{"id":587405,"date":"2023-05-26T00:00:00","date_gmt":"2023-05-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/26\/last-week-was-heavy-on-investment-news-keep-an-eye-out-for-more-privatization-updates-next-week\/"},"modified":"2023-05-26T00:00:00","modified_gmt":"2023-05-26T00:00:00","slug":"last-week-was-heavy-on-investment-news-keep-an-eye-out-for-more-privatization-updates-next-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/26\/last-week-was-heavy-on-investment-news-keep-an-eye-out-for-more-privatization-updates-next-week\/","title":{"rendered":"Last week was heavy on investment news + keep an eye out for more privatization updates next week"},"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, friends, and happy FRIDAY. <\/span><span style=\"\">It\u2019s the last Friday before June \u2014 which means<\/span><span style=\"font-weight:400;\"> we\u2019re inching ever closer to the real summer season. Use these last few weeks to tie up your loose ends in Cairo and open up your summer houses before the exodus to Sahel begins right around Eid Al Adha at the end of June. <\/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> 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=\"\"><\/span><span style=\"font-weight:700\"> LAST WEEK IN 3 MINS- It was quiet on the macro and privatization fronts for<\/span><span style=\"font-weight:700\"> a change<\/span><span style=\"font-weight:400;\">, but heavy on investment and green economy news. <\/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- The fun tax is back<\/span><span style=\"\">: A raft of tax, duty and development fee hikes on things<\/span><span> like dutyfree and entry to theaters, parks, and clubs were <\/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=\"\">given the OK<\/a><\/span><span style=\"font-weight:400;\"> by the House Planning and Budgeting Committee after the government amended some of the hikes. The tax hikes \u2014 which were rejected by the House General Assembly and have been in limbo since December 2021 \u2014 now excludes provisions that would have impacted lower-income citizens, including a 2% development fee on finished durable goods and a 5% fee on local and imported soft drinks.<\/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\">AND A LONE PRIVATIZATION UPDATE- Abu Dhabi National Oil Company (Adnoc) is<\/span><span style=\"font-weight:700\"> among several companies <\/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\/13d7c392-176a-49a3-9189-d72db75205d2\" style=\"\">interested in acquiring<\/a><\/span><span style=\"font-weight:700\"> a stake in military-owned fuel retailer<\/span><span style=\"font-weight:400;\"> Wataniya. Adnoc is up against Saudi industrial oils giant Petromin and Emirates National Oil Company (ENOC) and a separate unnamed Saudi company for at least 20-25% of Wataniya and bottled water company Safi. <\/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;\">INVESTMENT WATCH-<\/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- A Chinese consortium <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fb2abe6e-1453-4bcc-af1c-329445278b8c\" style=\"\">offered<\/a><\/span><span style=\"font-weight:700\"> to establish a USD 300 mn ironworks in the Suez Canal<\/span><span style=\"font-weight:700\"> Economic Zone.<\/span><span style=\"font-weight:400;\"> The two companies \u2014 state-owned Sinoma and private metals manufacturer Xinfeng \u2014 discussed the project with SCZone CEO Walid Gamal El Din.<\/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- AstraZeneca plans to invest over USD 100 mn<\/span><span style=\"\"> in Egypt over \u201cthe coming years.\u201d The<\/span><span> pharma giant <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/446acda1-107e-48c3-9122-613c83c45ed7\" style=\"\">expects to use its investment to increase<\/a><\/span><span style=\"font-weight:400;\"> production capacity at its Sixth Of October factory by 50% and further localize its supply chains.<\/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- Private equity firm Ezdehar Management <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d3f6d81-3ea0-4eeb-bfcd-b4ec27edcac3\" style=\"\">is launching<\/a><\/span><span style=\"font-weight:700\"> a EGP 1 bn local-currency fund<\/span><span> targeting struggling medium-sized businesses in 3Q 2023. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d3f6d81-3ea0-4eeb-bfcd-b4ec27edcac3\" style=\"\">The new fund<\/a><\/span><span style=\"font-weight:400;\"> has already set its sights on five to seven firms where it will target 20-25% stakes. F&B, healthcare, ins., education, and manufacturing are among its priority sectors.<\/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-Oman Investment fund could soon spring into action:<\/span><span style=\"\"> The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89410ecf-a37d-4fc1-be49-1724d64842d3\" style=\"\">joint fund<\/a><\/span><span style=\"\"> being set up<\/span><span style=\"font-weight:400;\"> by the Sovereign Fund of Egypt (SFE) and the Oman Investment Authority (OIA) plans to start making investments in 4Q 2023. The two wealth funds will target companies and projects in the pharma, food, and renewables sectors.