Business activity at second lowest point in 12 months despite post-float rebound hopes

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WHAT WE’RE TRACKING TODAY

No more long bank queues

Good morning, y’all. Much like the weather, local business and economy news is heating up.

In today’s issue, we’ve got our latest PMI readings, which are yet to reflect an anticipated uptick in post-float business activity, news that Egyptian stocks back in MSCI’s good books thanks to an increase in FX liquidity, Contact Financial’s first bond issuance of the year, and much, much more. So, let’s jump right in.

PSA-

WEATHER- It’s heating up in Cairo today, with a high of 36°C and a low of 27°C, according to our favorite weather app.

It’s not much cooler in Alexandria, with a high of 33°C and a low of 23°C.

And over the weekend, expect to see the weather cooling to the low 30s in the capital and all the way down to the mid 20s for our friends on the Mediterranean.

WATCH THIS SPACE-

You will soon be allowed to open a bank account completely online: We may soon be able to say goodbye to long queues at the bank, with the central bank’s Digital Financial Identity Company set to launch in 2H 2023, which will open the way for banks to begin letting customers open accounts without the need of visiting a branch, Asharq Business reports, citing an anonymous government official. The new firm will act as a central entity that will enable users to open banks through digital IDs without having to go to the bank.

HAPPENING TODAY-

Inflation easing for a second consecutive month? Analysts and policymakers are optimistic that inflation data for April set to be released later today by state statistics agency Capmas will show inflation easing further, after annual urban inflation cooled 2.4 percentage points to 33.3% in March.

Currency stability is helping restore confidence that Egypt can reel in high inflation, concluded a poll by CNBC Arabia of 13 analysts and economists. A majority of 77% expect inflation to slow for the second month in a row, with forecasts ranging from 0.5 to 1.5 percentage points.

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

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

CIRCLE YOUR CALENDAR-

#1- Vodafone gears up for the AI Assistive Tools Hackathon: Vodafone Egypt in partnership with USAID, Plug and Play, ITIDA, and the Ataa Fund will launch a three-day competition to encourage young people with disabilities to develop and showcase their ideas how AI can be used to make inclusive and accessible workplaces.

Interested? Applicants have until Saturday 25 May to apply for the competition, which runs through 30 May-1 June. Prizes include a EGP 600k grant to turn the winning idea into a startup and month-long incubation programs from Plug and Play.

#2- Techne Summit is back for another round: This year’s Techne Summit will be held at the Cairo International Stadium’s indoor halls complex from 25-27 May. The investment- and entrepreneurship-focussed event will host some big name speakers from leading VC firms and companies from the region and around the globe. Register your attendance here.

#3- Students have until the end of the month to apply for USAID’s undergraduate scholarships: Applications for USAID-Egypt’s Scholars Activity and Egyptian Pioneers undergraduate scholarships are open until May 31.The scholarships will be granted to over 370 Egyptian students of public, experimental, and STEM high schools across the country. Offered in partnership with the AUC and the Higher Education Ministry, the scholarships cover tuition, housing, stipends, English language training, some study abroad options, and leadership development. Students with disabilities are highly encouraged to apply. Students can apply here.

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

ATTENTION, EGYPT INVESTORS-

Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It’s a massive consumer opportunity and a regional export hub of tomorrow.

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are “long Egypt.”

We’ll be talking with you about the agenda over the coming couple of weeks. It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.

*** Interested in attending? Tap or click here to let us know. Seating is limited.

THE BIG STORY ABROAD-

The war in Gaza and a dysfunctional global EV market are two of the big stories that you need to know this morning.

#1- Joe Biden has warned Israel that he will cut off shipments of offensive weapons (we’re … not sure what weapon isn’t offensive?) to Israel “if they go into Rafah.”

In his own words: “I made it clear that if they go into Rafah — they haven’t gone in Rafah yet — if they go into Rafah, I’m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities — that deal with that problem,” he said in an exclusive with CNN.

The story is leading front pages around the world: Politico | Financial Times | Wall Street Journal | Bloomberg | Reuters.

#2- Those Chinese-made EVs you see plying Cairo’s streets? They’re part of a global problem. Sales of EVs are up sharply at BMW — and the Bavarian carmaker saw its margins collapse in 1Q as a result, reports Germany’s Handelsblatt. The culprit? Competition is rising in a softening market in which many players have tons of excess product, forcing it to cut selling prices.

