Qatari delegation teases North Coast development, logistics zones, data center investments, tourism investments

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What We're Tracking Today

House mulls cybercrime law amendments

Good morning, folks, and welcome to the end of the workweek — and what a busy week it's been for local business news. And if you haven’t quite got your fill of investment, debt, and market news, we’ve got plenty more for you this morning.

PSA-

WEATHER- Chilly temperatures continue in Cairo today, with a high of 21°C and a low of 13°C, according to our favorite weather app.

It looks like it’s going to get a bit wet in Alexandria, with intermittent showers, along with a high of 22°C and a low of 15°C.

And over the weekend, expect to see highs of 22°C in the capital and 21°C for our friends on the Mediterranean.

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WATCH THIS SPACE-

The House is mulling amendments to the cybercrime law, including criminalizing digital betting activities, adding legislation that addresses AI-related crimes, and setting rules for criminal and civil liability with regard to robots, Al Mal reports, citing chairman of the House of Representatives’ ICT Committee Ahmed Badawy. The amendments will also include stricter provisions for civilians spreading rumors, cyber extortion, and other actions that undermine Egyptian values, according to the outlet.

What’s next: “It is possible that within weeks these amendments will be made,” Badawy told Sayed Ali on Al Hadath Al Youm (watch, runtime: 2:47)

DATA POINT-

Passenger car imports were up 43.3% y-o-y in 8M 20204 to USD 1.5 bn, according to data released by state statistics agency Capmas.

HAPPENING TODAY-

#1- Investment Minister Hassan El Khatib is in Berlin today to take part in the first ever Egypt–North Rhine-Westphalia Economic Summit, where he is scheduled to meet with German Vice-Chancellor Robert Habeck and other key German officials, according to a statement from the Investment Ministry. El Khatib will also meet with members of the Arab-German Chamber of Commerce and the German Association of the Automotive Industry, as well as a number of German business leaders and company representatives operating in fields such as glass manufacturing, bicycle production, direct reduced iron, and auto parts — all with the aim of attracting more German investments into the Egyptian market.

#2- It’s the last day ofEgypt Energy, which is being promoted as North Africa’s largest energy gathering. The three-day event has brought together local and international energy companies from the entire energy value chain from energy storage to transmission and renewable along with government officials from at home and the region. In addition to the 10k attendees and 180 exhibitors, 70 speakers are also booked to take part in the show’s conference.

#3- The Woodshow Cairo is set to kick off later this morning and run through the weekend to Saturday. The event is billed as the “leading exhibition platform for wood, furniture & woodworking machinery industry in the MENA region,” bringing together over 11k visitors and 180 exhibitors. Register to attend through the link shared on the event’s official website.

CIRCLE YOUR CALENDAR-

Egypt to host conference for Gaza relief response: Cairo is set to host a ministerial conference to work towards strengthening the humanitarian relief response in Gaza on 2 December, according to a statement.

From Russian with love trade: A Russian trade mission, featuring representatives from 14 companies, will visit Egypt on 4-5 December, a source at the Russian Export Center told A l M al. The mission will include representatives from construction, technology, and urban development companies who will conduct meetings with local players.

This year’s Food Africa Expo is set to take place between 3-5 December, with the event set to take place at the Egypt International Exhibition Center. The three-day event will bring together wholesalers, distributors, and retailers in food and beverage industries from countries across the world. You can register on the event’s website.

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-

The newly-minted ceasefire agreement between Israel and Hezbollah in Lebanon is still making the rounds in the international press this morning. Reuters and the New York Times are focusing more on how the past year of warring with Israel left Hezbollah with many of its top brass — and hundreds or thousands of its soldiers — dead, giving the group a “long road to recovery.” Bloomberg also has the story.

Egypt has commended the US- and France-brokered ceasefire agreement, according to a Foreign Ministry statement. The statement stressed the importance of respecting Lebanon’s sovereignty and freedom, as well as the urgent need to also reach a ceasefire in Gaza.

