Foreign reserves inch up for a tenth consecutive month in July

Monday, 7 Aug 2023

Foreign reserves inch up for a tenth consecutive month in July

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Today at a glance

What We're Tracking Today

PM Madbouly is in Amman for bilateral talks.

Economy

Egypt added another USD 69 mn to its foreign reserves in July.

M&A WATCH

Chinese home appliance giant Midea could snap up Zanussi from Electrolux.

DEBT WATCH

State energy firms reportedly secure EGP 20 bn in loans amid an energy crisis.

Moves

Heliopolis Housing and Development CEO, MD Tamer Nasser resigns.

LAST NIGHT’S TALK SHOWS

Egyptians have imported more than 600kg of gold since customs rules were relaxed in May.

Also on our Radar

B2B pharma e-commerce platform Grinta reportedly acquires Alexandrian competitor Autocure.

PLANET FINANCE

Chinese authorities urge economists to embrace positive spin.

BLACKBOARD

Why international + private schools haven’t announced their tuition fees yet.

What We're Tracking Today

Madbouly in Amman for talks. PLUS: Temperatures set to cool slightly this week

Good morning, wonderful people, and happy Monday. It’s the kind of slow news day that can only occur in August. Let’s jump right in.

PSA- Cooler days ahead: Temperatures are set to hit highs of (only!) 36°C in Cairo today and will continue to drop to around 34°C through the end of the week, Eman Shaker, an official at the Egyptian Meteorological Authority, told Ahmed Moussa as she walked viewers through this week’s forecast(watch, runtime: 5:01).

There’s no one BIG STORY driving the agenda here at home this morning. Instead, the news cycle brings us several significant stories, including data showing that Egypt’s foreign reserves ticked up for a tenth consecutive month in July. Elsewhere, reports are that the country is looking to borrow some EGP 20 bn from local banks to help address ongoing energy shortages; and the Zanussi brand could be changing hands as Chinese home appliances conglomerate Midea eyes the local assets that Swiss firm Electrolux wants to offload. Details on all those stories and more below.

HAPPENING TODAY-

Madbouly in Amman: Prime Minister Moustafa Madbouly arrived in Amman yesterday at the head of an Egyptian delegation set to hold bilateral talks with Jordanian officials, according to a cabinet statement. Representatives from the two countries are expected to sign several agreements to boost cooperation during the meetings.

HAPPENING THIS WEEK-

On the National Dialogue’s agenda: Closed-door sessions continue this week as the National Dialogue’s specialized committees work on drafting policy recommendations. Yesterday, the committees discussed three potential options for electoral reform, as well as recommendations on a law establishing an anti-discrimination commission and a law regulating the free handling of information.

On Tuesday, the specialized committees will draft recommendations on economic issues including a potential law to impose a ceiling on foreign borrowing and another regulating the performance of cooperatives.

On Thursday, the Dialogue’s committees will finalize recommendations on the family and personal status laws.

There’s also no one BIG STORY ABROAD driving the conversation in the foreign press this morning. US outlets are covering the latest in former president Donald Trump’s most recent indictment, for trying to overturn the 2020 election (Washington Post | WSJ | New York Times).

AND- Musk is keeping the fight with Zuckerberg alive: Elon Musk tweeted yesterday that his promised cage fight with Meta’s Mark Zuckerberg will be live streamed on X (FKA Twitter), adding that proceeds will go to “charity for veterans.” Reuters and Bloomberg had coverage.

Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we profiled chemicals producer TCI Sanmar for our Manufacturer of the Month column, where we get to know an industrial player with a manufacturing base here in Egypt.

CIRCLE YOUR CALENDAR-

Gold exploration tender deadline reportedly extended: The closing date for state-owned Shalateen Mining Company’s international gold exploration tender has been extended to November from an earlier 10 August deadline, Asharq Business reports, citing a government source. The deadline was extended at the request of companies who asked for more time to visit and inspect the auctioned sites. Eight companies have expressed initial interest, including local firms and others hailing from China, Turkey, and Australia, the source said

Remember: The tender invites firms to bid for concessions in five areas of the Eastern Desert managed by the company. Bidding companies should be producing more than 500k oz of gold a year, have more than 10 mn oz of gold reserves, and have 10 years of experience to qualify. Plans of a possible deadline extension were first announced last week.

