PE firm AfricInvest eyes 25% stake in British University of Egypt

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WHAT WE’RE TRACKING TODAY

Regional diplomacy drive: MBZ in Cairo + Saudi rapprochement with Syria and Iran + Arab League meets tomorrow + FM Shoukry heading to Ankara

Good morning, wonderful people, and a very happy THURSDAY. There’s enough going on here at home and in the region this morning to keep us on our toes as we slide into a much-deserved long weekend.

Yes, we said long weekend: We’re taking next Sunday, 16 April off here at Enterprise HQ to mark Coptic Easter (which is a bank holiday, though not a public holiday), as well as the Sham El Nessim public holiday on Monday, 17 April. We’ll be back in your inboxes at the appointed time on Tuesday, 18 April.

THE BIG STORY here at home this morning: M&A takes top billing today on local news reports that PE firm AfricInvest is looking to acquire 25% of the British University of Egypt. Meanwhile, the Madbouly government is working to drum up hard currency on several fronts, as the foreign press speculates about the likelihood of a fourth EGP devaluation.

There’s also tons going on in the neighborhood: The UAE’s president flew into Cairo last night, Arab foreign ministers — including Syria’s — are converging on Jeddah tomorrow, and Egyptian FM Sameh Shoukry will be in Turkey at the weekend amid tectonic shifts afoot in regional diplomacy. Scroll down for all the details on the realignment.

PSA- It’s official: The private sector is off from Thursday, 20 April until Tuesday, 25 April in observance of Sinai Liberation Day and Eid El Fitr, the Manpower Ministry said in a statementyesterday. Those dates have already been confirmed as off for the public sector. The central bank and the EGX should release their own announcements soon.

** SO, WHEN DO WE EAT? We’ll be breaking our fasts at 6:21pm CLT today. You have until 4:00am tomorrow morning to hydrate and grab a bite to eat.

WATCH THIS SPACE-

Is every local business getting a digital ID? The Supply Ministry has inked an agreement with CIB and Visa to develop the country’s first digital business registry, according to local media reports. The registry will provide every business operating in Egypt with a unique QR code and digital identification card that companies can use to access government services and make payments and ATM withdrawals.

THE REALIGNMENT-

#1- MBZ in Cairo: UAE President Sheikh Mohammed bin Zayed Al Nahyan arrived in Cairo yesterday for talks with President Abdel Fattah El Sisi, according to separate statements from Ittihadiya and Emirati state news agency WAM. The two leaders discussed ways to strengthen Egypt-UAE ties and developments in the region, Ittihadiya said, without providing further details. The story received coverage from Reuters, The National, and AFP.

REMEMBER- Cairo is seeking to secure FDI promised by the UAE and Saudi Arabia to help shore up our economy amid global volatility. Gulf investors have signaled their intent to channel capital into state-owned assets through the Madbouly government’s privatization program, but most of the c. USD 20 bn in pledged investment is yet to materialize amid reports that talks over some sales have stalled. El Sisi flew to Jeddah last week to take suhoor with Saudi Crown Prince Mohammed bin Salman.

#2- Shoukry heads to Turkey: Foreign Minister Sameh Shoukry is in Turkey this weekend to follow up on recent talks to normalize relations. Shoukry has in recent months held several rounds of talks with Turkey’s top diplomat Mevlut Cavusoglu, who last month became the first Turkish foreign minister to visit Cairo in more than a decade. The two sides have pledged to restore ties, and recent press reports have claimed that the ground is being laid for Turkish President Recep Tayyip Erdogan to visit Cairo later this year for a face-to-face meeting with President El Sisi.

#3- Saudi Arabia and Syria are well on the path to restoring tiesafter Syrian Foreign Minister Faisal Mekdad met his Saudi counterpart Prince Faisal bin Farhan Al Saud in Jeddah overnight. In ajoint statement issued in the early hours of this morning, the two ministers said they “welcomed the start of procedures for resuming consular services and flights” between their countries. Syrian state media also yesterday reported that the country will reopen its embassy in Tunisia. Reuters and APhave more.

