DPI leads USD 165 mn investment in supermarket chain Kazyon

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What We're Tracking Today

Companies listed on the Egyptian Exchange get more time to report 1Q 2023 financials

Good morning, wonderful people, and a very happy THURSDAY. The weekend rolls around fast when most of the week is a public holiday — and there’s more where that came from, with a three-day weekend coming up to mark Labor Day next week.

THE BIG STORY here at home is a nice, big foreign direct investment: Our friends at private equity firm DPI are leading a major investment in budget supermarket chain Kazyon. There’s also plenty of tourism news as the government extends its subsidized loan program to include companies in the sector amid signs that arrivals to Egypt are continuing to rise. The boom in tourism continues as Egypt welcomes a growing number of high-value Western European, North American, and Asian travelers.

PSA #1- CFOs and IROs, rejoice: EGX-listed companies get more time to report their 1Q results. The Financial Regulatory Authority has given listed companies an extension until Tuesday, 30 May to report and publish their financials for the period ending 31 March 2023, according to a statement yesterday.

PSA #2- You will lose one hour of sleep tonight: Daylightsaving time will kick in at 12:01am Friday. Remember: All EgyptAir flights out of Cairo will depart one hour later.

PSA #3- Have a nice thought for your finance team this morning — they may be in for a busy weekend. This coming Sunday, 30 April, is the deadline for:

FY2022 tax returns — Mohamed Maait would very much like to be paid by Sunday, that being the filing deadline for this season’s returns;
Companies and self-employed folks to register for e-invoicing.

PSA #4- Vodafone’s cash transfer and bill payment services will be unavailable from 11pm today through 3am tomorrow, with the company citing “technical updates” in a text message sent to its users last night.

THE BIG STORY ABROAD-

Tis the season for fraught negotiations over the US debt ceiling: Republican lawmakers in the House of Representatives yesterday narrowly managed to pass a law that would re-extend the debt ceiling in return for steep budget cuts, in a bid to push US President Joe Biden to negotiate to avoid a damaging default. US Treasury Secretary Janet Yellen earlier this week warned of “economic and financial catastrophe” if the country defaults on its debt (watch, runtime 0:26). The Republican bill stands little chance of passing in the Senate.Reuters, AP News, the Wall Street Journal, and the Washington Post have more.

IN THE GLOBAL BUSINESS PRESS-

US tech earnings come in better than expected:Microsoft, Google parent Alphabet (pdf), and Facebook parent Meta have all reported stronger than expected earnings for the first quarter of the year, with the companies’ core businesses topping forecasts. (Financial Times | Wall Street Journal)

AND- The UK will block Microsoft’s USD 69 bn acquisition of gaming firm Activision Blizzard over concerns it would hamper competition in cloud gaming, Reuters reports. Both companies said they would fight the decision, which triggered a 12% fall in Activision shares during trading yesterday.

MARKET WATCH-

Is OPEC set to be vindicated on its oil production cuts? Oil prices fell below USD 80 per barrel yesterday — lending weight to the OPEC+ cartel’s contention that weak demand would justify their surprise move to cut supply earlier this month. “There is no doubt in my mind that the reasoning behind the early April announcement about cuts in May was appropriate,” Citigroup’s commodities research head told Bloomberg. “Those who were predicting over USD 100 oil did not understand how weak markets were looking.”

Not everyone is convinced: The cartel’s efforts to boost oil prices risk harming emerging markets and a global economy already suffering from high inflation, International Energy Agency (IEA) Executive Director Fatih Birol told Bloomberg yesterday. “To see upward pressure on inflation from higher oil prices — that is the last thing that we want,” Birol said, noting that “the global economy is in a very fragile stage.”

THE REALIGNMENT-

The BRICS acronym could be about to get a lot longer: Nineteen countries are angling to join the bloc of emerging economies known as the BRICS (Brazil, Russia, India, China, South Africa) as it gears up to hold its annual gathering in August, South Africa’s ambassador to the group told Bloomberg. Thirteen nations have formally applied to join and another six have reached out informally, Anil Sooklal is quoted as saying by the business news outlet. “We are getting applications to join every day.”

