Qatar sovereign fund close to acquiring up to 30% of Vodafone Egypt -report

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What We're Tracking Today

It’s inflation day in Egypt

Happy Thursday, readers: We have brisk issue to close out another week.

PSA: Cloudy with a chance of sand: Expect wind, rain, sand and dust in the capital today and tomorrow as Khamaseen continues, the Egyptian Meteorological Authority said yesterday.

HAPPENING TODAY-

Inflation data to land: Capmas and the central bank will publish May’s inflation data today.

What the analysts are saying: Consumer prices are expected to have resumed their upward trajectory last month, according to the median forecast in a Reuters poll of 13 analysts which puts annual urban inflation at 31.4%, up from 30.6% in April. Inflation has soared to near-record highs this year on the back of a series of currency devaluations, the FX crunch and higher energy prices.

El Sisi in Zambia:President Abdel Fattah El Sisi is in Zambia today to attend the summit of the Common Market for Easter and Southern African(COMESA), Ittihadiya said last night.

Africa Health Excon: It’s the penultimate day of Africa Health Excon at the Egypt International Exhibition Center. Check out the agenda here.

ITU meeting: It’s the final day of the International Telecommunication Union’s Global Symposium for Regulators in Sharm El Sheikh.

HAPPENING NEXT WEEK-

IMF deputy MD in Cairo: IMF deputy managing director Antoinette Sayeh will land in Cairo in the coming days to meet with Egyptian officials regarding the government’s economic reform program, IMF representative Said Bakhache told Ahram Online. Sayeh will attend the launch of an IMF paper on Sunday, according to the newspaper, which didn’t provide further details about her schedule.

Review delayed:Originally scheduled for mid-March, the IMF has postponed the first review of Egypt’s loan program due to delays implementing several of its key conditions. Under the USD 3 bn facility, Egypt committed to adopting a fully flexible exchange rate and accelerating its privatization program as a means to ending the prolonged FX crunch. The government aims to raise USD 2 bn via asset sales by the end of this month.

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

WATCH THIS SPACE-

We could see a government decision on electricity prices in two weeks: Recommendations for new electricity tariffs have been sent to the cabinet for approval and could be announced within the next two weeks, Al Borsareports, citing government sources. Electricity prices have been frozenover the past year under efforts to protect households from the rising cost of living. The current freeze is due to expire at the end of the current fiscal year on 30 June.

THE BIG STORY ABROAD-

The disappearance of the US’s East Coast under a thick yellowish haze is front pages of the foreign press this morning: Smoke drifting southwards from Canadian wildfires has blanketed virtually the entire Atlantic seaboard, prompting the cancellation of flights, outdoor activities, and schools. New York was said to have the worst air quality of anywhere in the world, and residents have been advised to remain indoors. (Associated Press | Reuters | Bloomberg | Financial Times | New York Times | Washington Post | Wall Street Journal |

A rocky road for Cairo’s bike-sharing program: Nine months after its debut, local media is reporting that some of the Cairo Bikestations on the streets of downtown Cairo have been removed. Cairo Governoratesaid that after running a comprehensive review of the scheme, it has commissioned another local operator to take over and solve technical issues, including that the scheme’s app didn’t allow for the use of some payment methods. The governorate says the initiative will continue to operate all of its 500 bicycles and 45 stations. The project has stations in Downtown, Zamalek, and Garden City.

Qatar sovereign fund close to acquiring up to 30% of Vodafone Egypt -Al Mal

FROM THE RUMOR MILL- The Qatar Investment Authority (QIA) is reportedly close to acquiring a 25-30% stake in Vodafone Egypt from Telecom Egypt through the Qatari ruling family’s telco Ooredoo, reports Al Mal, citing sources close to the sovereign fund. The deal is likely to close prior to the end of June.

Remember: The Qatari fund was reported in February to be looking to acquire TE’s entire 45% stake in Vodafone Egypt, a demand which was said to have stalled talks with the government which didn’t want to cede more than 25% of the company.We learned earlier this week that the two sides recently resumed negotiations.

