk\u201d protections as regional volatility continues to threaten fiscal stability.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>What to watch for next: <\/strong>The budget moves next to the House of Representatives for committee-level review.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">\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\/budget\/\">budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taxation\/\">TAXATION<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-big-story-today\/\">THE BIG STORY 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=\"692841\" 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=\"692841\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/sp-global-affirms-egypts-rating-at-b-b-stable-outlook\/\">\r\n                            S&amp;P joins Moody\u2019s, holding our rating stable                        <\/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\/2026\/04\/14\/sp-global-affirms-egypts-rating-at-b-b-stable-outlook\/\" 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\/2026\/04\/14\/sp-global-affirms-egypts-rating-at-b-b-stable-outlook\/')\">\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\/2026\/04\/14\/sp-global-affirms-egypts-rating-at-b-b-stable-outlook\/\">\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=S&amp;P Global affirms Egypt\u2019s rating at B\/B, stable outlook&url=https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/sp-global-affirms-egypts-rating-at-b-b-stable-outlook\/\">\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\/2026\/04\/14\/sp-global-affirms-egypts-rating-at-b-b-stable-outlook\/&title=S&amp;P Global affirms Egypt\u2019s rating at B\/B, stable outlook\">\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=S%26amp%3BP+Global+affirms+Egypt%E2%80%99s+rating+at+B%2FB%2C+stable+outlook+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F04%2F14%2Fsp-global-affirms-egypts-rating-at-b-b-stable-outlook%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\/2026\/04\/14\/sp-global-affirms-egypts-rating-at-b-b-stable-outlook\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/417.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"692842\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/sp-global-affirms-egypts-rating-at-b-b-stable-outlook\/417-jpg-37\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/417.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"417.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/417.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/417.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-692841\" class=\"content-area-description single-story post-692841 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-gdp tag-sp-global-ratings wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>S&amp;P Global<\/strong><strong> affirmed Egypt\u2019s sovereign credit rating at \u2018B\/B\u2019 with a stable <\/strong><strong>outlook<\/strong>, striking a \u201cbalance between Egypt\u2019s medium-term growth prospects and strong reform momentum against renewed risks from a protracted conflict\u201d in the Gulf, according to its latest report. The move follows a similar decision by Moody\u2019s Ratings earlier this month, which <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/05\/moodys-affirms-caa1-as-interest-costs-and-the-iran-war-test-fiscal-gains\/\" target=\"_blank\" rel=\"noopener\">maintained<\/a> Egypt\u2019s Caa1 debt rating and positive outlook, signaling that the structural reforms kicked off with the float of the EGP in 2024 are providing a buffer against extreme regional pressure.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Behind the rating: <\/strong>The agency attributed its rating to Egypt\u2019s higher international reserves, which climbed to USD 52.8 bn as of March 2026 and a record net foreign asset position of USD 30 bn in the banking sector. Although the EGP lost about 13% of its value against the greenback since the onset of the war, the government has kept its thumb off the scale, maintaining its commitment to a flexible FX regime.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The stable outlook is underpinned by our continued commitment to an IMF-backed <\/strong><strong>reform program<\/strong>, but S&amp;P warns that progress is being offset by mounting external pressures. The agency flagged several triggers for a potential downgrade, including \u201cany backtracking on key reforms \u2014 particularly exchange rate flexibility\u201d\u2014 or a renewed widening of macro imbalances. Higher borrowing costs and limited access to international markets also remain significant risks to public finances.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>S&amp;P thinks we\u2019re going to remain highly vulnerable to regional geopolitical shocks<\/strong> that could threaten inflows of foreign currency and make imports more expensive. It sees the nation\u2019s current account deficit widening 4.8% of GDP in FY 2025-26, compared with 4.1% in its last forecast back in October. The comparable figure for FY 2024-25 was 4.2%.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">Egypt\u2019s key sources of hard currency are under pressure, including remittances from Egyptians living abroad, tourism receipts, and Suez Canal revenues. Still, it notes that Suez Canal revenues have remained relatively resilient, rising 21% y-o-y to around USD 3.0 bn in the first eight months of FY 2025-26, compared to USD 2.5 bn a year earlier, with no material impact from the war \u2014 so far.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>As a net energy importer since 2023, <\/strong><strong>Egypt also remains highly vulnerable to Israeli gas <\/strong><strong>import disruptions <\/strong>\u2014 which account for 60% of the country\u2019s total gas imports and 15-20% of its overall gas consumption. Furthermore, Egypt remains highly exposed to global food and wheat price instability, prompting the agency to widen its current account deficit forecast to 4.8% of GDP, up from 4.1% in October.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Foreign portfolio outflows are expected to remain elevated during periods of heightened <\/strong><strong>global risk aversion.