The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

LISTEN TO OUR PODCAST-

MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? The EnterprisePodcast has you covered: The Enterprise Podcast’s forum series has been bringing you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May. Throughout, we learned lessons from some of Egypt’s biggest exporters on how Egypt can export its way out of a crisis. We heard everything from how to build an exports and FDI strategy, to identifying a foreign partner and tapping into a global supply chain.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami .

IT’S THE FINAL EPISODE- Our final panel of the day was, naturally, the most forward looking. Our panelists discussed how the companies — be they in age-old industries or emerging ones — have adapted to changes to better position their businesses for an uncertain future. We were joined by Nadia El Tawil, investment officer at pan-African private equity firm AfricInvest, Mostafa Bedair, CEO of Giza Seeds and Herbs, and Abdallah Sallam, CEO of Madinet Masr.

OUR FORUM SERIES CONTINUES NEXT SUNDAY WITH THE ENTERPRISE CLIMATE FORUM- Fresh off the heels of a successful COP27, we held our first forum to dive deep into the fundamentals of what we think is the world’s most important industry. The conversations ranged from exploring the business opportunities for Egyptian entrepreneurs, companies and startups in climate, to demystifying green hydrogen, and how we finance our green transition. And we did it all in the Grand Egyptian Museum.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: Why haven’t international and private schools yet announced their fees for the new academic year?

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commodities DIPLOMACY Egypt-Jordan relations gold national dialogue What We're Tracking Today

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Economy

Egypt’s foreign reserves continue to rise in July

Egypt added another USD 69 mn to its foreign reserves in July: Reserves inched up to USD 34.88 bn in July from USD 34.81 bn in June, according to central bank figures. This is the tenth consecutive month that foreign reserves have increased, albeit very modestly each time.

Background: The country has been suffering a prolonged FX crunch triggered by the global shock caused by Russia’s war in Ukraine and rising interest rates. The EGP has lost almost half of its value against the greenback since March 2022, fuelling a resurgent parallel currency market that has placed further pressure on FX liquidity in the banking system.

REMEMBER- State-owned banks Banque Misr and the National Bank of Egypt recently launched two new USD certificates of deposit in a bid to shore up FX reserves. The NBE expects to draw more than USD 4 bn in fresh FX from the issuance.

Tags:

banking Central Bank of Egypt economy foreign reserves

M&A WATCH

China’s Midea could look to acquire Zanussi from Swiss Electrolux

Does China’s Midea want Zanussi? China-based Midea Group is eying Swedish appliances manufacturer Electrolux Group’s Zanussi brand and factories in Egypt, Al Shorouk reports, citing a source it says is in the know. The source reportedly said that Electrolux is evaluating several acquisition offers for its brands in Egypt, including Zanussi.

What we know: The source told the news outlet that the acquisition could be finalized by 4Q 2023, adding that Zanussi’s sales and maintenance operations in the country would not be affected.

REMEMBER- Electrolux last month said that it will sell its factories and brands in Egypt as part of global “reprioritization” plans that are expected to net almost USD 1 bn. Electrolux is planning to sell off the factories it owns here that produce Zanussi-branded products, as well as its rights to brands including Zanussi, which is one of the most popular home appliance brands in Egypt. Electrolux has been active in Egypt since 2011 when it acquired Olympic Group Egypt and employs more than 2.1k people locally.

The rationale: The exit comes as the company has been forced to scale back production since 2021 following disruptions resulting from covid-19, supply chain issues, and labor market disruptions. Electrolux also began working on a cost reduction program in several markets last year on the back of “weaker-than-expected market demand and weak earnings” in 3Q 2022. Difficulties importing raw materials and industrial components thanks to the FX crunch contributed to Electrolux’s decision to divest its Egyptian assets, Al Shorouk quotes its source as saying.

Midea has long eyed Electrolux: Earlier this year, Bloomberg reported that the Swedish manufacturer had rebuffed initial overtures by the Chinese home appliance giant about a potential acquisition. Midea has been interested in acquiring Electrolux for some time but would only want a friendly transaction, sources reportedly told the business information service.

And Midea is already expanding its operations here: Midea is setting up a USD 25 mn factory in China’s TEDA industrial zone and was recently granted a golden license to set up a USD 105 mn factory in Sadat City.

Advisors: Electrolux has tapped Société Générale to advise it on its sales.

Tags:

Electrolux Group M&A Watch Midea Group Zanussi

DEBT WATCH

Egypt reportedly secures EGP 20 bn in loans to combat energy crisis

Loans to keep the lights on: State utilities firm the Egyptian Electricity Holding Company (EEHC) and state oil company the Egyptian General Petroleum Corporation (EGPC) have each borrowed EGP 10 bn from local banks to shore up our power infrastructure and fuel supplies, according to separate reports from Asharq Business and Al Shorouk. The loans come as the country remains in the grip of a power crisis, with the government implementing a schedule of rolling blackouts and other power-saving measures after a heatwave triggered a surge in electricity demand.

