Act Financial shares rise 30% on their EGX debut

1

What We're Tracking Today

Act Financial shares rose 29.7% on their EGX debut

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

AT THE BOURSE-

Act Financial shares rose 29.7% on their first day of trading on the EGX yesterday to close at EGP 3.76 — up from their initial price of EGP 2.90, according to market data.

Remember: Act Financial last week completed the first IPO Egypt has seen in a year, offering some 32% of the company — 360 mn shares — to investors. The retail tranche of the IPO was 54.8x covered, while the institutional tranche was 20.2x oversubscribed, the highest demand a subscription period has seen in six years. All in all, the combined offering was 26x oversubscribed, the company said (pdf).

What’s next? Act Financial plans to use the EGP 1 bn raised from its IPO to invest into three EGX-listed companies this year, Managing Partner Mostafa Abdel Aziz told Enterprise last month. The company is also exploring potential investments in six non-listed local companies with the hopes of eventually listing them on the EGX.

AND- An index just for temporarily listed companies? The bourse is considering launching an index for companies that are temporarily listed on the EGX, bourse head Ahmed El Sheikh told Al Arabiya, adding that the move will help keep things organized with all the temporarily listed companies filed in one list. The index will categorize companies based on the sectors they operate in and will include information about their capital.

Another IPO incoming? El Sheikh expects 2-3 companies to temporarily list on the EGX this year — the bourse is currently studying the prospect of listing 11 new companies — eight on the EGX and three on the NileX.

WATCH THIS SPACE-

Metro fare just got pricer: The state is hiking metro ticket prices by up to 33% starting today, Al Shorouk reports, citing a source from the Cairo Metro. Tickets now run between EGP 8-20 depending on how far your destination is. The hike comes in response to the government’s decision to raise fuel prices by 10-15%.

Train tickets are also getting more expensive, rising up to 25% starting today — the Talgo first-class ticket now goes for EGP 275, while the second-class ticket is now priced at EGP 175, Al Shorouk reported, citing a source from the National Railway Authority.

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.

NEWS TRIGGERS-

It’s the first week of August — here are the key news triggers to keep your eyes on this month:

Non-oil private sector back in growth territory? S&P Global will publish Egypt’s PMI figures for July on 5 August, measuring the country’s non-oil private sector activity. Last month saw business activity pick up to its highest level in three years and policymakers will be eagerly waiting to see if the sector has finally started growing in July after 43 straight months of contraction.
Inflation to cool for the fifth consecutive month? Capmas and the CBE are expected to publish July’s inflation data early on in the month. Data for June showed inflation falling to its lowest level in 17 months, but some analysts worry that electricity, fuel, meds,and fertilizer price hikes over the coming months could put at risk our disinflationary trajectory.
Foreign reserves: The CBE is expected to release July’s foreign reserves figures within the coming days. Reserves hit a fresh high of USD 46.4 bn in June and credit rating agency Fitch Ratings forecasts them increasing to USD 49.7 bn by the end of the current fiscal year

PSA-

WEATHER- It’s another hot day in Cairo, with a high of 37°C and a low of 26°C, according to our favorite weather app.

It’s cooler in Alexandria, with a high of 32°C and a low of 24°C.

And over the weekend, expect to see a high of 37°C in the capital.

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

THE BIG STORY ABROAD-

The US Federal Reserve’s signal that it plans to cut interest rates in September is leading most front pages of the business press, as more earnings and escalations in regional tensions dominate others.

#1- The Fed held rates steady following its two-day meeting, in line with expectations, but Chair Jerome Powell set the stage for a September rate cut, saying it is on the table if inflation continues its downward trajectory and growth remains strong. (Reuters)

ALSO- Japan’s central bank hiked rates for the second time this year, in a bid to boost its currency and ease prices of imports. (CNBC)

The Bank of England will meet later today, capping a big week for rate-watchers. The expectation is that it will go for a quarter-point cut to 5%.

#2- Facebook parent Meta beat revenue expectations on the back of robust digital ad sales, which it said will help cover the rising costs of AI — flipping the script after Microsoft and Alphabet’s earnings and capital expenditure projections raised concerns around the commercial viability of AI.