It doesn’t just want TE’s stake: The newspaper’s sources say that if the company is able to acquire TE’s full stake it will look to enter talks with Vodacom, which owns the remaining 55% of the company. Vodacom, the South African subsidiary of Vodafone Group, acquired the majority stake from its parent company last year.

The devaluation hasn’t been kind to the company’s valuation: The current valuation of the company has been estimated to be around USD 3 bn, down from USD 5 bn before the devaluation of the EGP, Al Mal’s sources claim. Vodacom paid almost EUR 2.4 bn for Vodafone Group’s 55% stake in December.

A Saudi suitor for Egypt’s Heliopolis Housing and Development?

A Saudi takeover in the cards for Heliopolis Housing? Heliopolis Housing and Development (HHD) has denied reports in the local media that Saudi real estate developer Alameriah is offering to buy a 70% stake in the company for USD 400 mn, Asharq Business reports. HHD said it hadn’t received any official acquisition bids, after local outlets said Alameriah had submitted its offer to Sovereign Fund of Egypt (SFE) Chairman Hala El Said.

By the numbers: If it materializes, the offer would value HHD at some USD 571.4 mn or USD 0.43 per share. That’s a roughly 27.2% premium to HHD’s price per share of EGP 10.46 at close on Monday, before the news broke. HHD shares closed 2.8% lower yesterday — but remained up for the week so far — at EGP 10.86.

HHD wants to auction off the land in its Heliopark project: The company has tapped the SFE to offer land plots at its Heliopark project to developers before the end of the year, Asharq reported, citing an unnamed source at its parent firm, the Holding Company for Construction and Development (HCCD). HHD plans to divide the project’s 1.7k acres into plots of no less than 200 acres so that multiple developers can buy in, according to the source. HHD scrapped its agreement to co-develop the project with Mountain View earlier this year.

Gulf investors could be interested: Local media reported in April that Gulf investors including Emirati real estate giant Aldar Properties are interested in co-developing Heliopark and / or buying part of HCCD’s land bank.

New finance for Air Cairo + IFC support for microlenders

AfreximBank helps finance three new jets for Air Cairo: CIAF Leasing has secured a USD 44 mn aircraft financing facility from the African Export-Import Bank (AfreximBank), according to a press release from the lender yesterday. The loan will be used to buy three Embraer E190 aircraft, which will be leased to EgyptAir and sub-leased to Air Cairo. AfreximBank will act as the senior lender, while the Brazilian National Development Bank is providing an export credit funding line, according to the release.

IFC to support local microlenders: The International Finance Corporation (IFC) will provide advice to 10 local microfinance institutions to improve their client protection practices in line with global standards, according to the lender’s website. The project has a budget of USD 650k and is expected to begin on 1 July and end on 30 June 2025.

Correction: 11 June, 2023

A previous version of this article incorrectly stated that the IFC is lending USD 650k to microlenders in Egypt.

“Unprecedented” lack of aid in Sudan -World Food Program

Lack of access to humanitarian aid in Sudan “unprecedented”: Only 3% of aid intended for Sudanese civilians in Khartoum has been delivered, World Food Programme UAE country director Abdel Mageed Yahia told the National. “We planned to reach 500k people but we managed to reach only 15k so far in Khartoum,” Yahia said, a level of access that he calls “unprecedented” in comparison to other war zones in the region. Provisions of air have been hindered by numerous breaches of the recent US, Saudi-brokered ceasefire and the inability to perform high altitude air drops, he added.

The battle for arms: Sudan’s army has been fighting to defend a military complex believed to contain an arms factory in southern Khartoum after it was attacked by the Rapid Support Forces on Tuesday, Reuters reports, citing eyewitnesses. The RSF have since posted videos in which they claim to have taken control of a warehouse at the site loaded with weapons and ammunition. A fire has reportedly broken out at a site near the complex, which is located close to fuel and gas depots that are at risk of exploding. “Any explosion could destroy residents and the whole area,” a local resident told Reuters by phone.

