{"id":553135,"date":"2022-10-23T13:22:42","date_gmt":"2022-10-23T13:22:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/this-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term\/"},"modified":"2022-10-23T13:22:42","modified_gmt":"2022-10-23T13:22:42","slug":"this-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/this-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term\/","title":{"rendered":"THIS EVENING: Madbouly promises an end to L\/Cs + Xi locks down his third term"},"content":{"rendered":"<p><strong>Good afternoon, ladies and gentlemen, and welcome to a new week.<\/strong> Today\u2019s news cycle is dominated pretty much entirely by the Madbouly government\u2019s economic conference.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Are we going to say goodbye to L\/Cs soon?<\/strong> The government is currently working on reversing the requirement for importers to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">issue letters of credit<\/a> to buy goods \u201csoon,\u201d Prime Minister Moustafa Madbouly said during the economic conference (<a href=\"https:\/\/www.youtube.com\/watch?v=ejdtnavN45U\">watch, runtime: 2:34:07<\/a>). This comes weeks after President Abdel Fattah El Sisi said that import challenges facing manufacturers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17e5731c-72f6-4b07-a0f9-c85fe1927d44\">should be solved<\/a> within two months, without specifying that this would include L\/Cs.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>China\u2019s Xi secures unprecedented third term in power: <\/strong>Chinese President Xi Jinping will continue to lead the country for at least another five years, breaking a decades-long precedent that only allowed Chinese leaders to rule for two five-year terms. Xi has further cemented his power with a new governing body that replaces four members with men known to be a part of his inner circle. (<a href=\"https:\/\/www.reuters.com\/world\/china\/chinas-communist-party-politburo-standing-committee-unveiled-2022-10-23\/\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/livecoverage\/china-xi-jinping-communist-party-congress\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.cnn.com\/asia\/live-news\/china-party-congress-10-23-22-intl-hnk\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/live\/2022\/oct\/23\/chinas-president-xi-jinping-expected-to-secure-historic-third-term-in-power\">The Guardian<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-23\/xi-stacks-china-leadership-body-with-allies-cementing-control?srnd=premium-middle-east\">Bloomberg<\/a>)<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>S&P Global Ratings <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5fe81db-11c1-4885-b6f9-f8473ba459b3\">has affirmed<\/a><\/strong><strong> Egypt\u2019s B credit rating with a stable outlook<\/strong> on the back of expectations that fresh financial support from the IMF and the GCC will help us meet our \u201clarge\u201d external funding needs.<\/li>\n<li><strong>A state committee <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/02504f84-a7b4-43ef-818f-fb9abe3a75a7\">left fuel prices unchanged<\/a><\/strong><strong> at its latest quarterly meeting<\/strong>, defying expectations of another raise and ending a streak of six consecutive quarters of petrol price hikes.<\/li>\n<li><strong>Hassan Allam Holding and Emirati renewables player Masdar <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6af83467-4f2a-4379-a7c8-5ae62622cdb3\">will invest<\/a><\/strong><strong> some USD 10 bn in their green hydrogen project<\/strong> in the Suez Canal Economic Zone over the next seven-10 years.<\/li>\n<\/ul>\n<p class='web-image-inner'><img data-recalc-dims=\"1\" style='display: block' src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/Inside-Industry-en-WEB-1600x584-v5-03-1.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Inside Industry day \u2014<\/strong> <strong>your weekly briefing of all things industrial in Egypt.<\/strong> Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> We profile the new EGP 4 bn black sands plant in Kafr El Sheikh\u2019s Burullus, and how it fits into the global picture of rare earth material production.<\/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\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/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 href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Egypt and the UAE will <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0gKn5z3nuZiF3rVVxhgVD5AaDXHkH4X4bj7L1b3cvYGKcbV5u98c99ivMradBERDgl\">host a gathering<\/a><\/strong><strong> marking 50 years of bilateral ties.<\/strong> The conference takes place Wednesday-Friday (26-28 October) and is being produced in association with the two governments. <strong>Day one is an economic forum featuring ministers, senior officials and business leaders from the two countries<\/strong>, while the following day will feature a cultural forum.<\/p>\n<p><strong>AND- The Suez Canal Economic Zone (SCZone) will <\/strong><strong><a href=\"https:\/\/bit.ly\/3T5CAsr\">launch a promotional campaign<\/a><\/strong> <strong>ahead of COP27<\/strong> on potential investments in the zone. The domestic campaign will be launched today before the international campaign kicks off tomorrow.