CI Capital, Barclays plan United Bank roadshow this month -report

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CI Capital, Barclays plan United Bank roadshow this month -report

Happy Sunday, ladies and gents: And here we are at the beginning of another month, racing towards the midpoint of 2023. We’ve got a busy issue to kick June off, so let’s get to it.

HAPPENING TODAY-

The Senate will reconvene today: The FY 2023-2024 socioeconomic development plan approved by the Senate Economic Committee last week could be up for discussion and a vote. Planning Minister Hala El Said is expected to present a statement on the plan and the Senate committee’s report. The committee’s 108-page report calls on the government to accelerate the implementation of the State Ownership Policy and make further pro-business reforms to attract more private investment.

At the Senate committees today:

The Agriculture Committee will hold three meetings on smart irrigation systems, rationalizing the use of water in rice cultivation, and the government’s strategy achieving self-sufficiency in red meat and dairy products;
The Economic Committee will continue discussions on barriers to FDI;
The Industrial Committee will review the government’s strategy to promote industrial exports;
The Education Committee will review the financial conditions of university professors and lecturers;
The Health Committee will look into how to raise the salaries of doctors in public hospitals, especially those serving in border governorates.

NOT HAPPENING TODAY: The National Dialogue, whose session has been postponed due the venue suffering damage during Thursday’s bad weather, the dialogue’s general coordinator, Dia Rashwan, said yesterday, according to Ahram Gate. The dialogue will resume on Tuesday where delegates will discuss the State Ownership Policy document and barriers to private investment.

HAPPENING THIS WEEK-

Tomorrow is PMI day: S&P Global will release May’s PMI figures tomorrow. Egypt’s non-oil private sector contracted at a slower pace in April as the stable exchange rate helped to alleviate inflationary pressures.

It’s also Innoxera’s annual EdTech summit: Sponsored by Classera, the event will bring together experts, innovators, and entrepreneurs in the field of technology and education to discuss innovations in smart learning, with a specific focus on AI. The event will take place at the Royal Maxim Palace Kempinski Hotel in New Cairo. You can register here.

Africa Health Excon starts Wednesday: The four-day health conference will take place at the Egypt International Exhibition Center on Wednesday. Check out the agenda here.

THE BIG STORIES ABROAD-

Debt ceiling drama cover: US President Joe Biden has signed into law legislation that lifts the federal debt limit and averts an unprecedented default. (Associated Press | Bloomberg | New York Times | Wall Street Journal)

The Western press is running a number of stories on Ukraine on their front pages this morning: the Wall Street Journal has an interview with Ukrainian President Volodymyr Zelenskiy on the much talked-about counter offensive, Reuters reports on a deadly explosion in the central city of Dnipro, while the New York Times and the Washington Post both have stories on the recent incursions by Ukraine-linked militia into Russian territory. (Reuters | Washington Post | New York Times | Wall Street Journal | CNBC)

MARKET WATCH-

Another oil supply cut? OPEC+ could decide to slash oil production by as much as 1 mn barrels per day today when it discusses options to tackle falling oil prices at its meeting in Vienna, Reuters reports, citing three sources with knowledge of the matter. While the bloc’s surprise move to cut production in April briefly drove oil prices up, prices have since fallen more than 12% amid fears of a global economic slowdown, which culminated in bearish investor positions on oil. Deepening oil production cuts could have major implications for oil prices seeing as the bloc supplies around 40% of the world's crude.

WATCH THESE SPACES-

#1- United Bank roadshow this month? CI Capital and Barclays are lining up a June promotional roadshow for the sale of United Bank, reported Al Borsa, citing anonymous sources. The two financial advisors are reportedly eyeing up Gulf countries, including Kuwait, Qatar, Oman and the UAE for the roadshow, the sources said. Barclays was appointed a partner on the sale by the CBE earlier last month.

Remember: The search for a buyer for the CBE-owned lender was reignited earlier this year after talks with Saudi Arabia’s sovereign wealth fund ended reportedly due to disagreements over how to value it following the devaluation of the EGP.

#2- African automotive association kicks the tires on manufacturing in Egypt: A delegation of automotive and automotive components producers attended a meeting of the African Association of Automotive Manufacturers (AAAM) yesterday to look at potential investments in Egypt’s automotive industries, according to a press release (pdf). The meeting, which was held in East Port Said’s integrated industrial zone (EP), brought together representatives from Toyota South Africa, General Motors Egypt and North Africa, and Robert Bosh-Africa.

