Tighter cap on school fee increases lands with a thud for operators

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What We're Tracking Today

Egypt at the G20 this weekend

Good morning, everyone, and happy Thursday. After a frantic week of news we have a relatively compact issue for you this morning to enjoy with your first coffee of the day.

MORNING MISCELLANY- Is Sequoia Capital losing its edge? Long one of the most trusted names in Silicon Valley venture capital, investor faith in Sequoia Capital is now wobbling after a series of perceived missteps. (Financial Times)

PSA for children of the late 1980s / early 1990s: Meg Ryan is making romantic comedies again. What Happens Later, starring Ryan and the X-Files’ David Duchovny, sees two one-time lovers running into each other decades later at a snowed-in airport. Ryan also directs the flick, which is due in cinemas in November. Check out the trailer (watch, runtime: 2:35) or visit the film’s website.

COUNTDOWN- There are just 11 days until the Enterprise Finance Forum, which takes place 18-19 September (Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech — and of their clients.

You won’t want to miss this one: Join Karim Awad (CEO, EFG Holding), Hassan Allam (CEO, Hassan Allam Holding), Yasmine El Hini (country officer, IFC), Hazem Moussa (chairman, Contact Financial Holding), Tamer El Emary (group CEO, GB Capital), Hoda Kassem (Cairo global services center director, HSBC Egypt) and many others for talks on everything from investing in uncertain times, to whether NBFIs are a bubble. Stay tuned for the unveiling of our full list of speakers in the coming days.

Tap or click here to REQUEST AN INVITATION or view the FULL AGENDA.

We are honored to count some of the region’s most important financial institutions as our partners for this special event. The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FAB Misr, HSBC, Mashreq, CI Capital, Global Corp, Visa, Hassan Allam Utilities, and the IFC.

HAPPENING TODAY-

#1- FinMin, AIIB sit down with private sector players: In the lead up to this year’s Asian Infrastructure Investment Bank (AIIB) annual meeting in Sharm El Sheikh, Finance Minister Mohamed Maait, Deputy Finance Minister Ahmed Kouchouk, and AIIB Vice President Ludger Schuknecht will sit with private sector players to explore what kind of support the bank can offer them, according to a statement (pdf). The AIIB is holding its annual meeting in Sharm El Sheikh on 25-26 September.

Go deeper: You can check out the agenda for today’s sitdown here (jpg).

#2- The National Dialogue will hold its final session of the week today, with a round of discussions on social topics including the film industry and student unions.

HAPPENING THIS WEEK-

#1- Foreign reserves figures will be out any day now. Expect the central bank to release figures for August before Sunday.

# 2- G20 summit: G20 leaders (sans Xi and Putin) will gather in New Delhi for the 2023 G20 summit on Saturday and Sunday.

Remember: Egypt has an invite. Egypt is among the non-G20 countries India has invited to the events this year, though it’s unclear who will be attending this summit. Anonymous sources told Bloomberg yesterday that a “leader” from Egypt will be among those attending an Africa-EU meeting on the sidelines of the gathering, though it didn’t specify a name.

HAPPENING NEXT WEEK-

Inflation to hit new record high in August -Reuters: Headline inflation will likely set a new all time high in August, as the impact of successive currency devaluations and the ongoing shortage of FXcontinue to feed through to the economy, according to a Reuters poll of analysts. The median forecast of 14 analysts and economists sees consumer prices accelerating at a 37.1% clip in August, up from the previous record high of 36.5% in July.

THE BIG STORIES ABROAD- The Western press is focused on the Bidens this morning:

The war in Ukraine: Biden’s secretary of state, Antony Blinken, is rallying the troops in Ukraine: Reuters | Washington Post | New York Times
Is Biden’s son going to appear in the dock? Associated Press | Wall Street Journal | Bloomberg
Minimizing polar bear deaths: The Biden administration has canceled licenses to drill for oil and gas in the Arctic granted by the Trump administration. (Reuters | Financial Times)

ALSO- Turkey to deliver 1 mn t ons of Russian grain to Africa: Turkey has agreed in principle to deliver 1 mn tons of grain from Russia to Africa, with Qatari funding, Reuters reports. “We expect that in the near future we will enter into working contacts with all parties to work out all the technical aspects of the scheme for such deliveries,” Deputy Foreign Minister Alexander Grushko said, according to the official Russian news agency statement, picked up by Reuters..

