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Gov’t hikes the price of subsidized bread 300%, electricity prices to follow

1

What We're Tracking Today

More private sector involvement in renewable energy?

Good morning, everyone. It’s a busy morning here in Egypt with price hikes leading the conversation — the Madbouly government yesterday announced hikes to the price of subsidized bread and a government source told us to brace for pricer electricity bills this summer.

HAPPENING TODAY-

Qalaa’s ordinary general assembly is meeting today to vote on its debt buyback plan. Shareholders of Citadel Capital Partners — the vehicle through which the company’s founders and top executives own their equity — will not be in attendance and will not get a vote, as per Financial Regulatory Authority.

PSA-

WEATHER- Prepare for another spring day in Cairo, with a high of 31°C and a low of 21°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 28°C and a low of 19°C.

And over the weekend, expect to see a high of 36°C and a low of 23°C.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Want to subscribe? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

WATCH THIS SPACE-

More privatization in the renewables sphere? The Madbouly government plans to exit renewable energy projects to allow the private sector to take the helm in realizing the country’s renewables targets, Asharq Business reported, citing an unnamed government official.

What’s next: While the New and Renewable Energy Authority — which currently owns solar and wind power plants with a total capacity of 1.6k MW — will not embark on new projects, it will go ahead with projects it had signed MoUs for with international companies, the official said. The estimated capacity of these projects is 50k MW.

Remember: Sales of the state-owned Gabal El Zeit and Zafarana wind farms are expected to wrap this year, with the IMF thinking they will be finalized before the end of June.

SPEAKING OF- A solar tender on the way? The Electricity Ministry will launch a tender for the 600-MW solar project in West Nile with the International Finance Corporation acting as a consultant, Al Borsa writes, citing a document seen by the outlet. No timeline was detailed regarding the tender as the ministry and IFC are currently preparing the conditions booklet.

THE BIG STORY ABROAD-

It’s a mixed bag on global front pages this morning as a number of stories captivate the attention of the business pages.

No verdict on Trump’s criminal hush-money trial. Jurors ended their first day of deliberation last night without reaching a verdict. The 12-person jury has to reach an unanimous agreement over a verdict, or else the judge will declare it a mistrial. Jurors deliberated for five hours and sent two notes asking questions of the judge. (Politico | AP | Bloomberg)

Speaking of The Donald: Will Elon Musk get a cabinet post if there’s a Trump White House v2? The two are now “friendly” and sources tell the Wall Street Journal that Musk could well be in line for an advisory role if there’s a remake of the Agent Orange Show.

MEANWHILE- BHP has abandoned its bid for mining group Anglo American after Anglo American refused to extend takeover talks. “We were unable to reach agreement with Anglo American on our specific views in respect of South African regulatory risk and cost and … we were not able to access from Anglo American key information required to formulate measures to address the excess risk they perceive,” BHP CEO Mike Henry said in a statement (pdf).

AND IN TECH- Gemini now speaks Arabic. Google’s Gemini and Gemini Advanced are now available to Arabic-speaking users — Gemini 1.0 Pro is available as a standalone Android app or as a tab in the Google app on iOS. The more advanced Gemini flavour, which is “capable of coding, logical reasoning, following nuanced instructions and collaborating on creative projects,” can be accessed for EGP 699.99 a month. Download it yourself: Google’s Play Store or Apple’s App Store.

Two notable firsts for women: Claudia Sheinbaum, who has a PhD in energy engineering, looks set to become Mexico’s first woman president when voters go to the polls this coming Sunday. And Yale has named Maurie McInnis, the respected historian, its next president. She’ll be the first woman to hold the job on a permanent basis.

ALSO WORTH READING THIS MORNING- From the Baby Boom to the Baby Bust, an op-ed by the FT’s Martin Wolf, details the challenges that come with falling fertility rates.

AND on the downside of working from home — US workers are increasingly lonely as they make fewer work friends with their workday dominated by virtual meetings and faceless chats.

Experience the thrill of the Somabay Endurance Festival with six races to test your limits over three days of adventure. It's your ultimate opportunity to challenge yourself and become a true champion. Get ready to conquer running, swimming, cycling, and shooting in an epic adventure from 30 May to 1 June.