A lot of that oversupply is coming from China, where companies are now pushing EVs on other markets — including here in the Middle East. That has even friendly trade partners on edge and saw the European Union this week threaten to impose sanctions on Chinese EVs unless Beijing takes action in the short term, Bloomberg notes. EC boss Ursula von der Leyen said China is “flooding our market with massively subsidized electric cars,” Reuters adds.

Chinese companies could look to start producing EVs in other countries in a bid to ease tensions — much as Japanese automakers did to smooth-out economic relations with the US back in the 1980s. Two cases in point: EV leader Byd as well as Neta Auto plan to start producing EVs in the lucrative Indonesian market, with Byd saying it will invest USD 1 bn in its plant, the Financial Times reports.

AND- Top French business daily Les echos reports that European officials are worried about deep fakes and disinformation campaigns heading into the 6-9 June European Parliament elections.

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 on subject matter knowledge, while also working on constructing and filing Enterprise 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 “writing development program” in your subject line.

Egypt’s non-oil private sector activity drops further in April as it enters 41st straight month of contraction

Business activity at its second lowest point in the last 12 months despite hopes of a post-float rebound: Activity in Egypt’s non-oil private sector activity slipped further in April, while inflationary pressures fell and business sentiment improved, according to S&P G lobal’s Egypt Purchasing Managers’ Index (pdf).

Forty-one months in contraction: The index inched down to 47.4 in April from 47.6 in March, marking the 41st consecutive month that Egypt’s PMI remained below the 50 threshold that separates growth from contraction.

We’re still yet to see an anticipated turn around in activity following the EGP float: The recent policy shifts, including the EGP float, the expanded IMF package, Gulf investments, and funds from international lenders have yet to fully feed through to the real economy. However, “while we haven’t yet seen much of an effect on the activity side of things, there has been a material impact on price pressures facing firms,” S&P Global Market Intelligence Economics Associate Phil Smith said.

“April’s survey showed a considerable easing of inflationary pressures,” with input cost inflation falling to its lowest level since March 2021. On the back of an easing of cost increases and continuing low demand, business also hiked prices at a slower rate during the month.

Sentiment improved, but businesses are still pessimistic on growth prospects: Business confidence towards future activity over the next 12 months improved to a six-month high, reflecting hopes of exchange rate stability and easing inflation. However, the level of optimism remained low “by historical standards,” the survey read. “Very few firms are anticipating growth in the coming year, in a sign of continued caution towards the outlook,” Smith said.

New order volumes continued to fall on the back of “weak demand conditions, high prices and volatile exchange rates.” Optimism that last month’s uptick in export orders would continue was short lived, as export orders kept at the same level.

As did staffing levels: Following a brief uptick in March, employment in the non-oil private sector renewed its decline in April, albeit at a marginal level. Salaries also increased with a rise in the cost of living, but at a slower pace.

Reuters also had the story.

Return of FX liquidity leads MSCI to remove special treatment measures on Egyptian stocks

Egyptian securities are back in the MSCI’s good books: Global index provider MSCI has decided to remove all special treatment measures on Egyptian securities listed in its indices in the May 2024 index review, according to Al Borsa. Progress made on foreign currency liquidity and the ability of foreign investors in the country to transfer funds abroad were reportedly the reasons behind MSCI’s decision.

Remember: MSCI avoided making changes to Egyptian securities in its May 2023 index review, opting to give them special treatment in the wake of investor concerns over Egypt’s limited FX liquidity.

MSCI also has some other changes for EGX-listed companies in the pipeline:

Talaat Moustafa Group (TMG), which has seen a 143.3% increase in its share price since the beginning of the year, will move from the small-cap index to the flagship Egypt index.
EFG Holding will replace TMG in the small-cap index, as only three constituents make up the MSCI Egypt Index.
CIB’s foreign inclusion factors will be updated to reflect ADQ Holding’s acquisition of a stake in the bank back in 2022, which now stands at 18.4% through its subsidiary Alpha Oryx.

Changes will take effect at the close of May 31, according to a statement (pdf) from the index provider.

Egyptian fintech startup Mnzl raises USD 3.5 mn in funding round

Mnzl closes multi mn funding round led by international and Africa-focussed VCs: Local startup Mnzl has raised USD 3.5 mn in a funding round led by Africa-focussed P1 Ventures, the UK’s LocalGlobe, and Nigeria-based Ingressive Capital, according to a statement from the company yesterday. The funding round also received support from Egypt’s Flat6labs, Silicon Valley’s 500 Startups, African fintech investor First Circle, Kenya-based ENZA Capital, Africa-focussed Beenok, and “prominent angel investors.”

