Eagle Chemicals ups its bid again for paint maker Pachin

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What We're Tracking Today

THIS MORNING: Banque du Caire, Al Baraka Bank Egypt launch high-yield CDs. PLUS: Net foreign reserves inch up in March + Saudi, Iranian FMs meet today

Good morning, wonderful people, and a very happy THURSDAY. The newsflow is being slightly kinder to us this morning — and it’s much appreciated at the end of a long, busy week.

The first of the next run of holidays is confirmed: Both public and private sector workers will take Monday, 17 April off in observance of Sham El Nessim, the cabinet said yesterday. You can expect the central bank and EGX to follow suit with announcements soon.

There’s more where that came from:

Coptic Easter falls on Sunday, 16 April. It’s typically a bank holiday, but not a national holiday (though it should be.)
Eid El Fitr should land on or around Friday, 21 April (it’s still not clear what days will be official holidays);
Tuesday, 25 April, is Sinai Liberation Day, for which we’ll likely have a day off on Thursday, 27 April.

M&A is the theme of THE BIG STORIES here at home this morning: The bidding war for state-owned paint maker Pachin continues after Eagle Chemicals upped its bid once again, and Amman-based hygiene products manufacturer Fine has acquired Alexandrian health and beauty company Easy.

MORE CDs-

Banque du Caire matches Big Two state banks’ new high-yield CDs: State-owned Banque du Caire followed the NBE and Banque Misr to offer a fixed, three-year certificate of deposit at a 19% rate, and a three-year declining-rate certificate that starts at 22% before falling to 18% in the second year and 16% in the third year, according to its website. Both are paid out monthly, while the fixed certificate also has quarterly and annual payout options at lower rates. The minimum deposit is EGP 10k.

Al Baraka Bank Egypt launched a three-year CD at a variable interest rate of at least 19%, disbursed monthly. The minimum deposit is EGP 1k. Al Baraka joins private-sector lenders CIB and aiBank following the NBE and Banque Misr’s lead and bringing new CDs to the market after the central bank raised interest rates by 200 basis points last week.

AND- Charitable CDs: Nasser Social Bank partnered with the state’s Decent Life social support initiative to issue three-year, 15% certificates, according to statements by the Social Solidarity Ministry and the Decent Life initiative. Half of the proceeds from the CDs go to investors, while the other half go to support the initiative. The minimum buy-in is EGP 500 and the CDs are open to both individual and institutional investors.

DATA POINT #1- Egypt’s net foreign reserves inched up to USD 34.45 bn in MarchfromUSD 34.35 bn in February, according to central bank data. Reserves have been on a gentle upward slope the past seven months and are now up by more than USD 1.3 bn since the end of August. Reserves fell 20%last year on the back of the war on Ukraine and tougher financial conditions.

DATA POINT #2- Another month of record revenues for the Suez Canal: Suez Canal revenues jumped 39% y-o-y in March to an all-time monthly high of USD 832.2 mn, Al Mal reports, citing official data. Some 2.2k vessels transited the canal last month, up nearly 21% y-o-y. March also saw the canal set a new daily record for transiting vessels, with 107 vessels crossing on 13 March.

DATA POINT #3- The country has 2.3 months’ worth of wheat in strategic reserves, Supply Minister Ali El Moselhy said yesterday. We have strategic reserves of rice sufficient for 3.5 months, sugar for 4 months, and vegetable oils for 4.3 months.

The wheat harvest season begins this month: The government is hoping to buy 4 mn tons of wheat this harvest season, slightly less than the 4.2 mn tons it procured last year.

A jump in the price of high-end smokes: Philip Morris brands Marlboro and L&M will cost EGP 4.00-6.00 more per pack starting today, according to a document published in the local press. Packs of Marlboro will now sell for EGP 54.00, while L&M will cost EGP 39.00. The hikes come shortly after state-owned Eastern Companyraised the prices of most of its cigarettes by EGP 1.00-3.00.

