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Wednesday, 9 Aug 2023

What We're Tracking Today
M&a Watch
Manufacturing
Startup Watch
Earnings Watch
Moves
Last Night’s Talk Shows
Egypt In The News
Also On Our Radar
Planet Finance
Diplomacy
Hardhat
Calendar

Egytrans to wrap NOSCO takeover in 4Q 2023

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Today at a glance

1

M&A WATCH

Egytrans to finalize NOSCO acquisition in 4Q 2023.
2

Manufacturing

Midea Group launches its USD 25 mn washing machine factory in the SCZone.
3

Startup watch

Flat6Labs is offering contech startups up to USD 100k in its latest accelerator.
4

EARNINGS WATCH

Dairy giant Juhayna’s revenue, net income rise in 2Q 2023.
5

Moves

Heliopolis Housing has a new CEO + MD.
6

Also on our Radar

Kharafi National borrows EGP 1.65 bn for local expansion.
7

PLANET FINANCE

Moody’s hits US banks with downgrades.
8

HARDHAT

Taking stock of Egypt’s transport infrastructure investments.

Wednesday, 9 Aug 2023

What We're Tracking Today
M&a Watch
Manufacturing
Startup Watch
Earnings Watch
Moves
Last Night’s Talk Shows
Egypt In The News
Also On Our Radar
Planet Finance
Diplomacy
Hardhat
Calendar
1

What We're Tracking Today

Another green hydrogen plant in the works?

Good morning, wonderful people, and a very happy almost-THURSDAY. The news cycle is continuing to serve summer slowdown vibes.

THE BIG STORY here at home this morning: It’s another calm day in a calm week for news on the local front. We bring you all the salient details of Egytrans’ acquisition of NOSCO, Midea Group’s USD 25 mn washing machine factory in the SCZone, and Flat6Labs’ new accelerator for startups in contech (that’s construction tech for the uninitiated among you)

ALSO- Drawing a line under the Suez Canal tugboat accident: The Suez Canal Authority (SCA) has finished recovering the wreckage of the tugboat that sank in the canal on Saturday, the authority said in a statement yesterday. The recovery efforts didn’t affect navigation in either direction of the canal, the statement reads. One crew member died at the weekend when the tugboat collided with Hong-Kong oil tanker Chinagas Legend.

WATCH THIS SPACE-

Yet another green hydrogen project? An unnamed foreign company has made an offer to the government to establish a green hydrogen plant in Egypt, according to a cabinet statement yesterday. The plant would be powered by 15 GW of solar energy and export USD 1 bn (400k tons) of green hydrogen annually, all of it to Europe, the statement reads. A plot has already been chosen for the plant and the unnamed firm will now look to carry out feasibility studies. The statement didn’t give the initial investment cost or planned timeline.

REMEMBER- We’re big on green hydrogen: The government signed framework agreements for nine green hydrogen plants worth USD 83 bn on the sidelines of last year’s COP27 climate summit and has at least two more agreements in the works.

There’s once again no single BIG STORY ABROAD dominating the front pages this morning. Among the top headlines:

July was the hottest month in history: Last month was officially deemed the hottest month ever recorded, breaking the previous record set in July 2019 by 0.3°C, according to data by the European earth observation agency. Blazing temperatures last month caused a rapid melting of Antarctic sea ice, heatwaves across large swathes of the globe, and wildfire outbreaks in countries including Greece. (Financial Times | Bloomberg | Wall Street Journal)

From the business pages: Mns of people don’t find Altman’s crypto identity-checker creepy. Over 2.2 mn people have so far signed up to Worldcoin, Sam Altman’s new “identity and financial network,” Reuters reports. Users have to agree to have their irises scanned for a digital ID in order to join, in a bid to create a reliable way to authenticate “personhood” online in the world of ever-smarter AI that Altman’s ChatGPT has helped usher in.

CIRCLE YOUR CALENDAR-

The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

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

LISTEN TO OUR PODCAST-

MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? The EnterprisePodcast has you covered : The Enterprise Podcast’s forum series has been bringing you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May. Throughout, we learned lessons from some of Egypt’s biggest exporters on how Egypt can export its way out of a crisis. We heard everything from how to build an exports and FDI strategy, to identifying a foreign partner and tapping into a global supply chain.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami.

IT’S THE FINAL EPISODE- Our final panel of the day was, naturally, the most forward looking. Our panelists discussed how the companies — be they in age-old industries or emerging ones — have adapted to changes to better position their businesses for an uncertain future. We were joined by Nadia El Tawil, investment officer at pan-African private equity firm AfricInvest, Mostafa Bedair , CEO of Giza Seeds and Herbs, and Abdallah Sallam, CEO of Madinet Masr.

OUR FORUM SERIES CONTINUES NEXT SUNDAY WITH THE ENTERPRISE CLIMATE FORUM- Fresh off the heels of a successful COP27, we held our first forum to dive deep into the fundamentals of what we think is the world’s most important industry. The conversations ranged from exploring the business opportunities for Egyptian entrepreneurs, companies and startups in climate, to demystifying green hydrogen, and how we finance our green transition. And we did it all in the Grand Egyptian Museum.

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take stock of Egypt’s transport infrastructure investments.

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2

M&A WATCH

Egytrans reveals the fine print for NOSCO acquisition

Egytrans to finalize NOSCO acquisition in 4Q 2023: The Egyptian Company for Transport Services’ (Egytrans) will finalize its acquisition of 99.9% of the National Transport and Overseas Services Company (NOSCO) through a share swap in 4Q 2023, Egytrans said in a press release (pdf). The acquisition will result in Egytrans shareholders holding a majority 70.17% stake in the merged entity, which will now be known as Egytrans NOSCO, while the remaining 29.83% ownership will be held by NOSCO shareholders, according to the statement. The capital of Egytrans Nosco will be EGP 224.9 mn, the statement added.

New management structure: Egytrans Chairman Gamal Moharam will assume the role of non-executive chairman for Egytrans NOSCO, while Egytrans CEO Abir Leheta and NOSCO General Manager Mohamed Nadim are set to serve as co-CEOs of the combined company.

The acquisition will see the merged entity undergo organizational restructuring…: “The plan is to have Egytrans NOSCO serve as a non-operational holding company, overseeing several subsidiaries,” Leheta told Enterprise Logistics. These include: NOSCO; Egytrans Depot Solutions (EDS), which is currently operational and specializes in ISO tank container cleaning and maintenance; Egytrans Auto Solutions (EAS), which has been established but has yet to commence operations; in addition to two prospective entities, Egytrans Logistics Solutions and Egytrans Freezone.

…and expand its fleet : NOSCO’s fleet of 126 axle lines, along with 75 regular trucks, will be combined with Egytrans’ fleet of 80 axle lines and 25 regular trucks, Leheta told Enterprise Logistics. “Egytrans NOSCO’s combined fleet of 206 specialized trucks are compatible, giving the company the flexibility to combine axle lines based on the specific load requirements,” Nadim told us. “This boosts our capabilities in a way that is unparalleled in Egypt,” he added. The combined entity will also possess seven storage facilities once the acquisition is complete.

What the acquisition offers Egytrans: The acquisition will allow Egytrans to “expand its presence in the projects and land transport markets, bolster warehousing and fleet capacities, and tap into a large joint customer base,” the statement said.

It will also help both companies boost efficiency : While 90% of NOSCO's total revenue is generated from its operations based in Alexandria, Egytrans specializes in providing freight forwarding services across multiple ports nationwide, the co-CEOs told us. NOSCO's transportation routes run from Alexandria to the Western Desert or Red Sea regions, both of which house substantial oil and gas reserves. “These trucks would return empty upon finishing their assignments. However, these vehicles can now be efficiently repurposed to support Egytrans' activities. For instance, a NOSCO truck that has concluded a delivery in the Red Sea area can transition to facilitating an Egytrans delivery from Ain Sokhna to Sixth of October, increasing efficiency and utilization,” Nadim explained.

LOOKING AHEAD - The company is considering expanding its operations to the GCC and Africa, Nadim said, without mentioning a specific timeline. The focus for the next two years will be on enhancing operational efficiency following the acquisition, he added.

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3

Manufacturing

Midea launches washing machine factory in Egypt’s SCZone

Chinese home appliances giant Midea Group launched its USD 25 mn washing machine factory in China’s TEDA industrial zone in Ain Sokhna, the Suez Canal Economjc Zone (SCZone) said in a statement yesterday. The Fortune Global 500 company expects to produce 1.5 mn washing machines each year at the factory, for export to the Middle East, Africa, the EU, and the US.

BACKGROUND: The company in 2021 broke ground on the factory, which was initially slated for completion by the end of 2022.

Midea has more plans to expand here: The Chinese firm’s local arm was awarded a golden license in July to build a USD 105 mn home appliances factory in Sadat City. Meanwhile, local media earlier this week reported that the company is eyeing Swedish appliances manufacturer Electrolux Group’s Zanussi brand and factories in Egypt.

Chinese manufacturers like the SCZOne lately: The SCZone and a number of Chinese companies signed agreements last month to establish projects worth a combined USD 60 mn in investment in the TEDA zone, including USD 45 mn worth of textiles projects. The SCZone also signed initial agreements in May with Chinese companies for investments of more than USD 700 m in TEDA projects, following an SCZone roadshow to China and Hong Kong.

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4

Startup watch

Egypt’s Flat6Labs launches contech accelerator

Flat6Labs launches a contech accelerator: Regional venture capital firm Flat6Labs is launching a new sector-specific accelerator, dubbed Makers, to support startups in the construction technology industry, it said in a press release ( pdf ) yesterday. The 12-week accelerator is in partnership with SIAC and Dar Al-Handasah.

The ball is already rolling: The debut of the Makers accelerator follows the rollout of a pre-accelerator from which nine startups graduated earlier this year. They include Reblox, Tawredaat, Aion Innovations, Masafa, HomeLab, A.D Innovations, Makinahub, and Jeezar, according to the Arabic version of the press release.

The offering: The program, which kicks off on 28 August, will offer “select startups” tickets of up to USD 100k per venture. On top of financial support, participants will gain access to mentorship, business training, and networking events. The accelerator will first kick off in Egypt, before expanding to Saudi Arabia and then other countries in the MENA region. Flat6Labs is operational in 7 countries in the region.

The accelerator wants companies that focus on three areas , according to its website:

  • Collaboration: That includes companies working on software and mobile apps, offsite construction, AI and machine learning, mobile technology, and building information modeling;
  • Labor shortages: That means drones, robots, and autonomous heavy equipment;
  • Safety and training: That includes augmented and virtual reality firms, wearables, and site sensors.

Qualification criteria: The program will choose startups based on how innovative their tech is, the dedication of their founders, and the promise of their products, which need to be at a minimum viable product (MVP) level or higher. Teams should be made up of two or three members, according to the website.

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5

EARNINGS WATCH

Egyptian dairy giant Juhayna’s revenue, net income rises in 2Q 2023

Juhayna Food Industries’ bottomline rose 22% y-o-y in 2Q 2023 to EGP 217 m n , according to the company’s earnings release ( pdf ). Juhayna’s topline rose 35% y-o-y in 2Q to EGP 3.7 bn on the back of increased demand and higher price tags.

For the first half of the year, revenues were up 39% to nearly EGP 7.2 bn. Net earnings reached EGP 556 mn, up 74% y-o-y. The higher earnings also came despite the company recording an EGP 35 mn loss on its USD payables as a result of the currency devaluation and FX shortages.

Exports more than quadrupled: The EGX-listed juice and dairy company’s exports increased by almost 5x in 2Q 2023 to EGP 380 mn. Some 10% of Juhayna’s revenues in 2Q were attributed to exports, up from 3% in the same period a year before.

What they said: High inflation “is causing consumers to cut down on consumption and trade down to lower-priced products,” the release reads. “Juhayna is well-positioned for this trend, as it has a diverse product portfolio that offers a variety of price points to meet the needs of different consumers.”

The company’s share price declined 1% to close at EGP 13.96 on Tuesday.

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6

Moves

Egypt’s Heliopolis Housing appoints new CEO, MD. PLUS: NI Capital gets a new VP for investment banking

Heliopolis Housing and Development has appointed Sameh Hammouda (bio) as CEO and managing director, according to an EGX disclosure (pdf). Hammouda previously served as the chairman and CEO of construction company Detac after working as COO of real estate developer Roya. Hammouda is taking over from Tamer Nasser (LinkedIn), who stepped down from the position earlier this week.

NI Capital has appointed Adam Shedid (LinkedIn) as a new vice president for investment banking, it said in a LinkedIn post. Shedid was most recently vice president of healthcare investor LimeVest Partners and has served on the boards of Alex New Medical Center, ArtPharma, and Dar Al Teb.

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7

LAST NIGHT’S TALK SHOWS

Egypt’s transport minister takes to the airwaves

El Wazir’s big interview dominates the airwaves: In another quiet summer night for the talk shows (with most of our usual hosts still on their holibobs), Transport Minister Kamel El Wazir sat down for a wide-ranging interview with Ahmed Moussa.

Anyone who dumps construction waste on the roads will be prosecuted for the crime, which is punishable by up to six months in prison, Transport Minister Kamel El Wazir told Ala Mas’ouleety’s Ahmed Moussa in a televised interview (watch, runtime: 1:25:17).

Microbuses will stay on the Ring Road: Microbuses will not be banned from the Ring Road but will rather act as a means of transportation to places where the new electric bus rapid transit (BRT) doesn’t reach, El Wazir added (watch, runtime: 3:16).

BRT? Some 100 electric bus rapid transit (BRT) buses are expected to start working on the Ring Road from 6 October, El Wazir said.

AND- El Sisi inaugurates El Sayeda Nafisa Mosque: President Abdel Fattah El Sisi inaugurated Al-Sayeda Nafisa Mosque yesterday following its renovation and restoration as part of the state’s plan to develop historic Cairo(watch, runtime: 41:09).

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8

EGYPT IN THE NEWS

Nothin’ happenin’

The world’s foreign reporters are taking a summer vacation, judging by the scant (read:nonexistent) news of Egypt in the pages of the international press this morning.

9

Also on our Radar

Kharafi National borrows EGP 1.65 bn to expand in the Egyptian market. PLUS: Fawry Microfinance gets SME lending license + GASC buys more Russian wheat

DEBT-

Kharafi National has secured a syndicated shariah-compliant loan worth EGP 1.65 bn from local lenders, ADI Capital,the transaction’s financial advisor, said in a press release (pdf) yesterday. The funding will be used to finance the contractor’s working capital in the Egyptian market, the press release reads. Kharafi National is a Kuwait-based subsidiary of Saudi Al Kharafi Group.

Advisors- Abu Dhabi Islamic Bank’s (ADIB) investment banking arm ADI Capital acted as the sole financial advisor, escrow agent, and promoter for the transaction, while Al Baraka Bank, the Egyptian Arab Land Bank (EALB), and Midbank were the lead co-arrangers. Housing and Development Bank and Attijariwafa Bank also acted as arrangers. All of those banks also subscribed to the loan.

NBFS-

Fawry Microfinance to tap the SME market: Fawry subsidiary Fawry Microfinance has received preliminary approval from the Financial Regulatory Authority (FRA) to offer financing to small and medium enterprises (SMEs), it said in an EGX disclosure (pdf) yesterday. Fawry Microfinance plans to launch its SME financing service later this year, which it says will allow it to reach new and underserved markets across the country.

COMMODITIES-

GASC buys more Russian wheat: GASC bought 235k tons of wheat from Russia in an international tender yesterday, Reuters reports, citing a statement from the state grain buyer. Some 175k tons will be delivered between 15-30 September, while the remaining quantity is scheduled for delivery between 1-15 October. The grain was bought on a free-on-board basis. The price GASC paid was not disclosed.

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10

PLANET FINANCE

Moody’s downgrades raft of US banks. PLUS: No more number scores on ESG from S&P Global + PE firms offer investors sweeteners amid dealmaking drought

Moody’s is on a downgrade spree: The international rating agency downgraded the ratings of 10 smaller US banks and put six larger lenders on review for a potential downgrade as it warned of weak profitability and funding risks in the US banking sector, Reuters reports citing a Moody’s note. “Many banks' second-quarter results showed growing profitability pressures that will reduce their ability to generate internal capital,” Moody’s said. The move comes months after the US banking sector was hit by the sudden collapse of Silicon Valley Bank and several other small and mid-size lenders as depositors withdrew their money.

The market was quick to respond: The downgrade led to a broad selloff in US equities yesterday, with the S&P 500 Banks index falling 1.1%, says Reuters.

S&P Global moves away from numbered ESG credit scores: The ratings agency will no longer use a 1-5 scoring system to evaluate corporate borrowers' exposure to environmental, social, and governance (ESG) risks, the Financial Times reports, opting instead for a written evaluation only. Moody’s will continue to use its numbered evaluation. The news comes amid a wave of skepticism among investors over ESG reporting amid reliability concerns, as well as attacks from the US political right that have branded ESG as a form of ‘woke capitalism.’

PE firms are sweetening the pot to attract business: Blue-chip private equity outfits are offering incentives including lower management fees to lure wealthy investors amid the toughest year for fundraising since the global financial crisis, the Financial Times reports. PE firms globally raised a total of USD 517 bn in 1H 2023, a 35% decrease from the same period last year. Tighter monetary conditions and a drought of dealmaking and IPO activity means investors now have less to allocate to PE, leading one top exec to warn of the “end of an era” for private equity.

ALSO WORTH NOTING-

  • Demand for Chinese products hits lows not seen since early days of the pandemic: Chinese global exports to the US and EU plunged more than 20% in July, while overseas shipments fell 14.5% y-o-y overall. (Wall Street Journal).
  • Probe hands out mns in fines to Wall Street firms for WhatsApp use: Banks will pay another USD 549 mn combined to settle cases with the US regulator after employees used unofficial communications like WhatsApp, reports Bloomberg.
  • US credit card balances surged to an all time high of USD 1 tn in 2Q 2023 as Americans embrace the plastic. (Bloomberg)

EGX30

17,749

-0.5% (YTD: +21.6%)

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

11,244

-0.3% (YTD: +7.3%)

ADX

9,990

+1.7% (YTD: -2.2%)

DFM

4,078

-0.0% (YTD: +22.2%)

S&P 500

4,499

-0.4% (YTD: +17.2%)

FTSE 100

7,527

-0.4% (YTD: +1.0%)

Euro Stoxx 50

4,289

-1.1% (YTD: +13.1%)

Brent crude

USD 86.02

+0.8%

Natural gas (Nymex)

USD 2,79

+2.4%

Gold

USD 1,959.40

-0.5%

BTC

USD 29,980

+2.9% (YTD: +80.8%)

THE CLOSING BELL-

The EGX30 fell 0.5% at Tuesday’s close on turnover of EGP 3.07 bn (56.2% above the 90-day average). Foreign investors were net buyers. The index is up 21.6% YTD.

In the green: Oriental Weavers (+3.8%), GB Corp (+2.4%) and TMG Holding (+1.4%).

In the red: Heliopolis Housing (-3.3%), Eastern Company (-2.8%) and Qala Holdings (-2.6%).

Asian markets are mixed in early trading this morning as traders fret over the threat of deflation in China. Futures suggest a similarly ambivalent scene when European and US indexes open later on in the day.

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11

Diplomacy

Egypt’s El Sisi holds talks with Serbia’s defense chief Vucevic

Closer ties with Serbia on defense: President Abdel Fattah El Sisi discussed strengthening bilateral ties between Egypt and Serbia, particularly on regional military and security matters, with Serbian Deputy Prime Minister and Defense Minister Milos Vucevic yesterday, an Ittihadiya statement said.

Foreign Minister Sameh Shoukry met Tuinisian President Kais Saied in Tunis yesterday. Shoukry and Saied discussed topics including joint efforts to crack down on illegal migration, and the two countries’ relationship with multilateral lenders, according to a ministry statement. Shoukry delivered a message from President Abdel Fattah El Sisi to Saied, the statement added. Shoukry also held bilateral talks with his Tunisian counterpart Nabil Ammar that touched on regional issues including developments in Sudan, Libya, Palestine, and the Renaissance Dam, per a separate statement.

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Our weekly deep-dive into infrastructure in Egypt.

Published every Wednesday in EnterpriseAM.

Read Hardhat
12

HARDHAT

Taking stock of Egypt’s transport infrastructure investments

A look at the EGP 2 tn push to upgrade Egypt’s transport infrastructure, with the help of the private sector: Over the past several years, some EGP 2 tn have been poured into transport infrastructure across Egypt, with the government pushing forward with an overhaul of infrastructure, machinery, and equipment. Railways have been the biggest focal point in this strategy: Some 10k km of railways have been upgraded, while several train cars have either been upgraded or swapped out for new ones. Meanwhile, the government has also been pushing forward with a plan to improve the overall service quality across transport services.

By the numbers: The government has earmarked some EGP 321 bn for government spending on transport projects in FY 2023-24, which will cover upgrading several roads between governorates, such as the Cairo-Ismailia Agricultural Road, the 6th of October-Wahat Road, and the Matrouh-Siwa Road. Railways are getting EGP 4.2 bn to build and develop 164 railroads and 166 train stations. Transport allocations in FY 2023-24 also cover the 6th of October-new capital monorail, resuming construction on the third and fourth phases of Cairo Metro Line 3 and the first phase of Cairo Metro Line 4, as well as overhauling Alexandria’s Abu Qir, and rehabilitating Alexandria’s tram. These spending plans come after the Transport Ministry worked on a five-year plan between 2017 and 2022 to overhaul the country’s railway network, including upgrading 1.2k km of rail tracks at a cost of some EGP 4.5 bn, spending EGP 15 bn on railway crossings, and upgrading railcars and locomotives for some EGP 40 bn.

Where has the money been coming from? The infrastructure development plan has been financed through a combination of government investments and loans from international development partners, in addition to a significant push from the private sector.

What kind of upgrades has the country’s railway network been getting? Developing the railways includes upgrading locomotives and railcars, updating the rail lines (including rail tracks, train stations, and train crossings), as well as upgrading railway crossing systems to improve railway safety.

There’s more being done to partner up with (but not sell to) the private sector: The Transport Ministry has received several proposals and offers from private sector companies to partner up with the government on operating the country’s railway network and other services, according to government sources Enterprise spoke to. Any public-private partnership plans would entail the government maintaining ownership of its assets, while relying on private sector partners to bring a higher quality of operation and management.

REMEMBER- Private sector players have recently been allowed into the action: A key component of Egypt’s plan to overhaul its railway system is turning to the private sector, which began in earnest in 2018 with the passing of amendments to the Railway Act that allow private sector participation in developing, managing, and operating railway projects. The Transport Ministry then began procedures to establish private-sector companies to manage individual railways, although little progress was made on that front after 2021, when the government was reportedly looking at plans to establish three JVs with foreign rail companies to manage Egypt’s railway network.

We’ve seen some private sector involvement in transport projects already materializing: The government tapped Gharably Integrated Engineering Company (GIEC) and 3A International earlier this year for a planned river transport line for cargo between Aswan and Sudan, sources told Enterprise at the time. There are also additional river transport projects for cargo that are expected to be announced soon, including a line connecting the Athar El Nabi station in Helwan to Upper Egypt, as well as another connecting the Al Maleh lock in Alexandria to Nubariya.

There’s also going to be a renewed focus on cargo transport: The government is planning to work on connecting different forms of transport to facilitate the movement of cargo and create an attractive offering to investors, our sources told us. Cargo will benefit from a more interconnected transport system that will connect ports, railways, and roads, which will increase government revenues from cargo transport, while providing a better service overall.

Your top infrastructure stories for the week:

  • EBRD money for new cities: The European Bank for Reconstruction and Development (EBRD) is investing EGP 927 mn to support the development and sustainable management of water and power infrastructure projects in new cities.
  • Concord x Neom: Local engineering and contracting firm Concord and two Saudi companies will together work on an SAR 10 bn (c. USD 2.7 bn) project in Saudi’s futuristic mega city Neom.
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CALENDAR

JULY

Late July-14 August: 2Q2023 earnings season.

AUGUST

August: Hassan Allam Utilities + Agility to open Yanmu East logistics park.

10 August (Thursday): Shalateen Mineral Resources gold mining tender closes.

16-17 August (Wednesday-Thursday): Finance Ministry to pay out the third batch of the sixth phase of the export subsidies.

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

28 August (Monday): The start of Flat6Labs’ inaugural 12-week contech accelerator program.

SEPTEMBER

September: Sustainable Debt Coalition Initiative agreed at COP27 to launch.

September: IDH to open first branch in Saudi Arabia.

September: The Egypt-Germany trade and investment joint conference in Cairo.

September: JETRO’s second delegation arrives in Cairo.

1 September (Friday): Application deadline for the Smart Green Projects initiative.

3-5 September (Thursday-Saturday): Pharmaconex, Egypt International Exhibition Centre, Cairo.

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

10-12 September (Sunday-Tuesday): The International Agricultural Exhibition for Africa and the Middle East, Sahara.

13-14 September (Wednesday-Thursday): Hydrogen Egypt Summit, Nile Ritz Carlton, Cairo.

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

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

17-18 September (Sunday-Monday): Arab Security Conference and Exhibition, Nile Ritz Carlton, Cairo.

17-19 September (Sunday-Tuesday): Sharm Rendezvous, Rixos Premium Seagate, Sharm ElSheikh.

18-19 September (Monday-Tuesday): Enterprise Finance Forum, St. Regis Hotel, Cairo.

19-20 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.

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

25 September (Monday): Nasdaq deadline for Swvl Holdings Corp to increase its market value of publicly held shares to a minimum of USD 15 mn.

25-26 September (Monday-Tuesday): Egypt to host the Asian Infrastructure Investment Bank’s annual board meeting, Sharm El Sheikh.

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

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

28-29 September (Thursday-Friday): Medical Tourism Conference, Sharm ElSheikh.

30 September (Saturday): The start of the new academic year for Egyptian universities.

30 September (Saturday): The start of the new academic year for Egyptian schools.

OCTOBER

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

2-4 October (Monday-Wednesday): Sharm Rendezvous - Ins. Market, Rixos Premium Seagate, Sharm ElSheikh.

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

6 October (Friday): Armed Forces Day.

9 October (Monday): The Narrative PR Summit, Somabay Red Sea.

9-11 October (Monday-Wednesday): Arabs Savings and Financial Literacy Conference, Four Seasons Hotel.

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

Late October-14 November: 3Q2023 earnings season.

15-17 October (Sunday-Tuesday): Egypt Automotive Aftermarket Exhibition, Cairo International Convention Center.

26 October (Thursday): Daylight saving time ends.

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 (GBSN), American University of Cairo.

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

NOVEMBER

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

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

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

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

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

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

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

DECEMBER

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

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

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

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

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Summer 2023: EGX to launch a shariah-compliant index.

1H 2023: GAFI roadshow set to launch to drum up foreign investment for golden licenses

1H 2023: Abu Dhabi Islamic Bank intends to launch a digital consumer finance company

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

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

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

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

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

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

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

2Q 2025: Safaga Terminal 2 to initiate operations.

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