Madbouly promises to halt power cuts for eight weeks starting Sunday

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What We're Tracking Today

Central Bank of Egypt to review interest rates today

Good morning, wonderful people. It’s shaping up to be another morning dominated by policy — Prime Minister Moustafa Madbouly’s presser yesterday is taking over the local news cycle and we are sitting tight waiting for the House to vote on the new cabinet’s policy later today.

SOME GOOD NEWS TO START OFF YOUR DAY- Prepare to bid farewell to power cuts … until mid-September, Madbouly said during a presser yesterday.

** We have full coverage of Madbouly’s presser in the news well, below.

HAPPENING TODAY-

#1- The central bank’s Monetary Policy Committee meets today to review rates. The CBE widely expected to keep interest rates unchanged for the second month in a row, according to the analysts and economists polled by Enterprise.

Analysts participating in a Reuters poll shared the same outlook, with the median forecast being that the CBE will leave rates on hold. One analyst is expecting a 100 bps rate cut.

Where things currently stand: The overnight deposit rate stands at 27.25%, the overnight lending rate at 28.25%, and the main operation and disc. rates at 27.75%. The MPC delivered a jumbo 600 bps rate hike following a surprise monetary policy meeting in March, which coincided with the float of the EGP and a bigger package from the IMF. The central bank left rates unchanged when it last met in May, citing a slowdown in growth rates and cooling inflation.

#2- It’s the final day for institutional investors to subscribe for a piece of Act Financial, as the subscription window comes to a close. Retail investors have until Tuesday, 23 July to subscribe. The company is offering some 32% of the company — 360 mn shares — in the first IPO the EGX has seen in a year. The shares are being offered at a price of EGP 2.90 a pop, with the company aiming to raise around EGP 1.04 bn through the offering.

Demand is through the roof: As of yesterday, the offering was 9x oversubscribed — the highest demand a subscription period has seen in six years, according to data seen by Enterprise.

#3- MPs to vote on new gov’t policy: The House of Representatives will vote on the new Madbouly government’s policy later today, after the vote was moved up from Sunday, 21 July. The ad hoc committee reviewing the new cabinet’s policy unanimously approved it earlier this week.

WATCH THIS SPACE-

#1- EU green hydrogen targets deemed “unrealistic” by European audit body: The European Court of Auditors believes that the European Commission’s green hydrogen targets for 2030 are “overly ambitious,” and that the EU is unlikely to meet them by the end of the decade.

The commission’s response: “Our work is far from finished … We now have to accelerate the deployment and uptake of renewable and low-carbon hydrogen in Europe and further develop this emerging market,” the commission said in an emailed statement picked by Bloomberg.

#2- Your overseas calls will cost you more: Mobile network operators will reportedly hike the price of international calls by 10-15% this week, industry insiders told Asharq Business. “The price hikes will vary from country to country, depending on each telecom provider’s agreements with its counterparts abroad,” one source said.

Remember: Telecom operators hiked their prices by 10-16% at the beginning of 2024, after the National Telecom Regulatory Authority (NTRA) greenlit the move

RED SEA WATCH-

Maersk says effects of Red Sea shipping disruptions extend to its entire network: Danish shipping giant Maersk said on Wednesday that the impact of the ongoing Red Sea disruptions have extended beyond “the primary affected routes” and has caused “congestion at alternative routes and transshipment hubs essential for trade with Far East Asia, West Central Asia, and Europe.”

PSA-

WEATHER- It’s another hot day in Cairo, with a high of 38°C and a low of 27°C, according to our favorite weather app.

It’s also quite toasty in Alexandria, with a high of 34°C and a low of 24°C.

And over the weekend, expect to see temps reach 39°C in the capital and 33°C for our friends on the Mediterranean.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

THE BIG STORY ABROAD-

It’s another day dominated by a mixed bag of news in the foreign press, with more updates from Trump and Biden’s presidential campaigns and the Israel-Hamas ceasefire talks, and news of new faces helming major international banks.

