ACWA Power receives land in Sohag for 10-GW mega wind farm

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What We're Tracking Today

Russia pulls out of the Black Sea grain deal

Good morning, friends, and welcome to the next-to-last workday of the week. We hope you’re looking forward to the four-day weekend as much as we are.

It’s a busy news morning with a very welcome dose of news from the private sector after multiple news cycles dominated by the government’s policy agenda and its response to our ongoing economic problems. We expect the rest of the day to follow suit as we wait for news of the final close on Beltone’s blockbuster EGP 10 bn capital increase.

PSA- The heatwave isn’t ending any time soon: Look for the mercury to stay in the 40-42°C band through next week, the national weather service and our favourite weather app agree.

HAPPENING TODAY-

The two-day meeting of G20 finance ministers in India wraps today: The global economic slowdown, the proposed global tax pact, and preventing a wider debt crisis in the developing world were on the agenda for the first day of the talks in Gandhinagar yesterday, according to VOA and the Times of India. The war in Ukraine, rising global interest rates, climate finance and crypto regulations are also expected to be discussed. Expect a communique later today.

Reminder: Egypt has a seat at the table. Finance Minister Mohamed Maait is attending the gathering after India invited Egypt to take part as a guest at this year’s G20 meetings.

The North Africa fintech community is gathering in Cairo: The Seamless North Africa fintech conference wraps today at the Egypt International Exhibition Center.

Egypt Mining Forum starts today: International and local mining chiefs, investors and policymakers are gathering at the Nile Ritz-Carlton for the two-day Egypt Mining Forum.

HAPPENING THIS WEEK-

SPEAKING OF MINING- Seven gold exploration licenses up for grabs: The Oil Ministry will this week award seven gold exploration licenses to LSE-listed gold miner Centamin and Canadian firm Barrick Gold (listed on the NYSE) .

The deadline for two USAID scholarships is approaching: The application deadline for the USAID Scholars Activity and USAID Egyptian Pioneers scholarship programs is this Thursday, 20 July. The programs offer scholarships to 250 Thanaweya Amma students in public, experimental and STEM schools. Know someone who should apply? Send them this link .

NEXT WEEK-

The National Dialogue is back: The National Dialogue will resume sessions on Tuesday, 25 July, Kamal Zayed, member of the dialogue’s board of trustees, told Al Masry Al Youm. The dialogue kicked off in May, holding three weekly sessions discussing political, economic, and social issues.

When does the national dialogue process end? Sessions have been on pause since the Eid Al Adha break, and officials have said it’s too early to tell when the public policy-making fest might wrap up.

THE BIG STORY ABROAD-

Russia just pulled out of the Black Sea grain pact: Russia yesterday said it would withdraw from the grain export pact with Ukraine in a move that threatens to spark renewed volatility in global food prices. “The Black Sea agreements are no longer in effect,” Russian news agency Tass quoted Kremlin spokesperson Dmitry Peskov as saying yesterday. “Unfortunately, the part of the Black Sea agreement that concerns Russia has not yet been fulfilled. As a result, it has been terminated.”

Reminder: The agreement, brokered by the UN and Turkey in July 2022, allows Ukraine to export grain and other food commodities via its Black Sea ports and helped stave off a global food crisis triggered by the war.

This matters to us here in Egypt: Russia and Ukraine are two of the world’s biggest wheat exporters and prior to the conflict provided most of Egypt’s wheat imports.

Wheat prices rose on the news: US wheat futures rose more than 3% to hit USD 6.84 a bushel in Chicago, but have since fallen back, according to the Wall Street Journal.

What Russia wants: Moscow has been calling on western nations to ease sanctions that inhibit it from exporting food and fertilizer — and wants to resume exporting ammonia via a Ukrainian pipeline that is currently offline. It has been threatening to do this for a while: The pact has been extended several times since its introduction a year ago but Russia has repeatedly threatened to kill it if Ukraine and its Western sponsors don’t meet its demands.

This is big news this morning: Reuters | Financial Times | Wall Street Journal | New York Times | Washington Post.

ALSO- Erdogan looks for new investment with a trip to the Gulf: Turkish President Recep Tayyip Erdogan is in Qatar and the UAE as part of a three-state Gulf tour aimed at attracting some USD 25 bn in investments to shore up the country’s ailing economy, Bloomberg reports. The trip started yesterday in Saudi Arabia and ends on Wednesday. Saudi Arabia in March deposited USD 5 bn in the country’s central bank to support the economy, which is grappling with a currency collapse and a cost-of-living crisis.