MEANWHILE- The French government will not abide by the International Criminal Court’s arrest warrant for Israeli Prime Minister Benjamin Netanyahu, with Paris justifying its position by saying that Israel is not a member of the court. The statement from France came on the back of Netanyahu accepting the ceasefire agreement with Hezbollah, which France and the US brokered. (Financial Times | Wall Street Journal | Guardian)

Qatari delegation teases North Coast development, logistics zones, data center investments, tourism investments

A “very important” Qatari real estate project on the North Coast is in the works, Prime Minister Mostafa Madbouly said in the meeting with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani during his visit to Egypt yesterday. “We are ready to hold these consultations immediately, which will contribute to the speedy implementation of the project as soon as possible,” was quoted as telling Al Thani in the statement, which provided no details on the size, cost, or timelines for the project.

The Gulf nation is also looking into investments into the North Coast’s tourism and hospitality sectors, according to Madbouly, who added that they will soon present Qatar with a list of relevant investments that may be of interest in Greater Cairo and the new capital.

Qatar is also interested in making logistic zone and port investments, with discussion on the topic currently ongoing. Data centers are also a point of investor interest for Qatar, according to Madbouly, who added that there are a list of projects in New Alamein and Greater Cairo ready to be offered.

Industry Minister Kamel El Wazir also floated the idea of establishing a Qatari industrial zone, and also welcomed investment into existing factories. El Wazir name-checked aluminum and iron as sectors ripe for cooperation.

Collaboration on construction projects in Africa is also in the cards, with Madbouly suggesting that two countries work together on projects in the continent. Qatar could also look to developing industrial partnerships in Egypt to use the country as base to export Africa and take advantage of the country’s existing free trade relationships with its African neighbours.

We may also soon see another round of the Egyptian-Qatari Investment Forum, with the prime minister saying that he’s looking to hold the next meet up in 1Q 2025.

United Bank to raise EGP 4.6 bn from IPO under final share price

United Bank set to raise EGP 4.6 bn in EGX share offering: United Bank is set to raise some EGP 4.6 bn from its 30% stake sale on the EGX after the private placement saw the bank’s final share price set at EGP 13.85, according to an EGX bulletin (pdf). The final share price is in the mid-range of the EGP 12.70-15.60 range set by the lender and values the bank at EGP 15.2 bn by our math.

High demand: The bank’s private placement — which included 313.5 mn of the 330 mn shares on offer — concluded on Monday, with the offering 6x oversubscribed.

Retail investors still have the chance to get a piece of the lender in the offering’s retail placement which kicked off yesterday and will run until 3 December. Retail investors will be able to pick up 5% of the offered up shares — totalling 16.5 mn shares — in the bank.

The bank has been in the government’s privatization crosshairs since at least 2017: The CBE — which owns 99.9% of the bank — first announced its plan to sell the bank in 2017, but the Covid pandemic put the plans on ice. United Bank was also listed in the lineup of state companies and assets earmarked for privatization in the rebooted privatization program unveiled in February 2023.

This is the second IPO of the year, after Act Financial offered a 32% stake on EGX in July and became the first company to conduct a full IPO in the Egyptian bourse since 2022.

Advisors: CI Capital is the sole global coordinator and bookrunner for the offering, while Helmy, Hamza & Partners — Baker McKenzie’s Cairo office — has been appointed as counsel. Baker Tilly is independent financial advisor and Ernst & Young (EY) is auditor.

Egypt halts cotton trading system and mulls bringing back subsidies to support the sector

Cotton pricing crisis sees local trading system grind to a halt: The government has temporarily suspended the local cotton trading system on the back of pricing issues that have crippled the industry this season, sector sources tell EnterpriseAM. The crisis stems from guaranteed prices for farmers set by the government that significantly exceed the crop’s current global market value, making it difficult to trade locally or internationally.