Saudi, Bahrain embassies stormed: Armed groups attacked the Saudi Arabian and Bahrainiembassies in Khartoum yesterday, prompting condemnations from other Arab states.

El Sisi’s African tour, rising meat prices, Swvl’s new license and Fifpro receive attention on Egypt’s talk shows

President El Sisi’s African tour led the talk shows last night, while rising meat prices, an agreement between Swvl and the Transport Ministry, and a warning from football union Fifpro about the Egyptian league all got attention.

GERD top of the agenda as Sisi meets African leaders: Most of the nation’s talking heads had something to say about the president’s current diplomatic tour in Southern Africa, with the issue of the Ethiopian dam leading discussions. Following talks yesterday, Angolan President Joao Lourenco said during a press conference that “the Nile cannot be monopolized” and that the issue of the GERD must be settled through dialogue – which Ala Mas’ouleety’s Ahmed Moussa described as “the strongest statement from a head of state on the GERD” (watch, runtime: 3:36 | 4:01 | 8:06). Al Hayah Al Youm (watch, runtime: 4:45), Masa’a DMC (watch, runtime: 1:20 | 0:50) and eXtra News (watch, runtime: 6:41) also covered the visit.

Speaking of the GERD: There are many areas and scenarios that would allow the parties of the GERD crisis to reach a beneficial agreement without affecting the interests of those involved, Foreign Ministry spokesperson Ahmed Abu Zeid said on an interview with Al Waraqa Al Qalam (watch, runtime: 3:26 | 2:12 | 4:22). “The concept of absolute sovereignty over an international river is an obsolete principle in international law…There is no such thing as absolute sovereignty over a common resource,” he said.

Meat prices hit record highs ahead of Eid Al Adha: Prices are at record highs with a kilo of meat selling for EGP 400, said Moussa, while the price of a sacrifice is up to EGP 100k. Some butchers justified the rise due to feed prices, demanding that more live meat be imported from abroad. Consumer cooperative shops are reportedly offering EGP 195 per kilo (watch, runtime: 6:31 | 10:52 | 4:39 | 4:46). Al Hayah Al Youm also covered the program (watch, runtime: 8:04 | 7:43).

Swvl to provide new capital lifts: Cairo-born mass transit app Swvl has become the first company to receive a ride-hailing license after a new law was brought in to help regulate the sector, Transport Minister Kamel El Wazir told Sada El Balad (watch, runtime: 16:02). The five-year agreement signed yesterday falls under the Passenger Transportation Law, which allows the ministry to monitor the cars requested by passengers in order to ensure good service and safety, El Waizr said, clarifying that “the state will have a supervisory and regulatory role only in this new type of transport.”

ALSO FROM SWVL-Swvl aims to increase its revenues in Egypt by 87% to EGP 1.5 bn this year, CEO and co-founder Mostafa Kandil told Asharq Business yesterday. The startup generated EGP 800 mn in revenues in Egypt in 2022. Kandil declined to disclose the company’s profit or loss numbers in Egypt for 2022.

Football union warns players against signing for Egyptian clubs: Egyptian Football Association Executive Director Walid El Attar was on Ala Mas’ouleety to respond to global football union Fifpro, which has warned players against signing for clubs in Egypt. In a statement yesterday, the organization said that there have been increasing cases of players not receiving their salaries and being subjected to “abusive behavior,” such as having their passports confiscated. El Attar denied the claims, telling Moussa that there have been no complaints from any foreign players in the Egyptian league regarding delayed pay (watch, runtime: 7:22).

Also on the airwaves last night:

A second tranche of certificates for Egypt’s first gold investment fund was featured on Masa’a DMC, who spoke to Ahmed Abu Al-Saad about the fund’s plans (watch, runtime: 1:11). Fund managers Evolve and Azimut closed the first tranche earlier this week, raising EGP 153 mn.
The World Bank’s report regarding Egypt’s economic growth caught Moussa’s attention on Ala Mas’ouleety (watch, runtime: 8:06).
All students arriving from Sudan and Ukraine that meet the enrolment conditions for Egyptian universities will be accepted, Higher Education Minister Adel Abdel Ghaffar said on Ala Mas’ouleety after news emerged that some students could not provide the required identification (watch, runtime: 5:03 | 4:05).