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

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

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

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

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “reporter development program” in your subject line.

Book your summer vacation with Stayr at Somabay and indulge in a first-class selection of vacation homes, in-tune with each unique holiday mood. Experience ultimate relaxation by our breathtaking coastline and allow our team of experts to plan the perfect getaway to suit your mood. For booking inquiries, call +20 15 5600 5693 or visit our website.

ACWA Power receives land in Egypt for 10-GW mega wind farm

ACWA Power’s mega wind project is heading to Sohag:Saudi renewable energy firm ACWA Power yesterday signed a land allocation agreement with the Electricity Ministry for its planned 10-GW wind farm, ACWA and the Madbouly cabinet said in separate statements.

Acwa will receive a 3k sq-km plot of land in Sohag, which is emerging as a hub for wind: A Masdar / Infinity / Hassan Allam consortium is building 10 GW of generation capacity there, and Scatec is set to construct a 5 GW facility . ACWA inked an initial MoU for the project with the New and Renewable Energy Authority and the Egyptian Electricity Transmission Company (EETC) on the sidelines of the COP27 summit in November.

The ACWA project in numbers: The wind farm, along with the Masdar / Infinity / Hassan Allam site, will be one of the largest in the world when they’re operational: They will come second only to China’s planned 20-GW Gansu project. Currently, Egypt’s largest wind farm is the 545-MW facility in Zafarana. The ACWA project will eliminate some 25.5 mn tons of emissions a year and provide electricity to some 11 mn households, creating 120k jobs, according to the statement. The estimated cost of the project was not disclosed.

The fine print: ACWA will conduct feasibility studies for the project ahead of signing the final contracts.

Sohag, wind energy hub: The three projects will see a combined 25 GW of wind generation capacity situated in the governorate, making it the country’s wind energy hub.

Egypt has ambitious targets for renewable energy, aiming to produce 42% of its energy from renewable sources by 2030 and 60% by 2040.

ACWA already has a significant presence in Egypt’s renewable sector, including through its 200 MW Kom Ombo solar power plant, which last April got USD 114 mn in backing from a consortium of international lenders led by the European Bank for Reconstruction and Development. The company has minority stakes in three plants in Benban and an upcoming project with the Egyptian Electricity Transmission Company to convert an electricity plant in Luxor to renewable energy, and has reportedly expressed interest in Egypt’s investment in desalination infrastructure.

Egypt, Greece explore ways to fund the GREGY interconnector

GREGY: Who’s paying? Egyptian authorities are in talks with the Greek government about how to fund the planned 3-GW Egypt-Greece Interconnector(GREGY), a source in the Electricity Ministry told Enterprise. The initial investment required for the project stands at around EUR 4 bn, according to our source, who said that there are currently three options on the table.

Refresher: The planned electricity link will run almost 1.5k km from Wadi El Natroun directly across the Mediterranean to mainland Greece. It will have a maximum capacity of 3 GW and transmit only renewable energy generated in Egypt.

Scenario #1- The EU could cover some of the cost via a long-term soft loan: One of the options being considered is a EUR 1.5 bn long-term low-interest development loan from the EU, the source told us. The loan value is an initial estimation and could end up being higher or lower.

Scenario #2- Greece could stump up the full cost — on one condition: Another option on the table would see Greece fund the entire cost of the interconnector in exchange for discounted power, according to the source.

Scenario #3- Turning to the private sector: The last option is to secure the funding from Egyptian and Greek private-sector sources in exchange for a portion of the returns on the exported electricity, the source told us.

The EastMed pivot: The EU has been searching for new sources of energy to replace Russian oil and gas supplies, which have been all but cut off by Moscow in its sanctions war with the West. The Eastern Mediterranean has emerged as a key area for the bloc, which is looking to import greater quantities of Egyptian and Israeli gas, and access power generated by solar plants and wind farms in Egypt. GREGY is one of five proposed Egypt-Europe interconnectors currently on the drawing board or in discussion.

FDI inflows into Egypt more than double in 2022

2022 was a good year for FDI: Foreign direct investment into Egypt more than doubled in 2022 on the back of higher cross-border M&A volumes and an expansion of greenfield projects, according to the UN’s latest World Investment Report (pdf). FDI inflows climbed to USD 11.4 bn during the year, up from USD 5.1 bn the year before, while outflows dropped 7% to USD 342 mn.

