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Heliopolis Housing inches closer to finding a partner for Heliopark

1

What We're Tracking Today

Shoukry heads to Tunis. PLUS: More Gulf real estate investment on the horizon?

Good morning, wonderful people, and a very happy Tuesday. The news cycle is picking up pace a little — though not too much — as we hit the midweek.

THE BIG STORY here at home: It’s another mixed bag this morning with no one story dominating local headlines. An update may be imminent on Heliopolis Housing’s negotiations to bring on a Gulf co-developer for its Heliopark project. Elsewhere, there’s a smattering of M&A news in the financial sector and another firm is lining up to launch a digital bank. Read on for all the details.

HAPPENING TODAY-

Foreign Minister Sameh Shoukry is in Tunis today to meet with his Tunisian counterpart Nabil Ammar, the ministry said in a statement yesterday, without giving further details. Shoukry will also meet President Kais Saied to deliver a message from President Abdel Fattah El Sisi, the statement reads.

WATCH THIS SPACE-

Gulf real estate investment incoming? Developers including Qatari Diar and Dubai’s Emaar Properties are in talks with the General Authority for Investment (GAFI) on expanding their business in Egypt, GAFI head Hossam Heiba was reported by local media outlets as saying during a press conference. Heiba did not give further details.

AND- GAFI will launch its new digital platform within days, Heiba was quoted as saying. The platform will provide investors with the services to establish companies, authenticate contracts at notary offices, and register using electronic signatures among other services. It was originally set to launch in April.

There’s once again no single BIG STORY ABROAD in the front pages of the foreign press this morning. In the business pages, many are taking note of Vaibhav Taneja’s appointment as CFO at Tesla, after company veteran Zach Kirkhorn stepped down on Friday. Tesla shares fell 1% in New York on Monday. (Reuters | Bloomberg | WSJ | FT | CNBC | CNN).

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 Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We take a look at the environmental pros and cons of desalination.

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2

Privatization

Egypt’s Heliopolis Housing could this month finalize Gulf partnership

Heliopark could have a new partner soon: Heliopolis Housing and Development (HHD) could this month wrap negotiations to partner with an anonymous Gulf investor for its Heliopark project, a source close to the matter told Enterprise.

Is this the same partnership HHD already has in the works? The company’s board last month received an offer from an unnamed real estate company to co-develop Heliopark, without releasing the identity of the bidder or details of the offer it submitted.

Rumors abound: The news comes after Asharq Business reported that HHD was considering selling the project to an unnamed local investor. The investor reportedly offered to pay for the land upfront in cash in return for a reduction of up to 40% on its value, which Asharq estimates at some EGP 25-30 bn. Our source stressed that negotiations with the Gulf investor are for a partnership agreement, not a sale. HHD said Asharq’s report was factually inaccurate in a disclosure (pdf) to the bourse.

REMEMBER- The state-owned company put the New Cairo project back out to tender after scrapping a partnership agreement with Mountain View earlier this year, citing the current economic conditions and rising land valuations.

3

M&A WATCH

Egyptian regulator greenlights Beltone Financial for due diligence on Cash

Beltone one step closer to acquiring Cash: Beltone Financial has received the greenlight from the Financial Regulatory Authority (FRA) to proceed with its acquisition of Minya-based microfinance provider Cash, it said yesterday in an EGX disclosure (pdf). The company is now cleared to begin due diligence.

BACKGROUND: Local media last week identified the unnamed microfinance company Beltone had signed an MoU to acquire as Cash. Sources told Al Borsa that the due diligence process would take around two months once Beltone got the go-ahead from regulators.

Market reax: Beltone shares were up 5.9% on Monday to close at EGP 3.95 apiece.

REMEMBER- Beltone has plenty of dry powder. The company in July closed a landmark EGP 10 bn capital increase, placing some 5 bn new shares on the EGX. Prominent global institutional investors came into the firm’s share base via the transaction, which was also met with heavy demand from local investors.

4

Fintech

Egypt’s Orascom Financial Holding wants to set up a digital bank

OFH could go the digital banking route: Orascom Financial Holding (OFH) will look into the possibility of setting up a digital bank, the company said in an EGX disclosure (pdf).

Details TBC: The company has not yet secured partners or sources of funding for the planned project, it said.

OFH is the latest to jump on the digital banking bandwagon: The move was sparked by the Central Bank of Egypt’s (CBE) new licensing rules for digital banks according to the bourse filing. Published in July, the rules stipulate that digital banks need at least EGP 2 bn in capital to receive a license and EGP 4 bn to be able to finance large companies. Other applicants for a license include Ostoul Securities Brokerage, OPay, and Banque Misr, which it was last week reported plans to launch Egypt’s first digital bank in 1Q 2024.

5

DEBT WATCH

Egypt’s Reefy Microfinance issues EGP 700 mn in securitized bonds. PLUS: Al Oula Mortgage Finance to borrow EGP 1,6 bn from three local lenders

CI Capital has closed an EGP 700 mn securitized bond issuance for its micro-financing arm Reefy Microfinance, backed by a portfolio of the micro-lender’s receivables, according to a statement (pdf) from CI Capital.

The details: The issuance was the first of a three-year, EGP 3 bn program. It was issued in three tranches with tenors ranging between six and 19 months, with two tranches rated Prime 1 and one rated A by the Middle East Rating and Investors Service (MERIS).

Who bought in? Banque Misr acted as an underwriter for the issuance, which was covered “more than once by several banks, financial services companies, and different asset managers,” CI Capital said in the statement, without naming the subscribers.

Advisors: CI Capital acted as sole financial advisor, issuance manager, and lead arranger. Matouk Bassiouny & Hennawy provided legal advisory, while Baker Tilly was the auditor.

DATA POINT- Companies have now issued more than EGP 46 bn of securitized bonds so far this year, according to data tracked by Enterprise — more than total volumes across the whole of 2022.


ALSO IN DEBT- Al Oula negotiates with three banks over a EGP 1.6 bn loan: Al Oula Mortgage Finance is negotiating with the National Bank of Egypt, Banque Misr, and First Abu Dhabi Bank over an EGP 1.6 bn loan, sources reportedly told Al Mal. The company intends to finalize the loan within weeks, which it plans to use to shore up liquidity as it expands its portfolio.

6

Automotive

Egypt’s Al Amal wants resume Lada assembly in 2024

Al Amal could resume Lada production in the new year: Al Amal Auto, the local agent of Lada and BYD vehicles, is looking to resume assembly of Lada cars in early 2024, Chairman Amr Soliman confirmed to Enterprise. The company is currently in negotiations to resume assembly with Lada’s manufacturer, Russian carmaker AvtoVAZ.

Background: Al Amal suspended the assembly of the Lada Granta in August 2022 on the back of Western sanctions on Russia and will temporarily suspend operations at its BYD assembly plant within a week due to difficulty in obtaining hard currency to import the required production components. The company has for months been teetering on the brink of a shutdown as a result of last year’s import restrictions.

Sanctions against Russia are a primary hurdle: Al Amal and AvtoVAZ are in talks to find a mechanism for conducting financial transfers, which have been made difficult by the SWIFT ban against Russian banks.

Al Amal has slashed its assembly targets: The company is looking to halve its output of Lada cars, which previously stood at some 3k - 3.5k per month. Al Amal lowered its assembly targets on the back of declining demand in the auto market and the devaluation of the EGP, which has driven up car prices, Soliman said. Auto sales have dropped 70% this year, Soliman noted, citing data by the Automotive Marketing Information Council.

7

Startup watch

Egyptian cybersecurity firm Buguard closes USD 500k seed round

Egypt-based cybersecurity startup Buguard has raised USD 500k in a seed round led by MENA venture capital firm A15 and with the participation of a number of unnamed angel investors, it said in a press release (pdf). This marks the company’s first external funding round since its launch in 2021.

Buguard? Founded in 2021 by CTO Youssef Mohamed (LinkedIn), the cybersecurity firm’s customers include local businesses Paymob, Fawry, EFG Hermes, and Thndr, among others.

Buguard plans to expand in the GCC: The firm plans to use the proceeds to grow its team, “focusing on product, sales, and channel partnerships,” the release reads. “We are already globally facing with clients across the world, but our immediate strategy is to grow even stronger in the GCC,” Mohamed said. The company is planning to expand into Saudi Arabia this year, he added.

8

Moves

Mohamed Farid to spend another year heading Egypt’s FRA

Mohamed Farid has been reappointed chairman of the Financial Regulatory Authority (FRA) for another one-year term starting 7 August under a presidential decree, the FRA said in a statement. Farid has served as chairman of the market regulator for the past year, succeeding Mohamed Omran. Prior to the FRA Farid was the head of the EGX between 2017 and 2022.

9

LAST NIGHT’S TALK SHOWS

Fact check on Endowments Ministry asset sale rumors

It was another quiet night for the talking heads last night. With Amr Adib, Sherif Amer, and Lamees El Hadidi still on their summer break, the remaining hosts debunked rumors about the sale of assets owned by the Endowments Ministry, as well as covering the latest batch of presidential pardons and plans to manufacture a mini electric vehicle here.

Awqaf conspiracies debunked: The government has denied rumors circulating on social media that it has sold USD bns worth of assets owned by the Endowments Ministry. Therumors were apparently spurred by Saturday’s fire in one of the ministry’s buildings in Downtown Cairo. No documents were damaged in the fire as most of them have already been transferred to the ministry’s new headquarters in the New Administrative Capital, said spokesperson Abdallah Hassan in a televised interview on Masaa DMC (watch, runtime: 3:32.)

Also on the airwaves last night:

  • New pardons for pretrial detainees: The presidential pardon committee pardoned 33 pretrial detainees yesterday, including economist Omar El Shenety and human rights lawyer Youssef Mansour. (Lobna Assal on Al Hayah Al Youm | watch, runtime: 1:49)
  • Fresh Turkish investments on the way? “Turkish investors will pour around USD 100 mn into the Egyptian market in the coming few weeks,” saidAlaa Ezz, secretary-general of the Federation of Egyptian Chambers of Commerce. (Lobna Assal on Al Hayah Al Youm | watch, runtime: 3:40)
  • A new Egypt-made mini EV: The Academy of Scientific Research and Technology inked two contracts with unnamed private sector players to manufacture the first golf car-sized EV made in Egypt. It should hit the market in around nine months. (Ahmed Moussa on Ala Mas’ouleety | watch, runtime: 7:35)

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10

EGYPT IN THE NEWS

Of energy woes and accidental mummies

It’s another quiet August morning for mentions of Egypt in the foreign press. Reuters looks at data suggesting Egyptian natural gas production is in decline against the backdrop of the ongoing rolling blackouts. Meanwhile, the National Geographic takes a look at the mummies forged in desert conditions “by accident” before our ancient ancestors formalized the practice.

11

Also on our Radar

Parkville Pharma factory to open this month. PLUS: Concord x Saudi Neom + Madinet Masr launched R&D arm, digital platform Touba + FinMin amends customs law

PHARMA-

Parkville Pharmaceuticals plans to start operations at its local factory before the end of August , Al Mal reported yesterday, citing company CEO Mahmoud Farrag. The Borg El Arab factory has been in the works since 2017 and cost some EGP 150 mn in total investment, Farrag said, adding that it will manufacture both Parkville’s own and third-party products. .

More where that came from: The pharma company plans to invest more than EGP 300 mn in the coming year to expand the factory and launch new products, including by setting up three new production lines for cosmetics and one for dietary supplements. Parkville will fund the investments through a combination of self-funding and debt, Farrag is quoted as telling Al Mal.

INFRASTRUCTURE-

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, reports Al Mal, citing anonymous sources. Concord has also submitted tenders for five other projects in Neom, Riyadh, and Jeddah, the sources said.

REAL ESTATE-

Madinet Masr launches an R&D arm: The real estate developer has launched Madinet Masr Innovation Labs, which aims to build digital solutions for the real estate market, it said in a press release (pdf) yesterday.

It’s already innovating: Madinet Masr Innovation Labs simultaneously launched a new digital platform, Touba, which offers customers “innovative solutions for purchasing and investing in real estate without bank cheques.” Touba will first be made available to buyers at the developer’s new project Elan in Sarai.

REGULATION-

FinMin amends customs law: Some provisions of the customs law have been amended to facilitate customs release procedures under a decision issued by Finance Minister Mohamed Maait, according to a ministry statement. The modified procedures require customs declaration forms to be submitted electronically as soon as incoming goods are unloaded, and make ins. documents acceptable substitutes for bank guarantees. New measures have also been introduced to exempt oil companies from certain fines in order to stimulate exports, among other changes.

12

PLANET FINANCE

Saudi Aramco ups its dividend despite falling oil earnings. PLUS: WHy hedge funds were wrong to bet against cruise liners + Credit Suisse job cuts in Asia

Aramco raises dividend payout: Saudi Arabian oil giant Aramco will raise its payout to investors and the country’s government by more than half to USD 29.4 bn, up from USD 18.8 bn in 2022, the company said (pdf). The dividend boost comes despite declines in oil earnings across the sector. “The second quarter of 2023 was characterized by continued global economic uncertainty and market volatility,” Bloomberg quoted Aramco CEO Amin Nasser as telling reporters. “This obviously affected energy prices, yet Aramco delivered strong earnings thanks to our low cost production, high supply reliability and strong demand for our products.”

Aramco funds are key to the Saudi government: The payout will offer some relief to the Saudi government, whose budget deficit widened in 2Q 2023 due to rising social benefit spending and projects focusing on diversifying the economy away from oil.

Cruise lines and hotels defy the moneymen: Hedge funds have taken a hit valued at USD 6 bn so far this year by wagering against cruise lines and hotels after misjudging the resilience of US consumer demand, the Financial Times reports. Short sellers — mainly hedge funds — have been surprised by steep rises in the share price of tourism companies including cruise line Royal Caribbean, Airbnb, and Booking.com, as the US economy appears to steer its way past a potential recession and into a “soft landing,” the newspaper says.

Credit Suisse is set to cut 80% of its Hong Kong-based investment banking s taff as the bank integrates with UBS Group, Reuters reports, quoting two sources close to the matter. Only some 20 bankers will be spared redundancy, the sources said, of Credit Suisse’s 100-person Hong Kong banking team. Bloomberg also covered the story.

REMEMBER- Swiss banking giant UBS was forced to acquire the Swiss lender after it was left on the verge of collapse following turmoil in the global financial system triggered by rising interest rates.

ALSO WORTH NOTING-

  • Greece restored to investment-grade status: Greece’s sovereign rating has been lifted to BBB- from BB+ by Scope Ratings on the back of sustained European institutional support and declining public debt, marking a turnaround for the country since its 2010 debt crisis. (Bloomberg)
  • Saudi’s PIF closes 2022 in the red: Saudi Arabia’s wealth fund PIF closed 2022 with losses worth USD 15.6 bn as its tech investments were hit by the slowdown. (Bloomberg)
  • Paypal makes gains on stablecoin launch: Shares in payments giant Paypal rose almost 3% following its launch of a USD-backed stablecoin on Monday. (Reuters)

EGX30

17,839

+0.8% (YTD: +22.2%)

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

11,272

-0.7% (YTD: +7.6%)

ADX

9,824

+0.4% (YTD: -3.8%)

DFM

4,079

-0.1% (YTD: +22.3%)

S&P 500

4,518

+0.9% (YTD: +17.7%)

FTSE 100

7,554

-0.1% (YTD: +1.4%)

Euro Stoxx 50

4,338

+0.1% (YTD: +14.3%)

Brent crude

USD 85.34

-1.0%

Natural gas (Nymex)

USD 2.74

+0.5%

Gold

USD 1,971.80

+0.1%

BTC

USD 29,135

+0.3% (YTD: +76.8%)

THE CLOSING BELL-

The EGX30 rose 0.8% at Monday’s close on turnover of EGP 2.73 bn (39.7% above the 90-day average). Foreign investors were net buyers. The index is up 22.2% YTD.

In the green: Beltone Financial Holding (+5.9%), Ezz Steel (+4.8%) and Credit Agricole Egypt (+4.5%).

In the red: Orascom Construction (-0.9%), Edita (-0.9%) and Alexandria Containers and Cargo Handling (-0.3%).

A sian markets are largely up in early trading this morning and futures suggest European markets will also open in the green later on today. It’s a more mixed picture on Wall Street, with futures suggesting most major indexes will open in the red.

13

Diplomacy

Egypt and Jordan sign 12 agreements to forge closer ties

Egypt and Jordan yesterday signed 12 MoUs to increase cooperation in fields including economic policy, environmental protection, social affairs, media, culture, vocational training, and health, according to a cabinet statement. The MoUs were inked at the close of bilateral meetings in Amman headed by Prime Minister Mostafa Madbouly and his Jordanian counterpart Bisher Khasawneh, according to a separate cabinet statement.

Shoukry wraps up Sudan talks in Chad: Foreign Minister Sameh Shoukry wrapped up the latest round of Sudan talks at the ministerial meeting in N’Djamena yesterday. Shoukry told attendees that the suffering of the Sudanese people is increasing by the day, pointing to dire shortages of food and meds as a result of the ongoing civil war (watch, runtime: 6:08). He said Sudan’s neighbors are committed to finding ways to bring the conflict to an end and reiterated calls for an immediate ceasefire.

14

Going Green

What’s the environmental cost to Egypt of desalination?

Egypt is pushing forward with desalination to meet potable water needs. What’s the environmental price tag? In 2020, Egypt announced a plan to invest more than EGP 134.2 bn in seawater desalination plants that would give us 6.4 mn cubic meters per day (cbm / d) of freshwater. With increased pressure on water resources — particularly with the building of the Grand Ethiopian Renaissance Dam — an increased reliance on desalination plants is “the most feasible solution” to meet our water demands, according to a paper published in the Ain Shams Engineering Journal (pdf). However, desalination comes at an environmental cost as a result of energy consumption and the production and disposal of brine.

How much water do we need? Egypt grapples with an annual water deficit of roughly 7 bn cbm, and it could be water scarce by 2025, according to a recent UNICEF report (pdf). The country is currently looking to increase its water capacity by 8.85 mn cbm / d of water by 2050 to improve its water security.

Where do things stand with our desalination plans? The desalination plan spans six five-year phases, the first of which is expected to see the government investing EGP 45 bn to build 47 seawater desalination pl ants. The first 21 plants in the project are expected to produce around 3.3 mn cbm/d of water.

The private sector is getting in on the action: The Sovereign Fund of Egypt (SFE) prequalified 17 consortiums for renewables-powered desalination projects earlier this year, including Hassan Allam, Engie, Orascom Construction, and Acwa Power, among others. It plans to have three or four of these plants tendered by 3Q 2023 and the remaining plants in the program’s first phase should be signed in the next 18-24 months.

We’re not the only ones relying more on desalination: Gulf countries mostly rely on desalination to meet their water needs, accounting for c.60% of the world’s water desalination capacity, according to Arab Center Washington DC. Saudi Arabia is responsible for about one-fifth of the desalinated water produced in the world and relies on desalination for about 50% of its potable water needs. In 2020, the country announced an investment of around USD 80 bn in desalination over the next decade. It is expected to have a desalination capacity of 8.5 mn cbm / d of water by 2050, Construction Week reported.

SOUND SMART- How to separate H2O and NaCl: There are two main types of desalination processes: Thermal and membrane desalination. Thermal desalination — including multi-effect distillation (MED) and multi-stage flash distillation (MSF) — uses heat to evaporate seawater, leaving behind the salt. The water vapor is then condensed back into liquid water, according to the International Renewable Energy Agency (IRENA) (pdf). This process is energy-intensive, but it can produce large amounts of fresh water. Meanwhile, membrane desalination, including electrodialysis (ED), and reverse osmosis (RO), uses semi-permeable membranes to filter salt from seawater. The membranes allow water molecules to pass through, but block salt molecules. This process is less energy-intensive and it can only produce smaller amounts of fresh water. RO plants are the dominant method for desalinating water in Egypt.

One big problem with desalination: What happens to the brine? In addition to greenhouse gas emissions, the production of brine is a significant environmental concern with desalination, according to the Marine Pollution Bulletin (pdf). Brine is a highly concentrated salt solution that is a waste product of the desalination process, according to the UN Environmental Program.

The majority of Egypt’s desalination plants are situated in coastal areas along the Red Sea and the Mediterranean Sea, Cairo University Geology and Water Resources professor Abbas Sharaky told Enterprise. Most of the brine produced by these plants is released back into the sea, which poses a potential danger to local marine ecosystems, he added.

Untreated brine can harm ecosystems: Brine’s high salt levels depletes oxygen and causes changes in water temperature and salinity, which can kill fish, coral reefs and other marine organisms, explains Assistant Director of the United Nations University Institute for Water, Environment, and Health Manzoor Qadir. Brine that is improperly treated and disposed of can also damage soil flora that play an essential role in the health of the soil and the environment, which can lead to nutrient deficiencies in crops and reduce the yields and quality, head of the Egyptian Association for Sustainable Development, Othman ElShaikh, told Enterprise.

How should brine be handled? The two methods desalination companies most commonly use to dispose of brine are surface water discharge or deep well injection, DesalEgypt Chief Commercial Officer Kareem Fanous told Enterprise. Surface water discharge is used when the feed water for the desalination plant is taken directly from the ocean, in which case the brine is diluted with seawater to reduce its salinity before it is discharged back into the sea. This helps to minimize the impact of the brine on the marine environment, he added. Deep well injection is used when the feed water for the desalination plant is taken from underground wells. The brine is injected into deep wells into the ground, which helps to isolate the brine from the environment and prevent it from contaminating groundwater, he noted.

Then there’s the energy consumption: Desalination is a very energy-intensive process and is typically reliant on fossil fuels for power. Plants in Egypt rely on electricity from the national grid that is generated primarily from burning natural gas, Sharaky said. Energy resources account for about 50% of the total production cost of desalination, Sharaky told us. However, there are signs of a shift towards renewables in desalination, with KarmSolar launching the country’sfirst solar-powered water desalination plant in Marsa Alam in May.

The saltier the water, the more energy-intensive the process gets: Salinity is correlated to power consumption — desalinating sea water (32k-45k parts per mn (ppm)) requires more energy than desalinating brackish water (2k-15k ppm) or Nile water (150-250 ppm), Fanous said. Power consumption is also based on the type of desalination technology used.


Your top green economy stories for the we ek:

  • Maersk could acquire half of the 545-MW Zafarana wind farm after the government approved the shipping giant’s ownership in principle.
  • 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.
  • Turkey’s KOC Holding is looking to invest in renewable energy and wind projects in the Suez Canal Economic Zone (SCZone) , among other projects.

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.

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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