US backs Chevron’s plans to link Cypriot gas field to Egypt

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What We're Tracking Today

The official privatization program progress report is out

Good morning, wonderful people, and welcome to the (unofficial) first week of fall for most of us. September means the start of budget season across corporate Egypt — may the force be with you all.

To ensure you’re mentally prepared to build your 2024 budget, Our Hot Tub Time Machine brings you this preview of how negotiations will likely unfoldwith your boss / clients / CFO / CEO / board in this time of inflation and devaluation (runtime: 0:08 — and don’t play it aloud if the kids are at the breakfast table or in the car with you).

Official progress reports on state asset sale program released: The cabinet’sInformation and Decision Support Center (IDSC) has published progress reports on the state ownership policy and IPO program (here and here — pdfs), early versions of which were leaked to the press last week. The key information in the documents is essentially unchanged from the information we reported last Wednesday, though they include additional background on the state’s strategy and what’s been achieved so far.

Tl;DR: The government plans to draw USD 5 bn in investment from the sale of state-owned assets by next June, pushed back from an earlier March target. The original list of 32 state-owned companies has been expanded to include Telecom Egypt, Eastern Company, and Al Ezz Dekheila.

In context: The official reports are among a number of signs that suggest there is more momentum in the asset-sale program. The Madbouly government has also been pushing through fresh investment incentives and lately attracted new interest from foreign manufacturers. We’ve also seen a spate of investment-related news in payments, green energy, and fertilizers.

MARKET WATCH- EGX bucks black August for EM stocks: The EGX was among the biggest gainers among emerging-market stocks last month, which fell 6% to record their worst August since 2015, according to Bloomberg. The benchmark EGX 30 index has risen 29% this year to reach a new record high as investors pile into the market to hedge against record levels of inflation. In USD terms, though, it has only eked out a 3% gain due to the devaluation of the EGP in January. Egypt and Turkey are “back on the radar of investors,” Bloomberg quotes one analyst says, “expectations are so that any sign of serious improvement merits attention.” Fingers crossed, folks.

FACT CHECK- Air traffic at Capital International Airport is operating normally, according to cabinet, which yesterday denied rumors that service had been suspended due to the airport not having meeting international safety standards.

HAPPENING TODAY-

Africa pharma expo: It’s the first day of the Pharmaconex exhibition at the Egypt International Exhibition Centre. The event runs through to Tuesday.

AND- It’s that time again: There will be more people sitting in rooms talking about things when the National Dialogue reopens its doors today. Expect more dialogue of a national kind on Tuesday and Thursday, too, with political parties, freedom of expression, public debt and cultural industries all on the agenda.

HAPPENING THIS WEEK-

PMI figures out on Tuesday: S&P Global will publish August purchasing managers index figures for Egypt on 5 September. Private-sector activity has finally been showing signs of life in recent months, with the perma-contraction easing gradually over the past four months. Could August be the first month of expansion since November 2020? Or did the dog days of summer sap momentum?

AND- Foreign reserves figures will be out any day now. Expect the central bank to release figures for August before the week is out.

ALSO- Climate talks in Kenya: Climate leaders from across the continent will gather in the Kenyan capital from tomorrow for the Africa Climate Summit. Egypt’s UN high-level climate champion, Mahmoud Mohieldin, will be among those in attendance.

G20: Two weeks ago it was Brics. This week we have the G20. But don’t expect any of the feel-good atmosphere to carry over from Johannesburg to New Delhi, where Russia’s war in Ukraine and the West’s face-off with China are expected to again dominate proceedings. India has wanted its presidency of the group to focus on wider issues relevant to the global south, but disagreements over the Ukraine war meant it wasn’t able to issue a communique following the meeting of finance ministers in July.

Egypt is involved: Egypt is among the nations invited to attend the summit by India, though it’s unclear which ministers will be in attendance. The summit will take place on Saturday and Sunday (9-10 September).

Erdogan to discuss grain pact with Putin: Turkish president Recep Tayyip Erdogan will attempt to persuade Russian leader Vladimir Putin to re-enter the Black Sea grain pact with Ukraine during talks in Sochi this week, according to Reuters. Moscow pulled out of the agreement in July and reimposed a partial blockade on Ukraine’s ports, threatening to provoke a fresh global food crisis.

