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Here’s what El Niño means for Egypt

1

What We're Tracking Today

Gov’t to address power crisis in presser today or tomorrow

Good morning, folks: Presenting the soundtrack to this morning’s issue. Yes, it’s that quiet.

It’s not just us: Other than the kerfuffle in Israel, the global press is crickets this morning, with some of the most-read stories being a discussion of Who ges to wear G-strings now?(New York Times), Kylian Mbappe’s USD 333 mn offer to join Saudi Arabia’s Al-Hilal(Bloomberg), and the launch of OpenAI boss Sam Altman’s not-even-remotely creepy “Worldcoin” crypto project(Reuters).

The QAnon nutters are going to have a blast with this one: To get a Worldcoin “World ID”, you’ll need to stare — in person — into a bowling-ball-sized silver orb to prove you’re a human and not a robot…

THE BIG STORY HERE AT HOME on this very hot morning- How many more sweaty 5ams do we have to endure? Officials will hold a press conference either today or tomorrow to offer a bit more clarity on the power crisis that has seen rolling blackouts become a daily feature of life across the country over the past week. That’s according to Amr Adib, who commented on the situation on El Hekaya last night ( watch, runtime: 3:07). More on this in Last Night’s Talk Shows, below.

Missing from the ministry’s policy toolkit: The ‘pray for colder weather’ strategy. The ongoing wave of extreme heat is still showing few signs of abating, with the country’s official weather forecaster now predicting the mercury to stay at current levels at least until Friday, when the temperature in the capital could fall to 36°C.

Our favorite weather app begs to differ, serving up a 14-day forecast that sees temps in the 40-44°C range as far as the eye can see. The only “respite” (if you can call it that) could come on Sunday and Monday, when the mercury is forecast to dip to 39°C. When it comes to daytime highs, we trust the app more than any other source.

From the Department of the Obvious: El Niño isn’t fake weather news . The record temperatures seen across the world this month have coincided with the re-emergence of the warming El Niño climate pattern in the eastern Pacific in recent weeks.

How does this affect Egypt, you ask? We talk to climate scientists to find out how the weather phenomenon will impact Egypt’s water security and coastal areas in this morning’s Going Green, below. Be sure to check out Enterprise Climate’s recent two-parter, which looked at the regional implications of El Niño: Part 1 | Part 2.


DATA POINTS-

#1- Flights rise in 1H 2023: The number of flights coming and going from Egypt h as jumped almost 30% to 191k during the first six months of 2023 from the same period last year, according to figures shared by the Civil Aviation Ministry last week.

Planes are fuller (or larger) (or both) : We’ve seen a 43.5% year-on-year increase in passengers in the same period, with some 23.2 mn arrivals, the ministry said.

#2- Port container traffic is up: Red Sea ports handled some 3.5 mn tons of general cargo during 1H 2023, up 15% from the same period last year, the Red Sea Ports Authority said yesterday.

ALSO HAPPENING TODAY-

The National Dialogue is back for the first time since taking an extended break before Eid. The two sessions to be held this week, today and on Thursday, will focus on political and social issues, and will see participants work to come up with legislative recommendations to submit to President El Sisi, Emad El DIn Hussein, a member of the dialogue’s board of trustees, said in a televised interview on Saturday ( watch, runtime: 9:02). The dialogue kicked off in May, holding three weekly sessions discussing political, economic, and social issues.

How long is the dialogue going on for? How long is a piece of string? Officials haven’t given any indication on how many sessions will be held or when the process could wrap.

AND- Sudanese opposition groups are in Cairo: The Forces of Freedom and Change Alliance — a coalition of civilian political parties that participated in the protests that ousted Omar Al Bashir and tried to end the country’s ongoing military rule — kicked off a two-day meeting in Cairo yesterday to discuss how to bring an end to the civil war in Sudan.

PLUS- It’s Fed week: The Federal Reserve will kick off its two-day policy meeting today. For more on what analysts and the market expect the central bank to do, check out this morning’s Planet Finance, below.

THE BIG STORIES ABROAD-

Israel has the front pages of the Western press to itself this morning after lawmakers voted th rough divisive judicial reforms proposed by Netanyahu’s coalition of far-right parties. The bill, which will increase the government’s powers over the Supreme Court, easily cleared the legislature yesterday after opposition parties boycotted the vote. With escalating protests, expectations for widespread strikes, and apparent divisions within the military, the international press is full of talk of constitutional crises and existential threats to the country. The pick of the bunch: A Financial Times op-ed by Yuval Noah Harari, who argues that “the future of the country is on the line.” ( Reuters | Bloomberg | Financial Times | Wall Street Journal | New York Times | Washington Post)

CIRCLE YOUR CALENDARS- 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.

*** 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: El Niño is here — and Egypt will not be spared.

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2

Mining

Oil Ministry reaches framework mining agreement with Centamin, Barrick

Centamin + Barrick Gold just agreed terms with the OilMin: The Oil Ministry has reached an agreement with the LSE-listed gold miner Centamin and Canada’s Barrick Gold on the terms for several exploration concessions awarded in 2021, the Oil Ministry and Centamin said last week.

The MMEA: T he Model of Minerals Exploitation Agreement (MMEA) lays out the commercial, fiscal, and lega l arrangements for any commercial discoveries made at the seven exploration concessions in the Eastern Desert given to the two companies. Toronto-listed Barrick Gold was awarded four contracts and Centamin received three.

In detail: Under the agreement, the ministry will award 30-year licenses for the concessions under which the companies will pay a 5% royalty on revenues and 15% of net income to the government . The agreement doesn’t apply to Centamin’s Sukari mine which operates under a separate concession agreement.

This isn’t official yet: The House of Representatives is required to approve the agreement before it comes into effect, which Centamin expects to happen later this year.

Neither firm is a stranger to Egypt: Centamin operates the country’s largest gold mine — the Sukari mine in the Eastern Desert — and Barrick entered the country in 2021 after winning USD 8.8 mn-worth of exploration contracts to search for and mine gold in the Eastern Desert.

The news got international coverage:Reuters.

3

Manufacturing

Japanese auto parts manufacturer Yazaki to set up shop in Fayoum after receiving land

Japanese manufacturer Yazaki will begin construction of its EUR 30 mn factoryin Fayoum’s first freezone after signing land contracts with local authorities, the Local Development Ministry said yesterday.

It’s been a while coming: The Japanese company, which produces automotive components and braided cables, has been waiting on the contracts since signing an MoU with the General Authority for Investment and Freezones for the project back in April 2022. Yazaki last year became one of the first companies to be awarded a single-approval (‘golden’) license by GAFI.

The details: The contracts provide Yazaki with a 70k square-meter plot on which to build the factory, which will export auto parts worth up to EUR 100 mn a year under freezone rules. The project is expected to create some 3.5k jobs, and will be the first of six that Yazaki plans to establish across Egypt, according to the statement.

4

Also on our Radar

Taqa Arabia shareholder sells 20% stake. PLUS: Beltone’s SODIC office building buy and news from Qalaa, Taqa Arabia, Axens, Torishima Pumps, ITIDA and valU

REAL ESTATE-

Beltone to purchase Eastown office building for EGP 1.1 bn: SODIC shareholders have approved the sale of a 6.9k square-meter office building in the developer’s Eastown project to Beltone Financial for EGP 1.1 bn, it said in an EGX disclosure (pdf).

The payment: Beltone will pay 20% of the amount as a down payment upon signing, with the rest of the amount to be paid each quarter over the coming 4.5 years, according to the disclosure. Beltone will also pay an EGP 61.9 mn “maintenance bond” upon delivery. The purchase comes in the wake of Beltone’s huge capital increase.

The Emirati connection: Emirati institutions have acquired large stakes in both institutions: Abu Dhabi wealth fund ADQ and Aldar acquired the majority of SODIC in 2021 and Beltone was last year acquired by Abu Dhabi-based investment firm Chimera. Beltone’s new controlling shareholder appointed as CEO Dalia Khorshid, who also joined SODIC’s board post-takeover.

Correction: This story was amended on 25 July 2023 to remove mention of an incorrect figure for Beltone's recent capital increase of EGP 10 bn, the largest such transaction of its kind in Egypt as of the date of publication.

ENERGY-

Qalaa, Axens to study production of green fuels: Qalaa Holding, its waste management company ECARU, and French low-carbon energy company Axens will carry out joint research into producing green fuel in Egypt, the companies said in a joint statement (pdf) yesterday. The three firms will spend seven months conducting technical and economic studies on the production of advanced bioethanol and sustainable aviation fuel, according to the statement. The companies expect to export their production of bioethanol.

CAPITAL MARKETS-

Taqa Arabia shareholder sells 20% stake in block trade: One of Taqa Arabia’s ma jor shareholders executed a block trade of 270.5 mn shares worth EGP 1.6 bn yesterday and transferred the proceeds to one of its creditors, according to an EGX bulletin. That equates to around 20% of the company, according to our math. The bulletin didn’t disclose the selling shareholder or the identity of the buyers.

Remember: The company’s shares began trading on the EGX earlier this month following a technical listing. Silverstone Capital Investments — an entity controlled by Taqa parent Qalaa Holdings — cut its ownership in the company from 80% to 49% on its trading debut, selling shares to other major shareholders Financial Holdings Investments and Rimco EGT Investments.

Market reax: Taqa shares fell 0.7% yesterday to close at EGP 10.96 apiece.

TOURISM-

Tourist yachts are getting an expedited visa process: Tourist yachts will now be able to receive entry permits to Egypt through the Transport Ministry’s digital platform for tourist yachts within 30 minutes, instead of the previous processing period of 15-30 days, according to a ministry statement.

The new rules will also allow all passengers to receive electronic tourist visas as part of the same process, with the platform now linking to the Interior Ministry’s passports and immigration administration, the statement says. Yachts will also be allowed to exit Egypt from any port, instead of requiring them to exit from the same point of entry. The decisions come as part of the government’s plans to boost Egypt’s yacht tourism.

NBFS-

valU to offer Gezira members financing solutions: Consumer finance platform valU, which positions itself as a “lifestyle-enabling solution” for consumers, will start offering financing to members of the Gezira Sporting Club, it said (pdf) yesterday. The company will allow members to take out finance to pay for membership, cover other membership-related expenses, and make purchases from on-site vendors.

MANUFACTURING-

Japanese water pump maker to set up in the SCZone: Torishima Pumps will establish a USD 5 mn water pump factory in the Suez Canal Economic Zone, according to a joint statement (pdf ) out yesterday. The Japanese manufacturer has signed an agreement with Elsewedy Industrial Development that will hand it a 30k-feddan land plot in the company’s industrial zone. The factory will produce water pumps for wastewater treatment and desalination plants.

STARTUPS-

ITIDA, UNDP to launch five-year project to support tech startups: The Information Technology Industry Development Agency (ITIDA) has signed an agreement with the UN Development Program to set up a five-year project to support local tech startups, according to a joint press release. The new project — the Maturation of ICT-enabled Innovation-driven Entrepreneurship Ecosystem — will provide financing, mentorship and networking opportunities for tech startups in Egypt.

5

LAST NIGHT’S TALK SHOWS

Talk shows continue to focus on the blackouts frustrating the nation

Another night with the nation’s talking heads focused on blackouts: Talk shows refused to shift their attention from the daily power cuts frustrating the nation, bringing us the latest on the government’s efforts to end the crisis and when we can expect a return to normality.

BLACKOUTS-

Shaker and El Molla put their heads together: Electricity Minister Mohamed Shaker and Oil Minister Tarek El Molla met yesterday to discuss how to resolve the crisis, Al Hayah Al Youm’s Lobna Assal said ( watch, runtime: 10:11). She also interviewed Electricity Ministry spokesperson Ayman Hamza, who told her that the issue will be resolved “within days.”

Remember: The current heatwave has sent electricity demand soaring, putting pressure on gas supplies needed for power generation. This has forced the government into making rolling blackouts every day to cut consumption. We had the full story in yesterday’s issue.

Business as usual at Zohr, says cabinet: The cabinet yesterday released a statement denying media reports that have claimed that the production at the critical Zohr gas field has declined due to technical problems. A report in industry publication Mees earlier this year claimed that output at the field declined by 11% to 2.5 bn cubic feet per day in 2022. The field is currently produci ng 2.3 bn cf/d , cabinet said yesterday. El Hekaya ( watch, runtime: 3:55) and Ala Mas’ouleety ( watch, runtime: 5:04) both picked up the statement.

INTEREST RATES-

Another rate hike next week? The Central Bank of Egypt (CBE) will likely raise interest rates when the Monetary Policy Committee (MPC) meets next week, economist Medhat Nafea told Lamees El Hadidi ( watch, runtime: 6:12). “Keeping rates unchanged didn’t achieve the desired outcome, it did not achieve monetary policy goals, inflation remains an issue, be it headline or core inflation ,” he said.

Where do rates currently stand? During its last meeting, the MPC left the benchmark rate at 18.25% for the second consecutive meeting, saying that it was continuing to assess the impact of the combined 1k-bps in hikes made since March 2022.

** We’ll be out with our customary interest rate poll on Sunday ahead of the MPC meeting on 3 August.

GOLD PRICES-

Checking in on local gold prices: Global gold prices were on the rise last week, but locally prices remain stable, Supply Ministry advisor Nagy Farag told El Hadidi ( watch, runtime: 4:34), pointing to the ministry’s decision to cut import duties on gold for Egyptians living abroad as helping to stabilize the market. 21-carat gold is currently trading at EGP 2,165 per gram, while 24-carat gold is trading at EGP 2,475 per gram.

WHERE’S THE PERSONAL STATUS ACT?

The new Personal Status Act remains with the cabinet for review before it gets sent to the House for discussion, Kelma Akhira’s Lamees El Hadidi said ( watch, runtime: 9:45). The new legislation was being redrafted by a committee after it was shelved by the House in 2021 after backlash. The amendments to the law grant judges more power to handle urgent cases regarding family support and speed up the judicial process when it comes to family matters.

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PLANET FINANCE

US Federal Reserve expected to raise interest rates this week

The Fed’s not done: The US Federal Reserve is expected this week to resume its tightening cycle by raising interest rates by another 25 bps and signal the possibility of more to come if inflation doesn’t come down to target, according to the Financial Times. The expected hike would take the fed funds rate target range to 5.25-5.5%, the highest since the aftermath of the dot-com bust in 2001, and comes in the wake of optimistic inflation that showed consumer prices growing at their slowest rate since March 2021.

The final hike? While the market is expecting this to be the Fed’s final hike, economists don’t see the central bank giving much away about its future options. “It’s unlikely that the committee would be willing to communicate that they expect to be on an extended hold,” one analyst told the salmon-colored paper. “There’s a great deal of scope for them to end up hiking more after the July meeting, if prompted by the data.”

ALSO WORTH NOTING-

  • Delivery Hero now fully owns Saudi subsidiary: German food delivery app Delivery Hero has taken full ownership of its Saudi subsidiary — HungerStation — by acquiring the remaining 37% it didn’t own for USD 297 mn. ( Company statement)
  • Inflation in Dubai slowed in June to its lowest level since early 2022, recording 2% on the back of a drop in transportation costs. ( Dubai Statistics Authority, pdf)
  • Eurozone downtown intensifies in July: A sharper-than-expected downturn in the eurozone manufacturing and services sectors caused the downturn in the bloc to deepen in June, according to flash PMI estimates. ( HCOB Flash Eurozone PMI, pdf)
  • UK inflation dips below 8%, giving BoE some relief: UK inflation fell to 7.9% in June, easing the pressure on the Bank of England to continue aggressively raising interest rates. ( Office for National Statistics)
  • US, UK hit Credit Suisse for Archegos collapse: Credit Suisse has been slapped with USD 388 mn of fines by US and UK regulators over the implosion of its hedge fund Archegos Capital in 2021. ( Financial Times)

EGX30

17,550

-0.2% (YTD: +20.2%)

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

11,802

+0.4% (YTD: +12.6%)

A D X

9,740

+1.2% (YTD: -4.6%)

DFM

3,994

+0.2% (YTD: +19.7%)

S&P 500

4,555

+0.4% (YTD: +18.6%)

FTSE 100

7,679

+0.2% (YTD: +3.0%)

Euro Stoxx 50

4,383

-0.2% (YTD: +15.5%)

Brent crude

USD 82.88

+2.2%

Natural gas (Nymex)

USD 2.70

-0.6%

Gold

USD 1,995.80

-0.5%

BTC

USD 29,140

-3.3 % (YTD: +76.2%)

THE CLOSING BELL-

The EGX30 fell 0.2% at yesterday’s close on turnover of EGP 1.18 bn (39% below the trailing 90-day average). Foreign investors were net sellers. The index is up 20.2% YTD.

In the green: Credit Agricole Egypt (+4.9%), Mopco (+2.2%) and CIB (+1.3%).

In the red: Ezz Steel (-4.3%), Egypt Kuwait Holding (-3.2%) and Ibnsina Pharma (-3.0%).

Asian markets are firmly in the green this morning, led by Chinese shares which are seeing gains after Beijing indicated it would step in to support the economy with fresh stimulus in the coming months. The news, together with increasing concern about market tightness, is pushing oil prices higher this morning. Elsewhere: Stock futures have European and US stocks falling at the opening bell today.

7

Going Green

How will El Niño impact Egypt and what can we do to adapt?

El Niño is here — and Egypt will not be spared: As Egypt continues to face heatwaves, the impacts of global warming are being felt more than ever. Adding fuel to the fire, meteorologists around the world declared that El Niño is currently underway. While research on El Niño’s impacts typically focuses on regions surrounding the Pacific Ocean, the event impacts climate patterns worldwide. We spoke with climate scientists on what Egypt can expect in terms of El Niño’s impact and what kind of measures can be taken to adapt.

Did you miss Enterprise Climate’s two-part El Niño explainer? Catch up here and here.

Okay, but what’s El Niño? It’s a cyclical, naturally occuring weather phenomenon with different effects in various regions around the world that happens every two to seven years. It’s the result of the unusual warming of water surface temperature in the eastern Pacific Ocean. Go hit those explainers if you want to dive deep.

El Niño makes drought worse in our part of the world: A study (pdf) published in Nature (arguably the world’s most respected scientific journal) last year found that El Niño helps make drought worse in Nile River Basin (NRB) countries — including Egypt. That study confirmed research (pdf) carried out two decades ago that concluded some 30% of the Nile river’s annual water level fluctuations could be linked to the weather phenomenon. “El Niño reduces the volume of rainfall over the NRB, while also increasing the rate of evaporation due to the higher temperatures it brings,” Eman Sayed told Enterprise. Sayed is an irrigation water management adviser to the United Nations’ Food and Agriculture Organization and former head of planning at Egypt’s Water and Irrigation Ministry.

Egypt’s water loss is intensifying with rising heat: Around 25-30% of the water used for irrigation in Upper Egypt is lost to evaporation and seepage, climate researcher Shereif Mahmoud told Enterprise, pointing towards high rates of evaporation from uncovered canals as one of the factors. A study (pdf) published by the American University in Cairo found that the water that could be saved from covering the Sheikh Zayed canal — part of the Toshka irrigation project — is equivalent to the amount needed to cultivate 7% of the land area allocated to the project per year.

More evaporation = more water extraction: When there is scarcely any rainfall, farmers tend to withdraw water from surrounding water sources such as lakes, canals, and rivers instead. As drought conditions intensify, the rate of precipitation will not be able to catch up with the rate of extraction. This could leave Egypt with a major shortage in groundwater reserves, posing a hurdle for large agricultural projects in the works, including the 1.5 mn feddan agricultural project dubbed Egypt’s Future, the New Delta reclamation project, and the Toshka El Khair project.

And the situation will likely worsen with time: The Grand Ethiopian Renaissance Dam will both reduce the quantity of water flowing into Egypt’s river and lakes significantly, and contribute to increased evaporation rates in those water bodies, Mahmoud said. Due to large amounts of water being stored behind the dam, the river flow speed drops rapidly, increasing the rate of evaporation, especially when coupled with lower water levels. “The Ethiopian dam will exacerbate the impact of Egypt’s droughts, especially as countries closer to the Nile’s source will also face lower levels of rainfall,” Eman said.

El Niño will likely mean sea levels rising faster on our coasts — and that fishers catches decline:Stronger El Niño events may accelerate melting of the Antarctic ice sheet and ice shelves, speeding up the rise in sea levels beyond current projections. Both the Mediterranean and Red seas are witnessing approximately a three centimeter increase in sea levels each year, Mahmoud said, with the potential for further increases during El Niño years. This also impacts fishing productivity, which falls as the sea's temperature rises and will likely be exacerbated during intensifying El Niño conditions, he added.

Speaking of coastlines… El Niño is only one part of the bigger El Niño-Southern Oscillation (ENSO) atmospheric occurrence. The “cool phase” is represented by La Niña, which is mostly characterized by higher precipitation, Mahmoud said, leading Egypt’s coastal regions to face the most intensified impacts of the increased rainfall. Given the lack of a sufficient stormwater system, this can cause flooding and a high level of infrastructure damage when the weather pattern flips.

Predicting the frequency and intensity of cycles: Global warming has increased the intensity of ENSO cycles and shifted their timings, making them less predictable, Diana Francis told Enterprise. Francis is a climate scientist and head of Khalifa University Environmental and Geophysical Sciences Lab in Dubai. This year’s event started two months earlier than expected, beginning in the summer instead of fall and spiking already warm temperatures, she added. The intensity of the storm that hit Egypt and the region in 2020 is another example — an event of that magnitude hadn’t occurred in the last 200 years, Sayed said.

So what can be done? Agricultural practices need a facelift to cope with the future. Prioritizing growing crops with less water requirements, transitioning to modern irrigation methods to save on water consumption such as drip irrigation, and introducing crops that can handle a higher salinity are all ways to transform our agricultural practices to need less water, Mahmoud explains. Installing floating solar panels on canals can be another method of reducing water loss and generating renewable energy.

Tapping into tech and AI: Remote sensors — predicting future levels of solar radiation, earth’s temperature, relative humidity, and precipitation — could be used to estimate the water consumption needed for different crops, indicating what types of crops would be suitable to grow based on Egypt’s water availability, Mahmoud tells us. Increasing the number of climate monitoring stations across the country would also help foresee increased drought conditions, allowing for better preparation and implementation of adaptive measures, he added.

Egypt does have some strategies in place:There are some ongoing national projects that could help reduce water stress during droughts, including reusing agricultural drainage water through initiatives such as the construction of th e Bahr El Baqar plant, Sayed says. Then there’s the desalination strategy, which envisages adding 8.85 mn cbm/d of processing capacity by the middle of the century. Egypt also has 1.5k rainwater and flood harvesting stations — one of the highest in the region, she adds. Coastal protection measures such as beach nourishment and concrete barriers are also being implemented, in support of an adaptation initiative led by the Green Climate Fund and the UNDP . The Water and Irrigation Ministry also established the Flood Forecasting Office in the 1990s, which tracks climate change and takes it into account in models that make predictions on drought and flood cycles in the next 100 years.


Your top green economy stories for the week:

  • ACWA Power’s mega wind project is heading to Sohag: Saudi renewable energy firm ACWA Power signed a land allocation agreement with the Electricity Ministry for its planned 10-GW wind farm.
  • 2022 was a strong year for investment in renewables:Egypt was Africa’s second-largest destination for investment in the renewable energy sector from 2015 to 2022, following South Africa.

JULY

22-24 July (Saturday-Monday): US Assistant Secretary of State for International Organization Affairs Michele Sison in Egypt.

25 July (Tuesday): National Dialogue.

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

27 July (Thursday): National Dialogue.

31 July (Monday): Application deadline for the Smart Green Projects initiative.

31 July (Monday): Emigration Ministry’s Egyptians Abroad conference.

Late July: Egypt’s first Environment and Climate Investment Forum.

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.

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.

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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