Two more mega Cairo developments in the works

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WHAT WE’RE TRACKING TODAY

The new Building Reconciliation Act has arrived

Good morning, folks. The Egypt Energy Show has come to an end, but the energy news is still rolling in from the event. We’ve got important oil, gas, and renewables news for you today and a slice of big real estate news for good measure, plus so much more. We’ve got a packed issue for you today, so let’s jump right into it.

HAPPENING TODAY-

The executive regulations for the new Building Reconciliation Act will be out today: The long-awaited law is set to make it easier for owners of unauthorized buildings built by 15 October of last year to legalize their properties in return for paying a reconciliation fee, and to set a clear procedure for the process.

** We delved into the ins and outs of the new law in a Hardhat last year.

FROM THE RUMOR MILL-

Two new firms headed for the privatization list? The Public Enterprise Ministry isreportedly preparing to offer stakes in two unnamed companies to either strategic investors or through EGX offerings before the end of June, writes Al Arabiya, citing an unnamed governmental official. The companies in question belong to the ministry’s HoldiPharma, which has nine subsidiaries and two of which — Misr Pharma and Chemical Industries Development — are already included in the state’s privatization plan.

ICYMI- Egypt is aiming to raise USD 6.5 bn through the privatization of state-owned companiesand assets by the end of the year.

WATCH THIS SPACE-

#1- Gov’t to hand over land for Sohag wind farm within weeks: The government will deliver a plot of land for the planned 10-GW wind farm in Sohag to the consortium in charge of developing the project within two to three weeks, Infinity Power Chairman Mohamed Mansour told Al Arabiya (watch, runtime: 1:31). The project — which will be one of the region's largest wind projects to the region — is expected to reach financial close in 18-24 months.

Remember: A consortium of UAE’s Masdar, Infinity Power, and Hassan Allam Utilities in June signed a land allocation agreement with the Egyptian government for their USD 10 bn wind farm in Sohag, eight months after the companies signed an agreement for the project on the sidelines of COP27.

Infinity eyes more energy production: The local renewables player plans to up its energy production capacity to 1.5 GW over the coming year, up from its current 1.3 GW, and ramp up its total energy production to 10 GW by 2030, Mansour added.

#2- United Bank is eyeing 20-30% stakes in two unnamed tech companies andaims to acquire the stakes within the coming few months, the bank’s CEO Ashraf El Kady told Al Arabiya without providing any further details.

#3-Gov’t could launch new phase of export subsidy program before April: The Finance Ministry is looking to roll out the seventh phase of its export subsidy program before the end of 1Q 2024, Finance Minister Mohamed Maait told Al Borsa. Maait did not specify how much the government intends to spend on export subsidies this time around.

CIRCLE YOUR CALENDAR-

Mega Green Accelerator program now accepting applications from MENA startups: Do you run a startup that focuses on “circular economy solutions, clean energy transition and climate mitigation technologies, including water and agriculture”? If so, the Mega Green Accelerator — an initiative launched at COP28 — is for you. The program offers seed funding, mentorship, and access to “some of the most prominent business leaders in the region.” Startups will have until 15 March to submit their applications.

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

THE BIG STORY ABROAD-

US chipmaker Nvidia reported a 265% y-o-y jump in quarterly revenues on the back of a splurge in AI spending that has now pushed the company’s valuation to USD 1.7 tn — surpassing that of tech goliath and Google-parent company Alphabet, reports the Financial Times. Net income also skyrocketed 770% during the same period to USD 12.3 bn.

Wall Street was expecting some impressive numbers, but not quite this: Revenues came in at USD 22.1 bn for 4Q 2023, 8% more than Wall Street forecasts of USD 20.4 bn. Revenues for the current quarter should come in larger still at around USD 24 bn, according to the chipmaker.

A “tipping point” for AI and the big tech landscape: “Accelerated computing and generative AI have hit the tipping point,” Nvidia’s CEO and founder Jensen Huang said. “Every company is built on their proprietary business intelligence and, in the future, their proprietary generative AI.”