#1- Power plant maintenance: EEHC reportedly borrowed EGP 10 bn from the National Bank of Kuwait Egypt (NBK Egypt) to carry out maintenance on its power plants, Asharq Business reported yesterday, citing two sources it says are familiar with the matter.

#2- Mazut imports: A consortium of 13 banks plans to sign a 10-year loan agreement worth EGP 10 bn with EGPC this month to import mazut, Al Shorouk reported yesterday, citing banking sources familiar with the matter. The consortium is led by the National Bank of Egypt and Banque Misr.

REMEMBER- The government is shouldering the cost of an additional USD 250-300 mn worth of mazut imports by the end of August after exhausting its supplies of the heavy oil. The first emergency shipment arrived last week.

Tags:

debt watch Egyptian Electricity Holding Company Egyptian General Petroleum Corporation electricity NBK Egypt oil and gas

Moves

Heliopolis Housing and Development CEO steps down

Heliopolis Housing and Development (HHD) CEO and Managing Director Tamer Nasser (LinkedIn) has resigned, according to an EGX disclosure (pdf). Nasser served as HHD’s CEO and MD for more than three years, following a yearlong stint as head of projects at Capital Group Properties and over a decade at Emaar Misr. HHD is yet to announce a new head.

Tags:

Heliopolis Housing and Development moves real estate

LAST NIGHT’S TALK SHOWS

Gold imports, WFH Sundays get airtime

It was a quiet night for the talking heads last night. With Amr Adib, Sherif Amer, and Lamees El Hadidi still on their summer break, the remaining hosts honed in on gold imports, the latest updates on Saturday’s collision in the Suez Canal, and the first WFH Sunday for some public employees amid fuel shortages.

Egyptians have brought more than 600kg of gold into the country since 11 May, when the government relaxed customs rules in a bid to stabilize the gold market, Supply Ministry Advisor Nagy Farag told Ala Mas’ouleety’s Ahmed Moussa (watch, runtime: 3:13). Nagy called for the initiative, which allows people to bring between 100-150 grams of gold into the country without paying customs fees, to be extended for another six months when it expires in November.

The Suez Canal Authority (SCA) is still trying to recover the wreckage of the tugboat that sunk in the canal on Saturday, killing one crew member, after it collided with Hong-Kong oil tanker Chinagas Legend, said TV host Lobna Assal (watch, runtime: 5:40)

The first WFH Sunday: Yesterday was the first Sunday that government employees were required to work from home where possible as part of energy-saving measures rolled out by the government last week. Masaa DMC (watch, runtime: 3:16) and Ala Mas’ouleety (watch, runtime: 5:21) had coverage.

Tags:

foreign reserves gold LAST NIGHT’S TALK SHOWS Suez Canal Authority

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EGYPT IN THE NEWS

Tutoring gets ink on a quiet day for Egypt in the foreign press

It’s a very quiet August day for mentions of Egypt in the int’l press: The New York Times is out with a piece on how Egyptian families are increasingly turning to private tutors to compensate for the declining quality of teaching in public schools.

Tags:

Education

Also on our Radar

Pharma platform Grinta acquires competitor Autocure. PLUS: Ostoul Securities Brokerage wants to open a digital bank

STARTUPS-

B2B pharma e-commerce platform Grintahas reportedly acquired Alexandrian competitor Autocure, Al Borsa reports citing Grinta CEO Mohamed Azab. This is Grinta’s third acquisition in Egypt since it was established, the news outlet reports, without providing more information.

ICYMI- We interviewed Azab back in January, when he told us that Grinta had so far raised USD 9.5 mn in investment.

FINTECH-

Ostoul wants a digital bank: Ostoul Securities Brokerage is in negotiations to partner with an unnamed foreign investor to apply for a license to establish a digital bank, company chair Aly El Ghannam is quoted as telling Al Borsa. Ostoul is also expecting to launch new online services by early 2024 and wants to increase its Gulf customer base, Al Ghannam added.

REMEMBER- The Central Bank of Egypt recently published new licensing rules for digital banks, stipulating that digital banks need at least EGP 2 bn in capital to receive a license and EGP 4 bn to be able to finance large companies. Ostoul is the most recent fintech to announce its intention to apply for a license, following China-based OPay. Banque Misr last week said it plans to launch Egypt’s first digital bank in 1Q 2024.

