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Monday, 23 Oct 2023

What We’re Tracking Today
War Watch
Financial Services
Last Night’s Talk Shows
Egypt In The News
Also On Our Radar
Planet Finance
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Egyptian troops hit in border incident; Israel says it was an accident

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Today at a glance

1

WAR WATCH

Egyptian troops injured in border incident; Israel says it was an accident.
2

FINANCIAL SERVICES

Beltone signs EGP 1.2 bn sale-leaseback agreement with Al Ahly Sabbour.
3

WHAT WE’RE TRACKING TODAY

Al Safy Group subsidiary reportedly in the running for bottled water company Safi.
4

ALSO ON OUR RADAR

IDG-led consortium to sign MoU to develop Beni Suef dry port.
5

ALSO ON OUR RADAR

State, private banks in the running to offer state-owned water company EGP 10 bn loan.
6

WHAT WE’RE TRACKING TODAY

HHD to announce winning bid for Granada building redevelopment within 2 weeks.
7

WHAT WE’RE TRACKING TODAY

Biden’s nominee for Egypt ambassador faces questions on Gaza aid + human rights at Senate hearing.
8

BLACKBOARD

Tuition fees at private universities remain unchanged as Egypt’s new academic year begins.

Monday, 23 Oct 2023

What We’re Tracking Today
War Watch
Financial Services
Last Night’s Talk Shows
Egypt In The News
Also On Our Radar
Planet Finance
Blackboard
Calendar
1

WHAT WE’RE TRACKING TODAY

Senate grills US ambassador to Egypt nominee on Gaza aid, human rights

Good morning, friends. We have a reasonably compact issue for you this morning dominated largely by Israel’s war against Gaza. There are no new developments to report on the economy front, leaving us with a smattering of corporate stories on what is (war aside) a reasonably quiet Monday morning for business news.

WATCH THIS SPACE-

#1- Biden’s nominee for Egypt ambassador faces questions on Gaza aid and human rights at Senate hearing:Herro Mustafa Garg was pressed on how she would respond to the humanitarian crisis in Gaza and Egypt’s human rights record as Washington’s ambassador in Cairo during her Senate confirmation hearing on Thursday. Politico has more.

TL;DR: In her statement (pdf), Garg pledged to support the Madbouly government’s IMF-backed reform program, maintain Washington’s close relationship with the Egyptian military, and push for improvements in the country’s human rights record.

Remember: Egypt’s relationship with US lawmakers has been placed under the microscope in recent weeks following the federal indictment of former Senate Foreign Relations Committee chair Robert Menendez. Menendez’s resignation led to the appointment of a new committee chair: Egypt-skeptic Democratic senator Ben Cardin, who promptly withheld all USD 320 mn of Egypt’s human rights-conditioned military aid.

#2- Another bidder for Safi? A unit of privately held Al SafyGroup is interested in acquiring military-owned bottled water company Safi and will submit its bid in the next few weeks, reports Al Borsa, citing sources it says are in the know. The Al Safy Group — which has no connection to the military-owned firm despite its similar name — was among the 30 companies that previously expressed their interest in the stake sale, the local outlet added.

One in and one out: Agthia has withdrawn its own bid, Al Borsa reported, adding to rumors in August that the ADQ-owned food company had lost interest. This leaves newcomer Al Safi Group competing with Mansour Group, which was named alongside Agthia by local media as being the two unnamed Safi suitors mentioned in the updated state ownership policy document published in August.

What’s Al Safy? Directly and through partnerships, the company is a major distributor for foreign brands including Apple and BMW. We spoke with CEO Reem Safy for our My Morning Routine column last December.

ICYMI- The Sovereign Fund of Egypt has been working to sell at least 10% — and potentially asmuch as 100% — of Safi under the state’s privatization program.

#3- Heliopolis Housing to study bids for EGP 1 bn Granada building redevelopment: State-owned real estate developer Heliopolis Housing and Development (HHD) plans to announce within two weeks who it will choose to redevelop the historic Granada building in Heliopolis, a company official told Al Borsa. Companies were invited to apply to redevelop the building to accommodate cultural and tourism activities, exhibitions, and events, and establish a restaurant back in April.