Egypt’s New Urban Communities Authority allocates land to UAE’s UDC for EGP 60 bn mixed-use development product. PLUS: NHMC is building a USD 300 mn medical and educational complex

Today, we’ve got, not one, but two big ticket developments with investments from abroad to report on, both of which will be buying land for their projects using much-need foreign currencies.

ANOTHER EMIRATI DEVELOPMENT IN CAIRO IS IN THE WORKS-

New Cairo will soon be home to a new EGP 60 bn development: UDC Real Estate Development, a subsidiary of UAE-based Mohammad Omar Bin Haider Holding Group (MOBH), has received a land plot in New Cairo’s Al Andalus to build a EGP 60 bn mixed-use development. UDC and the New Urban Communities Authority (NUCA) inked the land allocation agreement yesterday, according to a cabinet readout.

Introducing, The Crest: The project — dubbed The Crest — will span some 665k sqm and willfeature residential, administrative, entertainment, commercial, and hospitality units. UDC will work on the project in cooperation with Cairo-based property developer IL Cazar, the statement reads, without specifying what role IL Cazar will play.

UDC is paying in FX for the land, according to company CEO Mohamed Al Battarni. This comes at a time when the state is in desperate need of more foreign currency inflows amid the ongoing FX crunch and the looming currency devaluation. The statement did not disclose how much of the total EGP 60 bn investment would go towards acquiring the piece of land.

The project marks MOBH’s first entry into the Egyptian market, but the company is already looking forward to further cooperation with the Madbouly government, Al Battarni said.

What’s next? UDC will prepare the project’s general plan and construction schedule andpresent it within six months. The eight-year construction period will kick off once the plan and schedule are approved.

ALSO FROM THE CONSTRUCTION SITE-

The New Urban Communities Authority (NUCA) has awarded NHMC Egypt — the local arm of the UK-based healthcare, finance, and technology-focussed conglomerate NHMC Group — a plot of land in East Cairo’s Shorouk City to set up a USD 300 mn medical and educational complex alongside a residential and commercial project under a contract inked by the two parties yesterday, according to a cabinet statement.

In detail: The project will host a private hospital developed in partnership with American pharma and cosmetics giant Johnson & Johnson. Another hospital will also be set up in partnership with the University of Buckingham. The medical and education complex will also include a sports academy that can cater for those with special needs and an international school. While the adjacent residential and commercial area area will include villas, apartments, malls, hotel apartments, and healthcare-focused administrative buildings.

FX incoming: The land will be paid for in foreign currency transferred from abroad, the statement indicates.

SMEs could pay the same amount of taxes for larger revenues following proposed SME act amendments

SMEs will now pay the same amount of taxes for larger, more valuable projects:The Finance Ministry has approved a proposal to amend the tax brackets for SMEs to take into account inflation, without infringing on the final tax rates on projects, a government source told Enterprise. According to the source, the proposed brackets will increase by 10% over what they were previously during the last three years.

The changes:

First bracket: Projects that generate EGP 350k or less will pay a fixed tax of EGP 1k — a tax previously imposed on projects that generated EGP 250k or less in revenues.
Second bracket: Projects that generate 350k-700k will pay a fixed tax of EGP 2.5k — a tax previously imposed on projects that generate just EGP 250k-500k.

What’s next? The proposal — which was filed by the SME Committee – is now being prepared to be presented to the cabinet.

IN OTHER TAX NEWS-

Gov’t has faced no difficulties in collecting VAT in FX: The government’s motion to require sellers to settle their value-added tax dues in FX if the service or product they offer is invoiced or paid for in foreign currency has seen a stable implementation so far, Head of Tax Authority Rasha Abdel Aal said in a presser yesterday.

Egypt presents arguments against Israel at ICJ. Plus: Hamas Chief Haniyeh is in town, WFP pauses food deliveries to Gaza.

Israel “deliberately” destroying life in Gaza, Egypt says at the ICJ: Foreign Ministry legal advisor Yasmine Moussa took to the floor of the International Court of Justice (ICJ) to condemn the Israeli occupation of Palestine before a public hearing yesterday for the UN to build an advisory position on the legality of the occupation (watch, runtime: 6:13:25). “Israel is deliberately … creating conditions of life that are intended to make life in Gaza impossible, imposing siege and starvation, including by impeding humanitarian access and the distribution of relief through constant obstruction and bombardment,” Moussa said.