#4- Syria could be on its way to reclaiming its seat in the Arab League: Arab foreign ministers will gather in Jeddah on Friday to discuss Syria’s return to the Arab League after 12 years in the cold, Reuters reports, citing a briefing by Qatar’s foreign ministry spokesperson Majed Al-Ansari to local media. The Saudi Arabia-hosted meeting will bring together the foreign ministers of Egypt, Jordan, Iraq, and the six Gulf Cooperation Council (GCC) countries. Syria was expelled from the Arab League in November 2011 after cracking down on pro-democracy protests.Egypt is among a number of Arab states looking to formally restore diplomatic ties with Damascus and end its pariah status in the region.

#5- Iran + Saudi Arabia prepare to reopen embassies as ties strengthen: An Iranian delegation traveled to Saudi Arabia yesterday to prepare to reopen its embassy in the kingdom, according to Iran’s official news agency. The visit builds upon their recent China-brokered agreement to restore diplomatic ties, and comes a few days after a Saudi delegation traveled to Tehran for similar talks.

HAPPENING TODAY-

The IMF / World Bank Spring Meetings continue in Washington, DC. The meetings wrap on Friday.

Cabinet members at the Spring Meetings: International Cooperation Minister Rania Al Mashat yesterday gave a speech to the Group of 24, where she called for more finance for developing and emerging markets amid the global economic and climate crises. Al Mashat reminded developed nations of their unfulfilled USD 100 bn pledge of climate finance to poorer countries. She also spoke with US climate envoy John Kerry about the outcomes of COP27 and the latest on the government’s Nexus on Water, Food and Energy (NWFE) program.

There’s no one BIG STORY ABROAD dominating the front pages of the international press this morning– but plenty of outlets are taking note of NPR’s decision to quit Twitter. The US-based public broadcaster said it would stop using Twitter after the company added a “state-affiliated” label to its account. Twitter moved to change the label to “government-funded media,” but that wasn’t enough for NPR, which argued the move calls into question its editorial independence.

The Enterprise Exports & FDI Forum, our latest industry-specific conference, is taking place on Monday, 15 May at Four Seasons, Nile Plaza. The Enterprise Exports & FDI Forum will give insiders and newcomers alike the chance to talk about how to develop an export-centered business and how their companies can help us build an export-led economy that makes us a magnet for foreign direct investment (FDI).

What’s the Enterprise Exports & FDI Forum? In the wake of successive floats of EGP, exports and FDI have never been more important to our economy — or our businesses. We’re gathering some of the CEOs, top execs from local companies and multinationals, investors, bankers and finance folks to speak on how businesses can adapt their strategies to be export-oriented and what we as a country can do to draw foreign investment and much-needed FX. Expect it to be heavy on lessons learned in Egypt and other global growth markets — and lots of success stories.You can learn more on our conference website here.

Some of the biggest names in business and finance are on board — are you? If you’re a C-suite exec, business owner, DFI staff, export executive, investor or banker, please fill out the form here to signal your interest, letting us know your name, title and where you work.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

CIRCLE YOUR CALENDAR-

The House of Representatives is now on Eid break: MPs will reconvene on Sunday, 30 April.

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

AfricInvest to acquire 25% of British University of Egypt-Report

AfricInvest eyes 25% stake in BUE: Private equity firm AfricInvest is looking to acquire 25% of the British University of Egypt (BUE) for more than EGP 1 bn before the end of June, Asharq Business reports, citing sources it says have knowledge of the matter. The acquisition would mark AfricInvest’s first investment in Egypt’s education sector.

The stake could see an increase in the event of further EGP depreciation because the transaction is valued in USD, one of the sources said. The acquisition would take place either through a stake sale or a capital increase, another source said, adding that the exact method is still being agreed upon.

Remember: The EGP has lost around half of its value over the past year after the economic fallout from the war in Ukraine forced the central bank into making a series of devaluations. Expectations are rising that policymakers will have to further devalue the currency in the coming weeks amid a continued shortage of foreign currency.

Egypt’s House of Representatives preliminarily approves citizenship amendments. PLUS: MPs greenlight foreign loans, grants

House gives initial nod to amendments to nationality law that could drum up more FX: MPs yesterday gave its preliminary approval to amendments to the nationality law that will make it easier for foreigners to become Egyptian citizens.

The amendments could help attract much-needed hard currency: The changes would allow foreigners to gain citizenship by purchasing real estate, investing directly in local projects, or depositing money with the central bank. An ongoing shortage of foreign currency has stymied imports to Egypt and helped fuel inflation.

How it works: Foreigners will be able to become green passport holders if they:

Purchase assets worth no less than USD 300k using USD from abroad;
Establish a solo or joint investment project with a USD 350k investment in addition to depositing USD 100k into the state treasury;
Make a refundable USD 500k deposit to an Egyptian bank or a non-refundable USD 250k deposit into the state treasury.

Not everyone is onboard: Some opposition MPs voiced their reservations, saying foreigners who invest in the country should be granted permanent residency at most. Maha Abdel Nasser, speaking on behalf of the Egyptian Socialist Democratic Party, said the policy would “be just ink on paper and will end up failing, like the expat car-import-for-FX law, which generated very modest FX revenues.”

REMEMBER- The expat car import scheme has brought in just USD 385 mn since its launch in November, nowhere near the Finance Ministry’s ambitious USD 2.5 bn target.

But developers are optimistic: Real estate developers and other stakeholders Enterprise spoke with said the legislative changes could spur a boom in foreigners purchasing real estate and land assets in Egypt, helping the sector recoup some of its recent losses amid volatile economic conditions.

AND- Correcting a gender bias: The amendments to the nationality law would also allow all Egypt-born children of foreigners from Arab or Muslim countries who were also born in Egypt to apply for citizenship, a privilege that is currently only available to the children of men from those countries.

What’s next: The amendments will be up for a final vote in the House before being signed into law by President Abdel Fattah El Sisi.

Also approved by the House:

A USD 64 mn loan from South Korea’s Export-Import Bank (KEXIM) for 32 underground trains for Cairo metro lines 3 and 4;
A JPY 41 bn (c. USD 310 mn) loan from the Japanese International Corporation Agency (JICA) to finance the first phase of Cairo’s fourth metro line.
A USD 19 mn USAID grant to improve economic governance;
A USAID trade and investment grant to boost exports of textiles and clothing to the US through industrial zones.

The House is now on Eid break: MPs will reconvene on Sunday, 30 April.

Fawry tops Forbes Middle East fintech list

Fawry tops Forbes fintech list: Leading Egyptian e-payments platform Fawry hastopped Forbes’ 2023 list of top 30 fintech companies in the Middle East, with a transaction volume of USD 6.8 bn last year and 49.4 mn customers.

Egypt dominates: More Egyptian companies making the cut than firms from any other single country with eight entries. Among the Egyptian fintech firms on the list is MNT-Halan, which recentlysecured over USD 200 mn from Abu Dhabi-based Chimera Investments.

The Egyptian fintech companies featured on the list:

#1- Fawry
#4- MNT-Halan
#12- Aman Holding
#13- Paymob
#15- valU
#22- MoneyFellows
#25- PaySky
#26- Thndr

Egyptian talk shows cover the GERD dispute and the chicken feed shortage

It was another diplomacy-heavy night on the talk shows, topped by Ethiopia’s latest heated exchange with Egypt over the Grand Ethiopian Renaissance Dam (GERD). UAE President Sheikh Mohammed bin Zayed Al Nahyan’s surprise visit to Cairo also got coverage (watch, runtime: 3:41) — we have more on that up top in What We’re Tracking Today.

GERD is always good for a slow news day: Ala Mas’ouleety’s Ahmed Moussa (watch, runtime: 4:57) had a lot to say about Ethiopia’s latest claim that Egypt is “politicizing the Nile waters” by opposing the Grand Ethiopian Renaissance Dam. “Ethiopia is deliberately lying … it doesn’t care about the welfare of either Egypt or Sudan,” Moussa said, branding the project “a dam of doom.” The Foreign Ministry rejected Ethiopia’s accusation in a statement yesterday.

AND- More on the chicken feed shortage: The state needs to release the feedstock stuck in our ports to help ease the ongoing feed shortage, Tharwat El Zeiny, deputy chairman of the Egyptian Poultry Association, told Ala Mas’ouleety (watch, runtime: 6:36). “Soybeans are currently being traded at EGP 42k a ton on the black market, when the actual value is around EGP 20-22k a ton,” he said.