Zamalek is now coachless: Zamalek FC has let go of its entire coaching staff and benched four players for the remainder of the season in response to latest defeat, Zamalek board member Gamal Abdel Hamid said (watch, runtime: 4:26). The football club lost 3-2 against Al Masry on Tuesday. The new coaching team should be unveiled soon, Abdel Hamid said. The news received attention from Reuters.

HAPPENING TODAY-

The World Bank is releasing its latest MENA Economic Update this afternoon: Ominously titled “Altered Destinies,” the multilateral lender’s latest regional growth report looks “in depth at how even temporary increases in the price of food can have lasting impacts across generations in terms of education, health and future income prospects.” The World Bank downgraded its economic growth forecast for Egypt in the current fiscal year by 0.2 percentage points to 4.8% in its most recent update in October. The bank is presenting the April update in a livestreamed event at 3pm CLT.

** SO, WHEN DO WE EAT? We’ll be breaking our fasts at 6:16pm CLT today. You have until 4:09am tomorrow morning to hydrate and grab a bite to eat.

NEXT WEEK-

Legislators are back in session: The Senate reconvenes on Sunday, 9 April, and the House is back in session on Tuesday, 11 April.

We’ll find out how inflation is faring: The CBE and Capmas will be out with March inflation data on Monday, 10 April. Headline inflation hit a five-and-a-half-year high of 31.9% in February, while food prices and core inflation both rose at their fastest rates ever.

The IMF and the World Bank kick off their annual Spring Meetingson Monday. Policymakers, private sector execs, civil society reps, and academics will converge on the lenders’ headquarters in Washington DC to discuss the state of the global economy. Expect central banks’ struggle to balance bringing down inflation and protecting growth to dominate the agenda, amid uncertainty in the global financial markets triggered by the US banking crisis. The meetings run until Sunday, 16 April.

The IMF will also on Monday release chapters two and threeof its April World Economic Outlook, which tackle rising interest rates and public debt.

MARKET WATCH-

Saudi Aramco raises prices for crude to Asia: Saudi state-owned Aramco is raising the price of all its oil to Asia following OPEC’s shock production cut earlier this week. Aramco hiked the price of its key Arab Light crude to Asia by USD 0.30 to hit USD 2.80 a barrel starting next month, Bloombergreports.

REMEMBER- The surprise move by the Saudi-led oil cartel to cut more than 1 mn barrels per day from the market led Brent crude prices to jump their most in a year to trade at around USD 85 a barrel. Some analysts are now predicting Brent could pass the USD 100 mark by the summer on the back of the OPEC cuts.

THE BIG STORY ABROAD-

Trump continues to lead the conversation in the foreign press: US President Donald Trump’s legal battle is still getting wide play in the international press after he pleaded not guilty to 34 felony counts in a hush money case. (Reuters | NPR | CNN | BBC | The Guardian | New York Times)

CLOSER TO HOME-

Israeli forces stormed the Al-Aqsa mosque in Jerusalem for a second time late on Wednesday even after a first raid earlier in the day drew condemnation from Arab states and appeals from the US to de-escalate tensions, CNN and the Guardian report. Egypt was among countries in the region to condemn the first raid, which saw more than 350 Palestinians arrested and at least 12 injured. The Arab League also released a statement condemning the first raid following an emergency meeting yesterday afternoon.

THE REALIGNMENT-

#1- Saudi + Iranian FMs will today hold their first formal meeting in seven years:Saudi Foreign Minister Prince Faisal bin Farhan Al Saud will meet with this Iranian counterpart, Hossein Amir-Abdollahian, in Beijing today as the two sides look to build on last month’s China-brokered pact and restore diplomatic relations, Reutersreports. According to an Iranian official, the diplomats will discuss appointing ambassadors and reopening embassies, which have been shuttered since 2016 when the two countries severed ties.

Why this matters: Saudi Arabia and Iran last month pledged to reopen embassies and restart security cooperation in a shock agreement that could ease years of tensions between the fierce regional rivals. The pact also saw the emergence of China as a serious power broker in the region, achieving a major diplomatic success that left the US on the sidelines.

