{"id":640309,"date":"2024-08-23T00:00:00","date_gmt":"2024-08-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/23\/brace-yourself-for-the-electricity-bill\/"},"modified":"2024-08-23T00:00:00","modified_gmt":"2024-08-23T00:00:00","slug":"brace-yourself-for-the-electricity-bill","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/23\/brace-yourself-for-the-electricity-bill\/","title":{"rendered":"brace yourself for the electricity bill"},"content":{"rendered":"

Good morning, all, and a very happy Friday. <\/strong>We are ready to do some resting and relaxing as we enjoy one of our last weekends of the season.<\/p>\n

In the Enterprise Guide this week: <\/strong>Maximizing your productivity could mean seeking a new workspace outside your office \u2014 or home \u2014 even if only for a few days. Today, we\u2019ve put together a list of workspaces and work-friendly cafes, where you can go to lock in and focus in Cairo.<\/p>\n

LAST WEEK IN 3 MINS-<\/p>\n

ENERGY-<\/strong><\/p>\n

It was a really busy week on the energy front<\/strong>, with a whole lot of news regarding the Imminent electricity price hikes.<\/p>\n

Electricity prices to rise by an average of 30% next month:<\/strong> The Electricity Ministry has completed its study on increasing electricity prices, with plans to introduce the hike in September following cabinet approval, a ministry source told Enterprise<\/a>. Prices will rise by an average of 30%, with higher consumption households set for larger increases and lower consumption households in line for smaller price hikes. <\/p>\n

Why wait until September? <\/strong>The Electricity Ministry has reportedly begun implementing hikes<\/a> that will see household electricity prices rising by 14-40%, ministry sources told media outlets. The hikes have reportedly come into effect for those in the highest consumption bracket using prepaid meters \u2014 with brackets below this to follow soon \u2014 while those billed monthly will see these increases reflected in their bills starting September. This marks the second round of electricity price increases this year, following earlier hikes in January<\/a>. <\/p>\n

And it doesn\u2019t stop here: <\/strong>The government is set to hike electricity prices for the industrial sector for the first time in four years on the back of record-high electricity production costs, a government source told Enterprise<\/a>. The price will rise by EGP 0.55 per kWh to EGP 1.94 per kWh, with the 39.6% increase slated to come into effect this month. <\/p>\n

ALSO FROM THE ENERGY SPHERE- <\/strong>The government is set to sign contracts with eight local-foreign consortiums to produce a total of 1.7 bn Kw\/h of electricity from municipal solid waste across a number of governorates, Waste Management Regulatory Authority (WRMA) consultant Khaled Elfarra told Enterprise<\/a>. The waste-to-energy projects will come at a total cost of USD 900 mn-1.2 bn.<\/p>\n

ECONOMY-<\/strong><\/p>\n

Unemployment was down 0.5 percentage points y-o-y in the second quarter of the <\/strong>year:<\/strong> Egypt\u2019s unemployment rate fell to 6.5% of the total workforce<\/a> in the second quarter of this year, falling 0.2 percentage points from the previous quarter, according to data released by state statistics agency Capmas. <\/p>\n

M&A-<\/strong><\/p>\n

AD Ports subsidiary acquires majority stake in Safina:<\/strong> AD Ports\u2019 Noatum has acquired a<\/a>majority stake<\/a> in maritime, logistics, and cargo services provider Safina Shipping Services. The agreement to acquire the stake in the \u201ckey player in the Egyptian maritime industry\u201d will close in 3Q 2024.<\/p>\n

AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

<\/p>\n

The week was busy with ceasefire talks:<\/strong> Senior government officials from Egypt, Qatar, and the US met up in Doha last Friday in hopes of securing a ceasefire in Gaza and agreed to reconvene in Cairo shortly after to finalize an agreement based on the proposal presented in Doha. Hamas voiced its objection to the proposal, which included allowing Israel to keep its troops stationed at Gaza\u2019s border with Egypt, alongside new terms for swapping hostages for prisoners. <\/p>\n

And Blinken made the rounds: <\/strong>US Secretary of State Antony Blinken spent the week in Israel, Qatar, and Egypt \u2014 where he met President Abdel Fattah El Sisi<\/a> \u2014 in efforts to push for a ceasefire. <\/p>\n

AND IN BUSINESS NEWS- After their worst day in years, global stocks record their best <\/strong>week in nine months:<\/strong> Global stocks saw their best week<\/a> since November of last year after better-than-expected inflation figures from the US<\/a> helped calm recession fears triggered by \u201calarming\u201d US economic data. This comes as markets rebound from a \u201cbrutal\u201d sell-off<\/a> during the first week of August that saw some indexes hit multi-year lows and wiped USD tns from global stock markets.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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\u2600\ufe0f <\/strong>THE WEATHER THIS WEEKEND- <\/strong>Yet another hot weekend in Cairo with a high of 36\u00b0C and a low of 26\u00b0C today, with the same temperature continuing into tomorrow. It will be a bit cooler in Sahel with highs of 33\u00b0C and lows of 23\u00b0C during the weekend.<\/p>\n