FURTHER AFIELD- Other local news triggers to keep your eyes on as we move through September:

Inflation: Capmas and the CBE will publish the latest inflation data on Sunday, 10 September.
Interest rates: The CBE’s Monetary Policy Committee will gather to discuss interest rates on Thursday, 21 September.

THE BIG STORIES ABROAD-

Egyptian businessman Mohamed Al Fayed has died at the age of 94. The former owner of assets including London’s best-known department store, Harrods, and the Ritz hotel in Paris, Al Fayed alleged foul play on the part of the British royal family and establishment when his son Dodi was killed alongside Princess Diana in a car crash in 1997. Al Fayed is listed by Forbes as the fourth-richest Egyptian with a net worth of more than USD 2 bn.

The Federal Reserve is likely done hiking interest rates: That’s the message in Bloomberg and the Financial Times’ leading stories this morning. The weaker jobs data out last week have only added to the confidence in the financial markets that US interest rates have reached their peak, and big bond investors are now calling the bottom of the sell-off in the short end of the treasury market.

ALSO- Is Mo Salah headed to Saudi? After Liverpool rejected a huge USD 150 mn bid by Al Ittihad over the weekend, rumor has it that the Saudi club could go back in with a USD 200 mn offer.

But Enterprise, didn’t the transfer window close? The Saudi transfer window doesn’t close until 7 September, giving clubs a week longer to buy and sell players than clubs in the UK. The UK transfer window closed on Friday.

CHECK OUT OUR AGENDA-

The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

This is our first two-day event,which should give us plenty of time to dive into the nitty gritty of this industry we love. Our panels will see CEOs, bankers, investors and founders gather to discuss the future and trends shaping banking, finance, fintech and NBFS.

Our full agenda will be out at month’s end. Among the topics we’ll be discussing:

Looking into the crystal ball: Top industry CEOs will join us on stage to answer tough questions on where we are as an industry, the forces that will shape all of our businesses going forward, and their views on dealflow in the year ahead.

Surviving nuclear winter: We discuss how private equity and venture capital players are tackling challenges including fundraising and deployment in an environment in which it’s awfully difficult to price your local asset in USD terms.
The robots are coming: We explore what the coming AI and big data means for the industry in our part of the world and what can bankers, NBFI, and fintech players do to capitalize on them.
What do you do when nobody wants to be a banker — and when those who are already (investment or commercial) bankers are either (a) dreaming of doing their own startup or (b) moving to Dubai (or, increasingly, Riyadh)? We go deep into the weeds with industry leaders on how they’re building talent for tomorrow.
NBFIs are a bubble. Prove me wrong: We chart the explosive rise of NBFIs and ask whether the industry is ready for a wave of consolidation. We’ll dive into whether consumer finance is starting to mature as a segment — and ask which sector is next.
What does 2024 hold in store for fintech: We dive deep into which categories are getting traction, which segments will account for the lion’s share of future growth, what business they would start today if they could, and what we can expect of the sector in the year ahead.
What’s a bank, anyway? Wherein we talk challenger and neobanks with the players looking to shake up the brick-and-mortar industry.

** NEW: MORE NETWORKING TIME- Our agenda includes expanded networking time, including an expanded coffee break and a post-event networking room for you to interact with your peers and speak one-on-one with the team at Enterprise.

STAY TUNED for more detail about our exciting agenda in the weeks to come.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial.

CIRCLE YOUR CALENDAR-

PSA- Calling all prospective master’s students: Applications for the UK 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.

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

Get ready to embark on a sensational journey of entertainment. From October through December, London will be illuminated by the brilliance of three remarkable events, sponsored exclusively by Somabay. The laughter will be unstoppable at the uproarious Egyptian Trilogy comedy tour, followed by the enchanting Samar Tarik. Brace yourselves for a captivating finale with the mesmerizing Farah El Dibany. Somabay brings you an unforgettable trifecta of events that will leave you utterly captivated and eagerly anticipating each spectacular moment.

US backs Chevron’s plans to link Cypriot gas field to Egypt

US weighs in on Aphrodite gas field dispute: Washington is backing US oil and gas giant Chevron’s plans to develop Cyprus’ massive Aphrodite natural gas field — which include building a pipeline linking the field to Egypt — after Cyprus turned down the plans last week, Reuters reports, citing two industry sources and a US source.