Driving growth: Cross-border M&A sales climbed while greenfield projects in the country more than doubled in number to 161. International project finance transactions also rose, jumping in value by two thirds to USD 24 bn, according to the report.

Egypt a bright spot in a bad year for Africa: Egypt received the largest FDI inflows of any African country during the year, according to the figures. South Africa (USD 9.0 bn) and Ethiopia (USD 3.7 bn) came second and third on the list, though flows were down from the previous year. Total FDI inflows for the continent was down markedly, falling 43%to USD 44.9 b n after a record year in 2021, driven by a single large transaction in South Africa.

Investments in our renewables sector are going strong: Egypt was Africa’s second-largest destination for investment in the renewable energy sector from 2015 to 2022, following South Africa. Together with South Africa, Kenya, Nigeria, and Zambia, it accounts for 44% of the continent’s renewables projects.

Two of the largest power generation and water treatment projects were in Egypt: The second-largest sustainable project announced in Africa last year was Indian renewable energy firm ReNew Power’s planned USD 8 bn green hydrogen plant in the Suez Canal Economic Zone, for which the company signed a framework agreement back in November. Meanwhile, the USD 1.5 bn solar-powered desalination plant that’s set to be built by Metito Holdings, Scatec Solar, and Orascom Construction (OC) is the third-largest planned investment in the continent’s water sector.

As well as transmission lines: The second largest number of investments announced in transmission line projects in emerging markets during 2022 were in Egypt, preceded by India and followed by Brazil, the UAE, and Kuwait.

** CAVEAT- Many of these projects don’t count as booked FDI for the country, sinc e financing and final investment decisions are yet to occur for many of the big ticket infrastructure projects signed last week. For example, ReNew, along with other hydrogen developers that have inked MoUs with the government have not moved beyond framework agreements and are continuing to study the feasibility of the projects.

An improved investment climate would help even more: The Madbouly government has in recent months pushed forward with reforms aimed to boosting private investment. In October 2022 it announced that it could give companies a tax cut of up to 55% on income generated by industrial FDI-funded projects — a move designed to attract more hard currency into the country — and in May of this year introduced a package of 22 reforms aimed at boosting investment. The UN report also points to the Financial Regulatory Authority’s (FRA) 2021 decision to make ESG disclosures a legal requirement.

Fawry in talks with FRA for digital banking license

Fawry wants to enter new markets: EGX-listed e-payments platform Fawry is looking at expanding its operations to several countries, including Saudi Arabia, Asharq Business quotes Fawry CEO Ashraf Sabry as saying. The fintech giant is currently in talks with the Saudi Central Bank about its potential expansion to KSA, Sabry said, with an eye to kick off its expansion plans next year. A company representative declined to comment when we reached out yesterday.

Here at home: The company is considering applying for a digital banking license and is looking into the feasibility of acquiring the license without bringing in a foreign partner with experience in the banking sector, since it already has experience with lending and other financial activities, Sabry is quoted as saying. The company expects to make a decision on whether or not to submit its application to regulators by the end of the year.

REMEMBER- The Financial Regulatory Authority (FRA) and the Central Bank of Egypt (CBE) issued last week updated licensing rules and regulations for fintech providers to streamline and ensure consistency of process. Digital banks will now need at least EGP 2 bn in capital to get their digital banking license. Digital banks looking to take part in financing large companies will need a minimum capital of EGP 4 bn to get their license and need their largest shareholder to be a financial institution with relevant experience.

ICYMI-Fawry is expected to roll out a “remittance hub” by the end of the year for Egyptians working across the MENA region to transfer funds home. The company is in talks with Banque du Caire and Abu Dhabi Islamic Bank to devise a mechanism for the transfers and plans to extend its remittance services to expats in two other unspecified countries in the Gulf and the Levant. It also inked an agreement with Gulf voice-calling app Botim in February to allow Egyptian expats residing in the UAE to pay bills and send home remittances.

Sidpec approves all-share merger with Ethydco

Sidpec is moving ahead with merger with Ethydco:Sidi Kerir Petrochemicals Company’s ( Sidpec) board of directors signed off on the company’s all-share merger with the Egyptian Ethylene and Derivatives Company (Ethydco), after approving Baker Tilly’s valuations, the company said in an EGX disclosure (pdf) yesterday. Baker Tilly’s assessments peg Ethydco’s valuation at EGP 33.5 bn (around EGP 2,420.09 per share) and Sidpec’s at c.EGP 23.1 bn (around EGP 30.60 / share).

