Kuwaiti retail giant Alshaya Group to downsize Egypt operations?

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What We're Tracking Today

Traders wager that an upcoming devaluation will be smaller than expected

Good morning folks, welcome to the last day of the work week here in the region and to day four Davos for those attending.

For you today, we have news of market speculation that the devaluation — supposedly just around the corner — could be smaller than we expect and happen much later on than we first thought. We’ve also got the low-down on Alshaya Group’s decision to reduce its operations in the country on the back of economic challengesand so much more — so let’s jump right into it.

And in case you missed it, we welcomed a new publication to the Enterprise family this week — EnterpriseAM UAE. Think of it as the UAE analogue to your morning read in Egypt — your essential report on business, finance, the economy, and regulation in one of the world’s most vibrant and exciting economies. You can sign up to have the newsletter delivered fresh to your inbox here.

** You can also stay tuned for the launch later this month of EnterpriseAM KSA. Tap or click here if you’d like to be added to our list for launch day.

THE BIG STORY HERE AT HOME-

Traders’ wager of a big devaluation around the corner begins to dissipate: While everyone is agreed that a devaluation is on its way, traders appear to be convinced that it’s going to be smaller than expected and further down the line than we first thought, Bloomberg reports.

The why: The EGP has been regaining value in the three-month non-deliverable forwards (NDF) market, suggesting traders are pulling back from wagers of a severe devaluation in the short term after IMF officials indicated that a full float of the EGP may not be in the cards for the immediate future, saying that the Fund is prioritizing getting inflation under control over exchange-rate reform. Three-month NDFs had the USD-EGP rate below 40 yesterday, from a record high of 45 at the end of December, according to the outlet.

But some aren’t convinced: “A potential upsizing of the IMF loan will likely be accompanied by an FX adjustment sooner rather than later amid additional pressures on the balance of payments due to the Gaza conflict,” Morgan Stanley economist Hande Kucuk said in a note cited by Bloomberg.

WATCH THIS SPACE-

#1- EFG Holding mulling swapping its PayTabs Egypt stake for a slice of its Saudi parent company: EFG Finance — the non-bank financial services arm of EFG Holding — might look into acquiring a stake in Saudi’s PayTabs, EFG Finance CEO Aladdin El Afifi told Asharq Business. EFG Finance would consider the option of giving up its 50% stake in PayTabs Egypt — a joint venture between EFG Holding and PayTabs — for a minority stake in the Saudi parent company, El Afifi said. EFG Finance “would like to have a seat at the table” to help accelerate cross-border expansions, he added.

#2- Egypt looks to hedge against rising commodity prices: The government isconsidering purchasing hedging contracts to guard against expected volatility in the price of certain commodities following disruption in the Red Sea that has upended global supply chains, Assistant Supply Minister Ibrahim Ashmawy told CNBC Arabia in an interview yesterday.

HAPPENING TODAY-

A high-stakes game against Ghana: The Pharaohs face a tense Afcon clash against Ghana today at 10:00pm CLT after a not-so promising start to the tournament that saw the team nearly losing 2-1 to Mozambique until a last-gasp penalty from Mohamed Salah. A poor showing could put Egypt’s tournament fate in jeopardy as it risks getting kicked out at the group stages.

FROM DAVOS-

It’s Davos day four: It’s a quieter day at Davos after yesterday’s headline speechesfrom US State Secretary Anthony Blinken and UN Secretary-General Antonio Guterres with sessions delving into the AI boom, green transitions, and the global startup scene, in addition to appearances from regional heavyweights you should tune into.

Rania Al Mashat will be taking the stage twice today: The international cooperation minister will kick off the day by speaking ata session on Building Equitable Transitions: Green and Fair at 11:15am CLT. Later on, Al Mashat is penciled in to take to the stage alongside Saudi Planning Minister Faisal Al Ibrahim, Moroccan Finance Minister Nadia Fettah Alaoui, Hikma Pharma Chairman Mazen Darwazeh, Dubai Future Foundation CEO Khalfan Belhoul, DAMAC Chairman Hussain Sajwani, and others for a session on MENA's Economic Dilemma: Reforming amid Uncertainty at 2:15pm CLT.

ALSO- MNT Halan CEO Mounir Nakhla is in Davos as part of the WEF’s Innovator Forum and will speak today on a panel on financial inclusion moderated by the Queen of the Netherlands.

** You can watch the live session here and check out the full program here.

ON THE SIDELINES- Al Fanar’s investments in Egypt could reach USD 1.5 bn this year asthe Saudi company expects its Egyptian operations to “take up a larger space in 2024,” company VP Sabah Almutlaq told Asharq Business at Davos (watch, runtime: 0:57). Al Fanar is a regional and global powerhouse in the construction of renewable energy systems and made the headlines in the local business press after ink ing an MoU to build a USD 3.5 bn green hydrogen and ammonia facility. Al Fanar has also supported our solar ambitions and runs a 50-MW section of the Benban Solar Park.

THE BIG STORY ABROAD-

It’s a busy morning in business news, with three stories capturing the attention of journalists around the world.

#1- Stocks and bonds retreated yesterday around the world. Investors are digesting signs that the United States, the European Union, and the UK will not move quickly to slash interest rates. European Central Bank Christine Lagarde set off the selldown as she joined peers around the world in signaling that rates are unlikely to start coming down until summertime, rather than this spring.

Bankers speaking in Davos are singing from the same hymnal on that front, writes Bloomberg, noting, “Everyone from JPMorgan’s Daniel Pinto to Standard Chartered’s Bill Winters to Cantor Fitzgerald’s Howard Lutnick have said they expect monetary policy to ease slower than anticipated by the market.”

The result: The S&P 500, Nasdaq Composite, EuroStoxx 600 and FTSE 100 all fell yesterday, and Asian markets are mixed this morning. Futures suggest mixed openings for major European benchmarks later this morning and a weak open on Wall Street. Notably, Chinese shares are touching a five-year low. (Financial Times | CNBC | Bloomberg)

#2- Iran is opening fire on its neighbors, claiming to fight “anti-Iran terror groups”: Iran has fired missiles and launched drones against targets in Syria, Iraq, and Pakistan in the span of 24 hours, openly claiming responsibility for the operations. It says the missile attacks underscore that it will be “tough and decisive” with its foes, the New York Times reports.

In other regional tensions: The US listed the Houthis as a terror group on the same day that they hit another US-operated ship.

#3- Samsung’s new Galaxy S24 lineup looks set to be a hit thanks to heavy integration of generative AI tech and modest tweaks to its popular designs. The launch of the new handsets is all over the front pages of the global business press, but gadget nerds will want to start with the Verge’s hands-on with the flagship S24 Ultra. (FT | CNBC | Reuters)

ALSO-

Kuwait has new ministers of oil and finance after the new emir shuffled his cabinet, leaving just three members of the previous cabinet in office. (Bloomberg)
A lab in China sequenced the virus that causes Covid two weeks before Beijing told the world about the deadly bug, the Wall Street Journal reports in an exclusive.

MORNING MUST READ-

OpenAI wants to ensure ChatGPT won’t be misused during election season. Thecreators of ChatGPT are strengthening their policies and tools to address and tackle the flow of misinformation and abuse as they “prepare for elections in 2024 across the world’s largest democracies,” the company said in a statement. Using ChatGPT to build applications for political campaigning and lobbying will be off-limits, alongside letting chatbots pretend to be real people, or using the software for voter suppression.

2024 is one of the biggest election years with over 50 countries heading to the polls — including the coming Trump vs. Biden showdown. We have the full rundown of everything 2024 elections in our Enterprise Explains published last month.

DATA POINT-

#1- The budget deficit clocked in at 4.95% during the six months to December 2023, while the primary surplus jumped six fold y-o-y to EGP 150 bn during the same period, according to the cabinet readout out yesterday. Revenues also jumped some 41.6% y-o-y, but public spending increased by 56% y-o-y in the same timeframe.

#2- A record 14.9 mn tourists visited Egypt in 2023, in line with the state’s target toreel in 15 mn tourists during the year, despite the headwinds that the industry has been facing, Tourism Minister Ahmed Issa said at a cabinet meeting yesterday. That’s up 27.4% from the 11.7 mn tourists that the country welcomed in 2022.

CLARIFICATION #1-Representatives from Emirates NBD and EGBank have reached out to us to let us know that their limits on international transactions have not changed. Instead, clients must contact each bank’s customer service department to specifically activate their limits before traveling abroad. Our previous coverage has been removed from our website.

CLARIFICATION #2- In yesterday’s issue of EnterpriseAM Egypt, we reported that OrascomConstruction signed an EGP 4.2 bn agreement with Arab Bank to help fund the fourth phase of Cairo Metro Line 4. The agreement inked between the two sides is not a loan, but for bank guarantees to the National Tunnels Authority, a representative of Orascom Construction told us. The story has been updated on our website to clarify this.

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Weakening EGP reportedly drives Alshaya Group to downsize operations in Egypt

Prepare to bid farewell to a number of landmark retail shops? Kuwaiti retailconglomerate Alshaya Group, one of the region’s largest retail franchise operators, will be curtailing its business activity in Egypt on the back of FX pressure and difficult economic conditions, according to an internal note to employees seen by Asharq Business.

The details: Some of the company’s franchises will be gradually exiting the local market and eventually completely shut their doors, while others will decrease operations. British department store Debenhams will be the first to leave Egypt, according to an unnamed retail official cited by the news outlet. All of the store’s physical branches as well as its e-commerce website will no longer be operational by the end of February.

The Body Shop, Mothercare, and Pinkberry are all set to follow suit. A note obtained by Enterprise lists Mothercare, Debenhams, Pinkberry, and Claire’s as being impacted. Other brands including H&M, Victoria's Secret, American Eagle, and Bath & Body Works will remain present in the market, but at a smaller scale, the source added.

By the numbers: The group will shut some 60 of its shops across the country and lay off 375 employees in the process, says Al Arabiya’s economics editor, Obada Alladan (watch, runtime: 3:43), while the note we have seen puts the figure at 450. Following its downsizing plans, the group will have around 100 shops operating in Egypt, 80% of which will be Starbucks branches, he said.

Alshaya doesn’t want to leave: “The group wants to stay present in the Egyptian market, thisis certain … The group wants to wait until economic conditions improve,” Alladan said.

The why? Alshaya cited the “economic situation over the last three years,” as well as aweakening EGP, exchange rate pressures, and soaring inflation for its decision to downsize. The company also faced “difficulty moving hard currency out of Egypt,” Alladan said.

It’s not final? One of the country’s shopping mall operators is in negotiations with the group inhopes of having it rethink its decision, an unnamed official told Asharq.

Telecom Egypt receives the first 5G license in the country

We’re catching up with our 5G ambitions: The National Telecommunications Regulatory Authority (NTRA) has given the majority state-owned Telecom Egypt the country’s first license to install and operate fifth generation (5G) networks at a cost of USD 150 mn, the company said in a statement (pdf) yesterday. The 15-year license will not get an auto-renewal and does not come with additional concessions, according to a cabinet statement out the same day.

We expected something slightly different: While it first came to light in October that the NTRA could put 5G licenses up for grabs by December of last year or early this year, it was reported that it would do so through a tender. It was also reported that the licenses will begin at some USD 500 mn.

Remember: 5G can deliver speeds up to 100x faster than 4G with ultra-low latency that could allow everything from remote surgeries to super-fast downloads and a “true” internet of things. It’s slowly rolling out in developed markets, and when it works (and it’s not chewing up your battery), it will be a game changer.

We have the capacity for it: All mobile network operators already have the bandwidths needed to run 5G networks, a Communications Ministry source told Enterprise in July. However, the technology’s accessibility and efficiency will largely depend on how much telecom providers are willing to pay and how they will price the service to customers, former Communications Minister Khaled Negm told us back in October.

Egyptian leasing firms ink EGP 600 mn sale and leaseback agreement with EHCS for CapitalMed project

Local leasing firms team up for sale and leaseback agreement with CapitalMed:Beltone Financial subsidiary Beltone Leasing, Banque du Caire’s Cairo Leasing Corporation, and El Sewedy Group’s Easy Lease have inked a EGP 600 mn sale and leaseback agreement with Egyptians for Healthcare Services (EHCS), Beltone said in a statement (pdf).

Where is the money going? The funds will help EHCS finance the remaining costs of the service building in the first phase of the CapitalMed medical complex in Badr City. The agreement will see EHSC maintain operational control of the project.

It’s hasn’t all been good news for EHCS this week : UAE-based district cooling firm Tabreed, which was contracted to design, build, and operate a heating and cooling plant for CapitalMed in 2022, terminated its contract with EHCS last week as the FX crisis had rendered the project “financially unsustainable.”

CapitalMed? The EGP 18 bn medical complex aims to serve as many as 20 mn people andincludes a general hospital and 19 specialist centers. Construction for the first of four phases of the project began in 2022, with all phases set to be completed within 10-12 years after breaking ground on the project.

Egyptian-UK fintech player Zeal secures USD 4 mn to fund expansion

Fresh funds for Zeal: Egyptian-UK fintech player Zeal has raised some USD 4 mn in afunding round led by MENA-focused Raed Ventures and London-based Cur8 Capital, as well as a number of strategic angel investors, the company said in a statement (pdf).

Zeal? Founded in 2019 by Omar Ebeid (LinkedIn) and Bellal Mohamed (LinkedIn) in London, the startup — headquartered in London with its operations office set up in Egypt — offers brands a variety of tech solutions for payments and AI-generated insights on consumer behavior. Its flagship product, the SmartPOS Plugin, allows credit card machines “to identify, segment, and retarget in-store customers, transforming the way physical retailers engage with and retain their clientele.”

** We spoke to Ebeid about all things Zeal back in 2022 for our founder of the week column.

Where is the money going? The funds will help Zeal utilize AI, expand its portfolio, and help itfacilitate the process of integrating with point of sale terminals. The team also has plans “to build advanced data and analytics solutions for fast-moving consumer goods companies (FMCGs) and telecom sectors,” the statement added.

Expansion is also on the cards: Zeal wants to expand its reach across Europe, the MiddleEast, and Africa, with an eye on Cyprus, Greece, Saudi Arabia, and the UAE, specifically, Zeal’s head of marketing Mohamed Fawzi told Enterprise. The funds raised will help it carry out those plans.

Global manufacturers look to air freight amid attacks in the Red Sea in another blow to shipping

Cargo flights are filling up as Red Sea disruptions continue: Air freight prices for China-Europe routes jumped 91% week-on-week on Sunday as manufacturers opted for ways to get their products to market as Yemen’s Houthi rebels continue to target commercial vessels traversing the Red Sea, writes Reuters, citing data from freight booker Freightos. As risks and costs of sea transport increase more producers are expected to look to air freight to avoid backlogs. "The first thing you're going to see convert is shippers that do 20% air 80% ocean for the same product, go to 50:50," digital freight forwarder Flexport said.

Shipping companies expect the disruptions to last for weeks — or even months: CEOs of shipping giants at the World Economic Forum voiced downbeat sentiments about the disruptions to come. “For us, this will mean longer transit times and probably disruption of supply chains for a few months at least,” Bloomberg quotes AP Moller-Maersk CEO Vincent Clerc as saying. Meanwhile, DHL Group CEO Tobias Meyer said he expects product shortages to emerge in around two weeks as the rerouting of ships around South Africa's Cape of Good Hope triggers container imbalances.

And in case you thought this was all going to blow over: The Houthis have vowed to continue their campaign until Israel ends its war on Gaza — and they seem to be keeping to their promise and have remained undeterred in face of US and UK strikes on their positions.Iranian Foreign Minister Hossein Amir Abdollahian also said at Davos yesterday that “The security of the Red Sea is tied to the developments in Gaza, and everyone will suffer if Israel's crimes in Gaza do not stop ... All the (resistance) fronts will remain active”.

Ethiopia was in the crosshairs of our nation’s talking heads

Our nation’s talking heads came out in support of Sameh Shoukry’s tough words in protest of Ethiopia and in support of Somalia at an Arab League meeting yesterday. Also on the agenda last night was Israel’s war on Gaza, the Greek foreign minister coming to town, and the award of the country’s first 5G license.

"Ethiopia has become a source of unrest in its regional surroundings," and Egypt has repeatedly warned of "the consequences of Ethiopia's unilateral policies that violate international law,” Foreign Minister Sameh Shoukry said in an Arab League meeting with his counterparts in protest of Ethiopia’s attempt to lease 20 km of coastline from Somaliland — an unrecognized breakaway region that separated from Somalia. Ala Masouleety’s Ahmed Moussa echoed Shoukry’s concerns (watch, runtime: 5:17), noting that threats to Somali security are “a threat to Egyptian and Arab national security." Ethiopia’s ambitions to have access to the Red Sea are “known to everyone,” former foreign minister Mohamed El Orabi told Yahduth Fi Misr (watch, runtime: 5:33).

“The occupation's lust for murder proves there is no intention of ceasing fire… Israel is cutting of all means of line from Gaza,” Palestinian Authority spokesman Ibrahim Melhem said yesterday during an interview on Yahduth Fi Misr (watch, runtime: 5:04). Israel’s war on the enclave also received in-depth coverage from Masa DMC (watch, runtime: 8:18 | 13:36) and Al Hayah Al Youm (watch, runtime: 6:22)

ALSO ON THE AIRWAVES LAST NIGHT-

Ahmed Moussa called for a stable exchange and an end to the FX crisis, pointing to Kuwaiti Alshaya Group’s recent decision to exit several franchises in Egypt of why action is needed. (Ala Masouleety| watch, runtime: 4:14 | 5:54)
Granting a 5G license to Telecom Egypt will boost network and internet quality across all governorates, said Mohamed Ibrahim, National Telecommunications Regulatory Authority’s head of market governance. (Ala Masouleety | watch, runtime: 7:09) (Masa DMC | watch, runtime: 00:39)

Red Sea disruption pressures on the Suez Canal are getting the attention of the foreign press

Egypt’s Suez Canal woes have caught the attention of the int’l press: Houthiattacks on merchant shipping over the last two months and the US and UK’s retaliatory strikes that started last week have hurt business through the Suez Canal — a vital source of FX for cash-strapped Egypt — Bloomberg wrote yesterday.

ICYMI: Suez Canal revenues since the beginning of the year are down 40% y-o-y, due to alarge number of shipping lines and oil tankers hitting pause on Red Sea transit after the Houthis started targeting commercial vessels..

T&C Garments looks to sell up to 25% of the company to foreign investors. PLUS: Tanmeyah micro ins., CIB housing initiative, Aton gold exploration lease, cabinet news, New Development Bank

M&A-

T&C plans to offload up to 25% of the company to foreign investors: Clothingmanufacturer T&C Garments plans to offer 20-25% of the company’s shares to foreign investment funds during 2H 2024, after the company completes its expansion plans, which involves ramping up production capacities, T&C chairman Magdy Tolba told Al Arabiya.

MICROFINANCE-

Tanmeyah to offer micro ins. products: EFG Holding’s microfinance arm Tanmeyah has teamed up with the Egyptian arm of the Gulf Ins. Group (GIG) to roll out new micro-ins. products, according to a joint statement (pdf). The new range of products includes coverage for personal accidents, medical treatment, housing, businesses, roadside assistance, and other unforeseen events and assets. Tanmeyah has already received regulatory approvals from the Financial Regulatory Authority (FRA) for the new offerings.

REAL ESTATE-

CIB earmarks EGP 3 bn for housing initiative: CIB has signed an agreement with the Housing Ministry’s Social Housing and Mortgage Finance Fund to provide EGP 3 bn in financing to support the fund’s initiative to give out loans to low- and middle-income home buyers at 3%, 7%, and 8% interest rates, according to statements from the two (here and here). This will bring CIB’s mortgage finance loans allocated to the initiative to a total of EGP 7 bn.

MINING-

Canadian gold miner Aton Resources signed an exploitation lease with the Egyptian Mineral Resources Authority (EMRA) for gold and other minerals in Abu Marawat region in the Eastern Desert, after the company made discoveries at its Abu Marawat concession’s Hamama and Rodruin deposits, according to a statement from the Oil Ministry.

ALSO: UK-based Akh Gold, a subsidiary of Naguib Sawiris-backed Altus Strategies,Inked an exploration agreement with the EMRA for a 350 sq. km in the Eastern Desert.

Remember: Aton reportedly plans to extract gold from its Abu Marawat concession in theEastern Desert by 2025 and Akh Gold recently began looking for gold in Wadi Dubur under the exploration licenses the company secured in 2021.

CABINET-

Cabinet scraps property tax for livestock farming + extends freetransit visa scheme: The cabinet agreed yesterday to extend the exemption of livestock farming from paying property tax for two more years until December 2026, according to a cabinet readout. The cabinet also extended the validity of free transit visas issued to tourists until April 2024.

ENERGY-

BRICS’ New Development Bank eyes electricity investments in Egypt: The New Development Bank (NDB) — which Egypt joined in April — plans to ramp up its investments in Egypt’s electricity and renewable energy sectors, the bank’s VP and COO Vladimir Kazbekov said during a meeting with Electricity Minister Mohamed Shaker. (Electricity Ministry statement)

COMMODITIES-

Russian and French wheat inbound: State grain buyer GASC has purchased 360k of wheat from Russia and France in its latest tender (Al Borsa)

Investors pour USD 900 mn into BTC ETFs in three days

Crypto game heats up: BTC ETFs raked in almost USD 900 mn in net inflows in just three days of trading after the US Securities and Exchange Commission greenlit the funds last week, the Financial Times reported yesterday. Investment manager giant BlackRock led the pack with USD 723 mn in inflows, while crypto asset manager Grayscale saw outflows totalling USD 1.2 bn of outflows after it turned its BTC fund into an ETF and investors left for new funds with less fees.

	EGX30	26,758	-0.7% (YTD: +7.5%)
Non	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	12,063	-0.1% (YTD: +0.8%)
	ADX	9,724	-0.4% (YTD: +1.5%)
	DFM	4,091	+0.2% (YTD: +0.8%)
	S&P 500	4,739	-0.6% (YTD: -0.6%)
	FTSE 100	7,446	-1.5% (YTD: -3.7%)
	Euro Stoxx 50	4,403	-1.0% (YTD: -2.6%)
	Brent crude	USD 78.01	-0.4%
	Natural gas (Nymex)	USD 2.87	-1.0%
	Gold	USD 2,008.80	-1.0%
	BTC	USD 42,623.60	-1.8% (YTD: +1.0%)

THE CLOSING BELL-

The EGX30 fell 0.7% at yesterday’s close on turnover of EGP 6.1 bn (106% above the 90-day average). Egyptian investors were net sellers. The index is up 7.5% YTD.

In the green: Sidi Kerir Petrochemicals(+4.3%), Orascom Construction (+2.9%), and e-finance (+2.3%).

In the red: Beltone Holding (-2.7%), Fawry (-2.4%), and Palm Hills Development (-2.4%).

My Morning Routine: Doaa Aref, CEO and co-founder of Chefaa

Doaa Aref, CEO and co-founder of Chefaa: Each week, My Morning Routine looks at how 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 Doaa Aref (LinkedIn), CEO and co-founder of pharma delivery platform Chefaa. Edited excerpts from our conversation:

I’m 37 years old and I consider myself a businesswoman, not an entrepreneur. The wordentrepreneurship implies that what I do has an element of innovation — doing something that’s never been done before. What I did was take a service that already existed in some form offline and took it online.

I was Chefaa’s patient zero. In 2017, I was diagnosed with thyroid cancer and had to gothrough surgery to remove the cancer and do chemotherapy sessions after that. This completely changed my lifestyle — how I ate, the medication I took, and much more. I also got to talk to many other cancer patients and learned about all the challenges they faced — finding the drugs they need, sticking to this new lifestyle that comes with the illness, and managing their condition. Then, I started visualizing the solutions to these challenges — a unified application to help out cancer patients and others.

Tens of mns of Egyptians are struggling with chronic diseasesand those who aren’t areprobably living with someone who is. Such patients do not have the luxury to dispense medication or make major changes to their routines to accommodate their illness. This is where Chefaa comes in — a patient-centric pharma service for those living with chronic diseases and conditions. Through our application, patients have access to pharma products that may not be available in their immediate vicinity and they can receive advice from licensed pharmacists. The application also has a reminder service that helps patients stay on top of their medication schedules.

I’m a morning person, but I’m not part of the 5am club. I wake up at 8am and start my daywith a simple routine of personal care and prayer, and after that I get to my emails. First, I read through all the lengthy emails, like newsletters — including Enterprise — and then I identify all the tasks I can delegate and I delegate them. That way, when I start working at 10am, I have a clear to-do list with three major items that I have to complete by the end of the day. I might end up doing more, but if those are done, I’ll be satisfied.

When it comes to my responsibilities, I break them down into three main pillars: First ofall, there’s the day-to-day stuff — the work emails and the meetings. For a startup, that very often entails putting out fires, because the scene is rarely stable. Second, comes all things investment, be it keeping current investors up-to-date on our activities or maintaining open channels with potential investors. Finally, I have to always keep up with all things pharma. I need to always be in the loop and know all the new trends and current market needs.

My work is my life, but I still manage a work-life balance. I’m very serious about not workingovertime. I know from experience that if I work more than nine hours a day, I will not be as productive the next day. By working in bursts of 50 minutes, followed by 10-minute breaks and using Notion as my second brain, I stay organized throughout the day and get my tasks done on time. That being said, when I’m not working, I often switch off by doing activities that don't relate to the core responsibilities of my job, but help me grow professionally. I also love spending time with my dog and two cats after I wrap up work.

I live by the 10-3-2-1 rule, which means that 10 hours before I go to bed I don’t consume anycaffeine, three hours before I don’t eat anything, two hours before I don’t expose myself to any digital screens, and one hour before bed, I don’t allow for any distractions. That way, I always fall into deep sleep right away and wake up the next day fully charged, ready to take on the next battle.

I always advocate for reading as much as you can. The two constants that never leave mydaily schedule are praying and reading — the keys to growing spiritually and intellectually. The books I mainly gravitate towards are those that teach me about business.

YouTube is my social media platform of choice and I always dedicate a chunk of my time to watching videos that provide me with tips and tricks on how to be more productive and how to work smarter, not harder. I think of myself as a lazy person and I firmly believe that it’s the lazy people who figure out the quickest way to get things done.

I love learning about business from television. I just finished Netflix’s Inside Bill’s Brain:Decoding Bill Gates, and I’ve watched the show Silicon Valley several times. Sometimes I feel like the region is a bit delayed when it comes to business trends, so watching this show felt like I was peeking into the future. And even though this one’s a comedy, I feel like The Office gives interesting insight into office dynamics in a way I really enjoy. I also recommend Marcus Lemonis’ The Profit, which taught me how to accept advice from a mentor.

CALENDAR

2024

JANUARY

22 January (Monday): The British Egyptian Business Association’s briefing Cyber Security: How to Mitigate the Growing Digital Risks and Hazards, Conrad Cairo Hotel.

25 January (Thursday): Revolution Day / Police Day (national holiday).

30 January (Tuesday): The IMF’s World Economic Outlook report due to be published.

FEBRUARY

1 February (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

1 February (Thursday): OPEC+ oil market monitoring online meeting.

8 February (Thursday): Deadline to apply to Shalateen Mining Company’s international gold exploration tender.

11 February (Sunday): Deadline to apply for the Chicago Booth Executive Programin El Gouna.

25 February 2024 (Sunday): Deadline to bid for 23 blocks in an international oil and gas tender.

MARCH

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

28 March (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

29 March (Friday): Egypt removed from JPMorgan Chase’s Emerging Local Markets Index Plus.

APRIL

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

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

MAY

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

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (national holiday).

23 May (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

29 May (Wednesday): Virtual launch of Chicago Booth Executive Program.

JUNE

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

30 June (Sunday): June 30 Revolution Day (national holiday).

JULY

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

18 July (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

23 July (Tuesday): Revolution Day (national holiday).

SEPTEMBER

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

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

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

25-26 September (Wednesday - Thursday): The Asian Infrastructure Investment Bank’s (AIIB) 2024 annual meeting, Samarkand, Uzbekistan.

OCTOBER

6 October (Sunday): Armed Forces Day.

17 October (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

NOVEMBER

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

DECEMBER

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

EVENTS WITH NO SET DATE

January 2024: The Red Sea Ports Authority is set to finalize an agreement with the Abu Dhabi Ports Group for the operation and maintenance of the tourist passenger terminal in the Sharm El Sheikh Sea Port.

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

1Q 2024: Opening of the newly developed Pyramids Plateau in Giza.

February-May: The Grand Egyptian Museum could officially open to visitors.

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

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

1H 2024: The European Union is set to hold an investment conference in Egypt during spring.

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

November 2024: Egypt to host the World Urban Forum (WUF12).

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

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

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

EVENTS WITH NO SET DATE

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

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