This story was corrected on 11 June, 2023 to reflect that Swvl received the country's first ride-hailing license, not the first license to operate smart transport links between Greater Cairo and the new capital.

Egypt bans Dutch archaeologists for “Afrocentric” museum exhibition

Leading the conversation on Egypt in the foreign press this morning: Dutch archaeologists have been banned from undertaking excavations at the Saqqara necropolis after the National Antiquities Museum in Leiden opened an exhibition that Egyptian authorities deemed “Afrocentric,” Dutch media reported this week. The ‘Kemet: Egypt in Hip Hop, Jazz, Soul and Funk’ exhibition looks at the influence of Ancient Egyptian culture on black musicians, and depicts artists such as Beyonce and Rihanna as Egyptian rulers. (CNN | The Times | BBC| Arab News)

Also making headlines:

Egypt and Israel have begun their joint examination of the site of the shootingthat killed three Israeli soldiers and an Egyptian officer on Saturday. (The National)
Speedboat goes under in Marsa Alam: Some 36 people including Polish tourists and local crew and tour guides were rescued from a speedboat that capsized in the Red Sea. None of the passengers sustained serious injuries. (The National)

Mashreq to expand digital platforms in Egypt this year. PLUS: Trouble at Alfa Market, Elsewedy eyes interconnector in Southern Africa

BANKING-

Mashreq eyes Egypt expansion: Dubai’s Mashreq Bank wants to expand its Egypt-based operations, CEO Ahmed Abdelaal said in an interview with Bloomberg. The lender plans to scale up its online platforms Neo and NeoBiz during 2H 2023, Abdelaal added. Mashreq derives 10% of its global revenues from Egypt, Mashreq Egypt country head and CEO Amr El Bahey told us last week, when we sat down to discuss the bank’s growth strategy, the importance of SMEs and exporters and his outlook on the Egyptian economy.

RETAIL-

Is Alfa Market going under?Supermarket chain Alfa Market has begun closing branches as it looks to sell off assets to repay mounting debts, Al Shorouk reports, citing unnamed sources. The company owes EGP 100 mn to lenders and suppliers, according to the sources, which say that the company will close branches “temporarily” while it sells assets. Alfa Market owns nine branches in Greater Cairo, most of which are leased. The newspaper says that a number of its competitors have expressed interest in acquiring some of its branches. Enterprise was unable to reach a representative of the company for comment.

HEALTHCARE-

E-Finance gets involved in national health ins. scheme: The Health Ministry and other government health authorities earlier this week signed a protocol with eHealth — a subsidiary of state-owned fintech player E-Finance — that will expand primary care and public-sector involvement in the public health system, according to a statement.

TOURISM-

Direct flights from Saudi to Egypt’s new Sphinx International Airport are here: Saudi budget carrier Flynas will operate three weekly direct flights to Cairo’s second international airport from Jeddah as of 16 June and from Riyadh as of 1 July, the company said in a statement. This will be the airline’s fifth destination, an expansion that aims to meet demand ahead of this year’s Hajj season, said CEO Bander Almohanna. The company resumed directflights to Sohagfrom Riyadh and Jeddah in September and launchedits first direct flight from Al Ula in October.

INFRASTRUCTURE-

#1- Elsewedy Electric is keen to help construct the electrical interconnection project between Zimbabwe, Zambia, Botswana, and Namibia,Prime Minister Moustafa Madbouly told Zimbabwean Vice President and Health Minister Constantino Chiwenga during a meeting in Cairo on Tuesday, according to a cabinet statement. The Zizabona interconnectorhas been in the works for more than a decade and is being part-financed by the African Development Bank.

