Egypt is one of the top African investment destinations

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What We're Tracking Today

Remittances from Egyptians abroad rise 66% y-o-y in June

Good morning, everyone. We have a brisk issue for you this morning to close out one busy week.

BEFORE WE DIVE IN- You don’t want to miss this week’s My Morning Routine, where we explore the Paris Olympics through the head of the Egyptian Olympic Committee's Technical Committee, Karim Akram. Read our interview with him in the news well, below.

DATA POINT-

Remittances from Egyptians abroad rose 65.9% y-o-y in June, recording USD 2.6 bn, according to a statement (pdf). On a monthly basis, remittances were down 3.7%.

Remember: Egyptians abroad have started sending more of their remittances through official channels after the float of the EGP. Remittance inflows had fallen 30% y-o-y in 2023 on the back of a widening gap between the official rate and parallel market pushing many to send remittances into the country outside official channels. The government said it wants to raise remittances — one of Egypt’s biggest sources of FX — from Egyptian expats by 10% each year to reach USD 53 bn by 2030.

MORE OF THIS, PLEASE-

Egypt is among the top destinations for African investments, coming in third behind the island nations of Seychelles and Mauritius in a new report by South Africa’s Rand Merchant Bank. “Egypt scores well on economic complexity, innovation, human development and income equality,” according to the report. Egypt came in first in terms of economic performance and potential, while South Africa was atop the list for market accessibility and innovation. The report looked at 31 nations across Africa.

WATCH THIS SPACE-

Gov’t sets growth targets for six years to come: The government sees the economy growing at a 5.5% clip during the fiscal year 2026-27 and 6.5% in 2030, according to a cabinet statement. The Madbouly government sees the economy growing 4.2% during the current fiscal year.

Do you want to attend our 2024 Enterprise Finance Forum on 24 September? Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth that the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in our country and the wider region. Among the questions we’ll be asking:

What’s Egypt’s role in the regional industry?
What are foreign investors looking for right now?
Is real estate the only asset class in Egypt?
What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image above.

PSA-

Gov’t instructs airlines to avoid Iranian airspace: The Civil Aviation Ministry has sent a safety notice to all local airlines to avoid flying over Iranian airspace for three hours yesterday and today due to military exercises by Iran, the ministry said in a statement yesterday. Airlines were asked to avoid flying over Iran from 11:30am to 2:30pm yesterday and from 4:30am to 7:30am today, Tehran time. The move follows a notification sent by Iranian authorities to all civil aviation companies crossing over Iranian airspace, the statement reads.

Concerns over an escalation in regional hostilities: The move comes amid concerns of escalation between Iran and Israel following Hamas leader Ismail Haniyeh’s assassination in Tehran, according to Reuters.

WEATHER- It’s another sunny day in Cairo, with a high of 36°C and a low of 26°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 33°C and a low of 24°C.

And over the weekend, expect to see a high of 36°C in the capital.

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

HAPPENING TODAY-

Attention, techies: The Google I/O Extended MENA event will kick off today with five keynote speeches, 30+ talks and panels, and over 90 workshops covering a wide range of topics including web development and AI. You can check out the full agenda and list of speakers here or see if you can register last minute for the event in Shorouk City here.

CIRCLE YOUR CALENDAR-

#1- Like your energy sustainable? The Cairo Sustainable Energy Week is set to take place between 1-3 October at the Nile-Ritz Carlton in Cairo and host the world’s leading figures in the sector to discuss the challenges and promise of the renewables sector in the region. Register here to attend the event.

#2- The country’s largest ever logistics exhibition is set to take place in 2026: Egypt is set to partner with an unnamed German logistics company to hold the country’s largest logistics exhibition, which will aim to boost logistics ties with the African continent, Youm 7 reports, citing Exhibitions and Conventions Authority Chairman Sherif Al Mawardy. The exhibition is slated to take place in Egypt in 2026 with a focus on supply chains, shipping, and logistics handling.