We’re interested: Egypt has reportedly expressed interest in joining the organization, as have Saudi Arabia, the UAE, Iran, Turkey, Bahrain, and Algeria. We recently became a member of the New Development Bank — the BRICS’ USD 100 bn multilateral lender — allowing us to potentially lock-in funding for infrastructure projects.

AND- Talks to bring Syria + Turkey together have been “constructive”:Russia and Turkeyhave described this week’s four-way discussions to normalize ties between Ankara and Damascus as “constructive,” though did not indicate when a next round of talks may take place. The defense ministers and heads of intelligence of Syria, Turkey, Russia, and Iran met in Moscow on Tuesday for the discussions, which aim to bring an end to years of hostilities between the two countries.

This is part of a wider push for reconciliation in the region, which includes Qatar and the UAE mulling the restoration of diplomatic relations, Saudi Arabia and Iran normalizing relations, Egypt and Turkey reappointing ambassadors and Turkey’s reconciliation with Gulf countries.

CORRECTION- We incorrectly wrote yesterday that EGP 23 bn worth of imports have been released from the nation’s ports since the beginning of the year, rather than USD 23 bn. The story has beenupdated on our website.

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help Egypt build an export-led economy that makes us a magnet for foreign direct investment (FDI).

Why exports & FDI? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what Egypt as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.You can learn more on our conference website here.

And what better place to discuss moving our goods than Egypt’s original logistics zone — the Nile. That’s why we’re looking forward to holding the event by the river’s vistas at the Four Seasons, Nile Plaza.

Some of the biggest names in business and finance are on board — are you? The Enterprise Exports and FDI Forum is taking place with the generous support of our friends, including:

Banking partners: Banque Misr | Al Baraka Bank | Emirates NBD | HSBC

Event partners: Beyti | Concrete | Global Corp | Grant Thornton | Hassan Allam Utilities

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

HAVEN’T REQUESTED AN INVITE YET? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title and where you work.

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

Colorful spring activities come alive this spring at Somabay: A memorable action-packed week from April 21-28 for everyone. From spirited beach parties, commercial nights, sunset brunches, fashion shows and a bazaar, kids’ camps, adrenaline-pumping classes, selective food trucks and much more awaits you. Every corner of the destination will radiate inescapable Spring vibes, inviting the community to live it up. For more information, please contact book@somabayholidays.com or 16390.

DPI-led group to invest USD 165 mn in Egyptian retailer Kazyon

EXCLUSIVE- DPI is doubling down on Kazyon: A consortium led by our friends at Africa-focused private equity firm Development Partners International (DPI) will invest USD 165 mn in supermarket chain Kazyon, according to a statement (pdf).

The details: The transaction will see the investors acquire a “significant minority stake” in the firm, DPI partner Ziad Abaza told Enterprise. DPI is writing the lion’s share of the ticket; the transaction includes both primary and secondary sales of shares, Abaza told us.

DPI knows Kazyon well: DPI has held a “significant minority stake” in Kazyon since last year when it invested USD 75 mn in the company, Abaza told us.

Who else is on board? UK development finance institution British International Investment and Africa-focused PE outfit South SuezCapital are among the institutional investors joining DPI in the transaction.

Where the money’s going: Kazyon will use the proceeds from the investment to expand its presence in Egypt by opening new stores, Abaza said. Kazyon is also planning to enter new markets outside the country’s borders, he added, without going into details because the plans have not been finalized.

Kazyon is a discount grocery retailer: Founded in 2014 by former EFG Hermes co-CEO Hassan Heikal, Kazyon sells a range of food and household products at competitive price points. The company now has more than 600 stores across 18 governorates and operates one of the largest customer loyalty schemes in the Middle East and Africa.

WHERE KAZYON FITS INTO DPI’S EGYPT STRATEGY-

The investment comes amid significant economic headwinds in Egypt, where a foreign currency crunch continues and headline inflation is now running at its highest level in almost six years, squeezing household budgets.

But DPI likes Egypt’s fundamentals:“We are long-term investors in Egypt and believe in the long-term fundamentals of the country,” Abaza said.

