Central bank surprises with 100-bps rate hike

1

What We're Tracking Today

Tugboat and oil tanker collide in Suez Canal, killing crew member

Good morning, wonderful people, and happy Sunday. We hope your week gets off to a relaxing start whether you’re headed to the office or logging in from Sahel.

REMEMBER- Government employees are WFH today: This is the first Sunday that government employees are required to work from home where possible, part of energy-saving measures as rolling blackouts continue. Private sector employers are also being encouraged to implement WFH Sundays while the energy crisis continues.

THE BIG STORY here at home: There’s plenty of news on the macro front this morning, from the CBE’s surprise rate hike last week to July PMI data showing another month of slightly better conditions for our non-oil businesses. Plus, the Suez Canal Economic Zone is inching towards establishing its investment arm, and Turkish firms are signaling their interest in investing here as Cairo-Ankara relations improve.

AND- A Suez Canal Authority tugboat yesterday sank in the canal, killing one crew member, after it collided with Hong-Kong oil tanker Chinagas Legend, SCA boss Osama Rabie told Ahmed Moussa on Ala Mas’ouleety yesterday (watch, runtime: 3:51). Six other crew members on the tugboat were rescued, Rabie said in a statement. Northbound traffic in the canal resumed shortly after the accident, while southbound traffic was never affected, said Rabie.

HAPPENING TODAY-

Shoukry heads to Chad for Sudan talks: Foreign Minister Sameh Shoukry will participate in a ministerial meeting in N’Djamena on the heels of the summit of Sudan’s neighbors in Cairo last month, according to a ministry statement. The ministers will discuss the security, political and humanitarian aspects of the Sudan crisis and propose potential ways forward to bring an end to the country’s civil war.

HAPPENING THIS WEEK-

The National Dialogue goes behind closed doors this week: The National Dialogue is heading into closed-door discussions this week to wrap up recommendations from its specialized committees after five weeks of public sessions. The dialogue board will present to President Abdel Fattah El Sisi three options for the electoral system for the upcoming 2025 parliamentary elections, said Diaa Rashwan, the dialogue’s general coordinator.

MORNING MUST WATCH-

This Egyptian pitmaster knows good Texan BBQ: Kareem El Ghayesh left Cairo tostudy the tradition of Texas barbecue from the experts in Austin, learning everything from how to tend the fire to butchery skills, El Gayesh tells Bon Appetit (watch, runtime: 21:22). Now he’s launched KG BBQ, a fusion of classic BBQ meats with Middle Eastern cooking, offering a menu that includes za'atar and pomegranate pork ribs, and brisket served with rice, pine nuts, pistachios, golden raisins and tahini, all accompanied with house-made pickles and baladi salads.

THE BIG STORIES ABROAD-

#1- US and China take baby steps towards better relations: Washington and Beijing will set up new working groups to discuss ways to iron out contentious issues, the Financial Times reports, citing people with knowledge of the matter. Two groups will tackle Asia-Pacific regional issues and maritime problems while a possible third group focuses on broader topics. The move follows months of decline in the relationship between the two countries and marks the first concrete sign of progress since US Secretary of State Antony Blinken’s visit to Beijing in June.

#2-Pakistan’s ex-PM in police custody: Police forces arrested former Pakistani prime minister Imran Khan yesterday after a court sentenced him to three years in prison on charges of selling state gifts. The verdict could stop Khan from standing in November’s national election. (Reuters | Financial Times | The Guardian | BBC | CNN | CNBC)

CIRCLE YOUR CALENDAR-

The new school year starts on 30 September: The fall semester will run from 30 September through 25 January, while the spring semester will commence on 10 February and run through 6 June, according to an Education Ministry statement.

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.

LISTEN TO OUR PODCAST-

MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? The EnterprisePodcast has you covered: The Enterprise Podcast’s forum series has been bringing you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May. Throughout, we learned lessons from some of Egypt’s biggest exporters on how Egypt can export its way out of a crisis. We heard everything from how to build an exports and FDI strategy, to identifying a foreign partner and tapping into a global supply chain.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami .

IT’S THE FINAL EPISODE- Our final panel of the day was, naturally, the most forward looking. Our panelists discussed how the companies — be they in age-old industries or emerging ones — have adapted to changes to better position their businesses for an uncertain future. We were joined by Nadia El Tawil, investment officer at pan-African private equity firm AfricInvest, Mostafa Bedair, CEO of Giza Seeds and Herbs, and Abdallah Sallam, CEO of Madinet Masr.