Egypt wants to position East Port Said as a hub for the automotive industry, with plans to set up a specialized zone for automotive manufacturing, which will be named the East Port Said Automotive Zone, or EPAZ, according to AAAM Vice President and EP Managing Director Ahmed Fikry. EP is looking to “attract a number of different brands from global automobile manufacturers to participate in a joint automotive manufacturing complex,” he said.

DATA POINT-

There’s now more than 105,000,000 of us: The country’s population hit the 105-mn mark yesterday, according to state statistics agency Capmas’ population clock, which is linked to the Health Ministry’s birth and death database. The population count came in at 104 mn on 1 October last year, meaning that in the interim, one baby was born on average every 21.2 seconds — or three babies every minute.

CIRCLE YOUR CALENDAR-

IT’S A BRAND NEW MONTH: Here are some economic indicators to look out for over the coming weeks:

Foreign reserves: The central bank will publish foreign reserves figures for June this week.
Inflation: Capmas and the central bank should be out with May’s inflation data on 8 June.
Interest rates: The central bank will meet to review interest rates on 22 June.

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

Google to start charging VAT on e-services in Egypt from July

VAT hits Google services: Google will start charging VAT on its e-services starting 1 July, it said in an email to users over the weekend. “To comply with local laws in Egypt, starting July 1, 2023 we will begin charging a value added tax of 14% on e-services unless we have your Egyptian Tax ID number,” the email said.

What e-services? Google offers a wide range of online services including: YouTube Premium, YouTube Music, Google Play Pass, and Google One. Google also offers advertising services to businesses.

It’s been months in the making: The Finance Ministry first announced the regulatory amendments to the VAT Law in March, subjecting non-resident service providers to VAT. The VAT Law now includes transactions made on “electronic distribution platforms” which includes websites, internet portals, e-stores or other internet marketplaces connecting suppliers with clients.

It’s a matter of time before VAT hits other online services: “We want service providers like Google, Facebook, Youtube, and Netflix to register for VAT through the simplified registration process,” the Egyptian Tax Authority’s director of taxpayer services Mohsen El Gayar told Enterprise. The authority is calling on non-resident suppliers to register via the simplified system; while there is no deadline, companies will automatically be considered registered when their sales surpass the EGP 500k registration threshold.

Your streaming subscription will get more expensive: The law means that international streaming platforms such as Netflix, Disney Plus, OSN+, and Amazon Prime, as well as music streaming services like Apple Plus and Spotify, will soon start charging VAT on their subscription fees.

Samsung to establish new smartphone assembly plant in Egypt

Samsung wants to strengthen its presence in our smartphone assembly market:South Korea’s Samsung Electronics plans to establish a new factory for smartphone assembly in its industrial complex in Beni Suef, the Communications Ministry said in a statement Friday. The smartphone maker is set to begin establishing the new 6k sqmplant in 4Q 2023, which will produce phones for the local market and for export, and will create some 1.4k direct and indirect jobs, the statement reads. This came during a meeting between Communications Minister Amr Talaat and the head of Samsung Electronics Egypt.

What we don’t know: Information about the size of investment, the production capacity of the factory or which models will be assembled. It’s also not clear how many of the phones will be exported or whether Samsung has committed to using a certain percentage of local components for production.

Current operations:Opened in 2014, Samsung’s USD 270 mn factory in Beni Suef produces smartphones, TVs and tablets, and last year debuted its first batch of Egypt-made smartphones. The facility currently has an annual production capacity of 6 mn units, around 85% of which is exported to the Middle East and Africa.

Samsung isn’t the only multinational looking to increase its footprint in Egypt: Chinese firm Xiaomi is planning to establish a EGP 1 bn phone factory in Egypt which could open in the second half of this year, while fellow Chinese manufacturers Oppo and Vivo have also said they are interested in the market. Meanwhile, Nokia phone manufacturer HMD Global plans to significantly increase its production capacity in Egypt this year and start exporting phones to North Africa.

All part of the industry’s localization strategy: The Communications Ministry has been working over the past several years to localize the country’s electronics manufacturing industry, through ITIDA’s Egypt Makes Electronics initiative, which President Abdel Fattah El Sisi launched at the end of 2015. The initiative is aimed at reducing Egypt’s imports of electronic components and increasing exports, and initially targeted products such as mobile phones, tablets, TVs, smart meters, and solar energy systems.

