Egyptian startups raised USD 88.7 mn in 1H 2024, driven by local, regional investors

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What We're Tracking Today

Gov’t wants to commit to monthly payments to foreign fossil fuel players in bid to boost production

Good morning, everyone. It seems the weekend has started off early in Egypt, with only a trickle of local business news coming our way. However, across the pond in the US of A, the business cycle is in full swing with all eyes on Wall Street as it reacts to Nvidia’s hotly anticipated earnings that were released late last night.

WATCH THIS SPACE-

#1- The government wants to commit to monthly payments to foreign oil and gas companies in bid to boost investor appetite: Work is underway to make it possible for the government to commit to monthly payments to foreign companies working in the oil and gas sector, according to a cabinet statement out yesterday. The initiative comes as part of government efforts to ramp up production by incentivizing increased production and exploration of fossil fuels. New state incentives for oil and gas companies announced earlier this week also include offering foreign companies higher prices for the gas that they produce from their concessions.

Why all the energy incentive news this week? Prime Minister Moustafa Madbouly announced last week that the oil minister has been tasked with meeting with foreign energy players with the aim of boosting local production starting early 2025. After months of blackouts and then coughing up USD 1.2 bn to put a temporary halt to outages over the summer months, the government has been noticeably more proactive in its efforts to try to get local energy production rates back on the up.

#2- Work is underway to streamline customs, tax procedures for auto manufacturers: The Finance Ministry will set up a central unit to facilitate customs and tax procedures for companies involved in automotive manufacturing under a decision issued by the Finance Minister, the Egyptian Tax Authority (ETA) said in a statement. Entities that the unit will cater to include assembly companies, feeder industries, and any other entities participating in the Automotive Industry Development Program (AIDP). The unit will consist of representatives from the ETA and the Customs Authority.

PSA-

WEATHER- It’s a little cooler in Cairo today, with a high of 34°C and a low of 26°C — and even a small chance of light rain — according to our favorite weather app.

It’s more of the same in Alexandria and along the coast, with a high of 33°C and a low of 23°C.

And over the weekend, expect to see the slightly cool weather to carry on in the capital and on our northern shores.

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

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

HAPPENING TODAY-

UK-Egypt trade, investment is top of the agenda: Our friends at HSBC, together with the Egyptian-British Chamber of Commerce (EBCC) and UK Export Finance (UKEF), will host a webinar today to discuss how to support infrastructure reforms, potential partnerships in Egypt, and ways to support and connect companies around the world. The webinar will take place from 12-1pm CLT / 1-2pm UAE.

Want to attend? You can sign up here.

The webinar is a scene-setter for the Egypt-UK Investment and Opportunities Forum in London on Monday, 16 September. The gathering — which follows on from a June infrastructure mission — will focus on promoting trade and investment in infrastructure, with an emphasis on green hydrogen and renewables as well as sectors including the auto industry, food processing, and tech. The forum will also include both open panels and pre-arranged business-to-business networking. It will also give attendees the chance to meet with government officials and industry leaders. GAFI will be on hand to deliver an economic update.

Want to join them in London? Register your interest in attending the event here.

CIRCLE YOUR CALENDAR-

Egypt-Iraq investments, trade, partnerships incoming: An Egyptian delegation, led by Industry and Transport Minister Kamel El Wazir, is set to land in Iraq on 9 September to finalize a number of strategic partnerships between companies from both countries, Asharq Business reports, citing Federation of Chambers of Commerce Secretary-General Alaa Ezz. Egypt is looking to boost its trade with Iraq by 41% y-o-y to reach USD 1 bn in 2025, one unnamed government official said.

There’s a lot of interest in the Iraqi market: Egyptian companies expressed interest in Iraq’s pharma, infrastructure, and construction sectors during Iraqi Prime Minister Mohammed Shia' Al Sudani’s recent visit to Egypt.

Remember: Earlier this summer, it was reported that the Iraqi Health Ministry is holding discussions with Egyptian contractors to take part in revamping 12 hospitals with an estimated cost of USD 480 mn.