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

THE BIG STORY ABROAD-

There’s no single story clearly capturing the international press’ imagination this morning, giving us instead a mixed bag of the latest from the US presidential race and some analysis on the Palestine-Israel conflict.

Kamala Harris and her newly-minted running mate Tim Walz are making campaign stops in key swing states in the Upper Midwest — a critical area to ensure they get voted into the White House this November. Harris’ campaign raised some USD 36 mn in the first 24 hours after announcing Walz as her vice presidential pick. (Reuters | New York Times | AP | Guardian)

MEANWHILE- Hamas’ appointment of Yahya Sinwar as its new political chief is the subject of analysis pieces in Bloomberg, the Financial Times, and the Wall Street Journal, all of whom are looking at Sinwar’s past and what his appointment means for Gaza and the prospects of a ceasefire with Israel.

Over in Bangladesh: Nobel laureate Muhammad Yunus, who has long been a political adversary of Bangladesh's deposed Prime Minister Sheikh Hasina, has been appointed as the country's interim leader. (France24 | CNN | BBC)

OLYMPICS-

Another eventful day at the Paris Olympics kicked off with the 20 km mixed walk race — the latest discipline added to the Olympics this year — which was won by the Spanish duo Álvaro Martín and María Pérez.

Australia had its best Olympic day in history yesterday, adding four golds to its haul. Most notably, 21-year-old Keegan Palmer held on to the men's skateboarding gold after first winning in during the Tokyo 2020 games, where the sport made its debut. Yesterday’s wins pushed Australia to third place in the medal standings with 18 golds — five more than host France in fourth place.

Moroccan Soufiane El Bakkali successfully defended his title in the 3,000m steeplechase after one thrilling tactical race. El Bakkali became the first athlete to bag the event’s gold back-to-back since 1936.

MEANWHILE-Saudi taekwondo player Dunya Abu Talib was one step away from becoming the first Saudi woman to win an Olympic medal, before losing the bronze match in the -49 kg category to Iran's Mobina Nematzadeh. Abu Talib started her day yesterday by defeating Israeli player Abishag Semberg in the round of 16.

The medal standings now at the Paris Olympics:

USA (27 gold, 94 overall)
China (25 gold, 65 overall)
Australia (18 gold, 41 overall)
France (13 gold, 51 overall)
UK (12 gold, 49 overall)
Korea (12 gold, 27 overall)

TEAM EGYPT- It was a sad day for team Egypt, with our handball team losing 29-28 to Spain and getting eliminated from the quarterfinal and wrestler Mohamed Gabr failed to secure his spot at the podium after losing 2-1 to Kyrgyzstan’s Uzur Dzhuzupbekov.

The match of the day: Egypt will face Morocco tonight at 6:00 pm for the men’s football bronze medal match. The Pharaohs lost 3-1 to host France in the semifinal of the men’s Olympic football tournament earlier this week.

ALSO- The men’s and women’s individual fencing ranking round of the modern pentathlon is taking place today and four of our own are competing. Ahmed Elgendy and Mohanad Shaban are participating in the men’s round, taking place at 12:00 pm, and Salma Abdelmaksoud and Malak Ismail are taking part in the women’s round at 3:30 pm.

ALSO- Here are other matches to keep your eyes out for today:

Taekwondo: Ahmed Nassar will face the French Souleyman Alaphilippe for the men’s under 68kg round of 16 at 10:21 am.
Wrestling: Gamal Mohamed will face Puerto Rico’s Darian Toi Cruz for the men’s freestyle 57kg weight group at 12:00 pm.
Cycling track: Youssef Abouelhassan will be competing in the men’s omnium scratch race at 6:00 pm.

You can follow Team Egypt through this schedule or by heading over to our Paris 2024 Guide.

Want to see when your favorite sport is on? Check out the official schedule here.