REMEMBER- Egyptian poultry companies have struggled to obtain chicken feed over the past year as capital controls and a shortage of foreign currency prevents importers from bringing supplies into the country. The Supply Ministry is selling imported yellow corn to poultry feed factories through the EGX’s commodities exchange to try and ease the feed crisis.

Foreign press predicts currency devaluation in Egypt on 13 April, 2023

There’s plenty of mentions for Egypt in the business pages this morning as the foreign press speculates about the likelihood of a fourth devaluation.

Further signs that a fourth devaluation is in the offing: CIB’s depository receipts onthe London Stock Exchange are trading at their highest discount to the bank’s EGX-listed shares since August 2016 — another sign that markets are pricing in a fourth currency devaluation, Bloomberg reports. The bank’s GDRs closed 29% below its share price on the EGX yesterday, reflecting building pressure on the EGP amid a continued shortage of foreign currency. “The unwillingness to move to a fully flexible currency means another chunky devaluation is coming,” Bloomberg quotes Tellimer strategist Hasnain Malik as saying.

EGP falls further in the derivatives markets: Twelve-month non-deliverable forwards this week have the EGP hitting 41.60 to the USD, up from EGP 41.00 last week, according to Bloomberg. Meanwhile, Al Arabiya reports that the USD is currently trading at 35.40 in the parallel market. The official rate has remained at 30.96 for more than a month.

Egypt’s USD bonds fall sharply: Egypt’s USD-denominated bonds, including the benchmark issue due to mature in 2025, fell more than 2.2 cents in trading yesterday, Reuters reports, citing Tradeweb data.

AND- Some business leaders are voicing skepticism about the government’s plans to reduce its economic footprint. (Associated Press)

Elsewedy Electric, Qatar’s UCC sign to build Libyan power plant. PLUS: EBRD commits USD 20 mn to TCV’s second fund + Gov’t to pay more for local wheat + Land-for-FX in New Cairo

INFRASTRUCTURE-

Elsewedy partners with Qatari contractor on Libya power plant: Elsewedy Electric and major Qatari contractor UCC Holding have signed an EPC contract with the Libyan General Electricity Company (GECOL) to build a 1.0k MW power plant in Libya, Elsewedy said in a bourse disclosure (pdf) yesterday. The EGX-listed company said the contract is worth EUR 800 mn while UCC parent Power International Holdingsput the figure at EUR 1.19 bn.

About the plant: Located in Zliten on Libya’s north coast, the simple-cycle plant will feature six SGT5-2000E gas turbines. The plant is expected to start operations at the end of 2024 and reach full operation by mid-2025, according to the statement.

INVESTMENT-

EBRD will pour USD 20 mn into a second TCV fund: The European Bank for Reconstruction and Development (EBRD) will invest some USD 20 mn in Tanmiya Capital Ventures Fund II, a second mid-cap fund from private equity firm Tanmiya Capital Ventures (TCV) that the EBRD says will be worth USD 150 mn in total.

Tanmiya’s second fund? This is the first we’re hearing of TCV’s second fund. The PE firm reportedly said last month that it will spend USD 30 mn to add two unnamed food companies to its portfolio this year, using finance from existing shareholders. Its current portfolio contains Abu Auf, Hassan Allam Utilities, Mifad, Plant Form and Tamweel Holding.

COMMODITIES-

Gov’t to pay nearly 75% more y-o-y for local wheat: The Madbouly government will pay farmers EGP 1.5k per ardeb of wheat this harvest season, which kicks off this month, after cabinet approved the move. The price is 20% higher than the EGP 1.25k cabinet had setin January and nearly 75% more than the EGP 865-885 per ardeb it paid last harvest season.

REMEMBER- The government is hoping to buy some 4 mn tonsof local wheat during this harvest season, slightly down from the 4.2 mn tons it had purchased last year.

REAL ESTATE-

Selling land for USD: In its weekly meeting yesterday, the Madbouly cabinet reviewed a decision by the New Urban Communities Authority to sell two plots of land in New Cairo to an unnamed foreign firm for an unspecified price in USD. NUCA has received “many requests by Arab and foreign investors” to pay for state-owned land in USD, officials have said, as part of various initiatives to drum up hard currency amid a persistent shortage.