Market reax: Sidpec’s shares rose 1.08% during trading yesterday to close at EGP 23.45.

Remember:EGX-listed Sidpec, which currently owns 20% of Ethydco, has been in the process of acquiring the remaining shares in the company since last year. The firm said that it plans to finalize the merger by the end 3Q 2023. Sidpec completed due diligence in March, and earlier this month approved the fair value studies.

We’re presuming a takeover is now off the table: Abu Dhabi sovereign wealth fund acquire d 25-30% of Ethydco in a recent sale by the government.

Capital increase greenlit: Sidpec’s board also signed off on a capital increase of up to c.877 mn shares, with these shares earmarked for Ethydco shareholders responding to the swap merger, the disclosure reads.

Advisors: NI Capital is advising Ethydco on the acquisition. Baker Tilly acted as financial advisor.

Egyptian fintech Flash raises USD 6 mn in seed funding

Egyptian fintech startup Flash has raised USD 6 mn in seed funding in a round led by New York-based VC firm Addition, it said in a press release (pdf) yesterday. The round also saw participation from fintech-focused Flourish Ventures as well as a number of strategic angel investors, according to the statement.

Flash? Founded in 2021 by two former Uber employees — Sherine Kabesh ( LinkedIn) and Erik Gordon ( LinkedIn, also Flash’s CEO ) — Flash is a payment application offering users cashless payment solutions using scan and pay services that avoid the need for point-of-sale systems.

Where the money’s going: Flash will use the funds to accelerate its product development and customer and business acquisition across Egypt.

How does it work? The app is targeting businesses that don’t have POS machines: It will allow consumers to pay for purchases with phones by “adding any existing bank card or digital wallet on the app once and scanning a QR code that is presented by a business, in-store or on-delivery.”

Who’s on board? The funding release name-checks Homzmart, Rabbit Mart, Mori Sushi and “many others,” saying they will soon allow their customers to pay using “Flash on Delivery.”

What they said: “We are excited and proud to be launching a new contactless payment method in Egypt,” Gordon said in the statement. “We are humbled by this seed investment, which will enable us to invest in our product and business and customer acquisition, and utilize the valuable insights of our experienced investment partners.”

It’s now a licensed payment aggregator: The startup recently got the central bank’s approval to operate as a payment aggregator alongside Banque Misr. “We are thrilled to have obtained a technical payment aggregator approval from the Central Bank of Egypt,” Kabesh said. “This strengthens our commitment to developing the cashless ecosystem, introducing new products, and diversifying our digital payment portfolio.”

ADIB Egypt to get USD 50 mn in shariah-compliant IFC funding

ADIB is getting a USD 50 mn shariah-compliant facility from the IFC: Our friends at the International Finance Corporation (IFC) are extending a five-year, shariah-compliant Tier 2 facility worth USD 50 mn to Abu Dhabi Islamic Bank (ADIB) Egypt, the lender said in an a statement (pdf) yesterday.

Where the money’s going: The Murabaha facility will “primarily work on providing financing for small- and medium-sized enterprises,” ADIB Egypt CEO and Managing Director Mohamed Aly said. The bank also plans to use the funding to help increase its adoption of sustainable development-focused initiatives, Aly said.

Egyptian talk shows cover the building collapse in Cairo + latest on Qena disease outbreak

Mourning on the airwaves: The nation’s talking heads yesterday brought us coverage of the Cairo building collapse, which claimed 13 lives, as well as a disease outbreak in Qena that the Health Ministry is now treating as dengue fever.

A five-storey residential building collapsed in Cairo yesterday, leaving 13 people dead and injuring one, Deputy Governor of Cairo Hossam El Din Fawzy told Kelma Akhira’s Lamees El Hadidi ( watch, runtime: 15:00) . Civil defense and ambulance personnel are still searching for victims in the rubble of the building in Hadayek El Qobba, while four nearby buildings have been evacuated, he added. A technical committee determined that the collapse was caused by a first-floor resident demolishing a base wall to expand the floor without receiving the necessary safety approvals. The resident has since been arrested, the public prosecutor’s office said in a statement.

Compensation for the deceased: Social Solidarity Minister Nivine El Kabbag has decided to offer EGP 60k in compensation for each family, along with providing medical aid for those injured. Cairo Governorate is also offering some EGP 50k to families of the deceased and EGP 25k for those injured, Fawzy said. El Hekaya ( watch, runtime: 3:05), Masa’a DMC ( watch, runtime: 3:08), and Al Hayah Al Youm ( watch, runtime: 5:54 | 4:59) all have the news.