#2- The final piece of the puzzle in Syria: The Russian, Turkish, Syrian, and Iranian deputy ministers held talks this week in efforts to mend ties between Damascus and Ankara and finally bring the 12-year war in Syria to an end, Bloombergreports. The officials discussed preparations for a high-level meeting between their foreign ministers, according to a statement from the Russian foreign ministry.

Why this matters: Efforts among Arab nations to end Syria’s international isolation have accelerated in recent weeks, with Egypt, Saudi Arabia and the UAE all making diplomatic advances amid a push to bring the country back into the Arab League and normalize relations.

Israel-Iran tensions are rising: The Israeli military has intensified airstrikes on Iran-linked targets in Syria, with near-daily bombings over the past week, and Iran yesterday said it downed a drone near a military site in the center of the country. Tehran blamed Israel for a drone attack earlier this year that hit military targets. Israel similarly accused Iran of sending a drone into Israeli airspace on Monday.

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

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Eagle Chemicals ups its bid again in tussle with NPH for Pachin

Pachin battle continues: The bidding war for EGX-listed Paint and Chemical Industries (Pachin) continued yesterday after Eagle Chemicals again increased its offer in response to the improved bid by National Paint Holding (NPH) lodged last week. The local chemicals company is now offering to purchase at least 75% of state-owned Pachin for EGP 39.00 per share, up c.5% from its previous EGP 37.00 per-share bid,according to an EGX bulletin. The new bid values the company at EGP 936 mn, according to our math.

How the offer compares: Eagle Chemical’s new bid is more than 3% above NPH’s offer. The Emirati company last week raised its offer to purchase at least 75% of the company to EGP 37.75 a share.

Pachin’s valuation has surged:The latest bid is more than 34% above NPH’s initial EGP 29 per-share offer.

Shareholders get a three-day extension to respond: The Financial Regulatory Authority (FRA) has extended the ongoing mandatory tender offer (MTO) by three working days, giving shareholders until 18 Aprilto decide whether to sell their shares to Eagle Chemicals or NPH, the bulletin reads.

Market reax: Pachin’s shares fell 0.4% to EGP 38.48 on Wednesday.

On the same day as the new bid: Pachin’s board published the findings of its evaluation of Eagle Chemicals’ older bid — EGP 37.00 per share — showing that it valued the company’s shares 26% higher than the three-month volume weighted average price (VWAP) and 48% above the six-month average, according to a disclosure to the EGX (pdf) out yesterday.

Pachin’s board also approved of the future plans Eagle Chemicals has for Pachin if the transaction goes through, saying they would have a positive effect on the company’s employees, according to the statement. Eagle has said it would maintain Pachin’s existing workforce for 12 months after the acquisition, as well as take the company private.

ADVISORS- Al Ahly Pharos is financial advisor to Pachin while Shalakany Law Office is counsel. Matouk Bassiouny & Hennawy are acting as NPH’s legal counsel, while Nour Law Office is counsel to Eagle Chemicals alongside Al Tamimi & Company. Marei, Fayez, Dardiry & Partners is legal advisor to Compass Capital. HC Brokerage is brokering the transaction.

Hygiene products maker Fine acquires Egypt’s Easy

Fine gets Easy: Amman- and Dubai-headquartered hygiene products manufacturer Fine HygienicHolding (FHH) has acquired Alexandria-based health and beauty company Easy, it said in astatement(pdf) yesterday. Fine didn’t disclose the value of the transaction. It said Easy would be “fully integrated” into its portfolio.

The acquisition includes Easy Care for Cosmetics and New Easy for Cosmetics — together referred to as Easy. It comes courtesy of EM private equity firm Affirma Capital, an FHH shareholder that Fine said was “critical in sourcing and executing the opportunity and the successful closing of the transaction.” Enterprise was unable to reach a company spokesperson to comment on the news.

