{"id":586958,"date":"2023-05-19T00:00:00","date_gmt":"2023-05-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/19\/cbe-keeps-interest-rates-on-hold-arab-league-summit-kicks-off-today\/"},"modified":"2023-05-19T00:00:00","modified_gmt":"2023-05-19T00:00:00","slug":"cbe-keeps-interest-rates-on-hold-arab-league-summit-kicks-off-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/19\/cbe-keeps-interest-rates-on-hold-arab-league-summit-kicks-off-today\/","title":{"rendered":"CBE keeps interest rates on hold + Arab League summit kicks off today"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good morning, lovely people, and happy FRIDAY. <\/span><span style=\"font-weight:400;\">We\u2019re still getting used to the drought of national holidays after the flurry of shortened workweeks we got over the past month \u2014 we hope you\u2019re surviving well. We have about a  month and a half before our next big holiday (Eid El Adha), and we\u2019re already counting the days. <\/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\">We also have a deluge of weddings and conferences coming up over the next month.<\/span><span style=\"font-weight:400;\"> If you are like us, we know the pain of trying to find a suit that perfectly fits the venue and event you have in your pipeline. <\/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\">Which is why we\u2019ve curated an Enterprise Guide this week for tailors all over Cairo<\/span><span style=\"font-weight:400;\"> to suit your different needs and budgets \u2014 you can find it below. <\/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\">Enterprise Weekend comes out each Friday at 9:00am CLT.<\/span><span style=\"font-weight:400;\"> We\u2019ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.<\/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;\"><\/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;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">WANT TO START A CAREER IN INVESTOR RELATIONS ADVISORY?<\/span><span style=\"font-weight:400;\">Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region\u2019s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE and beyond. Egyptian and foreign nationals alike are welcome to apply.<\/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\">NEVER WORKED IN INVESTOR RELATIONS OR ADVISORY BEFORE?<\/span><span style=\"\"> We have the<\/span><span style=\"font-weight:400;\"> Enterprise Advisory Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran investor relations and advisory professionals, while also applying their knowledge in a practical setting. Those who successfully complete the program will be offered full-time positions on staff for a chance to work in a flexible and supportive \u2014 but still fast-paced \u2014 work environment that eschews micromanagement and rewards good work. Enterprise Advisory offers the chance to build a network of high-ranking individuals across some of the largest and most influential companies in the region through direct exposure to clients.<\/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;\">During the program, you\u2019ll learn:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Finance for non-finance people;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to analyze businesses, their business models, their strategic advantages, and their strategies;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to take that information and then tell an audience of investors, journalists, and analysts a compelling and well-developed story;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to frame individual companies\u2019 stories within the wider macroeconomic environment.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">Career switchers are very welcome.<\/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\">Apply directly to jobs@enterprisemea.com and mention \u201cadvisory development<\/span><span style=\"font-weight:700\"> program\u201d<\/span><span style=\"font-weight:400;\"> in your subject line.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/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;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">LAST WEEK IN 3 MINS- <\/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\">It was another busy newsweek as the government continues to <\/span><span style=\"font-weight:700\">accelerate progress on its state privatization program <\/span><span style=\"font-weight:400;\">and as it looks to drum up more investments and FDI with fresh incentives. But first\u2026<\/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;\">ON THE MACRO FRONT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">#1- The Central Bank of Egypt left <\/span><span style=\"font-weight:700\">interest rates <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/ent.news\/2023\/5\/1075.pdf\" style=\"\">unchanged (pdf)<\/a><\/span><span style=\"font-weight:700\">at its monetary policy meeting yesterday<\/span><span>, i<\/span><span>n line with expectations.<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2ee5761-7094-40ab-9544-885d03f42d29\" style=\"\">Seven of 10 people we\u2019ve spoken with<\/a><\/span><span> had expected the central bank to keep rates where they are through to next month on the back of a minor decrease in April\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8b89cdc-cf1e-4a57-bcf6-75cf185240d0\" style=\"\">inflation figures<\/a><\/span><span>.<\/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\">#2- The EBRD downgraded Egypt\u2019s growth forecast to 4.0%<\/span><span> in the current fiscal year due to continued economic headwinds caused by stubbornly high inflation and a currency crisis. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f374c97f-59fd-426c-ac20-c024ee0e75d3\" style=\"\">The Bank's assessment<\/a><\/span><span style=\"font-weight:400;\"> marked a 0.7% downward revision from its previous forecast published three months ago.<\/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\">#3-<\/span><span style=\"font-weight:700\">Fitch Ratings <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/77d15761-4c74-4d14-8408-de88c3111d66\" style=\"\">has downgraded<\/a><\/span><span style=\"font-weight:700\"> the long-term deposit ratings of four Egyptian banks <\/span><span>following its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39706d92-c6c9-4a7b-97e9-d3db6864c218\" style=\"\">lowering of the country\u2019s sovereign rating<\/a><\/span><span> earlier this month. <\/span><span style=\"font-weight:400;\">The National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and CIB all saw their ratings drop from B+ to B \u201creflecting the sovereign's weaker ability to provide support, particularly in foreign currency.\u201d Fitch kept its outlook for the banks unchanged at negative.<\/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;\">PRIVATIZATION-<\/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\">#1- The government finally <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/053a8175-6db9-4185-ab3d-520dc017ac28\" style=\"\">sold<\/a><\/span><span style=\"font-weight:700\"> a 9.5% stake in Telecom Egypt<\/span><span> to institutional investors, r<\/span><span>aising some EGP 3.75 bn<\/span><span style=\"font-weight:400;\">. The sale of some 162.2 mn shares in the state-owned telecom operator was 3.1x oversubscribed. We\u2019re still waiting for word on the institutions who bought shares in the company but we know that only some 9% went to foreign investors.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- More could be coming soon: <\/span><span>National Investment Bank subsidiary NI Capital <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e4c4fcd-97f0-4e30-b9c3-d7ca9c0a66d6\" style=\"\">is gearing up to sell stakes<\/a><\/span><span> in seven state-owned companies, two of which should close by June and the remainder before the end of the year. Stakes in this roster of state-owned companies up for grabs include those oil, petrochemicals, and transport.<\/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\">#3- <\/span><span style=\"font-weight:700\">Agthia put in a bid for Safi<\/span><span>: Emirati F&B company Agthia <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/053a8175-6db9-4185-ab3d-520dc017ac28\" style=\"\">placed its bid<\/a><\/span><span> for Safi, reportedly joining several other bidders for a stake in the military-owned bottled water company.<\/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\">#4- Egypt needs lenders\u2019 approvals before selling Siemens power plants: <\/span><span>Egypt has reportedly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11cbc1b8-2f94-4e36-ba9b-336207272b2f\" style=\"\">requested<\/a><\/span><span> permission from German banks to sell shares in the three 4.8 GW Siemens-built power stations to investors. The government <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\">earmarked the Beni Suef plant for privatization<\/a><\/span><span style=\"font-weight:400;\"> earlier this year but the financial terms agreed with the project\u2019s backers mean that it will need to get their sign-off before it can start marketing it to investors, sources reportedly said.<\/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;\">ENTERPRISE EXPORTS + FDI 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\">We held our inaugural Enterprise Exports + FDI forum <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69da074e-7e5a-45b1-b243-caf5c1a338b6\" style=\"\">last week<\/a><\/span><span style=\"font-weight:400;\">with a stacked roster of panelists who shared their insights into how we can build a strong export-driven economy. Some key lessons from the 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\">#1- Good Egyptian businesses are still attractive to investors: <\/span><span>\u201cEconomic uncertainty \u201cis a little bit higher\u201d right now, \u201cbut this doesn't prevent investors from investing in Egypt. They just need to price it in,\u201d Hossam Abou Moussa, partner at Apis Partners, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6756c86f-f7e5-4cbd-9445-8e941a356641\" style=\"\">said during a panel discussion<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- But we need to act decisively, and fast: <\/span><span style=\"font-weight:400;\">One of the first steps we should take is to select a small number of high performing sectors to heavily invest in, Yassir Zouaoui, partner at McKinsey, said during the opening panel.<\/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\">#2- And cultivate a friendly environment for exporters and investors: <\/span><span style=\"font-weight:400;\">Export subsidies, credit facilities with banks and tax exemptions are among the ways we can help spur exports, according to Oriental Group Chair Yasmine Khamis.