The firm is confident that Kazyon is well insulated from the economic pressures: “If you think about what the company does, it essentially tries to sell grocery products at the cheapest price possible. If anything, there's more demand for this product than ever in Egypt given what's happening from a macro standpoint,” Abaza tells us. Currency weakness is also unlikely to impact the company, he says: “Kazyon is not really a company that would be negatively affected by the devaluation because it doesn't import.”

This is DPI’s second acquisition in Egypt this month: The firm acquired a minority stake in local pharma player Marcyrl alongside Amethis earlier this month, and has been on the lookout for further opportunities in defensive sectors in the country.

ADVISORS- Evercore Partners, Matouk Bassiouny & Hennawy, PwC and Baker Tilly acted as advisors for Kazyon. DPI was advised by White & Case and Debevoise & Plimpton.

Egyptian government expands subsidized loan program to tourism sector

Gov’t expands subsidized loan program to include tourism: The Madbouly government will offer EGP 10 bn worth of loans at a subsidized 11% interest rate to tourism players, pushing the total value of its subsidized loan program to EGP 160 bn, Prime Minister Moustafa Madbouly saidyesterday.

The loan program targets key sectors that bring in FX: Introduced for agriculture and industry players at the start of the year, the Finance Ministry has said the subsidized loan program in part aims to help increase exports by providing businesses with the liquidity they need to up production. That could help narrow the country’s external financing imbalance and supply much-needed hard currency amid an ongoing shortage that has helped fuel inflation.

The importance of the tourism sector has only grown over the past year as the country suffers from a protracted shortage of FX on the back of the war in Ukraine. The Tourism Ministry wants to attract as many as 30 mn tourists per year by 2028, and the mix of arrivals has tilted since April 2022 from lower-value Russian and Ukrainian all-inclusive Red Sea package tours to higher value European, North American, and Asian visitors.

This isn’t the first time the sector has gotten financing support: Tourism players hadaccess to loans with a tenor of two years and a six-month grace period at an interest rate of 8% as part of Central Bank of Egypt’s (CBE) subsidized program for the industry, agriculture, tourism, and construction sectors. The CBE scrapped the program in November and passed the responsibility on to government ministries as part of the IMF’s conditions for our USD 3 bn bailout package.

Egypt hotel occupancy up 25% in 1Q 2023

Hotel occupancy in Egypt increased 20-25% y-o-y in 1Q 2023 thanks to tourist inflows from new markets and the depreciation of the EGP, Asharq Business reports, citing an unnamed tourism official.

In detail: Hotels in Cairo hit an 85% occupancy rate during the January-March quarter, followed by Luxor and Aswan (80%), Marsa Alam (70%), Hurghada (65%), and Sharm El Sheikh (55%), according to the source.

Tourism revenues are on the rise: Revenues climbed more than 50% y-o-y to USD 9 bn during the first nine months of 2022, according to central bank figures.

And they’re expected to grow further this year: The Tourism Ministry is expecting to receive a record 15 mn tourists this year, up 28% from last year. Fitch Solutions has forecast a lower 11.6 mn arrivals, though said this would bring in record revenues of USD 13.6 bn.

Egyptian embassy relocates from Khartoum as fighting between Sudanese army, RSF continues

It was another violent night in Sudan despite a bid for a ceasefire: Sudan’s army and the Rapid Support Forces (RSF) militia continued fighting yesterday, ignoring a three-day ceasefire that had been scheduled to last until the end of today, Reuters reports. The violence in Sudan has now entered its thirteenth day, forcing residents to flee to neighboring countries including Egypt. The fighting has so far killed at least 512 people and injured more than 4.2k others.

A truce on the horizon? Despite apparently not respecting the ongoing ceasefire, Sudanese Armed Forces General Abdel Fattah Al Burhan has approved a plan to extend it for an additional 72 hours, according to a statement. He also agreed to partake in peace talks proposed by the Intergovernmental Authority on Development (IGAD). The RSF is yet to respond to the proposal.