The collapse is getting international ink: The Associated Press, Reuters, AFP, Deutsche Welle, the National, and Al Monitor are all taking note of the news.

The Qena disease outbreak is looking like dengue fever: Officials are now treating the disease outbreak in a village in Qena as dengue fever, an infection transmitted through infectious mosquito bites, according to Al Watan reporter Ragab Adam ( watch, runtime: 5:38). The outbreak has so far affected 100-150 people in the area, he said. “This is our diagnosis at the moment … The mosquitoes responsible for the spread are of the aegypti breed . The disease has been present in the country before but what’s new is its spreading at this pace,” Ittihadiya health advisor Mohamed Awad Tag El Din told Kelma Akhira ( watch, runtime: 6:32).

Behind the spread: He pointed to the extreme heat and unsafe water collection methods to its rapid spread in the village. Most cases are mild, treated with the over-the-counter medication paracetamol, he said. “At the moment there is absolutely no need for worry. All cases have been very responsive to medication. In the future we may use vaccination,” he said. Health Minister Khaled Abdel Ghaffar was also on Ala Mas’ouleety to discuss the issue ( watch, runtime: 5:38).

Russia isn’t taking chances: The country has imposed tighter sanitary and quarantine rules on flights traveling from Egypt, it announced yesterday.

The Black Sea grain pact is no more: What does this mean for Egypt? Several of the nation’s talking heads discussed the likely impact of Russia’s decision to pull out of the grain export pact with Ukraine on Egypt, which is the world’s largest importer of wheat.

Now is not the time to panic, says Ashmawy:“I believe that it is too early to judge [how the situation will impact Egypt] … any supply chain disturbances affect prices. After the Russian announcement grain prices in global markets saw a 2.7% increase,” Assistant Supply Minister Ibrahim Ashmawy said during an interview with El Hadidi ( watch, runtime: 6:05). “ At the moment, Egypt has the necessary reserves for a number of commodities. Strategic reserves of wheat currently stand at six months, and we have over 22 points of wheat supply,” he added.

This will have global consequences: “If we go back to using this grain agreement or food security as a weapon in this war then we’ll have a major crisis,” economist Nasser Zouheir told El Hadidi ( watch, runtime: 4:29). Ashmawy also joined El Hekaya ( watch, runtime: 4:13), while Al Mas’ouleety ( watch, runtime: 5:30) had coverage.

El Forsa’s judging panel unveiled:El Hadidi’s startup competition show El Forsa has unveiled (pdf) the four judges who will decide the fate of the 30 startups that have made it this far into the competition: Cloudera founder and CTO Amr Awadallah( LinkedIn), as well as our friends our Omar Elsahy, general manager of Amazon Egypt ( LinkedIn), Edenred Middle East CEO Wael Fakharany( LinkedIn), and 500 Global partner Amal Enan( LinkedIn). El Forsa airs every Wednesday at 9 pm on ONTV.

e-Finance mulls digital bank license. PLUS: Canada to provide CAD 10 mn loan to bolster Egypt’s food security

BANKING-

e-Finance wants its digital banking license: State-owned fintech firm e-Finance is considering applying for a digital banking license, Chairman Ibrahim Sarhan reportedly told Al Shorouk.

Remember:The Central Bank of Egypt (CBE) issued last week updated digital banking licensing rules, under which digital banks looking to finance large companies will need at least EGP 4 bn in capital.

AGRICULTURE-

Canada is providing funding to bolster our food security: The Canadian government has granted Egypt a CAD 10 mn grant to enhance food security and combat climate change, the International Cooperation Ministry said yesterday. The funding will go to a local program aimed at “boosting climate-smart agriculture and agricultural biodiversity to bolster the adaptability in the rural areas that are most affected by climate change in the Delta and Upper Egypt,” according to the statement. The program will be implemented alongside the UN Food and Agriculture Organization, the environment, agriculture and local development ministries, and the National Council for Women.

China’s economy slowed further in the second quarter

China’s growth wasn’t great in 2Q: China’s economy grew at a meager rate in the second quarter of 2023 on the back of declining exports, weak retail sales, and a struggling real estate sector, raising the likelihood that policymakers will deploy new stimulus to lift the weak economic recovery, more than six months after stringent covid-19 restrictions were lifted. GDP fell short of expectations, growing just 0.8% during the quarter compared to 1Q, according to data released by the country’s National Bureau of Statistics.