Remember: Egypt is one of 52 states presenting oral arguments at the weeklong publichearings, which run until next Monday, 26 February.

Hamas chief arrives in Cairo for Gaza talks: Hamas chief Ismail Haniyeh arrived inCairo on Tuesday for talks with Egyptian officials on halting the aggression in Gaza and securing humanitarian relief for its residents, AFP reports. The meeting comes just days after top negotiators from Egypt, Qatar, the US, and Israel met in Cairo for ceasefire talks.

Cairo talks at “critical phase”: Indirect negotiations between Hamas, Israel, and theUS in Cairo on a ceasefire in Gaza have reached a “critical phase,” The National reports, citing diplomatic sources it spoke to. The talks aim to bring forth a second temporary truce to the war in order to prevent an Israeli ground offensive in Rafah, the sources said.

The World Food Programme (WFP) has paused food aid deliveries to northernGaza until safe distribution can be facilitated, it said in a statement yesterday. After already having suspended deliveries for three weeks after a strike on an UNRWA truck, desperation has led some Palestinains to loot aid trucks. “In most cases, when food does get taken directly from convoys, it's because of utter desperation, with people even eating it on the spot,” UNRWA Spokesperson Jonathan Fowler said.

The situation is dire: A new study by the Global Nutrition Cluster found that 90% of children under the age of two in northern Gaza face severe food poverty and one in six children of the same age are acutely malnourished. Disease is also spreading throughout the enclave and 90% of children under five have some form of infectious disease amid a severe scarcity of food and safe drinking water.

WHILE AT THE G20-Foreign Minister Sameh Shoukry discussed the latest developments in the situation in Gaza with his counterparts from across the world during a conference of foreign ministers from the G20 group of nations on Wednesday. Shoukry praised Brazil’s position on the Palestinian issue during his conversation with his Brazilian counterpart, and discussed the situation in Gaza with his counterparts from Russia, Turkey, South Africa, Bolivia, and Uruguay.

Egypt’s top arbitration litigators + businesswomen of 2024. Plus: EFG Hermes named research house of the year by Tadawul

Chambers names Egypt’s top arbitration litigators for 2024: Chambers and Partnershas released its 2024 list of top Egyptian arbitration firms and lawyers.

Shahid Law Firm, Youssef + Partners, and Zulficar & Partners made the researchfirm’s top-ranked band.
Matouk Bassiouny and Shalakany Law made Band 2.
ALC Alieldean Weshahi & Partners, Khodeir & Partners, Rizkana & Partners, andZaki Hashem & Partners made Band 3.

Star Individuals: Youssef + Partner’s Karim Youssef and Zulficar’s Mohamed Abdel Wahab wereawarded the top title of “star individuals.”

In Band 1: Shahid’s Girgis Abd El Shahid and Shalakany’s Khaled El Shalakany.

In Band 2: Matouk Bassiouny’s Amr Abbas, Rizkana & Partner’s Hazim Rizkana, Meysan Partners’ Tarek Badawy, and Shehata Attorneys at Law’s Tewfik Shehata.

In Band 3: Khodeir & Partners’ Ahmed Kotb, Youssef + Partner’s César Ternieden, Jurisera’sAbdallah El Shehaby, Yehia Associates’ Ashraf Yehia, Ali & Co’s Haytham Ali, Al Tamimi & Company’s Khaled Attia, Shalakany’s Adam El Shalakany, ALC’s Yehia Shahine, and Karim Adel’s Hatem Darweesh.

Egypt’s most powerful businesswomen dominate Forbes list: Coming in with 17 entries, Egyptian women have worked their way up to become some of the most powerful businesswomen in the Middle East on Forbes’ 2024 list of 100 powerful MENA businesswomen. Egypt dominated the list with 17 entries, followed by the UAE with 14, then Saudi Arabia and Lebanon with nine entries each.

All of the Egyptian businesswomen recognized in the list:

Reem Asaad, Middle East and Africa vice president of Cisco. (#10)
Dalia El Baz, executive deputy chairman of National Bank of Egypt (#13)
Pakinam Kafafi, CEO of TAQA Arabia. (#24)
Marianne Ghali, managing director of Qalaa Holdings. (#34)
Hend El Sherbini, CEO of LSE-listed IDH. (#38)
Merette ElSayed, CCO of Hassan Allam Holding and CEO of Legacy. (#42)
Dalia Wahba, CEO of Hassan Allam Utilities. (#42)
Mona Zulficar, founder of Zulficar & Partners and chair of EFG Holding and Egyptian Microfinance Federation. (#43)
Hoda Mansour, IFS’ COO of Asia Pacific, Japan, Middle East & Africa operations. (#45)
Elham Mahfouz, CEO of Commercial Bank of Kuwait. (#48)
Mirna Arif, country manager of Microsoft Egypt, Banque Misr board member and, independent non-executive director of Rameda. (#60)
Dalia Ibrahim, CEO of Nahdet Misr Publishing House and founder of EdVentures. (#69)
Omnia Kelig, deputy CEO of Naeem Holding. (#75)
Abir Leheta, CEO of Egytrans. (#78)
Ghada Abdelhadi Kandil, Egypt chief director at Bank of New York Mellon and former CBE assistant sub-governor. (#82)
Abeer Saleh, managing director of Misr Life Ins., Takaful. (#93)
Hilda Louca, founder of Mitcha. (#100)

Our friends at EFG Hermes were named the research house of the year 2023 byTadawul, the company said in a statement. This is the second year in a row that the award has been given to EFG Hermes.

What they said: “This prestigious award is a testament to all the hard work, dedication, and expertise of our team. As we celebrate this success, we remain focused on our goal of delivering new research insights and offering top-quality services for our clients, especially in the Saudi market where we have been established since 2007,” said EFG Hermes Managing Director and Head of Research Ahmed Shams.

Rology appoints Jason Musyoka as CFO, completing its C-suite

Rology has appointed its CFO: Cairo-based teleradiology startup Rology has announced Jason Musyoka (LinkedIn) as its chief financial officer, marking the final piece to complete the company's C-suite, Rology said in a press release (pdf). Musyoka previously served as investment director for From Here Ventures and as CEO of Viktoria Ventures

What they said: “I've had the pleasure to work with the Rology team as a portfolio company and observed their growth over the years. It is truly amazing what they've achieved and how their work is impacting thousands of patients especially where radiological reporting could literally mean life and death,” Musyoka said. “Together, with our now complete C-suite, we are dedicated to fulfilling Rology's mission of utilizing technology to save lives,” Rology CEO Amr Abodraiaa added.

Egypt’s criticism of Israel at the ICJ got the nation’s pundits talking

Egypt’s condemnation of Israel in the ICJ hearing dominated the airwaves last night, as the nation’s talking heads unpicked Foreign Ministry legal advisor Yasmine Moussa’s speech at the International Court of Justice (ICJ) until the early hours. We’ve got more coverage of the hearing in the news well, above.

“Egypt's oral arguments before the ICJ represent a historical moment,” professor at Al Quds University Ayman El Raqab said in an interview on Masa’a DMC (watch, runtime: 3:51). The argument’s included in Egypt’s case “reminded the world of the crimes of the Israeli occupation since 1948,” El Raqab continued. The court is expected to issue its advisory opinion following a period that could go up to two years, international law professor Ayman Salama explained in a phone-in with Salat Al Tahrir’s Azza Mostafa (watch 7:42 minutes).

The ICJ hearing also received coverage from Ala Mas’ouleety (watch, runtime: 3:10), Al Hayah Al Youm (watch, runtime: 9:09), and more coverage from Masa’a DMC (watch, runtime: 4:04).

Shift EV eyes larger 50k annual capacity factory. PLUS: GB Auto Jordan expansion, El Gouna solar power, oil and gas news, debt news, regulations news, NBE earnings

AUTOMOTIVE-

#1- Shift EV eyes larger 50k annual capacity factory: Local EV startup Shift EV is exploring opening a new factory in several stages that would eventually be able convert 50k petrol-powered cars to EVs a year to keep up with a “massive increase in demand,” the startup’s CEO and co-founder Aly El Tayeb told Enterprise. Shift EV’s current factory in Sixth of October City is on track to convert 1k vehicles in 2024, with plans to bring its capacity up to 5k vehicles a year, El Tayeb added.