#4-EGX IR digital registry is in the pipeline: The EGX has begun setting up a digital registry for investor relations officers at listed companies on the bourse, it said in a statement yesterday. The registry is designed to raise the quality of disclosures in terms of timing, content, and improving the communications with market stakeholders. Investor relations officers will be registered on the database after they pass interviews, tests, and training programs conducted by the EGX and the Egyptian Directors Center of the Financial Regulatory Authority, the statement reads.

What’s next: Interviews will begin from 23 October in time for training to commence in mid-November and all EGX-listed firms are encouraged to submit at least one candidate for the training.

HAPPENING TODAY-

Pachin’s delisting kicks off: Minority stakeholders can start selling their shares in Paint and Chemical Industries (Pachin) today after the company launched a bid to buy back its publicly-traded shares for EGP 39.80 apiece, according to an EGX news bulletin yesterday. Shareholders will have until Thursday, 2 November to respond to the offer. Dubai-based National Paints Holding’s (NPH) acquired more than 80% of the formerly state-owned company for around EGP 770.5 mn in a mandatory tender offer in May. Pachin’s shares remained unchanged during yesterday’s trading to close at EGP 39.18 apiece.

HAPPENING THIS WEEK-

#1- “Davos in the Desert”: Global investors, business leaders and bankers will be in Riyadh for the Future Investment Initiative (FII) from tomorrow. The event wraps on Thursday.

#2- The clocks are going back: Daylight savings time will end in Egypt on Thursday 26 October.

#3- French President Emmanuel Macron is expected to visit Cairo “soon” to talk about Israel’s war on Gaza. Macron, together with Dutch Prime Minister Mark Rutte will be in Israel today to meet Netanyahu, according to a statement from the Israeli PM’s office picked up by Reuters. Rutte held a phone call with President Abdel Fattah El Sisi yesterday.

MORNING MUST READS-

A handful of stories worth looking at as we all wrap our heads around what’s going on in the world around us this morning:

  • Western credibility is taking serious damage: “We have definitely lost the battle in the Global South … They won’t ever listen to us again,” one senior G7 diplomat tells the FT. (Financial Times)
  • Diplomatic manoeuvering in the Gulf: The Economist has what it claims is the inside scoop on how Abu Dhabi, Doha, and Riyadh are hedging their bets in uncertain times. (The Economist)
  • A once-in-a-lifetime problem: The US is facing the greatest number of overseas crises this side of the Second World WAr, according to former defense secretary Robert Gates. (Axios)

In the markets: Rising yields and heightened geopolitical risk are a toxic combination for capital markets:

Exhibit A: The private equity boom is well and truly over.Private equity firms are resorting to unconventional strategies to raise funds amid what is looking like the worst year in a decade for exits, says the Financial Times.

Exhibit B: The recent hype about an Arm-fuelled rebirth in the IPO market has fallen flat.“A string of underwhelming initial public offerings has only exacerbated skepticism on Wall Street as a dearth of new issuance nears a second full year,” Bloomberg writes.

SIGN OF THE TIMES- Gold rush: Local gold prices have surged 15% in the wake of the conflict in Gaza, with 24 carat gold reaching EGP 2,834 and 21-carat hitting EGP 2,480 at the close of trading yesterday. Global prices have risen nearly 8% over the past two weeks to reach almost USD 2k per oz.

It’s not just geopolitics moving the market: Gold is a haven asset for people looking to protect savings from the weakening EGP. Prices have almost tripled since the initial devaluation in March 2022 and we can expect prices to keep moving upwards ahead of the anticipated float later this year.

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at the expansion of industrial zones in Egypt.

CIRCLE YOUR CALENDAR-

The Egyptian Trilogy comedy tour is in London on Wednesday, 25 October. Catch Fady RIzk, Ahmed Ahmed, and Mohamed Salem at the Leicester Square Theater, brought to you by our friends at Somabay.

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

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: Tuition fees at private universities remain unchanged as Egypt’s new academic year begins

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2

WAR WATCH

Egyptian troops injured in border incident; Israel says it was an accident

As many as seven Egyptian troops were injured when an Israeli tank opened fire on a border postnear the Egypt-Gaza border, the Egyptian and Israeli militaries said yesterday. “An IDF tank accidentally fired and hit an Egyptian post adjacent to the border in the area of Kerem Shalom,” the Israeli Defense Forces wrote on X (formerly known as Twitter) yesterday evening. A medical source and a witness said that seven were injured and taken to hospital, Reuters reported.