IN THE US-

#1- President Joe Biden was hit with another blow after testing positive for covid-19 and being forced to isolate, the White House confirmed yesterday. In the meantime, Biden is still grasping on straws to keep his candidacy, with a veer to the left in his policy seeing him promise to erase medical debt, cap rent hikes, and impose restraints on the Supreme Court, Bloomberg reports.

#2- Former President Donald Trump sent tech stocks plunging yesterday after taking a dig at Taiwan — a key chip maker — to say it should pay for US defense, the Wall Street Journal reports. The Nasdaq fell 2.8% to log its worst day since 2022.

#3- HAPPENING NOW- Trump’s running mate, JD Vance, is set to make his debut at the Republican National Convention, where the topic of the day is foreign policy and the war in Gaza.

IN THE BUSINESS PRESS-

#1- HSBC appointed Lebanese-born Georges Elhedery, who has served as group CFO since January 2023, as group CEO effective 2 September. Elhedery — who has had nearly two decades of experience at the bank, mainly in the Middle East and Africa — succeeds Noel Quinn, who resigned earlier this year. WSJ, Reuters, and the Financial Times are all out with profiles on Elhedery.

#2- Meanwhile, Brookfield could see 36-year-old Connor Teskey become its next b’naire CEO, who current CEO Bruce Flatt has been training to take on the role, Bloomberg writes in its big take.

CLOSER TO HOME- The latest round of Israel and Hamas’ ceasefire talks are facing four sticking points: Whether Israel will keep its demands to bar Hamas from northern Gaza, whether Israel will be handed control over a key southern border corridor, which hostages will be released, and the commitment to a permanent ceasefire, Bloomberg writes.

On another note: The Emmys’ nominations are out, with Netflix topping networks and FX shows Shogun and The Bear racking up dozens of nominations.

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Egypt’s Madbouly addresses power cuts, renewables goals, meds crisis

Madbouly addresses power cuts and a number of key topics: Prime Minister Moustafa Madbouly held a presser (watch, runtime: 22:44) yesterday following his cabinet’s weekly meeting. Here are the main takeaways from the presser:

We could get eight whole weeks without blackouts: The government will halt the rolling blackouts starting next Sunday and until mid-September, Madbouly said, adding that the state is still trying to fulfill its promise of fully hitting the brakes on its plan to reduce the electrical load by 2025.

Don’t get too excited: The PM cautioned that with scorching temperatures, power generators may malfunction in some areas, which may lead to temporary power cuts. If and when that happens, Madbouly assured that the issue will be tackled swiftly.

Thanks LNG shipments: State gas firm EGAS has so far received five shipments — of the 21 shipments secured — carrying 155k cubic meters of LNG. The shipments are to be regasified on one of the floating storage and regasification units Egypt has access to then fed into the national grid. The remaining 16 shipments will be arriving according to a set timeframe, the Oil Ministry said earlier this week.

“Electricity consumption over the past period rose at an unprecedented rate,” Madbouly said. Daily consumption now sits at 37.5 GW, up 12% from a year ago.

ENTER AMBITIOUS RENEWABLES GOALS-

Renewables to fill the supply gap? The prime minister wants to see 3-4 GW-worth of renewable energy projects go live and start feeding the national grid by next summer to fill the energy supply gap. “We — alongside the private players carrying out these projects — will expedite the implementation of these projects,” he added.

We have an idea where these projects may be coming from: “The Egyptian and Emirati sides are working to introduce some 4 GW of renewable energy into the national grid by next summer,” Madbouly said earlier this week during a renewables-centered meeting with Emirati officials.

To help achieve this goal: Madbouly tasked the cabinet’s Industrial Development Group to speed up the process of localizing the manufacturing of the components needed for the establishment of solar and wind plants.

ALSO WORTH NOTING-

#1- Keeping inflation in check: One of the government’s top priorities is taming inflation, especially when it comes to basic commodities, according to Madbouly, who stressed that the ultimate objective is to bring down prices over the next period.

#2- To help bring in more investors: The cabinet will hold several meetings over the next few weeks to address issues facing private investors, particularly the state’s tax policy, to help attract more investments.

#3- An end to the meds crisis in sight? The Madbouly cabinet plans to overcome the current medicine shortage over the coming three months and is currently working to develop a plan to source 3k types of meds. The local market has seen shortages of meds and medical supplies recently, which coincide with calls from the pharma players requesting new med pricing schemes that could raise prices up to 50%.

Egypt’s fertilizer producers are pushing to almost double the price of subsidized fertilizers

Egypt could soon hike the price of subsidized fertilizers: Urea fertilizer producers are waiting for the government to give them the greenlight to almost double their prices to EGP 8.8k per ton from their current EGP 4.5k.

The rationale: Fertilizer manufacturers have been pushing for the approval to raise the prices of subsidized quantities to offset the increase in cost resulting from the float of the EGP, industry insiders told Enterprise. Producers are currently enduring major losses, as they sell their product for around 48% of its production cost to the Agriculture Ministry — producers are losing some EGP 4k for every ton sold to the ministry, one source told us.

The 55% rule: Urea factories are obligated to sell 55% of their monthly production to the Agriculture Ministry at a subsidized rate in exchange for subsidized natural gas. Producers also have to get the greenlight from the ministry before they can sell off the remaining production — be it locally or abroad.

The float really hit producers hard: Fertilizer producers pay for their natural gas supplies — which represents about 65% of the raw materials used for their production — in the USD equivalent of EGP.

A years’ long crisis: Producers have been struggling since the EGP’s devaluation against the greenback in early 2022 — they have been relying on exports to stay afloat but with global fertilizer prices falling to USD 350 per ton from an average of USD 1k over the past couple of years, relying on exports is no longer an option, a source from a leading fertilizer producer told us.

The government last hiked the price of subsidized fertilizers in November 2021, raising it by 50% to EGP 4.5k per ton.

Adding fuel to the fire: The natgas crisis. The cost issue has been made worse by

disruptions to natural gas supplies delivered to factories. The nation’s power crisis and shortage of gas supplies has forced major companies from the famously energy-intensive fertilizer industry to temporarily halt operations. This meant insufficient production quantities for the factories to meet their export commitments, thus increasing cost pressures, a source at Helwan Fertilizers confirmed to Enterprise.

What's the impact of a price hike on the market? It's natural that increasing the price of subsidized fertilizers will echo through agricultural products, especially knowing that farmers mainly rely on subsidized fertilizers. Additionally, unsubsidized fertilizer prices recently jumped to about EGP 25k per ton due to supply shortages.

Cabinet approves AMEA Power’s renewable energy plans

It was another busy Wednesday for our new cabinet, which held its second meeting yesterday and approved a number of decisions

#1- More renewables incoming: UAE-based Al Nowais' AMEA Power got the greenlight from the cabinet to expand its renewable energy projects by next summer — the expansion will see AMEA up its renewable capacity in the country by 2 GW.

Remember: AMEA Power has been looking to set up 2.5 GW-worth of solar and wind projects. The company is currently working on 1 GW-worth of renewable projects in Egypt —- a 500 MW solar Abydos plant which is set to begin operations by the end of September, as well as a 500 MW wind farm in Ras Ghareb that is lined up for completion mid-2025.

Part of a bigger plan: The Egyptian and Emirati sides are working to introduce some 4 GW of renewable energy into the national grid by next summer in a bid to help Egypt meet heightened energy demand.

This lines up with Madbouly’s post-meeting statements, where he mentioned the cabinet’s goal of having 3-4 GW-worth of renewable energy projects kick off operations and start feeding the national grid by mid 2025. (More on that in the news well, above)

#2- Tax Dispute Resolution Law to be renewed again: The cabinet approved a draft decision to renew the Tax Dispute Resolution Law until January 2025. The law, which had passed the House in September 2016, removes tax dispute cases from the courts and hands them over to committees to seek amicable settlements. The law was originally limited to a one-year period but has been extended time and time again. Some 17k disputes, amounting to over EGP 15.5 bn, have been settled in the ten months between August 2023 and May 2024.

#3- Tougher penalties for messing with your license plates: The cabinet approved tougher penalties for altering car license plates, that includes hiding or modifying the plate. Offenders will face up to one year in prison and fines ranging between EGP 2k-5k.

Egypt’s budget deficit narrows to EGP 505 bn in FY 2023-24

Kouchouk gives us the rundown on last year’s most important economic indicators: Over the last fiscal year, Egypt saw its budget deficit narrow and its primary surplus increase, despite the regional instability stemming from the war on Gaza, Finance Minister Ahmed Kouchouk said yesterday.

#1- Budget deficit: Egypt’s budget deficit narrowed to EGP 505 bn during the fiscal year that ended on 30 June, down 17% from the EGP 610 bn recorded last year.

Even better than expected: The Finance Ministry, in its draft draft state bud get for the current fiscal year (pdf) released in April, had forecasted the budget deficit for the year coming at EGP 555 bn — or 4% of GDP.

#2- Primary surplus: The country recorded a primary surplus of EGP 857 bn during the fiscal year 2023-2024, compared to EGP 164 bn the year before.

#3- Revenues were up 59.3% y-o-y in FY 2023-24, Kouchouk said, without providing an exact figure.

#4- More spending: The government’s spending was up 37.4% y-o-y during the year — education spending came in 11% higher than the figure earmarked in the budget to sit at EGP 256 bn and health spending came in at EGP 180 bn for the year, 22% higher than planned.

The news got attention from: Reuters and Xinhua.

Madbouly apologizes to doctor who was publicly scolded by Sohag governor

A Madbouly-heavy night on the airwaves: Prime Minister Moustafa Madbouly’s presser dominated the airwaves last night — find our full coverage in the news well, above.

Madbouly apologized to El Maragha Hospital doctor who was scolded by Sohag governor Abdel Fattah Serag in a now viral video. The governor was unhappy with the doctor refusing to examine a patient before they obtained a queue ticket. “If a line was crossed then it's my fault, and I apologize,” Madbouly said. Ala Masouleety (watch, runtime: 3:15) and Yahduth Fi Misr (watch, runtime: 4:17 | 6:45) both had coverage.

AND- Don’t worry, your e-wallet was not hacked. A number of e-wallet users had the incorrect balance displayed on their application due to a technical glitch that occurred while the systems were updating. The glitch only lasted an hour or two and there was no theft or breach of systems, Salat El Tahrir (watch, runtime: 8:10) reported.

Reuters profiles the subjects of The Brink of Dreams

The Brink of Dreams continues to make headlines: The Egyptian feminist coming-of-age story — first Egyptian documentary to receive the Golden Eye award at the Cannes film festival — follows a group of teenage Coptic girls in southern Egypt for years as they enter adulthood. Reuters profiled the subjects of the film and their journey “defying social norms.”

Gogreen to temporarily list 1.4 bn shares on the EGX starting today

IPO WATCH-

A fresh entry to the EGX: The EGX’s listing committee has approved the temporary listing of agriculture, construction, and mining machinery manufacturer Gogreen for Agricultural Investment and Development ahead of a potential IPO, the bourse said yesterday. Shares will be listed on the bourse starting today after which the company will have six months to meet listing requirements and obtain regulatory approvals.

The details: The company will list 1.4 bn shares — spread across five phases — on the bourse at a nominal value of EGP 0.10, giving it an issued capital of EGP 140 mn. Trading will take place under the ticker GGRN.CA.

What’s next? The company has tapped Odin Investments as lead financial advisor on the offering — it plans to offer no less than 20% of its shares on the bourse, Al Borsa reports citing unnamed sources. The advisor is currently preparing the fair value study of the company ahead of the offering, which will likely happen this quarter.

DEBT-

An EGP 4 bn loan for Saudi Egyptian Developers: Saudi Egyptian Developers will next week secure an EGP 4 bn loan from a syndicate of seven banks, led by FABMisr, the bank’s CEO Mohamed Fayed told Al Arabiya. The funds will allow the real estate developer to continue working on its EGP 18 bn project in New Cairo.

INFRASTRUCTURE-

#1- A local consortium to be awarded the El Dekheila dry bulk terminal contract: The Alexandria Port Authority is set to award the 30-year contract to build, manage, and operate a 300k square meter dry bulk terminal in El Dekheila Port to a consortium of three local firms, Al Mal reports, citing unnamed sources. The consortium will invest some USD 50 mn in the first phase of the project. The contract is currently under review.

#2- Four electricity substations incoming: The Egyptian Electricity Transmission Company (EETC) has inked four contracts with XD-EGEMAC to build four substations with varying capacities, with investments totaling EGP 3.8 bn, writes Al Mal.

MANUFACTURING-

#1- Dairy giant Juhayna plans to invest EGP 309 mn in 2024 to build two new production lines, Al Borsa reports, citing Communications Director Passant Fouad. The dairy maker wants to add a milk cartons production line and a juice production line with the aim of meeting the increasing demand from export markets.

#2- An unnamed French company wants to start manufacturing air conditioner and refrigerator compressors locally, with initial investments of USD 50 mn, Al Borsa reports citing unnamed sources. The company is in talks with a consortium of local home appliance manufacturers as it weighs its options, between setting up its own factory or partnering up with the consortium.

HEALTHCARE-

EHA to implement AI medical solutions: The Egyptian Healthcare Authority (EHA) will partner with US-based Paxera Health to design and implement new medical imaging and AI diagnostics systems as part of the second phase of the state’s universal health ins. system, according to a statement from the authority.

FINANCE-

AFD to help promote sustainable finance in Egypt: The Central Bank of Egypt (CBE) signed an MoU with the French Development Agency (AFD) launching a new sustainable financing initiative, according to a press release (pdf). Dubbed Finance in Common, the initiative aims to promote sustainable finance within Egypt’s financial and banking sector, in addition to developing sustainable financing for MSMEs.

US Investment banking revenues are picking up after a two-year slump

It was a good quarter for investment banks: The five largest investment banks in the world — Goldman Sachs, JPMorgan Chase, Bank of America (BofA), Morgan Stanley, and Citigroup — posted their best quarter in over two years, the Financial Times writes. All five of the banks outperformed the S&P 500 over the past three months, while all of them but one reported higher-than-anticipated revenues — combined they reported USD 8.2 bn in investment banking revenues.

By the numbers: During 2Q, JPMorgan’s investment banking revenues surged 46% y-o-y to reach USD 2.5 bn, driven by increased fees, according to the lender’s earning release (pdf). Bank of America saw a 29% y-o-y rise in corporation investment banking fees to USD 1.6 bn, according to its earnings release (pdf). Morgan Stanley exceeded expectations with a 51% y-o-y jump in investment banking revenues, which sat at USD 1.62 bn during the quarter, boosted by heightened fixed income underwriting. Citigroup’s investment banking revenue jumped 60% y-o-y to USD 853 mn and Goldman Sachs’ investment banking fees saw a modest 21% y-o-y rise to USD 1.73 bn.

Dealmaking is picking up thanks to more interest rate visibility: Corporate banking clients are more comfortable relying on “bread-and-butter” banking services such as transaction advisory and debt offerings thanks to a steadier economic backdrop, according to the Wall Street Journal. Bankers are hopeful that a two-year dealmaking lull is about to come to an end with clever visibility on interest rates.

Debt underwriting led investment banking revenues, soaring over 50% y-o-y to reach USD 3.7 bn among the top five banks — debt-related fees surged as companies capitalized on stable interest rates to refinance or secure new debt.

Revenues from M&As saw a modest 25% y-o-y increase in 2Q, reaching USD 2.7 bn, according to FT. Despite fewer large transactions closing this year, high-value transactions are on the rise.

MARKETS THIS MORNING-

Asian markets are in the red this morning as chip-related stocks fell on Trump’s comments on Taiwan (we have more in What We’re Tracking Today), and news of potential restrictions on US exports made the rounds. Japan’s Nikkei is down 2.7%, while the Topix and Kospi both fell 1.3%. US futures inched higher after a bad day for the Nasdaq.

EGX30	28,340	+1.8% (YTD: +13.8%)
USD (CBE)	Buy 48.16	Sell 48.29
USD (CIB)	Buy 48.15	Sell 48.25
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,158	+0.6% (YTD: +1.6%)
ADX	9,168	+0.1% (YTD: -4.3%)
DFM	4,132	+0.5% (YTD: +1.8%)
S&P 500	5,588	-1.4% (YTD: -17.2%)
FTSE 100	8,187	+0.3% (YTD: +5.9%)
Euro Stoxx 50	4,891	-1.1% (YTD: +8.2%)
Brent crude	USD 85.08	+1.6%
Natural gas (Nymex)	USD 2.05	+0.7%
Gold	USD 2,465	+0.2%
BTC	USD 64,298	-0.5% (YTD: +52.1%)

THE CLOSING BELL-

The EGX30 rose 1.8% at yesterday’s close on turnover of EGP 3.6 bn (11.6% below the 90-day average). Local investors were net buyers. The index is up 13.8% YTD.

In the green: Eastern Company (+6.2%), Delta Sugar (+5.4%), and Abu Qir Fertilizers (+5.0%).

In the red: Juhayna (-2.2%).

CORPORATE ACTIONS-

Dice will soon own 100% of United Dyers: Local clothing company Dice Sports and Casual Wear will soon have full ownership of United Dyers after its board approved the purchase of a 17.4% stake in an EGP 37 mn transaction, Dice said in an EGX disclosure (pdf).

My Morning Routine: Abdallah Sallam, CEO of Madinet Masr

Abdallah Sallam, CEO of Madinet Masr: 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 Abdallah Sallam (LinkedIn), President and CEO of Madinet Masr.

I’m Abdallah Sallam and I am the President and CEO of Madinet Masr, one of the oldest and most reputable and influential urban developers in the country — it’s actually 20 years older than myself. The company was responsible for master planning and developing one of the biggest neighborhoods in Cairo to date, Nasr City.

Throughout the years, the company has managed to survive the test of time and change its skin and transform into a modern company. We are very proud of where we are today among very young, prominent players..

I was lucky. I was born into a very prominent business family in Egypt. I am also lucky to have worked in several industries — manufacturing, trading, consultancy, media, education, healthcare, you name it — until I landed on real estate some ten years ago. I am a mechanical engineer by education and a visionary at heart. I was lucky to have seen so many aspects of corporate Egypt, which I think gave me a big edge in the industry.

I am not an industry expert. I consider myself an outsider to the real estate industry and this is how I standout, because I am not consumed with the conventional thinking of the industry.

I manage day-to-day operations at Madinet Masr. But on a larger scale, my responsibility at the company is making sure that we are achieving our vision and dream. So, holding the torch and leading the team, I think is the most important role of a CEO. I try to work with the best people I can, because I am not technical and a lot of the stuff we do is, so I hire the best engineers, finance people, and HR people.

The company started back in 1959, 65 years ago, and it was fully-owned by the government as a subsidiary of the Housing Ministry. They spun it off into a separate company, a legal entity of its own with the sole purpose of developing a master plan and developing Nasr City. The company changed its skin as the market matured to become what it is today — it got privatized in the late 90s and started publicly trading on the stock exchange. Our product is where people start their families, give birth to their kids, start new jobs, and transform their lives.

I define my day a little differently. My day doesn’t start when I wake up, it starts when I reset my mind — this usually happens an hour or so before I go to sleep, when I spend some time with myself reflecting on the past 24 hours, looking at my actions and the results they have had and the influence I’ve had on people. I consider the hours I sleep as a very important part of my day — I usually program my mind and prepare for my dreams. Some would say this is a little bit crazy, but sometimes I end up finding solutions to work related challenges while dreaming.

I don’t really have a morning routine. I wake up at around 7 am — most days I skip breakfast and spend the first 30 minutes to an hour of my day in complete silence. I rarely speak, eat, or do anything physical during that time because that’s the time I spend preparing for the work day. Unfortunately, and I am not very proud of this, I don’t have this rigid, healthy routine of working out and eating specific foods before I head to work. Most of what I do before I go to sleep and before going to work falls under the umbrella of reflection.

I do a lot of planning in my mind. I usually wear a black t-shirt, dark pants, and a pair of sneakers, maybe throw on a blazer or jacket if I have an event scheduled for that day. I don’t like to spend time thinking about what I should wear. And I am usually right on time to leave for my first appointment of the day. I spend my commute to the office listening to the Quran and looking out the window. It is also the time that I have my daily morning phone call from my mom — listening to her voice and her wishing me good luck has become an important part of my morning.

My day is quite hectic. I am at the office at around 9-10 am and from the second I walk in I am swamped with back-to-back meetings, calls, zoom meetings. I sometimes have to give speeches or attend conferences then head back into the office. And this keeps going until 10-11 pm. I’ve also been doing a lot of traveling as we explore expanding our footprint outside Egypt. Even though it is very hectic, I’m enjoying it to the max.

I have a unique philosophy regarding work-life balance. I look at the bigger picture. There was a time in my life, when I was a student, when my life was mainly chilling — I didn’t do a lot, I didn’t influence people, and I didn’t spend a lot of time working hard. I think it's a disgrace for me, at this age, what we call midlife, where I still have the energy and have the knowledge and experience, to take a lot of time off and call it work-life balance. I work on Saturdays and sometimes on Fridays too. There will come a time where my body will force me to take a break and take it easy. I hope that at that time I am still adding value and influencing people and helping ground.

Becoming a shark on Shark Tank Egypt has put me in the public eye. I am subject to attention when going out in public with my family and while people are usually so sweet, they are also desperate for a small piece of advice. I enjoy it — maybe the only thing that worries me is the responsibility that comes with it because a lot of people start looking up to me.

I’m still scratching the surface. One of my future dreams for this company, at least, is that we transform it into a Global 500 company. We want Madinet Masr to be one of the biggest 500 companies in the world. And on a personal level, I want to help cure diabetes — I am a diabetic myself — be it through financial support or setting up an R&D center or a charity organization.

I always recommend Start with Why by Simon Sinek. It is a life-changing book and I think it’s a must-read for anyone in the business world. Another book I recommend is Solve for Happy by Egyptian writer and entrepreneur Mo Gawdat.

CALENDAR

2024

JULY

9-23 July: Act Financial IPO subscription period for retail investors.

25 July (Thursday): National holiday in observance of the 23 July revolution.

AUGUST

4-5 August (Monday-Tuesday): Egypt Expat Forum.

SEPTEMBER

3-5 September (Tuesday-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.

25-28 September (Wednesday-Saturday): Cityscape Egypt, Egypt International Exhibition Center, Cairo.

OCTOBER

6 October (Sunday): Armed Forces Day.

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

13-17 October (Sunday-Thursday): Cairo Water Week, Water and Climate: Building Resilient Communities, Cairo, Egypt.

21-27 October (Monday-Sunday): The World Bank and IMF annual meetings.

30 September (Monday): Ban on sugar exports expiration.

NOVEMBER

4-8 November (Monday-Friday): World Urban Forum, Cairo, Egypt.

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

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

DECEMBER

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

EVENTS WITH NO SET DATE

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.

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

3Q 2024: Egyptian-Armenian Joint Committee.

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.

End of 2024: Shalateen Mining Company to launch a gold exploration tender in the Eastern Desert.

2025

July 2025: The first operational trail of Egypt-KSA electricity interconnection line.

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

20 January-7 February: Egypt to host the African Games

EVENTS WITH NO SET DATE

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

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