The acquisition seeks to expand Fine’s product offering in Egypt: The acquisition will enable FHH to “provide consumers with a comprehensive array of wellness products,” said CEO James Michael Lafferty. “Egypt is a pivotal market for our group, and we at FHH are eager to be able to expand our offerings throughout the country and beyond.”

Egyptian cabinet approves minimum wage amendments, customs tax exemption for Supply Ministry poultry

Yesterday at the cabinet: Ministers approved new minimum wage tiers for public-sector workers and exempted thousands of tons of frozen poultry from customs duties at the weekly cabinet meeting yesterday, according to a statement.

New minimum wages: The cabinet approved legal amendments that see the minimum wage for public-sector workers increase to between EGP 3.5k and EGP 10.5k per month, depending on rank. The decision takes effect starting 1 April. President Abdel Fattah El Sisi last week signed into law a package of wage hikes for public-sector workers that increased the minimum wage to EGP 3.5k, raised salaries, and upped bonuses. Yesterday’s amendments raise the minimum wages for people with Master’s degrees to EGP 6k a month and PhD holders to EGP 7k, as announced last month.

Cheaper chicken: The cabinet agreed to exempt 25k tons of frozen poultry from custom duties, allowing the Supply Ministry to sell it at lower prices. The price of chicken has spiraled in recent months due to the devaluation of the EGP and a shortage of feed caused by import curbs.

Russian, US firms compete to bring small nuclear reactors to Egypt -report

An American and a Russian firm intend to submit bids to build small nuclear reactors here, Asharq Business reported, citing sources it says have knowledge of the matter. The two companies have held talks with the Nuclear Power Plants Authority on the potential projects, which would be financed by bank lending on favorable terms, according to Asharq. The names of the firms were not disclosed.

Russia already has a foot in our nascent nuclear sector: Russian state nuclear company Rosatom was contracted in 2015 to handle the construction and provide fuel for Dabaa, Egypt’s first nuclear power plant. The company broke ground on the USD 30 bn project last summer. Dabaa will include four 1.2-GW reactors and is set to come online at the beginning of the next decade.

Small nuclear reactors? With an annual capacity of up to 300 GW, small nuclear reactors (AKA small modular reactors or SMRs) have around a third of the processing power of their bigger counterparts, according to the World Economic Forum. Both generate energy through nuclear fission — but the key difference is that big nuclear reactors must be built almost entirely on-site in a complex construction process, while SMR components can be more easily transported and assembled in factory conditions. That could make small reactors cheaper and easier to build, as well as allowing them to be fitted in decommissioned coal-fired plants, according to the World Nuclear Association (WNA).

The tech is still in its early stages: There are more than 80 SMR designs in development globally, according to the International Atomic Energy Agency (IAEA) — but only one design has so far received regulatory approval in the US and there is as of yet no consensus on how to regulate SMRs globally. There are just five small reactors in operation so far: three in Russia, one in India, and one built by China and exported to Pakistan, according to the WNA.

REMEMBER- Egypt is working to establish itself as an energy hub. Amid the loss of Russian fossil fuel supply to European markets thanks to war in Ukraine, the government has redoubled efforts to position the country as a regional energy hub serving the continent.

Egypt’s Nawah Scientific named among Africa’s most promising startups by Yale Africa Startup Review

Nawah Scientific named among Africa’s most promising startups: Scientific research startup Nawah Scientific made it onto Yale Africa Startup Review’s 2023 annual #YASR30 list — a list of the most promising African startups. Nawah was the sole Egyptian firm on the list amid a sea of Nigerian and Kenyan startups

About Nawah Scientific: Founded in 2015, Nawah Scientific provides lab testing services to scientific researchers. This is particularly important in a country like Egypt, where universities often don’t have the range of lab facilities and equipment required by researchers. The company recently announced its plans to expand into Saudi Arabia.