IN OTHER BUSINESS NEWS- Boeing named aerospace veteran Kelly Ortberg as its new CEO as it looks to rebound from a series of losses and high-profile scandals amid an ongoing quality crisis. (Reuters)

MEANWHILE- The region is holding its breath following the killing of Hamas’ top political leader, Ismail Haniyeh, in Iran early yesterday morning, with fears that it will jeopardize ongoing ceasefire negotiations and spark retaliation from Hamas. (Reuters)

OLYMPICS-

We’re nearing the halfway mark of Olympics 2024, with day six of the competition seeing Simone Biles look to clinch her gold medal for the women’s all-around final; the athletics program kicks off; and four more swimming finals.

Highlights from yesterday: Novak Djokovic and Carlos Alcaraz have each made it through to the quarter-finals in the men’s singles, potentially setting themselves up for a golden showdown, while Rafael Nadal is out of the competition after losing alongside Alcaraz in the men’s doubles yesterday. In swimming: The US’ Katie Ledecky brought home another gold for the 1.5k meters freestyle; while French Leon Marchand brought home two golds, putting France second to the top on the medals table.

The medal standings now at the Paris Olympics:

China (9 gold, 19 overall)
France (8 gold, 26 overall)
Japan (8 gold, 15 overall)
Australia (7 gold, 16 overall)
Great Britain (6 gold, 17 overall)

TEAM EGYPT- Our handball team drew26-26 against host nation France after a very strong match that could’ve seen the Pharaohs defeat the double Olympic champions. The Pharaohs held the lead after an impressive showing in the first half of the game and up until the final seconds of the match. The results mean Egypt now ranks third in Group B. Team Egypt will face Norway on Friday and Argentina on Sunday.

It’s another busy day for team Egypt, among the matched you don’t want to miss are:

Table tennis: Omar Assar faces Sweden’s Truls Moregard in the Men’s Singles Quarterfinal. (10:00 pm)
Sailing: Aly Badawy in the men’s Dinghy (1:15 pm), and Khouloud Mansy in the women’s Dinghy (4:35 pm),
Beach Volleyball: Doaa ElGobashy and Marwa Magdy face a Spanish duo. (12:00 pm)
Fencing: Women’s team saber (12:50 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.

Egyptian government eyes USD 4 bn worth of hydropower projects

Gov’t wants to up its hydropower capacity: The Electricity Ministry plans to carry out USD 4 bn worth of hydroelectric power projects in partnership with the private sector, Al Arabiya reports, citing unnamed government sources. The government will reportedly seek out global hydropower companies and financiers to implement the projects.

Among the 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. The government had reportedly inked an MoU with a Chinese company over three years ago to implement the project, before being indefinitely postponed due to financial and technical issues.

SOUND SMART: Pumped storage hydropower acts as a giant battery to store energy. It 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.

Remember: The Electricity Ministry wants renewables to make up 58% of Egypt’s total energy mix by 2040. Currently hydroelectric power accounts for 5% of the country’s total renewables capacity, according to Al Arabiya.

WHERE ARE OUR LNG IMPORTS COMING FROM-

Three of our LNG suppliers unveiled: Singapore’s Trafigura and Switzerland’s Vitol and Glencore have won a tender to provide Egypt with five shipments of LNG through August and September, Asharq Business reports, citing an unnamed government official. The government secured the shipments at “favorable prices,” which can be paid back under a deferred payment plan.

More to come: The government will launch new LNG tenders every three months or so, based on the energy sector’s needs, the official said.

Remember: A fall in domestic production has pushed the country from being a net exporter to a net importer of LNG in recent months. The government has been ramping up imports in efforts to ensure the lights stay on after an extended period of power cuts.

We have more imports on the way: Egypt secured 21 LNG shipments in June as it works to ensure it has sufficient supplies to keep the lights on during the current period of increased demand expected to last till September. Last we heard, we received five of the shipments and two are on the way.