Sound smart: Cotton farmers put a lot of time, effort, and capital into growing their crop, but the price of cotton can — as shown recently — swing wildly and reach lows that mean that farmers might not be able to even cover their costs. A guaranteed price is a tool often used in agriculture where the government — at least in this case — promises to buy up farmers’ crops for a pre-determined amount if they fail to sell for above this in the market. This means that farmers can plan ahead knowing that they will at least get a certain amount for their crops and not be left out of pocket completely, while the government can ensure that certain strategic crops will continue to be planted.

Cotton trading system? First piloted during the 2019-20 cotton harvest season before being rolled out across the country in 2021, the cotton trading system mandates that all cotton produced by public or private entities be collected and sold at public auctions to the highest bidder. In order to protect producers from market volatility, the government sets a guaranteed price that acts as a floor for potential bids.

This year has seen guaranteed prices more than double: The government has raised the guaranteed price 122% from last season to EGP 10k per quintal of medium-staple Upper Egyptian cotton and 122% to EGP 12k per quintal of long-staple Lower Egyptian cotton for this harvest season.

This comes as global cotton prices have dropped to some USD 1.30 per lb, down nearly 30% from last year’s USD 1.80, a source from a professional body representing cotton exporters told EnterpriseAM. This drop has brought the maximum value of cotton at international market prices to EGP 8.5k per quintal — EGP 1.5k and EGP 2.5k short of the government’s guaranteed price for Upper and Lower Egypt cotton, according to the source.

A cotton glut is not helping matters: Cotton cultivation by area expanded by 23% this season to over 311k acres, with the year’s total production expected to reach 1.4 mn quintals. When added to the 650k quintals still left over from last year’s harvest — most of which is sitting with state-owned companies — the total expected supply for this year is expected to reach over 2 mn quintals.

THE COTTON MARKET IS FEELING THE EFFECTS OF THE PRICE GAP-

Traders and marketers are bowing out of this year’s cotton market: Some 325 private companies have chosen to not participate in this year’s local and international cotton trade as a result of the pricing crisis, leaving government entities to market the country’s entire production at guaranteed prices. This will entail significant losses for these entities if the government fails to offer extra support, our source told us. The source added that there have been no export requests for Egyptian cotton this season due to the high price — particularly concerning given that Egypt exports most of its cotton production, with Egyptian companies often opting to buy lower-quality imported cotton.

Domestic industry is also reluctant to take the pricing hit: Private factories in the freezones, which usually purchase some 300k quintals per year, have been wary of purchasing at the higher prices, worsening the market’s oversupply situation. State-owned factories are not faring much better, with Misr Spinning and Weaving Company’s factory in El Mahalla El Kubra one among a number of companies struggling to process its existing supply of cotton from last season. Both private and public sector companies are now relying on cotton imported for around USD 1.00 per pound.

A parallel market has already emerged, with farmers in Upper Egypt reportedly selling cotton for EGP 8k-8.5k per quintal, according to a source on the Internal Cotton Trade Regulatory Committee. The Holding Company for Spinning and Weaving’s purchase of only 300k quintals — around 15% of total supply — two months into the season has left farmers turning to private parties outside of the system to secure funds for the next agriculture cycle’s preparations despite the lower offered prices, the source added.

As our exports drop, US-produced cotton is ascendant: Exports of Egyptian cotton from the new harvest have fallen to zero — a stark fall from the over 13k tons exported during the same period last year, according to estimates from a professional body representing cotton exporters. Meanwhile, US-produced pima cotton is filling the gap in the export market, with pima cotton sales surging 35% since the beginning of the season, the source from the association said. Even Egyptian factories have expanded their imports of Pima cotton, purchasing around 8k bales this year, despite it being inferior in quality to Egyptian cotton.

EFFORTS ARE UNDERWAY TO RESOLVE THE CRISIS-

The relevant ministries are coordinating a response: The investment, industry, agriculture, and finance ministries, in coordination with the cabinet, decided to suspend the marketing system after holding a joint meeting around ten days ago, an Agriculture Ministry source told EnterpriseAM. The source added that the Agriculture Ministry has sent all details about production and marketing operations to the Finance Ministry.