FX WATCH-

Turning land into greenbacks: The New Urban Communities Authority (NUCA) sold USD 2.5 bn worth of land in greenbacks during the first seven months of 2023, Ha pi Jou rnal reports, citing an interview with the authority’s vice president Walid Abbas.

THE REALIGNMENT-

Saudi-Iran rapprochement is official: Saudi Arabia and Iran have reappointed ambassadors, officially restoring diplomatic ties after a seven-year rift, Bloomberg reports. The Saudi ambassador Abdullah Al Enezi landed in Tehran on Tuesday, in tandem with Iran’s Alireza Enayati’s arrival in Riyadh.

Remember: The two countries agreed to restore diplomatic ties in March in a shock diplomatic coup for the Chinese.

You know it’s serious when football is involved : Cristiano Ronado, Karim Benezema et al. will take their Saudi clubs to Iran for the Asian Champions League later this month.

CIRCLE YOUR CALENDAR-

#1- Eastern Company shareholders will meet on 28 September to approve the company’s FY 2022-2023 financials along with other decisions, according to a disclosure to the EGX (pdf). The company has also decided to begin procedures for the spinoff of unutilized real estate assets, it said, without specifying what those assets are or how much they’re worth.

Remember: Eastern has a new majority shareholder. Emirati investment company Global Investment Holding (GIH) has agreed to purchase a 30% stake in Eastern from the government, in a transaction that will see GIH become Eastern’s single-largest shareholder.

#2- IDA extends industrial land plots tender: The Industrial Development Authority (IDA) has extended the initiative offering 790 new industrial land plots, as more investors are showing interest, the authority said in a statement (pdf) yesterday. Interest investors have until 14 September to take out the tender conditions booklet for the plots instead of 6 September, and until 27 September to apply for the plots digitally via the IDA website.

#3- Help keep Wadi Degla clean: Trail running events organizer Ultra Ibex is holding a trash clean-up in Cairo’s Wadi Degla between 9-11 am on Friday, 15 September. Volunteers will clear trash from the 3-km stretch from the entrance of the Wadi, the same area where they collected more than 100 bags of trash last year. All proceeds collected from the event will go towards installing 10 new trash collection units in the Wadi. Register to help out here.

Are you a corporate and want to back the cleanup? Our friends at Ultra Ibex are actively looking for partners.

#4- Looking to do your master’s degree in the UK? Applications for the British government’s Chevening scholarship will open from Tuesday, 12 September and close on 7 November. The scholarship offers full financial support for students to pursue an eligible master’s degree at over 150 UK universities. Applications will be open here.

#5- Back-to-school supplies on a budget: The Cairo edition of the Supply Ministry’s ‘Welcome Schools’ expo — where the state offers school supplies and some food products at lower prices — is taking place from 15-29 September, the Supply Ministry s aid Tuesday. Some 170 sellers will set up shop at the MSME Development Agency hall in Nasr City. The expo is happening in various locations across all governorates throughout September.

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

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Fee rises at high-end int’l, private schools capped at 6% for the coming school year

Gov’t imposes tight cap on fee rises for high-end int’l, private schools: Private and international schools that charge tuition fees of EGP 35k and above will not be allowed to hike fees by more than 6% for this academic year, down from the previous 7% cap, according to a statement sent to journalists by the Education Ministry.

A tiered system: Schools with fees of less than EGP 35k are permitted to hike fees by a larger percentage. Fee hikes are capped at:

Up to 7% for schools charging EGP 25 - 35k ;
Up to 10% for schools charging EGP 20 - 25k ;
Up to 12% for schools charging EGP 15 - 20k ;
Up to 15% for schools charging EGP 10 - 15k ;
Up to 20% for schools charging EGP 5 - 10k ;
Up to 25% for schools charging less than EGP 5k.

Industry reax: One school chief summed it up yesterday: “What planet are they living on? … Haven’t they noticed the inflation rate?”

In context: The hikes are well below the current rate of inflation, which hit an all-time high of 36.5% y-o-y in July — and which a Reuters poll of economists suggests was even higher in August.

Parents have been waiting for the bill: Many schools delayed announcing their fees for thecoming year well into the summer, as they waited to see if there would be further movement in the USD-EGP exchange rate. Several schools were also in talks with the Education Ministry to approve their fees, sources in the sector recently told Enterprise.