#2- Arab Contractors in Angola: Arab Contractors will build four road and infrastructure projects in Angola after signing a partnership agreement with one of the country’s largest companies, reports Al Mal. The agreement with the unnamed firm was signed on the back of a visit of the Angolan public works ministry to Cairo for talks with the Housing Ministry, the newspaper reports.

HOSPITALITY-

Akam Al Rajhi Development will invest EGP 5 bn to build the Voco hotel at its North Coast development, DOSE, reportsAlMal. The firm signed an agreement this week with Intercontinental Hotels Group (IHG), which will manage and operate the hotel. The 300-room resort is planned to open at the end of 2026.

TELECOMS-

Telcos go green: All four of the country’s telecom providers inked agreements with the Madbouly government to purchase green energy to use in their facilities, according to a cabinet statement. Operators have been working to increase their reliance on renewable energy to operate cell towers and corporate buildings in efforts to cut down on electricity bills and reduce emissions. We looked at how telcos are going green to cut costs in last week’s Hardhat.

SUEZ CANAL-

The Suez Canal Authority has a new holding company: A new Suez Canal holding company will obtain ownership over two state-owned companies, one of which has been earmarked for privatization, under a decision approved by ministers at the weekly cabinet meeting yesterday. The Suez Canal Authority’s Canal Company for Mooring and Lights (CCML) and the Port Said Company for Engineering Works and Marine Construction will be transferred to the new firm, known as the Suez Canal Holding Company for Maritime Industries, Services and Investment, according to the statement. CCML was among the 32 companies named on the government’s privatization list earlier this year. Cabinet said the holding company will be tasked with “managing and investing” its assets, without providing further details.

Turkey is moving to a flexible exchange rate as gov’t adopts ‘rational’ economic policies

Progress on Turkey’s return to rationality? The TRY dropped 7% to a record low of 23.17 against the greenback on Wednesday, in what traders see as a sign that the central bank is moving towards a floating FX rate, Reuters reports. After burning through sizable FX and gold reserves to prop up the currency through most of the year, the bank is reportedly switching up its policy, with reserves starting to hold steady as of last week, according to traders. Net foreign reserves had hit a record low of negative USD 4.4 bn in May, when the election process sparked a surge in demand. Reelected Turkish President Tayyip Recep Erdogan last week signaled a return to a more orthodox monetary policy when he appointed Mehmet Simsek — widely seen as a safe pair of hands — as his new finance minister.

Latest Chinese export data may not bode well for the global economy: Chinese exports plunged 7.5% y-o-y in May — the biggest fall since January — on faltering global demand, Reuters reports. This was far faster than the 0.4% fall forecast, highlighting the degree to which higher interest rates and inflation are slowing economic activity and weakening demand in developed economies.

Developed economies need to tighten their belts, says OECD: “We have seen understandable and necessary fiscal support in response to the [Ukraine] war and the pandemic . . . [but] now is the time that blanket fiscal support needs to be withdrawn,” OECD Chief Economist Clare Lombardelli told the Financial Times as the organization released its latest global growth forecast.

The organization predicts global growth of 2.7% this year: A slightly improved outlook on global growth — with the OECD upping its 2023 prediction by 0.1 percentage point to 2.7% in 2023 — and the fading covid and energy shocks means that now is a good time for governments to curb spending, Lombardelli said. Noting that interest rates would likely need to remain high or even rise further to tackle persistent inflation in developed economies, she pointed to the risks of unbridled spending in a time of high borrowing costs. “We don’t want forever more to be ratcheting up levels of debt. That does make countries less resilient.”

A flood of US treasuries could put more strain on the country’s banking sector: The Biden administration’s success in raising the US debt ceiling could have a negative knock-on impact on liquidity at US banks, the Financial Times reports. Having managed to push up borrowing limits, Washington could issue a USD 1.1tn “flood” of short-term treasury bills into the debt market — including USD 850 bn by September — according to JPMorgan data. The sheer volume of new T-bills will cause yields to rise, drawing custom away from bank deposits and potentially pressuring banks to raise their deposit rates, analysts said. The story also got ink in the Wall Street Journal.