An apology: A spokesperson for the Egyptian military later said some soldiers received “minor injuries” after the border post was struck by “fragments of a shell” from an Israeli tank. The statement did not confirm how many were wounded or elaborate on what happened. The IDF “expressed sorrow” over the incident and said it is investigating what happened.

The attack came soon after a second aid convoy crossed into Gaza, according to Reuters, which reported hearing an explosion and the sound of ambulances.

Some commentators were dubious about how accidental the attack was: “The message was received. Egypt will not stop the aid and will not leave the Palestinians,” El Hekaya host Amr Adib wrote on social media. “Wait for the Egyptian actions that will also be mistaken.” Later on his show, Adib warned that the incident threatens peace between the two countries. “[Israel’s] credit is running out,” he said. “Do not mess around with the Egyptians in this matter and wait for an accidental response” (watch, runtime: 3:42 | 3:09).

A SECOND CONVOY ENTERS GAZA-

Another 14 trucks cleared the Rafah border crossing yesterday carrying vital supplies of food, water and medical aid into Gaza, the UN confirmed yesterday. This was the second delivery in two days after a first convoy of 20 trucks entered the territory on Saturday.

A third, larger convoy will make the trip today: A convoy of 40 trucks will enter the strip today, Al Arabiya reported last night, citing what it said are Egyptian sources.

This is still far, far too little: UN officials say that at least 100 trucks are needed every day to ease the humanitarian crisis in the enclave, which has been subjected to a total siege by the Israelis for two weeks. Medical supplies are running dangerously low, shortages of food and water are growing worse, and hospitals are on the verge of collapse with Israel continuing to prevent fuel from entering.

Regular aid deliveries from tomorrow? That’s according to US humanitarian envoy David Satterfield, who was appointed by the Biden administration last week to oversee the delivery of aid to Gaza. “Our expectations and the substance of our discussion with all sides is that starting tomorrow you’ll be seeing a continuous flow of assistance moving,” he said in a televised interview yesterday (watch, runtime: 1:35).

MORE PROTESTS: The Egyptian Bar Association held a rally in support of the Palestinians yesterday in downtown Cairo. The organization is planning to send an aid convoy to Gaza.

The death toll: More than 4,650 Palestinians have been killed by the Israeli military since it started its military campaign on 7 October, 40% of them are children, according to the latest figures from the Gaza Health Ministry. Almost 14,250 people have been wounded.

ESCALATION IN GAZA-

Ground invasion delayed on hostage hopes: Israel is holding off on its ground offensive while US officials put pressure on the Qataris to use their relationship with Hamas to negotiate the release of more hostages, according to Bloomberg. Hamas on Saturday released the first two hostages for what it claimed were “humanitarian reasons.”

Gaza City civilians could be targeted, IDF hints: Israel has told residents of Gaza City they could be seen as terrorist sympathizers if they refuse to flee their homes and move to the south of the territory, according to Reuters. “Whoever chooses not to leave north Gaza to the south of Wadi Gaza might be identified as an accomplice in a terrorist organization,” the Israeli military wrote on leaflets and sent in text messages yesterday. The warning came a day after Israel said it would escalate its bombing campaign ahead of a potential ground offensive.

Remember:More than 600k people have fled the city after Israel warned them last week about an imminent ground invasion. The city was home to more than 1 mn people before the war and is the enclave’s most densely-populated urban area. Israel’s displacement of hundreds of thousands of people to the south of the enclave — in the direction of the border with Egypt — has stoked anger among Egyptian officials, who see the move as intended to pressure Cairo to open the border and allow Israel to ethnically cleanse the territory.

More extreme rhetoric: The Israeli military’s “civilians in Gaza City = terrorists” calculus echoes statements by Israeli President Isaac Herzog last week, in which he suggested that the entire population of Gaza is a legitimate target.

ESCALATION IN THE REGION-

US officials are trying to prevent Israeli hawks from starting new fires: The Biden administration is putting pressure on Netanyahu’s cabinet not to trigger a full-scale war with Hezbollah in Lebanon amid support among some Israeli hawks for a pre-emptive strike, the New York Times reported Friday.