REMEMBER- Schools regulated by the Education Ministry (a group that excludes many schools owned by parent associations, such as BISC and MBIS, and other external bodies, such as Cairo American College) are required to get ministry approval each year on their tuition fees before announcing them to parents.

A potted history of fee caps: The Education Ministry introduced the earlier 7% fee cap in 2017 and began imposing it in the 2019-2020 academic year for all schools under its jurisdiction, after parents lobbied to end what they called unjust increases. Private schools under the ministry’s jurisdiction have been lobbying the ministry for the past few years to revise the cap in light of rising inflation and, more recently, the EGP devaluation. They reached a compromise last year to adjust the baseline from which fee hikes are calculated and allow many schools to apply for exemptions.

The problem for schools: They, like other businesses, are being eaten alive by inflation — and many of them have USD-denominated costs ranging from teacher salaries to materials and many of their online tools.

Some struggling schools are getting a pass: “Schools that can provide proof of incurring losses can apply to the Education Ministry for exemptions from the current caps and in some cases the requests came back with approvals for increases of between 15-60%,” Karim Mostafa, CEO of education management company Eduhive, told us yesterday.

Schools with lower fees have more room to maneuver: The move to allow higher increases for schools that charge tuition of less than EGP 25k came after several school owners voiced concerns to the ministry that the former 7% cap could force them to shut down in the face of rising costs, Private Schools Owners Association Chairman Badawy Allam told us.

While others find ways around fee caps: Some schools levy additional fees that don’t fall under the technical umbrella of tuition — giving them more leeway for increases — while others are reportedly using loopholes in how they report their tuition fees to the government as they look to create a buffer against soaring costs.

This won’t be popular among many school administrators: Sources we spoke to in the sector yesterday are concerned that the cap will hinder their ability to face financial challenges that lie ahead. We’ll take an in-depth look at what the decision means for private schools in next week’s Blackboard, our weekly vertical covering the education sector.

Gov’t school fees will stay more or less flat: Government schools will see an increase of EGP 7 in annual fees across the board, per a ministry decree. Following the adjustment, fees for government schools vary from EGP 213 to EGP 528, depending on the type of school and grade. Children of teachers are entitled to a 50% fee reduction, while some others are exempt from fees, including children with special needs and whose families receive social support from the government.

Abu Dhabi’s export finance agency is funding more UAE exports to Egypt

We’re going to be importing more from the UAE: Abu Dhabi Exports Office (ADEX) is set to extend a USD 100 mn revolving loan to the National Bank of Egypt (NBE) to fund imports from the UAE, the state-run Emirates News Agency(WAM) reports. The financing agreement, which was inked by the two parties yesterday, seeks to boost Emirati exports to Egypt. ADEX is the export finance arm of the Abu Dhabi Fund for Development (ADFD).

What they said: “Our aim is to empower Emirati exporters to expand their international presence,” said ADFD Director General Mohamed Saif Al Suwaidi. “The financing . . . actively contributes to the growth of our national economy and enriches a strategic partnership that enhances trade relations between our two countries.”

That’s the second loan from ADEX in less than a month: ADEX in August provided the government with a five-year USD 100 mn revolving loan to purchase some USD 500 mn worth of wheat from Emirati agribusiness Al Dahra.

Struggling Egyptian supermarket chain Awlad Ragab to sell EGP 850 mn in assets -report

Awlad Ragab is shutting down more of its branches: Supermarket chain Awlad Ragab is liquidating some EGP 850 mn worth of assets before the end of the year in an attempt to avoid default, a company official is quoted as telling As harq Bus iness. The company is selling eight branches, a factory, and a warehouse to repay part of its dues to banks, leasing companies, and suppliers, the news outlet reported.

A shift in strategy: Awlad Ragab plans to use part of the proceeds to reopen some of its more feasible branches in Cairo, Giza, and four other governorates.

It’s been a tough year: The company has slashed its branch count almost in half to 43 this year, half of which are rented, according to Asharq. According to its website, the supermarket is currently present in a number of governorates including Cairo, Port Said, Marsa Matrouh, Suez, Red Sea, and Beni Suef.

This comes as no surprise: The indebted supermarket chain has been looking to restructure since January, when owner Mahmoud Ragab revealed that the company has accumulated over EGP 2.2 bn in outstanding debt. The company sold three branches in May for EGP 100 mn, which helped it pay some of its dues, according to local media reports.

Background: Awlad Ragab has been in the industry since before the Open Door policy of President Anwar Sadat, having gotten its start as a wholesaler in 1970. It moved into retail some 20 years later and went on a growth spree in the early 2006s fuelled by both acquisition and organic expansion.

Egyptian Exchange board member talks up rally, sees benchmark index closing higher at year’s end

It was another low-business night on the airwaves last night,with the ongoing EGX rally being the only big business story of the night.

EGX board member Rania Yacoub talked up the relative merits of buying gold and real estate (both overpriced, she suggested) vs the EGX in a chat with Masa DMC’s Ramy Radwan (watch runtime 6:32). Yacoub also thinks that the FX crisis means assets in the state privatization program are very attractively priced, making them appealing to strategics. That’s good for everyone: The premium paid by Emirati investors for a big stake in Eastern Company caused the tobacco-maker’s shares to re-rate, going from EGP 19.00 to EGP 28.00.

Yacoub also talked-up the rally that has seen the benchmark EGX30 gain nearly 32% year-to-date (see Planet Finance, below) — and close above 19k for the first time ever. Yacoub says she sees the EGX30 closing the year above where it now stands. The index is up some 120% since July 2022 as local investors look to park EGP somewhere that gives them a hedge against inflation.

MEANWHILE- Al Hayah Al Youm’s Mohamed Sherdy divided his coverage between Egypt-Japan talks (watch runtime 3:41) and Foreign Minister Sameh Shoukry’s statement (watch runtime 2:07) at the Arab League Council. The FM touched on GERD and Palestine in his remarks.

AND- Hottest summer since 1940: Masa DMC also covered a report by the Copernicus Climate Change Service, saying that this summer was the hottest on record since 1940 (watch runtime 3:19). Host Ramy Radwan accused major industrial economies of not being serious about curbing climate change.

Another building collapse gets attention internationally

There’s not a lot going on in the international press this morning as far as Egypt is concerned: The Associated Press picks up on the building collapse in Cairo’s Hadayek El-Kobba district that killed at least four people and injured three others. Meanwhile, the New York Times reports on the Tamazid project masterminded by architect India Mahdavi and businessman and conservationist Mounir Neamatalla — an earth-toned fortress made from natural materials in the Siwa Oasis.

CIRA Education plans second bond issuance. PLUS: aiBank, Taqa Arabia, Orascom Construction, EDF Renewables, and more

DEBT-

CIRA’s second future flow bond issuance coming this month: CIRA Education is set to securitize future cashflows worth EGP 700 mn before the end of the month, CEO Mohamed El Kalla told Enterprise. This will be the second tranche of its EGP 2 bn program. The company had initially planned to offer a second tranche of EGP 800 mn, he added. The proceeds will be used to finance CIRA’s plans to expand its university and K-12 offering.

Remember: CIRA in November closed its maiden EGP 800 mn future flow issuance, the country’s first-ever bond of its kind. Unlike a traditional securitized bond, future flow allows the securitization of off-balance sheet cashflows.

AND- CIRA buys out subsidiary: CIRA Education has fully bought out subsidiary Egyptian Company for Education Systems by acquiring the 0.5% stake that it didn’t already own, it said in a filing to the bourse (pdf) earlier this week. The seller is listed as CIRA board member Mohamed Soliman. The move is aimed at consolidating CIRA’s businesses and simplifying its operations, El Kalla said, adding that the company has been for some time buying-out minority investors in subsidiaries in which it holds the lion’s share of the equity.

BANKING-

aiBank has launched a 15% interest-up-front time deposit, it announced in a stat ement ( pdf) yesterday. Savers have to deposit at least EGP 500k in the account for up to six months. The sweetener: This is an interest-up-front instrument, meaning depositors are paid the interest in advance on the day of deposit with a rate of up to 15%. The instruments are open to both retail and corporate clients, aiBank said.

What’s a time deposit? A TD is a shorter-term instrument than a certificate of deposit. TDs tend to last for months (generally up to six), while certificates of deposit are typically for tenors of one to three years.

TRANSPORT-

Our friends at Orascom Construction and UK’s Colas Rail have inked an agreement with the National Authority for Tunnels to convert Alexandria’s Abu Qir railway into an underground metro, according to a cabinet statement. The European Investment Bank and the European Bank for Reconstruction and Development are providing a combined EUR 1 bn in finance for the project. An unconfirmed report in the domestic press suggest that the state will directly finance 15% of the project’s total cost.

REAL ESTATE-

More families become eligible to apply for land plots in new cities: The New Urban Communities Authority has widened eligibility for its Maskan housing scheme to families that have already received housing or land through other social housing schemes, as well as families that have already purchased mid-level or premium land plots in new cities, a Housing Ministry statement said. Only former recipients of mid-level or premium plots through the Maskan program are not eligible to apply for another plot.

Maskan? The scheme allows buyers to reserve one of 522 plots across the country’s new cities through its dedicated website. Plots have been separated into categories according to quality, in line with the government’s drive to provide affordable housing at all income levels. The scheme’s third offering opened on 22 August and will continue until 21 October.

REGULATION-

Real estate developers get a break: Developers will soon be allowed to apply for a one-time license to own and operate a commercial and office properties rather than having to apply for annual license renewals, Mohamed El Bustani, the deputy head of the real estate division at the Federation of Egyptian Chambers of Commerce, told Enterprise. The government is in the process of changing the licensing requirements in response to the division’s request, he said. El Bustani was confirming a report first broken by Al M al.

FEI is pushing for changes to financing regs: The division has submitted several requests to the Central Bank of Egypt to make properties an acceptable collateral for loans extended to property buyers, division head Tarek Shoukry previously told Enterprise.

ENERGY-

#1- Taqa Arabia sets up in Saudi Arabia: Qalaa Holdings subsidiary Taqa Arabia has established a Saudi company with the Saudi Natural Gas Distribution Company, it said in a EGX disclosure (pdf) yesterday. The SAR 500 mn company, dubbed First Gas Company, is a 50/50 joint venture. The company will maintain and develop pipelines, and transport oil and gas.

#2- Two agreements with EDF Renewables: France-based EDF Renewables has signed two MoUs with the Egyptian Electricity Holding Company (EEHC) and North Cairo Electricity Distribution Company (NCEDC) to collaborate in electricity and energy projects, according to a cabi net state ment. The statement didn’t go into any details regarding the projects.

SOCIETY-

Egyptian preacher Amir Mounir arrested over Umrah-for-hire app: The app allowed users to “outsource” the performance of the Umrah pilgrimage in return for an EGP 4k (USD 130) fee. Al Arabiya reports. Fatwa trustee at Egypt’s Dar Al Ifta Khaled Omran took to the talk shows earlier this week to tell viewers it is not possible to pay someone else to perform the rite.

BlackRock x Gulf wealth funds

BlackRock looks to Gulf to finance its new investment pool: Gulf sovereign funds are considering injecting cash into a new investment pool from US private equity giant BlackRock, reports Asharq Business, citing sources close to the issue. The fund will target Middle East infrastructure projects and private stocks and currently has the interest of Saudi’s Public Investment Fund (PIF), Saudi Arabian General Investments, Hassana Investment Company and the UAE’s Mubadala Investments, the sources said. Discussions are ongoing to establish the fund in the Abu Dhabi Global Market freezone, with operations managed from Riyadh.

US GDP growth estimates to more than double, say economists: The US economy is poised to potentially more than double its projected growth rate for 2023, writes Bloomberg. Recent robust economic indicators prompted economists to revise their forecasts upward from June’s 1% Fed’s projections.

AND- Saudi Telecom becomes Telefonica’s top shareholder: Saudi Telecom Company (STC) has acquired a nearly 10% stake worth USD 2.25 bn in Madrid-based Telefonica SA in an attempt to extend its operations. (Bloomberg)

EGX30	19,225	+1.0% (YTD: +31.7%)
USD (CBE)	Buy 30.83	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	19.25% deposit	20.25% lending
Tadawul	11,298	-1.0% (YTD: +7.8%)
ADX	9,614	-0.4% (YTD: -5.9%)
DFM	4,038	-0.4% (YTD: +21.0%)
S&P 500	4,465	-0.7% (YTD: +16.3%)
FTSE 100	7,426	-0.2% (YTD: -0.3%)
Euro Stoxx 50	4,238	-0.7% (YTD: +11.7%)
Brent crude	USD 90.64	+0.7%
Natural gas (Nymex)	USD 2.52	-2.4%
Gold	USD 1,942.10	-0.5%
BTC	USD 25,722	-0.1% (YTD: +55.4%)

THE CLOSING BELL-

The EGX30 rose 1% at yesterday’s close on turnover of EGP 2.28 bn (7.9% above the 90-day average). Local investors were net sellers. The index is up 31.7% YTD.