Hassan Allam Properties signs EGP 500 mn sale-leaseback agreement with Beltone

Hassan Allam Properties (HAP) has signed a EGP 500 mn sale-and-leaseback agreement with Beltone Financial Holding’s financial leasing outfit, Beltone Leasing, to help finance several commercial and hospitality assets, according to a joint statement (pdf) on Thursday.

The details: The seven-year agreement will see two HAP subsidiaries — International Company for Tourism and Development and Katameya for Development, Tourism, and Real Estate — sell the assets to Beltone for EGP 500 mn and lease them back. Each subsidiary will receive EGP 250 mn to finance the assets. The statement didn’t disclose which assets were subject to the agreement or how HAP will deploy the funds.

The players:Hassan Allam Properties is one of the country’s leading boutique real estate developers and has a 6.5 mn sqm bank of developed and undeveloped land for residential and mixed-use projects. Beltone Leasing is the leasing arm of leading financial services firm Beltone Financial. Abu Dhabi-based investment firm Chimera acquired a 56% stake in the company last year.

UN Security council calls for “immediate” and “permanent’ truce in Sudan

The UN Security Council has called for an immediate and permanent ceasefire in Sudan amid continued fighting in the nation’s capital. In a statement on Friday the council “expressed deep concern” over the continued clashes and called on the army and the Rapid Support Forces (RSF) to ensure “unhindered humanitarian access” across the country.

Talks collapse: The council meeting took place two days after the Sudanese army, led by General Abdel Fattah Al Burhan, quit Saudi- and US-sponsored peace talks blaming the RSF for failing to respect the terms of a week-long ceasefire agreed the week before. The two sides had been engaged in talks in Jeddah for more than three weeks, and had agreed to extend the ceasefire through to yesterday evening.

US slaps sanctions on both sides: The US has hit four companies accused of fuelling and profiting from the conflict in Sudan with sanctions, the Treasury Department said Thursday. The sanctions will cut off financial flows to two companies affiliated with the army, including Sudan’s largest defense firm, and two aligned with the RSF, including a gold mining company owned by RSF leader Mohamed Hamdan Dagalo, according to the statement.

Egypt + Qatar to coordinate Sudan relief efforts: El Sisi and Qatari Emir Sheikh Tamim bin Hamad Al Thani agreed to launch a joint initiative to provide humanitarian aid to Sudan during a phone call over the weekend, according to an Ittahidiya statement.

REMEMBER- The war in Sudan has made refugees of some 292k people, the majority of which — 170k —- crossed the border into Egypt, according to UN data.

IDH sees 43% growth in conventional testing in 1Q 2023

IDH earnings signals the end of the pandemic era as conventional testing on the rise: Integrated Diagnostics Holdings’ (IDH) net income dipped 46% y-o-y to EGP 168 mn in 1Q 2023, as revenues dropped 22% y-o-y to EGP 915 mn, according to the company’s earnings release (pdf). The one-quarter hit comes as covid testing is declining in the face of conventional test, which rose 43% y-o-y during the January-March quarter to EGP 915 mn.

More tests and higher prices drive conventional revenue growth: Revenues from conventional tests rose increased on the back of a rise in test volumes and average revenue per test. IDH conducted 8 mn conventional tests, up 12% on 1Q 2022, and the average per-test price increased by 27% as the company raised prices on the back of a weaker EGP and rising inflation.

IDH expands network: IDH added 24 more branches to its network during the quarter, including 20 in Egypt, three in Jordan, and one in Sudan, bringing the total number of branches to 576. Only two of the company’s branches in Sudan are currently operational due to the conflict. Almost 80% of the company’s revenues originated in Egypt, where conventional revenues grew 33% y-o-y to EGP 731 mn. Taking the loss of covid tests into account, the group’s Egypt revenues fell 17% y-o-y.

What they said: “I am happy to report another quarter of sustained growth at our conventional business and of solid progress on our longer-term value creation and growth strategies,” CEO Hend El Sherbini said. “The 43% y-o-y expansion of our conventional business was especially impressive as it comes in the midst of an increasingly difficult operating environment with our markets, and the global economy in general, continuing to face rising inflation, tightening monetary policies, and weakening currencies.”

Saudi debut this year: The company will open its first branch in Saudi Arabia in September this year and plans to expand its radiology network in Egypt. El Sherbini said.