EGX30	17,348	-0.8% (YTD: +18.3%)
USD (CBE)	Buy 30.84	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	18.25% deposit	19.25% lending
Tadawul	11,373	+0.5% (YTD: +8.5%)
ADX	9,377	+0.2% (YTD: -8.2%)
DFM	3,688	+0.3% (YTD: +10.5%)
S&P 500	4,268	-0.4% (YTD: +11.2%)
FTSE 100	7,624	-0.1% (YTD: +2.3%)
Euro Stoxx 50	4,292	-0.1% (YTD: +13.1%)
Brent crude	USD 76.85	+0.7%
Natural gas (Nymex)	USD 2.33	+3.1%
Gold	USD 1,956.30	-1.3%
BTC	USD 26,362	-2.3% (YTD: +59.4%)

THE CLOSING BELL-

The EGX30 fell 0.8% at yesterday’s close on turnover of EGP 3.6 bn. Foreign investors were net sellers. The index is up 18.3% YTD.

In the green: Rameda Pharma (+4.5%), CIRA Education (+4.3%) and Madinet Masr (+1.7%).

In the red: Ezz Steel (-4.8%), Abu Dhabi Islamic Bank Egypt (-3.7%) and Egypt Kuwait Holding (-3.5%).

Shares and bonds are largely in the red this morning after the Canadian central bank’s decision yesterday to raise interest rates caused traders to increase bets that the Federal Reserve will continue tightening when it meets next month. US and European equity futures are also trading lower.

Egyptian president signs security agreements in Angola

President Abdel Fattah El Sisi has signed several agreements on security cooperation with his Angolan counterpart Joao Lourenco, during his first visit to the country, Ittihadiya said in a statement yesterday. The two sides also discussed combating terrorism and regional security regarding developments in Sudan and the GERD dispute.

Remember: El Sisi’s trip to Angola is part of a wider tour of Southern Africa that will also take him to Zambia and Mozambique.

Blinken holds talks with MBS amid strained ties

Blinken, MBS hold “candid” talks in Jeddah: Saudi Crown Prince Mohammed bin Salman and US Secretary of State Antony Blinken met yesterday to discuss a range of bilateral issues in what one US official described as an “open, candid” conversation, according to Reuters. Among the topics of discussion were the conflict in Sudan, security in Yemen, counterterrorism and economic cooperation, according to a readout from the US State Department.

Blinken’s visit comes at a time of frosty relations between the two sides: Riyadh’s relationship with the Biden administration has often been tense, and its recent embrace of China, the shock rapprochement with Iran and Syria, and its moves to boost oil prices have put further strain on their relationship.

Could Libya see elections soon? Rival Libyan factions have agreed on a legal process to pave the way for presidential and legislative elections during talks in Morocco, representatives of both parties said yesterday, according to AFP. Morocco’s Foreign Minister Nasser Bourita said the sides would sign agreements “in the coming days.” The arrangements would then be sent to the country’s parliament for approval.

Elections due to be held in the country more than two years ago were canceled due to disputes about who should be allowed to stand for president. Libya remains split between a nominal interim government based in Tripoli in the west and another in the east backed by General Khalifa Haftar.

CALENDAR

JUNE

June: Suez Canal Economic Zone India roadshow.

June: Egyptian-Saudi business forum.

June: Indian Prime Minister Narandra Modi to visit Egypt.

5-8 June (Monday-Thursday): The International Telecommunication Union’s General Symposium for Regulators, Sharm El Sheikh.

6-9 June (Tuesday-Friday):Africa Health Excon, Egypt International Exhibition Center.

6-8 June (Tuesday-Thursday): Association for Iron and Steel Technology (AIST) MENA, Royal Maxim Palace Kempinski Hotel.