Things could get much worse: The World Health Organization (watch, runtime: 1:35) is expecting “many more deaths” in Sudan, citing the lack of access to food and water, and disease outbreaks.

THE HOMETOWN ANGLE-

Egyptian embassy in Khartoum relocates: Officials working at the Egyptian embassy in Khartoum have been relocated to an undisclosed location in light of the ongoing violence in Khartoum, which earlier this week killed Muhammad El Gharrawi, an assistant administrative attache at the embassy.

Another 1.1k Egyptians made it back from Sudan yesterday, the Foreign Ministry said yesterday. This brings the total number of Egyptians who have made it home safely to 2.7k. Some 3.8k Egyptian citizens in total have so far registered with authorities to confirm their presence in Sudan, the Emigration Ministry said in a statement.

The Transport Ministry ran additional trains on the Aswan-Cairo line yesterday and will run three extra trains today to help those coming from Sudan move between governorates, according to a Transport Ministry statement.

More diplomatic efforts from El Sisi: The situation in Sudan topped the agenda in a conversation between President Abdel Fattah El Sisi and European Council President Charles Michel yesterday, according to Ittihadiya.

10 companies recognized in 2022 EGX Excellence Awards. PLUS: 7 Egyptian startups longlisted for AfricaTech Awards

EGX Excellence Awards for 2022: EFG Hermes and state-owned fintech firm e-Finance were among the 10 companies recognized in the EGX Excellence awards ceremony on 18 April, according to a statement (pdf).

Walking away with awards were:

EFG Hermes (best financial securities trader)
e-Finance (best investor relations)
Citibank (best bond primary dealer)
Egypt Post (best government institution investing on the EGX)
CIB (best sustainability report)
Delta Sugar (best debut sustainability report)
Al Ahly Pharos (best investment research management)
Thndr and Mubasher (best creative financial securities trader)
Talaat Moustafa Group (best company utilizing money market instruments)
Madinet Masr for Housing and Construction (largest trading volume)
University of London and the Arab Academy for Science, Technology and Maritime Transport (best financial literacy program)

Seven Egyptian startups are among the 45 African companies longlisted for the second edition of the AfricaTech Awards, launched by accelerator VivaTech in partnership with the International Finance Corporation (IFC), according to an IFC press release. The program showcases startups in fintech, health tech, and climate tech. Three startups in each category will now be chosen by industry experts to attend the Viva Technology summit in Paris in June.

The Egyptian startups longlisted are: Fintech firms ValU (a unit of EFg Hermes) and Balad, healthtech startups O7 Therapy, PharmacyMarts, Rology, and Shezlong, and climate tech company Baramoda.

Egyptian talk shows continue to focus on the situation in Sudan. PLUS: The National Dialogue’s launch next week

Last night’s news bulletins continued their coverage of the situation in Sudan after authorities managed the safe return of more Egyptians from the war-struck country. DMC (watch, runtime: 6:16) and Al Hayah Al Youm (watch, runtime: 1:50:20) had coverage. We have the details in the news well, above.

We’re less than a week away from the kickoff of the National Dialogue next Wednesday, 3 May. Defenders of the Homeland Party spokesperson Amr Soliman joined DMC’s Al Youm (watch, runtime: 5:49) to highlight the significance of the initiative.

We should return to regularly scheduled programming soon: Expect the nation’s talking heads to make their return next week after over a month of absence.

International press focuses on those stuck at Sudan’s border with Egypt

It’s an unusually quiet morning for Egypt in the foreign press as the attention of most remains fixed on our neighbor to the south. The Independent is following the British citizens among the thousands of people stuck at the Egypt-Sudan border as they try to flee the violence that continues to ravage the country (more on that in our Diplomacy section, above).

EBRD could extend USD 100 mn loan to Banque Misr. PLUS: Arab Academy for Science to launch two new electric vehicles

DEBT-

Banque Misr is getting more EBRD financing: The European Bank for Reconstruction and Development (EBRD) is on 31 May scheduled to sign off on a USD 100 mn facility to state-owned Banque Misr for on-lending to local MSMEs, according to the EBRD’s website. “The loan offers a combination of longer-term financing than what is available in the market and promotes financing for MSMEs in Egypt,” the EBRD said. If approved, this would mark the second EBRD on-lending loan Banque Misr has received in as many years, after last year receiving USD 100 mn to finance local SMEs working on green projects.