Cyprus’ problem: Cyprus wants Chevron to stick to its previous plan to build a floating gas processing plant at the Aphrodite field. “The modification has been rejected. The expectation of the Republic of Cyprus is [that] the consortium honors what was mutually agreed by the parties in 2019,” Cypriot Energy Minister Giorgos Papanastasiou was quoted as telling Reuters.

REMEMBER- The consortium developing the Aphrodite field — Chevron, Shell, and NewMed Energy — in June ditched plans for a floating facility in favor of a subsea pipeline connecting the Aphrodite field to Egypt’s LNG facilities, allowing the gas to be liquefied and exported to Europe. Chevron and Shell both own 35% of the field, while Israel’s NewMed Energy holds the remaining 30%. The parties were given 30 days to reach a new agreement after Cyprus last week rejected the modified plan.

Egypt has been planning a pipeline for some time: Egypt and Cyprus have been talking about laying a pipeline for several years, which Oil Minister Tarek El Molla last year said would be up and running by 2025.

The US standpoint: The US believes linking Aphrodite to Egypt will enable faster delivery of gas to the market with a lower carbon footprint and could also help relieve summer energy shortages here. “Connecting [Aphrodite] to Egypt will help them with peak domestic consumption in the summer, add stability and reduce tensions in the region, and allow exports for Europe,” the US source told Reuters.

We want the gas: Domestic gas shortages have this year hampered Egypt’s efforts to ramp up exports of LNG to Europe as it looks to move away from Russian fossil fuels.The government hopes to increase oil and gas exports by 15% both this year and next to hit USD 24 bn in 2024. We’re set to get more gas from Israel to help meet those ambitious export targets, and the government is encouraging multinational firms to invest in more upstream exploration. That said, Cairo is reportedly unwilling to allow Cypriot gas to take up a sizable portion of its export capacity.

New FX requirement for foreigners applying for residency in Egypt

PSA- Foreign nationals are going to need FX to get residence permits: Foreign nationals applying for a residence permit after arriving in Egypt will soon be required to transfer the required fees from hard currency into EGP through a local bank or exchange office, according to a cabinet decision published in the Official Gazette on Tuesday. The regulations are set to take effect by 13 September.

There are no changes to the system for tourists coming here for short visits: The new regulations do not apply to folks who are arriving in Egypt as tourists and who obtain visas on arrival, apply for visas online, or obtain them through embassies or consulates abroad. The new requirement is for folks who want to stay in Egypt beyond the original period of their visa.

Visitors looking to extend their stays should apply for a residence permit (or “iqama”) while their tourist or other visa is still valid. Residence permits may be for tourism, work, study, to stay with an Egyptian spouse, or for other purposes. Only applicants for this residency permit need to prove they have transferred the fees in FX to an Egyptian bank or exchange office, including any late fees. Information about the requirements for acquiring a residency permit can be found here.

There’s a hefty fine for those who overstay: Visitors residing in the country without a valid residence permit have three months from 13 September to rectify their status — and must deposit an administrative fee equivalent to USD 1k in a designated bank account.

Are you a foreign resident with no FX-denominated source of income? We’re hearing that this rule may not apply to those who already have residency status, are looking to renew it, and don’t have a source of foreign currency income — though there’s nothing to suggest this in the text of the decision. We’ll let you know once we’re clear on the details.

The latest in a long line of FX-raising initiatives beyond the state asset sale program : The government is working overtime to pull more hard currency into the banking system amid an ongoing shortage that has caused the EGP to halve in value against the USD, triggered a resurgent parallel market, and driven inflation to record highs. Recent government initiatives to drum up FX include allowing expats to import cars in return for depositing fees in FX, and settle any outstanding military service for the sum of USD / EUR 5k. Foreign investors can also buy land in FX, while a separate program offers investors generous tax breaks if they use hard currency to fund at least half of the investment cost of industrial projects.

Egypt’s net foreign liabilities narrow slightly in July

Egypt’s net foreign liabilities narrowed by USD 800 mn in July, driven by a slight easing in FX liquidity in the banking sector, according to central bank figures out last week. The country’s net foreign asset position improved to negative USD 26.3 bn from negative USD 27.1 bn in June, according to our calculations.

Thank the banks: The slight improvement was driven by a decline in the banking system’s net liabilities, which narrowed some 5% to USD 16.17 bn in July from USD 17.13 the month before. Meanwhile, liabilities at the central bank widened slightly to USD 10.13 bn from USD 9.98 bn in June.

Remember: Egypt has been suffering a prolonged FX crunch triggered by the global shock caused by Russia’s war in Ukraine and rising interest rates. The EGP has lost almost half of its value against the greenback since March 2022, fuelling a resurgent parallel currency market where the EGP is currently trading at a around an 18 % discount to the official rate, placing further pressure on FX liquidity in the banking system.

AT Lease closes EGP 1.74 bn securitized bond issuance

Securitization round 4 for AT Lease: Islamic leasing outfit AT Lease has successfully closed a EGP 1.74 bn securitized bond issuance, it said in a press release (pdf) on Thursday. The three-tranche issuance received AA+, AA, and A ratings from local rating agency Middle East Ratings and Investor Services (MERIS). The company will use the proceeds to bolster its financial position and support future growth plans, it said.

Advisors: CI Capital ran the show, acting as the sole financial advisor, issuance manager, and lead arranger. The National Bank of Egypt, Banque du Caire, Suez Canal Bank, and Al Baraka Financial Investments were underwriters. ALC Alieldean Weshahi & Partners was counsel and Baker Tilly was the auditor.

DATA POINT- This brings the total value of securitized bonds issued in Egypt so far this year to more than EGP 50.3 bn, according to data tracked by Enterprise. This is 10% more than total volumes across the whole of 2022.

IDH reports 1H 2023 financials as it continues post-covid transition

IDH continues its post-covid transition: Regional diagnostic services provider Integrated Diagnostics Holdings’ (IDH) net income declined 52% y-o-y in the first six months of the year due to falling covid-19 revenues, the company said in its earnings release (pdf) on Thursday. The company posted a net income of EGP 211 mn for the period, down from EGP 439 mn in 1H 2022, “due to significant contributions from covid-19-related testing” last year, it said.

Revenues hold up despite loss of covid income: The company’s revenues slipped only 4% y-o-y to EGP 1.87 bn in 1H 2023 as solid growth in conventional revenues partially offset the loss of covid-related income. IDH’s conventional revenues rose 40% y-o-y to EGP 1.87 bn during the six-month period on the back of higher test volumes and price hikes, softening its exposure to falling covid revenues, which fell to zero. The company performed 16.5 mn conventional tests during the period, up 13% on last year, while average revenue per test increased 24%.

Egypt drives growth: Egypt remained IDH's largest market, contributing 80% of total revenues. Conventional revenues in Egypt climbed 33% y-o-y on the back of a 14% rise in test volumes. Conventional revenues in Jordan, which accounted for almost 16% of the company’s total top line, rose 88% in EGP terms due to a rise in average per-test prices on the back of the EGP devaluations.

What they said: Pointing to “robust 40% year-on-year growth in conventional revenues” in the first half, CEO Hend El Sherbini said, “The accelerating growth, which we observed continue into July and August, displays the resilience of demand for our service offering despite the continued inflationary pressures impacting our patients and leaves us in a strong position heading into the second half of the year.”

The World Youth Forum, GERD + the presidential election get coverage on Egyptian talk shows

Business news took a back seat on the talk shows last night, with the bulk of the coverage being taken by the World Youth Forum, the upcoming presidential election, and the GERD dispute.

Election 2024: The National Party of Egypt and El Ghad Party became the latest political parties to come out in support for President Abdel Fattah El Sisi’s expected reelection bid. Al Hayah Al Youm had the details (watch, runtime: 2:11).

The GERD stalemate: Abbas Sharaky, water resources professor at Cairo University, appeared on Ala Mas’ouleety last night (watch, runtime: 10:28) to discuss the resumption of negotiations between Egyptian, Ethiopian and Sudanese officials over the Grand Ethiopian Renaissance Dam (GERD) last week. Sharaky called out the Ethiopian negotiation team’s reluctance to sign “any agreements that might restrict their rights to development”, calling it “a provocative statement.”