Indian fertilizers player could set up USD 300 mn factory in Egypt

India’s Ostwal could set up a fertilizers plant: India-based fertilizers manufacturer Ostwal Group of Industries is looking into setting up a USD 300 mn fertilizers factory in Egypt, according to a statement.

What we know: The factory aims to produce over 700k tons of fertilizers a year and plans to export to markets in the Middle East, Africa, and Europe, as well as the Indian market.

Why Egypt? Ostwal is looking to leverage Egypt's strategic location, availability of raw materials, qualified labor force, and energy resources, noted Investment and Foreign Trade Minister Hassan El Khatib during a meeting with a delegation from the company led by Managing Director Praveen Ostwal, who expressed the company’s interest in expanding here.

About Ostwal: The Indian group is one of the largest producers and manufacturers of fertilizers in India. It currently has operations in 10 countries, with 150 retail branches and 17k distributors.

ICYMI: We just got word that Singapore-based Indorama is building a USD 400-500 mn phosphate fertilizers plant in Ain Sokhna, set to begin implementation in 2025.

NEW FUTURE PHARMA FACTORY-

Future Pharma has an EGP 2.5 bn factory in the pipeline: Local pharma player Future Pharma Industries is planning to inaugurate a EGP 2.5 bn factory in Badr City next March, Chairman and Managing Director Gamal El Leithy told Al Borsa. The factory will produce ampoules, eye drops, and pre-filled syringes, with most of the output set to be allocated for export.

Egyptian AI startup Synapse Analytics secures USD 2 mn in funding round

Synapse Analytics secures USD 2 mn in latest funding round: Local AI startup Synapse Analytics has raised USD 2 mn in a funding round led by Silicon Badia and Hub 71, the company said in a press release.

The plan for the funds: The investment will help Synapse Analytics expand its footprint across the GCC and Africa, the release says without providing any details.

About Synapse Analytics: Founded by Ahmed Abaza and Galal Elbeshbishy in 2018, Synapse Analytics advises firms in industries including financial services, logistics, and fast-moving consumer goods (FMCG) on how best to infuse AI into their businesses. The company aims to “address a critical socioeconomic challenge, which is financial inclusion and access by providing cutting-edge AI software for financial decisions, including credit scoring, cross-selling, and dynamic pricing,” the release read.

What they said: “Our technology is designed to help financial institutions make their services inclusive, accessible, affordable, convenient, empowering, and safe. Imagine accessing financing as easy as signing up for an app with your email … As we usher in this new AI-driven era, we're crafting the future of finance in a region characterized by a young population, growing economies, and a rapid adoption of digital finance. We see MEA becoming a pioneer in the financial services world,” Abaza said.

Want more? Elbeshbishy was our Founder of the Week last year, where he spoke to us about his background and where he sees the startup over the short term. We also spoke to Abaza for our My Morning Routine column back in 2021.

Ismail Haniyeh’s death was the main talking point on the airwaves

One topic dominated the airwaves last night: The assassination of Hamas head Ismail Haniyeh was the main talking point on the airwaves last night, with the nation’s talking heads fixating on the details of the incident and its potential implications for the region as a whole. The topic received coverage from Ala Mas’ouleety (watch, runtime: 1:00:15), Yahduth Fi Masr (watch, runtime: 8:12), and Salat El Tahrir (watch, runtime: 9:12). Hamas announced Haniyeh’s death following an Israeli airstrike yesterday morning, just hours after he attended the inauguration ceremony of Iran’s new president Masoud Pezeshkian.

Egypt warned of regional escalations, in a Foreign Ministry statement that also warned against “the consequences of the policy of assassinations, violating the sovereignty of other states, and fueling conflict in the region.”

Mourning the death of Egyptian footballer Ahmed Refaat

The New York Times delves into the tragic death of Egyptian footballer Ahmed Refaat, who passed away last month at the age of 31 after suffering a cardiac arrest during a match in March and subsequently endured multiple heart surgeries. In a poignant obituary reflecting on the loss of the gifted athlete, the NYT investigates the underlying factors that may have contributed to his health problems and the unresolved questions surrounding his untimely death. These include pressure from Egyptian authorities regarding his military service obligations, a controversial transfer to UAE club Al Wahda, and subsequent imprisonment upon his return to Egypt.