AUTOMOTIVE-

AAST to launch two models of light EVs over the coming six months: The ArabAcademy for Science, Technology and Maritime Transport (AAST) is working to start rolling out its first locally-made electric cargo transport vehicle next month, Dean of Applied Research at the AAST Mohamed El Ghamry told the state-run MENA news agency. The car aims to replace the widespread three wheeler used to transport various items from fruits and vegetables to furniture. The academy will also introduce passenger EVs over the coming 5-6 months.

Ethmar International plans IPO as Abu Dhabi targets listings boom. PLUS: GCC growth to slow in 2023

Ethmar International Holding is set to go to public next week: Emirati holding company Ethmar International Holding is looking to raise up to AED 700 mn (USD 191 mn) via a capital increase ahead of an IPO on the Abu Dhabi stock exchange on 1 May, according to an investor presentation seen by Bloomberg. The company will offer investors a 13-15% stake in a transaction that is expected to value it at more than AED 4 bn, the news outlet reports.

FYI:Chaired by Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan, Ethmar has more than 25 subsidiaries in a range of sectors including energy, real estate, tech, and healthcare. The firm is planning a number of acquisitions in the financial services, tourism, engineering, and pharma sectors, according to Bloomberg.

The Abu Dhabi IPO boom: A senior official told Bloomberg in March that another eight companies will go public in the emirate in 2023. So far this year, Adnoc Gas and data analytics firm Presight AI have joined the Abu Dhabi stock exchange.

GCC economies to grow at a much slower rate in 2023: Lower oil prices are expected to weigh on GCC economies this year, according to a Reuters poll of analysts, which forecasts economic growth to fall significantly from 2022.

A snapshot:

Saudi Arabia’s GDP growth will more than halve to 3.2% this year from 2022 when its economy grew at its fastest clip in a decade due to the oil price shock.
The UAE will see growth slip to 3.7% in 2023 from 7.6% last year.
Qatar, Bahrain, Kuwait and Oman will all record weaker growth.

What they said:“Oil output cuts will drive a sharp slowdown in GDP growth in Saudi Arabia this year...In the rest of the Gulf, the double whammy of lower oil production and oil prices will impact upon both oil and non-oil GDP,” said James Swanston, EM economist at Capital Economics.

EGX30	17,452	-0.4% (YTD: +19.6%)
USD (CBE)	Buy 30.83	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	18.25% deposit	19.25% lending
Tadawul	11,307	+0.4% (YTD: +7.9%)
ADX	9,676	+0.3% (YTD: -5.2%)
DFM	3,490	-0.5% (YTD: +4.6%)
S&P 500	4,056	-0.4% (YTD: +5.6%)
FTSE 100	7,853	-0.5% (YTD: +5.4%)
Euro Stoxx 50	4,348	-0.7% (YTD: +14.6%)
Brent crude	USD 77.69	-3.8%
Natural gas (Nymex)	USD 2.12	-8.2%
Gold	USD 1,999.60	+0.2%
BTC	USD 28,448	+0.8% (YTD: +71.0%)

THE CLOSING BELL-

The EGX30 fell 0.4% at yesterday’s closeon turnover of EGP 1.8 bn (about 4% above the trailing 90-day average). Local investors were net buyers. The index is up 19.6% YTD.

In the green: Ibnsina Pharma (+4.3%), Mopco (+3.4%) and Abu Qir Fertilizers (+3.2%).

In the red: E-finance (-2.9%), CIRA Education (-2.8%) and Cleopatra Hospitals (-2.6%).

Asian markets are mixed in early trading this morning. Futures suggest European indices will largely open in the red, in contrast to Wall Street, which looks set to start in the green.