What’s the money for? The funds will be used to expand local operations and improve the technology the startup uses, Mnzl said.

Mnzl? The one-year old startup founded by Sameh Saleh, Ahmed Dessouky, and Bassem Elshaer received the go-ahead from the Financial Regulatory Authority to launch its e-wallet platform for asset-backed lending, which lets users log their assets on the wallet to use them as collateral for accessing credit. Mnzl also offers sharia-compliant lending in addition to conventional lending.

What they said: “By enabling Egyptians to safely harness their own assets—homes or cars—for financial needs, we at Mnzl are going beyond a mere adjustment; it’s a complete revolution in credit access,” said co-founder Sameh Saleh. “This shift not only empowers families by providing financial leverage but also contributes to broader economic prosperity in the region.”

“Mnzl is precisely the kind of innovation that the financial sector in Egypt needs,” said LocalGlobe’s Yvonne Bajela. “By unlocking the financial value of real assets, Mnzl is set to empower millions of Egyptians, driving financial inclusion and economic growth in a way that has not been done before.”

Contact Financial raises EGP 1.04 bn in its first securitized bond issuance for 2024

Contact is off to the (securitization) races: Non-banking financial services firm Contact Financial has closed an EGP 1.04 bn securitized bond issuance, its first in 2024, the company said in a statement (pdf ). The bonds were issued by Contact’s Sarwa Securitization and backed by a Contact Credit portfolio.

The issuance featured three tranches that were rated AA+, AA, and A by the Middle East Rating Services.

The buyers: The issuance was subscribed to by Al Ahli Bank of Kuwait – Egypt in addition to several unspecified “money market funds”. Contact along with Arab African International Bank (AAIB), Banque du Caire, CI Capital, and Al Ahly Pharos were underwriters.

What they said: “We have successfully completed our new securitization bonds issuance, despite significant economic challenges, notably the recent interest rate hike by the Central Bank of Egypt in March,” Contact Financial CEO Said Zater said. “It also reflects the confidence of local and global financial institutions in the strength of our credit portfolio, the diversity of our financial instruments and the competence of our team,” he added.

That’s not all: Contact is also “on track” to complete a new sukuk issuance during 2Q 2024, according to the statement.

Data Point: Companies have raised almost EGP 8 bn from securitization so far this year, that’s58% less compared to the same period last year, according to data tracked by Enterprise.

ADVISORS- Contact served as issuance manager and promoter of the issuance. AAIB served as custodian, Banque du Caire was the placement agent, while our very good friends at ALC Alieldean Weshahi & Partners were legal counsel, and KPMG served as the issuance’s auditor.

Efforts for a truce in Gaza dominated last night’s airwaves

Last night’s talk shows continued to zero in on the Gaza truce talks, with a smattering of local news on the Building Reconciliation Act and the number of refugees in the country.

Negotiations on a truce in Gaza continued in Cairo yesterday in the presence of all parties, Al Hayah Al Youm’s Mohamed Shardi said, citing a high-level source (watch, runtime 2:27).

Netanyahu’s predicament: Over on Masaa DMC, Eman El Hosary discussed Washington’s concerns over Israel’s military operation in Rafah with political analyst Mac Sharqawi, highlighting President Joe Biden’s decision to halt the shipment of arms to Israel (watch, runtime: 15:30). Israeli Prime Minister Benjamin Netanyahu “knows very well that he can’t afford to end the war or agree to a truce,” Sharqawi said. Ending the conflict could lead to a loss of confidence in Netanyahu’s government and calls for parliamentary elections, which would “certainly be the end of Netanyahu’s political career,” he added.

The number of refugees in Egypt is estimated at around 500k, cabinet spokesperson Mohamed El Homsani said in a call with Sherif Amer on Yahduth Fi Masr, adding that the estimate was derived in accordance with the guidelines set by the United Nations High Commissioner for Refugees (watch, runtime: 9:20). There are around 9 mn foreign residents in Egypt, including those who are here for investment, study, and treatment, he said.

Gov’t advances the reconciliation of building violations: Centers across the country have begun to receive requests from owners of unauthorized buildings looking to legalize their properties, Ala Mas’ouleety’s Ahmed Moussa said (watch, runtime 9:58). Moussa presented a report on the centers as well as the website and mobile app through which owners can submit reconciliation requests. The cabinet approved the executive regulations for the new Building Reconciliation Act last month after the law was ratified in December.