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

THE BIG STORY ABROAD-

The international business press is uniformly leading its front pages this morning with Nvidia’s earnings, which we unpack in Planet Finance, below.

Also getting prominent coverage this morning: Telegram CEO and founder Pavel Durov was charged in France for being complicit in the spread of inappropriate images of children on the platform, in addition to complicity in illicit transactions, fraud, and drug trafficking. Durov was also charged with failure to comply with authorities on investigations into illegal activities happening on Telegram. French authorities ordered Durov to post EUR 5 mn bail and banned him from leaving the country. Durov was arrested on arrival in France earlier this week. (Bloomberg | Financial Times | Wall Street Journal | Washington Post | New York Times)

PLUS- OpenAI is in talks for another funding round that would give the ChatGPT maker a valuation of more than USD 100 bn, the Wall Street Journal reported. OpenAI is currently valued at USD 86 bn. The company is in talks with Thrive Capital — which alone could invest USD 1 bn — and other investors for its first funding round since the release of ChatGPT in early 2023. CNBC and the Financial Times also have the story.

Beauty unveiled amidst ancient wonders: Celebrate the beauty, nature, and cultural legacy of 30 nations as Miss Elite 2024 returns to the enchanting shores of Somabay from 2-14 September. For the fourth consecutive year, Somabay is hosting this prestigious international beauty pageant, celebrating women’s beauty and intelligence on a global scale. Experience the fusion of antiquity and modern elegance by attending the Grand Finale on 13 September at Mazeej Soma Beach Platform.

Egyptian startups raised USD 88.7 mn in the first half of 2024

A health check on Egypt’s startup scene in 1H 2024: The first half of 2024 was a turbulent one, with exchange rate instability, the float of the EGP, and rising interest rates. Many sectors found themselves struggling to keep up with the rapidly-changing macroeconomic conditions of the country, but how did the startup scene fare?

By the numbers: Local startups raised a combined USD 88.7 mn across 39 transactions during the first half of the year, according to data compiled by Cairo-based think tank Entlaq for its Egyptian Entrepreneurship Sector Diagnostics Report that dives into the trends that drove the startup scene during the six-month period.

The bigger picture: Egypt currently houses over 2.1k startups with a total valuation of more than USD 8 bn. The country’s startup ecosystem employs over 50k people.

Who received the lion’s share of the funds? One of the biggest funding rounds the local startup scene saw this year was F&B logistics startup OneOrder raising USD 16 mn in a series A round. Other startups that received big funds during the period include pharma delivery startup Yodawy, which raised USD 10 mn from Egypt-based private equity firm Ezdehar Management, fintech Connect Money, which raised USD 8 mn in seed funding, and Sahl, which closed a USD 6 mn funding round led by the government’s Ayady for Investment and Development.

Who contributed the funds? Among the top local investors were Acasia Ventures, Ezdehar, and Nahdet Misr’s VC armEdVentures, while the top foreign investors included Saudi’s Sukna Ventures and Nigeria-based Ingressive Capital.

FLUCTUATIONS THROUGHOUT THE YEAR-

Despite the large number of funds raised and rounds closed, startup funding showed significant volatility during the first six months of the year.

It started off strong: January recorded the highest amount invested in local startups all year long — investors poured some USD 28.0 mn into our startups during the month. The figure dipped to USD 4.6 mn in February as investors grew cautious of the Egyptian market, which at the time was looking at major discrepancies between the official EGP / USD exchange rate and the black market rate.

Then the float of the EGP in March appeared to reignite investor confidence and investments started picking up again to hit USD 25.2 mn in May and USD 15.1 mn in June.

Rating our VC funding: The report gave venture capital financing a score of 2.81, placing it between the 2.0 below average score and the 3.0 average adequacy score.