Private players have proposed a couple of solutions: Private sector companies have submitted two proposals to the ministerial committee to resolve this year’s crisis. The first would see the government pay a subsidy of EGP 2k per quintal for all the supply on offer, while the second would allow private sector companies to establish parallel private channels for farmers to sell cotton outside of the government system.

Gov’t support is on its way: According to the source, the government is very likely to approve the subsidy proposal — particularly since the private sector trading scheme was rejected by the ministerial committee on the grounds that it would compromise the integrity of the public trading system. If the government adopts the subsidy proposal, which is currently being reviewed by the Finance Ministry, it will be the first time Egypt has offered cotton subsidies since the 2014-15 season.

Simpler travels abroad with EGP payments

Traveling abroad often comes with the challenge of managing costs and navigating currency exchanges. With SIXT Egypt, you can rent cars internationally and settle payments in EGP, simplifying budgeting and giving you more predictability over your expenses.

SIXT Egypt connects you to a global network of car rental options, with access to more than 2,200 locations in 105 countries. Whether you’re looking for a reliable standard car or a premium vehicle, our offerings are designed to make the rental process smoother and more efficient.

For more information on how SIXT Egypt can simplify your travels or to explore your options, reach out to our team.

Swvl secures sustainable credit facility from HSBC

Swvl secures sustainable credit facility from HSBC: Egypt-founded, Nasdaq-listed mass transit app Swvl has secured a sustainable credit facility from our friends at HSBC to fund its growing pipeline of client contracts this quarter and enhance financial operations, according to a statement (pdf).

More than just financing: Under the facility, HSBC will manage Swvl’s banking operations across multiple markets, streamlining financial processes and improving cash flow management to support the company’s growth plans.

What they said: “I believe that our collaboration with HSBC is a key milestone in our efforts to optimize financial operations and boost profitable growth,” Swvl CEO Mostafa Kandil said.

Swvl has had a busy few years, from going public on the Nasdaq through a SPAC merger back in 2022 and receiving delisting warnings shortly after to shifting its business model in efforts to become profitable.

Want the full story? EnterpriseAM UAE spoke to Kandil earlier this year. Check out the interview here.

Dopay, Telda are on CB Insight’s list of promising fintech startups

Two local fintech players made it on CB Insight’s list of most promising fintech startupsof 2024 — Dopay and Telda. Dopay received a mosaic score of 713/1000, a unit of measurement that “provides predictive intelligence into emerging companies’ health and momentum.” Telda received a score of 708.

The rest of the list: The list was dominated by US-based fintech players, they were followed by UK-based companies and those in Canada and Singapore.

Omar Hisham Talaat Moustafa named president of the Egyptian Golf Federation

The Egyptian Golf Federation has a new president: Omar Hisham Talaat Moustafa (LinkedIn) has officially been elected as the president of the Golf Federation for a four year term ending in 2028, taking over the role from Ayman Hussien, according to a statement from the federation. The federation’s general assembly also unanimously approved the election of seven candidates to the board of directors, with the newly elected members set to assume their duties and serve until 2028. Moustafa also serves as the Chief Business Development Officer at TMG Holding.

Czech’s HPC, Egypt’s Treegas to build EUR 10 mn fiberglass cylinder factory. PLUS: Onasolar, Scatec, Pfizer, Ever Pharma, Roche, Paymob + Homzmart

MANUFACTURING-

Egyptian, Czech firms to build EUR 10 mn fiberglass cylinder factory: Local firm Treegas has signed an MoU with Czech company HPC that will see the firms establish a factory to localize the manufacturing and filling of fiberglass LPG cylinders in the Sokhna Industrial Zone, with planned investments of EUR 10 mn split over two phases, according to a statement from the Suez Canal Economic Zone.

The breakdown: The first phase will see investments of EUR 7 mn, contributing to an annual production capacity of 500k cylinders. The remaining EUR 3 mn will be seen in the second phase of the project set to include a filling station and a production line for valves and regulators.

Treegas also signed a supply and purchase agreement with Omani firm Muscat Gas, which will distribute all Trigas products in Jordan and Gulf countries.