Tags:

ALSO ON OUR RADAR Autocure Fintech Grinta M&A Watch Mohamed Azab Ostoul Securities Brokerage pharma

PLANET FINANCE

Beijing tells Chinese economists to avoid deflation talk. PLUS: What rising US treasury yields say about the economy + Saudi PIF’s new sports arm

Beijing tells China’s economists to look on the bright side: Chinese authorities are leaning on economists to avoid discussing sensitive topics like the threat of deflation, claiming that pessimistic sentiment is hindering the country’s post-COVID rebound, according to the Financial Times. Regulators are pressuring analysts to avoid negative commentary in a bid to boost investor confidence rattled by weak growth figures, seven economists told the FT. But in private, analysts are flagging the risk of softening prices, with one former government advisor telling a closed conference that he distrusts official GDP data and believes deflation is imminent, attendees told the news outlet.

Yields on benchmark 10–year US treasury notes surge as hard landing risks recede: Yields on the benchmark 10-year US treasury note rose to close at 4.06% on Friday, drawing close to its highest level in more than a decade, backed by confidence that the economy is strong enough to handle higher interest rates for several years, the Wall Street Journal reports citing Tradeweb data. Meanwhile, shorter-term bond yields have fallen, signaling investors’ confidence that the Fed will stop raising rates and keep them steady until the end of the year against the backdrop of cooling inflation.

Saudi sovereign wealth fund PIF has launched a sports investment arm, SRJ Sports Investments, it said in a press release yesterday. The company will acquire and create new sports events as well as businesses “specialized in offering unique fan engagement activities and transformative sports technology across the industry,” the release reads. The move comes as the KSA works to diversify its economy away from the oil sector.

EGX30	17,697	+1.4% (YTD: +21.2%)
USD (CBE)	Buy 30.83	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	19.25% deposit	20.25% lending
Tadawul	11,351	-0.2% (YTD: +8.3%)
ADX	9,786	+0.0% (YTD: -4.2%)
DFM	4,083	+0.8% (YTD: +22.4%)
S&P 500	4,478	-0.5% (YTD: +16.6%)
FTSE 100	7,564	+0.5% (YTD: +1.5%)
Euro Stoxx 50	4,333	+0.7% (YTD: +14.2%)
Brent crude	USD 86.24	+1.3%
Natural gas (Nymex)	USD 2.58	+0.5%
Gold	USD 1,976.10	+0.4%
BTC	USD 29,041	+0.0% (YTD: +76.2%)

THE CLOSING BELL-

The EGX30 rose 1.4% at yesterday’s close on turnover of EGP 2.08 bn (6.5% above the 90-day average). Local investors were net buyers. The index is up 21.2% YTD.

In the green: Heliopolis Housing (+11.3%), Beltone (+4.5%) and Elsewedy Electric (+4.2%).

In the red: Credit Agricole (-1.2%), CIB (-0.3%).

Asian markets are down in early trading this morning as investors anticipate the release of weak inflation data out of China this week. By contrast, futures suggest most European and US indices are set to open in the green later on today.

Tags:

China Financial Markets Planet Finance Saudi Arabia sports treasuries

AROUND THE WORLD

Israel’s Netanyahu appears to scale back sweeping judicial reform plans

Netanyahu backs down from sweeping judicial reforms: Israeli Prime Minister Benjamin Netanyahu has for the first time said he won’t be pursuing the full package of judicial reforms that his far-right coalition government had previously sought to push through despite widespread protests. In an interview with Bloomberg, Netanyahu instead said the reforms would only change the makeup of the judge selection committee, abandoning plans to give Israel’s government broader powers over the courts. The concession apparently came as part of a bid by Netanyahu to calm markets and limit damage to the country’s economy as the currency and USD-denominated bonds suffer on the back of the political turmoil.

Tags:

Around the World Benjamin Netanyahu Israel

Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard

BLACKBOARD

Why international + private schools in Egypt haven’t announced their tuition fees yet

The start of the new academic year is just around the corner, but schools have yet to announce their tuition fees: Although private and international schools typically announce their tuition fees for the upcoming academic year as early as April, we’re just a few weeks away from classes starting, with no word from schools on their fees for the 2023-24 academic year. In the past, some schools have requested deposits from parents before the end of the previous academic year in June, before announcing the final fees over the summer holiday. The delayed announcements are a result of a combination of factors, including expectations that the official EGP / USD rate could weaken further in the coming weeks or months, while several schools are still in talks with the Education Ministry to approve their fees, our sources tell us.