Expansion abroad is also in the cards: The home-grown startup is also considering setting up shop abroad, with an eye on Southern Europe and the GCC, El Tayeb told us. “We’re going to continue to manufacture our kits, especially batteries, in Egypt and export them,” El Tayeb added.

Big news ahead: Shift EV is gearing up for a big product launch in April or May of this year that will allow it to convert more types of commercial vehicles in, El Tayeb said.

#2- GB Corp subsidiary mulls Jordan expansion: GB Corp subsidiary InternationalGroup of Automotive Trading is looking into setting up a passenger car trade and distribution company in Jordan, the company said in a statement (pdf) yesterday.

ENERGY-

#1- El Gouna doubles down on solar power: Orascom Development’s El Gouna hasinked an EGP 200 mn power purchase agreement with SolarizEgypt for the second phase of the town’s solar power plant, according to local media reports (here and here). Phase two, which will double the plant’s total capacity to 14.4 MW, is expected to come online by 4Q 2024. The first phase of the plant currently generates around 16% of the coastal town’s electricity needs, El Gouna’s CEO Mohamed Amer said.

#2- Two Egyptian consortiums are vying for gas distribution licenses in KSA: Aconsortium of Petrojet and Elsewedy Electric and another between Natgas and Petrogas have made it to the Saudi Energy Ministry’s list of companies qualified to bid for dry gas and liquified petroleum gas (LPG) distribution licenses, according to a statement from the ministry.

In detail: The Natgas-Petrogas consortium was qualified to bid for a license to establish andoperate LPG filling and storage facilities in addition to a license for wholesale LPG distribution to consumers. While the Petrojet-Elsewedy Electric alliance was only qualified to make bids to establish and operate LPG filling and storage facilities.

** Want to find out more? Yesterday’s issue of EnterpriseAM Saudi Arabia has the full story.

#3- IPR Energy has USD 110 mn of investments lined up for 2024: IPR Energy Group has earmarked USD 110 mn for investments during the current year, IPR Founder and Chairman Mahmoud Dabbous told Asharq Business in an interview (watch, runtime: 4:27).

The company’s current portfolio includes fields in the Western Desert, Nile Delta, Suez Gulf, and south of the New Valley.

#4- Gov’t signs MoU with NPC for green hydrogen production: The Oil Ministry has signed a memorandum of understanding with Al Nasr Petroleum Company (NPC) to assess the possibility of establishing a green hydrogen production unit in Suez, according to a statement from the ministry.

#5- EPROM, Technip sign MoU for cooperation on energy projects: Egyptian Projects Operation and Maintenance (EPROM) and French firm Technip Energies have signed an MoU that will see the two companies exchange expertise and cooperate on “opening new global markets,” according to an Oil Ministry statement.

DEBT-

#1- Emirates NBD Signs EGP 400 mn Loan Agreement with ADIFinance: Emirates NBD Egypt has signed a medium-term EGP 400 mn financing agreement with ADIFinance — Abu Dhabi Islamic Bank’s leasing unit — as the latter looks to amplify its support for non-banking financial institutions, Emirates NBD joint statement (pdf).
#2- EBank is getting USD 25 mn from the EBRD to support SMEs: The Export Development Bank of Egypt (EBank) is receiving a USD 25 mn loan from the European Bank for Reconstruction and Development (EBRD) to support SMEs, EBank said in an EGX disclosure (pdf). The loan will “focus on small exporters in Egypt, will play an important role in supporting the country’s economy, increase the influx of much-needed foreign currency and further encourage investment,” the EBRD said in a statement.

REGULATION-

New unified body for managing confiscated assets underway:President AbdelFattah El Sisi has ratified a law to set up a unified body for overseeing the management of seized and confiscated assets — e.g., possessions linked to criminal activity — replacing a number of separate state departments that were tasked with the job, according to a statement from the Finance Ministry.