Egyptian talk shows cover Cypriot President Christodoulides’ visit to Cairo

Diplomacy dominated the airwaves last night: Ala Mas’ouleety’s Ahmed Moussa covered yesterday’s meeting between President Abdel Fattah El Sisi and his Cypriot counterpart Nikos Christodoulides (watch, runtime: 5:47) as well as former Tourism Minister Khaled El Enany’s nomination to the top job at UNESCO (watch, runtime: 14:51). We have more on both stories in our Diplomacy section, below.

AND- Yesterday’s storming by Israeli authorities of Al-Aqsa mosque got attention from Yahduth fe Masr’s Sherif Amer. (watch, runtime: 5:03).

Egypt’s economy in the foreign press on 6 April 2023. PLUS: Yemenis reportedly turned away at Egypt’s border + Ancient zodiac paintings restored in Esna

Our economic woes are still getting attention overseas on another quiet day:CNBC ispicking up on a string of recent downbeat data releases and analyst forecasts as the country struggles with soaring inflation and a weaker EGP. Meanwhile, the National examines the impact of the devaluations as part of a wider piece that also looks at the currency crises in Lebanon and Iraq.

Also making headlines:

Yemenis are reportedly being turned away at the Egyptian border after authorities introduced new visa requirements for the country’s nationals. Officials from both sides will meet next week to discuss the changes. (The National)
A number of ceiling paintings illustrating the zodiac signs dated to the Ptolemaic period have been restoredduring the excavation of the ancient Egyptian Temple of Esna. (Smithsonian Magazine)

Egypt Red Sea wind farm signs financial agreement

ENERGY-

It’s official: The 500-MW Gulf of Suez wind farm has reached financial close after the consortium working on the project yesterday signed the final agreement with its financial backers, cabinet said in a statement. Representatives of the Red Sea Wind Energy consortium — which includes which includes Orascom Construction, France’s Engie, and Japan’s Toyota Tsusho and Eurus Energy — inked the agreement with the syndicate of Japanese and European lenders among which are the European Bank for Reconstruction and Development (EBRD) and the Japan Bank for International Cooperation (JIBC). The consortium first announced the closing on Monday.

About the project:The USD 680 mn project is slated to become Africa’s largest wind facility when it begins operating at full capacity in 3Q 2025. Situated at Ras Ghareb, the project will supply renewable energy to over 800k homes and lower carbon emissions by around 1 mn tons per year.

UAE’s Adnoc to IPO shipping and logistics arm Adnoc L&S

Adnoc is looking to take another one of its subsidiaries public:Adnoc L&S, the shipping and logistics arm of state-owned Abu Dhabi National Oil Company, is aiming to raise around USD 1 bn in an IPO that could go to market as soon as May, Bloombergreports, citing people familiar with the matter. Adnoc has yet to make a public announcement on the possible IPO and has so far declined to comment on the alleged plans. The bookrunners for the transaction are EFG Hermes, Credit Agricole, Societe Generale, Arqaam Capital, Abu Dhabi Commercial Bank, and International Securities. Global coordinators for the transaction are HSBC Holding, Citigroup, First Abu Dhabi Bank, and JPMorgan, Bloomberg reported.

REFRESHER- Adnoc in February listed its gas arm, Adnoc Gas, raising some USD 2.5 bn in what was the world’s biggest IPO of 2023. The listing followed a string of stake sales in other units of Adnoc, which has in recent years listed Borouge, Adnoc Drilling, Fertiglobe, and Adnoc Distribution amid the UAE’s drive to diversify its energy-reliant economy.

Read more in this morning’s issue of Enterprise Logistics — our new daily roundup of news, analysis, and insight into the biggest stories from MENA logistics players, four days a week.

ALSO WORTH NOTING-

Fitch bumps up Saudi credit rating: Fitch Ratings yesterday raised Saudi Arabia’s sovereign debt rating to A+ from A, citing the kingdom’s progress in boosting its non-oil economy and strong reserves. (Statement)
TotalEnergies is investing big in Iraq: TotalEnergies, Qatar Energy and the Iraqi government will invest USD 10 bn in a project to increase oil and gas production in Iraq after the French energy giant and Baghdad agreed terms. TotalEnergies will own 45% of the Gas Growth Integrated Project, while Iraq’s state-owned Basrah oil company will hold a 30% stake and Qatar Energy will own 25%. (Company statement | Bloomberg)
Dubai tightens oversight of crypto traders:Dubai’s regulator is increasing scrutiny of crypto companies seeking licenses in response to the collapse of crypto trading platform FTX. (Bloomberg)

EGX30	17,019	+0.1% (YTD: +16.6%)
USD (CBE)	Buy 30.83	Sell 30.96
USD atCIB	Buy 30.85	Sell 30.95
Interest rates CBE	18.25% deposit	19.25% lending
Tadawul	10,921	-0.3% (YTD: +4.2%)
ADX	9,495	-0.1% (YTD: -7.0%)
DFM	3,430	-0.7% (YTD: +2.8%)
S&P 500	4,090	-0.3% (YTD: +6.5%)
FTSE 100	7,663	+0.4% (YTD: +2.8%)
Euro Stoxx 50	4,298	-0.4% (YTD: +13.3%)
Brent crude	USD 84.99	+0.1%
Natural gas (Nymex)	USD 2.14	-0.7%
Gold	USD 2,036	+0.0%
BTC	USD 28,187	-0.1% (YTD: +71.1%)

THE CLOSING BELL-

The EGX30 rose 0.1% at yesterday’s close on turnover of EGP 1.6 bn. Regional investors were net buyers. The index is up 16.6% YTD.

In the green: Rameda Pharma (+5.0%), Juhayna (+3.6%) and GB Auto (+3.0%).

In the red: Palm Hills Developments (-2.6%), Abu Dhabi Islamic Bank (-2.4%) and Oriential Weavers (-2.1%).

Asian markets are a sea of red in early trading this morning as traders react to payroll data showing weaker US jobs growth in March. Futures suggest a similar picture on Wall Street when US markets open later on today, while major European indices are set to fare better.

Egypt’s El Sisi talks energy with Cyprus’ Christodoulides. PLUS: Former tourism Minister Khaled El Enany nominated for UNESCO top job

Cypriot president in Egypt: President Abdel Fattah El Sisi held talks with his newlyelected Cypriot counterpart Nikos Christodoulides in Cairo yesterday.

Energy topped the agenda, including a project to connect the two countries’ electrical grids and plans to send Cypriot gas to Egyptian liquefaction plants, El Sisi said at a press conference following the meeting. He said they also discussed potential cooperation on renewables, trade, development, and military operations, as well as tripartite cooperation with Greece. The two leaders also agreed to launch an Egyptian-Cypriot business council, Ittihadiyasaid.

El Enany nominated to UNESCO top post: The Madbouly government has nominatedformer tourism minister Khaled El Enany as director-general of UNESCO for the four-year term that begins in 2025. The elections will be held in Paris in the same year, cabinetsaid. El Enany holds a PhD in Egyptology and has over two decades of experience in the field, most recently serving as Tourism and Antiquities Minister from 2016 to 2022. If El Enany’s bid is successful, he would be the first Egyptian national to assume the top job at UNESCO, the National notes.

Nervein Magdy, country manager at Property Finder Egypt

Nervein Magdy, country manager at Property Finder Egypt: 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 Nervein Magdy (LinkedIn). Edited excerpts from our conversation:

I’m Nervein Magdy, country manager at Property Finder Egypt. I’m a wife and mother to a beautiful 11-year-old girl. I have been with the company for five years, and I am responsible for leading the growth of its business operations in Egypt.

Our founder and CEO, Michael Lahyani, launched the Middle East’s first real estate classified in the UAE in 2007, and in 2013 we expanded to Egypt and Bahrain. Today, Property Finder is successfully operating in six countries, including Egypt, UAE, Qatar, Bahrain, Turkey, and Saudi Arabia. As a portal, we mainly focus on developers and brokers in each region, with a mission to motivate and inspire consumers to live the life they deserve.