<\/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\">#5- Fresh funds for Dawi:<\/span><span style=\"\"> Primary care company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.dawiclinics.com\/en\/about\/\" style=\"\">Dawi Clinics<\/a><\/span><span style=\"\"> is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7b85190a-f8ee-4dd6-8ff4-c67ffa13a423\" style=\"\">getting<\/a><\/span><span style=\"\"> a EGP 250 mn<\/span><span style=\"font-weight:400;\"> investment led by Al Ahly Capital Holding (the National Bank of Egypt\u2019s local investment arm) and with participation from existing investor the Egyptian American Enterprise Fund (EAEF). The fresh capital will finance the expansion of Dawi\u2019s operations across 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:700;\">WE\u2019RE ANGLING FOR MORE-<\/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- Foreign investors can now acquire year-long non-touristic residencies when<\/span><span style=\"font-weight:700\"> proposing investment plans<\/span><span style=\"font-weight:400;\"> to the General Authority for Freezones and Investment (GAFI), according to a decision by the Interior Ministry. The residency can then be renewed for six-month or year-long periods depending on how long it takes to establish the business.<\/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- Ministers have approved relaxing rules on freezones under government efforts to<\/span><span style=\"font-weight:700\"> attract more private-sector investment.<\/span><span style=\"font-weight:400;\"> Amendments to the executive regulations of the 2017 Investment Act will allow Cabinet to exempt companies from having to comply with most of the rules currently in place for setting up freezones, including having a local component in manufacturing and export quotas.<\/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 ECONOMY + WATER SECURITY-<\/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 GREEN ECONOMY FRONT- The government is now targeting increasing its<\/span><span style=\"font-weight:700\"> renewable energy generation capacity to cover 60%<\/span><span> of the country\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04dda22d-b376-4d76-bf9a-50f917a5ac39\" style=\"\">electricity needs by 2040<\/a><\/span><span>, following a target to hit 40% by 2030. Meanwhile, <\/span><span style=\"font-weight:700\">Energy China should <\/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\/dd3b1cd0-6bc7-490d-b0ca-2a381896d0a8\" style=\"\">sign a framework agreement<\/a><\/span><span style=\"font-weight:700\"> within two months to build a green hydrogen plant<\/span><span style=\"font-weight:400;\"> in the Suez Canal Economic Zone (SCZone). The facility is expected to produce some 1.2 mn tons of green ammonia and 210k tons of green hydrogen annually upon completion. <\/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\">WATER SECURITY- The African Development Bank <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/558812d8-5b71-4786-8661-919ecf796c12\" style=\"\">mobilized USD 2.2 bn<\/a><\/span><span style=\"font-weight:700\"> to improve<\/span><span style=\"font-weight:700\"> Egypt\u2019s water security<\/span><span style=\"font-weight:400;\"> under the government\u2019s Nexus for Water, Food and Energy (NWFE) program, up from the initially targeted USD 1.4 bn.<\/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\/4\/89.jpg?ssl=1\"\/><\/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\"> Expect some more movement on<\/span><span style=\"font-weight:700\">the privatization front:<\/span><span style=\"\"> National Investment<\/span><span> 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=\"\">recently said<\/a><\/span><span> it has been preparing to sell stakes in seven state-owned companies as part of the government\u2019s privatization program, two of which are expected to be complete before the fiscal year wraps at the end of June. This timeline means we have five weeks remaining for the sales to materialize. Those in the pipeline include companies in the oil, petrochemicals, and transport sector, NI Capital CEO Mohamed Metwally<\/span><span> said<\/span><span style=\"font-weight:400;\"> at the time.<\/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 potential contenders: <\/span><span style=\"\">We already know some of the oil and petrochemical players that the<\/span><span> state has flagged for privatization: \u200eThe Egyptian Ethylene and Derivatives Company (Ethydco), Egyptian Linear Alkyl Benzene (Elab), Helwan Fertilizers Company, Chemical Industries Development Company, the Egyptian Polypropylene and Polypropylene Company, and the Egyptian Drilling Company were all <\/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=\"\">named by the government<\/a><\/span><span style=\"font-weight:400;\"> in February when it announced its rebooted privatization plans.<\/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 could also see more news from the National Dialogue<\/span><span style=\"\">, which meets for sessions three<\/span><span style=\"font-weight:400;\"> times a week to discuss more than 100 political, economic, and social issues. Some 800 individuals have been invited to participate.<\/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 <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.ief.org\/events\/8th-ief-igu-ministerial-gas-forum\" style=\"\">IEF-IGU Ministerial Gas Forum<\/a><\/span><span style=\"font-weight:700\"> will kick off at the Nile Ritz Carlton on Monday.