Israeli-Canadian businessman shot dead in Alexandria

The Interior Ministry yesterday launched a criminal investigation after an Israeli-Canadian businessman was killed in Alexandria on Tuesday. The man was reportedly a permanent resident of the country, the ministry said in a statement. The circumstances surrounding the man’s death are unclear, with a security source telling Reuters he had been killed “with the motive of robbery,” while a group called Vanguard of the Liberation for Martyr Mohamed Salah said on its telegram channel that it had killed the man, accusing him of being an agent of Israel’s spy agency Mossad.

The news got ink from: AFP | BBC | The National | Independent

Raya Contact Center’s board greenlights full acquisition of Gulf CX. PLUS: Oxy Egypt’s UAE expansion, new private freezone plans, Ras El Hekma marina greenlit

M&A-

Raya Contact Center goes ahead with the acquisition of remaining stake in Gulf CX: Raya Contact Center’s board has greenlit the acquisition of nearly 15% of Bahraini firm Gulf Customer Experience (Gulf CX) from a US investor that will see it acquire the whole of the company, the company said in an EGX disclosure (pdf).

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

Remember: Raya CX acquired an 85% stake in the company in 2021 and was planning to acquire the remaining stakes within three years, Raya Contact Center’s Head of Investor Relations Karim Seoudy told us at the time.

ENERGY-

Emirati firm Dana Gas has collected USD 9 mn in receivables from Egypt in Q1 2024, receiving 47% of its dues for the period, it said in its latest earnings presentation (pdf). Its trade receivable balance in Egypt stood at USD 57 mn at the end of the quarter, up from USD 48 mn at the end of 2023.

Remember: The company in February announced plans to reinvest the USD 58 mn of receivables it collected last year into Egypt to drill more wells and increase production.

INVESTMENT-

#1- Oxy Egypt looks to establish a new factory in the UAE: Local medical and industrial gas production firm Oxy Egypt plans to establish a factory in the UAE with an initial investment of USD 7 mn, the firm’s CEO Mohamed Fathy told Al Borsa. The Saad Eldin Group subsidiary made the decision due to declining demand for the company’s product in the local market after the Covid-19 pandemic ended, as well as competition from newly-established state-run companies, Fathy explained.

#2- Gov’t receives three requests for private freezones: Al Ahly Sabbour Developments and Redcon Construction have filed requests to the government to establish private freezones in New Cairo, Asharq Business reported, citing an anonymous government official. A third anonymous investor has also filed a request to establish a private freezone in Sharm El Sheikh, the source added.

New regulations for building freezones are coming: The cabinet is currently drafting new criteria for establishing private freezones, which should be finalized within days, the source said.

TOURISM-

Ras El Hekma’s marina gets the greenlight: The government has approved a new int’l seaport for yachts and cruise ships in Ras El Hekma, spanning 10.5 mn sqm, according to the Official Gazette. The Transport Ministry is set to supervise the port project.

TAXATION-

Egyptian Tax Authority sets its sights on settling tax disputes for companies with less than EGP 10 mn in revenues: Companies with annual revenues below EGP 10 mn will have their tax disputes whose non-final payments are due before 16 June 2023 settled by the end of next month, Egyptian Tax Authority head Rasha Abdel Aal said in a statement.

Saudi’s tilt toward Silicon Valley is nearly complete

Saudi’s tilt fully toward Silicon Valley looks nearly complete as Bloomberg reports that Alat, the PIF’s advanced technologies platform, would divest from China if it were asked to do so by the United States.

“So far the requests have been to keep manufacturing and supply chains completely separate, but if the partnerships with China would become a problem for the US, we will divest,” the business information service quotes Amit Midha, CEO of the USD 100 bn platform, as saying.

Two partnerships with US companies are now in the pipeline, Midha said, and could be announced by the end of the year. “The US is the number one partner for us and the number one market for AI, chips and semiconductor industry,” he said.

IN CONTEXT- The US has been on a years-long drive to contain China’s emergence as a significant technology rival. Officials in DC are asking Riyadh to agree to limit the use of some Chinese technologies as part of a pact on AI and advanced tech that the two sides hope to sign. They’re simultaneously negotiating agreements on defense and nuclear power as part of a wider process that Washington hopes will see Saudi Arabia normalize relations with Israel.

It’s going to be a delicate balancing act: Riyadh and Beijing have been on a drive to build deeper ties. China is a critical crude oil market for Aramco, which is looking to invest more in Chinese refining capacity and petchems. The first China-based ETF of Saudi shares started trading late last year, Tadawul will host today the Hong Kong edition of its flagship capital markets conference. Gigaprojects are in play, too: Neom was on the road in China a few weeks ago and it’s courting Chinese bankers to help finance work there.