UN gives the World Youth Forum some love: The UN General Assembly passed a resolution welcoming the UN simulations run at Egypt’s World Youth Forum, acknowledging their contributions in empowering the youth and enhancing their communications with the UN. Al Hayah Al Youm (watch, runtime: 8:45) and Masaa DMC (watch, runtime: 1:12) both had coverage.

Researchers recreate balms used for mummification

Capturing the attention of the global press this morning: What mummies smell like – and what they dream of. The international press is taking note of a study that saw researchers recreate the “scent of eternity” — a pine, clove, and vanilla-scented balm used in the mummification process of an ancient Egyptian noblewoman buried in Luxor’s Valley of the Kings. Published in the Nature journal Scientific Reports last week, the study is getting play in Science News, the Guardian, and CNN this morning. Meanwhile, National Geographic takes a peek into the dreams — and nightmares —of our ancient ancestors.

More on the Zambia case: Five Egyptians and one Zambian national were released after their espionage charges were dropped by a Zambian court on Friday. (Reuters | Sky News Arabia)

PLUS- Politics and power cuts: Reuters reports that detained publisher and political organizer Hisham Kassem has started a hunger strike. Meanwhile, Deutsche Welle is giving ink to the state of political detainees in the run-up to the 2024 presidential election and the Washington Post takes a look at this summer’s energy shortages against the backdrop of our energy export ambitions.

AND- The Atlantic has a photo essay about the new administrative capital, which is slowly taking shape to the east of Cairo.

Egypt competition watchdog alleges aluminum price-fixing. PLUS: News from Thales, Orascom, Maersk, EgyptAir, Kronospan, and HEDG.

COMPETITION-

Competition watchdog sues 14 aluminum firms, alleging price fixing: The Egyptian Competition Authority (ECA) has filed charges against 14 aluminum companies, accusing them of collaborating to inflate and fix the price of the metal, according to statement from the regulator picked by Al Borsa. The report provides no detail about the alleged market manipulation. Mohamed Hanafi, who heads the metals chamber at the Federation of Egyptian Industries, is quoted by the newspaper saying that the chamber has no information about the alleged price fixing.

TRANSPORT-

Thales + Orascom to revamp Cairo-Beni Suef rail signaling: Thales Group and Orascom Construction have signed a contract with Egyptian National Railways (ENR) to upgrade the signaling and communication systems of the 125-km Cairo-Beni Suef railway line, the Transport Ministry said Friday. The ministry didn’t disclose the value of the contract.

MANUFACTURING-

Kronospan to set up a USD 50 mn wood panel factory: Austria-based wood panels maker Kronospan plans to invest USD 50 mn to set up a multi-purpose wood panels factory in either Sadat City or 10 Ramadan, according to a statement from the Indus trial De velopment Authority. The factory will produce chipboard, MDF, and floorboards, among other products. No information was given on the timeline for the project.

SUEZ CANAL-

SCA inks new agreement with Maersk: The Suez Canal Authority (SCA) has signed an agreement with multinational shipping giant Maersk to collaborate on green transformation projects, tugboat construction, ship recycling, and workforce training, the authority said in a statement Thursday. The statement didn’t elaborate on how the two sides would work together on green projects, but said the agreement comes as part of the authority’s efforts to turn the shipping corridor into a “green canal" by 2030. The partnership on tugboat construction will be done via Maersk subsidiary, Svitzer, which is currently designing the world’s first methanol hydrogen fuel cell tug.

Remember: Maersk is stepping up its presence in Egypt. The shipping giant is planning to establish a huge green fuel production facility in the Suez Canal Economic Zone and is reportedly on course to purchase half of the government’s 545-MW Zafarana wind farm to help power it. It is also taking the lead on a USD 500 mn expansion project at East Port Said port through its Suez Canal Container Terminal subsidiary.

STARTUP-

Fintech startup HEDG closes pre-seed round: Cairo-based fintech startup HEDG has successfully raised an undisclosed amount of pre-seed funding from local and Saudi angel investors, according to a press release picked up by Wamda. The company did not disclose the amount raised or the currency.

HEDG? HEDG is a B2B savings management platform that provides workplace pension plans to private-sector SMEs and micro-enterprises.

TRANSPORT -

EgyptAir restructures subsidiaries: EgyptAir Holding Company’s regional airline subsidiary EgyptAir Express is being merged with EgyptAir Airlines, according to a decision published in the Official Gazette last week.

Aramco plans record-breaking USD 50 bn secondary share sale

Aramco could return to the Tadawul with a second share sale: Saudi Aramco is considering selling shares worth USD 50 bn in a secondary listing on the Saudi stock exchange, in what would be the largest offering in the history of capital markets, the Wall Street Journal reports, citing Saudi officials and other people it says are familiar with the matter. The planned listing, which follows months of consultations with advisors, could go through before the end of the year and would be the largest offering in the history of capital markets. The company is reportedly eyeing investors including other multinational oil companies and sovereign wealth funds.

Out with the wealth funds, in with the corporates: The UAE and Saudi Arabia have deployed USD 50 bn globally via state-owned firms so far this year — rather than sovereign wealth funds — as the Gulf monarchies look to create top companies that can compete internationally and help diversify their economies away from oil. (Bloomberg)

Also worth knowing this morning:

Country Garden has some breathing room: China’s largest developer has won creditors’ approval to push back the maturity date of a USD 540 mn onshore private bond, buying time to avoid a default that has for a month threatened to inflict more pain on the country’s tanking property market. (Reuters)
Europe’s most valuable company dethroned: Danish drugmaker Novo Nordisk on Friday briefly surpassed Louis Vuitton parent company LVMH as Europe's most valuable company with a market cap of around USD 424.7 bn. (Reuters)

EGX30	18,874	+0.3% (YTD: +29.3%)
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	11,491	-0.7% (YTD: +9.7%)
ADX	9,787	-0.2% (YTD: -4.2%)
DFM	4,090	+0.2% (YTD: +22.6%)
S&P 500	4,516	+0.2% (YTD: +17.6%)
FTSE 100	7,465	+0.3% (YTD: +0.2%)
Euro Stoxx 50	4,283	-0.3% (YTD: +12.9%)
Brent crude	USD 88.55	+2.0%
Natural gas (Nymex)	USD 2.77	-0.1%
Gold	USD 1,967.10	+0.1%
BTC	USD 25,841	+0.3% (YTD: +56.4%)

THE CLOSING BELL-

The EGX30 rose 0.3% at Thursday’s close on turnover of EGP 2.1 bn. Local investors were net sellers. The index is up 29.3% YTD.

In the green: Abu Qir Fertilizers (+2.4%), B Investments Holding (+2.1%) and CIB (+2.0%).

In the red: Orascom Construction (-2.9%), Beltone Financial Holding (-2.2%) and E-Finance(-2.1%).

US restricts exports of advanced AI chips to some countries in the Middle East

US expands AI chip export restrictions to Middle East over national securit y concerns: The US has expanded its export restrictions on AI chips from US chipmakers Nvidia and AMD — originally imposed on China — to several undisclosed Middle East countries, a source familiar with the matter told Reuters. Nvidia said in a regulatory filing (pdf) last week that the government had imposed new curbs to some customers and other regions, including some in the Middle East, but that these would not have an immediate impact on its financial performance. The restrictions cover Nvidia’s A100 and H100 chips, which are used for advanced machine learning.

REMEMBER- The Biden administration last year restricted Nvidia and AMD from exporting AI semiconductors to China, the latest in a series of moves meant to stunt Chinese tech development amid a rumbling trade war and heightened political tensions with Beijjng.

A denial: A spokesperson for the US Department of Commerce denied blocking chip sales to Middle Eastern countries but refused to comment on whether it had imposed new restrictions on some US firms, according to Reuters.

ALSO- The chances of a Libya-Israel rapprochement are looking slim: Libyan Prime Minister Abdul Hamid Dbeibah has ruled out normalizing diplomatic ties with Israeli, a few days after a secret meeting between the two countries’ foreign ministers caused uproar in the Libyan capital. (Bloomberg)

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.

3-5 September (Sunday-Tuesday): Pharmaconex, Egypt International Exhibition Centre, Cairo.

3 September (Sunday): National Dialogue.

4-6 (Monday-Wednesday): Africa Climate Summit, Nairobi, Kenya.

5 September (Tuesday): National Dialogue.

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

7 September (Wednesday): 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).

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

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.

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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