WHATS NEXT-

What is to be done? To boost the startup ecosystem and push it to the next level, the report lays out a number of recommendations. These include offering targeting programs for growth-stage startups, introducing tax breaks for VC firms and investors to stimulate VC funding, and introducing incentives for foreign investors.

Also on the agenda: The report also recommends strengthening the financial infrastructure for smooth cash transfers, encouraging private sector players to set up incubators and accelerators, and setting up PPP funds.

And on the regulatory front, the report recommends the establishment of a unified government strategy for entrepreneurship coupled with effective policy and regulatory mechanisms. It also recommends the state simplifies and updates existing regulations to make the process easier for entrepreneurs and investors and boost dialogue between the state and entrepreneurs.

Integrated Diagnostics Holdings, Orascom Construction report earnings

It’s earning’s o’clock: As we get ready to enter September, companies are continuing to churn out reports for their 2Q and 1H earnings for the year.

IDH’S NET INCOME, REVENUES UP IN 2Q-

IDH had a good quarter: Regional diagnostic services provider Integrated Diagnostics Holding’s (IDH) net income jumped 84% y-o-y to EGP 78 mn in 2Q 2024, it said in an earnings release (pdf). During the same period, revenues rose 39% y-o-y to EGP 1.3 bn. Topline growth was spurred by higher test volumes and higher average revenues per test as a result of effective pricing strategies.

On a 1H basis: Net income more than doubled y-o-y to EGP 480 mn in 1H 2024, while revenues came in at EGP 2.5 bn, marking a 33% y-o-y increase.

Om El Donya drove the growth: Revenues from the company’s operations in Egypt — its core market — accounted for 83.1% of the company’s topline during the quarter, recording a 38% y-o-y increase to EGP 1.1 bn. On a 1H basis, Egypt operations contributed 82.8% of total revenues, followed by Jordan (15.4%), Nigeria (1.5%), and Saudi Arabia (0.2%).

Looking ahead: “In Egypt, we expect continued growth driven by recent economic reforms

and a gradual improvement in purchasing power,” said CEO Hend El Sherbini. “We are particularly excited about the significant potential in our radiology venture. As the economy stabilizes, we see a tremendous opportunity to further capitalize on this growth area, leveraging our enhanced capabilities to deliver even greater value across the region.”

REMEMBER- IDH is delisting from the EGX: The company on Monday repurchased some 18.7 mn shares for EGP 20 a piece as part of its delisting buyback program. The buyback settlement process was slated for completion yesterday, according to the earnings release. IDH will transfer its shares from the EGX to the London Stock Exchange.

NET INCOME UP, REVENUES DOWN FOR ORASCOM CONSTRUCTION IN 1H-

US activities drive income growth, while revenues dip after MEA activity falls: The construction giant saw its net income rise 13.7% y-o-y during the first half of the year to USD 64.7 mn thanks to a 54.2% y-o-y increase in income recorded from the company’s US activities, according to its latest earnings release (pdf). Revenues were down for the period, falling 5.5% y-o-y to record USD 1.5 bn on the back of a 24.5% reduction in revenues from the MEA region.

Backlog grows: The company’s consolidated backlog grew 39.7% y-o-y to USD 7.7 bn during the six-month period — projects in Egypt accounted for 62.7% of Orascom Construction’s total consolidated backlog, projects in the US came in second with 25.5%. The company’s new awards rose 3.7% y-o-y to USD 1.7 bn during 1H 2024.

On a quarterly basis: Orascom Construction saw its net income dip 10.7% y-o-y to USD 18.6 mn in Q2 2024, due to a 42.7% y-o-y dip in the MEA region’s income for the period. Revenues fell 6.3% y-o-y for the quarter, coming in at USD 711.1 mn while new awards were up 41.8% y-o-y to USD 1.0 bn during the quarter.

Looking ahead: “Our backlog stands at a healthy USD 7.7 bn, positioning us to remain selective in pursuing new opportunities while maintaining our focus on project execution to capitalize on the current backlog,” said CEO Osama Bishai.