WASTE MANAGEMENT-

The government broke ground on the Tenth of Ramadan waste managementcomplex yesterday, which will serve Cairo and Qalyubia, according to a statement from the Environment Ministry. The project received USD 14 mn funding from the World Bank.

EARNINGS-

NBE reports near 120% increase in net income in September: The National Bank of Egypt’s net income rose by just under 120% y-o-y to EGP 50 bn in 9M 2023, up from EGP 23 bn during the previous year, according to the bank’s financials (pdf). The lender also reported an 82% increase in net interest income to EGP 126 bn during the nine-month period.

Ether outperforms BTC amid ETF speculation

Move aside BTC: The Ethereum network’s cryptocurrency token Ether — the second largest after BTC — hit the USD 3k mark for the first time since April 2022 yesterday, as investors anticipate the approval of a spot-based Ether exchange-traded fund (ETF), Bloomberg reports.

The view from (digital) trading floor: Ether has grown at a faster rate in the market than BTC so far this year, with Ether having climbed 28%, compared to BTC’s 21%.

And Ether’s gains are expected to continue: “I expect Ether to continue to outperform BTC in the coming months, at least until April-May when the potential ETF approval looms closer,” digital asset platform OSL’s head of sales trading Stefan von Haenisch told the business information service.

But Ether ETFs are by no means a sure thing: Analysts are split over whether the approval of BTC’s ETFs in January will pave the way for other cryptocurrencies to follow suit, as some analysts have indicated doubt that the US Securities and Exchange Commission would grant approval to Ether’s ETFs.

EGX30	29,292	-0.1% (YTD: +17.7%)
USD (CBE)	Buy 30.83	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	21.25% deposit	22.25% lending
Tadawul	12,634	+0.2% (YTD: +5.6%)
ADX	9,389	-0.1% (YTD: -2.0%)
DFM	4,255	-0.5% (YTD: +4.8%)
S&P 500	4,982	+0.1% (YTD: +4.4%)
FTSE 100	7,663	-0.7% (YTD: -0.9%)
Euro Stoxx 50	4,775	+0.3% (YTD: +5.6%)
Brent crude	USD 83.03	+0.8%
Natural gas (Nymex)	USD 1.78	+0.5%
Gold	USD 2,036.60	+0.1%
BTC	USD 51,388.81	-1.3% (YTD: +21.4%)

THE CLOSING BELL-

The EGX30 fell 0.1% at yesterday’s close on turnover of EGP 5.5 bn (38.2% above the 90-day average). Foreign investors were net sellers. The index is up 17.7% YTD.

In the green: Alexandria Containers and Cargo Handling (+9.6%), Delta Sugar (+4.1%) and Eipico (+3.0%).

In the red: E-Finance (-2.5%), Ibnsina Pharma (-2.5%) and Orascom Development Egypt (-2.0%).

My Morning Routine: Ahmed Khalil, CEO of Raya Holding for Financial Investments

Ahmed Khalil, CEO of Raya Holdingfor Financial Investments: Each week, MyMorning 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 Ahmed Khalil (LinkedIn), CEO of Raya Holding for Financial Investments.

My name is Ahmed Khalil and I am the CEO of Raya Holding, a home-grown globalinvestment conglomerate. Raya started out as a merger between IT and distribution companies and transformed over time into an investment company. We have started to grow our footprint outside of Egypt and currently operate in over seven countries, including Nigeria, Tanzania, Saudi Arabia, the UAE, Bahrain, and Poland.

Our edge is our regional presence: Raya’s focus is on creating value for its shareholdersthrough the expertise, resources, and network we have in Egypt and the wider region. We think that having an actual footprint in the region — via our management and senior teams on the ground — gives us a competitive advantage in the market. It provides us with the ability to create value that many other organizations don’t have.

What lies ahead? I am on a journey to transform Raya into an investment company. Rayastarted out more along the lines of a conglomerate business model that was investing in different industries and growing outside of Egypt. Now we want to turn it into an investment vehicle where we run our portfolio by returns and exits.

I joined Raya in 2012 after finishing my masters degree and took over from my father as thegroup’s CEO four years ago. My role is basically to oversee the overall growth and strategy of our portfolio companies, solving deadlocks, and making sure that our governance is up to date with the challenges.