Egyptian NBFS firm Contact Financial is setting up an ins. consultancy firm.

FINANCIAL SERVICES-

Contact Financial to set up ins. consultancy arm: Non-banking financial services firm Contact Financial Holding plans to have its ins. consultancy company kick off operations in 4Q 2024 after receiving the final license approvals from the Financial Regulatory Authority, CEO Said Zater told Al Masdar. The company will have an initial capital of EGP 10 mn and will provide comprehensive ins. services and pricing options to clients, complementing the group's existing ins. brokerage business.

AND- UAE branch goes live in September: The company’s digital consumer finance arm, Contact Credit, will kick off its Dubai operations on 9 September to serve Egyptians abroad and GCC nationals with Egyptian residencies, Zater said. The company plans to offer EGP-denominated financing for various services in Egypt, including car purchases and education. Contact Financial is also eyeing expansion into Saudi Arabia and European markets to cater to Egyptian expats.

FINTECH-

#1- Banque Misr, Visa to support startups in the local market: Banque Misr and Visa will work together to support startups enrolled in the bank’s Teqdar accelerator program under a newly-inked MoU, according to a press release (pdf). The two sides will work together to enhance financial services knowledge among startups through training sessions and courses, Teqdar’s startups will also have access to mentoring by Visa experts in the fields of payments and fintech.

#2- Misr Ins. Company will start collecting ins. premiums through e-payment platforms provided by e-payments firm Damen, under a cooperation protocol inked between the two sides, Al Borsa reports.

M&A-

Emaar Misr taps advisor for upcoming acquisition: Emaar Misr has tapped BDO Keys Financial Consulting as the independent financial advisor to determine the fair value of Emaar Misr and Albro North Coast for Development and determine the companies’ respective swap ratios, it said in statement (pdf).

Remember: Emaar Misr wants to acquire up to 75% of additional shares in Albro — which would give it full ownership of the company — via a share swap. It also has plans to acquire Skytower for Real Estate Development. Emaar Misr’s extraordinary general assembly approved the proposed acquisitions last month.

INVESTMENT-

Bim to open 620 new branches: Supermarket chain Bim Egypt is looking to invest some USD 50 mn to open 620 new branches across Egypt over the next five years, Al Borsa reports, citing Bim Turkey CEO Haluk Dortluoğlu. The supermarket chain currently has 380 branches around the country.

REAL ESTATE-

Progress on Madinet Masr’s New Heliopolis projects: Madinet Masr and Zahraa El Maadi for Investment and Development have preliminarily approved a plan to jointly develop a mixed-use project on 41.9 feddans in New Heliopolis, according to EGX disclosures from both companies (here (pdf) and here (pdf)). The companies will prepare a draft contract and submit it to their respective boards for final approval.

Remember: Last month, Madinet Masr announced that it will co-develop two plots in New Heliopolis alongside Heliopolis Housing and Development.

DEBT-

EgyptAir clears outstanding debt to EGPC: National flag carrier EgyptAir has fully repaid its EGP 10 bn in outstanding dues to the Egyptian General Petroleum Corporation (EGPC) at the end of the fiscal year 2023-2024, Asharq Business reports, citing unnamed government sources. The debt had been accumulating since 2011 due to declining air traffic.

Saudi and the UAE lead EY’s regional M&A league table

The Saudi Arabia and the UAE were the top inbound M&A destinations in the GCC in 1H 2024, accounting 152 inbound transactions at a disclosed value of USD 9.8 bn, according to the the latest EY MENA M&A Insights report. The GCC giants were also leading bidders, as sovereign wealth funds including the Public Investment Fund and the UAE’s Abu Dhabi Investment Authority (ADIA) and Mubadala doubled down on economic diversification plans.

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

Overall: The M&A count inched up 1% y-o-y at 321 transactions in the first half, while aggregate transaction value rose 12% to USD 49.2 bn, the report showed.

Saudi was home to the highest number of inbound M&As and was also the most-frequent bidder during the period.

