Business Today - Dec 2022 - Jan 2023 issue

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In Brief EgyptCBE extends 2 initiatives in support of tourism sectorThe Central Bank of Egypt has extended until March2023 two initiatives supporting companies working inthe tourism sector that were initially set to expire at theend of this year.The CBE made the announcement in acircular sent to all banks operating in the local market.The first initiative allows tourism companies toobtain loans and stipulates that the banks accept thebeneficiaries’ requests to delay dues repayment to thebanks.Egypt’s Central Banksets new targets forinflation ratesThe Central Bank of Egypt(CBE) maintained the targetedinflation rates at an average levelof 7% (±2%) during the fourthquarter of 2024.The CBE set an average rateof 5% (±2%) for the targetedinflation rates during the fourthquarter of 2026.This came with the CBE’sdecision to raise its interestrates by 300 basis points, or 3%,during its last meeting in 2022.The CBE also extended a second initiative meant toprovide retail loans to the sector’s workers.During the three-month period, the banks will berequired to carry forward the dues on the initiative’sbeneficiaries, particularly for loans obtained by workersfor consumption and personal housing.This action will benefit only those who were punctualin repayments according to their financial standing bythe end of September 2022, according to the circular.Egypt’s Central Bank issues new instructions toprotect confidentiality of customer statementsThe Central Bank of Egypt (CBE) issued new instructions toprotect the rights of customers and to work on establishing theappropriate mechanism for sending their account statements.In a new periodic letter to the banking sector, the CBEstated that this comes as a continuation of the Central Bank’sefforts to protect the rights of bank customers and to set up anappropriate mechanism for sending their account statements,whether on paper or via electronic channels, to ensure theprotection of their data and maintain its confidentiality.It also comes in light of the trend towards promoting theprinciple of sustainability by working to avoid the negativeenvironmental impacts resulting from the bank’s internalactivities, including stimulating electronic communicationand replacing it with the use of paper.“The bank must send account statements to customersevery 3 months at most,” it added.The CBE indicated that the bank should be responsible inall cases for the delay in delivering account statements, as wellas for violating the principles of protecting the confidentialityof customer data.Egypt’s Central Bank cancels letterof credit requirement for importsThe Central Bank of Egypt (CBE) announcedcanceling the letter of credit (LC) system as arequirement for imports.The CBE said in a statement that it decided torestore the documentary collections system forimported goods.The decision to enforce the LCs system, effectivesince March, had required Egyptian banks toaccept only LCs for imports in a bid to curb dollaroutflows from the country.The LCs require transactions to take placebetween two banks at a higher cost and longertime with payments taking place in advance. Thedocumentary collections system, on the otherside, allows direct transactions between importersand exporters with the bank only acting as anintermediary.January 202318 www.BusinessTodayEgypt.com
Ever Wonder Why TheseParticular Videos or ContentOpinionShow Up in Your “TikTok For YouFeeds?” Here Are The AnswersTikTok unveils a ground-breaking feature/tool to give contentsuggested in “For You feeds” more context.It has always been a frequently askedquestion among users on all mediasharingplatforms, “Why does this specifictype of contentappear in my feed?” Andbecause TikTok has alwaysbeen a trendsetter by natureand a user-driven platform,the platform made the decisionto end 2022 by empoweringviewers with effectivetools to customize their experiencethrough releasinga new tool called “Why thisVideo” in an effort to helpits community understandtheir For You feed and addmore transparency and understandingto the contentrecommended for them.So whether you’re a parentwho needs to understand therationale behind the videosthat frequently pops-up onyour child’s feed! A curiousteenager who wants to keeptabs on his favorite contentcreators? a business ownerwho needs to regularly beupdated on the latest trendsfor future business opportunities,or just a someonewho is interested in diggingdeeply into “what is happening” in their area!TikTok is empowering you with new effectivetool to be more in control of your experience.Simply put, by just clicking on the newlyadded feature by TikTok “Why This Video”’the platform’s community now has the abilityto customize the content thatfrequently appears to thembased on four easy guidelines:their interactions’ suchas content they watch, like orshare, comments they post,or their searches. The suggestedaccounts for them orthe accounts they follow, andtheir region’s most popularcontent or recently postedcontent.This is done through threesimple steps as follows:• In your For You feed, tapon the share panel.• Then, tap the questionmark icon called “Why thisvideo”• From there, you can seereasons why a particular videowas recommended to you.The fact that TikTok isnow offering its users a keyto the platform’s “kitchendoor,” where users are givena few simplea reasons thatmake it easier for them tounderstand the technicalmodels that control the recommendationsystem of their video content,suggests that this new feature could be a gamechanger.www.BusinessTodayEgypt.comJanuary 202319
Page 1: December 2022 - January 2023Vol 28
Page 4 and 5: Editor’s NoteWelcome 2023It’s t
Page 6 and 7: In This IssueVol. 28 No. 1 | Decemb
Page 8 and 9: In Brief EgyptEgypt among top 10 wo
Page 10 and 11: In Brief EgyptEgypt’s potato expo
Page 12 and 13: In Brief EgyptEgypt’s agricultura
Page 14 and 15: In Brief EgyptEgypt’s Central Ban
Page 16 and 17: In Brief EgyptEgypt’s sales of go
Page 20 and 21: OpinionIt’s Time to Alleviatethe
Page 22 and 23: News in FocusLifting Restrictionson
Page 24 and 25: News in Focusexcluded from the deci
Page 26 and 27: News in FocusHe added that there is
Page 28 and 29: ‘Garden Lakes’ Doors are Offici
Page 30 and 31: Face of BusinessRevolutionizingthe
Page 32 and 33: Face of BusinessWhat led to the dec
Page 34 and 35: Face of BusinessToday’s consumers
Page 36 and 37: Face of BusinessCreatingMeaningful
Page 38 and 39: Face of BusinessI believethat risk
Page 40 and 41: Face of BusinessCoca-Cola’s campa
Page 42 and 43: In-DepthPathways to MaintainEgypt
Page 44 and 45: In-DepthMilestonesAccording to the
Page 46 and 47: In-DepthAdopting StartupMentality a
Page 48 and 49: In-DepthWith technology lowering th
Page 50 and 51: In-DepthCoping with WaterScarcity:
Page 52 and 53: In-Depthtunnels in Sinai, 17 km eas
Page 54 and 55: In-DepthUnderstanding Barriersto Re
Page 56 and 57: In-Depththe positive ones are on sp
Page 58 and 59: SpotlightTaking NuclearMedicine toD
Page 60 and 61: SpotlightThe gamma irradiation unit
Page 62 and 63: SpotlightDelivering Global Eventsto
Page 64 and 65: SpotlightWorld Economyto Undergo To
Page 66 and 67: SpotlightBy Noha El TawilIn the fir
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Spotlight2023, down from the projec
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SpotlightClean TransportationEra Be
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Spotlighthas indicated that it coul
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BT SceneAllianz Egypt Supports “S
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bt sceneCairo 3A signs an exclusive
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bt sceneGlobal fashion brand DeFact
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bt sceneJuhayna becomes the first E
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Last Word““The War in Ukraine W
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