2

Commodities

Egypt raises the price of subsidized bread

Gov’t raises the price of subsidized bread starting Saturday: The government will hike the price of subsidized bread to EGP 0.20 from its current price of EGP 0.05 at the beginning of June, Prime Minister Moustafa Madbouly announced yesterday, according to a cabinet statement. The move marks the first time the government has touched bread subsidies in 30 years.

We got a heads up: This came two days after Madbouly hinted at cutting down spending on bread subsidies to bring the selling price closer to the “massive” cost of production.

Remember: Bread subsidy reforms have been shelved for so many years and last we heard of them was in 2022, when Supply Minister Ali El Moselhy called on MPs to form an ad hoc committee to look into possible changes to the country’s massive bread subsidy program.

In numbers: With the new price hike, the state will spend some EGP 105 bn on bread subsidies a year. This means EGP 20 bn in savings — the government has allocated EGP 125 bn to bread subsidies for the upcoming fiscal year.

Redirecting the funds elsewhere: The government will redirect the funds saved from slashing bread subsidies towards the construction of schools and health facilities and the development of services and projects. The goal behind cutting down on subsidies is to allow the state to better use its resources, rather than cut down on spending, Madbouly said.

No more subsidies? The government is currently looking into replacing subsidies with cash support, a move which will allow citizens to use the support according to their needs, the prime minister said. The support amount will fluctuate according to commodity prices and inflation levels. The switch to cash support will be up for discussion at the National Dialogue to help iron out the details.

In the foreign press: The news received coverage from Bloomberg and Reuters.

3

Energy

The Egyptian government is set to hike electricity prices in July

Electricity bills will rise this summer: The government will hike electricity prices in July with the beginning of the new fiscal year, a government source told Enterprise yesterday. The percentage increase will depend on each household or business’ consumption, with the lowest consumption segments seeing the smallest jump in prices.

How much are we talking? On average, the hikes will exceed 20%, but studies and discussions are still underway to determine the new prices, the source said, adding that studies are also underway regarding the price of electricity for factories and other industries.

Aligned to the IMF agreement: The Madbouly government has committed to continue reducing energy subsidies and “to better target the resources that are going to households which need additional income support,” under its expanded loan agreement with the IMF.

And part of the state’s privatization push: Cutting down on electricity subsidies is part of the state’s efforts to attract more private sector investments into the electricity sector, the source added.

Madbouly let us know this was coming: The news follows statements from Prime Minister Moustafa Madbouly on Monday that hinted at the government raising the prices of electricity. He said Electricity Minister Mohamed Shaker will prepare a plan as to how the government can completely cut its spending on electricity subsidies over the coming four years.

The cost of electricity production has soared, becoming more of a burden on the state budget, especially after a dip in domestic natural gas production pushed the country from being a net exporter to a net importer of LNG in the recent months.

Electricity subsidies are on the way out: The Madbouly government in 2020 laid out aroadmap to phase out subsidies by 2025 — pushing back an existing July 2022 deadline that was already an extension of a 2019 deadline penciled in way back in 2014.

Remember: The Electricity Ministry last hiked prices in January, pushing electricity prices for households and businesses up 16-26%.

4

Diplomacy

El Sisi, Xi Jinping sign cooperation agreements, discuss regional issues

El Sisi, Xi talk Gaza: President Abdel Fattah El Sisi discussed the ongoing situation in Rafah, Egypt’s water security, as well as efforts to strengthen ties between the two countries, with his Chinese counterpart Xi Jinping during his time in Beijing. according to an Ittihadiya statement. The two presidents agreed on the need to bring about an immediate ceasefire in Gaza and work towards a two-state solution to ensure stability in the region, the statement read.

Get ready for the Year of the Egyptian-Chinese Partnership: The two heads of state issued a joint declaration to commit to stronger ties between that included having a Year of Egyptian-Chinese Partnership. The meeting also saw the signing of a number of cooperation agreements on tech collaboration and a joint development plan as part of China’s Belt and Road initiative.