<\/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\">A MORE FRIENDLY ENVIRONMENT COULD BE ON ITS WAY- <\/span><span>Prime Minister Moustafa Madbouly last week <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">broke down 22 decisions<\/a><\/span><span> taken by the Supreme Investment Council during its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0AzwxtjCe8cHuvxG27ty8cWYoGrqd7qDnDZnZakxaQdR7UUKLhbx46YFjmemsE8K7l\" style=\"\">first meeting<\/a><\/span><span>, <\/span><span>aimed at drumming up more investments and exports from the private sector. The decisions include faster responses to applications for setting up a business, expanding eligibility for the one-stop-shop \u201c<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d03b6507-b649-4f52-9d7b-1c4bdf41420a\" style=\"\">golden license<\/a><\/span><span>,\u201d improving privileges in special economic zones, leveling the playing field between private and state-owned firms, and expediting dispute resolution. <\/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;\">GREEN ENERGY- <\/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\">Green hydrogen incentives get the greenlight:<\/span><span> Ministers have <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a10abfdb-9dc8-4c91-ab5d-8513537de698\" style=\"\">approved<\/a><\/span><span style=\"font-weight:400;\"> a package of incentives \u2014 including VAT and income tax breaks \u2014 for green hydrogen projects being implemented within five years, in a bid to stimulate Egypt\u2019s nascent green hydrogen industry and increasing FX inflows.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>Meanwhile, <\/span><span style=\"font-weight:700\">Infinity Power<\/span><span> and Greek infrastructure investor <\/span><span style=\"font-weight:700\">Coupelouzos<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8ccd61bd-6141-4081-89b7-aea81f211048\" style=\"\">said<\/a><\/span><span> they could jointly produce <\/span><span style=\"font-weight:700\">renewable energy<\/span><span style=\"font-weight:400;\"> in Egypt that would be sent to Europe via a planned electricity link.<\/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;\">WHAT\u2019S HAPPENING NEXT WEEK-<\/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;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1055.JPG?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span style=\"font-weight:700\">The 32nd Arab League summit will kick off in Jeddah today<\/span><span>, with the Syrian government expected to make an appearance for the first time since the country was barred from the body in 2011 following its violent crackdown on protests at the outset of the Arab Spring. Fighting in Sudan and ongoing conflict between Israeli armed forces and Palestinians are <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/2\/8\/501045\/World\/Region\/Arab-foreign-ministers-prepare-for-nd-Arab-Summit-.aspx\" style=\"\">expected to be on the agenda<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The G7 Summit will commence today in Hiroshima <\/span><span>where leaders <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/g7-japan-hiroshima-ukraine-biden-kishida-dedf0f001b873a5e9f6eba111a259792\" style=\"\">are expected to discuss<\/a><\/span><span style=\"font-weight:400;\"> the ongoing war in Ukraine and the state of the global economy. <\/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\">The senate will reconvene on Sunday<\/span><span style=\"font-weight:400;\">, following an almost two-week-long hiatus.<\/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\">Oman sultan in town next week: <\/span><span>Oman\u2019s Sultan Haitham bin Tarek Qaboos is landing in Egypt on Sunday for an official two-day visit on the invitation of President Abdel Fattah El Sisi, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/omannews.gov.om\/topics\/ar\/85\/show\/417914\/ona\" style=\"\">Oman News Agency<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt will host the African Development Bank\u2019s (AfDB) annual meetings in Sharm El Sheikh<\/span><span> from Monday 22 May through Friday 26 May. Sustainable development and climate finance will be central <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.afrik21.africa\/en\/africa-afdb-annual-meeting-opens-may-22-in-sharm-el-sheikh\/#:~:text=At%20least%203%2C000%20participants%20including,prism%20of%20climate%20finance%20in\" style=\"\">themes<\/a><\/span><span style=\"font-weight:400;\"> over the course of the conference. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/30aa68b8-77e3-4fc2-8dcb-fbbf0f61ccfc\" style=\"\">Check out our full calendar on the web<\/a><\/span><span style=\"font-weight:400;\"> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/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;\">YOUR MOST CLICKED LINKS-<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">The 22 decisions the Supreme Council approved<\/span><span> at its first meeting to help create a more business-friendly environment got the most number of clicks. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0k4Exqzy6RjeXMiHUhbLbx1ndbGs1MJBvzmiY5QJDYWaThnoYPZyTvQrecuKYvH9cl\" style=\"\">Statement<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">IHG\u2019s plans to open two new hotels in Sheikh Zayed<\/span><span> in 2026 and 2028 also got a lot of attention. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ihgplc.com\/en\/news-and-media\/news-releases\/2023\/ihg-continues-to-strengthen-egypt-portfolio-with-two-new-signings-in-cairo\" style=\"\">Statement<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">Our breakdown of the government\u2019s spending plans for the green economy<\/span><span> in the upcoming fiscal year also got plenty of clicks. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d58c1f3a-9d25-4243-a78f-8294bafc8aef\" style=\"\">Enterprise<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">Visa\u2019s new senior vice president and chief marketing officer for Central and Eastern Europe, Middle East, and Africa (CEMEA)<\/span><span> Tarek Abdallah\u2019s LinkedIn also got some love. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/tarekabdalla\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">Israel\u2019s statement of thanks after we brokered a truce <\/span><span>between the country and the Islamic Jihad got interest. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.gov.il\/en\/departments\/news\/spoke-statement130523\" style=\"\">Statement<\/a><\/span><span>)<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AROUND THE WORLD IN SEVEN DAYS- <\/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;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1057.JPG?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The deadlock in US debt ceiling negotiations continued to make headlines:<\/span><span style=\"\">US President <\/span><span>Joe Biden <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40e1c661-f9fb-43fa-9f17-4a3b55368ef6\" style=\"\">voiced confidence<\/a><\/span><span style=\"font-weight:400;\"> that the US lawmakers will break the deadlock in debt ceiling negotiations and avoid the country plunging into default next month, after cutting a trip short in hopes of finding a breakthrough. <\/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\">The Turkish election also got plenty of ink: <\/span><span>Turkey <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2ee5761-7094-40ab-9544-885d03f42d29\" style=\"\">will hold a runoff vote<\/a><\/span><span style=\"font-weight:400;\"> on 28 May after neither president Recep Tayyip Erdogan or his main opponent, social democrat Kemal Kilicdaroglu, managed to secure more than 50% of the votes and claim victory. <\/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\">Sudan continued to feature on foreign press\u2019 front pages, as Khartoum saw violence intensify <\/span><span>with the Rapid Support Forces (RSF) and Sudanese army <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e7e47a3f-f3d4-4135-b923-9794df02230f\" style=\"\">continuing to fight<\/a><\/span><span> for control of the nation\u2019s capital. This comes despite ongoing peace talks in Saudi Arabia that <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c4533be-64ad-4d66-a10d-4b26b69f0d8e\" style=\"\">earlier this month<\/a><\/span><span style=\"font-weight:400;\"> saw both sides agree to protect civilians and permit humanitarian aid into the country. <\/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;\"><\/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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">\u2600\ufe0f <\/span><span style=\"font-weight:700\">THE WEATHER THIS WEEKEND- Enjoy the last few pleasantly warm days before a <\/span><span style=\"font-weight:700\">heatwave hits next week. <\/span><span style=\"font-weight:400;\">The mercury will rise to a high of 30\u00b0C today and 32\u00b0C tomorrow, before dropping to overnight lows of 16-19\u00b0C, according to our favorite weather app. Temperatures next week will hover around 35-36\u00b0C, before peaking at a sweltering 39\u00b0C on Wednesday.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, lovely people, and happy FRIDAY. We\u2019re still getting used to the drought of national holidays after the flurry of shortened workweeks we got over the past month \u2014 we hope you\u2019re surviving well. We have about a month and a half before our next big holiday (Eid El Adha), and we\u2019re already counting [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":586959,"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":[7287],"tags":[168,104,6653,349,587,6654],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-week-in-review","tag-diplomacy","tag-economy","tag-enterprise-weekend","tag-interest-rates","tag-state-privatization-program","tag-the-week-in-review","wpautop","entry"],"acf":{"mongo_id":"d4809fa2-13a1-415c-ac83-7a01fe88f785","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2022\/8\/237.jpg","photo_position":"above","homepage_title":"","full_issue_title":"CBE keeps interest rates on hold + Arab League summit kicks off today","related_issue":[586956],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.d096ab8a-4200-42f4-83f2-c48bf64a0271.mp3"},"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>CBE keeps interest rates on hold + Arab League summit kicks off today - 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\/2023\/05\/19\/cbe-keeps-interest-rates-on-hold-arab-league-summit-kicks-off-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE keeps interest rates on hold + Arab League summit kicks off today\" \/>\n<meta property=\"og:description\" content=\"Good morning, lovely people, and happy FRIDAY. We\u2019re still getting used to the drought of national holidays after the flurry of shortened workweeks we got over the past month \u2014 we hope you\u2019re surviving well. We have about a month and a half before our next big holiday (Eid El Adha), and we\u2019re already counting [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/19\/cbe-keeps-interest-rates-on-hold-arab-league-summit-kicks-off-today\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-19T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/237.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/19\/cbe-keeps-interest-rates-on-hold-arab-league-summit-kicks-off-today\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/19\/cbe-keeps-interest-rates-on-hold-arab-league-summit-kicks-off-today\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CBE keeps interest rates on hold + Arab League summit kicks off today\",\"datePublished\":\"2023-05-19T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/19\/cbe-keeps-interest-rates-on-hold-arab-league-summit-kicks-off-today\/\"},\"wordCount\":1728,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/19\/cbe-keeps-interest-rates-on-hold-arab-league-summit-kicks-off-today\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/237.jpg?fit=%2C&ssl=1\",\"keywords\":[\"DIPLOMACY\",\"economy\",\"Enterprise Weekend\",\"interest rates\",\"state privatization program\",\"THE WEEK IN REVIEW\"],\"articleSection\":[\"THE WEEK IN REVIEW\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/19\/cbe-keeps-interest-rates-on-hold-arab-league-summit-kicks-off-today\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/19\/cbe-keeps-interest-rates-on-hold-arab-league-summit-kicks-off-today\/\",\"name\":\"CBE keeps interest rates on hold + Arab League summit kicks off today - 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We\u2019re still getting used to the drought of national holidays after the flurry of shortened workweeks we got over the past month \u2014 we hope you\u2019re surviving well. 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Russia, Chile and India have lowered their benchmark rates last week as emerging markets struggle with lower than expected growth and a turbulent macro climate. The hint from central bankers in other EMs\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/6\/1152.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578144,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/cbe-to-raise-interest-rates-this-week-poll-2\/","url_meta":{"origin":586958,"position":1},"title":"CBE to raise interest rates this week - poll","author":"enterpriseam admin","date":"18 December 2022","format":false,"excerpt":"The Central Bank of Egypt is likely to raise interest rates when it meets on Thursday thanks to rising inflation, according to our interest rate poll. Seven of the nine analysts and economists we surveyed see the Monetary Policy Committee raising rates later this week, with five expecting another huge\u2026","rel":"","context":"In &quot;POLL&quot;","block_context":{"text":"POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/353.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555059,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/this-morning-a-new-month-cop26-summit-starts-today-el-sisi-arrives-in-scotland-senate-to-discuss-egx-capital-gains-tax\/","url_meta":{"origin":586958,"position":2},"title":"THIS MORNING: A new month; COP26 summit starts today; El Sisi arrives in Scotland; Senate to discuss EGX capital gains tax.","author":"enterpriseam admin","date":"1 November 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to an exceptionally busy news day here in Egypt, with everything from a little help from our friends (in the form of KSA\u2019s deposit at the central bank) to the liberalization of gas prices, a tax drawback system for tourists and a share buyback\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568131,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/20\/what-were-tracking-on-20-december-2020\/","url_meta":{"origin":586958,"position":3},"title":"What we\u2019re tracking on 20 December 2020","author":"enterpriseam admin","date":"20 December 2020","format":false,"excerpt":"Good morning, friends. It\u2019s both interest rate week and Christmas week \u2014 happy holidays to all those who celebrate. It is also \u2014 blessedly \u2014 the second-last business week of 2020.Look for the central bank to leave rates on hold when it meets this Thursday, according to our poll of\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572298,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/21\/enterprise-poll-central-bank-of-egypt-to-leave-rates-on-hold-at-june-2020-meeting\/","url_meta":{"origin":586958,"position":4},"title":"Enterprise Poll: Central Bank of Egypt to leave rates on hold at June 2020 meeting","author":"enterpriseam admin","date":"21 June 2020","format":false,"excerpt":"ENTERPRISE POLL- CBE seen leaving rates on hold this Thursday for third consecutive meeting: The Central Bank of Egypt will leave interest rates unchanged when its monetary policy committee meets this Thursday, according to an Enterprise poll. Nine out of the 10 analysts and economists surveyed expect the central bank\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/201.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":567971,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/14\/what-were-tracking-on-14-december-2020\/","url_meta":{"origin":586958,"position":5},"title":"What we\u2019re tracking on 14 December 2020","author":"enterpriseam admin","date":"14 December 2020","format":false,"excerpt":"Good morning, friends, and welcome to an unusually busy Monday in which we have plenty of corporate news to keep you entertained on your morning commute, whether that\u2019s across the hall or across the city.WHAT\u2019S HAPPENING TODAY- The final results for parliamentary elections held in Cairo and 12 other governorates\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"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\/586958","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=586958"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/586958\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/weekend\/586956"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/586959"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=586958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=586958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=586958"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=586958"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=586958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}