The UAE was responsible for the largest transaction, with Mubadala’s USD 12.4 bn acquisition of Truist Insurance topping the list. Mubadala and ADIA were together responsible for the second-largest M&A transaction as the pair put down USD 8.3 bn for the Chinese mall unit of Dalian Wanda in April.

Saudi and Emirati countries have appetite — for each other: The first half of 2024 saw 94 transactions involving UAE companies on one side and the Kingdom on the other, accounting for 61% of intra-regional dealflow. Intra-regional transactions were worth c. USD 6.4 bn during the period, up 13% compared to the first half of 2023.

Inter-regional M&A activity accounted for 166 (52%) of 321 total transactions. Inter-regional activity also accounted for the lion’s share (87%) of transaction value at USD 42.8 bn, a 15% y-o-y increase.

GCC-based investors preferred the US as a destination for outbound M&A, closing 19 transactions Stateside worth some USD 16.6 bn. Europe accounted for 80% of inbound activity by volume, but companies in the United States were responsible for 98% by total value in USD terms.

MARKETS THIS MORNING-

The Nikkei tumbled more than 3% at the opening bell and is holding steady there after the Bank of Japan yesterday raised its interest rate target to 0.25%, the highest level since 2007, on the eve of the global financial crisis.

Markets are otherwise mixed. The ASX 200 and the Kospi are in the green this morning, as is the Shanghai Composite, while the Hang Seng is down 0.3%.

European equities futures are mixed this morning, but punts on major Wall Street benchmarks were all up slightly in overnight trading as investor welcomed the Fed’s signal yesterday that it is essentially on track to start cutting interest rates in September.

EGX30	29,379	+1.2% (YTD: +18.0%)
USD (CBE)	Buy 48.51	Sell 48.65
USD (CIB)	Buy 48.51	Sell 48.61
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,110	+0.4% (YTD: +1.2%)
ADX	9,339	-0.6% (YTD: -2.5%)
DFM	4,268	-0.4% (YTD: +5.1%)
S&P 500	5,522	+1.6% (YTD: +15.8%)
FTSE 100	8,368	+1.1% (YTD: +8.2%)
Euro Stoxx 50	4,873	+0.7% (YTD: +7.8%)
Brent crude	USD 80.72	+2.7%
Natural gas (Nymex)	USD 2.04	+0.3%
Gold	USD 2,492	+0.8%
BTC	USD 64,740	-2.4% (YTD: +52.9%)

THE CLOSING BELL-

The EGX30 rose 1.2% at yesterday’s close on turnover of EGP 4.2 bn (13.8% above the 90-day average). Local investors were net sellers. The index is up 18.0% YTD.

In the green: E-finance (+4.4%), ADIB (+3.6%), and Mopco (+3.1%).

In the red: Palm Hills Development (-1.9%), Delta Sugar (-1.5%), and Qalaa Holding (-0.9%).

CORPORATE ACTIONS-

Madinet Masr has distributed 20 mn shares — worth EGP 82.8 mn — among its employees under its employee incentive and reward program, according to an EGX bulletin.

Egyptian Foreign Minister Abdelatty heads to Qatar to discuss upping trade relations

Trade, investment, and Gaza were high on the agenda in Abdelatty’s trip to Doha: Foreign Minister Badr Abdelatty yesterday met with Qatari Emir Sheikh Tamim bin Hamad Al Thani during his visit to the Qatari capital, where the two discussed boosting cross-border investment and the war in Gaza, according to a statement. Abdelatty also discussed boosting trade volumes between the two countries, facilitating the entry of Egyptian exports into the Qatari market, and building on the outcomes of the Egyptian-Qatari Investment Forum held in Cairo in November 2023 during a meeting with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani.

My Morning Routine: Ayman Nour, partner at Al Tamimi & Co.