RENEWABLES-

#1- Egypt to partially pay Scatec in EGP: The Madbouly government has reached an agreement with Norwegian renewables developer Scatec partially pay for the electricity purchased under the 25-year power purchase agreement inked with the Egyptian Electricity Transmission Company for its planned 1 GW solar and 100-200 MWh battery storage hybrid project in local currency, Asharq Business reports, citing two unnamed government officials.

The breakdown: The agreement would see the government make 50% of its payments in EGP for the first three years then pay 25% in EGP and 75% in USD for the remaining duration of the agreement. The agreement sets the electricity purchase price at USD 0.023 cents per KW hour, one of the sources said. Scatec is expected to break ground on the project in 1H 2025 and Asharq Business’ sources see the project kick off operations early 2026.

#2- Onasolar to help projects go green: Local solar energy firm Onasolar will bring 144 MW worth of solar energy online during the first half of 2025, a company official told Al Arabiya. The projects include a 100 MW plant in West Sohag for the Electricity Ministry, a 40 MW plant in Wadi El Natrun to feed a 37k feddan agricultural project, and a 4 MW solar project at Cairo International Airport.

Also in the pipeline: Onasolar plans to set up up to 1 GW worth of solar projects in partnership with the Electricity Ministry, add a fourth production electrical transformers line to its facilities, and eventually tap the Sudanese, Libyan, and Iraqi markets.

HEALTHCARE-

#1- Another step forward for the gov’t’s vaccine localization efforts: The government has launched its National Strategy for the Localization of Vaccine Manufacturing, according to a statement from the Health Ministry. The strategy will involve long term contracts to secure a stable market for local vaccine manufacturers, and will focus on aiding firms operating in the sector through the transfer of tech capabilities, capacity building, and support for scientific research, alongside financial incentives such as tax exemptions and support for new investments, the statement reads.

The anticipated outcomes of the strategy include increased local production to meet national needs, increased exports to African countries, reduced spending on vaccine imports, improved local production quality, and increased global competitiveness, according to the statement.

Remember: The government is planning to localize 50% of all vaccine production by 2030. There will then be efforts to increase this to 75% by 2035 and full self-sufficiency by 2040.

#2- Egypt Healthcare Authority inks collaboration agreements with Pfizer, Ever Pharma: The Egypt Healthcare Authority oversaw the signing of strategic cooperation agreements with Pfizer and Ever Pharma, according to a statement from the authority. The agreement with Pfizer aims at improving bacterial diagnostics and optimizing antibiotic use, while the collaboration with Ever Pharma will focus on raising awareness and improving early treatment for neurological conditions, with the ultimate aim of improving treatment outcomes and reducing the economic burden on hospitals.

#3- Roche and Egyptian Healthcare Authority sign a partnership to boost healthcare: Roche Diagnostics and Roche Pharmaceuticals have signed a tripartite cooperation agreement with the Egypt Healthcare Authority to advance digital pathology and data governance, according to an authority statement. The agreement aims to improve patient outcomes and enhance healthcare services in Egypt through the implementation of advanced technology and collaboration with global hospitals.

REAL ESTATE-

Landmark Developments to launch an EGP 10 bn project in Sheikh Zayed: Real estate firm Landmark Developments is planning on launching an EGP 10 bn residential project in Sheikh Zayed, from which it is targeting some EGP 15 bn in sales, Al Borsa quotes Landmark Developments CEO Amr Sultan as saying. The firm has obtained loans totalling around EGP 1.5 bn to finance the project, with the company currently relying on both self-financing and bank loans to complete its projects, Sultan added.

Landmark Developments has been busy as of late: The firm is also planning on launching another residential project — dubbed STEI8HT — in New Cairo, for which it received a separate EGP 2.8 bn loan from a Banque Misr-led consortium with EG Bank and the Suez Canal Bank.