Remember: China is a pretty big trade partner, but it’s mostly one way. Despite talk of balancingout our trade relationship with China, Egyptian exports to China halved from 2022 to 2023, according to data (pdf) released by state statistics agency Capmas. While China imported only USD 909 mn worth of Egyptian goods in 2023, Egypt imported USD 12.9 bn from China.

5

Manufacturing

MAFI to set up private freezone for its agri-food industrial complex in Egypt’s Sadat City

MAFI to set up private freezone: MAFI Agricultural Produce Industries received the Madbouly cabinet’s greenlight to set up a private freezone, which will host its agri-food industrial complex in Sadat City, according to a cabinet statement.

All to export: The project is expected to produce USD 200 mn worth of agri-food products annually during its first phase, and double that when its second phase is up and running, all of which will be exported, according to the statement.

Remember: MAFI signed contracts with several international companies in January to set up the complex. The complex will host five factories, including concentrates and quick-freezing facilities, and will be carried out in partnership with a yet-to-be-revealed foreign partner.

When can we expect to see the project off the ground? The complex is expected to be operational within 18 months, with a plan to expand the capacity of the five factories and add more factories in a second phase. The complex is targeting B2B clients mainly in Europe, the US, and GCC.

6

Manufacturing

MD Pharma to set up USD 35 mn medicine factory in Dubai

MD Pharma heads to the UAE: MD Pharma, an Egyptian patient safety and healthcare business solutions provider, inked an agreement with Dubai Industrial City to set up a meds manufacturing facility with investments exceeding AED 130 mn (USD 35 mn), according to a statement. The factory is set to launch in 2025 and will cater to markets in the GCC and Africa.

The factory is set to be the first Egyptian facility manufacturing medicine in the UAE, according to the statement.

It’s already been a big week for Egyptian firms heading to the Gulf: In addition to news of CI Capital and Thndr opening up shop in the GCC, we also heard this week that GoBus is planning to launch its Saudi arm in June or July and tech-enabled F&B logistics startup OneOrder wants to start operations in the UAE this fall.

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EARNINGS WATCH

Cairo Poultry sees revenues rise 23% in 1Q

Cairo Poultry saw its top line jump 23.2% y-o-y in 1Q 2024 to EGP 3.4 bn, “driven by increased prices across all products, highlighting the company's resilience in the face of supply and demand challenges caused by foreign currency shortage,” according to its latest earnings release (pdf). The company’s bottom line remained unchanged y-o-y at a record EGP 555.4 mn, matching last year’s record high.

What they said: “Despite challenging market conditions and constrained consumer spending power, the company continues to demonstrate robust performance,” the statement read. “The company's fully integrated operations provide a buffer against market fluctuations.”

8

Kudos

Egypt’s Valu facilitates donations to Magdi Yacoub’s new heart center

Valu to facilitate donations for heart health: Fintech player Valu has signed a partnership agreement with the Magdi Yacoub Heart Foundation to facilitate donations for the new Magdi Yacoub Global Heart Centre in Cairo, Valu announced. Under the agreement, donors can use Valu’s Spark It to make donations.

9

LAST NIGHT’S TALK SHOWS

Egypt’s Supply Minister discusses bread price hikes

Bread prices was the one topic of discussion on the airwaves last night after Prime Minister Moustafa Madbouly announced hikes to the price of subsidized bread.

The rationale: “The decision to raise the price of subsidized bread will help the state keep the subsidy program going,” Supply Minister Ali El Moselhy told Ala Masouleety’s Ahmed Moussa (watch, runtime: 31:25). The decision aims to create some kind of balance, he added, explaining that the cost of a loaf of bread is currently EGP 1.25 but it sells for only EGP 0.05, meaning that the state covers 96% of its cost. “After the new increase the state will bear 84% of the cost, with the citizen bearing only 16%,” El Moselhy told Moussa,

Bakery owners to weigh in: The Supply Ministry will hold a meeting with municipal bakery owners today to review the cost of subsidized bread, El Moselhy told Masa’a DMC (watch, runtime: 25:31).

** We have the full story in the news well, above.

Also making the rounds to weigh in on the topic was cabinet spokesman Mohamed El Homsani who joined Ala Masouleety (watch, runtime: 21:26) and Yahduth Fi Masr (watch, runtime: 7:21).