TCI unloads first Panamax vessel at Egypt’s Adabiya Port by using lighterage operation

A first in Adabiya Port: Our friends at TCI, the Egyptian terminal operator unit of AD Ports, notched a first with their recent unloading of 75k metric tons of slag from a Panamax vessel in Adabiya Port.

Why does this matter? Adabiya Port can't typically handle a Panamax vessel because of draft limitations — the water just isn't deep enough relative to the depth of a Panamax ship's hull, which goes down 12-13 meters below the waterline when the ship is fully loaded. The more we grow our exports (and import of critical production inputs needed to sustain them), the more we’re going to need to be creative solving problems like this.

How can you get around it? Neither of the usual options are very attractive to a client wanting to get goods into port. It boils down to (a) send the cargo on more than one smaller vessel with drafts that allows them to come into your port of choice or (b) steam for a different port, unload, and then truck the cargo overland.

What happened here? TCI performed a lighterage operation — its team met the vessel offshore and used floating cranes and barges to offload the cargo at sea. Once lighter, the Panamax vessel had a lesser draft and was able to sail into port and finish up the unloading process at berth.

What's TCI? The company operates container, bulk, break bulk, cargo handling, and trucking from the ports of Adabiya, Sokhna, Safaga, and Port Said.

Even if you're not a shipping nerd like us, we think you'll find the video of the operation cool (watch, runtime: 2:07). (And no, you don't need to have grown up with a copy of Jane's Fighting Ships on your bedside table to make heads or tails of it.)

Four new luxurious suites in Cairo’s historic Immobilia Building profiled in the NYT

The New York Times gives us a vivid tour of a collection of serviced luxury apartments nestled within Downtown Cairo’s historic Immobilia Building, which in its heyday once housed the likes of Omar Sharif, Leila Mourad, Abdek Halim Hafez, and other Egyptian greats. The carefully styled apartments overlooking Downtown Cairo from what was Cairo’s tallest building when it was built in 1940 have a “faded-glory feel mixed with contemporary energy,” Florence-based lawyer and owner of the apartments Florian Amereller tells the NYT. The accommodation includes personalized services such as a dedicated butler, chauffeured classic cars, bespoke tours, and gourmet dining.

Fertiglobe rubber stamps EUR 397 mn green ammonia offtake agreement with Germany’s H2Global. PLUS: Oil found, mystery Chinese auto company eyes Egypt, Japanese schools in the works, flight incentives

ENERGY-

#1- Fertiglobe gives the final rubber stamp to green ammonia offtake agreement with Germany’s H2Global: UAE-based renewables player Fertiglobe has inked an EUR 397 mn contract with H2Global subsidiary HINT.CO to supply green ammonia from its facilities in Egypt to the European Union, according to statements by both parties (here and here). The move comes over a month after Fertiglobe was selected as the winning bidder in H2Global’s pilot auction.

Remember: The agreement will see Fertiglobe supply H2Global with up to 19.5k tons of green ammonia annually beginning in 2027, with total deliveries expected to rise to a cumulative 397k tons by 2033. Fertiglobe will source the green hydrogen it needs to produce green ammonia from Egypt Green Hydrogen — a plant jointly set up by Fertiglobe, Orascom Construction, Scatec, the Sovereign Fund of Egypt, and the Egyptian Electricity Transmission Company.

#2- Striking black gold: Khalda Petroleum announced a new oil discovery in the Western Desert’s West Fewebs-1 area, according to a statement from the Oil Ministry.

Good timing: The discovery coincides with Egyptian Natural Gas Holding Company’s announcement that it is inviting bids for 12 new oil and gas exploration blocks in the Mediterranean and Nile Delta.

AUTOMOTIVE-

Mystery luxury car manufacturer from China mulls Egypt factory: The Industry Ministry is in talks with an unnamed Chinese luxury car manufacturer over locally producing its cars, an unnamed government source told Al Mal. The first phase of operation will see the Chinese company produce 5k cars to serve the local market and to be exported.