The story is everywhere in the international business press: Reuters | Wall Street Journal | Financial Times | Bloomberg | CNBC.

ALSO WORTH NOTING-

Aramco chief gets a seat at the table at the world’s largest asset manager: BlackRock has appointed Aramco CEO Amin Nasser to its board. ( Bloomberg)
New Kuwaiti wealth fund: Kuwait is planning to launch a new sovereign fund named the Ciyada Development Fund as the emirate looks to boost domestic investment, Bloomberg reports. This will be the country’s second sovereign investment vehicle after the Kuwait Investment Authority’s USD 700 bn Future Generations Fund.
EU to investigate Microsoft for market abuse: The EU will open a formal investigation into Microsoft, over alleged anti-competitive practices related to its bundling of its video conferencing app Teams with its Office software. ( Financial Times)

EGX30	17,512	+1.0% (YTD: +20.0%)
USD (CBE)	Buy 30.84	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	18.25% deposit	19.25% lending
Tadawul	11,780	+0.6% (YTD: +12.4%)
ADX	9,681	+0.1% (YTD: -5.2%)
DFM	4,019	+0.2% (YTD: +20.5%)
S&P 500	4,527	+0.5% (YTD: +17.9%)
FTSE 100	7,406	-0.4% (YTD: -0.6%)
Euro Stoxx 50	4,357	-1.0% (YTD: +14.9%)
Brent crude	USD 78.44	-1.8%
Natural gas (Nymex)	USD 2.53	-0.5%
Gold	USD 1,959.00	-0.3%
BTC	USD 29,930	-1.2% ( YTD: +81.1%)

THE CLOSING BELL-

The EGX30 rose 1.0% at yesterday’s close on turnover of EGP 1.52 bn (21.4% below the trailing 90-day avera ge). Local investors were net buyers. The index is up 20.0% YTD.

In the green: E-Finance (+3.7%), Juhayna (+3.6%) and Oriental Weavers (+3.1%).

In the red: Taaleem Management Services (-2.5%), Credit Agricole (-2.0%) and Heliopolis Housing (-0.8%).

Shares in Asia are in the red again this morning following yesterday’s less-than-perfect GDP data out of China. Markets in Europe and the US look set to follow them later today, according to equity futures.

CALENDAR

JULY

17-18 July (Monday-Tuesday): Seamless North Africa, Egypt International Exhibition Center, Cairo.

18 July (Tuesday): Islamic New Year.

18-19 July (Tuesday-Wednesday): Egypt Mining Forum, Nile Ritz-Carlton, Cairo.

19-20 July (Wednesday-Thursday): Gov’t to pay out subsidies to second wave of applicants under its sixth export subsidy program.

20 July (Thursday): National holiday in observance of Islamic New Year.

22 - 24 July (Saturday - Monday): US Assistant Secretary of State for International Organization Affairs Michele Sison in Egypt.

23 July (Sunday): Revolution Day.

23 July (Sunday): National holiday in observance of Revolution Day.

25 July (Tuesday): National Dialogue.

25-26 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.

27 July (Thursday): National Dialogue.

31 July (Monday): Application deadline for the Smart Green Projects initiative.

31 July (Monday): Emigration Ministry’s Egyptians Abroad conference.

Late July: Egypt’s first Environment and Climate Investment Forum.

Late July-14 August: 2Q2023 earnings season.

AUGUST

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

2 - 3 August (Wednesday - Thursday): Gov’t to pay out subsidies to second wave of applicants under its sixth export subsidy program.

3 August (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

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

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

SEPTEMBER

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

September: IDH to open first branch in Saudi Arabia.

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

September: JETRO’s second delegation arrives in Cairo.

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

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

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

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

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

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

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

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

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

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

21-23 September (Thursday-Saturday): Narrative PR Summit, Somabay.

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

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

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

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

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

OCTOBER

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

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

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

6 October (Friday): Armed Forces Day.

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

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

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

Late October-14 November: 3Q2023 earnings season.

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

26 October (Thursday): Daylight saving time ends.

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

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

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

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

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

NOVEMBER

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

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

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

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

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

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

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

DECEMBER

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

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

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

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

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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

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

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

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

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

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

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

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

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

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

2Q 2025: Safaga Terminal 2 to initiate operations.

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