Gov’t eyes two new hydropower projects in Upper Egypt

Hydropower projects incoming? The government has reportedly wrapped up studies for two pumped storage hydropower projects in Luxor and Qena with a combined capacity of 2 GW, Asharq Business reports, citing an unnamed government official. The projects could cost up to USD 2.5 bn.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

We’ve heard about this before: The news follows reports that the Electricity Ministry plans to carry out USD 4 bn worth of hydroelectric power projects in partnership with private sector players. Among these projects, the ministry is looking to set up a water pumping and storage station with a capacity of 2.4 GW in Egypt’s mountainous Ataka region.

Nile water to power the new projects: Unlike the Ataka project, which will use treated wastewater, the new projects will utilize Nile water.

SOUND SMART: Pumped storage hydropower works by using surplus electricity to pump water uphill into a reservoir in periods of low demand or high supply, releasing it downhill through turbines to generate electricity when demand rises or supply falls. This energy storage method allows networks that rely on solar and wind power to keep the lights on even when the wind drops or the sun goes down.

Private sector in focus: The Electricity Ministry plans to offer these projects to investors “over the coming period,” the source told the news outlet.

Remember: The Electricity Ministry recently announced that it wants renewables to make up 58% of Egypt’s total energy mix by 2040, up from its previous target of 42% by 2030. Currently hydroelectric power accounts for 5% of the country’s total renewables capacity.

Egypt’s Palm Holding for Financial Investments ups stake in Incolease

Palm Holding ups stake in Incolease: Palm Holding for Financial Investments has acquired the British Arab Commercial Bank’s stake in the International Company for Leasing (Incolease) for EGP 70.8 mn, according to EGX disclosures (here, pdf and here, pdf). The transaction brings Palm Holding’s stake in Incolease to 26.9%.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The details: Palm Holding acquired some 1.73 mn shares in Incolease for around EGP 41 per share. Commercial International Brokerage Company (CIBC) was the broker on the transaction.

Remember: Palm Hills Developments restructured its stake in Incolease and sold it to Palm Holding in a EGP 149.9 mn transaction back in February 2023. A consortium of four state-owned banks and ins. companies had exited Incolease in 2022, selling their 38.7% stake for EGP 316.9 mn.

What the company does: Incolease offers leasing services with a focus on assets including commercial vehicles, machinery, IT equipment, production lines, and real estate.

CITY LAB EXPANDS PORTFOLIO-

City Lab to own 50% of two firms: Medical diagnostic services provider City Lab will own a 50% stake in each of Egypt-based firm Distinguished Diagnostics and Saudi firm Saudi Egyptian Company for Medical Laboratories, both through capital increases, the company said in a press release (pdf). City Lab is paying some SAR 100k (EGP 1.3 mn) for its stake in Saudi Egyptian Company for Medical Laboratories and EGP 4.4 mn for its stake in Distinguished Diagnostics.

Not the only acquisition on City Lab’s radar: In July, City Lab appointed the Financial Advice Corporate Transactions (FACT) as independent financial advisor to provide a second opinion on the value of acquisition target Cairo Clinical Labs, after its board approved the due diligence conducted for the acquisition.

Remember: Premium Diagnostics UAE upped its ownership in City Lab to 25.0% in June.

Mohamed Farid to head Egypt’s FRA for another year

#1- Farid secures a third term as FRA head: Mohamed Farid has been reappointed head of the Financial Regulatory Authority (FRA) for another one-year term under a presidential decree, according to a statement from the authority. Farid has been heading the authority since August 2022 and previously served as head of the EGX.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

On his agenda for year three: The FRA will “complete the reform and development process to strengthen the role of the non-banking financial sector in the national economy and support the objectives of comprehensive development plans,” Farid said.

#2- Vaalco welcomes a new Egypt country manager: US-based energy player Vaalco Energy has appointed Iman Hill (LinkedIn) as the company’s new Egypt country manager, the company said in a statement. Hill has almost 30 years of expertise in the energy field, having worked for energy giants such as Shell, Dana Gas, and Energean.