In the green: Orascom Development Egypt (+4.1%), Qalaa Holdings (+3.8%) and CIB (+3.4%).

In the red: Elsewedy Electric (-3.1%), Credit Agricole Egypt (-2.0%) and Eastern Company (-2.0%).

Japan foreign minister in town for talks with El Sisi

President Abdel Fattah El Sisi discussed education, energy, transport and tech ties with Japanese Forei gn Minister Yoshimasa Hayashi yesterday, according to a readout from Ittihadiya. The two also talked about the Grand Egyptian Museum, for which Japan has provided hundreds of mns of USD in funding, and the need to reach a political solution to the Russia-Ukraine war and the Israel-Palestine conflict. Japan’s foreign ministry did not release a statement immediately following the talks.

Remember: Hayashi met with Foreign Minister Sameh Shoukry on Tuesday at a three-way meeting with Jordan. The meetings come four months after the Japanese prime minister’s visit to Egypt, during which the countries upgraded bilateral ties to a strategic partnership.

GERD-

Shouky wants Arab allies to act on Ethiopia: Foreign Minister Sameh Shouky yesterday urged Arab nations to put pressure on Ethiopia to make compromises in ongoing negotiations over the Grand Ethiopian Renaissance Dam (GERD).

FYI- The first round of GERD talks between Egypt, Ethiopia and Sudan in two years took place in Cairo last week. In a meeting in July, President Abdel Fattah El Sisi and Ethiopian prime minister Abiy Ahmed had pledged to end the dispute over the dam within four months. Ethiopia has been unilaterally filling the dam’s reservoir for the past three years without an agreement, inflaming tensions between the two countries.

My Morning Routine: Raid Gamal Eldin, founder and CEO of Ultra Ibex

Raid Gamal Eldin, founder and CEO of Ultra Ibex: 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 Raid Gamal Eldin (LinkedIn), CEO of Ultra Ibex and a veteran of multinational FMCG players and the domestic manufacturing industry.

My name is Raid Gamal Eldin, business builder and founder of Ultra Ibex, a trail running and outdoor adventure events organizer based in Cairo. Born out of Wadi Ibex, Egypt’s first and only trail running team, it’s managed by leading ultra and trail running athletes who have international experience. I’ve been married to my beautiful wife, Rania El Farnawani, for 24 years now and we have three wonderful kids, Hamza, Haya, and Tara.

Part of our mission is to promote the Egyptian trails and natural protectorates. On Friday 15 September, we're organizing a clean-up event in Wadi Degla. We’re inviting everyone to come and volunteer from 9 -11am and help us clean the Wadi. Last year, we used the event proceeds to install five trash collection units. This year, we are targeting 10 more units, to reduce littering in the protectorate. Anyone interested in joining can register on our website.

I graduated with a bachelor’s degree in accounting from Cairo University in 1994 and I got my MBA from Maastricht School of Management in 2008. My early career in sales management was with Mövenpick Ice Cream. I then worked at Philip Morris, Mondelēz International, and the Coca-Cola Company, before my final corporate stop at Double A International, a global copy paper company, as Egypt general manager. I was there for 12 years until the company exited Egypt earlier this year and I decided to focus on my passion with Ultra Ibex.

My main responsibilities as a founder and CEO include handling the marketing, business development, and finances of the company. I also help with operations during the races and challenges.

It all started in 2019 with a small group of passionate runners including myself who went running regularly in Wadi Degla Protectorate. Soon enough, I created the Wadi Ibex trail running team. We trained every week in the Wadi and started organizing races when the pandemic hit in 2020. The trail running community developed faster than we expected and grew to include dozens of runners from various age groups and different athletic backgrounds. My passion for trail running kept growing and I dedicated more time and effort to promote the sport and the country’s natural protectorates, eventually establishing Ultra Ibex.

The most interesting trend in my industry is the development of the sport globally and at a very fast pace. This attracted the sports equipment and events organization companies to the sport and they started offering trail running gear, apparel, and shoes.

I’m an early riser. I wake up around 5:30 am, pray, and go for a workout. Then I go home to take a shower before having my breakfast and morning coffee, usually while reading EnterpriseAM. I also love reading the weekend issue in detail.

My day usually starts at 9am after I'm done with my breakfast. I’ll start checking emails, answering phone calls, updating my calendar and to-do list and taking meetings.