When are classes starting? Students at Cairo American College will be back in class next Wednesday, 16 August, followed by BISC and NCBIS on 28 August. El Alsson and AIS are expected to start their academic year on 3 September.

What’s the hold-up? Mostly waiting on the ministry to sign off on school fees: Private and international schools regulated by the Education Ministry (a group that excludes many schools owned by parent associations, such as MBIS, and other external bodies) are required to get ministry approval each year on their tuition fees before announcing them to parents. So far, many schools haven’t yet received the green light from the ministry, several sources told us.

REMEMBER- Schools are currently only allowed to raise their tuition fees 7% each academic year — a cap the Education Ministry introduced in 2017 and began imposing as of the 2019-20 academic year for all schools under its jurisdiction. Private schools under the ministry’s jurisdiction have been lobbying the ministry for the past few years to revise the cap in light of rising inflation and, more recently, the EGP devaluation. The ministry agreed last year to a compromise to allow schools to calculate the annual increase based on the previous academic year — rather than based on fees in the 2015-16 academic year — which provided some breathing room. The ministry has also allowed schools to apply for one-time exceptions to the tuition rise cap.

This is a year when several schools are hoping for an exception, as rising inflation and the devaluation of the EGP has pushed schools’ CAPEX costs far above the 7% threshold. “We’ve had some communication with the ministry about fees and we are seeking an exception for the allowed rate of increase,” Tammam Abu Shakra, advisor to the chairman of Esol Education — which which owns and operates AIS, AIS West, and CES in Egypt, as well as seven schools in other countries — told Enterprise. “I would say that it is unrealistic to expect schools to limit their annual fee increases to 7% when the official inflation rate is over 30% and the cost of foreign currency has effectively doubled compared to the last academic year,” Abu Shakra told us. Inflation hit a record high in June, with annual urban inflation hitting 35.7% during the month, caused in part by FX rate pressures.

The process to receive ministry approval is also typically lengthy and complicated: “We have to show the ministry that we are running the business at a loss to give us an exception and raise the fees. This is a lengthy process that takes at least 6 months in normal circumstances but this is not normal,” said Karim Mostafa, CEO of Eduhive.

But it’s not just the increase approvals that are getting in the way: The government hasn’t approved anyone’s fees yet, whether they applied for an increase or not, our sources told us. “As far as I know to date the Education Ministry has not yet approved the budgets for any schools,” educator and school manager Walid Askar told us. “We are awaiting the Education Ministry’s decisions on school fees for 2023-2024. Depending on the ministry’s timeline for decisions on fees, schools are often unable to announce their final fee schedules until August or even early September,” Abu Shakra told us.

With uncertain market conditions, schools have been having a tough time even setting their own fees: Following the devaluation of the EGP and with speculations of further currency weakening in the coming weeks or months, coupled with a growing parallel market, schools are struggling to plan for the full year ahead and set their expected tuition fees. “The gap between the official and parallel FX rates is huge, and we have a large USD cost component since we pay most of our teachers in USD since they’re foreigners. How can we calculate our fees?” Mostafa said. “This is an exceptional year due to the devaluation of the EGP and the high rate of inflation, so the decisions are more complicated than in most years,” said Tammam Abushakra.

Your top education stories for the week:

Thanaweya Amma results are out: Some 78.8% of students passed their Thanawya Amma exams this year.
President Abdel Fattah El Sisi approved the establishment of El Sewedy University of Technologyin Tenth of Ramadan City, according to a decision published in the Official Gazette on Wednesday.
A new council for education, training: The National Dialogue discussed a draft law establishing a new council for education and training last week.

Tags:

AIS BISC Blackboard BSE Education NCBIS

CALENDAR

JULY

Late July-14 August: 2Q2023 earnings season.

AUGUST

August: Hassan Allam Utilities + Agility to open Yanmu East logistics park.

10 August (Thursday): Shalateen Mineral Resources gold mining tender closes.

16-17 August (Wednesday-Thursday): Finance Ministry to pay out the third batch of the sixth phase of the export subsidies.

22-24 August (Tuesday-Thursday): BRICS summit, Johannesburg, South Africa.

SEPTEMBER

September: Sustainable Debt Coalition Initiative agreed at COP27 to launch.

September: IDH to open first branch in Saudi Arabia.