US inflation cooled to lowest since 2021 in March. PLUS: World financial watchdog calls for stricter banking regs

Latest US inflation report provides a mixed picture: Headline US inflation fell to its lowest level in almost two years in March as energy costs continued to decline. The consumer price index rose by 5.0% during the month, down from 6.0% in February, according to data published by the Bureau of Labor Statistics (pdf) yesterday. The print came in slightly lower than expectations.

Yes, but: Core inflation continued to rise, suggesting that underlying price pressures remain sticky. Core CPI — which omits volatile food and energy prices — rose slightly to 5.6% from 5.5% in February, driven by higher rental costs. Hotter core inflation will likely put pressure on the Federal Reserve — which is trying to bring inflation back down to 2% — to continue raising interest rates next month, analysts told the business press. (Reuters| Financial Times| Bloomberg| WSJ)

Global interest rates may not be staying high for much longer: Central banks will likely lower interest rates to pre-pandemic levels once inflation is brought under control, the IMF has said. Monetary policymakers have in recent months engaged in the biggest wave of policy tightening in decades in an effort to curb soaring inflation. But in a blog post this week, the IMF said that the current spell of high borrowing costs will only be “temporary” as inflation fears abate.

The ‘when’ remains unclear: The Fund didn’t say when it expects rates to fall. In its latest World Economic Outlook (pdf) this week, the IMF said the economic picture remains highly uncertain, with core inflation still yet to peak in many countries. In short: interest rates may have to rise further before they start coming down.

No such relief in Egypt: The recent cycle of currency devaluations and higher inflationmeans that we’re unlikely to see any policy easing any time soon. The Central Bank of Egypt has hiked rates by 1k bps since last March and will likely have to raise them further in the coming months as pressure continues to build on the EGP.

Tougher banking controls needed to curb financial stress, says global financial regulator: The head of the Financial Stability Board (FSB) has called for tougher regulations to protect global banks amid signs that sharply higher interest rates are posing a threat to the global financial system. In a letterpublished last Wednesday, Klaas Knot said that the recent banking turmoil “provides important lessons for authorities,” and called on them to act. The letter was submitted to G20 finance ministers and central bank governors ahead of their meeting in Washington this week.

Also worth noting:.

Prepare for a major reversal in US equities, says Wells Fargo: The US bank’s head of equity strategy expects the S&P 500 index to suffer a 10% correction in the next three-six months on the back of a deteriorating economic situation. This would take the benchmark index down to 3.7k points from 4.1k currently. (Bloomberg)
That’s a ‘no’ from Ahli Bank: The board of directors of Oman’s Ahli Bank hasrejected Bank Dhofar’s non-binding merger proposal without providing a reason. (MSX disclosure, pdf | Bloomberg)

EGX30	16,741	-1.6% (YTD: +14.7%)
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	10,935	+0.8% (YTD: +4.4%)
ADX	9,549	+0.4% (YTD: -6.5%)
DFM	3,497	+1.5% (YTD: +4.8%)
S&P 500	4,092	-0.4% (YTD: +6.6%)
FTSE 100	7,825	+0.5% (YTD: +5.0%)
Euro Stoxx 50	4,334	+0.0% (YTD: +14.3%)
Brent crude	USD 87.33	+2.0%
Natural gas (Nymex)	USD 2.09	-0.1%
Gold	USD 2,028.60	+0.2%
BTC	USD 29,923	-1.0% (YTD: +81.3%)

THE CLOSING BELL-

The EGX30 fell 1.6% at Wednesday’s close on turnover of EGP 1.91 bn. Foreign investors were net buyers. The index is up 14.7% YTD.

In the green: Oriental Weavers (+2.0%), Ezz Steel (+1.7%) and Credit Agricole Egypt (+1.4%).

In the red: Egypt Kuwait Holding-EGP (-9.2%), Eastern Company (-3.5%) and Fawry (-3.3%).

Seif Saleh, associate minister for public policy and investment at the Planning Ministry

Seif Saleh, associate minister for public policy and investment at the Planning Ministry: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 Seif Saleh. (LinkedIn). Edited excerpts from our conversation:

I’m Seif Saleh, associate minister for public policy and investment at the Planning Ministry. After graduating from King’s College London in 2020 with a degree in business management, I joined the ministry as an intern for three months. I then became a foreign policy analyst in Dr Hala El Said’s technical office, where I worked for two-and-a-half years before being appointed to my current role in January.

While studying in London, I worked at a research and advisory firm that focused on the MENA region, where I advised major clients on their strategies and business plans in the Middle East. I focused on economic and political research and used my personal experience and language skills to convey what’s happening in Egypt and neighboring countries to multinational corporations. I also did internships at financial institutions in Dubai, Cairo, and the UK.

My role is to manage various portfolios at the ministry. I’m involved in the policymaking process and act as a content expert. One of my focuses is investment, specifically attracting foreign direct investment (FDI) to the country. I meet with investors to address their concerns, develop public-private partnerships, and coordinate with the Sovereign Fund of Egypt.

I’m also heavily involved in supporting entrepreneurs and helping them promote their business models. Another important portfolio is advancing the transition to the green economy, which is happening across many ministries and government entities, including the sovereign fund’s work on the green hydrogen transition.

I also work with a variety of stakeholders, both internal and external to the ministry. This includes liaising with international institutions and coordinating the ministry’s involvement in major economic and financial gatherings around the world. I joined Her Excellency at events such as the UN General Assembly, IMF and World Bank meetings, and the World Economic Forum.

I always start my day with a superfood power smoothie, as I believe that what and how much you eat affects your energy levels, mood, and overall performance. The smoothie can keep me going until 7 or 8 pm, though it’s advisable to have a small lunch before then. After my smoothie, I take a cold shower for the health and psychological benefits, read the news including Enterprise, and respond to emails and letters. I usually work out at night since my workday is unpredictable, which is what makes it exciting.

The beauty of working in government is that you get to meet new people, work on new things, and you’re exposed to a lot. However, there’s also a lot of pressure since you’re dealing with high-level work and stakeholders. When I first joined the ministry, it was overwhelming, but I eventually got used to it. I’ve learned to reframe the pressure and befriend it — to try to envision the opportunities you get from delivering results.

Reading is the one constant in my day. It’s a part of my job and helps me stay aware of what’s happening and embed it in the policy and process at the ministry. Acquiring knowledge is imperative for my job.

Weekends are very important because how you spend them influences the following week. If you’re working through the weekend then you’re going to feel overwhelmed. If you get burned out, it’ll impact your performance the following week. Basically, the better my weekend is, the better my week ahead will be.

I use my weekends to engage in activities like reading, socializing with friends, and horseback riding at Saqqara, where I can take in the mesmerizing views of the pyramids — this beautiful, unparalleled heritage. Riding horses fills me with joy and allows me to meditate and visualize, giving me energy for the week ahead. Rest and sleep are also very important.

Meditation is a big thing that helps me stay focused. Enhancing my wellbeing and becoming more aware of myself helps with focus. I write down everything that’s on my mind to ensure that it’s processed and that I can always refer back to it. Filtering and prioritizing tasks and writing to-do lists also help keep me organized.

What I value the most is making an impact. Many people want to benefit their community, company, or country, but it all begins with yourself. You cannot transform the world around you without constantly improving yourself and challenging the status quo. By improving yourself, you can become brilliant in any field — whether it’s technical skills, leadership skills, or maintaining your health and wellbeing. My goal is to continue to acquire competencies, knowledge, and skills while building a stronger character.

I have a few favorite books that I’d like to recommend. One of them is The Leader Who Had No Title by Robin Sharma. It’s a personal and professional development book that distinguishes between being a leader and having authority. It emphasizes that leadership is a lifestyle and a continuous process — it’s not just about being in a position of authority. Another book that I really like is The Infinite Game by Simon Sinek, on how to become a transformational leader.

I also enjoy books on economics and business excellence. Freakonomics and SuperFreakonomics by Steven Levitt and Stephen Dubner promote microeconomics and provide an intriguing perspective on how people behave. Misbehaving by Richard Thaler underlines the importance of taking into account people’s biases and reframing policymaking and communication to effect change.

The best piece of advice I received was to take initiative. A manager at a previous institution told me not to wait for others to tell me what to do, but to find areas where I can have an input and create work for myself. Even without authority, I can effect change through the simple act of taking initiative.

CALENDAR

APRIL

April: SCZone roadshow in China.

April: SCZone to begin providing ship bunkering services in the Suez Canal’s ports.

10-16 April (Monday-Sunday): IMF / World Bank Spring Meetings, Washington DC.

15 April: Lamees El Hadidi’s startup competition show, El Forsa, closes applications.

16 April (Sunday): Coptic Easter. Official holiday for banks and the EGX.

17 April (Monday): Official holiday in observance of Sham El Nessim.

20-25 April (Thursday-Tuesday): Public sector holiday in observance of Eid El Fitr and Sinai Liberation Day.

21 April (Friday): Eid El Fitr (TBC).

28 April (Friday): First day of daylight saving time.

30 April (Sunday) House of Representatives back in session.

30 April (Sunday): Tenth of Ramadan dry port tender deadline.

30 April (Sunday): Deadline for self-employed to register for e-invoicing.

30 April (Sunday): Deadline for corporate tax returns.

30 April (Sunday): End of Mediterranean, Nile Delta oil + gas exploration tender.

Late April – 15 May: 1Q2023 earnings season.

MAY

1 May (Monday): Labor Day.

1 May (Monday): Deadline to apply to VC funds program by GIZ Egypt, AfricaGrow and Dutch development bank FMO.

2 May (Tuesday): National Paints Holding’s and Eagle Chemicals’ MTOs for Pachin ends.

2-3 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.

3 May (Wednesday): National Dialogue begins.

4 May (Thursday): National holiday in observance of Labor Day (TBC).

4 May (Thursday): IEF-IGU Ministerial Gas Forum, Cairo.

7 May (Sunday): Senate back in session.

9-11 May (Tuesday-Thursday): First edition of the Arab Actuarial Conference, Cairo.

12-15 May (Friday-Monday): Egypt Fashion Week.

14 May (Sunday): Expat car import scheme ends.

14 May (Sunday): EgyptAir to launch a new route to Dhaka, Bangladesh.

15 May (Monday): Enterprise Exports & FDI Forum, Four Seasons Hotel Cairo at Nile Plaza.

16-18 May (Tuesday-Thursday): Egypt will host its first conferenceon cybersecurity and defense intelligence systems (CDIS-Egypt).

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

19 May (Friday): Arab League summit, Riyadh.

19-21 May (Friday-Sunday): G7 summit, Hiroshima, Japan.

20-21 May (Saturday-Sunday): eGlob Expo, St. Regis Almasa Hotel, Cairo.

22-26 May (Monday-Friday): Egypt will host the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.

JUNE

June: Indian representatives to discuss prospect investments in the Suez Canal.

7-10 (Wednesday-Saturday): The second edition of Africa Health Excon.

10 June (Saturday): Thanaweya Amma examinations begin.

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

13-14 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.

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

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

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

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

30 June (Friday): June 30 Revolution Day.

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

JULY

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

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

18 July (Tuesday): Islamic New Year.

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

23 July (Sunday): Revolution Day.

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

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

Late July-14 August: 2Q2023 earnings season.

AUGUST

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

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

9-10 September (Saturday-Sunday): G20 summit, New Delhi, India.

15 September (Friday): IMF to review USD 3 bn program.

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

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

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

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

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

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

OCTOBER

October: Deadline for ins. providers to link their databases with the FRA.

2-5 October (Monday-Thursday): ADIPEC 2023, Abu Dhabi National Exhibition Center.

6 October (Friday): Armed Forces Day.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

Late October-14 November: 3Q2023 earnings season.

26 October (Thursday): Daylight saving time ends.

31 October – 1 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.

NOVEMBER

November: Cairo to hostIntra-African Trade Fair.

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

15-24 November (Wednesday-Friday): Cairo International Film Festival, Cairo.

DECEMBER

12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

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.

2023: Egypt will host the Asian Infrastructure Investment Bank’s Annual Meeting of the Board of Governors in 2023.

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.

4Q 2023: EGX to launch its new futures exchange.

End of 2023: A Developments’ first phase of the Lazoghly development completed.

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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