HAPPENING THIS WEEKEND- <\/p>\n

Let your inner child roam at <\/strong>The Play Festival Vol.2<\/a><\/strong> at <\/strong>D-Bay<\/a><\/strong> today starting 2pm. After the success of Vol.1, this edition promises to come back with bigger interactive experiences and live content from Peace Cake. Tickets are available here<\/a>.<\/p>\n

Witness both the origin of love and its future in <\/strong>Kaif Badaa El Hob: fi sanat 3000<\/a><\/strong>. <\/strong>The play will take place today and tomorrow starting 8pm at Rawabet Art Space. Grab your tickets here<\/a>. <\/p>\n

The iconic Cairokee will be <\/strong>performing<\/a><\/strong> at the festival with Tul8te opening for them<\/strong> tonight at 10pm. Find your tickets to the band\u2019s show here<\/a>.<\/p>\n

The Bond-Fire<\/a><\/strong>will strengthen family ties.<\/strong> The day will start with diverse activities for artistic souls, thrill seekers, or rhythm lovers and end with a cozy bonfire experience where families can tell stories, laugh, and develop closer relationships. The event will take place tomorrow at D-Bay<\/a><\/strong>, starting at 2pm.<\/p>\n

HAPPENING NEXT WEEKEND- <\/p>\n

None other than Wegz to close out the iconic new Alamein Festival. <\/strong>The concert<\/a> will take place Friday, 30 August at 10pm at the U-Arena. You can grab your tickets here<\/a>.<\/p>\n

End Sahel season on a high note with <\/strong>Adriatique<\/a><\/strong> at AHM Club in Silversands<\/a>, where you can dance the summer away, or what\u2019s left of it. The event will take place on Saturday, 31 August, and you can get your tickets here<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, all, and a very happy Friday. We are ready to do some resting and relaxing as we enjoy one of our last weekends of the season. In the Enterprise Guide this week: Maximizing your productivity could mean seeking a new workspace outside your office \u2014 or home \u2014 even if only for a […]<\/p>\n","protected":false},"author":1,"featured_media":640310,"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":[93,6653,6654],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-640309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-week-in-review","tag-energy","tag-enterprise-weekend","tag-the-week-in-review","wpautop","entry"],"acf":{"mongo_id":"668d3b58-1de1-4a15-93c2-cf5a4292a83d","order":"1","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/8\/1719.jpg","photo_position":"above","homepage_title":"","full_issue_title":"brace yourself for the electricity bill","related_issue":[640307],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.abbd49c6-dec4-4f29-907d-e08e54142368.mp3"},"yoast_head":"\nbrace yourself for the electricity bill - 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\/2024\/08\/23\/brace-yourself-for-the-electricity-bill\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"brace yourself for the electricity bill\" \/>\n<meta property=\"og:description\" content=\"Good morning, all, and a very happy Friday. 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The newspaper claims the Electricity Ministry is planning to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637782,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/26\/what-were-tracking-this-week-105\/","url_meta":{"origin":640309,"position":2},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"26 November 2017","format":false,"excerpt":"It\u2019s a four-day workweek: The EGX and public sector are taking the day off this Thursday in observance of the Prophet Muhammad's birthday, which formally falls on Friday 1 December. The central bank has yet to weigh in on whether banks will be taking the day off, but the if\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":615279,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/15\/what-does-saudis-interest-in-selling-clean-electricity-mean-for-egypt\/","url_meta":{"origin":640309,"position":3},"title":"What does Saudi\u2019s interest in selling clean electricity mean for Egypt?","author":"enterpriseam admin","date":"15 February 2024","format":false,"excerpt":"The Saudi project, and others from KSA and the UAE, will not hurt Egypt\u2019s aspirations of becoming a regional energy hub","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/1500.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":647653,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/16\/alfanar-injecting-usd-300-mn-investments-in-electricity-renewable-energy-in-egypt\/","url_meta":{"origin":640309,"position":4},"title":"Alfanar injecting USD 300 mn investments in electricity, renewable energy in Egypt","author":"enterpriseam admin","date":"16 May 2017","format":false,"excerpt":"Saudi Arabia\u2019s Alfanar is targeting investments worth USD 300 mn in Egypt in the electricity and renewable energy sectors, vice chairman Sabah Almutlaq says, Al Borsa reports. Almutlaq did not specify a time for the investments, but we know that Alfanar signed last week a power purchase agreement to sell\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":557376,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/two-renewable-energy-producers-want-to-delay-work-on-their-egypt-projects\/","url_meta":{"origin":640309,"position":5},"title":"Two renewable energy producers want to delay work on their Egypt projects","author":"enterpriseam admin","date":"16 September 2021","format":false,"excerpt":"Global inflation is delaying renewable energy projects in Egypt: Two major Middle Eastern energy companies have recently asked to postpone renewable projects under pressure from rising input prices, an official at the New and Renewable Energy Authority (NREA) tells Enterprise. Saudi Arabia\u2019s ACWA Power and the UAE\u2019s Al Nowais have\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/220.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640309","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=640309"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/640309\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/weekend\/640307"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/640310"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=640309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=640309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=640309"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=640309"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=640309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}