Ayman Nour, partner at Al Tamimi: 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 Ayman Nour (LinkedIn), partner and head of Egypt offices and corporate structuring in Egypt at Dubai-headquartered law firm Al Tamimi & Company. Edited excerpts from our conversation:

My name is Ayman Sherif Nour and I'm a 53-year-old father of three — two sons studying abroad in Boston and the UK, and a daughter who lives with me and my wife in Cairo. I was born to a family of jurists. My father was a Supreme Court justice, my uncle headed the Court of Cassation, and their cousin served as the minister of justice. I am a lawyer and a former assistant public prosecutor. Currently, I'm a partner and head of Al Tamimi's Cairo and Port Said offices.

After graduating from law school back in 1995 and receiving my Master of Laws in 2000, I realized that a judicial career would be limiting. I gravitated towards corporate law, where the sky’s the limit on what I could achieve. I worked with two multinational law firms before setting up my own boutique law firm in 2010. By 2015, the company had doubled in size and revenues, and I had a partner and ten associates. It was then that my partner, the late Ihab Taha — who was one of the best lawyers in the country — persuaded me that we should merge into a larger law firm. Al Tamimi acquired our firm in April 2015, and I took over as the head of office in June 2016.

Al Tamimi is the largest law firm in the MENA region, with a diverse team of lawyers hailing from nearly 35 countries. It was founded in the UAE’s Sharjah more than 30 years ago by the self-made, charismatic Essam Al Tamimi. With 18 offices across the GCC and North Africa, and a vision for further expansion in Africa, the firm has grown significantly since its inception. We offer businesses and entrepreneurs the full gamut of legal solutions — including M&As, banking, finance, project finance, employment, intellectual property, corporate structuring, mitigation, mediation, and arbitration. We aim to simplify the hurdles that they face doing business.

My role is twofold: One part is professional lawyering — answering to the needs of our clients and making sure they’re happy with our services. The other is administrative — managing the operations of our Egypt offices and collaborating with my partners and colleagues across our 16 other offices.

I wake up around 6:30am in the morning. I skim through my inbox and EnterpriseAM while having a small meal of carbs before hitting the gym at 7am. I spend 45-50 minutes there, followed by another 50 minutes of swimming. This takes away all the negative energy and sets a positive tone for the day. If I don’t play sports in the morning, I go to the office in a horrible mood.

On my way to work, I spend 30-40 minutes reading my emails, distributing tasks, and reading EnterpriseAM Egypt thoroughly — thanks to my very skilled driver who was very hard to come by. Reading EnterpriseAM often sparks discussions with my business development team about potential opportunities or missed chances — particularly transactions where we weren’t involved. I also go through the headlines on the UAE and KSA editions, reading up on the topics relevant to our firm and clients in those markets.

My day at work is a mix of internal meetings with my team members and my partners — Zoom calls, usually — and external engagements, such as functions at the AmCham or other institutions. My colleagues and I start communicating via WhatsApp and email before 7am, but we all come into the office around 9:30–10:00am. I recognize that they go out of their way to work beyond normal working hours — sometimes on weekends or public holidays — so I cannot ask them to be at their desks at 8am.

My favorite way to relax after work is to spend quality time with my family. Because my sons are abroad, the five of us usually gather over FaceTime while I’m having dinner with my wife and daughter at home. I really enjoy witnessing my children’s growth, particularly their argumentation and ability to offer articulate thoughts on any topic. I really cherish it because my career consumed much of my time in my twenties and thirties, depriving us of quality time while they grew up.

Traveling with family or friends is another passion of mine. Every month I try to find around five days or so to travel. But I’m always connected; I still respond to work emails. The only time I don’t answer is when I don’t have a connection on a plane or when I’m sleeping.

Calling my mom on FaceTime is the one constant in my day. She lives in New Cairo and I’m in Sheikh Zayed, so it’s not always possible to visit her. Staying in touch everyday is a must, even when I’m traveling abroad. She once told me that my phone calls make her day, and I’ve made sure not to miss them since.

I was really inspired by Bill Clinton’s autobiography My life. He had a clear goal in mind to become the president of the US and he set specific milestones to hit, eventually reaching his target earlier than he had anticipated. If you approach your career in this manner, with a well-planned methodology, you will succeed. I’ve always liked self-help books. My library growing up was full of them, from works on psychology and personal development, to negotiation and leadership.

CALENDAR

2024

AUGUST

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

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

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily