{"id":587375,"date":"2023-05-25T00:00:00","date_gmt":"2023-05-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/this-evening-el-sisi-inaugurates-our-first-quartz-industrial-complex-efg-hermes-holding-is-now-efg-holding\/"},"modified":"2023-05-25T00:00:00","modified_gmt":"2023-05-25T00:00:00","slug":"this-evening-el-sisi-inaugurates-our-first-quartz-industrial-complex-efg-hermes-holding-is-now-efg-holding","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/this-evening-el-sisi-inaugurates-our-first-quartz-industrial-complex-efg-hermes-holding-is-now-efg-holding\/","title":{"rendered":"THIS EVENING: El Sisi inaugurates our first quartz industrial complex + EFG Hermes Holding is now EFG Holding"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Rejoice, friends: It\u2019s finally the weekend.<\/span><span style=\"\"> We\u2019re wrapping up this week with a stacked issue<\/span><span> to keep you entertained as you wind down. <\/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\">FRET NOT- Suez Canal traffic returns to normal after a stranded ship was successfully refloated:<\/span><span> Three tugboats refloated a large vessel that had been stranded for several hours in the Suez Canal earlier today according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.suezcanal.gov.eg\/Arabic\/MediaCenter\/News\/Pages\/sca_25-05-2023.aspx\" style=\"\">Suez Canal Authority statement<\/a><\/span><span>. The incident began at around 5:30am CLT and the vessel was refloated three and a half hours later, with traffic fully restored by 11am, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/ship-grounded-egypts-suez-canal-refloat-attempts-ongoing-leth-shipping-agencies-2023-05-25\/\" style=\"\">Reuters<\/a><\/span><span>reports. The ship was identified as Xin Hai Tong 23, a 190m bulk carrier sailing under the Hong Kong flag, by shipping agent <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/lethagencies.com\/\" style=\"\">Leth Agencies<\/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 BIG STORIES TODAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">#1- Our first quartz production facility is up and running:<\/span><span style=\"\"> President Abdel Fattah El Sisi<\/span><span> inaugurated today a quartz industrial complex in Ain Sokhna, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02StgjWqwYDEUTH9vVPM6CQnXuBsWexk29CuzYYAzicCHk6NYqmSrCkbHB914nmp2xl\" style=\"\">Ittihadiya said<\/a><\/span><span style=\"font-weight:400;\">. The complex is the first of its kind in Egypt, the Middle East, and Africa. <\/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- EFG Hermes Holding is now EFG Holding:<\/span><span style=\"\"> EFG Hermes Holding has rebranded to EFG<\/span><span> Holding, after the company\u2019s shareholders signed off on the change during yesterday\u2019s annual general meeting, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1426.pdf\" style=\"\">a statement (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The rebranding is a reflection of the group\u2019s growth and expansion with \u201cthree distinct verticals: EFG Hermes the investment bank, EFG Finance the non-bank financial institutions (NBFI) platform, and aiBANK the commercial bank.\u201d EFG Holding will not change its management structure or day-to-day operations on the back of the rebrand, the statement notes. <\/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 BIG STORY ABROAD<\/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\">Tech stocks are having a field day:<\/span><span style=\"\"> Silicon Valley chipmaker Nvidia\u2019s shares soared 25% to<\/span><span> hit an all-time high in pre-market trading after the company forecasted USD 11 bn in sales in the second quarter of its fiscal year. The rally in Nvidia\u2019s shares positions the company to become the first chipmaker to hit a valuation of USD 1 tn, and has also spurred a rise in Dutch firm ASML Holding and Taiwan\u2019s TSMC. The story is leading the conversation in the international business press this afternoon: <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cnbc.com\/2023\/05\/25\/tsmc-asml-two-critical-chip-firms-rally-after-nvidias-earnings.html\" style=\"\">CNBC<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/technology\/nvidia-close-becoming-first-trillion-dollar-chip-firm-after-stellar-forecast-2023-05-25\/\" style=\"\">Reuters<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/livecoverage\/stock-market-today-dow-jones-05-25-2023?mod=hp_lead_pos4\" style=\"\">Wall Street Journal<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/b074781a-683f-4b20-8c70-33bb71399d94\" style=\"\">Financial Times<\/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: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\">** CATCH UP QUICK<\/span><span style=\"\"> on the top stories from today\u2019s <\/span><span style=\"font-weight:700\">EnterpriseAM<\/span><span style=\"font-weight:400;\">:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">The 2021 tax hikes are back:<\/span><span> A raft of tax, duty and development <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d50d35d1-3aeb-45a0-bd26-02a55934eb07\" style=\"\">fee hikes that have been on the legislative agenda for 18 months were given the OK<\/a><\/span><span style=\"font-weight:400;\"> by the House Planning and Budgeting Committee yesterday after the government amended some of the changes.<\/span><\/li>\n<li><span style=\"font-weight:700\">A Chinese consortium <\/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\/fb2abe6e-1453-4bcc-af1c-329445278b8c\" style=\"\">has offered to establish a USD 300 mn ironworks project<\/a><\/span><span> in the Suez Canal Economic Zone.<\/span><\/li>\n<li><span style=\"font-weight:700\">Ministers <\/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\/3ca84bbc-abd5-4f40-baff-fe7a89292f34\" style=\"\">approved relaxing rules on freezones<\/a><\/span><span style=\"font-weight:400;\"> under government efforts to attract more private-sector investment. Amendments to the executive regulations of the 2017 Investment Act would allow the cabinet to exempt companies from having to comply with most of the rules currently in place for setting up freezones.<br \/><\/span><\/li>\n<\/ul>\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\">COME WORK FOR OUR ADVISORY ARM-<\/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\">We\u2019re running a four-month training program for fresh grads and career switchers <\/span><span style=\"font-weight:400;\">and will hire every successful grad of the program. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">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:700\">\u26c5 <\/span><span style=\"font-weight:700\">TOMORROW\u2019S WEATHER- <\/span><span style=\"\">Another warm, albeit cloudy, day is expected tomorrow with a<\/span><span> high of 35<\/span><span style=\"font-weight:400;\">\u00b0C and low of 28\u00b0C with a 15% chance of rain, according to our favorite weather app. It\u2019s less likely to rain on Saturday, as temperatures will jump to 37\u00b0C but the sky will remain overcast until Sunday morning. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rejoice, friends: It\u2019s finally the weekend. We\u2019re wrapping up this week with a stacked issue to keep you entertained as you wind down. FRET NOT- Suez Canal traffic returns to normal after a stranded ship was successfully refloated: Three tugboats refloated a large vessel that had been stranded for several hours in the Suez Canal [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":587376,"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":[7107,633,7103,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-efg-holding","tag-enterprisepm","tag-suez-canal","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"404acd01-2976-49ea-a0bf-a1e4498f933b","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/3\/118.jpg","photo_position":"above","homepage_title":"","full_issue_title":"","related_issue":[587373],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.ad363633-e244-4150-8cf7-3a83a2de636f.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>THIS EVENING: El Sisi inaugurates our first quartz industrial complex + EFG Hermes Holding is now EFG Holding - 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\/25\/this-evening-el-sisi-inaugurates-our-first-quartz-industrial-complex-efg-hermes-holding-is-now-efg-holding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: El Sisi inaugurates our first quartz industrial complex + EFG Hermes Holding is now EFG Holding\" \/>\n<meta property=\"og:description\" content=\"Rejoice, friends: It\u2019s finally the weekend. 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We\u2019re wrapping up this week with a stacked issue to keep you entertained as you wind down. FRET NOT- Suez Canal traffic returns to normal after a stranded ship was successfully refloated: Three tugboats refloated a large vessel that had been stranded for several hours in the Suez Canal [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/this-evening-el-sisi-inaugurates-our-first-quartz-industrial-complex-efg-hermes-holding-is-now-efg-holding\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2023-05-25T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/118.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/this-evening-el-sisi-inaugurates-our-first-quartz-industrial-complex-efg-hermes-holding-is-now-efg-holding\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/this-evening-el-sisi-inaugurates-our-first-quartz-industrial-complex-efg-hermes-holding-is-now-efg-holding\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"THIS EVENING: El Sisi inaugurates our first quartz industrial complex + EFG Hermes Holding is now EFG Holding","datePublished":"2023-05-25T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/this-evening-el-sisi-inaugurates-our-first-quartz-industrial-complex-efg-hermes-holding-is-now-efg-holding\/"},"wordCount":673,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/this-evening-el-sisi-inaugurates-our-first-quartz-industrial-complex-efg-hermes-holding-is-now-efg-holding\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/118.jpg?fit=%2C&ssl=1","keywords":["EFG Holding","EnterprisePM","Suez Canal","WHAT WE\u2019RE TRACKING TONIGHT"],"articleSection":["WHAT WE\u2019RE TRACKING TONIGHT"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/this-evening-el-sisi-inaugurates-our-first-quartz-industrial-complex-efg-hermes-holding-is-now-efg-holding\/","url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/this-evening-el-sisi-inaugurates-our-first-quartz-industrial-complex-efg-hermes-holding-is-now-efg-holding\/","name":"THIS EVENING: El Sisi inaugurates our first quartz industrial complex + EFG Hermes Holding is now EFG Holding - 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Cue flashbacks to when the 400-meter Ever Given ran aground in 2021, blocking the vital\u2026","rel":"","context":"In &quot;EGYPT IN THE NEWS&quot;","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565181,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/the-great-suez-traffic-jam-continues\/","url_meta":{"origin":587375,"position":1},"title":"The great Suez traffic jam continues","author":"enterpriseam admin","date":"24 March 2021","format":false,"excerpt":"All eyes are on Egypt as a maritime traffic jam at the Suez Canal sees at least 100 vessels stranded in the Red Sea and the Mediterranean \u2014 raising global concerns that this might impact global shipping, supply chains, and oil prices. Authorities are racing against the clock to refloat\u2026","rel":"","context":"In &quot;SPEED ROUND: SUEZ CANAL&quot;","block_context":{"text":"SPEED ROUND: SUEZ CANAL","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/538.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580591,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/09\/this-evening-madbouly-instructs-ministries-to-cut-down-on-spending-cargo-vessel-briefly-stalls-in-the-suez-canal\/","url_meta":{"origin":587375,"position":2},"title":"THIS EVENING: Madbouly instructs ministries to cut down on spending + Cargo vessel briefly stalls in the Suez Canal","author":"enterpriseam admin","date":"9 January 2023","format":false,"excerpt":"Good afternoon, wonderful people. We\u2019re quickly getting back in the swing of things after back-to-back long weekends and the news cycle is picking right up.THE BIG STORY TODAY Cabinet announces budget cutbacks to tamp down on spending: Prime Minister Moustafa Madbouly has issued a directive to all ministries, with 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\/2023\/1\/617.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561219,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/30\/so-long-farewell\/","url_meta":{"origin":587375,"position":3},"title":"So long, farewell","author":"enterpriseam admin","date":"30 March 2021","format":false,"excerpt":"At least 113 container ships are traveling in both directions after the Suez Canal reopened to marine traffic yesterday evening, with more ships set to sail as of today 8am, Suez Canal Authority (SCA) boss Osama Rabie said at a presser yesterday (watch, runtime: 32:00). Traffic in the Canal resumed\u2026","rel":"","context":"In &quot;Suez Canal&quot;","block_context":{"text":"Suez Canal","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/suez-canal\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611493,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/07\/efg-holding-exits-jordan-air-cairo-expands-to-west-africa-gasc-buys-180k-tons-of-wheat\/","url_meta":{"origin":587375,"position":4},"title":"EFG Holding exits Jordan, Air Cairo expands to West Africa + GASC buys 180k tons of wheat","author":"enterpriseam admin","date":"7 December 2023","format":false,"excerpt":"GOODBYE, AMMAN- EFG Holding has completed its exit from Jordan. (Companydisclosure, pdf).HELLO, WEST AFRICA- Air Cairo will begin flying to Burkina Faso and Senegal later this month. (CivilAviation Ministry)MORE WHEAT- State grain buyer GASC has purchased 180k tons of Russian and Ukrainian wheat. (Reuters)CLOSE CALL IN THE CANAL- Rescue crews\u2026","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/493.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565246,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/29\/ever-given-has-us-running-like-an-abbott-and-costello-cartoon\/","url_meta":{"origin":587375,"position":5},"title":"Ever Given has us running like an Abbott and Costello cartoon","author":"enterpriseam admin","date":"29 March 2021","format":false,"excerpt":"The world\u2019s biggest chicken bone is finally out of our collective throats after it was dislodged minutes before dispatch. 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