The Egyptian handball team’s defeat at the Olympics echoed on the airwaves last night

Last night’s talk shows were unusually quiet, with the little coverage there was dwelling on our national handball team's narrow loss to Spain at the quarterfinals of the Olympic Games. Ala Mas’ouleety’s Ahmed Moussa lambasted the team’s performance, describing it as a “disappointment” that fell short of the Egyptian people's high hopes (watch, runtime: 3:37 | 4:33).

NBK Egypt provides financing for Sokhna container terminal

DEBT WATCH-

#1- NBK Egypt helps fund Ain Sokhna container terminal: The National Bank of Kuwait Egypt has extended USD 93 mn worth of credit facilities to construction firm EDECS for the construction of the container terminal at Ain Sokhna Port, the bank said in a statement (pdf). The funding is part of the bank’s strategy to support large national projects, including ports, the statement reads.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Remember: EDECS last month broke ground on the new container terminal after it inked a construction contract with the Red Sea Container Terminals Company to execute and deliver the project within 18 months.

#2- EGPC pushes back payment: The Egyptian General Petroleum Corporation (EGPC) has reached an agreement with a consortium of local banks to receive a one-year grace period on paying off some USD 2 bn in dues, Asharq Business reports, citing four unnamed sources with knowledge of the matter. The EGPC will start paying back its dues in FX at the beginning of 2026, instead of 2025, one source said.

PHARMA-

Rameda gets greenlight to hike prices: Local pharma player Rameda has received approval from the Egyptian Drug Authority (EDA) to increase the prices of 22 units across its brands by an average 40-50%, the company said in a press release (pdf). “Approvals have been progressively granted since the end of May 2024 and continue to be received,” the release said, adding that “This will ensure the restoration of gross profit margins as well as the ongoing development, production, and supply of essential medications.”

Remember:Some med prices were hiked an average of 25% last month per requests from local pharma companies following the deterioration in the EGP / USD exchange rate following March’s float of the EGP.

TRADE-

Egypt wants African countries to respect custom exemptions: The Trade Ministry has contacted Comesa in an effort to get Congo, Somalia, Uganda, and Eswatini to implement the customs exemptions stipulated in the bloc’s trade agreement, Al Borsa reports, citing unnamed sources. The four countries in question and Ethiopia — which has only implemented 10% of the exemptions — claimed that their dire economic conditions require them to maximize customs revenue.

RENEWABLES-

#1- Arafa Trade goes green: Our friends at renewables company Infinity have signed a contract with agriculture producer Arafa Trade to operate a 15 MW solar power station, Arafa Trade Chairman Yasser Arafa told Al Borsa. The EGP 200 mn station aims to reduce the company's reliance on electric generators by about 40% at its farm, export station, and cold storage facility in Farafra.

#2- More investments from Enara: Africa-focused renewables player Enara Group is looking to invest some USD 1 bn in the renewable energy sector in Egypt and Africa alongside international institutions through 2030, CEO Sherif El Gabaly tells Al Borsa. The funds would be used to develop 2 GWs worth of renewable energy, El Gabaly said.

A lot more than we were expecting: El Gabaly last month said that the group is looking to invest some USD 100 mn in the local renewable energy sector through 2027 as it looks to increase its investments in existing organic and biofuel companies.

POLITICS-

Egypt to support new peacekeeping mission in Somalia: Egypt and Djibouti have offered to back a new peacekeeping mission in Somalia dubbed the African Union Support and Stabilization Mission in Somalia (AUSSOM), the AU’s Peace and Security Council said in a communiqué (pdf) last week. The council approved the creation of AUSSOM to replace a similar force that ends this year — the AU Transition Mission in Somalia (ATMIS). It is unclear what type of support the two countries have offered to provide.

MSMEs-

Funds up for grabs for local SMEs: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) will disburse some EGP 100 mn in financing for small-scale projects across Egypt through the offices of Beltone subsidiary Cash for Microfinance, according to a statement.

HOSPITALITY-

Restructuring at Remco: Remco Group will acquire construction firm Ayoubco and sell Remco subsidiary Egyptian Tourism Village Construction after its board approved the decisions, according to an EGX disclosure (pdf). The company will tap a financial advisor to determine the fair value of both companies before moving forward.

Qatar throws its weight behind US-backed mining investment vehicle amid concerns over China minerals dominance

A mining investment vehicle backed by the US’ development bank just got a big infusion of funds: Qatar’s sovereign wealth fund is investing USD 180 mn in Dublin-based TechMet, a company that has pumped USD 450 mn into rare earth mineral extraction and production in a bid to counter China’s dominance of the strategic minerals sector.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The agreement marks a win for the US in its broader push to get Gulf states to throw their financial weight behind the US’ campaign to limit reliance on Chinese-produced minerals. The country of 1.4 bn people accounts for 90% of global rare earth refining, giving it a big advantage in tech manufacturing, and produces 60% of the world’s EV battery-grade lithium — critical for the burgeoning EV sector and the green economy. Last year, China’s d ecision to impose export restrictions on gallium and germanium — key metals used in chip and EV manufacturing — sent ripples through the US and Europe, stoking fears that China might deploy its mineral dominance to effectively shut down key American and European industries.

Despite US cajoling, Qatar’s recent investment wasn’t always a sure thing. The GCC member maintains warm relations with Beijing, one of the biggest buyers of the country’s natural gas, and has indicated in the past that it doesn’t want its close relationship with the US to come at the expense of its ties with China. Many companies also remain leery of major investments in strategic minerals, given uncertainty about future EV demand and governments’ commitment to hitting their climate goals.

Still, an investment in TechMet allows Qatar to add to its existing portfolio in critical minerals, which currently includes an 8.6% stake in mining and commodity training giant Glencore. As Saudi Arabia and the UAE continue to eye investments in strategic minerals, this first collaboration between the US and a GCC state on minerals might not be the last.

MARKETS THIS MORNING-

Asian markets are mostly in the red in early trading this morning. The Nikkei is looking at the biggest losses, down almost 1.20% as of dispatch. The Kospi (-0.9%) and Hang Seng (-0.8%) are also down this morning.

EGX30	28,628	+1.5% (YTD: +15.0%)
USD (CBE)	Buy 49.16	Sell 49.30
USD (CIB)	Buy 49.15	Sell 49.25
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,730	+0.4% (YTD: -2.0%)
ADX	9,180	+1.1% (YTD: -4.2%)
DFM	4,198	+1.5% (YTD: +3.4%)
S&P 500	5,200	-0.8% (YTD: +9.0%)
FTSE 100	8,167	+1.8% (YTD: +5.6%)
Euro Stoxx 50	4,668	+2.0% (YTD: +3.2%)
Brent crude	USD 78.33	+2.4%
Natural gas (Nymex)	USD 2.09	-1.0%
Gold	USD 2,423	-0.4%
BTC	USD 55,186	-2.2% (YTD: +30.6%)

THE CLOSING BELL-

The EGX30 rose 1.5% at yesterday’s close on turnover of EGP 4.0 bn (11.3% above the 90-day average). Local investors were net buyers. The index is up 15.0% YTD.

In the green: Ezz Steel (+11.8%), Elsewedy Electric (+5.1%), and Talaat Moustafa Group (+4.0%).

In the red: Cleopatra Hospitals (-2.5%), Oriental Weavers (-0.8%), and Abu Qir Fertilizers (-0.7%).

CORPORATE ACTIONS-

EGX gives BdC the greenlight to raise its capital: The EGX listing committee has approved Banque du Caire’s request to raise its authorized capital to EGP 50 bn from EGP 20 bn as well as to increase its issued and paid-up capital to EGP 19 bn from EGP 10 bn, according to an EGX bulletin. The bank will implement the latter increase by issuing 4.5 bn shares with a nominal value of EGP 2 each.