September: The Egypt-Germany trade and investment joint conference in Cairo.

September: JETRO’s second delegation arrives in Cairo.

1 September (Friday): Application deadline for the Smart Green Projects initiative.

3-5 September (Thursday-Saturday): Pharmaconex, Egypt International Exhibition Centre, Cairo.

9-10 September (Saturday-Sunday): G20 summit, New Delhi, India.

10-12 September (Sunday-Tuesday): The International Agricultural Exhibition for Africa and the Middle East, Sahara.

13-14 September (Wednesday-Thursday): Hydrogen Egypt Summit, Nile Ritz Carlton, Cairo.

15 September (Friday): IMF to review USD 3 bn program.

15 September (Friday): Deadline for FX bureaus to comply with new capital requirements.

17-18 September (Sunday-Monday): Arab Security Conference and Exhibition, Nile Ritz Carlton, Cairo.

17-19 September (Sunday-Tuesday): Sharm Rendezvous, Rixos Premium Seagate, Sharm ElSheikh.

18-19 September (Monday-Tuesday): Enterprise Finance Forum, St. Regis Hotel, Cairo.

19-20 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.

21 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

25 September (Monday): Nasdaq deadline for Swvl Holdings Corp to increase its market value of publicly held shares to a minimum of USD 15 mn.

25-26 September (Monday-Tuesday): Egypt to host the Asian Infrastructure Investment Bank’s annual board meeting, Sharm El Sheikh.

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

28-29 September (Thursday-Friday): Medical Tourism Conference, Sharm ElSheikh.

30 September (Saturday): The start of the new academic year for Egyptian universities.

30 September (Saturday): The start of the new academic year for Egyptian schools.

OCTOBER

October: Deadline for ins. providers to link their databases with the FRA.

2-4 October (Monday-Wednesday): Sharm Rendezvous - Ins. Market, Rixos Premium Seagate, Sharm ElSheikh.

2-5 October (Monday-Thursday): ADIPEC 2023, Abu Dhabi National Exhibition Center.

6 October (Friday): Armed Forces Day.

9 October (Monday): The Narrative PR Summit, Somabay Red Sea.

9-11 October (Monday-Wednesday): Arabs Savings and Financial Literacy Conference, Four Seasons Hotel.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

Late October-14 November: 3Q2023 earnings season.

15-17 October (Sunday-Tuesday): Egypt Automotive Aftermarket Exhibition, Cairo International Convention Center.

26 October (Thursday): Daylight saving time ends.

29-31 October (Sunday-Tuesday): Egypt Energy, Egypt International Exhibition Center.

29 October - 2 November (Sunday- Thursday): Cairo Water Week.

30-31 October (Monday-Tuesday): Intelligent Cities Exhibition and Conference, Dusit Thani LakeView, Cairo.

30-31 October (Monday-Tuesday): Global Business School Network (GBSN), American University of Cairo.

31 October - 1 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.

NOVEMBER

2 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

9-15 November (Thursday-Wednesday): Intra-African Trade Fair, Cairo.

14-15 November (Tuesday-Wednesday): Destination Africa, Royal Maxim Palace Kempinski Hotel.

15-24 November (Wednesday-Friday): Cairo International Film Festival, Cairo.

19-22 November (Sunday-Wednesday): Cairo ICT, Egypt International Exhibition Center.

23 November (Thursday): Worldview Education Fair, Cairo. (Register here)

30 November-12 December (Thursday-Tuesday): COP28, Dubai.

DECEMBER

10-11 December (Sunday-Monday): eGlobe Expo, St. Regis Almasa Hotel, Cairo.

12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

12-14 December (Tuesday-Thursday): Food Africa Expo, Egypt International Exhibition Center.

21 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Summer 2023: EGX to launch a shariah-compliant index.

1H 2023: GAFI roadshow set to launch to drum up foreign investment for golden licenses

1H 2023: Abu Dhabi Islamic Bank intends to launch a digital consumer finance company

2H 2023: Egyptian government expected to sign agreements with a consultant for the EuroAfrica electricity interconnector.

2H 2023: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan expected to hold a summit.

3Q 2023: E-Finance to launch in Saudi Arabia.

4Q 2023: EGX to launch its new futures exchange.

End of 2023: A Developments’ first phase of the Lazoghly development completed.

2024: Standard Chartered Bank to open a branch in Egypt.

November 2024: Egypt to host the 12th session of the World Urban Forum (WUF12).

2Q 2025: Safaga Terminal 2 to initiate operations.

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