My workday is never the same. It’s sometimes from home, sometimes from the office, sometimes from the car hopping between New Cairo and Sheikh Zayed on the same day. I wrap up around 6pm to get back home and spend time with my family.

I am a very organized person so the one constant in my day is journaling. I have a notebook for everything and constantly update my to-do list and calendar. I always use color codes to prioritize my lists. Also, I try to stay focused by not answering all the calls I receive. I pick which to answer based on the importance and the urgency of the call.

My dream is to organize a local 250 km multi-stage ultra trail race, similar to the legendary Marathons des Sables that I completed last year. They’re unsupported three to five-day races in the desert or mountains, where participants run an average of 50 km per day for several consecutive days, carrying all their food, supplies and equipment for the whole duration of the race. One of my personal goals over the next two years is to participate in the UTMB world championship, which is the top trail race in Chamonix, France.

I used to be more of a workaholic. I realized that I wasn’t giving my family and myself enough care and time. So I started maintaining a work-life balance, dedicating more time to my family and to my physical wellness and fitness. That's one of the reasons why I became an amateur athlete.

I recommend two podcasts: Revisionist History and Cautionary Tales.I’m also a fan of Malcom Gladwell’s book Talking to Strangers.

CALENDAR

SEPTEMBER

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

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

September: IDH to open first branch in Saudi Arabia.

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

September: JETRO’s second delegation arrives in Cairo.

End of September: ADQ to acquire stakes in Elab, Ethydco and EDC.

5-8 September (Tuesday-Thursday): Global Congress on Population, Health and Development, Cairo.

7-8 (Thursday-Friday): Regional Forum for Sustainability & Development, Cairo.

7 September (Thursday): National Dialogue.

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

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

13-14 September (Wednesday-Thursday): Hydrogen Egypt Summit, Nile Ritz Carlton, Cairo.

13 September (Wednesday): Deadline for settling outstanding military service in FX.

15 September (Friday): Ultraibex Wadi Degla Protectorate clean-up event.

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

15 September (Friday): Deadline for applications to EGYAID scholarship program.

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

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

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

18-19 September (Monday-Tuesday): Enterprise Finance Forum, St. Regis Hotel, Cairo.

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

20-23 September (Wednesday-Saturday): Cityscape Egypt, Egypt International Exhibition Center, Cairo.

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

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

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

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

26 September (Tuesday): Taqa Arabia’s ordinary general assembly meeting.

27 September (Wednesday): Deadline for bidding in the fifth phase of the investment map offered by the Industrial Development Authority (IDA).

28 September (Thursday): Eastern Company will hold an ordinary general assembly meeting to approve the company’s financials for the 2022-2023 FY.

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

28-29 September (Thursday-Friday): Medical Tourism Conference, Sharm ElSheikh.

30 September (Saturday): The start of the new academic year for Egyptian universities.

30 September (Saturday): The start of the new academic year for Egyptian schools.

OCTOBER

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

October: Egyptian-Jordanian Business Council, Amman, Jordan.

October: Gov’t expects to finalize sale of Gabal El Zeit wind plant.

October - November: Gov’t expects to finalize sale of military-owned fuel retailer Wataniya.

1-3 October (Sunday-Tuesday) International Expotec for water economics management, Egypt International Exhibition Center, Fifth Settlement, Cairo.

2-4 October (Monday-Wednesday): Sharm Rendezvous - Ins. Market, Rixos Premium Seagate, Sharm ElSheikh.

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

2 October (Monday): Government meeting with investors to look into liberalizing electricity grid.

6 October (Friday): Armed Forces Day.

9 October (Monday): The Narrative PR Summit, Somabay Red Sea.

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

10-12 October ( Tuesday-Thursday) Ceramica Expo, Cairo International Convention Center.

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

Late October-14 November: 3Q2023 earnings season.

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

26 October (Thursday): Daylight saving time ends.

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

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

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

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

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

NOVEMBER

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

9-15 November (Thursday-Wednesday): Intra-African Trade Fair, Cairo.

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

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

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

22 November (Wednesday): Deadline to apply to FRA for credit rating license.

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

30 November-12 December (Thursday-Tuesday): COP28, Dubai.

DECEMBER

December: Gov’t expects to finalize sale of military-owned bottled drinks company Safi.

December: Gov’t expects to finalize sale of Zafarana wind farm.

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.

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.

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

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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