Orascom Construction revenues slip in 1Q 2023

Orascom Construction’s net income attributable to shareholders almost tripled y-o-y to USD 36.1 mn in 1Q 2023 as FX gains resulting from its net asset position in Egypt offset a decline in revenues, according to its latest earnings release (pdf). The company revenues fell 18% y-o-y to USD 805 mn during the quarter led by a 40% decline from its operations in the Middle East and Africa. US revenues rose 50% to USD 356.9 mn.

Backlog dips, new awards up: Orascom Construction’s backlog excluding BESIX fell 1.2% to USD 5.5 bn during the January-March quarter despite the devaluation of the EGP at the start of the year, the company said. Egypt made up the majority of the company’s backlog, with a 69.4% share, followed by the US (24.7%) and Saudi Arabia (2%). New awards rose almost 40% to USD 858.4 mn.

What they said: “Progress is well on track at key projects such as the monorail in Egypt and data centers in the US,” CEO Osama Bishai said. “It is also worth noting that a sizable portion of new work and existing backlog in Egypt is denominated in foreign currency. These new awards helped maintain the backlog at a healthy level of USD 5.5 bn, in-line with the level achieved the previous year and slightly higher compared to last quarter.”

Al Ahly Pharos tops Egypt brokerage league table in May

We have a new leader in the monthly brokerage rankings: Al Ahly Pharos led the EGX’s monthly brokerage league table in May with a market share of 13.4%, according to EGX figures (pdf). EFG Hermes was knocked off the top spot for the first time this year and came in second with 12.3%). CI Capital (8.9%), Mubasher Securities (4.8%), and Arqaam Securities (4.4%) made up the top five.

Egypt’s talk shows cover the shooting incident at the Egypt-Israel border, and Jill Biden’s trip to Egypt

Diplomacy was the key theme on the nation’s airwaves last night following the shooting incident on the Egypt-Israeli border yesterday and the visit of US First Lady Jill Biden to Cairo over the weekend.

Exchanges of fire on the border with Israel: El Hekaya (watch, runtime: 14:49), Kelma Akhira (watch, runtime: 3:24) and Masa’a DMC (watch, runtime: 0:55) all covered the phone call between the Egyptian and Israeli defense ministers following yesterday’s shooting at the border which left three Israeli soldiers and one Egyptian officer dead. We have more on this in this morning’s Egypt in the News, below.

The US first lady was in town over the weekend: Secretary-General of the Supreme Council of Antiquities Mostafa Waziri made several appearances on the airwaves last night to discuss the details of US First Lady Jill Biden’s trip to the Pyramids of Giza, including on Kelma Akhira (watch, runtime: 2:41 | 5:43) and Masa’a DMC (watch, runtime: 4:30 | 0:32). We have more in this morning’s Diplomacy section, below.

Also getting attention on the airwaves last night:

The inspection of projects never ends for Madbouly: Prime Minister Moustafa Madbouly’s visit to a number of infrastructure and development projects in Alexandria received coverage on Al Hayah Al Youm (watch, runtime: 2:33) and Ala Mas’ouleety (watch, runtime: 18:10).
Clashes at the Engineers’ Syndicate: Rep. Alaa Abed, deputy head of the Mostaqbal Watan Party, appeared on El Hekaya (watch, runtime: 4:31) to discuss the events at the Engineers’ Syndicate last week when fighting broke out among members. The Public Prosecution has ordered an investigation into the events.
Counting the cost of the electricity price freeze: The government spent EGP 25 bn to freeze electricity prices for domestic consumption, said Ala Masouleety’s Ahmed Mousa in a segment on the soaring temperatures over the weekend (watch, runtime: 3:43). Electricity prices have been frozen over the past year under efforts to protect households from the rising cost of living. We’re still waiting on the government’s decision about whether to extend the current freeze into the new fiscal year.

Shooting at Egypt-Israel border kills 3 Israeli soldiers, Egyptian officer

Dominating the international conversation on Egypt this morning: Three Israeli soldiers and one Egyptian officer were shot dead in a security incident at a guard post on the Egypt-Israel border on Saturday morning, the Egyptian and Israeli militaries said yesterday. A spokesperson for the Israeli Defense Forces said the fire came for an Egyptian policeman, while the Egyptian Armed Forces said the officer who crossed the border was chasing suspected narcotics smugglers. Egyptian Defense Minister Mohamed Zaki offered his condolences during a phone call with the Israeli defense minister yesterday, and both discussed putting in place measures to prevent future shooting incidents at the border, the Egyptian Armed Forces said.