It’s still in the early stages: The company is still deciding between Egypt and Morocco for launching its production line or factory for one of their models.

EDUCATION-

More Japanese schools in the works: The government has plans to expand the network of Japanese schools in the country to 1.7k by the end of the fiscal year 2026-2027, according to a Planning and International Cooperation Ministry statement. There are also plans to set up 62 Japanese technological and vocational schools by then.

Japanese schools are no stranger to the local market, with the Education Ministry rolling out Egyptian-Japanese schools across the country over the past few years as part of a partnership between the two countries. We dove deeper into the topic in a Blackboard published in 2022.

AVIATION-

Winter flight incentives get the preliminary green light: The Egyptian Tourism Authority’s board approved the main guidelines for the winter flight incentive program, which is expected to run from November 2024 to the end of April 2025. The program will go to the ministry’s Tourism and Antiquities Support Fund’s board for discussion next.

MANUFACTURING-

Black+Decker could set up shop in Egypt: American power tool manufacturer Black+Decker is in talks with the General Authority for Investment and Free Zones (GAFI) to set up a factory in Egypt, according to a statement from the authority. The factory, which would be the company’s first in the Middle East and Africa, would produce electric equipment and tools for the local market and export.

CAPITAL MARKETS-

Naeem Brokerage gets FRA approval to trade carbon certificates: Naeem Brokerage has secured a license to trade carbon certificates on Egypt’s newly launched voluntary carbon market from the Financial Regulatory Authority, Al Borsa reports, citing the company’s managing director Osama Gamal.

Remember: Egypt earlier this month launched its voluntary carbon trading market — the first in Africa. The market allows companies to issue and trade voluntary carbon certificates in Egypt and Africa, which can be bought by other companies wanting to offset their emissions.

Nvidia shares slide despite highly anticipated 2Q earnings beating forecasts

There’s one story dominating the pages of the world’s business press today: Giant US chipmaker Nvidia reported 2Q earnings after the bell yesterday that beat bottom and top line expectations. However, investors — who have kept their eyes peeled for the AI juggernaut’s results for signs of how the AI boom is faring — are skeptical about the road ahead for the company and have driven down its share price in after-hours trading.

By the numbers: The company’s net income grew 168.2% y-o-y to USD 16.6 bn, delivering an earnings per share of USD 0.68 cents, compared to LSEG consensus expectations of USD 0.64. Revenues also came in a good notch above expectations, rising 122.4% y-o-y to USD 30.0 bn, exceeding analyst expectations of USD 28.7 bn.

This wasn’t enough to buoy stocks at the world’s second biggest company: Nvidia shares had fallen about 8% in extended trading at the time of writing, after its 3Q forecasts failed to impress investors — representing a roughly USD 200 bn drop in market value.

Nvidia has become a victim of its own success: Despite beating analysts expectations in 2Q and AI chip demand appearing to be much healthier than some had feared, the success of the company has led to some investors to price in incredibly high expectations for the company going forwards. The company expects to see USD 32.5 bn in revenues for the third quarter — plus or minus 2% — but this roughly 80% y-o-y increase that is a notch above analyst expectations isn’t enough for some investors.

But it’s going to take a lot to knock one of Wall Street’s most hotly watched stocks off course: Even if Nvidia does take a hit on the stock market in the coming days, the company’s share value is already up around 160% since the start of the year. Nvidia stocks alone have contributed more than a quarter of the S&P 500’s gains so far this year, helping to propel the company to be the world’s second biggest company, behind only Apple.

MARKETS THIS MORNING-

Asian markets are down in the red in early trading this morning, as investors assess how Nvidia’s share slump following its earnings release will affect the region as an important global hub for engineering chip parts. Tech and electronics companies are pushing down indexes across the region, with Korea’s Kopsi down 0.7%, Japan’s Nikkei down 0.4%, and China’s Hang Seng down 0.3%.