OUR FORUM SERIES CONTINUES NEXT SUNDAY WITH THE ENTERPRISE CLIMATE FORUM- Fresh off the heels of a successful COP27, we held our first forum to dive deep into the fundamentals of what we think is the world’s most important industry. The conversations ranged from exploring the business opportunities for Egyptian entrepreneurs, companies and startups in climate, to demystifying green hydrogen, and how we finance our green transition. And we did it all in the Grand Egyptian Museum.

Book your summer vacation with Stayr and get a EGP 500 cashback voucher for every night you stay. Treat yourself to a longer stay this summer with Stayr serviced apartments and villas, and indulge in a vacation loaded with experiences, entertainment, and excursions in tune with each unique holiday mood. For more information: Call +20 15 5409 4049 or visit somabayholidays.com.

Central Bank of Egypt makes surprise 100-bps rate hike in bid to tame inflation

The Central Bank of Egypt (CBE) hiked interest rates by 100 basis points on Thursday as it looks to tackle persistently sticky inflation, it said in a statement ( pdf ) following its policy meeting. The hike came “to contain the inflationary pressures and anchor inflation expectations around the CBE’s targets,” the bank said as it defied expectations that it would leave rates unchanged for a third consecutive meeting.

Where rates now stand: The CBE’s Monetary Policy Committee (MPC) raised rates by 100 bps, leaving the deposit rate at 19.25%, the lending rate at 20.25% and the main operation and disc. rates at 19.75%. The central bank has now hiked rates by 1.1k bps since March 2022. The MPC left rates unchanged during its previous two monetary policy meetings in May and June.

Forecasters didn’t see this coming: All of the seven analysts and economists whom we surveyed in our interest rate poll ahead of last week’s meeting expected the MPC to hold rates steady. A number of analysts had predicted that the central bank would refrain from interest-rate adjustments until the banking system had built up its FX reserves ahead of an expected currency devaluation later in the year.

The committee is expecting inflation rates to peak in 2H 2023 before beginning to decline as a result outfits tighter monetary policy. The central bank is still targeting inflation of 7% (+/- 2 percentage points) on average by 4Q 2024.

REMEMBER- Inflation hit an all-time high of 35.7% in June from 32.7% the month before. Capmas and the CBE are expected to publish inflation figures for July on 10 August.

What will the impact be? Some of the analysts we spoke to ahead of the decision said foreign exchange rates and liquidity currently has a bigger impact on inflation than interest rates. Others had warned that higher rates would have a negative impact on government borrowing costs, while not doing much to attract portfolio inflows.

USD bonds rally on back of hikes: The MPC’s resumption of the monetary-tightening cycle spurred optimism that policymakers’ commitment to tackling inflation would positively impact our USD 3 bn loan program with the IMF, leading Egypt’s USD bonds to rise the most in emerging markets, Bloomberg reports. One bond saw its biggest gain since 14 July. “The rate hike, although modest, is a signal the authorities are making efforts to get the IMF program back on track,” one analyst told the business news outlet.

REMEMBER- A number of global investment banks — most recently Morgan Stanley — now think it unlikely officials will allow the EGP to slide against the greenback before September or October, which is when most expect the IMF to finally conduct the first review of our USD 3 bn loan program. A first review of the program has been on hold since mid-March after the country fell short of meeting several key conditions of the loan agreement.

The rate hikes got ink in the foreign press: (Associated Press | Bloomberg).

Egypt’s non-oil private sector activity contracts at weakest rate in 23 months in July

More improvement in July for business activity: The contraction in Egypt’s non-oil private sector slowed to its softest pace in nearly two years in July, suggesting “initial pointers of a recovery in market demand following a lengthy downturn,” according to S&P Global’s purchasing managers’ index (PMI) (pdf). The country’s PMI rose for a fourth consecutive month to hit 49.2 in July from 49.1 in June. This is the highest reading since August 2021 but remains below the 50.0 mark that separates growth from contraction, making July the 32nd consecutive month that business activity has been in decline.

Output + new orders once again drove the gentler contraction in July: Rates of decline continued to soften in output and new orders, continuing the improvement seen a month before. “Business activity dropped at the weakest rate in almost two years… The decline in new orders also showed further signs of softening, as firms reported initial pointers of a recovery in market demand following a lengthy downturn,” said David Owen, Senior Economist at S&P Global Market Intelligence. Output decreased across all sectors but at its softest rate in almost two years as some businesses noted a recovery in demand that saw new orders decline only modestly. The improved conditions saw inventories and staffing levels near stabilization.