ICYMI- BdC had filed the request with the EGX to raise its capital last month.

My Morning Routine: Karim Akram, managing director of Lyve and head of the Egyptian Olympic Committee's Technical Committee

Karim Akram, managing director of Lyve: 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 for a special Olympics version of My Morning Routine is Karim Akram (LinkedIn), co-founder and Managing Director of property management startup Lyve, who is currently in Paris as the head of the Egyptian Olympic Committee's Technical Committee.

My name is Karim Akram. On the entrepreneurial side, I founded Orion360 — an IT consulting firm — and I’m the co-founder and managing director of Lyve — an app for managing residential communities. On the sporting side, I used to be an 800m champion and I’m now a member of the board of the Egyptian Athletics Federation and the head of the Technical Committee at the Egyptian Olympic Committee. I’m also a father of three children, aged 26, 24, and 19.

I’m here at the Paris Olympics as part of my role as the head of the technical team at the Olympic Committee. I arrived here with my group on 18 July and we’ve been working on a number of things, including the logistics of arrivals and departures for the 148 Egyptian competitors that qualified for the games. I’ve since been doing a lot of work related to logistics, sorting out training locations for players and following up with both the players and the organizing committee.

My morning routine here at the Olympics is quite different from my normal one back at home. I usually start my day at 7:30am with the Chef de Mission meeting, where all the countries have a recap on all the issues they’ve faced so far. We also have the logistics plan of who’s arriving on a given day, and who’s leaving. That also gets sorted out in the morning. That was a constant thing I had to handle everyday until about two days ago. I’m also trying to go to the gym three times a week while I’m here.

It’s very difficult to keep a routine here. You’re working seven days a week, sleeping at 1:30am everyday — it’s kind of hectic. Now things are a bit more stable, so I have a bit more of a chance to enjoy going to the different games.

Team Egypt is performing in line with expectations so far. We’ve won one medal so far in fencing, which we expected to win, but we also lost a medal in shooting that we had been expecting to secure. The football team is doing much better than expected and that is a sport that has a lot of followers. I think we’re doing quite well.

There tends to be a lot of criticism directed towards athletes during these competitions, but it’s important to remember that everyone here is among maybe the top 50 in the world at what they do. They all earned their right to be here. In my view, even if you’re last in the Olympics, you’re still an olympian — and that’s a great honor. Whenever I hear people criticize athletes who maybe haven’t been doing too well, I ask them, where do you rank in your own profession on a global scale? If you're in the top 50, then maybe you have the right to criticize. Otherwise, you don’t.

I think people will be pleasantly surprised. Most of the medals we expect to win are in the games that are taking place closer to the end. We’re expecting medals in taekwondo, modern pentathlon, weightlifting, and wrestling. It would be great to achieve a medal in football as well.

The medal in fencing and our football team’s victory over Paraguay to reach the semifinals were probably the most exciting moments for me so far. But generally speaking, since this is my first time attending the Olympics, just walking around in the Olympic village with over 10k athletes — the best of the best — and just walking together, dining together, that’s a dream for anyone who does sports. The feeling is phenomenal, and it’s a real sporting spectacle.

It took a while, but I’m now able to enjoy the games as a spectator. The first few days were the most hectic, but since things have stabilized a little, I’ve been trying to enjoy the games a bit more, obviously prioritizing following our Egyptian players. It’s been a lot of fun.

Back in Cairo, I’m a pretty early riser. I wake up around 6:30am, I have my coffee, then get my news before heading to the office at around 8 or 9am. I work until around 5 or 6pm, mostly doing calls and team meetings. I also do a lot of client meetings — something I really enjoy. I like staying connected with all of our key clients. It takes up about 25-30% of my time. After that, I’ll usually either get some exercise in or I’ll have more meetings with either the federation or the Olympic Committee. I’m not an exercise in the morning kind of guy, so I’ll often try to do that before I get home.