My role involves managing and leading business growth in Egypt, so I am responsible for both the commercial and operational aspects of the company. We doubled our employee headcount in 2022.

My day usually starts at 6 am. I wake up early to prepare my daughter's lunchbox and take her to school. I then take my coffee while looking at my to-do list and plans for the day. I review my meetings for the day and make a checklist to ensure that I stay on schedule. I write everything down, even during meetings, on paper, as I am a little OCD about being super organized.

Since I operate with the headquarters in Dubai, my first meeting is usually at 8am, and this is followed by back-to-back meetings throughout the day. I also have face-to-face meetings with the team, HR, and finance functions in Egypt. We usually have pre-scheduled bi-weekly, weekly, and monthly sessions. It is essential for me that we stay organized and plan our schedules in advance.

Even though my workdays can be tight, I always ensure that I have dinner with my family, where we catch up and de-stress together. Even if there are work requests, I pause them and prepare dinner because it is a time that is truly important to me. I always have to make my daughter's lunchbox and set up dinner myself, even if we have help at home. It is something that I enjoy doing for my family. I also have to call my parents every single day on my way back from work. It is the most important phone call of the day.

Despite the long workdays, I genuinely enjoy my job as we are always learning something new,which makes work enjoyable and not routine. We currently have a hybrid situation where we work 2-3 days from the office and the rest from home. I also have some meetings outside of the office.

I stay focused and organized through my to-do list,by looking at what is done and what needs more time, setting a time for it, and ensuring that I meet my daily objectives. I am always focused on the people-orientated aspects of the business. I care about people's experiences, even when we’re interviewing potential candidates who don't pass interviews, I always ensure that they learn something valuable for their next move, even if they don't get hired.

I enjoy reading Enterprise as it covers a wide range of topics, and I find it exciting to learn about new trends and best practices in various industries.

In my spare time, I enjoy going out to dinner, and having a girls' night out with my daughter. I also enjoy drawing with her, which helps me relax and unwind. I also have to regularly meet up with my group of childhood friends. We've been friends for 40 years, and now our children are friends too. Our monthly Thursday get-togethers are something I always look forward to.

I recognize the importance of maintaining a healthy work-life balance, and it is something I know I need to work on, to be honest with you. I make sure to prioritize time with my family during weekends and holidays. When it's a day off, then it's a day off. For me, vacations are all about spending quality time with my husband, daughter, and extended family.

I enjoy reading leadership books, such as How Remarkable Women Lead. I’m not a big TV fan, but I try to keep up-to-date with current events through watching Amr Adib sometimes, but on a low volume [laughs], and reading articles related to my industry.

The best piece of advice I've ever received was from my father, who encouraged me to take ownership of my career. I started working while still in university, and his guidance helped me to develop the skills and mindset necessary to succeed. I now take full ownership of my career, confident that nothing will stop me as long as I have a plan in place. When I make a plan, there are no limitations. So own your career, that was the advice from my dad that’s always ringing in my head.

CALENDAR

APRIL

April: GAFIto launch the country’s first integrated electronic platform to facilitate setting up a business.

April: SCZone roadshow in China.

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

6 April (Thursday): Al Ansari Financial Services shares to start trading in Dubai.

9 April (Sunday): Senate to reconvene.

10-16 April (Monday-Sunday): IMF / World Bank Spring Meetings, Washington DC.

11 April (Tuesday): House to reconvene.

11 April (Tuesday): Deadline for NGOs to reconcile their status.

15 April: Lamees El Hadidi’s startup competition show, El Forsa, closes applications.

16 April (Sunday): Coptic Easter

17 April (Monday): Official holiday in observance of Sham El Nessim.

17 April (Monday): National Paints Holding’s and Eagle Chemicals’ MTOs for Pachin ends.

21 April (Friday): Eid El Fitr (TBC).

25 April (Tuesday): Sinai Liberation Day.

27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

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

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.

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.

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.

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.

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.

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.

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.

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

SEPTEMBER

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.

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

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

OCTOBER

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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