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Temperatures in Cairo will hit 29\u00b0C tomorrow during the day before falling to 17\u00b0C in the evening, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gentlemen, and welcome to a new week. Today\u2019s news cycle is dominated pretty much entirely by the Madbouly government\u2019s economic conference. THE BIG STORY TODAY Are we going to say goodbye to L\/Cs soon? The government is currently working on reversing the requirement for importers to issue letters of credit to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[271,104,633,891,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-553135","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-central-bank-of-egypt","tag-economy","tag-enterprisepm","tag-madbouly-government","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"be9af52f-9408-4f55-91da-961b5a334e18","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[553133],"teaser":"","voice_url":""},"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>THIS EVENING: Madbouly promises an end to L\/Cs + Xi locks down his third term - 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\/2022\/10\/23\/this-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Madbouly promises an end to L\/Cs + Xi locks down his third term\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, ladies and gentlemen, and welcome to a new week. Today\u2019s news cycle is dominated pretty much entirely by the Madbouly government\u2019s economic conference. THE BIG STORY TODAY Are we going to say goodbye to L\/Cs soon? 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Seems like the newswire will be picking up the pace earlier this business week. THE BIG STORY TODAY Madbouly to form new government: Prime Minister Moustafa Madbouly has been tapped to form a new government after tendering his government\u2019s resignation after nearly\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/282.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654220,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/29\/madbouly-lands-down-in-riyadh\/","url_meta":{"origin":553135,"position":1},"title":"Madbouly lands down in Riyadh","author":"enterpriseam admin","date":"29 October 2024","format":false,"excerpt":"Good afternoon, friends, and a happy hump day to you all.THE BIG STORY TODAY- Madbouly heads to Saudi to talk investment at the Future Investment Initiative: Prime Minister Moustafa Madbouly departed Cairo this morning for Riyadh alongside Foreign Minister Badr Abdelatty to attend the Future Investment Initiative, according to a\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1572.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":670428,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/19\/madbouly-pitches-japanese-industrial-zone-in-sczone\/","url_meta":{"origin":553135,"position":2},"title":"Madbouly pitches Japanese industrial zone in SCZone","author":"enterpriseam admin","date":"19 August 2025","format":false,"excerpt":"Good afternoon, friends, and happy hump day. At home, we\u2019re keeping an eye out on a potential new Japanese industrial zone.THE BIG STORY TODAY- Madbouly pitches a Japanese industrial zone in Egypt: Prime Minister Moustafa Madbouly invited Japanese companies to establish a dedicated Japanese industrial zone in the Suez Canal\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/8\/1200.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":633707,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/18\/fuel-committee-to-announce-quarterly-prices-very-soon\/","url_meta":{"origin":553135,"position":3},"title":"Fuel committee to announce quarterly prices \u201cvery soon\u201d","author":"enterpriseam admin","date":"18 July 2024","format":false,"excerpt":"Good afternoon, wonderful people. The weekend is finally here. We hope you all have your plans set to unwind and escape the scorching heatwave.THE BIG STORY TODAY- Fuel committee concludes meetings to decide quarterly prices: The government\u2019s fuel pricing committee has concluded its meetings to review fuel prices for the\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1480.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580410,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/26\/this-evening-el-sisi-signals-banks-will-secure-fx-for-l-cs-before-the-year-is-out-welcome-to-the-christmas-slowdown\/","url_meta":{"origin":553135,"position":4},"title":"THIS EVENING: El Sisi signals banks will secure FX for L\/Cs before the year is out + Welcome to the Christmas slowdown","author":"enterpriseam admin","date":"26 December 2022","format":false,"excerpt":"Happy Monday, ladies and gents. We\u2019re in that final stretch before we wave goodbye to the new year \u2014 and we\u2019re cautiously going to say the end-of-year news slowdown may finally be making an appearance.THE BIG STORY TODAY Banks to secure FX for letters of credit to help clear import\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/783.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552771,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/28\/this-evening-madbouly-announces-dates-for-economic-conference-boe-struggles-to-stem-gbps-decline\/","url_meta":{"origin":553135,"position":5},"title":"THIS EVENING: Madbouly announces dates for economic conference + BoE struggles to stem GBP\u2019s decline","author":"enterpriseam admin","date":"28 September 2022","format":false,"excerpt":"Happy almost-THURSDAY, friends. It\u2019s not the weekend yet, but this Wednesday afternoon is calm enough to start the slide into the end of the workweek.THE BIG STORY TODAY We have the dates for the long-awaited economic conference: The Madbouly government\u2019s economic conference is scheduled for 23-25 \u200b\u200bOctober, during which the\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=553135"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/553135\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/553133"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=553135"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=553135"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=553135"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=553135"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=553135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}