Egyptian migrants held in Libya: Thousands of largely Egyptian migrants have been detained during raids on trafficking warehouses in eastern Libya, according to the Associated Press. Libya is attempting to stem the flow of human traffickers who smuggle migrants from the country to Europe via the Mediterranean Sea by boat. More than 6k migrants are believed to be held by Libyan authorities, activist groups estimate, the majority of which are Egyptian nationals who have been taken to the Musaid crossing point with Egypt to await their deportation home.

Also making headlines:

“Khamasin” season comes with a death toll: Thursday’s powerful sandstorm killed at least four people and forced the authorities to close the ports of Suez and Zaitiyat on the Red Sea. (The National)
Egyptian graphic novelist Deena Mohamed talks about her journey to international prominence following the publication of Shubeik Lubeik. (The Irish Times)
Pets are now a luxury for many: The rising cost of living in Egypt is driving many people to give up their pets as they struggle to afford to feed them. (Al Monitor)

Sumitomo Electric breaks ground on pigtails cable factory. PLUS: Lighthouse Education, Rameda Pharma, new tourism figures

MANUFACTURING-

#1- Sumitomo Electric broke ground on the first phase of its new pigtails cable factory in Tenth Ramadan City, the Trade and Industry Ministry said Thursday. Sumitomo plans to invest USD 100-150 mn in the project initially, Sumitomo Egypt Managing Director Ahmed Magdy previously told Enterprise. The factory is expected to produce cables for 1 mn cars per year and provide 3.5k new jobs, according to the statement. The factory is expected to be the company’s largest in the world.

#2- Pyramids Tires will open two new production lines at its USD 350 mn tire factory by Decemberthis year, the company’s chairman reportedly told Al Mal. The lines will produce 600k tires for light transport and 15k ties for pivot irrigation each year.

EDUCATION-

Lighthouse Education plans acquisitions after reaching first close: Education investment platform Lighthouse plans to acquire stake in two primary schools before the start of the next academic year, CEO Mahmoud Khalifa was quoted as telling Al Borsa. The state-backed fund reached a first close of more than EGP 550 mn in 2021 and is aiming to reach its second close before the end of 2024 and increase its capital to EGP 1 bn, he said.

Refresher: Lighthouse Education was established in 2021 with financial backing from a number of state-owned financial institutions including Misr Ins. Holding, the Sovereign Fund of Egypt, Banque Misr and United Bank. The fund was launched to channel investment into private K-12 schools.

TOURISM-

Egypt back on the tourist map: Some 4.5 mn tourists visited Egypt in the first four months of 2023, with April itself accounting for 1.35 mn of the inflow, Tourism Minister Ahmed Issa told Al Shorouk. The figures are just below the 4.9 mn touriststhat came to Egypt in the first six months of 2022 as the sector began to rebound after the Covid pandemic lockdowns. The ministry is targeting 15 mn arrivals this year and 19 mn in 2024, Issa added, as the government looks to reach their goal of attracting as many as 30 mn tourists to the country by 2028.

PHARMA-

Rameda Pharma has acquired 11 cardiometabolic products from an unnamed local pharma manufacturer, it said in a statement (pdf) Thursday. The move will allow Rameda to tap into five therapeutic areas that have a combined market value of EGP 2.2 bn and have experienced a three-year compound annual growth rate (CAGR) of 37%, compared to 11% growth in the overall pharma market. Rameda plans to complement its new cardiometabolic portfolio “with up to seven new product launches in this area before the end of FY 2023,” said CEO Amr Morsy.

LOGISTICS-

Global marine ship-fueling firm Peninsula receives bunkering services license: Oil Minister Tarek El Molla has awarded the second license to international ship-fueling firm Peninsula to provide services at Egyptian ports in the Mediterranean, according to an Oil Ministry statement. This is the second company to be granted a license after Minerva Bunkering, which began operating in Egypt last week.

AGRICULTURE-

FAO, Japan, and Netherlands to help us up our agriculture game: The UN’s Food and Agriculture Organization (FAO) is set to collaborate with the Irrigation Ministry on the implementation of three agricultural projects that will be funded by Japan and the Netherlands following agreements inked last week, according to a ministry statement. The projects aim to modernize our irrigation technologies, enhance water productivity, and support small farmers in Upper Egypt, the statement reads, without disclosing timelines or the value of the agreements.