At Lyve, we aim to completely automate the interface between residents and management in gated communities. I used to be a treasurer for homeowner associations, and I used to have problems reaching out to management and getting things done. That’s how it all started. We closed our first agreement with Palm Hills back in 2016, we launched in the summer of 2017 in Hacienda Bay and Hacienda White, and we became pioneers in the field. We closed our first pre-series A funding round with Algebra Ventures in 2018, and we’ve since become a fast growing, profitable business. We’ve helped residents request services, file complaints, and generally have easier access to management. We were also among the pioneers of using QR codes — we issued over 1 mn QR codes last summer alone. We have over 180k users, 150k of which are registered units.

We’re looking to expand into new markets in the coming period, with markets in the Gulf and Africa being our intended destinations. We have plenty of discussions in progress, and we’ll hopefully close the agreement by the end of the summer. We’re in late discussions with big developers in Saudi Arabia and the UAE at the moment.

In real estate, I think the most surprising thing has been that most real estate firms have really basic IT capabilities. What we’re seeing over the last three years is that these firms are starting to really grow their tech infrastructure, which has been a big help to us in terms of integration. The app has also been helpful to our clients in that regard, especially in aiding the payment process.

We’ve also seen a trend in people moving away from large homes in favor of buying smaller apartments or renting. I don’t subscribe to the idea of a looming real estate bubble that’ll burst anytime soon. People are just favoring smaller, more affordable units — but the demand is definitely still bigger than the supply, and that will continue to be the case.

The one constant for me is to constantly be thinking about growth. I’m always thinking about what’s next, and how to move forward. For the company, I’m thinking about how to take Lyve to the next level, and what needs improvement. But even in sports — what value are you adding everyday? In sports, at work, even at home. That’s the question I’m always asking myself.

I would say I’m something of a workaholic. Back when I was based in Turkey, I had a manager who used to lecture me about having to slow down and find some balance, but I find it really difficult. I’m definitely not a good example of work-life balance, but it’s something I definitely do need to work on. The situation in the Olympics obviously exacerbated that. I can’t wait to go back to Egypt and get back into my normal routine.

I’m not super organized either. However, I’m extremely disciplined with time. I get really frustrated when people aren’t on time for things. My discipline is what helps me get my day organized.

I’m a big enjoyer of business books. I’d recommend one called The Lean Startup — which is a bit of a cliche recommendation, but it’s quite great — and Surrounded by Idiots, which gave me great insight on people’s differences and how different people need to adapt to each other. Those are the two most interesting ones I’ve read recently.

CALENDAR

2024

SEPTEMBER

3-5 September (Tuesday-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).

24 September (Tuesday): Enterprise Finance Forum, Cairo, Egypt

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

25-28 September (Wednesday-Saturday): Cityscape Egypt, Egypt International Exhibition Center, Cairo.

OCTOBER

1-3 October (Tuesday-Thursday): Cairo Sustainable Energy Week, Cairo, Egypt.

6 October (Sunday): Armed Forces Day.

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

13-17 October (Sunday-Thursday): Cairo Water Week, Water and Climate: Building Resilient Communities, Cairo, Egypt.

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

30 September (Monday): Ban on sugar exports expiration.

NOVEMBER

4-8 November (Monday-Friday): World Urban Forum, Cairo, Egypt.

12-15 November (Tuesday-Friday): Arab African Investment and International Cooperation Summit, Aswan, Egypt.

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

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

DECEMBER

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

EVENTS WITH NO SET DATE

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

3Q 2024: Egyptian-Armenian Joint Committee.

September 2024: Turkish-Egyptian Business Council meeting in Turkey.

September 2024: US-Egypt Strategic Dialogue, Cairo.

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 tender in the Eastern Desert.

2025

July 2025: The first operational trail of Egypt-KSA electricity interconnection line.

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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