Has inflation peaked for businesses? High prices continued to dampen spending as input cost inflation ticked up slightly, but selling prices rose at their weakest rate since April 2022 as companies continued to absorb inflationary costs. “If the demand recovery spreads and official inflation metrics show a softening, we could see a pick-up in sentiment soon,” Owen said.

REMEMBER - Annual Inflation hit a record high of 35.7% y-o-y during June, up from 32.7% in May. Capmas and the central bank should release July’s inflation figures on 10 August.

Confidence remains close to record lows: "Despite the general movement back to stabilization territory, firms are still fairly subdued about the future, with just 6% expecting output to grow over the next 12 months," Owen noted.

FROM THE REGION-

Saudi Arabia’s PMI (pdf) dropped to 57.7 in July, from 59.6 in June. The pace of growth remains strong but marks a seven-month low for the country on the back of ongoing market repricing adjustments and the rising cost of capital.

The UAE’s PMI (pdf) also dropped to 56.0 in July from 56.9 in June. Business activity grew at a slightly slower pace as sales expansion slowed to a four-month low.

Egypt’s SCZone gets the greenlight to set up investment arm

SCZone one step closer to launching investment arm: The Suez Canal Economic Zone (SCZone) has received cabinet’s approval to set up a joint-stock investment company named SCZone Istithmar, according to a decision published in the Official Gazette on Thursday.

The company’s role: SCZone Istithmar will strategically plan and manage the authority’s current and future investments. It will also help establish industrial development and utilities companies that serve the SCZone in partnership with private investors, both local and international.

The company has been in the works since at least last year: The SCZone in November announced plans to establish an investment company as part of a package of measures designed to boost FDI inflows, explaining that the company would channel finance into projects being established in the zone.

More investment from Turkish firms as Egyptian Trade Minister visits Ankara

Turkish companies, bank mull investing here: Turkey’s largest state-owned bank and a number of Turkish manufacturers expressed their interest in expanding into the local market during Trade and Industry Minister Ahmed Samir’s visit to Ankara last week, according to a ministry statement.

A new USD 70 mn white goods factory: Turkish home appliances manufacturer Vestel and conglomerate Zorlu will soon visit Egypt to explore plans to build a home appliances factory here with investments of more than USD 70 mn in an initial phase, representatives from the two companies told Samir.

Ziraat Bank: Samir also held a meeting with Ziraat Bank — Turkey’s largest state-owned bank — to discuss potential investment in the Egyptian market, with the bank saying it is looking to launch commercial operations as well as to invest in local projects.

KOC: Fortune Global 500 investment group KOC Holding wants to establish a factory for automotive feeder industries, a car manufacturing plant, and a medical products plant, according to a separate statement. The investment group is also looking at renewable energy and wind projects in the Suez Canal Economic Zone (SCZone) and yacht marinas, among other projects. KOC is the investor behind the USD 110 mn Beko home appliance factory set to start operations by 4Q 2023.

Also eyeing the local market: Milat Carpet is planning a visit to explore the feasibility of building a furniture factory in Damietta, company reps told Samir. Execs at metal manufacturer Berdan Civata also met with the minister.

On the policy front: Turkish Industry and Technology Minister Mehmet Fatih Kacir hailed a “new phase of economic cooperation” between Egypt and Turkey at his meeting with Samir last week, according to a separate statement. The two ministers discussed the possibility of establishing a Turkish industrial zone in Egypt, working together on auto manufacturing projects, and potentially relaunching a RoRo line between Egypt and Turkey. Samir proposed that the two sides sign an MoU for cooperation on industrial investment, agriculture, technical expertise transfer, training, and education.

REMEMBER- Samir’s visit came weeks after presidents Abdel Fattah El Sisi and Recep Tayyip Erdogan agreed to reestablish diplomatic ties and appoint ambassadors, ending 10 years of hostilities. The two sides also reconstituted the Egyptian-Turkish Business Council for the first time in 10 years in May. In the past three months, Turkish healthcare firm Hayat and leather maker Iskefe Holding have announced plans to invest a combined USD 250 mn to expand manufacturing operations in Egypt.

El Sisi meets with UAE, Bahraini, and Greek leaders.

El Sisi meets with Gulf counterparts: President Abdel Fattah El Sisi held separate bilateral talks in El Alamein City with UAE President Sheikh Mohamed bin Zayed Al Nahyan and Bahraini King Hamad bin Isa Al Khalifa, according to two Ittihadiya statements (here and here). The statements didn’t give details of the topics that were discussed by the leaders.