<\/span><span style=\"\"> The <\/span><span style=\"\">Oil<\/span><span> Ministry<\/span><span style=\"font-weight:400;\">-hosted event will bring together officials and industry insiders to discuss energy security, natural gas investment and affordable energy access. <\/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 <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/eaba-com.com\/egyptian-rwandan-day\/\" style=\"\">Egyptian-Rwandan Investment and Trade Day<\/a><\/span><span style=\"font-weight:700\"> will also take place on Monday<\/span><span style=\"\"> at the<\/span><span style=\"font-weight:400;\"> Helnan Landmark Hotel in Cairo. Importers, exporters, and investors will discuss boosting investment and trade between the two countries <\/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\">Earnings season wraps: <\/span><span style=\"\">The deadline for listed companies to report and publish their 1Q<\/span><span style=\"font-weight:400;\"> results is Tuesday, 30 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:700\"> The House of Representatives will reconvene on Sunday<\/span><span style=\"font-weight:700;\">.<\/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\">El Re7la\u2019s <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.elre7la.com\/fintech-industry-retreat-2023?fbclid=IwAR1xpkJlYVp-Zyt4pKn-_CvVtbsSZGd8QDaZKW1YVGvceJANF95dN5dniqw\" style=\"\">Fintech Industry Retreat<\/a><\/span><span style=\"font-weight:700\"> starts Thursday, 1 June in Hurghada:<\/span><span style=\"\"> The event will<\/span><span style=\"font-weight:400;\"> bring together leading entrepreneurs, investors, and regulators from the local fintech scene for three days of networking, discussions, and industry masterclasses.<\/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\/aad6dc35-7b48-4656-9591-d0cd835cd5d5\" 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: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\">YOUR MOST CLICKED LINKS-<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">Ayman Ismail\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/www.linkedin.com\/in\/ayman-ismail-b6b6aa6\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"font-weight:700\"> profile got some love<\/span><span> after his <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2f24daa-50bf-48ce-a5c3-a6b620dbfe57\" style=\"\">appointment<\/a><\/span><span style=\"font-weight:400;\"> as the chairman of Swvl\u2019s audit committee. <\/span><\/li>\n<li><span style=\"font-weight:700\">Some of you wanted a refresher on the raft of tax hikes, duties and development fees <\/span><span>that came back from the House of Representatives limbo this week. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec9eebbd-ab12-46d0-935e-536faf688582\" style=\"\">Enterprise<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">Lynx MD and co-founder Mohamed Hanafi\u2019s morning routine<\/span><span> also got a lot of attention. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a815c649-4bb4-4ad6-ac74-0a348b548f2c\" style=\"\">Enterprise<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">A handful of you wanted to check out Maadi\u2019s Hai Tian Dumplings<\/span><span> after our <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11369d34-3170-40ca-82be-6ec82a0e13d3\" style=\"\">recommendation<\/a><\/span><span> in EnterprisePM. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11369d34-3170-40ca-82be-6ec82a0e13d3\" style=\"\">Google Maps<\/a><\/span><span style=\"font-weight:400;\">)<\/span><\/li>\n<li><span style=\"font-weight:700\">Dawi Clinics\u2019 investment round<\/span><span> led by Al Ahly Capital and the Egyptian-American Enterprise Fund also got some clicks. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/1206.pdf\" style=\"\">Statement, pdf<\/a><\/span><span style=\"font-weight:400;\">)<\/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\/1423.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 US continued to dominate headlines with its debt ceiling impasse: <\/span><span style=\"\">Rating agency <\/span><span>Fitch <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e33e03ae-a500-4c47-aaf5-34d82fd3fb42\" style=\"\">warned<\/a><\/span><span style=\"font-weight:400;\"> last week that the US could lose its AAA credit rating due to the ongoing standoff over the debt ceiling. Republicans and Democrats both said that talks have been productive but several issues remain unresolved. <\/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\">Greek elections also got attention: <\/span><span style=\"\">The center-right party of Greece\u2019s incumbent prime<\/span><span> minister <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13837895-9eb7-45dd-9d99-8dad22104446\" style=\"\">got<\/a><\/span><span style=\"font-weight:400;\"> a larger-than-expected share of the vote during national elections, though still fell short of a parliamentary majority. Prime Minister Kyriakos Mitsotakis\u2019 New Democracy party received more than 40% of the vote, coming within five seats of a majority. Mitsotakis intimated that he wouldn\u2019t look to form a coalition with another party and instead will seek a majority in a fresh vote, likely to take place in late June.<\/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\">Clashes in Sudan continued, despite ceasefire: <\/span><span>Clashes between Sudan\u2019s warring factions <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3c73b59-0cc2-4142-9112-0264c7e7d87f\" style=\"\">could be heard<\/a><\/span><span> in Khartoum and elsewhere in the country late last week, in spite of a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13837895-9eb7-45dd-9d99-8dad22104446\" style=\"\">week-long ceasefire<\/a><\/span><span> aimed at facilitating aid delivery and establishing a lasting truce. The ceasefire has provided some <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36b8a05e-d9bb-4fc2-af7a-1c799b49eadb\" style=\"\">respite<\/a><\/span><span style=\"font-weight:400;\"> from the ongoing conflict, but there are limited signs that aid efforts have ramped up significantly. More than 1.3 mn people have now been displaced by the conflict.