The US wants to ban all exports to Russia. PLUS: Russia walking away from grain pact? Lebanese inflation spikes

The US is pushing for a complete export ban on Russia: G7 countries are considering a US proposal for a blanket ban on exports to Russia as western nations look to tighten the screws on the Russian economy, the Financial Times reports. EU and Japanese officials have distanced themselves from the idea, with one official telling the salmon-colored paper that “it is simply not do-able.”

Russia responds by seizing assets — and warns of more to come: Russian President Vladimir Putin signed a decree to temporarily take control of the Russia-based assets of two European utility companies, according to Russian news agency TASS. The Kremlin followed this up with a warning that it could take control of additional assets in response to Western sanctions on its economy, according to Reuters.

ON A RELATED NOTE- Russia could start closing its agreement allowing the safe export of Ukrainian grain through the Black Sea as soon as next week, according to a letter sent from Moscow to the UN that was obtained by Reuters. Moscow has signaled that it will not look to extend the agreement brokered by the UN and Turkey last year, saying its own demands to facilitate Russian exports under the pact have not been met.

Not great news for us: The loss of Ukrainian grain to global markets could push up prices, potentially impacting the imports bill for Egypt — the world’s largest importer of wheat — as it continues to grapple with an external financing gap.

AND-Lebanese inflation surges after deval: Lebanon saw its inflation hit 264% y-o-y in March after the country’s first devaluation in 25 years, Bloomberg reports citing official data. Food prices were up more than fourfold compared with a year before, after authorities allowed the currency to weaken by more than 90% against the USD. The price hikes will pile further pressure on Lebanese families, three-quarters of whom are already living in poverty amid a prolonged financial crisis.

Osman Zarkani, executive flights director at ZAS Air

Osman Zarkani, executive flights director at ZAS Air: 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 Osman Zarkani. Edited excerpts from our conversation:

My name is Osman Zarkani, and I come from a family with a long history in aviation. My father, Sherif Zarkani, was a true pioneer in the field. In the 1980s, he founded the first private airline in the Middle East, ZAS Airline of Egypt. It was his vision that inspired my brother and I to continue his legacy in aviation.

I'm currently the executive flights director at ZAS Air. The title reflects the main responsibility that I have within the ZAS group, which is overseeing operations for executive flights, from the chartering and ins. to management and maintenance. However, I could have gone by a number of different titles — chairman, VP, managing director, or general manager — as it is myself and my brother Omar Zarkani who run the company and are very much involved in all aspects of the business.

My job involves managing the influx of private aircraft that enter Egyptian airspace. This includes arranging land permits, fuel supply, security, transportation, and hotel accommodation for our clients. We are the agents for over 80% of the private aviation entering and flying over the country. We also handle commercial, cargo, and corporate aviation, ranging from military and embassy to commercial flights, which includes tourism and tour operators. We're proud to have introduced several aircraft to the region including two Bombardier Global 7500s — one of the world's largest and longest range business jets.

My brother and I work very well together. We're like yin and yang — we manage to combine our differences and make it work for the benefit of the organization.

We’re working on a major project for Egypt's private aviation sector. With the New Administrative Capital and New Alamein City, we believe that we are in the right place at the right time to build something transformative. Our aim is to grow the local private aviation industry and provide a platform for foreign business and high-end individuals to invest and engage with the country.

My ideal morning routine would be to be part of the 5am club. However, my job in aviation is 24/7, which means that my routine is constantly changing. A typical workday for me starts with identifying my responsibilities and allocating my time accordingly. I always incorporate some physical activity in my day to stay in good form — as they say, a strong body makes the mind strong.

In addition to my work in aviation, I'm also involved in other companies that specialize in entertainment and IT. I like to invest and take small shares in startups to expand my horizons. If I need to be involved in these other businesses, I'll allocate my time accordingly to see how I can participate and help my partners.

The one constant in my day is my family, who mean the world to me. We are a tight knit group thanks to the upbringing we had from our parents, who instilled a strong sense of family values in us. We don't have this independent, individualistic life; We are very connected.

When it comes to work-life balance, I've found that there's no such thing. Instead, it's about discipline, respect, risk-taking, and leaps of faith. Every industry is different, so it's important to find what works for you. As someone who doesn't work for anyone else, leaving work at the end of the day it never feels like my job is done.