ALSO FROM PLANET FINANCE-

Uber earnings hit by legal costs: US ride-hailing company Uber reported an operating income of USD 172 mn in Q1 2024, missing analyst expectations of USD 600 mn by a wide margin due to ongoing regulatory expenses. The company’s shares fell the most out of all S&P 500 companies yesterday, dropping 5.7% by the closing bell. (Financial Times | Uber)

THE MARKETS THIS MORNING-

Asian markets are truly mixed this morning, with the ASX 200 and Kospi each down less than 1% and the Nikkei, Hang Seng, and Shanghai Composite all up around 0.2% — with no obvious driver in sight backing this morning’s performance.

US equities futures were flat overnight after the Dow turned in its sixth straight day of gains, while European stock futures point to a weak (if positive) open for markets across the continent.

EGX30	25,989	-1.7% (YTD: +4.4%)
USD (CBE)	Buy 47.48	Sell 47.62
USD (CIB)	Buy 47.50	Sell 47.60
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,460	+0.8% (YTD: +5.2%)
ADX	9,177	+1.2% (YTD: -2.6%)
DFM	4,193	+0.9% (YTD: +8.6%)
S&P 500	5,188	0.0% (YTD: +8.8%)
FTSE 100	8,354	+0.5% (YTD: +8.0%)
Euro Stoxx 50	5,038	+0.4% (YTD: +11.4%)
Brent crude	USD 83.77	+0.7%
Natural gas (Nymex)	USD 2.19	-0.9%
Gold	USD 2,322.30	-1.9%
BTC	USD 61,518.20	-2.3% (YTD: +45.5%)

THE CLOSING BELL-

The EGX30 fell 1.7% at yesterday’s close on turnover of EGP 4.3 bn (12.2% below the 90-day average). Regional investors were net sellers. The index is up 4.4% YTD.

In the green: Talaat Moustafa Group (+7.5%), Elsewedy Electric (+4.0%), and Ezz Steel (+1.4%).

In the red: Qalaa Holdings (-12.8%), EFG Holding (-7.4%), and Egypt Kuwait Holding -EGP (-6.9%).

CORPORATE ACTIONS-

Alexandria Container capital increase approved: Alexandria Container and Cargo Handling was given approval from the Financial Regulatory Authority to hike its licensed capital to EGP 2 bn, up from EGP 1 bn, and its paid-in and issued capital to EGP c.1.5 bn, up from EGP c.745 mn, the company said in an EGX disclosure (pdf).

My Morning Routine: Sherif El Sayad, chairman of Tredco El Sayad Group

Sherif El Sayad, chairman of Tredco El Sayad Group: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Sherif El Sayad (LinkedIn), chairman of Tredco El Sayad Group.

My name is Sherif El Sayad and I’m the chairman of Tredco El Sayad Group. We started business in 1935 with commercial activities and then began our manufacturing journey in 1985 with our first factory in the automotive feeding industry. We make car seats and interior trims for cars that are manufactured in Egypt. In 2000, we started our home appliances factory for refrigerators, freezers, washing machines, gas cookers, water dispensers. I’ve been in the business since 2000 till this moment, and right now I’m chairman of the group, so I handle our three factories.

We’ve recently set up a micro-mobility business, Glide. Micro-mobility is any transportation means that’s used for one or two persons — we’re talking about electric motorcycles, electric scooters, electric bicycles. It’s becoming very trendy now in Europe because of the price of the cars and the price of running a car on fuel, plus, most people who commute for work are only commuting by themselves or with one other person. I’m sure that in Egypt, maybe North Africa, and also in the GCC, this trend will pick up very soon.

With our micro-mobility products, we’re trying to add a twist, not just copying products from China or Europe. We add something that suits our culture, our type of streets, and how people want to move. In Egypt, people don’t really like bicycles because the weather gets hot and you don’t want to arrive at work sweaty. So, people prefer something electric-powered. We take these ideas and try to modify them to be more adaptive to our culture.

I’m at a critical point in my career. I’ve been managing all the details and all the operations for the past 24 years — I’m a mechanical engineering graduate, so I often find myself in the factories. However, I’ve realized I can’t continue this style of micromanagement and overseeing every last detail. I have to change my management style if I want to be able to realize my dreams of expanding our factories and product line.