EDUCATION-

Egyptian universities + SDGs: Thirty-seven Egyptian universities have been included in the Times Higher Education Impact Rankings 2023, which assesses some 1.6k institutions worldwide against the UN’s Sustainable Development Goals, the Higher Education Ministry said yesterday. Greater provision of technical support, education regarding international publishing, scientific promotion committees and information made available through the Egyptian Knowledge Bank, have supported Egypt’s rankings, said Higher Education Minister Ayman Ashour.

The rundown: Aswan University (101-200) took the overall top spot for Egyptian universities for the third consecutive year, followed by Ain Shams University (201-300) at #2 and Cairo University (301-400) at #3. Four institutions — New Valley University, Sohag University, British University in Cairo and Sphinx University — were included in the rankings for the first time.

Adnoc L&S shares surge on stock market debut

Adnoc Logistics & Services surged 58% above its listing price on its debut on the Abu Dhabi Securities Exchange on Thursday following a USD 769 mn IPO. Shares opened at AED 2.91 and rose as high as AED 3.180 before paring gains to close at AED 3.130. The IPO priced the company’s shares at AED 2.01, valuing it at some USD 4.05 bn. The offering saw huge demand, with investors submitting bids worth USD 125 bn, implying a 163x oversubscription level. EFG Hermes acted as joint bookrunner on a USD 769 mn initial public offering, it said in a statement (pdf).

UAE introduces corporate tax: The UAE began introducing a 9% tax on business’ income last week as the country looks to increase non-oil revenues, Reuters reports. Firms will pay the tax on any income above AED 375k from the beginning of their next financial years, meaning that the first tax returns won’t be due until 2025.

This doesn’t apply to freezones: Companies operating in the UAE’s more than 30 freezones could be eligible for a 0% corporate tax rate, subject to certain conditions. Check out the regulations here (pdf) and here (pdf) for more information.

ALSO WORTH NOTING-

PIF doubles down on EV startup Lucid: EV startup Lucid Group plans to raise nearly USD 3 bn from a stock offering, with two-thirds of the funding coming from Saudi Arabia’s Public Investment Fund (PIF), it said Wednesday. The Saudi wealth fund — which already owns more than 60% of the company — will invest USD 1.8 bn in a private placement and another USD 1.2 bn will be raised via a secondary share sale on the Nasdaq. (Lucid statement)
Erdogan’s new finance chief could signal an end to Erdonomics:Newly-reelected Turkish president Recep Tayyip Erdogan has announcedthe members of his cabinet, naming former economy chief Mehmet Simsek as treasury and finance minister in what could signal a step away from his unorthodox economic policies. (Reuters)

EGX30	17,533	+0.2% (YTD: +20.1%)
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	11,015	0.0% (YTD: +5.1%)
ADX	9,406	+0.4% (YTD: -7.9%)
DFM	3,603	+0.6% (YTD: +8.0%)
S&P 500	4,282	+1.5% (YTD: +11.5%)
FTSE 100	7,607	+1.6% (YTD: +2.1%)
Euro Stoxx 50	4,324	+1.6% (YTD: +14.0%)
Brent crude	USD 76.13	+2.5%
Natural gas (Nymex)	USD 2.17	+0.7%
Gold	USD 1,969.60	-1.3%
BTC	USD 27,070	-0.4% (YTD: +64.1%)

THE CLOSING BELL-

The EGX30 rose 0.2% at Thursday’s close on turnover of EGP 2.14 bn. Regional investors were net buyers. The index is up 20.1% YTD.

In the green: Qalaa Holdings (+6.2%), Heliopolis Housing (+4.9%) and Ibnsina Pharma (+4.7%).

In the red: CIRA Education (-2.6%), Elsewedy Electric (-2.5%) and Abu Qir Fertilizers (-2.5%).

US first lady visits Egypt. PLUS: Egypt’s foreign minister attends Erdogan’s inauguration in Ankara

Shoukry attends inauguration ceremony of Turkish president: Foreign Minister Sameh Shoukry was in Ankara yesterday attending the inauguration of Turkish President Recep Tayyip Erdogan who won another term in office last week following a closely-fought election, Foreign Ministry Spokesman Ahmed Abu Zeid said on Twitter.

Times are changing: President El Sisi and Erdogan agreed to “immediately start elevating diplomatic relations … and exchanging ambassadors” following the Turkish president’s reelection. In an interview with Asharq Business (watch, runtime: 10:27) the following day, the Turkish charge d’affaires in Cairo said that he expects the two presidents to hold their first ever face-to-face talks soon.