10 June (Saturday): Thanaweya Amma examinations begin.

11 June (Sunday): House reconvenes.

11 June (Sunday): National Dialogue.

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

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

13 June (Tuesday): National Dialogue.

15 June (Thursday): National Dialogue.

18 June (Sunday): Senate reconvenes.

19-20 June (Monday-Tuesday): The forum for insolvency reforms and corporate restructuring in the Middle East and North Africa.

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

19-21 June (Monday-Wednesday): Big 5 Construct, Egypt International Exhibition Center.

20 June (Tuesday): Capital Markets Annual Summit, Nile Ritz-Carlton Hotel.

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.

5 - 6 July (Monday - Tuesday): Gov’t to pay out subsidies to first wave of applicants under its sixth export subsidy program.

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

18 July (Tuesday): Islamic New Year.

19 - 20 July (Wednesday - Thursday): Gov’t to pay out subsidies to second wave of applicants under its sixth export subsidy program.

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.

2 - 3 August (Wednesday - Thursday): Gov’t to pay out subsidies to second wave of applicants under its sixth export subsidy program.

3 August (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

10 August (Thursday): Shalateen Mineral Resources gold mining tender closes.

22-24 August (Tuesday-Thursday): BRICS summit, Johannesburg, South Africa.

SEPTEMBER

September: Sustainable Debt Coalition Initiative agreed at COP27 to launch.

September: IDH to open first branch in Saudi Arabia.

September: The Egypt-Germany trade and investment joint conference in Cairo.

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

10-12 September (Sunday-Tuesday): The International Agricultural Exhibition for Africa and the Middle East, Sahara.

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

15 September (Friday): Deadline for FX bureaus to comply with new capital requirements.

17-18 September (Sunday-Monday): Arab Security Conference andExhibition, Nile Ritz Carlton.

17-19 September (Sunday-Tuesday): Sharm Rendezvous, Rixos Premium Seagate, Sharm ElSheikh.

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.

25-26 September (Monday-Tuesday): Egypt to host the Asian Infrastructure Investment Bank’s annual board meeting, Sharm El Sheikh.

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

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

28-29 September (Thursday-Friday)Medical TourismConference, Sharm ElSheikh.

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.

9-11 October (Monday-Wednesday): Arabs Savings and Financial Literacy Conference, Four Seasons Hotel.

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

Late October-14 November: 3Q2023 earnings season.

15-17 October (Sunday-Tuesday): Egypt Automotive Aftermarket Exhibition, Cairo International Convention Center.

26 October (Thursday): Daylight saving time ends.

29-31 October (Sunday-Tuesday): Egypt Energy, Egypt International Exhibition Center.

29 October - 2 November (Sunday- Thursday): Cairo Water Week.

30-31 October (Monday-Tuesday): Intelligent Cities Exhibition and Conference, Dusit Thani LakeView, Cairo.

30-31 October (Monday-Tuesday): Global Business School Network (GBSN), American University of Cairo.

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

NOVEMBER

November: Cairo to hostIntra-African Trade Fair.

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

14-15 November (Tuesday-Wednesday): Destination Africa, Royal Maxim Palace Kempinski Hotel.

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

19-22 November (Sunday-Wednesday): Cairo ICT, Egypt International Exhibition Center.

23 November (Thursday): Worldview Education Fair, Cairo. (Register here)

DECEMBER

10-11 December (Sunday-Monday): eGlobe Expo, St. Regis Almasa Hotel, Cairo.

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

12-14 December (Tuesday-Thursday): Food Africa Expo, Egypt International Exhibition Center.

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

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Summer 2023: EGX to launch a shariah-compliant index.

1H 2023: GAFI roadshow set to launch to drum up foreign investment for golden licenses

1H 2023: Abu Dhabi Islamic Bank intends to launch a digital consumer finance company

2H 2023: Egyptian government expected to sign agreements with a consultant for the EuroAfrica electricity interconnector.

2H 2023: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan expected to hold a summit.

3Q 2023: E-Finance to launch in Saudi Arabia.

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

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

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

November 2024: Egypt to host the 12th session of the World Urban Forum (WUF12).

2Q 2025: Safaga Terminal 2 to initiate operations.

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