<\/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- It\u2019s a very mixed outlook for this weekend\u2019s weather<\/span><span style=\"\">,<\/span><span style=\"font-weight:400;\">with today being mostly cloudy despite the mercury rising to 35\u00b0C, and hovering around 23\u00b0C at night, our favorite weather app tells us. Saturday will see the mercury rise to a sweltering 38\u00b0C during the day, before falling to 22\u00b0C at night. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning, friends, and happy FRIDAY. It\u2019s the last Friday before June \u2014 which means we\u2019re inching ever closer to the real summer season. Use these last few weeks to tie up your loose ends in Cairo and open up your summer houses before the exodus to Sahel begins right around Eid Al Adha at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":587406,"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":[6653,246,125,587,6654],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-week-in-review","tag-enterprise-weekend","tag-green-economy","tag-investment-watch","tag-state-privatization-program","tag-the-week-in-review","wpautop","entry"],"acf":{"mongo_id":"6c492c0c-421a-48fd-bbff-030981f6884e","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2022\/9\/300.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Last week was heavy on investment news + keep an eye out for more privatization updates next week","related_issue":[587403],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.186e865a-7f38-4454-b5ca-e8c3ba936e23.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>Last week was heavy on investment news + keep an eye out for more privatization updates next week - 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\/26\/last-week-was-heavy-on-investment-news-keep-an-eye-out-for-more-privatization-updates-next-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Last week was heavy on investment news + keep an eye out for more privatization updates next week\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends, and happy FRIDAY. It\u2019s the last Friday before June \u2014 which means we\u2019re inching ever closer to the real summer season. 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If you\u2019re squeezing in a few last days in Sahel, we hope you end the summer season with a wonderful weekend as we ease into a fresh month. For those of you with little (and not so little ones) going back to school or university,\u2026","rel":"","context":"In &quot;THE WEEK IN REVIEW&quot;","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/1883.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":680568,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/01\/09\/govt-to-add-13-new-companies-to-privatization-program\/","url_meta":{"origin":587405,"position":1},"title":"Gov\u2019t to add 13 new companies to privatization program","author":"enterpriseam admin","date":"9 January 2026","format":false,"excerpt":"? Good morning, friends, and congratulations on making it to the weekend. It\u2019s been a relatively calm week, with few but pivotal stories making the rounds. With the first workweek of 2026 now over, we hope this weekend gives you ample time to wind down and treat yourself \u2014 speaking\u2026","rel":"","context":"In &quot;THE WEEK IN REVIEW&quot;","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2026\/1\/197.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":664964,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/09\/new-privatization-targets-for-next-fiscal-year\/","url_meta":{"origin":587405,"position":2},"title":"New privatization targets for next fiscal year","author":"enterpriseam admin","date":"9 May 2025","format":false,"excerpt":"Good morning, friends, and a happy Friday to you all. Before you dive into today\u2019s issue and take any of our outing suggestions, make sure you gear up for the heatwave taking over the weekend.Cairo\u2019s coworking scene has been on the up-and-up, with more options catering to every need available\u2026","rel":"","context":"In &quot;THE WEEK IN REVIEW&quot;","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/5\/696.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":605966,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/08\/privatization-economy-news-eastern-company-tapped-for-a-new-majority-shareholder-where-do-we-stand-with-the-imf\/","url_meta":{"origin":587405,"position":3},"title":"PRIVATIZATION + ECONOMY NEWS: Eastern Company tapped for a new majority shareholder + Where do we stand with the IMF?","author":"enterpriseam admin","date":"8 September 2023","format":false,"excerpt":"Good morning, friends, and HAPPY FRIDAY. We hope that you had a productive week and have plans in place to escape the weekend heat. Do you have a Mozart in your midst? 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WE HAVE A PROGRAMMING NOTE before we jump into our three-minute wrap up of the week \u2014 we'd be grateful if you could take a moment to read on. Please join us in welcoming Dar Ventures to the Enterprise family.\u2026","rel":"","context":"In &quot;THE WEEK IN REVIEW&quot;","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/1\/1375.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":606407,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/15\/a-week-full-of-privatization-economy-updates-plus-there-was-plenty-of-diplomacy-to-go-around\/","url_meta":{"origin":587405,"position":5},"title":"A week full of privatization + economy updates. 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