El Sisi x Mitsotakis: El Sisi and Greek Prime Minister Kyriakos Mitsotakis discussed cooperation in sectors including the economy, defense, energy, and the green transition during Mitsotakis’ visit to New Alamein City on Thursday, according to an Ittihadiya statement. El Sisi also congratulated Mitsotakis on the reelection of his center-right New Democracy party.

ALSO IN THE DIPLO SPHERE-

Foreign Minister Sameh Shoukry on Wednesday received a call from US Secretary of State Anthony Blinken to discuss bilateral ties and regional developments including the latest in Sudan. (Foreign Ministry statement)
Denmark, Sweden seek conciliation over Quran burning: Shoukry on Friday received separate phone calls from his Danish and Swedish counterparts, who expressed their regret over a recent spate of Quran burning incidents by anti-Islam protesters in the two countries. (Foreign Ministry statement | statement).

Egypt buys more Russian wheat as Moscow mulls cheaper grain for “friendly” countries

The price tag on our latest wheat tender: The latest purchase of imported wheat by GASC — which took place last week — saw the state grains buyer paying Russian traders some USD 264 per ton, including freight, Bloomberg reports. GASC bought 300k metric tons of wheat from Russia and another 60k metric tons from Romania during the international tender, according to Reuters.

Russia mulls preferential grain prices for friendly countries: Russia could lower duties on commodities exports, including grain and fertilizers, to “friendly” nations, Bloomberg quotes Russian Prime Minister Mikhail Mishustin as saying in a televised speech on Thursday. The move could target countries that have imposed sanctions on Moscow, the world’s largest exporter of wheat and fertilizers.

It’s getting harder to buy Russian wheat in int’l markets: US bank JPMorgan decided to slam the brakes on processing Russia’s grain payments on Wednesday, Reuters reports citing Russian officials. JP Morgan had previously handled some grain payments for Russia as part of the recently expired Black Sea grain pact.

REMEMBER- Russia last month pulled out of the grain export pact with Ukraine. Brokered by Turkey and the UN in July 2022, the agreement had enabled Ukraine to resume its grain exports via the Black Sea after a blockade by Russia helped provoke a global food crisis. The renewed blockade is preventing Ukraine from shipping grains to food insecure countries in Africa, including Egypt, which is among the world’s largest importers of wheat. Egypt was not among the six African countries to which Russian President Vladimir Putin last month promised to send free grain.

Endowments Ministry fire, blackouts top Egyptian talk shows

Fire + power got top billing on the talkshows last night after a blaze broke out in a government building in Downtown Cairo yesterday, and the pundits brought us more on the ongoing rolling blackouts. Amr Adib and Sherif Amer are off on summer vacation, and Lamees El Hadidi is still off as well.

The fire that broke out at the Religious Endowments Ministry building in Downtown Cairo yesterday was thanks to a short circuit, ministry official Ayman Abu Omar told Ahmed Moussa (watch, runtime: 7:21). Abu Omar added that no files were damaged. Salet El Tahrir also had coverage (watch, runtime: 3:40)

Alexandria wants out: Residents of Alexandria are calling on the government to exempt the governorate from the nationwide rolling power cuts because Alex is hosting scores of tourists on their summer vacation, said Moussa yesterday (watch, runtime: 7:59) Moussa also asked why power cuts have reportedly been lasting for up to 90 minutes, contrary to the one-hour long schedules announced last week by the cabinet.

REMEMBER-The government has spared the Matrouh, Red Sea and South Sinai governorates from blackouts on the basis that they’re important to the country’s tourism sector.

Suez Canal tugboat tragedy tops mentions of Egypt in the foreign press

Yesterday’s tugboat accident in the Suez Canal is leading the headlines on Egypt in the foreign press this morning. We have the full story in What We’re Tracking Today, above. (Reuters | AP).

Also making headlines: The fire that broke out at the Religious Endowments Ministry building in downtown Cairo yesterday. We have the details in Last Night’s Talk Shows. (Reuters)

Al Ezz Dekheila Steel greenlights share buyback, EGX delisting. PLUS: Egypt’s first digital bank to launch in 1Q 2024 + EBRD buys EGP 930 mn of NUCA bonds

PRIVATIZATION-

Al Ezz Dekheila buyback + delisting in motion:The extraordinary general assembly of Al Ezz Dekheila Steel approved the voluntary delisting of the steel manufacturer from the EGX, Asharq Business said in a tweet yesterday. The assembly also reportedly approved Ezz Dekheila’s plan to buy the 31% stake in the company previously owned by government entities, Al Borsa reports. The government is offloading its stake as part of its privatization plans. Parent company Ezz Steel on Wednesday approved to extend a payment guarantee worth up to USD 250 mn to finance the voluntary delisting of its subsidiary, according to a statement to the bourse (p df).

