El Sisi on the EGP exchange rate + Qataris reportedly eyeing our historic hotels

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What We're Tracking Today

El Sisi says flexible exchange rate won’t come at Egyptians’ expense. PLUS: Fed keeps interest rates steady + African leaders heading to Ukraine tomorrow?

Good morning, wonderful people, and a very happy THURSDAY. We would say the news cycle was slowing down to close out the week — if it wasn’t for a few big business headlines packing a punch on the local and global fronts this morning.

THE BIG STORY here at home: President Abdel Fattah El Sisi has suggested there will be no further devaluation of the EGP if it negatively impacts citizens. “We are flexible on the exchange rate, but not when it comes to Egypt’s national security and the harm to the Egyptian people. When the effect of the exchange rate is taking a toll on the lives of Egyptians, we don’t sit in place,” El Sisi said at the National Youth Conference in Alexandria yesterday. Bloomberg and Reutersboth have coverage, as do we below in Last Night’s Talk Shows.

The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. Stay tuned for more information on the location.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.

Do you want to become a commercial partner? Email mtaalab@enterpriseadvisory.com.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

THE BIG STORY ABROAD-

Fed leaves rates untouched for first time in more than a year: Front and center across the business press this morning is the US Federal Reserve’s decision to leave interest rates unchanged for the first time in 15 months following its two-day policy meeting. The decision to leave rates at 5.0-5.25% was widely anticipated, as the central bank takes time to assess the impact of the 500-bps in hikes made over the past year.

The pause likely won’t be for long: The Fed signaled its support for two more rate rises this year, one of which could come as soon as July. “Nearly all committee participants view it as likely that some further rate increases will be appropriate this year,” said Fed head Jerome Powell. (Financial Times | Washington Post | AP | Bloomberg | NYT | Wall Street Journal)

HAPPENING TODAY-

BEBA mission continues in London: The British Egyptian Business Association (BEBA) is in London for a three-day mission that began yesterday, titled Green Growth: Boosting Trade and FDI Linkages Towards a Sustainable Future. Egyptian officials are set to meet with UK partners to discuss cooperation and investment in strategic sectors including green finance, decarbonisation, hydrogen, financial services, and mining. Finance Minister Mohamed Maait, Petroleum Minister Tarek El Molla, GAFI head Hossam Heiba, and CBE Deputy Governor Ramy Aboulnaga are all participating.

HAPPENING TOMORROW-

African leaders in Ukraine, Russia to pursue peace: President Abdel Fattah El Sisi will reportedly join a group of African heads of state traveling to Kyiv to meet with Ukrainian President Volodymyr Zelenskyy for peace talks on Friday, according to the Financial Times. The group will fly to Moscow the next day for further talks with Russian president Vladimir Putin, the FT says.

PRIVATIZATION WATCH-

National Dialogue to take a closer look at the state ownership policy: National DIalogue participants will hold a second session on the government’s privatization roadmap where “economic experts will see whether the philosophy of [the policy] should be amended or reconsidered,” said Mahmoud Samir, assistant rapporteur for the dialogue’s public investment committee. The news comes a day after National Dialogue participants criticizedslow progress on the policy, with Ahmed Galal, head of the dialogue's economic committee and former cabinet minister, calling for a separate session to discuss the “many problems” facing its implementation.

DATA POINTS-

#1- Fewer cars on the road: The number of licensed vehicles on our roads fell by 9% to 9.9 mn in 2022, compared to 10.9 mn in 2021, according to figures (pdf) from state statistics agency Capmas.

#2- Industrial land allocations have risen 180% on an annual basis, head of the Industrial Development Authority Mohamed Abdel Karim told Asharq Business. Land prices range from EGP 650 to EGP 1.25k per sqm, according to their facilities, he added.

#3- Travel activity in Egypt and the Middle East will recover to pre-pandemic levels by the end of this year, Al Mal reports, citing Regional Vice President for the Middle East and Africa at the International Air Transport Association (IATA) Kamil Al Awadhi.

#4- MENA weighted more heavily in EM index: Middle East and Gulf regions’ participation in the MSCI Emerging Markets equity index has increased to around 8% from 2% in recent years, HSBC’s head of equities for Europe and EMs, Camille Asmar, said in an interview with CNBC Arabia (watch, runtime: 1:27).

THE REALIGNMENT-

Bahrain could normalize ties with Iran, following Riyadh's lead: Bahrain will likely restore full diplomatic relations with Iran “sometime soon”, seven years after cutting ties, Reuters reports, citing a senior US Middle East diplomat. Bahrain followed Saudi Arabia’s lead in cutting ties with the Islamic Republic in 2016 after protesters attacked the Saudi embassy in Tehran in response to Riyadh’s execution of a prominent Shi’ite cleric.

Could we see an improvement in US-Iranian tensions? The US has reportedly reinitiated talks with Iran in an attempt to achieve the release of American prisoners held by Tehran and curb the country’s advancing nuclear program, sources close to the discussions told the Wall Street Journal.

Remember: Saudi Arabia and Iran agreed in March to restore diplomatic ties in an agreement brokered by China. Iran reopened its embassy in Saudi Arabia earlier this month.

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

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential morning read on all the important news shaping business and the economy in Egypt and the region — is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.

That said, we're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.

During the program you will learn:

The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
Business and finance for non-finance people: Whether it's industry jargon or key concepts or simply how to read a balance sheet;
How to construct an Enterprise story: From idea formulation down to the structure, style and tone of writing;
How to develop sources that will give you the key insights needed to tell a complete story;
How to communicate these stories with the confidence and language of an insider.

Not an internship program — a career: The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

Qatar wealth fund QIA in talks to acquire stake in 7 Egyptian hotels -report

Qatar could be looking to invest in Egypt’s hospitality sector: The Qatar Investment Authority (QIA) is considering acquiring a minority stake in seven hotels in Egypt, Reuters reports, citing two people it says have knowledge of the matter. The Qatari sovereign wealth fund is in negotiations with the Sovereign Fund of Egypt (SFE) and is looking to acquire up to 30% of the hotels, the people said.

The seven hotels are: The Cairo Marriott Hotel, Steigenberger El Tahrir in Cairo, Marriott Mena House at the Giza pyramids, Sofitel Legend Old Cataract in Aswan, Mövenpick Aswan, Sofitel Winter Palace in Luxor, and Steigenberger Cecil Alexandria, according to Reuters.

That sounds a lot like the new hotels holding company that’s up for grabs: The government earlier this year bundled seven of its five-star properties nationwide into one firm that will offer shares as part of the Madbouly government’s privatization program. The full list of hotels is yet to be disclosed, though the head of the government’s Holding Company for Tourism and Hotels (HOTAC) has said that the Cairo Marriott and Marriott Mena House are included. A government source told us earlier this year that most of the interest in the sale was coming from Gulf funds.

A bigger sale than initially planned? Public Enterprises Minister Mahmoud Esmat in February said the government would offer a 20% stake in the new holding company to a strategic investor followed by a 5% offering on the bourse. We expect the state to execute the transaction with the strategic via a capital increase in order to raise funds to deploy as part of a growth and turnaround plan. The company is currently joint-owned by HOTAC and the Egyptian General Company for Tourism and Hotels (EGOTH)

These aren’t the only assets the QIA has shown interest in: The QIA is reportedly close toacquiring a 25-30% stake in Vodafone Egypt from Telecom Egypt, and earlier this year reportedly submitted an offer to take majority stakes in the Damietta and Port Said container terminal operators, though talks are said to have stalled over the size of the stake on offer. A government source told us last week that agreements with the fund on Vodafone Egypt, ports, and oil sector firms could be announced before Agust.

REMEMBER- Qatar pledged last year to invest as much as USD 5 bn in Egypt under Gulf efforts to support the economy, which is suffering a prolonged FX shortage due to the war in Ukraine and rising global rates.

FROM THE RUMOR MILL-

EIPICO denies receiving an acquisition offer: The EGX-listed Egyptian International Pharma Industries (EIPICO) has denied knowledge of a media report out Monday that claimed Saudi investors were interested in acquiring a 75% stake in the company, citing informed sources. In an EGX disclosure (pdf) filed yesterday, the state-owned pharma company said that it has not received any acquisition offers as of yet.