EGX30	30,710	+1.1% (YTD: +23.4%)
USD (CBE)	Buy 48.59	Sell 48.72
USD (CIB)	Buy 48.60	Sell 48.70
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,117	-0.5% (YTD: +1.3%)
ADX	9,289	-0.5% (YTD: -3.0%)
DFM	4,324	-0.4% (YTD: +6.5%)
S&P 500	5,592	-0.6% (YTD: +17.2%)
FTSE 100	8,344	0.0% (YTD: +7.9%)
Euro Stoxx 50	4,913	+0.3% (YTD: +8.7%)
Brent crude	USD 78.65	-1.1%
Natural gas (Nymex)	USD 1.93	+1.4%
Gold	USD 2,537.80	-0.6%
BTC	USD 59,361.90	-4.0% (YTD: +39.8%)

THE CLOSING BELL-

The EGX30 rose 1.1% at yesterday’s close on turnover of EGP 4.6 bn (16.9% above the 90-day average). Local investors were net sellers. The index is up 23.4% YTD.

In the green: Ezz Steel (+11.5%), Eastern Company (+7.2%), and Palm Hills Developments (+6.4%).

In the red: Juhayna (-3.4%), Fawry (-2.1%), and Heliopolis Housing (-1.8%).

CORPORATE ACTIONS-

Ezz Steel halts GDR trading on LSE: Ezz Steel has requested a three-week suspension of trading on its GDRs on the London Stock Exchange until it completes its audit for its 2023 financial statements, according to a disclosure from the company.

My Morning Routine: Bassem Fayek, managing director and partner at Boston Consulting Group

Bassem Fayek, managing director and partner at Boston Consulting Group, Cairo: 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 Bassem Fayek (LinkedIn), managing director and partner at Boston Consulting Group (BCG), Cairo.

My name is Bassem Fayek. I’m currently managing director and partner at BCG, Cairo, but I originally majored in electronic engineering at AUC. I graduated in 2008 and I began working in investment banking for about a year before getting into consulting, and I haven’t looked back since. I was BCG’s first local hire when it began operations in Egypt back in February of 2020 — when Covid first happened. So it was just me and my laptop, and my role was to build up the company, the team, and the whole setup of BCG Cairo.

BCG’s ultimate purpose is to unlock the potential of those who advance the world. In more technical terms, we advise clients, address their biggest challenges, and help them realize their biggest aims. Our three main priorities while setting up shop in Egypt were, to first advance local firms and help them grow regionally and globally. Secondly, on the other side of the coin, we wanted to help international firms advance their contributions to the Egyptian market. Finally, we wanted to support the government and national priorities — we were the strategic consulting partner for COP27 and we were the consulting partner for the Egypt-EU Investment Conference that took place recently.

My day-to-day responsibilities revolve around those three priorities, as well as building up the Cairo team and work related to recruitment.

Getting started right when Covid hit represented a challenge, but it was also an opportunity. It removed some of the expectations of having people fly in and out to conduct their business, and — with BCG being a global firm — it was a lot easier to quickly provide access to expertise by just jumping on a Zoom call. It took maybe less than six months for business to really pick up, and we’ve since built a strong business case in Egypt that has rapidly accelerated our growth.

The most prevailing trend in both our industry and others is, of course, AI and its integration into our workflow. I imagine it’s kind of like how everything changed with the introduction of Excel, in that it’s transforming how we use computers. It’s a similar context and the magnitude and potential impact is much bigger.

Consulting and routine don’t really go together very well, but I always try to make sure there’s at least one hour in my morning dedicated to spending some quality time with the family and playing with my 12-month-old son Adam for a bit. I try to leave the time between the morning and the afternoon for meetings with clients, then maybe spend the period between 4-8pm doing internal team meetings to discuss projects or to solve problems. I also keep the 7:30-8pm slot empty so I can spend some more time with Adam. If there’s another really urgent meeting I’ll have it done after that.

I usually read EnterpriseAM Egypt during the first 30 minutes of my day, especially the first section, which I get through pretty quickly with my morning coffee or while having breakfast, before reading the rest while commuting to work.

The one constant in my day is that I’m always surrounded by highly ambitious people. Be it my team members here at BCG, other partners, or CEOs and ministers — setting a high bar for me to sustain, maintain, and grow from as well. That’s what keeps this role exciting for me. The attrition rate is really high in the consulting industry — so after having done it for 15 years, in a very rough market like Egypt’s, what keeps you going is the people you’re working with.

Other than spending more time with my family, my current goal on a personal level is to start working out again. I used to be a crossfitter prior to Covid, but I’ve since had to stop going to the gym and I haven’t picked it up since then. I think it’s more about finding the mental capacity than it is about finding the time — so that’s one thing I’d like to add to my morning routine. On the professional level, I aim to continue to help grow BCG Cairo. Our goal over the next four to five years is to grow three-fold at least.

Work-life balance and consulting don’t mix great together either. While consulting is definitely a demanding field compared to other industries in Egypt, we’ve managed to keep the level of voluntary attrition at a much lower level than the industry average. I think while our teams are challenged, they’re excited about what they’re doing, and it’s the same thing for me. The mindset comes from the top.

To me, it’s not about finding work-life balance — it’s about whether you’re really excited about what you’re doing and if you feel like you’re making an impact. I try to do things like avoiding overnight flights, I try to get a minimum of 6-7 hours of sleep, and I usually have no work on weekends — except the odd meeting on Fridays here and there, which I keep in the morning to avoid messing up the rest of my day. So I try to do things here and there to maintain some balance, but it’s more of a side thought.

Two books that stand the test of time for me are How to Win Friends and Influence People and The Art of War, both of which I’d definitely recommend. Another interesting one was called The Lean Startup, and one that’s on my reading list is Atomic Habits.

CALENDAR

2024

AUGUST

August 2024: Shalateen to announce gold exploration tender winner.

SEPTEMBER

2-3 September (Monday-Tuesday): The Seamless North Africa conference, Cairo.

3-5 September (Tuesday-Thursday): Egypt International Airshow, El Alamein International Airport.

4-5 September (Wednesday-Thursday): The US-Egypt Joint Economic Committee meeting, Washington.

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

9-12 September (Monday-Thursday): The annual EFG Hermes London Conference.

9 September (Monday): Egyptian delegation to visit Iraq.

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

16 September (Monday): Egypt-UK Investment and Opportunities Forum, London.

24 September (Tuesday): Enterprise Finance Forum, Cairo, Egypt

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

25-28 September (Wednesday-Saturday): Cityscape Egypt, Egypt International Exhibition Center, Cairo.

30 September (Monday): Ban on sugar exports expiration.

OCTOBER

1-3 October (Tuesday-Thursday): Cairo Sustainable Energy Week, Cairo, Egypt.

6 October (Sunday): Armed Forces Day.

10-12 October (Thursday-Saturday): Egy Health Expo, Egypt International Exhibition Center, Cairo.

10-12 October (Thursday-Saturday): The FinExpo Conference and Exhibition, Cairo.

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

13-17 October (Sunday-Thursday): Cairo Water Week, Water and Climate: Building Resilient Communities, Cairo, Egypt.

20-22 October (Sunday-Tuesday): Mediterranean Offshore Conference (MOC), Alexandria, Egypt.

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

NOVEMBER

4-8 November (Monday-Friday): World Urban Forum, Cairo, Egypt.

12-15 November (Tuesday-Friday): Arab African Investment and International Cooperation Summit, Aswan, Egypt.

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

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

DECEMBER

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

EVENTS WITH NO SET DATE

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

3Q 2024: Egyptian-Armenian Joint Committee.

September 2024: Turkish-Egyptian Business Council meeting in Turkey.

November 2024: Egypt to host the World Urban Forum (WUF12).

End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City.

2025

July 2025: The first operational trail of Egypt-KSA electricity interconnection line.

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

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

EVENTS WITH NO SET DATE

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

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