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10

EGYPT IN THE NEWS

Ancient Egyptians might have been treating brain cancer some 4k years ago

A 4k-year-old story is catching the attention of the international press: News outlets in the West and East and everywhere in between are picking up an academic study arguing that the ancient Egyptians could have been attempting to treat brain tumors some 4k years ago. Cut marks on a skull studied by researchers appear to show attempts to operate on a brain tumor and potentially offer an “extraordinary new perspective in our understanding of the history of medicine,” the team behind the study said.

The story was pick up by: CNN | Wall Street Journal | New York Times | Newsweek | NewYork Post | Independent | Metro | New Scientist | El Pais | India Today | NDTV.

PLUS- A renovated 14th century mosque in Historic Cairo attracted the attention of Reuters, after it was reopened to the public on Tuesday.

11

Also on our Radar

Visa unveils a number of fresh products, services

BANKING-

Reinventing the Visa card: Our friends at Visa have introduced a number of fresh products and services to be rolled out later this year, according to a statement (pdf). This includes the Visa Flexible Credential, which will allow a single card to flip flop between various payment methods, the Nano Merchant Acceptance, which will introduce new ways to allow digital payments to physical cards, and the Visa Payment Passkey Service, a service that eliminates passwords for online payments and replacing them with a face or fingerprint scan.

DEVELOPMENT FINANCE-

We’re in line for EUR 35 mn in EU green funding: The EU and Egypt are expected to sign an EUR 35 mn financing agreement next month to fund renewable projects, EU Ambassador to Cairo Christian Berger said during a presser, writes Al Mal. The funds will be arranged in cooperation with the European Bank for Reconstruction and Development, he added. The French Development Agency is expected to agree a further EUR 50 mn for Egypt also in support of renewables.

Remember: The funds are believed to be part of a wider EUR 7.4 bn package of loans, grants, and investments the EU will provide Egypt through 2027 and were likely allocated back in 2022 to Egypt’s Nexus of Water, Food, and Energy.

PRIVATIZATION-

Public hospitals are ready for the private sector takeover: The state has put forward some 45 potential investments within the healthcare sector in front of the private sector, Health Ministry sources told Shorouk News. The investments come in two categories: establishing new public hospitals or managing existing public hospitals, the latter including maintaining health facilities. The investments will come with contracts ranging from 3-15 years.

Remember: The House of Representatives gave final approval to a bill earlier this month that will permit private sector companies to operate and manage public hospitals and healthcare facilities.

M&A WATCH-

EGAS ups stake in Mopco: State gas firm EGAS has purchased an additional 0.61% stake — represented in 12.8 mn shares — in Misr Fertilizers Production Company (Mopco), bringing its stake in the company to 9.07%, according to an EGX disclosure (pdf). EGAS paid an average of EGP 47 per share, putting the total transaction value at EGP 600 mn. Beltone Securities Brokerage brokered the transaction.

TRADE-

A whole lot of projects incoming: The Supply Ministry will ink a number of contracts with local and foreign companies next month to set up 12 trade and logistic centers, worth a combined EGP 40 bn, next month, Supply Minister Ali El Moselhy told Al Arabiya Business. The projects, which span across eight governorates, were offered to investors earlier this month.

INFRASTRUCTURE-

Egypt could be getting its first shipbreaking yard: The state-run Holding Company for Maritime and Land Transport has signed an MoU with El Wehda Industrial Development to establish Egypt’s first shipbreaking yard near the Damietta Port, according to a statement from the Transport Ministry. The project aims to recycle scrap metal from the dismantled ships to provide raw material for the steelmaking industry.

FINANCIAL SERVICES-

VLens to kick off operations following FRA greenlight: Local electronic verification provider VLenshas gotten the greenlight from Financial Regulatory Authority (FRA) to launch operations, it said in a press release (pdf). The firm provides electronic identification, verification and authentication, electronic Know Your Customer (KYC) processes, remote smart contracting for NBFS and electronic registration, as well as preservation and retrieval of digital assets.