EXPANSION-

PayMob, Homzmart eye GCC expansion under new partnership Local fintech startup Paymob and online furniture marketplace Homzmart have signed a memorandum of understanding to work together in Egypt and explore expansions into GCC countries that include the UAE, Saudi Arabia, and Oman, the companies said in a joint statement (pdf).

Investors increasingly pour into options to hedge against extreme market swings even as US stocks continue to soar

All may not be as it seems on Wall Street, with investors increasingly looking to protective puts, volatility hedging, tail risk hedging, and other strategies to insure against the potential of market volatility and even market crashes, even as the Dow Jones, S&P 500, and Nasdaq all hit multiple all-time records in quick succession this month amid a post-election market rally.

To say that US markets are bullish would be an understatement, with the S&P 500 up 3.7% since the election on 5 November, the Nasdaq is up 3.8% over the same period, and the Dow Jones is leading the pack up by 5.9%. Some big name and established companies have also seen their share prices rise more in just the last few weeks than many do over several years, with Axon Enterprise seeing its share price an impressive 44.0%, Tesla stocks up 37.1%, and Vistra Corp witnessing a 26.8% rise in the price of its stocks.

But some traders are preparing for the possibility that the good times could come to an abrupt end sooner than expected, as trackers that gauge the uptake of protection measures against market volatility picked up in the second half of this month. The Nations TailDex Index — which measures the market’s expectations of a potential dramatic drop in equity prices — initially reacted well to Trump’s electoral victory, but is now noting a souring of the mood among investors, having picked up 28.2% since 14 November. It’s a similar story for the Cboe Skew Index — which measures the perception of tail risk in S&P 500 investment returns in the next 30 days — with the gauge picking up 19.7% since 12 November after a brief post-election respite and now sitting firmly in high-risk territory.

Caution, more than panic, is what is driving the buys, RBC Capital Markets’ Amy Wu Silverman told Reuters, as investors are more likely being cautious in the face of the likelihood of an uptick in US inflation and unpredictable trade disruptions from Trump’s proposed draconian tariffs — as opposed to a full-fledged market crash. “While investors broadly remain long equities, the tails are fatter … this is partly from a rise in geopolitical risk premium and certainly potential policy risk as Trump returns to the presidency and potentially enacts tariffs and other measures," she explained. Susquehanna’s Chris Murphy, agrees, explaining that “the general idea is there is an 80-95% chance of pretty low volatility … but there’s just more of a tail event being factored in.”

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, with Japan’s Nikkei leading in the green at +0.5% and Korea’s Kospi at +0.3%, while China’s Shanghai index is edging into the red at -0.1% and Hong Kong’s Hang Seng is down 0.5%.

EGX30	29,846	-1.5% (YTD: +19.9%)
USD (CBE)	Buy 49.60	Sell 49.74
USD (CIB)	Buy 49.61	Sell 49.71
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,591	-1.2% (YTD: -2.9%)
ADX	9285	-0.1% (YTD: -3.1%)
DFM	4805	-0.5% (YTD: +18.4%)
S&P 500	5,999	-0.4% (YTD: +25.8%)
FTSE 100	8275	+0.2% (YTD: +7.0%)
Euro Stoxx 50	4733	-0.6% (YTD: +4.7%)
Brent crude	USD 72.83	+0.03%
Natural gas (Nymex)	USD 3.20	-7.6%
Gold	USD 2664.80	+0.7%
BTC	USD 96,384.30	+5.1% (YTD: +127.4%)

THE CLOSING BELL-

The EGX30 fell 1.5% at yesterday’s close on turnover of EGP 2.8 bn (33.4% below the 90-day average). Egyptians investors were the sole net buyers. The index is up 19.9% YTD.

In the green: Oriental Weavers (+3.0%), Orascom Construction (+0.5%), and Elsewedy Electric (+0.2%).

In the red: Ezz Steel (-4.9%), Emaar Misr (-2.9%), and Alexandria Containers and Cargo Handling (-2.8%).

El Sisi hosts Jordan’s King and Qatar’s PM for discussions on regional security issues

President Abdel Fattah El Sisi met with Jordan’s King Abdullah II yesterday in Cairo for discussions centered around ceasefire efforts and the delivery of humanitarian aid, according to an Ittihadiya statement. The meeting comes ahead of a Gaza humanitarian response conference set to be hosted in Cairo on 2 December.

Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani also landed in Cairo yesterday, meeting with El Sisi as well as with Prime Minister Mostafa Madbouly to discuss expanding political and economic cooperation, according to a separate statement. Talks between El Sisi and Al Thani also touched on joint efforts to end the humanitarian crisis in Gaza and support Lebanon and its army.

Foreign Minister Badr Abdelatty also held a meeting with Al Thani, where the two discussed their views on regional issues of mutual interest, with a particular focus on the situations in Gaza and Lebanon and their shared stance on the need for an immediate ceasefire in Gaza, according to a Foreign Ministry statement.

My Morning Routine: Dina Elhaddad, co-founder and CPO of Efreshli

Dina Elhaddad, co-founder and CPO of Efreshli: 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 co-founder and chief product officer of Efreshli, Dina Elhaddad (LinkedIn). Edited excerpts from our conversation:

My name is Dina Elhaddad. I’m the co-founder of Efreshli, a platform that makes interior design accessible and affordable. I'm also a mom, wife, daughter, and sister. I’m a mother to two young boys, Ahmed, who is six years old, and Aziz, who is three and a half, and we recently moved back to Egypt after spending more than a decade in the United States, living in California for 9 years. Before joining Efreshli, I spent about eight years at Google, where I worked on projects like Google Assistant and Google Shopping. I started my career in management consulting and co-founded a blue-collar recruiting platform in Egypt called Forasna.

Efreshli was born from a desire to make interior design accessible to everyone. We offer a range of online design services, where users can choose packages to help design individual rooms or entire homes. Everything is done virtually, from mood boards and 3D renders to furniture layout, and clients can purchase everything online. This blend of convenience and affordability is at the core of what we do.

AI is revolutionizing the interior design and furniture industries. We’re seeing a lot of movement into personalized design experiences — companies are now offering visual recommendations, as well as customized design services integrated with e-commerce platforms. Personalization is no longer a bonus, it’s expected by customers. This is something we prioritize at Efreshli, aiming to curate a personalized experience with designers for each client. AI will continue to evolve design tools, visualizations, and recommendations, and while we’re not seeing a lot of this in our region yet, it’s an exciting frontier I hope Efreshli can help lead.

Being a working mom of two, I usually wake up around 6:30am, which I’m taking as a win since I used to wake up at 5:30am when we were in the US. I’m the first one up in the house, and I start the day by walking our dog. Then, I get ready and try to have everything in order for the kids — packing up their things, getting breakfast ready — before they’re awake. Once they’re up, it’s time to get them ready for the day, and then I drop them off at school. Afterward, I fit in a workout, which is a priority for me. Working out grounds me, and if I skip it I feel off. Once my workout is done, I head to the office. On my commute, I catch up on the news, read EnterpriseAM, or listen to podcasts or audiobooks. If work is especially busy, I might use that time to catch up on emails or pre-read ahead of meetings.

At Efreshli, things change every day, especially since we’re a startup. Meetings are a big part of my day, especially in the office. Some are team meetings, where we check in on our progress and talk through upcoming plans. I also have one-on-one meetings with my team, to discuss their goals, how they’re feeling about work, and any career development questions. Then, I try to schedule focused work time, usually on my work-from-home days. I’m a data person at heart, so I like to spend time digging into our data and using it to inform my strategic thinking and planning. Outside of internal work, I also make time to talk with customers and industry contacts — about once a week, ideally. These conversations give me a different perspective and help keep me connected to our users and the industry.

The one constant in my day is my kids. No matter what’s happening at work, I make sure to spend quality time with them in the evening. I block off the time from 5-8 pm for family time. Later in the evening, once they’re in bed, I usually go back to my laptop to wrap up the day’s work.