<\/strong> The agency noted that around USD 10 bn exited Egypt within one month of the conflict\u2019s onset, mirroring patterns seen during the Russia-Ukraine war, when about USD 20 bn left local markets.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Despite a gradual improvement in Egypt\u2019s debt metrics<\/strong>, S&amp;P expects gross financing needs to remain elevated at above 40% of GDP. General government debt is expected to decline to 89% of GDP by June 2026 \u2014 down from a peak of 94% in 2023 \u2014 supported by stronger growth, exchange rate stability, and easing domestic yields. The ratio is forecast to fall further to 83% by June 2029.<\/p>\n<p><strong>Despite the conflict, S&amp;P expects GCC states to continue providing significant financial <\/strong><strong>support<\/strong>, citing Egypt\u2019s strategic regional role. This support is underpinned by large-scale investments, including a USD 35 bn development project in Ras El Hekma and a USD 30 bn tourism project in Alam El Roum. Complementing these are around USD 18 bn in GCC deposits held at the Central Bank of Egypt, which are expected to remain in place until the IMF program concludes in December 2026.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp-global-ratings\/\">S&amp;P Global Ratings<\/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=\"692843\" 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=\"692843\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/war-pushes-egypts-inflation-higher-to-15-2-in-march-beating-expectations\/\">\r\n                            We knew it would be bad, but\u2026                        <\/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\/2026\/04\/14\/war-pushes-egypts-inflation-higher-to-15-2-in-march-beating-expectations\/\" 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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On a monthly basis, inflation jumped to 3.2%, compared to 2.8% a month earlier, according to Capmas data.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cMarch inflation came higher than our estimate of 14.5% y-o-y and 2.6% m-o-m<\/strong>, and higher than the Reuters poll\u2019s median estimate of 14.7% y-o-y,\u201d HC\u2019s Nemat Choukri tells EnterpriseAM. Choukri blames the war, which pushed global energy prices higher, prompting the government to raise diesel and petrol prices by an average of c.16% on 10 March, alongside a c.12% depreciation in the EGP, which ended the month at EGP 54.56\/USD.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Food and beverage prices \u2014 which account for the majority of the goods in the CPI <\/strong><strong>basket \u2014 rose 4.8% in a single month<\/strong> as war-driven shipping and ins. costs trickled down, mainly on the back of a 21.6% increase in vegetable prices fueled by rising transportation costs, CI Capital writes in a note seen by EnterpriseAM. Electricity, gas, and other fuel items rose by 8.6% m-o-m.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cOur main concern here is the potentially lingering upward pressure on the food item, <\/strong>which might witness global disruptions fueled by higher fertilizer and energy prices,\u201d Thndr\u2019s Esraa Ahmed tells us.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More price hikes are coming:<\/strong> Recent fuel hikes of 14\u201330% in March will be compounded by upcoming electricity price hikes. Commercial electricity tariffs are expected to jump between 20\u201391% this month, along with an increase in residential tariffs between 16\u201328%.<\/p>\n<p class=\"tag-border-left\">What\u2019s next <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where we go from here is closely tied to currency movements and utility price <\/strong><strong>adjustments. <\/strong>\u201cWe expect the electricity price hikes to reflect in the April 2026 inflation figure [\u2026] it is likely to be partially offset by a possible drop in vegetable prices due to the harvesting season,\u201d CI Capital notes. In addition, it \u201cexpect[s] currency movements throughout [April] to also direct the inflation momentum and direction.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Potential easing? <\/strong>\u201cOur online price trackers suggest a somewhat sharp reversal in poultry prices (down c. 8% m-o-m) and we expect a lower monthly print in April, which could translate into a modest drop in the annual headline inflation,\u201d Beltone Head of Research Ahmed Hafez tells us. But unfavourable base effects could see inflation staying within current levels throughout 2Q and 3Q due to persistently elevated global energy prices, he added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Don\u2019t expect interest rates to dip anytime soon: <\/strong>\u201cThe CBE is likely to pause its monetary easing cycle until Egypt is firmly back on its pre-February disinflationary path,\u201d Hafez said. Most analysts we spoke to agreed. \u201cWe believe the CBE might prefer to put its easing cycle on hold throughout the current phase of uncertainty and until the real cost of the Iran war can be assessed,\u201d Ahmed added.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The central bank next meets on 21 May <\/strong>to review its policy rates. <\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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=\"692845\" 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=\"692845\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/egypt-to-buy-all-gas-from-cyprus-aphrodite-field-under-new-pipeline-agreements\/\">\r\n                            Egypt claims total output of Cyprus\u2019 Aphrodite gas 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\/2026\/04\/14\/egypt-to-buy-all-gas-from-cyprus-aphrodite-field-under-new-pipeline-agreements\/\" 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 agreement was finalized after the Egyptian Natural Gas Holding Company (Egas) inked a term sheet with field partners NewMed Energy, Chevron, and Shell, alongside a host government agreement to build a USD 2 bn pipeline connecting the field to Egypt\u2019s coast.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why it matters: <\/strong>The agreement secures some 100 bcm of Cypriot gas over time with hopes of re-exporting to Europe, feeding Egypt\u2019s liquefaction infrastructure and reinforcing its position as the East Med\u2019s <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/09\/egypt-pays-credibility-tax-to-keep-its-energy-hub-dreams-viable\/\" target=\"_blank\" rel=\"noopener\">premier processing hub<\/a>. The massive supply will feed our LNG export facilities at Idku and Damietta while also providing fuel for domestic consumption amid an ongoing energy crisis \u2014 helping reduce our large LNG import bill and reduce reliance on pipeline gas from Israel.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The details:<\/strong> The subsea transmission system will be constructed and operated by Aphrodite Midstream, a new special purpose company jointly owned by the Aphrodite partners and an Egyptian government-appointed entity. Under the 15-year contract \u2014 which includes a five-year extension option \u2014 the gas price will be linked to Brent crude, complete with a floor and a ceiling price. Gas will land at Port Said via pipeline, receiving up to 700 mmcf\/d for six years before shifting to flexible volumes.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ICYMI-<\/strong> Cyprus agreed <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/31\/egypt-opens-a-fresh-europe-to-gulf-transit-corridor-via-damietta\/\" target=\"_blank\" rel=\"noopener\">in February<\/a> to foot the entire USD 2 bn bill for the pipeline, dropping its push for cost-sharing in exchange for utilizing Egyptian liquefaction infrastructure. <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/09\/18\/chevron-leviathan-partners-ink-usd-610-mn-agreement-to-begin-delayed-nitzana-pipeline-construction\/\" target=\"_blank\" rel=\"noopener\">Last year<\/a>, the government reached an agreement with Italy\u2019s Eni to connect Cyprus\u2019s offshore Cronos gas field to Zohr infrastructure for liquefaction and re-export starting 2027.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>What\u2019s next:<\/strong> The parties have 12 months to sign final agreements, while the Egyptian parliament has six months to approve the fiscal framework. A final investment decision must be adopted within 12 months of the final contracts being signed, with pipeline construction expected to begin in 2027, while gas from Aphrodite will start heading our way by 2030.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">\u00a0<\/p>\n\n\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chevron\/\">Chevron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/newmed-energy\/\">NewMed Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shell\/\">Shell<\/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=\"692847\" 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=\"692847\">\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\">Construction<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/new-entry-rules-for-egyptian-contractors-eyeing-saudi-sar-200-bn-project-pipeline\/\">\r\n                            Egypt\u2019s new path to Saudi housing boom                        <\/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\/2026\/04\/14\/new-entry-rules-for-egyptian-contractors-eyeing-saudi-sar-200-bn-project-pipeline\/\" 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\/2026\/04\/14\/new-entry-rules-for-egyptian-contractors-eyeing-saudi-sar-200-bn-project-pipeline\/')\">\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\/2026\/04\/14\/new-entry-rules-for-egyptian-contractors-eyeing-saudi-sar-200-bn-project-pipeline\/\">\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=New entry rules for Egyptian contractors eyeing Saudi SAR 200 bn project pipeline&url=https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/new-entry-rules-for-egyptian-contractors-eyeing-saudi-sar-200-bn-project-pipeline\/\">\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\/2026\/04\/14\/new-entry-rules-for-egyptian-contractors-eyeing-saudi-sar-200-bn-project-pipeline\/&title=New entry rules for Egyptian contractors eyeing Saudi SAR 200 bn project pipeline\">\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=New+entry+rules+for+Egyptian+contractors+eyeing+Saudi+SAR+200+bn+project+pipeline+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2026%2F04%2F14%2Fnew-entry-rules-for-egyptian-contractors-eyeing-saudi-sar-200-bn-project-pipeline%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\/2026\/04\/14\/new-entry-rules-for-egyptian-contractors-eyeing-saudi-sar-200-bn-project-pipeline\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/585.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"692848\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/new-entry-rules-for-egyptian-contractors-eyeing-saudi-sar-200-bn-project-pipeline\/585-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/585.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"585.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/585.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/585.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-692847\" class=\"content-area-description single-story post-692847 post type-post status-publish format-standard has-post-thumbnail hentry category-construction tag-construction tag-enterpriseam tag-housing tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Egyptian <\/strong><strong>contractors will have to meet new qualification rules to qualify for <\/strong><strong>work on Saudi Arabia\u2019s <\/strong><strong>SAR 200 bn pipeline of housing<\/strong>, <strong>utilities, and healthcare projects<\/strong>, Egyptian Federation for Construction and Building Contractors (EFCBC) board member Shams El-Din Youssef tells EnterpriseAM. Saudi officials met with Egyptian firms to build on <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/local-construction-firms-are-expanding-abroad-where-are-they-expanding-to-and-what-obstacles-are-they-facing\/\" style=\"\">earlier discussions<\/a> with the <a target=\"_blank\" href=\"https:\/\/www.nhc.sa\/\" style=\"\">National Housing Company (NHC)<\/a> and to discuss sourcing expertise.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The updated rules target companies with no prior presence in Saudi Arabia.<\/strong> To qualify, firms must: <\/p>\n<ul>\n<li>Be classified as first-tier contractors by the Egyptian Federation for Construction and Building Contractors;<\/li>\n<li>Not be previously registered with Saudi Arabia\u2019s Ministry of Investment;<\/li>\n<li>Show at least EGP 90 mn in annual revenues over the past five years;<\/li>\n<li>Have a minimum of 15 years\u2019 experience.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next?<\/strong> So far, 25 Egyptian firms have made the cut and qualified for registration with the NHC. The next steps involve a series of virtual meetings to hash out the details. Meanwhile, the federation is working with Saudi authorities to reopen the qualification window soon and get even more Egyptian companies cleared to participate.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> The new entry rules are a pragmatic response to address a capacity gap in the Kingdom\u2019s construction sector. As homeownership surpasses 66% in 2025 toward a 70% target by 2030, housing needs are accelerating, with Riyadh alone expected to require over 305k new homes by 2034. Domestic contractors are already tied up with gigaprojects like Diriyah, prompting the NHC to open a faster track for Egyptian firms to help bridge the gap and deliver projects on schedule.<\/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\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/housing\/\">housing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            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24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"692851\" 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=\"692851\">\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\/2026\/04\/14\/chinas-henan-zhongfu-to-build-usd-2-bn-aluminum-hub-in-egypt\/\">\r\n                            China\u2019s Henan Zhongfu to build USD 2 bn aluminum hub as regional supply shock bites                        <\/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 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<\/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\/2026\/04\/14\/chinas-henan-zhongfu-to-build-usd-2-bn-aluminum-hub-in-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/937.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"692852\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/chinas-henan-zhongfu-to-build-usd-2-bn-aluminum-hub-in-egypt\/937-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/937.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"937.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/937.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/3\/937.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-692851\" class=\"content-area-description single-story post-692851 post type-post status-publish format-standard has-post-thumbnail hentry category-also-on-our-radar tag-also-on-our-radar tag-aluminum tag-automotive tag-enterpriseam tag-industry tag-investment tag-manufacturing tag-saint-gobain wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p class=\"tag-border-left\">China\u2019s Henan Zhongfu to roll out USD 2 bn aluminum plant in SCZone<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Chinese<\/strong><strong> aluminum manufacturer Henan Zhongfu will set up a USD 2 bn <\/strong><strong>aluminum megaproject in the Suez Canal Economic Zone (SCZone)<\/strong>, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid035VfdSHy6dstadg2T27T8UWeL4rnnomJrGWWW6nK7Ash9BPJsD39qA2FFTiV3JFsUl?rdid=BaBsxpvfgZRyuyVN\" target=\"_blank\" rel=\"noopener\">cabinet statement<\/a>. The 1 mn sqm facility in East Port Said will target high-value deep processing for the automotive and electronics sectors.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why it matters: <\/strong>Egypt is emerging as the primary \u201csafe harbor\u201d for heavy industry as regional conflict cripples the GCC\u2019s aluminum giants. With Iranian facilities offline and <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/31\/aluminum-market-reels-after-strikes-on-ega-and-alba\/\" target=\"_blank\" rel=\"noopener\">drone strikes<\/a> targeting Abu Dhabi\u2019s Emirates Global Aluminum and Aluminum Bahrain, prices went up nearly 5% last month \u2014 moving steadily toward a projected USD 4k per ton. By landing this project now, the SCZone is an increasingly important node in the global supply chain.<\/p><p class=\"tag-border-left\">Mobica diversifies into the automotive supply chain with USD 20 mn investments<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Furniture<\/strong><strong> maker Mobica pushing deeper into making parts of the car industry<\/strong>, with some USD 20 mn earmarked this year to expand into automotive components and agriculture, CEO Mohamed Farouk told <a href=\"https:\/\/asharqbusiness.com\/economics\/127821\/%D9%85%D9%88%D8%A8%D9%8A%D9%83%D8%A7-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B9%D8%AA%D8%B2%D9%85-%D8%B6%D8%AE-20-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AE%D9%84%D8%A7%D9%84-2026\/\" target=\"_blank\" rel=\"noopener\">Alsharq Business<\/a>. The company plans on expanding into new projects in the industrial and logistics sectors before the end of 1H 2026.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why it matters:<\/strong> We\u2019re seeing more big industrial players chasing a cheaper EGP into sectors with high export potential or government-backed localization mandates. Mobica is eyeing incentives under the <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/17\/industry-ministry-pushes-for-100k-vehicles-a-year-and-60-local-content-in-an-auto-industry-reboot\/\" target=\"_blank\" rel=\"noopener\">National Automotive Industry Development Program<\/a> (AIDP), which targets 100k vehicles annually with 60% local content. Mobica is essentially wagering that its existing manufacturing scale can solve a critical supply chain bottleneck for local assemblers.