I decided to look into corporate governance, the separation of management from ownership. I started studying the idea of corporate governance a few months ago and I’m taking it very seriously. I want to take some courses in it and I’ve already hired some consultants to see how we can approach this, so that I will no longer be involved in the day-to-day operations. We want to hire a CEO, have a board of directors.

I want to free myself up so I have more time for strategic planning, innovation, and creation. In the case of Glide, it’s all about finding creative and innovative solutions, which is tricky to achieve when I am occupied with the daily operations and details of the business.

All our products are electric products — we aren’t going into traditional fuel cars. My dream is for all six or seven of our factories to run on solar power by 2030. Our refrigerator factory is already 50% powered by solar panels. There are lots of complications and challenges, but I’m trying to find a way to reach this dream.

I’m not a member of the 5am club. I tried several times, but I’ve found that I’m a night owl. I usually wake up around 8:30am. I spend 10-15 minutes checking the news and social media before starting my day and Enterprise is at the top of my list. Everyday, I head to the factory in Tenth of Ramadan City and I usually stay late until around 7:30pm.

More than half of the day is internal meetings with the management team and the other half is external meetings. I don’t only limit myself to the top management. I oversee the production lines almost every day, I sit with the sales team, the quality team, the operations team, and the human resources team — though as I mentioned earlier, I’m trying to change that now.

I have two constants in my day. The first is to review and write up my to-do list on my phone. The second is that I try to avoid taking phone calls during the day. Sometimes people will call you for a question and spend 10 to 15 minutes just talking. So I’ll drop them a message letting them know I’ll call them back at 7pm instead. Throughout the day, I write the list with the names of people I need to call, and I get back to them on my drive home from work, because it’s an hour-long commute.

My experience with having a work-life balance? I’m postponing that balance till I reach my career objectives. I spend a lot of time at work, even sometimes on the weekends or I have meetings in the evening. I’m not a TV person, so I don’t spend my time watching movies or series, and I’m not very much into sports — though I’ll play padel once a week because we have courts next to my house. I prefer to spend quality time with the family. Whenever I’m home, I’m sitting with them, or I’ll take them out on weekends. I make sure that on Friday or Saturday that we have breakfast all together, the whole family. No phones are allowed — that’s important. I also try not to lose the connection with my friends and social life. I like to go out with my friends once or twice a week for a nice dinner or coffee.

I’m in Dubai at the moment as I’m trying to expand Glide’s business in the GCC, whether that’s a small micro-mobility manufacturing facility in Saudi Arabia or Dubai. That would be my dream. As for our goals on the home appliances side of things, I’m always trying to add more products. We currently have five products, and we’ll be adding another factory for gas cookers very soon, probably this year.

My dream is to set up what I call a realizator, which I want to be a kind of hub for transforming brilliant concepts into sellable products. I want to depend on the creativity and innovation of the Egyptian youth, where these young people would be like partners in this product. They have brilliant ideas, but for most of them, they don’t have the means — the funds or the factory, or someone to take care of their idea or their concept — to turn these into sellable products. It’s a very fresh idea that I’ve been working on for around two months, and the details aren’t very clear yet. I’m speaking to advisors to see how we can put this into practice.

Rich Dad, Poor Dad by Robert Kiyosaki is still one of the best books for anyone who wants to start their investment journey. It’s very straightforward and direct, but it’s full of ideas. It changed my life when it comes to investment.

The motto that I go by? Passion is your greatest asset. I’m very passionate about my work, being creative in the business, creating new products, and innovating. If this passion runs dry in whatever I’m doing, I stop it immediately, even if this would cost me money or cost me losing something. So this is what I live by. Love what you do, or do what you love.

CALENDAR

2024

MAY

19-21 May (Sunday-Tuesday): Egypt International Summit for Digital Transformation and Cybersecurity.

20 May (Monday): Malaysian Palm Oil Forum in Cairo, with attendance from Malaysian Plantation and Commodities Minister Johari Abdul Ghani.

23 May (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

25-27 May (Saturday – Monday): Techne Summit, Cairo International Stadium.

29 May (Wednesday): Virtual launch of Chicago Booth Executive Program.

JUNE

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

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

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

JULY

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

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

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

AUGUST

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

SEPTEMBER

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

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

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

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

OCTOBER

6 October (Sunday): Armed Forces Day.

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

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

NOVEMBER

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

DECEMBER

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

EVENTS WITH NO SET DATE

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

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

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

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

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

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

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

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

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

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

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

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

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.

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

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

EVENTS WITH NO SET DATE

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

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