US first lady in Egypt:First Lady Jill Biden spent her weekend in Egypt where she metwith President Abdel Fattah El Sisi and First Lady Entissar El Sisi, visited Al Azhar Mosque and the Pyramids, and met children studying at the El Sewedy International Applied Technical School.

Iran to enter joint naval task force with Gulf states

Iran + GCC states to set up joint naval task force: Iran will partner with a number of Gulf countries including Saudi Arabia, the UAE, Qatar, Bahrain, and Oman to set up a joint naval force in the Arabian Gulf, Iranian media quoted an Iranian naval commander as saying on Friday. Iraq, Pakistan and India will also join the initiative, he said. There has been no confirmation from the other countries regarding the alliance.

UAE leaves US-led naval force: The announcement came a few days after the UAE saidit had stopped participating in the US-led naval task force in the region — the Combined Maritime Forces — a few months ago as part of an “ongoing evaluation of effective security cooperation with all partners.” Questions surrounding the task force’s mandate and rules of engagement led the UAE’s decision to withdraw, a source close to the matter told the Financial Times.

ALSO WORTH NOTING-

Divided response over Ukraine peace plan: A peace plan to end the war in Ukraine put forward by Indonesia’s defense minister has triggered criticism from Western and Ukrainian officials but praise from China, reports the Financial Times. Prabowo Subianto’s plan calls for a ceasefire, the creation of a demilitarized zone, and a UN-backed referendum in disputed territories in the east of the country, suggestions which underline the difficulties that the US and Europe face in persuading many developing countries to criticize Russia’s invasion of Ukraine, the salmon-colored paper writes.
Train crash in India kills hundreds: A three-way train crash in India killed at least 280 people and left around 900 injured, marking the country’s deadliest rail disaster in nearly two decades, according to the Associated Press. Egypt’s Foreign Ministry expressed its condolences in a statement yesterday.

CALENDAR

JUNE

June: Indian representatives to discuss prospect investments in the Suez Canal.

June: Egyptian-Saudi business forum.

3-4 June (Saturday-Sunday): OPEC+ meeting, Vienna.

4 June (Sunday): Senate back in session.

5 June (Monday): Innoxera’s annual EdTech summit

6 June (Tuesday): National Dialogue.

7-10 (Wednesday-Saturday): Africa Health Excon, Egypt International Exhibition Center.

6-8 June (Tuesday-Thursday): Association for Iron and Steel Technology (AIST) MENA, Royal Maxim Palace Kempinski Hotel.

8 June (Thursday): National Dialogue.

10 June (Saturday): Thanaweya Amma examinations begin.

11 June (Sunday): House reconvenes.

11 June (Sunday): National Dialogue.

12 June - 15 July (Monday-Saturday): Thanaweya Amma exams.

13-14 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.

13 June (Tuesday): National Dialogue.

15 June (Thursday): National Dialogue.

19-20 June (Monday-Tuesday): The forum for insolvency reforms and corporate restructuring in the Middle East and North Africa.

19-21 June (Monday-Wednesday): Egypt Infrastructure and Water Expo, Egypt International Exhibition Center.

19-21 June (Monday-Wednesday): Big 5 Construct, Egypt International Exhibition Center.

22 June (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

30 June (Friday): Egypt to exit Grains Trade Convention.

JULY

1 July: House of Representatives deadline to approve the FY 2023-2024 budget.

1 July: GAFI to launch the country’s first integrated electronic platform to facilitate setting up a business.

5 - 6 July (Monday - Tuesday): Gov’t to pay out subsidies to first wave of applicants under its sixth export subsidy program.

15 July (Saturday): Deadline for bids in EGPC’s mature oil fields tender.

18 July (Tuesday): Islamic New Year.

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 (TBC).

23 July (Sunday): Revolution Day.

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

27 July (Thursday): National holiday in observance of Revolution Day.

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.

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.

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

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

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).

OCTOBER

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

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

6 October (Friday): Armed Forces Day.

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): EgyptAutomotive Aftermarket Exhibition, Cairo International Convention Center.

26 October (Thursday): Daylight saving time ends.

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

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

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

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

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

NOVEMBER

November: Cairo to hostIntra-African Trade Fair.

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

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

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

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

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

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 AfricaExpo, 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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