Organization is one of my strengths, and I’m very methodical with time management. At Google, I even worked on productivity tools, so it’s a big interest of mine. I have task lists for everything, from work projects to personal plans. Each week, I set my top three priorities, and I do the same each morning for my daily goals. Meetings and tasks pop up throughout the day, but those three goals keep me grounded. I also use my calendar heavily, clustering days around different types of work. For example, some days are more focused on meetings, while others are set aside for solo focus time. It’s all about keeping a balance.

Right now, I’m at a point of transition both personally and professionally. Moving back to Egypt after so many years abroad has been a major shift, and I’m working on getting our family fully settled into life here, setting up a new rhythm close to family. On the professional side, I’m excited about growing Efreshli to the next level and exploring new horizons with the company. It’s an exciting time. For Efreshli, the goal is to expand our reach and leverage AI tools to make design even more accessible and personalized for our customers.

Work-life balance is tricky, especially for women. I don’t see work-life balance as something you achieve every day, it’s more about the big picture. Some days, work takes precedence, and some days family does.

My go-to podcasts are How I Built This with Guy Raz and Lenny’s Podcast. How I Built This interviews entrepreneurs, which I find so inspiring — it’s fascinating to hear both their successes and struggles. Lenny’s Podcast is more focused on product management, which is my field, so I love listening to insights from product leaders. I haven’t been able to watch as much TV since the move, but the last thing I enjoyed was Monsters. It’s dark but compelling.

I don’t have a specific quote, but something I’ve learned through my career and from observing others, including my husband who wrote a book on recruitment, is that you can be brilliant at what you do, but without a strong team, you won’t achieve much. I spend a lot of time hiring, developing careers, and being there for my team. You can’t scale or succeed without investing in your people. This belief has shaped my leadership approach and guided me throughout my career.

CALENDAR

2024

NOVEMBER

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

27 November-3 December (Wednesday-Tuesday): United Bank IPO retail placement

28-30 November (Thursday-Saturday): Cairo International Wood and Wood Machinery Show, Cairo, Egypt

29 November (Friday): Egypt and Italy to launch a ro-ro shipping line connecting Damietta Port with Italy’s Port of Trieste.

29 November (Friday): Startup Sync, Cairo, Egypt.

30 November (Saturday): Deadline to apply for renewable energy projects under the peer-to-peer (P2P) system.

DECEMBER

2 December (Monday): Egypt to host ministerial conference on humanitarian relief efforts in Gaza.

4-5 December (Wednesday-Thursday): Russian trade mission to visit Egypt.

7 December (Saturday): The Scientific Society for Tax Legislation will hold its annual conference.

12-21 December (Thursday-Saturday): Turathna handicrafts and heritage exhibition, Egypt International Exhibitions Center, Cairo

15-17 December (Sunday-Tuesday): Nebu Expo for Gold & Jewelry, Cairo, Egypt.

16-17 December (Monday-Tuesday): Mining World Conference 2024, London, UK.

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.

First week of November: Egypt-Turkey high-level trade consultation mechanism.

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.

22 December (Sunday): The Nahda University Economic Forum’s third edition is set to take place.

2025

January: Civil Society Support Fund to launch digital platform

January: CBE to launch InstaPay remittances for Egyptians abroad

28 January (Tuesday): Nigeria to inaugurate the USD 5 bn Africa Energy Bank in Abuja.

7-10 April 2025 (Monday-Thursday): EFG Hermes One on One conference, Dubai, UAE.

May 2025: Egyptian Exporters Association (Expolink) exhibition, Italy.

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

March 2025: Operation of phase one of the Amotope wind farm

EVENTS WITH NO SET DATE

1H 2025: Digital Financial Identity Company will launch an electronic bank account opening service

1Q 2025: Eipico’s biopharma plant to begin operations .

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

2Q 2025: Safaga Terminal 2 to start operations.

Mid-2025: The Administrative Capital for Urban Developments to roll out the second phase of offering industrial plots to investors.

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.

September 2028: First unit of the Dabaa nuclear power plant begins operations.

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