My day starts around 7am when I have breakfast and go over my to do list for the day. Forthe first two hours of my day I like to reflect, prepare for meetings, read my emails and of course EnterpriseAM. I’m at my desk in the office by 9am, and depending on the week I either meet with CEOs from our portfolio companies or with the management team. It tends to be a mixture of formal and informal meetings depending on the week and the time of year.

With the electricity cuts in Egypt I have found it almost impossible to work remotely, so Imuch prefer to work in the office. I work almost every day of the week to match the Western working schedule. Westerns like to schedule their calls on the last day of their week, which is a Friday. On Saturdays, I have more time for myself to prepare for the week ahead.

Evenings are for family and exercise. I have dinner around 6:30pm with my family beforeputting the kids to sleep, then between 10-11pm I exercise — except on Tuesdays when I take the day off to socialize with friends.

At this stage in my life, work is taking up a bigger chunk of my day-to-day life, but I havecertain rituals throughout the year that break my routine. In August, I work remotely from the North Coast and I spend Christmas with my family abroad. I also try to take at least one ski trip a year with friends.

There are three constants in my day: The first is nutrition — ever since I hit my 40s I havereally started to take care of my protein intake. Second is my daily exercise and third is having dinner with my kids every evening.

I’m trying to navigate my forties and making sure that I enjoy the journey and push myself todo new things whenever I can.

My recommendations: I’m currently listening to an audiobook called Never Split the Difference:Negotiating as if Your Life Depended on It by Chris Voss, a former FBI hostage negotiator. And a podcast that I really love is Acquired, a very detailed and well researched series that dives into the stories of companies and their founders.

The best piece of advice I’ve been given is a saying that runs in my family, and it is to begenerous when you invest in yourself. We have this thing in our family where we never hold back on spending money if it means we're going to learn something new. It’s important to be generous when investing in yourself.

CALENDAR

2024

FEBRUARY

22 February (Thursday): The executive regulations for the new building reconciliation law will be out.

24 February-1 March (Saturday-Friday): Egypt hosts the 71st African Airports Council International (ACI) Conference and Exhibition at the Alamera Hall Air Forces House Center and Le Méridien, Cairo Airport.

26 February (Monday): Eighth edition of the Capital Markets Summit at the InterContinental Semiramis Hotel, Cairo.

MARCH

1 March (Friday): New public-sector minimum wage goes into effect.

2-3 March (Saturday-Sunday): The Emigration Ministry’s International Health Tourism Conference at the St Regis Almasa Hotel, New Administrative Capital.

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

10 March (Sunday): First day of Ramadan (TBC).

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

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

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

APRIL

1 April (Monday): Deadline to bid for 23 blocks in an international oil and gas tender.

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

15-21 April (Monday-Sunday): The IMF / World Bank Spring Meetings.

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

28 April (Sunday): Grace period to ins. brokerage firms to comply with Law 215 for 2023 expires.

28-29 April (Sunday-Monday): Saudi Arabia hosts a World Economic Forum (WEF) meeting on ‘global collaboration, growth, and energy.’

29 April (Monday): The government’s car export scheme expires.

MAY

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

5 May (Sunday): Coptic Easter.

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

20 May (Monday): Malaysian Palm Oil Forum in Cairo, with attendance from Malaysian Plantation and Commodities Minister Johari Abdul Ghani.

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

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

JUNE

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

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

JULY

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

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

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

SEPTEMBER

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

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

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

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

OCTOBER

6 October (Sunday): Armed Forces Day.

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

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

NOVEMBER

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

DECEMBER

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

EVENTS WITH NO SET DATE

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

February 2024: Egypt will sign a USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC).

February 2024: Funds from the Islamic Development Bank for the high speed electric railway will get the sign off.

April 2024: President Abdel Fattah El Sisi will visit Turkey.

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

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

1Q 2024: The government is set to finalize the sale of the Gabal El Zeit wind farm.

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

March 2024: The USD 2.7 bn MIDOR Refinery is set to begin full operations.

May 2024: Arab Finance Ministers’ meeting at Egypt’s administrative capital.

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

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

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

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

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

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

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

EVENTS WITH NO SET DATE

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

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