<\/p><p class=\"tag-border-left\">Saint-Gobain places EUR 215 mn wager on Egypt\u2019s auto and solar supply chains<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>French<\/strong><strong> industrial giant<\/strong> <strong>Saint-Gobain is moving ahead with plans to bring two new <\/strong><strong>factories online by September 2026<\/strong>, investing a combined EUR 215 mn, according to an Industry Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/%D8%A8%D9%8A%D8%A7%D9%86-%D8%B5%D8%A7%D8%AF%D8%B1-%D8%B9%D9%86-%D9%88%D8%B2%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%B9%D8%A9-%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%B9%D8%A9-%D9%8A%D8%A8%D8%AD%D8%AB-%D9%85%D8%B9-%D9%85%D8%AC%D9%85%D9%88%D8%B9%D8%A9-%D8%B3%D8%A7%D9%86-%D8%AC%D9%88%D8%A8%D8%A7%D9%86-%D9%85%D8%B5%D8%B1-%D8%AE%D8%B7%D8%B7-%D8%A7%D9%84%D8%AA%D9%88%D8%B3%D8%B9-\/1531287035708378\/\" target=\"_blank\" rel=\"noopener\">statement<\/a>. The expansion includes a EUR 175 mn specialized glass plant in the Suez Canal Economic Zone (SCZone) and a EUR 40 mn gypsum board facility in Sadat City.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why it matters:<\/strong> The two plants will add to Egypt\u2019s high-value industrial output. The SCZone plant will focus on specialized glass for the automotive and solar sectors, while the Sadat City facility is being built with an aggressive 60% export mandate. This will help the firm expand its EUR 60 mn worth of exports from Egypt and double its <a href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/08\/foundever-opens-customer-experience-center-in-luxor\/\" target=\"_blank\" rel=\"noopener\">Africa-bound exports<\/a> to EUR 120 mn.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aluminum\/\">aluminum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment\/\">investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saint-gobain\/\">Saint-Gobain<\/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=\"692853\" class=\"issue-section markets\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"692853\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/wall-street-built-a-tool-to-short-private-credit\/\">\r\n                            The Medium Short                        <\/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        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           <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/wall-street-built-a-tool-to-short-private-credit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/583.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"692854\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/14\/wall-street-built-a-tool-to-short-private-credit\/583-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/583.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"583.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/583.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2026\/4\/583.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-692853\" class=\"content-area-description single-story post-692853 post type-post status-publish format-standard has-post-thumbnail hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong> If there was ever a warning sign that private credit is in trouble<\/strong>, this is the strongest one yet: Wall Street just built a tool to short it.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>What\u2019s happening? <\/strong>S&amp;P Global is teaming up with a syndicate of major banks, including JPMorgan Chase and Morgan Stanley, to launch the S&amp;P CDX Financials Index, a new credit-default swap benchmark that is set to begin trading on Monday.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The index tracks 25 North American financial institutions<\/strong>, but the main attraction is that some 12% of the gauge is tied to private debt funds managed by sector heavyweights like Apollo Global Management, Ares Management, and Blackstone.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>SOUND SMART- A credit-default swap<\/strong> (CDS) is a financial derivative that functions like an ins. policy against the risk of a borrower failing to pay off their debt. If you buy a CDS on an entity and that entity defaults, the seller of the swap pays you out. Historically, these derivatives have offered protection against the risk of a bond issuer, such as a corporation, a bank, or a sovereign government, failing to repay its creditors. The new index allows investors to purchase ins. against defaults by the index's members, meaning the value of the index will rise if market sentiment sours on these specific firms.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>If this sounds familiar, it should: <\/strong>CDSs were the notorious financial instruments at the center of the 2008 financial crisis, used famously by traders to bet against the housing market in The Big Short. Back then, they were used to insure subprime mortgage-backed securities. When the housing market collapsed, institutions that had sold massive amounts of these swaps \u2014 like AIG \u2014 couldn't cover the resulting payouts, triggering systemic global contagion.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why it matters: <\/strong>The private credit market has exploded into a massive industry, valued anywhere from USD 1.8 tn to over USD 3 tn. Betting against it has historically been a clunky and costly headache for traders. This new derivative gives hedge funds a rapid mechanism to profit from a potential sector downturn, while allowing major banks to hedge the massive loans they've made to private credit managers.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The timing is no accident: <\/strong>Private credit funds are facing their toughest stress test since the period following the 2008 financial crisis. Retail investors are increasingly trying to pull their capital amid a spate of defaults, alongside growing fears that the AI boom will upend the software companies these funds heavily rely on for returns.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Custom-made: <\/strong>Writing the CDS directly on business development companies (BDCs) \u2014 a specific type of private credit fund \u2014 offers a direct line to short the sector rather than relying on proxy wagers, S&amp;P Dow Jones Indices' Nicholas Godec told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-10\/wall-street-seizes-on-private-credit-fears-with-new-way-to-short\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a>.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Pundits are seeing attraction: <\/strong>\u201cPrivate credit has grown fast and there's a lot of financial exposure arising in different ways so there is a real demand for this product,\u201d Barclays head of credit strategy Dominique Toublan told the <a href=\"https:\/\/www.wsj.com\/finance\/wall-street-builds-new-tool-to-bet-against-private-credit-bdf8bafa\" target=\"_blank\" rel=\"noopener\">Wall Street Journal<\/a>.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The glaring omission? Blue Owl Capital<\/strong>. The private credit giant was initially slated for inclusion but was quietly scrubbed from the final roster following feedback from market players. Market participants warned that Blue Owl has been under so much recent stress that keeping it in would make the broader index \u201ctoo idiosyncratic\u201d right out of the gate, Godec told Bloomberg.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>What comes next:<\/strong> Expect immediate trading volume from the bears. Heavy hitters like Boaz Weinstein's Saba Capital actively advocated for the creation of this exact product.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">A roster of major lenders \u2014 including Bank of America, Barclays, Deutsche Bank, and Goldman Sachs \u2014 are slated to begin selling the derivatives to clients very soon.<\/p><p class=\"tag-border-left\">MARKETS THIS MORNING-<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">Despite the US\u2019 ongoing blockade on Iran, Asian markets are rallying across the board. Japan\u2019s Nikkei is seeing gains of around 2.5% in early trading, while South Korea\u2019s Kospi is up around 3.2%. Meanwhile, US futures are largely trading flat.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>EGX30<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">49,079<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">+1.0% (YTD: +17.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">Buy 53.07<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">Sell 53.21<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\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 style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">Buy 53.04<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">Sell 53.14<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Interest rates (CBE)<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">19.00% deposit<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">20.00% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">11,427<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">+1.0% (YTD: +8.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ADX<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">9,786<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">-0.5% (YTD: -2.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>DFM<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">5,668<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">-0.8% (YTD: -6.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\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 style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">6,863<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">+0.7% (YTD: +0.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">10,583<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">-0.2% (YTD: +6.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">5,905<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">-0.4% (YTD: +1.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">USD 99.36<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">+4.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">USD 2.62<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">-0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Gold <\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">USD 4,771<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>BTC<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">USD 73,262<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">+2.8% (YTD: -16.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\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 style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">1,031<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">+0.1% (YTD: +23.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\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 style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">151<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">+0.3% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\"><\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">19.12<\/p>\n<\/td>\n<td style=\"border-right-style: solid;padding: 5pt 5pt 5pt 5pt;border-right-width: 1pt;border-top-style: solid;border-left-style: solid;border-bottom-width: 1pt;width: 139.2pt\" colspan=\"1\" rowspan=\"1\">\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">-0.6% (YTD: +27.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p class=\"tag-border-left\">THE CLOSING BELL-<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The EGX30 rose 1.0% at Thursday\u2019s close<\/strong> on turnover of EGP 7.8 bn (16.4% above the 90-day average). International investors were the sole net buyers. The index is up 17.3% YTD.<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>In the green:<\/strong> Orascom Development (+4.0%), Misr Cement (+3.4%), and Telecom Egypt (+3.2%).<\/p><p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>In the red: <\/strong>Palm Hills Developments (-2.3%), Raya Holding (-1.9%), and GB Corp (-1.5%).<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"692855\">\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\/egyptian-waste-tech-startups-want-traceability-to-be-the-next-big-play\/\">\r\n                            A case for traceable trash<\/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\/egyptian-waste-tech-startups-want-traceability-to-be-the-next-big-play\/\" 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\/goinggreens\/egyptian-waste-tech-startups-want-traceability-to-be-the-next-big-play\/')\">\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\/goinggreens\/egyptian-waste-tech-startups-want-traceability-to-be-the-next-big-play\/\">\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=Egyptian waste tech startups want traceability to be the next big play&url=https:\/\/enterpriseam.com\/egypt\/goinggreens\/egyptian-waste-tech-startups-want-traceability-to-be-the-next-big-play\/\">\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\/goinggreens\/egyptian-waste-tech-startups-want-traceability-to-be-the-next-big-play\/&title=Egyptian waste tech startups want traceability to be the next big play\">\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=Egyptian+waste+tech+startups+want+traceability+to+be+the+next+big+play+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fgoinggreens%2Fegyptian-waste-tech-startups-want-traceability-to-be-the-next-big-play%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>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egyptian-waste-tech-startups-want-traceability-to-be-the-next-big-play\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/342.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"692856\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egyptian-waste-tech-startups-want-traceability-to-be-the-next-big-play\/342-jpg-21\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/342.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"342.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/342.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2025\/5\/342.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-692855\" class=\"content-area-description post-692855 goinggreen type-goinggreen status-publish has-post-thumbnail hentry category-going-green tag-enterpriseam tag-going-green tag-infrastructure tag-sustainability wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Struggling Egyptian waste tech startups are in need of <\/strong><strong>a policy push and corporate mandates to help<\/strong> <strong>scale their operations<\/strong>, business owners tell EnterpriseAM. Historically, these startups have faced obstacles scaling due to limited awareness and an unstructured market, but the sector could be better positioned to enter a traceable and tech-driven era with a little help.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The informal market:<\/strong> Egypt\u2019s waste system already functions, but it relies heavily on informal collectors that handle material in the thousands of tons and play a central role in recovery, even in major cities. Startups are choosing to integrate these networks rather than compete against them. Circular economy platform Dawar and household collection app Bekya Pay view the informal sector as essential partners, focusing on formalizing their operations through pricing transparency, logistics coordination, and access to larger markets.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The pricing pressure: <\/strong>The recycling business remains heavily constrained by fluctuating global commodity prices. \u201cMaterials such as cardboard, metals and plastic prices can vary significantly,\u201d Bekya Pay co-founders Mohamed Ibrahim, Mohamed Hamdy, and Omar Saleh tell EnterpriseAM, noting that these swings directly impact profitability. The local market is also sensitive to international price arbitrage, and our cheap scrap could be sold at a higher price abroad.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>IN CONTEXT- The government is tightening its grip on valuable raw materials<\/strong>, extending a strict <a href=\"https:\/\/almalnews.com\/2103612\/%C2%AB%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%C2%BB-%D8%AA%D8%B7%D8%A7%D9%84%D8%A8-%D8%A8%D8%AA%D8%B4%D8%AF%D9%8A%D8%AF-%D8%A3%D8%B9%D9%85%D8%A7%D9%84-%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A9-%D9%84%D8%AA%D8%B7%D8%A8%D9%8A%D9%82-%D9%82%D8%B1%D8%A7%D8%B1\/\" target=\"_blank\" rel=\"noopener\">export<\/a><a href=\"https:\/\/almalnews.com\/2103612\/%C2%AB%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%C2%BB-%D8%AA%D8%B7%D8%A7%D9%84%D8%A8-%D8%A8%D8%AA%D8%B4%D8%AF%D9%8A%D8%AF-%D8%A3%D8%B9%D9%85%D8%A7%D9%84-%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A9-%D9%84%D8%AA%D8%B7%D8%A8%D9%8A%D9%82-%D9%82%D8%B1%D8%A7%D8%B1\/\" target=\"_blank\" rel=\"noopener\">fee<\/a> on zinc and certain scrap metals until 15 July 2026 to prevent them from bleeding out of the local market. Customs authorities have been instructed to increase inspections and tighten oversight at ports.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The behavior bottleneck: <\/strong>\u201cHouseholds separate their waste only if they can exchange it for an incentive,\u201d Dawar co-founder Hussein Barrada tells us. Even with incentives, the Bekya Pay co-founders describe a dynamic that keeps engagement uneven. The familiar pattern goes like this: \u201cEarly adopters join fast, especially in urban and higher-income areas,\u201d lured by awareness campaigns, incentives, and convenience. \u201cAfter the early growth, interest often plateaus,\u201d as remaining households require stronger incentives or easier access. Growth can resume only after stronger incentives, regulation, or institutional partnerships.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Scaling a formalized system requires massive capital and strict<\/strong><strong> regulatory enforcement.<\/strong> The World Bank estimates that achieving universal waste collection in low-to-middle income countries like Egypt would require spending 0.3% of GDP, up from less than 0.15% today. A shift in policy is also required, with Dawar\u2019s Barrada arguing that once extended producer responsibility (EPR) frameworks are enforced, \u201cwe will see a shift in monetization because all waste packaging companies and brand owners will be required by law to contribute to the collection and recycling of the waste.\u201d<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The corporate push:<\/strong> \u201cThe demand is super high from all the international brand owners as they have this as a global mandate,\u201d Dawar\u2019s CEO Amr Fathi says. However, \u201clocal brand owners are still in the awareness phase,\u201d but that is expected to shift as EPR takes hold, he adds.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>To capture this corporate demand, the sector is shifting its focus<\/strong><strong> toward tracking waste data.<\/strong> In a major consolidation move, Dawar has recently acquired a strategic stake in BekyaPay to link direct household inputs into its broader, traceable value chain, according to a <a href=\"https:\/\/ent.news\/2026\/4\/573.pdf\" target=\"_blank\" rel=\"noopener\">statement (pdf)<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>DATA POINT- <\/strong>Following the acquisition, Dawar now boasts a registered operational network spanning 22 governorates and has traced over 90k verified tons of waste over the past three years. Through its trading arm, it targets 5k tons of PET and 10k tons of cardboard monthly. Meanwhile, Bekya Pay brings in over 30k registered users and collects approximately 40 tons of recyclables per month across 500 dark stores.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Eni announced a <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/08\/what-does-a-two-week-ceasefire-mean-for-egypt\/\" target=\"_blank\" rel=\"noopener\">new gas discovery<\/a><\/strong><strong> at the Denise W 1 exploration well in Egypt\u2019s<\/strong><strong> Temsah concession<\/strong>, with preliminary estimates pointing to around 2 tcf of gas and 130 mn barrels of condensate. While smaller than Zohr, the find is still significant and could help reduce Egypt\u2019s energy import bill, especially as its proximity to existing infrastructure may allow for fast-tracked production.<\/li>\n<li><strong>Egypt is pursuing a <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/04\/09\/egypt-pays-credibility-tax-to-keep-its-energy-hub-dreams-viable\/\" target=\"_blank\" rel=\"noopener\">dual-track energy strategy<\/a><\/strong><strong> that combines record gas imports<\/strong><strong> with ambitions to become a regional export hub<\/strong>, Oil Minister Karim Badawi said. While imports are helping meet domestic demand and avoid blackouts, they are also keeping LNG infrastructure operational as Egypt positions itself to re-export gas from Cyprus and Israel alongside future increases in local production.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sustainability\/\">sustainability<\/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=\"692857\" 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\/2026\/04\/14\/692857\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-692857\" class=\"content-area-description single-story post-692857 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\">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\">APRIL<\/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;\">25 April (Saturday): Sinai Liberation Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY<\/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 May (Friday): Labor Day. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21 May (Thursday): Monetary Policy Committee\u2019s third meeting of 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:400;\">27-29 May (Wednesday-Friday): Eid El Adha (TBC).<\/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;\">JUNE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 June (Monday): Seventh review of the IMF\u2019s Extended Fund Facility <\/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;\">30 June (Tuesday): National holiday in observance of the June 30 Revolution (TBC).<\/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;\">JULY<\/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;\">9 July (Thursday): Monetary Policy Committee\u2019s fourth meeting of 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:400;\">23 July (Thursday): National holiday in observance of Revolution Day (TBC).<\/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;\">AUGUST<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 August (Thursday): Monetary Policy Committee\u2019s fifth meeting of 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:400;\">26 August (Wednesday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">SEPTEMBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">15 September (Tuesday): 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;\">24 September (Thursday): Monetary Policy Committee\u2019s sixth meeting of 2026. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>27-29 September (Sunday-Tuesday): Global Conference on Population, Health, and Human Development.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 October (Tuesday): Armed Forces Day. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">29 October (Thursday): Monetary Policy Committee\u2019s seventh meeting of 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;\">DECEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">17 December (Thursday): Monetary Policy Committee\u2019s eighth meeting of 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;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Early 2026: Passenger operations on the New Administrative Capital-Nasr 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:400;\">1Q 2026: Trial operations for the Ain Sokhna-Sixth 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;\">May 2026: End of extension for developers on 15% interest rates for land installment payments.<br \/><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">July 2026: British Prime Minister Keir Starmer set to visit 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;\">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:400;\">2026: The Egyptian-American Economic Forum.<\/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.<\/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-EU Summit 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>S&#038;P affirms stable outlook | Urban inflation beats estimates | Path to Saudi housing | Waste tech eyes traceability.<\/p>\n","protected":false},"featured_media":692835,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-692834","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"2a561aa2-21a4-4a8f-8200-539d861b1192","teaser":"S&P affirms stable outlook | Urban inflation beats estimates | Path to Saudi housing | Waste tech eyes traceability.","photo_url":"https:\/\/ent.news\/2024\/1\/2655.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>Kouchouk again promises no new taxes - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/kouchouk-again-promises-no-new-taxes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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