When it's time to relax and switch off, I enjoy spending time with the people in my life who bring me joy. I have a great love for music, sports, and staying positive — positivity breeds positivity.

I enjoy indulging in self-help books. I’m not much of a fiction buff. My recommendation is to tune into something that personally benefits you, whether it's an artistic mission, a political ambition, or simple personal healing. This could be religion, meditation, sports, or anything else that you can work on for least 20 minutes a day for yourself.

My father referred to me as a "jack of all trades and master of none," and that has actually been one of the best pieces of advice he ever gave me. It made me realize that I tend to have the kind of personality where I desire to do everything and strive for perfection, but ultimately end up being overwhelmed by my ambition. The lesson I learned from this is the importance of self-awareness, self-acceptance, and self-love. It's crucial to know yourself well, embrace your strengths and weaknesses, and never give up on your goals and ambitions, no matter what obstacles you are faced with.

CALENDAR

APRIL

April: SCZone roadshow in China.

April: SCZone to begin providing ship bunkering services in the Suez Canal’s ports.

26 April - 5 May (Wednesday-Friday): African Basketball Championship.

27 April (Thursday): Registration for this year’s Hajj concludes.

28 April (Friday): First day of daylight saving time.

30 April (Sunday) House of Representatives back in session.

30 April (Sunday): Tenth of Ramadan dry port tender deadline.

30 April (Sunday): Deadline for self-employed to register for e-invoicing.

30 April (Sunday): Deadline for corporate tax returns.

30 April (Sunday): End of Mediterranean, Nile Delta oil + gas exploration tender.

Late April – 15 May: 1Q2023 earnings season.

MAY

1 May (Monday): Labor Day.

1 May (Monday): Deadline to apply to VC funds program by GIZ Egypt, AfricaGrow and Dutch development bank FMO.

1-5 May (Monday-Friday): African Private Equity and Venture Capital Association annual summit, Four Seasons Nile Plaza, Cairo.

2 May (Tuesday): National Paints Holding’s and Eagle Chemicals’ MTOs for Pachin ends.

2-3 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.

3 May (Wednesday): National Dialogue begins.

4 May (Thursday): National holiday in observance of Labor Day (TBC).

4 May (Thursday): IEF-IGU Ministerial Gas Forum, Cairo.

7 May (Sunday): Senate back in session.

9-11 May (Tuesday-Thursday): First edition of the Arab Actuarial Conference, Cairo.

12-15 May (Friday-Monday): Egypt Fashion Week.

14 May (Sunday): Expat car import scheme ends.

14 May (Sunday): EgyptAir to launch a new route to Dhaka, Bangladesh.

14 May (Sunday) Egytrans’ shareholders to vote on NOSCO acquisition.

15 May (Monday): Enterprise Exports & FDI Forum, Four Seasons Hotel Cairo at Nile Plaza.

16-18 May (Tuesday-Thursday): Egypt will host its first conferenceon cybersecurity and defense intelligence systems (CDIS-Egypt).

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

19 May (Friday): Arab League summit, Riyadh.

19-21 May (Friday-Sunday): G7 summit, Hiroshima, Japan.

20-21 May (Saturday-Sunday): eGlob Expo, St. Regis Almasa Hotel, Cairo.

22-26 May (Monday-Friday): Egypt will host the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.

30 May (Tuesday): Listed companies have until this date to report and publish their 1Q results.

JUNE

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

7-10 (Wednesday-Saturday): The second edition of Africa Health Excon.

10 June (Saturday): Thanaweya Amma examinations begin.

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

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

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

19-21 June (Monday-Wednesday): Egypt Infrastructure and Water Expo debuts at the 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.

18 July (Tuesday): Islamic New Year.

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.

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.

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

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

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.

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.

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

Late October-14 November: 3Q2023 earnings season.

26 October (Thursday): Daylight saving time ends.

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.

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

DECEMBER

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

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.

2023: Egypt will host the Asian Infrastructure Investment Bank’s Annual Meeting of the Board of Governors in 2023.

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.

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

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

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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