About VLens: The software firm uses AI to provide identity verification and management services, according to the statement. VLens currently works with companies in the transportation, financial services, banking, and telecom sectors, it says on its website.

INVESTMENT-

#1- A new investment zone: Al Ahly Industrial Development, a joint-stock company, got the cabinet greenlight to set up an integrated investment zone targeting light industry, according to a statement. The company will be required to kick off operations at the zone within eight years, the statement said.

#2- Ashry Steel Group aims to invest EGP 8 bn into expanding its operations over the coming two years, CEO Ayman El Ashry told Al Borsa.

12

PLANET FINANCE

Mashreq Bank taps banks for AT1 bond issuance

Our friends at Mashreq are set to issue benchmark-sized, USD-denominated additional tier 1 (AT1) bonds after hiring banks to advise on the issuance, Reuters reports, citing an arranging document it saw. The bonds will be perpetual and non-callable for 5.5 years, meaning Mashreq can’t redeem them in that period except by paying a penalty.

Benchmark-sized? A “benchmark sized” issuance is usually at a minimum valued at USD 500 mn.

What’s next: Investor meetings start today, according to the newswire.

Uh, Enterprise, what are AT1 bonds? They’re a common way banks raise core tier-one capital without diluting shareholders by raising equity. Additional tier one certificates (or just “AT1 certificates”) are a form of subordinated debt — they rank behind other types of bank debt in case of liquidation. That makes them riskier than senior debt, but still prioritizes them above equity holders. AT1 certificates are “perpetual” in that they have no fixed maturity date. They pay interest in much the same way as a bond does, but usually can be converted into equity in some circumstances — that’s why they’re often called CoCos in the industry, for “contingent convertibles.”

CoCos are common in the banking world — HSBC and Deutsche Bank use them and Standard Chartered announced a USD 1 bn CoCo in February of this year, as did Saudi’s Alinma Bank with a USD 1 bn issuance.

The timing is good for Mashreq: Ratings agency Moody’s has upgraded Mashreq’s long-term deposit and senior unsecured ratings to A3, up from Baa1, assigning it a stable outlook, the lender said in a statement. The bank cited its “operational resilience” as well as improvements in credit fundamentals, asset quality, profitability, and robust funding and liquidity profiles for the upgrade.

ADVISORS- Mashreq has appointed Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait’s DIFC branch, BofA Securities, Citi, Emirates NBD Capital, FAB, Kamco Investment Company, Mashreq, and Mizuho as joint lead managers and joint bookrunners.


Also worth knowing about this morning:

  • The International Monetary Fund sees China’s economy growing 5% this year, up from its previous forecast of 4.6% growth for the world’s second largest economy. However, the Fund warned that growth would slow to 4.5% next year, and to 3.3% by 2029 due to “an aging population and slower expansion in productivity.” (Reuters)
  • All 82 economists in a Reuters poll see the European Central Bank cutting interest rates in June, with a majority also forecasting further cuts in September and December.

MARKETS THIS MORNING-

A global bond selloff yesterday saw investors dump equities as jitters set in, with stocks in the US, UK, and Europe closing the day in the red. Asian markets are playing catch-up this morning, with all major benchmarks in negative territory (led by the Nikkei’s nearly 1.7% dip at dispatch time). US and European stock futures are down sharply this morning after yesterday’s selldown and Salesforce’s downbeat forecast. Revenue at the software giant fell short of Wall Street expectations for the first time since 2006.

EGX30

27,090

-0.4% (YTD: +8.8%)

USD (CBE)

Buy 47.25

Sell 47.39

USD (CIB)

Buy 47.25

Sell 47.35

Interest rates (CBE)

27.25% deposit

28.25% lending

Tadawul

11,697

+0.3% (YTD: -2.3%)

ADX

8,711

-0.4% (YTD: -9.1%)

DFM

3,960

-0.7% (YTD: -2.5%)

S&P 500

5,267

-0.7% (YTD: +10.4%)

FTSE 100

8,183

-0.9% (YTD: +5.8%)

Euro Stoxx 50

4,963

-1.3% (YTD: +9.8%)

Brent crude

USD 83.60

-0.7%

Natural gas (Nymex)

USD 2.49

-3.8%

Gold

USD 2,360

-0.2%

BTC

USD 67,635

-1.4% (YTD: +60.0%)

THE CLOSING BELL-

The EGX30 fell 0.4% at yesterday’s close on turnover of EGP 3.6 bn (26% below the 90-day average). Local investors were net buyers. The index is up 8.8% YTD.

In the green: Beltone Holding (+4.1%), GB Corp (+3.5%), and Mopco (+3.3%).

In the red: E-finance (-3.2%), Qalaa Holdings (-2.9%), and Ezz Steel (-2.6%).

13

My Morning Routine

My Morning Routine: Sherif Amin, country president of Novartis Egypt

Sherif Amin, country president of Novartis: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Sherif Amin (bio). Edited excerpts from our conversation:

My name is Sherif Amin and I’ve been the Country President of Novartis Egypt since July 2022. My journey in pharma started after I graduated from college. I started my journey as a product specialist — the entry level job in the sector — before slowly rising through the ranks to get to where I am today. Before all that, I used to work summer jobs in the US as I was studying. I even worked at an arcade at one point.

Who am I? At my core, I’m a leader. I’m someone who’s really driven to make a positive impact on the world. The interesting part about that is that you never really get the job done — there’s no finish line. I also value relationships with people, learning from people, and helping and coaching them as well.

My job is about both strategy and leadership. It’s about working with the board on shaping a strategy for our future, while leading, inspiring, and guiding others to translate this strategy into outcomes. To achieve this, we need to bring a lot of new ideas into the market. We work on medical education, patient support programs, and finding the most innovative access models to bring the newest possible innovations into the market. It’s all about maximizing the value for the patients we serve and for the shareholders.

The most important factor in achieving all of this is our team, our people. That’s why fostering a strong and positive company culture is at the core of what we do. And in order to be successful while doing that — especially here in Egypt — partnerships with the government and with private partners are crucial to getting this job done right. If the whole system doesn’t work together to solve patients’ problems, it’ll be very difficult for one party to do it on its own.

Coming up with innovative treatments to treat difficult diseases comes with a lot of challenges. It’s a complicated, risky process that’s built on a lot of failures before you achieve success. Getting this one innovative treatment, making it accessible to patients — especially in low-middle income countries like Egypt — is only possible by understanding how the system works and working with your partners in the public and private sectors to find the best strategy that gives patients access to this treatment. The contradiction of trying to deliver the most innovative treatment to everyone while also having a sustainable business model that would fuel further research is the struggle that shapes the industry, day in and day out.

For me, the most interesting trend in the industry right now would have to be personalized medicine. The pharma industry started by inventing molecules that’ll work for a lot of people. It started with antibiotics and that worked for thousands of people — and still does. Chemotherapy is another example of a treatment that works for a lot of people, but comes with many side effects. Personalized medicine, on the contrary, looks at the cause of the problem and treats it directly rather than treating the symptoms, often with very little side effects. This kind of research turned a previously lethal blood cancer like Leukemia into a chronic disease, where patients take a pill every day and carry on living their lives for decades.

Gene therapy is also incredibly exciting. It's a treatment that changes the genetics of a patient to treat serious conditions. Gene therapy can now treat spinal muscular atrophy — a gene that affects newborns — through adjusting the gene in adolescence before the damage is done and allows them to lead normal lives. This particular medicine has been sponsored by the government in Egypt for over two years for some kids on the orders of President Abdel Fattah El Sisi himself.

If I can’t read Enterprise in my lunch break, I usually do it later in the afternoon. The first thing I do when I get out of bed is to drink my orange juice. After getting ready, I have a 25-minute drive to work where I grab my coffee and start reflecting on my day. That’s really the only window of opportunity for me to gather my thoughts before the day properly starts. If I don’t do this, I get dragged into the chaos of the day and I’m not able to get what I want out of it.

My workday is mostly around people. This job is about coaching teams, solving problems, and inspiring people. This happens in various settings — sometimes in one-on-one meetings or in larger meetings. Other days will be more focused on engaging with our partners and external stakeholders, such as government officials, ministers, physicians, scientists, and experts. For me, that’s one of the most interesting parts of the job.

Staying focused and organized was an uphill battle. What I do now — after some guidance and a lot of practice — is I’m really able to be present in the discussion I’m currently having at a given time. I’m able to leave the issues and challenges of my previous meeting at the door of my next meeting. I’ve also learned how to switch off and avoid being disturbed when I’m taking time for myself. I had to learn these skills over time, but I’ve learned that that’s the only way to be able to be productive and to maintain my level of energy.

The key to a healthy work-life balance is taking ownership. It doesn’t happen on its own and no one will give it to you — not your organization, your team, or your family. You’re the one who needs to own it. That’s what I’ve learned to do over the years, and I can say I now do it relatively well. I still get the couple of hours in the day that I need for myself, and my one hour of complete silence or time spent watching Netflix.

What’s next for me? I want to do this job and do it well, and deliver the impact I want to with Novartis Egypt, before maybe taking on a new challenge. Maybe I’ll be with Novartis in another country and in a different market with new challenges. Personally, I don’t have a family yet and I think it’s the endeavor that I need to take on now. Settling down, building a family — it’s about time.

Leadership from the Inside Out by Kevin Cashman is the book I’m currently reading. I think it’s a very interesting guide for senior leaders, and it’s been very helpful to me personally. It’s really about digging deep inside yourself and understanding yourself very well in order to be able to influence others and lead.

The best piece of advice I’ve been given? If your personal purpose is aligned with the purpose of the organization you work for, the people around you, and the environment you’re in, you’re a happy person. Not many people really get lucky enough to be in a place that is aligned with their individual purposes. I consider myself very fortunate to be in a place where I can do this everyday at Novartis. This advice was given to me by my dad a long time ago. I didn’t know what he really meant at the time, but it’s something I’ve definitely come to understand.


2024

MAY

27-30 May (Monday - Thursday): Avior-HC Egypt virtual conference.

29-30 May (Wednesday-Thursday): Solar & Storage Live MENA, Cairo, Egypt.

29-31 May (Wednesday-Friday): The second edition of GITEX AFRICA Morocco 2024.

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC) (national holiday).

29-30 June (Saturday-Sunday): EU-Egypt Investment Conference.

30 June (Sunday): June 30 Revolution Day (national holiday).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

18 July (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

23 July (Tuesday): Revolution Day (national holiday).

AUGUST

4-5 August (Monday-Tuesday): Egypt Expat Forum.

SEPTEMBER

2-5 September (Monday-Thursday): Egypt International Airshow, El Alamein International Airport.

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

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

25-26 September (Wednesday - Thursday): The Asian Infrastructure Investment Bank’s (AIIB) 2024 annual meeting, Samarkand, Uzbekistan.

OCTOBER

6 October (Sunday): Armed Forces Day.

17 October (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

21-27 October (Monday-Sunday): The World Bank and IMF annual meetings.

NOVEMBER

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

DECEMBER

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

EVENTS WITH NO SET DATE

April 2024: President Abdel Fattah El Sisi will visit Turkey.

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

1Q 2024: Opening of the newly developed Pyramids Plateau in Giza.

1Q 2024: The government is set to finalize the sale of the Gabal El Zeit wind farm.

February-May: The Grand Egyptian Museum could officially open to visitors.

March 2024: The USD 2.7 bn MIDOR Refinery is set to begin full operations.

May 2024: Egypt to receive USD 20 bn of Ras El Hekma funds.

May 2024: Arab Finance Ministers’ meeting at Egypt’s administrative capital.

June 2024: Gov’t expects to finalize sale of Beni Suef combined-cycle power plant.

Mid-year: The fifth Japan-Arab Economic Forum.

1H 2024: Gov’t expects to finalize sale of four water desalination plants.

2H 2024: Gov’t to launch the Cairo Ring Road BRT buses.

3Q 2024: Egyptian-Armenian Joint Committee.

November 2024: Egypt to host the World Urban Forum (WUF12).

End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City.

End of 2024: Shalateen Mining Company to launch a gold exploration bid in the Eastern Desert.

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

20 January-7 February: Egypt to host the African Games

EVENTS WITH NO SET DATE

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

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