EIPICO already has Saudi shareholders: Saudi wealth fund PIF acquired a 4.7% stake in EIPICO last year and local media has previously reported that the Saudi sovereign fund intends to up its stake in the drugmaker.

Edita completes acquisition of Fancy Foods

Edita acquires Fancy Foods: Edita Food Industries now owns 100% of local frozen bakery producer Fancy Foods, it said in an EGX disclosure (pdf) yesterday. Edita signed an agreement to acquire the company last month in a transaction that gave Fancy Foods an enterprise value of EGP 380 mn. The acquisition marks Edita’s entry into the frozen bakery segment.

Fancy Foods: The company has two production lines for frozen pastries, bread, and desserts in Sixth of October.

Next steps:Edita plans to invest EGP 400 mn to expand the business over the coming year, the company’s IR head Menna Shams El Din told us previously.

Advisors: Zilla Capital provided financial advice to Edita while Matouk Bassiouny & Hennawy served as legal counsel.

Egypt submits BRICS membership bid -Russian official. PLUS: Egypt hands over Red Sea task force baton to US

Egypt has officially submitted an application to join the BRICS alliance, Russia’s ambassador to Egypt Georgy Borisenko told Russian news agency TASS. “Egypt has submitted its application to join the BRICS group because one of the endeavors that BRICS is currently pursuing is to shift trade to alternative currencies, be it national currencies or a new common currency. Egypt is very much interested in that,” the agency quotes Borisenko as saying.

Remember: Egypt and Russia are working to reduce the use of the USD in bilateral trade in favor of the RUB. BRICS members are considering creating a common currency that will allow them to drop the greenback.

We’re already a member of the BRICS bank: Egypt earlier this year became a member of the BRICS’ New Development Bank (NDB), a USD 100 bn multilateral lender that invests in infrastructure in its member countries.

Nearly 20 countries have recently expressed interest in joining the BRICS, including Saudi Arabia, Iran, Argentina, the UAE, Algeria, Bahrain, and Indonesia, Bloomberg reported.

AND- Egypt is no longer leadingthe Red Sea task force: Egypt’s navy turned the command of the Red Sea multinational task force over to the US Navy on 12 June, six months after taking the reins for the first time. (US Navy statement)

Forbes’ list of Egypt’s 50 top companies. PLUS: Awards for FinMin + HC Brokerage

Forbes Middle East has released a fresh list of our top listed companies: Taking into account market cap, sales, assets, and income, the business magazine has once again ranked Egypt’s 50 most valuable and highest-earning listed companies. The banking and financial services sector continued to dominate the list with 16 banks, while eight firms were in the real estate sector and seven in the industrial sector.

Little change from last year: Egypt Kuwait Holding (EKH) was the only newcomer to the top five this year, while the top four remained the same as last year. The top five are:

CIB
QNB Alahli
Telecom Egypt
Elsewedy Electric
EKH

The top two firms also made Forbes’ MENA-wide list: CIB came in at #49 in the region while QNB Alahli was at #83. Topping the regional ranking were Saudi Aramco, SABIC, and QNB Group, the same top three as last year.

Check the full local list here, and the MENA-wide ranking here.

FinMin gets tub tubs: The Finance Ministry’s USD 1.5 bn maiden sovereign sukuk issuance, which closed in February, won GFC’s award for “Best Sovereign Sukuk Issuance” in 2023.

Working on the transaction: Our friends at HSBC acted as lead managers and bookrunners alongside Citigroup, Credit Agricole, Emirates NBD Capital, First Abu Dhabi Bank and Abu Dhabi Islamic Bank. Adsero-Ragy Soliman and Partners and Clifford Chance provided legal advice to the Finance Ministry, and Zaki Hashem & Partners and Linklaters acted as counsel to the joint lead managers.

AND- HC Brokerage recognized by FocusEconomics: The brokerage firm received the FocusEconomics award for the best overall forecaster in Egypt, the company said in a press release(pdf) on Sunday.

Egyptian talk shows cover El Sisi’s comments on the EGP, debt and imports

El Sisi on the EGP: President Abdel Fattah El Sisi’s comments during the National Youth Conference in Alexandria on the impact of devaluation on Egyptian citizens, the USD shortage, and ways to sustainably address our trade imbalance dominated the airwaves.

El Sisi on the USD-EGP rate: “We are flexible on the exchange rate, but not when it comes to Egypt’s national security and the harm to the Egyptian people. When the effect of the exchange rate is taking a toll on the lives of Egyptians, we don’t sit in place,” El Sisi said yesterday in response to a participant at the National Youth Conference (watch, runtime: 10:37). “We can’t, even if this contradicts with…,” he said, without finishing his sentence. El Sisi added that the state is protecting citizens from the brunt of the impact of changing FX rates on the price of fuel and basic commodities.

REMEMBER- The central bank committed to maintaining a “durably flexible” exchange rate under the USD 3 bn loan program agreed with the IMF in October. The EGP has since lost more than half its value against the USD but has remained stable at 30.96 since mid-March.

Addressing the country’s USD gap is a top priority, El Sisi said, adding that the country needs to work together to up exports and lower imports and pointing to the government’s manufacturing localization drive as one way to help. Turning to international debt markets to support reserves and help meet USD needs is no longer an option, El Sisi said.

El Sisi’s statements got wide coverage from Ahmed Moussa on Ala Mas’ouleety (watch, runtime: 1:36 | 24:43), Al Qahera News (watch, runtime: 1:13), eXtra News (watch, runtime 1:55:09) and Misr Gedida on ITC (watch, runtime: 7:18).

There was more from El Sisi yesterday:

Tax breaks for startups? The president directed that startups be exempted from taxes for a five-year period on the sidelines of the Youth Conference,Hapi Journal reported, without providing further details.
The president pledged to ratify the outcomes of the National Dialoguewithout restriction, National Dialogue General Coordinator Diaa Rashwan said during on interview with Sherif Amer on Hadith fi Misr (watch, runtime: 5:14 | 3:39).
El Sisi’s tour of a Beheira village to follow up on Decent Life Initiative projects received extensive coverage on Al Hayah Al Youm (watch, runtime: 1:11:22).

Egyptians among at least 79 people drowned in migrant shipwreck. PLUS: SFE’s Ayman Soliman + dangerous dogs bill + refugees to Egypt

Egyptians among those drowned in migrant shipwreck: An overloaded fishing boat believed to have left from Libya capsized on the journey to Europe, leaving at least 79 passengers dead and many more missing. Egyptians were among the scores of people who drowned in what is one of the Mediterranean’s most deadly shipwrecks so far this year. More than 100 people have so far been rescued by the Greek coast guard, including some 30 Egyptians.

The story is receiving wide coverage in the international press: Reuters | Washington Post | New York Times | AP.

Also making headlines:

SFE chief in the spotlight: Sovereign Fund of Egypt (SFE) head Ayman Soliman talks to African Business about what the fund is doing to mobilize private-sector investment in green projects. (African Business)
Puppy patrol: The draft bill requiring dog owners to register their pets will effectively ban all but 10 breeds in the country, claims Vice.
UN agencies are apparently struggling to keep up with the number of refugees arriving in Egypt from African countries including Sudan. (VOA)

Allianz Egypt expands wellness offering with startup Esaal. PLUS: Russian agri firm eyes Egyptian expansion + Visa’s new fintech accelerator + More regional tourists to Egypt

HEALTHCARE-

Allianz teams up with Esaal for digital healthcare: Ins. company Allianz Egypt signed a partnership agreement with local wellness startup Esaal to give its clients access to a wide range of digital healthcare services, including mental and physical health, and nutrition services, the company said in a statement (pdf) on Monday. Allianz’s customers will gain access to Esaal’s network of more than 350 healthcare professionals, which provide remote consultations on a wide range of health issues. The partnership is expected to go into effect as soon as the companies receive regulatory approval.

AGRICULTURE-

Russian seeds: An unnamed Russian firm has established an Egyptian subsidiary to open a pesticide factory and produce seeds for the local market, the company’s chairman told Agriculture Minister El Sayed El Quseir, according to a ministry statement.

FINTECH-

Visa launches Africa Fintech Accelerator: The new training and mentorship program is part of Visa’s USD 1 bn pledge to support digital transformation projects, a press release (pdf) said. The program will support up to 40 startups annually through a three-month intensive course. Select businesses will receive capital investments from Visa further to the program in addition to access to Visa’s tech and resources. Applications for the first cohort open next month.

Emirates NBD Egypt x Buna: Emirates NBD Egypt has partnered with the Arab Monetary Fund’s cross-border payment platform Bunato facilitate payments across the region, a press release (pdf) reads.

TOURISM-

Are our neighbors visiting us more? Egypt for the first time made a list of the top 10 most popular destinations for travelers from Eastern Europe and the Middle East. We came in as the seventh most popular destination for travelers from the region in the Mastercard Economics Institute’s 2023 report on travel industry trends. Saudi Arabia also made the top 10 for the first time, with the authors suggesting that efforts “to diversify the Middle Eastern economy and investments in tourism” are leading to more visitors from the region making repeat trips here and to the KSA.

Can Erdogan’s new economists bring Turkish policy back to reality? PLUS: EU wants to break up Google over antitrust + Vodafone, CK Hutchison to merge UK operations

Mixed messages from Erdogan: Turkish President Recep Tayyip Erdogan said his new economic chiefs will be granted more flexibility to change policy but added that he remains wedded to his unorthodox economics, Bloomberg reports. The recent appointment of Mehmet Simsek as finance minister and a Goldman Sachs alumna as the new central bank chief raised hopes that the government would u-turn on the president’s insistence at cutting interest rates amid soaring inflation.

ALSO WORTH NOTING-

The EU could force Google to sell off some of its ad business: The European Commission has hit Google with fresh charges for alleged anti-competitive practices by its ad business, and said that “only mandatory divestment” would solve the issue. (Financial Times)
Major UK mobile merger: Vodafone and Three UK operator CK Hutchison will merge their UK businesses before the end of 2024 pending approval from the UK’s Competition and Markets Authority. Vodafone will hold a majority stake of 51% in the new entity. (CNBC)

EGX30	17,873	0.0% (YTD: +22.4%)
USD (CBE)	Buy 30.84	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	18.25% deposit	19.25% lending
Tadawul	11,533	+1.0% (YTD: +10.1%)
ADX	9,393	+0.4% (YTD: -8.0%)
DFM	3,717	+0.1% (YTD: +11.4%)
S&P 500	4,373	+0.1% (YTD: +13.9%)
FTSE 100	7,603	+0.1% (YTD: +2.0%)
Euro Stoxx 50	4,376	+0.7% (YTD: +15.4%)
Brent crude	USD 73.62	-0.9%
Natural gas (Nymex)	USD 2.34	+0.2%
Gold	USD 1,955.80	-0.1%
BTC	USD 25,041	-3.2% (YTD: +56.6%)

THE CLOSING BELL-

The EGX30 was flat at yesterday’s close on turnover of EGP 2.73 bn. ِRegional investorswere net sellers. The index is up 22.4% YTD.

In the green: Cleopatra Hospitals (+2.3%), Qalaa Holdings (+1.7%) and Eastern Company (+1.5%).

In the red: Mopco (-5.5%), GB Corp (-2.6%) and Credit Agricole (-2.5%).

Asian markets are mixed in early trading this morning and futures suggest a similar patchwork when European indices open later on today. Wall Street looks to be sticking to green as investors ride the Fed’s decision yesterday to pause on rate hikes.

WHO expects another 135k Sudanese refugees to arrive in Egypt

The World Health Organization is expecting around 350k Sudanese refugees to flee to Egypt due to the ongoing conflict, it said in a report (pdf) yesterday. More than 215k of the 2 mn people who have fled since violence broke out in the country two months ago came to Egypt, according to UN data. The global health body is looking to immediately secure some USD 5 mn to fund health services for refugees over the coming six months, it said in the report.

The conflicts in Sudan and Ukraine have helped push the global number of displaced persons to some 110 mn people, the AP reports UN High Commissioner for Refugees Filippo Grandi as saying. “It’s quite an indictment on the state of our world,” Grandi said.

Also worth knowing this morning:

Lebanon still doesn’t have a president: The Lebanese parliament again failed to elect a new president yesterday, with neither Jihad Azour, a senior IMF official, or Hezbollah-backed Suleiman Frangieh securing the required votes. (Associated Press | Reuters)
MBS in Paris: French president Emmanuel Macron will host Saudi Arabia’s Crown Prince Mohamed bin Salman for talks in Paris on Friday. MBS flew out to France on Wednesday to attend a financial conference and to support Riyadh’s bid to host the World Expo in 2030. (Bloomberg | Saudi Press Agency)
Operation Save FSO Safer is finally underway:A USD 140 mn operation is underway off the coast of Yemen to transfer oil from deteriorating supertanker FSO Safer that’s been branded a “ticking time bomb.” (Bloomberg)
Kyiv outside Nato but under Western protection? The US and allies UK, Germany, and France are working on an agreement to provide Ukraine with long-term security assurances before the Nato summit next month, rather than an offer of membership. (Financial Times)
Russia lobbying against further economic isolation: Moscow has warned countries including Saudi Arabia, Turkey, and the UAE that Ukrainian calls to place Russia on the Financial Action Task Force’s blacklist or graylist could harm trade ties. (Bloomberg)

My Morning Routine: Malak El Baba, country manager of Visa Egypt

Malak El Baba, country manager of Visa Egypt: Each week, My Morning Routine looks athow 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 Malak El Baba (LinkedIn). Edited excerpts from our conversation:

My name is Malak El Baba: I’m Lebanese by birth and now a naturalized Egyptian, which is something that I'm really proud of. I moved to Egypt in 2011 to marry my husband and the father of my son, who’s also Egyptian. And at this point in time, I did a full shift in my life: marriage, new culture, new country, and new job, where I joined Visa as the head of marketing for North and Francophone Africa.

I was born and raised during the civil war in Lebanon, and am part of what people call the “war generation.” This phase stands out in my memories because it shaped a lot of who I am today. My mom would juggle between trying to take care of her three babies and pick us up from school whenever there was a bomb, while my father’s whereabouts were uncertain during the airstrikes. We’d wonder where he was and if he was alive. This taught me how to be very resilient and determined.

They say the Lebanese, by nature, are survivors, and I agree. I've witnessed my dad lose his business to ashes, only to wake up the next day and decide to start another factory. All of those memories, both good and bad, still give me goosebumps today, even 40 years later.

I'm the country manager of Visa in Egypt. I have been in this role for three years, overseeing the end-to-end business of Visa in Egypt. My role revolves around managing visa operations, facilitating access to the digital economy. I work closely with governments, banks, fintech companies, startups, telcos, and merchants, both corporate and SMEs, to drive Egypt's digital transformation. I'm grateful to work at Visa, a company that supports women's empowerment and helps us grow in our careers.

Visa's mission is to help include companies of all sizes and individuals, along with governments and economies, into the dynamic digital ecosystem and give access to all the benefits of digital money. If you go back to its origins, Visa was created in 1958 during a time when financial transactions were primarily conducted using cash or checks. Visa’s founder Dee Hock recognized the potential for a more secure, reliable, and convenient way of conducting monetary transactions through digital means. He asked a simple question: What if money became fully electronic and we could move it at the speed of light? This is what Visa is.

In the ever-evolving digital age, innovation and digital payment trends lie at the heart of our work. We innovate every day to create consumer-centric solutions that meet the rapidly changing needs of the consumer. Covid had an unexpected impact on Egypt's digital payments and e-commerce market, seeing double-digit growth. We now equally prioritize developing solutions for SMEs, large businesses, B2B transactions, fintechs, startups, and government entities. Our daily efforts are dedicated to advancing technology and ensuring payment security and convenience.

I'm an early riser and fully functional by 4:30-5 am. I've resumed my physical workout routine and have a personal trainer who arrives at 6:00 am. It's important for my mental and physical wellbeing. Before that, I enjoy my “me time.” I love listening to the small noises when everything around is quiet in the early morning, and the smell of the coffee brings back memories of the mornings I used to spend with my mom. I have a 40-km commute almost every day, and this is when I enjoy reading Enterprise.

There's no normal workday for me. Every day is very different, but that’s why I love what I do. As a country manager, I am involved in various aspects of the business, overseeing and managing multiple responsibilities. Some days, I wear the full country manager hat. Other days, I wear the business development and sales management hat. I even sometimes have to be a technical person. I also make sure that I'm delegating tasks to my team so that I don't get dragged into day-to-day work. I focus on supporting my team, the country, and the overall strategy. It is crucial to empower my team and make them feel like they’re true decision makers in their roles.

Passion is the one thing that remains constant in my day, regardless of how the day goes. I always strive to keep my passion high and I encourage my team to do the same. I motivate them, reminding them that it's okay to feel down and to make mistakes. Succeeding every time isn't necessary.

I try to stay focused and organized by having a to-do list and setting priorities. I used to be the kind of person who wants to do everything and tick every box, but that’s impossible.I learned that we can't do everything, so I prioritize tasks and delegate when necessary.

I still want to do a lot more in my current role. I'm enjoying moving from the CMO track to the CEO track. I have a strong passion for Egypt and want to make a significant impact on the business here. Expanding into new challenging markets in the region is also part of my future plans. On a personal note, I want to prioritize quality time with my family, including my husband and our son, Nour.

As you climb the ladder of your career the expectations of you get higher, especially as a married woman and a mother. Balancing corporate responsibilities with household duties, parenting, and personal relationships can be challenging. During covid, working from home added to the complexity, with constant role transitions from being a mom and wife at home to running meetings online. The flexible working model and environment at Visa provides some relief for managing these roles. It's normal to feel overwhelmed at times, but it's important to focus on the task at hand, whether it's a client meeting, a team-building event, or spending quality time with family. Prioritizing quality over quantity is key.

There’s a podcast series I love called #ABtalksby Anas Bukhash. The podcast features guests from various sectors, emphasizing their individuality beyond their leadership roles. I appreciate this aspect and I always tell my team that genuine human interaction sets people and companies apart.

Three key lessons stick with me that I've learned from various mentors I've encountered throughout my life and continue to work with today: active listening; creating a legacy through building a great team; and prioritizing human interaction in business by being empathetic. These qualities set leaders apart.

CALENDAR

JUNE

June: Suez Canal Economic Zone India roadshow.

June: Egyptian-Saudi business forum.

June: Indian Prime Minister Narandra Modi to visit Egypt.

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

15 June (Thursday): National Dialogue.

18 June (Sunday): Senate reconvenes.

18-21 (Sunday-Wednesday): Afreximbank annual meetings, Accra International Conference Center, Ghana.

19-20 June (Monday-Tuesday): The forum for insolvency reforms and corporate restructuring in the Middle East and North Africa.

19-21 June (Monday-Wednesday): Egypt Infrastructure and Water Expo, Egypt International Exhibition Center.

19-21 June (Monday-Wednesday): Big 5 Construct, Egypt International Exhibition Center.

20 June (Tuesday): The House reconvenes.

20 June (Tuesday): Capital Markets Annual Summit, Nile Ritz-Carlton Hotel.

22 June (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

30 June (Friday): Application deadline for the Smart Green Projects initiative.

30 June (Friday): Egypt to exit Grains Trade Convention.

JULY

1 July: House of Representatives deadline to approve the FY 2023-2024 budget.

1 July: GAFI to launch the country’s first integrated electronic platform to facilitate setting up a business.

5 - 6 July (Monday - Tuesday): Gov’t to pay out subsidies to first wave of applicants under its sixth export subsidy program.

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

18 July (Tuesday): Islamic New Year.

18-19 July (Tuesday-Wednesday): Egypt Mining Forum, Nile Ritz-Carlton, Cairo.

19 - 20 July (Wednesday - Thursday): Gov’t to pay out subsidies to second wave of applicants under its sixth export subsidy program.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

25-26 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.

27 July (Thursday): National holiday in observance of Revolution Day.

Late July-14 August: 2Q2023 earnings season.

AUGUST

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

2 - 3 August (Wednesday - Thursday): Gov’t to pay out subsidies to second wave of applicants under its sixth export subsidy program.

3 August (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

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

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

SEPTEMBER

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

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.

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.

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.

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

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

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

21-23 September (Thursday-Saturday): Narrative PR Summit, Somabay.

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

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.

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.

9-11 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)

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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