The pressure seems to be changing minds in Tel Aviv:“The intent now is to block and contain the northern arena, not to escalate it, not to go to a full war,” a senior Israeli security official told the Guardian, adding that whether the clashes increase will depend on Hezbollah. Netanyahu yesterday threatened to “devastate” Lebanon should the Iran-backed Shia militia launch a full-scale attack against Israel.

Though tensions on the border aren’t getting any calmer: Netanyahu’s comments came during a visit to Israeli troops on the country’s northern border with Lebanon, where cross-border clashes have been increasing in intensity. Hezbollah yesterday said that another five of its soldiers had been killed, taking its total losses over the past two weeks to 24, while Israel evacuated more villages close to the border in anticipation of further violence.

The Biden administration is anticipating a “significant escalation of attacks” on the US military, Defense Secretary Lloyd Austin said yesterday, amid fury in the region about its backing of Israel’s brutal war. US troops in Iraq and Syria came under attack at the weekend, while a US warship downed several missiles in the Red Sea apparently fired from Yemen. The country yesterday said it would withdraw all non-essential staff from its embassy in Baghdad.

MUST READ- The US is moving a second aircraft carrier battle group to the East Med, writes former UK Royal Navy captain Tom Sharpe for the Telegraph, noting that the unusual display of power — one carrier battle group is typically more than enough — underscores how serious the situation is right now, from the viewpoint of DC. A carrier battle group is “most-defended bit of real estate on the planet” and a platform to deliver everything from “intelligence gathering, through humanitarian support right up to high-end warfighting,” Sharpe writes. Read: The US Navy is preparing for combat ops on a scale not seen for many years.

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3

FINANCIAL SERVICES

Beltone’s leasing arm signs EGP 1.2 bn deal with Al Ahly Sabbour

Beltone x Al Ahly Sabbour:Beltone’s Financial’s leasing subsidiary has signed a sale and leaseback agreement worth EGP 1.2 bn with real estate developer Al Ahly Sabbour, the company said in a statement (pdf) yesterday.

The details:The financing will be disbursed in two tranches of equal sizes, the second of which will involve a syndicate of Beltone and other financial institutions, the release said, without providing further information.

What’s the money for? The fresh capital will “substantially contribute to our financing requirements and accelerate the pace of construction in our projects,” Al Ahly Sabbour chairman and managing director Ahmed Sabbour said.

BACKGROUND-Beltone Leasing has signed agreements worth approximately EGP 4 bn in 2023, including transactions with Pickalbatros and Hassan Allam Properties worth more than EGP 1.2 bn.

ICYMI- Beltone Leasing recently became Beltone Leasing and Factoring:The companyreceived a license from the Financial Regulatory Authority in September to add factoring to its lines of business.

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4

LAST NIGHT’S TALK SHOWS

The conflict in Gaza dominated last night’s talk shows

IDF tank fire hits Egyptian border post, injures guards: The accidental shelling by Israel of an Egyptian military position near the border with Gaza dominated last night’s talk shows. El Hekaya (watch, runtime: 3:42 | 3:09), Kelma Akhira (watch, runtime: 5:11), Masaa DMC (watch, runtime: 1:56), and Ala Mas’ouleety (watch, runtime: 4:53) all had coverage. We have all the details in War Watch above.

More aid arrives in Gaza, with more expected to follow:A second convoy of 14 aid trucks loaded with medicines, food and water entered Gaza via the Rafah crossing, last night’s talk shows reported, including Masaa DMC (watch, runtime: 3:09) and Kelma Akhira (watch, runtime: 1:14). Palestinian Rafah crossing official Wael Abu Hassan told Al Hadath TV that the aid quantities are tiny in comparison to the catastrophic situation that Gaza faces (watch, runtime: 4:44). The evening’s talk shows also reported that more aid convoys are expected to make their way into Gaza from today, including El Hekaya (watch, runtime: 3:04).

The humanitarian situation in Gaza is worsening:Palestinian Health Ministry spokesperson Ashraf Al Qudra appeared across several programs last night and told El Hekaya that hospitals in Gaza may not be able to continue functioning within the next 48 hours as supplies run out (watch, runtime: 3:37). In an interview with Masaa DMC, Al Qudra said that Israel has committed 574 attacks in the past sixteen days, bringing the known death toll to 3.6k in Gaza, with many still unaccounted for under the rubble of collapsed buildings (watch, runtime: 8:48).

Could the conflict expand into Lebanon?Al Arabiya’s Lebanon correspondent Mahmoud Shukr told El Hekaya that the clashes between Hezbollah and the Israeli forces have not yet escalated beyond skirmishes. Shukr added that US forces are stationed in the Mediterranean and are ready to support Israel from any attack from its border with Lebanon (watch, runtime: 3:27 | 3:01).

ALSO- Credit card FX spending limits: Limits on credit card usage abroad under the Central Bank of Egypt’s new FX-transaction rules received coverage from Kelma Akhira (watch, runtime: 6:25).

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5

EGYPT IN THE NEWS

Aid for Gaza still leads the conversation on Egypt in the international press

Dominating the conversation on Egypt this morning:Egypt’s Rafah border was opened for the second time to allow a convoy of 14 trucks carrying vital water, food and medical supplies into Gaza yesterday evening, after an initial 20 trucks crossed the border on Saturday. There have still been no deliveries of fuel due to an Israel-imposed blockade. (Reuters | Associated Press | AFP | Washington Post | ABC News)

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6

ALSO ON OUR RADAR

IDG-led consortium to sign MoU to develop Beni Suef dry port. PLUS: Jumia + Aman, Valu + EBI, Rakta + Al Ahly Pharos, Kima + Tecnimont

INFRASTRUCTURE-

#1- A new Beni Suef dry port in the works: Samcrete Holding’s industrial arm, Industrial Development Group (IDG), has “initiated the process” to ink an MoU with Alexandria-based logistics company Star Shine Shipping & Logistics (SSSC) to develop and operate a new dry port in Kom Abu Radi in Beni Suef, IDG said in a statement (pdf) released yesterday. Star Shine will be the operating partner in the consortium, IDG said. Representatives of IDG would not confirm the value of its planned investment in the facility.

Up to USD 500 mn worth of investment? That’s the reporting from Al Borsa reports, citing sources it says have knowledge of the transaction. The initial phase of the dry port spans over an area of 33 feddans and will be situated near a logistics area, storage hangars, administrative areas, and a technical training school, Al Borsa says.

What’s next: The company is currently carrying out a feasibility study for the project, managing director of IDG Shady William told Enterprise.

DEBT-

State and private banks in the running to offer state-owned water company EGP 10 bn loan: The state-owned Holding Company for Water and Wastewater (HCWW) is set to obtain a EGP 10 bn credit facility after it finalizes an agreement from either a syndicate of state-run lenders or private lenders, Asharq Business reported citing banking sources it says are familiar with the matter. HCWW is set to choose between the two within a month.

In the running: According to the regional news source, the state-owned National Bank of Egypt, Banque Misr, and Banque du Caire formed a consortium for the loan, while private lenders QNB Alahli and the National Bank of Kuwait in Egypt also joined forces

FINTECH-

#1-Jumia boosts e-payment services through partnership with Aman: E-commerce platform Jumia Egypt has signed a strategic partnership agreement with Raya Holding’s fintech subsidiary Aman, allowing Jumia customers to pay for purchases through Aman installment plans with a 0% interest rate introductory offer, a statement (pdf) saidyesterday. JumiaPay will also become a secure payment gateway on the Aman SuperApp.

#2- Valu extends payment facilities to EBI students: Students at the Egyptian Banking Institute (EBI), the Central Bank of Egypt’s training arm, will be able to use Valu’s payment services to pay for their education and qualifications under a partnership agreement, according to a statement (pdf) from Valu. Valu will offer students of the EBI training programs “convenient financing and affordable installment plans,” the statement added.

MANUFACTURING-

#1- Seeking investment, paper manufacturer Rakta signs Al Ahly Pharos as advisor: The state-owned General Company for Paper Industry (Rakta) has inked an agreement with Al Ahly Pharos to attract a strategic investor to help overhaul the underperforming company, according to a statement(pdf) on the EGX yesterday.

ICYMI- Public Enterprises Minister Mahmoud Esmat dismissed the company’s board inDecember after a surprise visit to the Rakta factory. Esmat criticized the outdated production lines and poorly managed facilities that contributed to Retka’s recurring losses.

#2- Kima board confirms Tecnimont project fee: Shareholders of EGX-listed state controlled Egyptian Chemical Industries (Kima) approved a final price for an offer from Italian contractor Maire Tecnimont to take the reins on its nitric acid and ammonium nitrate project, Kima said in an EGX disclosure (pdf) yesterday. The project amounts to USD 297 mn, split between a USD payment of USD 234 mn and EGP payments of EGP 1.6 bn and the EGP equivalent of USD 11 mn. The board also approved the company’s financial results for fiscal year 2022-2023.

RETAIL-

Private-public partnerships for state-subsidized supermarkets up for grabs: The Supply Ministry’s Internal Trade Development Authority (ITDA) will begin offering partnerships in several phases to the private sector to run state-owned subsidized supermarkets — known as consumer complexes — owned by the Food Industries Holding Company later this week, reports Al Borsa, citing a source at the Supply Ministry. The first phase offering up partnerships in 26 units will kick off on Tuesday, with Carrefour, Mahmoud Elfar, LuLu Hypermarket and the Mansour Group all said to be interested. Details regarding the exact nature of the partnerships were not provided.

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7

PLANET FINANCE

Fears of default rise as Country Garden misses bond interest payment

China’sCountry Garden inches closer to default:China’s largest real estate developer, Country Garden, missed a USD 15.4 mn interest payment on a USD bond, pushing it one step closer to default, Bloomberg reported Friday. Bondholders are lobbying for a debt restructuring package, which would mark one of the country’s biggest corporate debt agreements, three sources with knowledge of the matter told Reuters. If Country Garden defaults on its USD 11 bn in outstanding offshore bonds, the country’s brewing property sector crisis could rapidly accelerate and have wide and far-reaching effects on the Chinese economy.

Sounds familiar? China’s property market has been in a slow-motion crisis for two years, which peaked in late 2021 when Evergrande — then the country’s second-largest developer — defaulted on its debt.

Yields on riskier European bonds hit seven-year high:Borrowing costs for Europe’s lower-rated corporate bond issuers have surged on the back of rising default fears, the Financial Times reported yesterday. The yields on EUR-dominated triple-C bonds are now 18% higher than those on government bonds, the salmon-colored paper added, citing an ICE BofA index.

EGX30

22,128

+2.4% (YTD: +51.6%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

10,469

-1.5% (YTD: +0.2%)

ADX

9,307

-1.3% (YTD: +8.9%)

DFM

3,752

-1.5% (YTD: +12.5%)

S&P 500

4,224

-1.3% (YTD: +10.0%)

FTSE 100

7,402

-1.3% (YTD: -0.7%)

Euro Stoxx 50

4,025

-1.6% (YTD: +6.1%)

Brent crude

USD 92.16

-0.2%

Natural gas (Nymex)

USD 2.90

-2.0%

Gold

USD 1,994.40

+0.7%

BTC

USD 29,846.96

-0.7% (YTD: +80.8%)

THE CLOSING BELL-

The EGX30 rose 2.4% at yesterday’s close on turnover of EGP 2.7 bn (20.6% above the 90-day average). Foreign investors were net sellers. The index is up 51.6% YTD.

In the green: Ezz Steel (+9.3%), TMG Holding (+8.1%) and Eastern Company (+6.9%).

In the red: Juhayna (-1.0%) and E-Finance (-0.3%).

Last weeks’ sell-off in global stocks is continuing in Asia this morning, where bourses across the region are in the red. Shares in Europe are also poised to open lower, though equity futures (for now) have US equities rising at the opening bell.

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Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard
8

BLACKBOARD

Tuition fees at private universities remain unchanged as Egypt’s new academic year begins

The new academic year is in full swing at public + private universities. Here’s a rundown of their tuition fees:Egypt’s private universities are keeping tuition fees unchanged for the 2023-24 academic year, while some also have their own scholarship and grant programs to offer students as the country contends with a challenging macroeconomic climate.

Unprecedented interest in admissions tests at private and public universities: Admission tests and application submissions saw significant interest at public and private universities, our sources told us. While there are no overall figures available yet, our sources indicated that the high numbers of applicants is a positive indicator for competition.

No increase in tuition fees this year: A Higher Education Ministry source told Enterprise that tuition fees at private universities are determined independently, but there are set guidelines this year to avoid a significant hike in fees given the country’s current circumstances. Most private institutions are heeding calls to cap costs. This comes as a return to the old admissions system that grants private and civil universities greater freedom and autonomy in selecting incoming students.

REFRESHER- In the past two years, the government implemented the centralized admissionssystem, tansik, at private and nonprofit universities before rolling it back in response to requests and complaints from these universities. Launched in 2021 , Tansik aimed to regulate admissions by assigning students to universities based on grades. But it drew backlash for limiting university autonomy. After complaints, authorities tweaked the platform to function more like the UK’s UCAS, allowing direct university applications while enabling ministry oversight. This year takes a hybrid approach, allowing students to apply directly to their preferred universities, with the application process linked to the ministry database for supervision without interference in admissions.

At the German University in Cairo, tuition fees for the Faculty of Engineering, Pharma Sciences, Computer Science, and Business Administration range from EGP 192.5k for Category B to EGP 211.2k for Category A. Faculty of Biotechnology tuition fees range from EGP 202.4k for Category B to EGP 172k for Category A, and Design College tuition fees are EGP 189,750.

Egyptian University of Informatics (Knowledge City)offers a range of merit-based scholarships to prospective students, reducing tuition fees from EGP 172.4k-120k for a 20% reduction. Students whose Thanaweya Amma score is between 80-90% are eligible for a 40% scholarship, bringing annual fees to EGP 103,440. Students with a final score of 90% or higher can receive a 55% reduction, bringing fees to EGP 77,500 for the Faculty of Computer Science and Information and the Faculty of Engineering. Business Informatics students can get a 35% scholarship, making the tuition about EGP 106.7k. The scholarship coverage rises to 40% for Category B and to 60% for Category A, depending on students’ scores.

October 6 University fees for the current academic year range from EGP 30k for a nursing degree to EGP 140k for med school. Dentistry students are paying EGP 110k, while Pharmacy students are paying EGP 100k. Engineering students, meanwhile, are paying EGP 55k per year.

The French University of Egypt’stuition fees are EGP 135k for the Faculty of Engineering, EGP 126k for the Faculty of Business Administration, and EGP 110k for the Faculty of Applied Languages.

The British University in Egyptcosts EGP 127k-173k for Pharmacy students, while those pursuing an Engineering degree are paying EGP 164k-198k, depending on their scores. Dentistry students, meanwhile, are paying EGP 206k-233k per year, depending on their scores.

Alamein International University:Dentistry costs EGP 107k, Medicine costs EGP 94k, Public Health costs EGP 63k, and Engineering fees go up to EGP 72k. The School of Computer Science Engineering also costs EGP 72k. In the field of Design and Arts, fees are EGP 52k, and the Basic Sciences faculty costs EGP 51k.

The Egyptian-Russian University:

  • Dentistry: EGP 128k.
  • Pharmacy: Ranges from EGP 89k-98k depending on specializations.
  • Engineering: EGP 61.2k.

Badr University in Cairo:

  • Medicine: EGP 199k.
  • Dentistry: EGP 155k.
  • Pharmacy: EGP 95k.
  • Tuition fees vary according to specializations.

Future University is among the universities that have decided to request part of thetuition fees in USD for the current academic year. Dentistry majors will be required to pay EGP 180k in addition to USD 1.7k and an annual EGP 20k administrative fee. For Pharmacy majors, the tuition fees are EGP 108k + USD 1.7k and an additional EGP 12k for administrative expenses.

Al Galala University, a national nonprofit Egyptian university, hastuition feesfor dual degrees with the University of Arizona ranging from EGP 225k for Engineering Sciences to EGP 200k for Computer Science and Programming, and EGP 160k for Digital Media Production. Other fees at Al Galala University include Dentistry at EGP 107k, Pharmacy at EGP 85k, and Radio and Television Production at EGP 50k.

Over at some of Egypt’s newer universities:

  • Hertfordshire University’s annual tuition ranges from EGP 190k to EGP 260k, depending on the area of study.
  • Nova University’s fees for one term range from EGP 71,250 + EUR 2,375 for the Faculty of Environmental Engineering and Faculty of Industrial Engineering. Business Administration and Information Management degrees cost EGP 60,000 + EUR 2,000 Business Administration and Risk Management, while Petroleum Engineering students will pay EGP 60k + EUR 1.8k.
  • Coventry University’s tuition starts at GBP 4,262 and goes up to GBP 5,936 per semester depending on major for the foundation year.

Your top education stories for the week:

EdVentures invests fresh funds into two local startups: EdVentures, the VC arm of Nahdet Misr, has made fresh equity investments into two education startups: USD 400k into Crafty Workshop and an undisclosed amount into online training provider Sprints.

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CALENDAR

OCTOBER

Late October-14 November: 3Q2023 earnings season.

24-26 October (Tuesday-Thursday): Future Investment Initiative, Riyadh, Saudi Arabia.

26 October (Thursday): Daylight saving time ends.

27 October (Friday): Deadline for bidding in tender for five solar plants on north coast.

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

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

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

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

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

Signposted to happen some time in October:

NOVEMBER

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

3 November (Friday): Fitch to review Egypt’s sovereign credit rating.

8 November (Wednesday): Turkish-Arab Economic Forum 2023, Istanbul.

9-15 November (Thursday-Wednesday): Intra-African Trade Fair, Cairo.

12 November (Sunday): Deadline for technical and financial offers for Misr Aluminium Company rehabilitation project (extended from 12 October)

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

14-15 November (Tuesday-Wednesday): Egypt VC Summit, Conrad Hotel.

15 November (Wednesday): Deadline for MTO to buyback Dice Sports and Casual Wear’s 46.9% Stake.

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

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

22 November (Wednesday): Deadline to apply to FRA for credit rating license.

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

30 November-12 December (Thursday-Tuesday): COP28, Dubai.

November: Bidding deadline for 5 gold mine concessions in the Eastern Desert (TBC).

DECEMBER

December: Kenyan trade conference in Egypt.

1-3 December (Friday-Sunday): Egyptian expats vote in the presidential election.

4-7 December (Monday-Thursday): Egypt Defence Expo, Egypt International Exhibition Center.

9-15 December (Saturday-Friday) :The Engineering Export Council of Egypt’strade mission to Saudi Arabia.

10-11 December (Sunday-Monday): eGlobe Expo, St. Regis Almasa Hotel, Cairo.

10-12 December (Sunday-Tuesday): Voting in presidential election takes place in Egypt.

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

12-14 December (Tuesday-Thursday): Food Africa Expo, Egypt International Exhibition Center.

20 December (Wednesday): End of sugar export ban.

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

Signposted to happen sometime in December:

  • Gov’t expects to finalize sale of a stake in military-owned bottled drinks company Safi
  • Gov’t expects to finalize sale of Zafarana wind farm

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

2H 2023: Egyptian government expected to sign agreements with a consultant for the EuroAfrica electricity interconnector.

2H 2023: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan expected to hold a summit.

3Q 2023: E-Finance to launch in Saudi Arabia.

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

4Q 2023: EGX to launch a shariah-compliant index.

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

2024: Standard Chartered Bank to open a branch in Egypt.

25 February 2024 (Sunday): Deadline for bidders for oil and gas expansion in the 23 new regions.

Q1 2024: Opening of the new developed Pyramids Plateau in Giza.

June 2024: Gov’t expects to finalize sale of Beni Suef combined-cycle power plant.

1H 2024: Gov’t expects to finalize sale of four water desalination plants.

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

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

November 2024: Egypt to host the 12th session of the World Urban Forum (WUF12).

2Q 2025: Safaga Terminal 2 to start operations.

2024

JANUARY

7 January (Sunday): Coptic Christmas.

25 January (Thursday): Revolution day.

APRIL

9 April (Tuesday): Eid El Fitr (TBC).

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

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC).

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC).

30 June (Sunday): June 30 Revolution Day.

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

23 July (Tuesday): Revolution Day.

SEPTEMBER

2-5 September (Monday-Thursday): Egypt International Airshow, El Alamein International Airport.

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

OCTOBER

6 October (Sunday): Armed Forces Day.

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