REMEMBER- Al Ezz Dekheila plans to retire all of the freefloat shares acquired from the government. This will leave Ezz Steel with almost full ownership of the now-private company — and potentially 100% control depending on how many minority shareholders decide to sell their shares.

FINTECH-

Our first digital bank is set to launch in 1Q 2024: Banque Misr plans to launch the country’s first digital bank in the first quarter of next year, Al Mal reported on Thursday citing sources familiar with the matter.

REMEMBER- Several Gulf investment funds are eyeing a minority stake in Misr Digital Innovation (MDI), the company set up by Banque Misr to launch its digital banking arm, the newspaper reported last month. New regulations stipulate that digital banks need at least EGP 2 bn in capital to receive a license, and EGP 4 bn to be able to finance large companies.

DEBT-

EBRD money for new cities: The European Bank for Reconstruction and Development (EBRD) is investing EGP 927 mn (c. EUR 27 mn) in a securitized local currency bond issued by the New Urban Communities Authority’s (NUCA) special purpose vehicle, Al Taamir Securitization, the lender’s website said. The funds will support the development and sustainable management of water and power infrastructure projects in the new cities administered by NUCA, as well as helping the authority prepare for a potential green bond issuance.

Part of last year’s blockbuster securitization: The investment is part of an EGP 20 bn securitized bond issuance from Al Taamir to finance the development of new urban areas including the new capital and New Alamein. Al Taamir closed the issuance in September 2022, making it the market’s largest securitization to date.

JPMorgan rolls back US recession wager. PLUS: Aramco hikes crude prices to Asia, Europe + Weaker iPhone sales hit Apple share price

JPMorgan is no longer predicting a US recession: JPMorgan Chase analysts are the latest to roll back earlier forecasts of a recession for the US economy as data increasingly indicates that the US Federal Reserve may pull off the ‘soft landing’ officials have been aiming for, CNBC reports. The bank is now predicting growth of 2.5% in 3Q 2023, up from an earlier 0.5%, making its previous forecast for a contraction by 4Q unlikely.

Aramco raises oil prices: Saudi Arabian oil giant Aramco raised the price for its key Arab Light crude for sale to Asia and Europe as supply tightens, according to a price list seen by Bloomberg. Benchmark oil prices have been on the rise in recent weeks on the back of OPEC+ supply cuts and rising demand in Asia.

Apple shares fall on sales slump: The tech giant saw its shares fall 2% on Thursday as it said it expects a retail slump to continue into 3Q 2023. Apple recorded a 1.4% drop in sales thanks to fewer iPhone purchases in 2Q 2023. (Reuters)

EGX30	17,451	-0.0% (YTD: +19.5%)
USD (CBE)	Buy 30.84	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	19.25% deposit	20.25% lending
Tadawul	11,376	-0.9% (YTD: +8.6%)
ADX	9,786	+0.0% (YTD: -4.2%)
DFM	4,083	+0.8% (YTD: +22.4%)
S&P 500	4,478	-0.5% (YTD: +16.6%)
FTSE 100	7,564	+0.5% (YTD: +1.5%)
Euro Stoxx 50	4,333	+0.7% (YTD: +14.2%)
Brent crude	USD 86.24	+1.3%
Natural gas (Nymex)	USD 2.58	+0.5%
Gold	USD 1,976.10	+0.4%
BTC	USD 29,064	+0.1% (YTD: +76.1%)

THE CLOSING BELL-

The EGX30 was almost flat at Thursday’s close on turnover of EGP 1.72 bn (11.5% below the trailing 90-day average). Regional investors were net sellers. The index is up 19.5% YTD.

In the green: Sidpec (+3.0%), Oriental Weavers (+2.1%), and Beltone Financial (+2.0%).

In the red: Eastern Company (-1.4%), Juhayna (-1.0%) and E-finance (-0.9%).

CALENDAR

JULY

Late July-14 August: 2Q2023 earnings season.

AUGUST

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

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

16-17 August (Wednesday-Thursday): Finance Ministry to pay out the third batch of the sixth phase of the export subsidies.

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.

1 September (Friday): Application deadline for the Smart Green Projects initiative.

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.

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.

30 September (Saturday): The start of the new academic year for Egyptian universities.

30 September (Saturday): The start of the new academic year for Egyptian schools.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily