Yet another mega green hydrogen project

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What We're Tracking Today

THIS MORNING: July inflation data set for release today

Good morning, wonderful people, and happy THURSDAY. It’s another gentle day as far as the news cycle is concerned, easing us into the weekend. Whether you’re heading back to Sahel or staying in the city, we hope you catch some rest.

THE BIG STORY here at home is the news of another mega green hydrogen project in th e pipeline, this time from India’s Ocior Energy. Plus, cabinet greenlit draft laws on everything from a new digital property registration system to the sale of assets owned by public companies at its weekly meeting on Wednesday.

PLUS- GAFI’s new digital platform gets its first trial: A new company, Damietta Green Ammonia, was established virtually today through the General Authority for Freezones and Investments’ (GAFI) new digital platform, according to a cabinet statement. The new platform, which GAFI boss Hossam Heiba announced earlier this week, will provide investors with the services to establish companies, authenticate contracts at notary offices, and register using electronic signatures among other services.

HAPPENING TODAY-

Capmas and the central bank should release July’s inflation figures. Both headline and core inflation are expected to have hit new record highs in July on the back of soaring food prices, according to a Reuters poll. Capital Economics penciled inflation to rise to 36.7% in July, up from a record of 35.7% in June.

Higher food prices will drive the increase : Sugar prices are expected to be 24% higher in July than in the month before, Capital Economics’ James Swanston said. High food inflation will impact core inflation, with a median of four of the analysts expecting the core figure to hit a new record of 41.25%, up from June’s all-time high of 41%, the news outlet reports.

Closed-door sessions continue at the National Dialogue: The National Dialogue’s committees will hold two closed-door meetings today to discuss amendments to the personal status and guardianship laws that would give mothers greater rights in areas of custody, inheritance, and alimony.

Yesterday at the Dialogue: The Dialogue’s committees held private discussions to finalize their recommendations on economic issues including the state ownership policy that sets out the government’s privatization plans, how to boost FDI, and the state’s role in the provision of production inputs, pricing of crops, and agricultural credit facilities.

EGP WATCH-

Full freefloat of the EGP after presidential elections, predicts Jefferies: The EGP-USD exchange rate could be fully liberalized after the upcoming presidential election next April, said Alia Moubayed, managing director at investment bank Jefferies (watch, runtime: 2:32). Moving to a fully flexible exchange rate is a key condition of the IMF program, Moubayed noted.

More IMF money? The IMF will likely view progress made on ongoing reforms — including the devaluation of the EGP and the sale of bns worth of state-owned assets — in a positive light during its first and second reviews of our USD 3 bn loan program, Moubayed said. The reviews are widely expected to take place simultaneously in the fall. If the currency moves to a full freefloat following the presidential election, the Fund could consider increasing the overall value of the loan package next year, Moubayed said.

Moody’s review incoming: We’ll know more about the short-term economic outlook when we get the results of Moody’s review into potentially downgrading Egypt’s credit rating for the second time this year, Moubayed said. The three-month review should wrap this week.

THE BIG STORY ABROAD-

The latest in the US-China tech/trade war: US President Joe Biden signed an executive order yesterday aimed at limiting some US investment in “sensitive” Chinese tech. The move is aimed at making sure American resources aren’t inadvertently used to aid China’s military ambitions to the detriment of US national security. (Reuters | Bloomberg | the Financial Times | the Wall Street Journal)

AND- Erdogan wants to bring the Black Sea grain agreement back — but bigger and better: Turkish President Recep Tayyip Erdogan has said he wants to revitalize the Black Sea grain agreement, seeking to turn it into a platform for peace between Russia and Ukraine. After a phone call with Russian President Vladimir Putin, Erdogan said the grain agreement could come back with an “expanded scope” and called on Western countries to make good on unspecified promises to Russia, Bloomberg reports.

Grain pact? Russia last month pulled out of the grain export pact with Ukraine. Brokered by Turkey and the UN in July 2022, the agreement had enabled Ukraine to resume its grain exports via the Black Sea after a blockade by Russia helped provoke a global food crisis. President Abdel Fattah El Sisi has urged Putin to renew the pact.

CIRCLE YOUR CALENDAR-

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.

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, or fill out this form and we’ll be in touch.

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

LISTEN TO OUR PODCAST-

MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? The EnterprisePodcast has you covered : The Enterprise Podcast’s forum series has been bringing you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum,which took place in May. Throughout, we learned lessons from some of Egypt’s biggest exporters on how Egypt can export its way out of a crisis. We heard everything from how to build an exports and FDI strategy, to identifying a foreign partner and tapping into a global supply chain.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami.

IT’S THE FINAL EPISODE- Our final panel of the day was, naturally, the most forward looking. Our panelists discussed how the companies — be they in age-old industries or emerging ones — have adapted to changes to better position their businesses for an uncertain future. We were joined by Nadia El Tawil, investment officer at pan-African private equity firm AfricInvest, Mostafa Bedair , CEO of Giza Seeds and Herbs, and Abdallah Sallam, CEO of Madinet Masr.

OUR FORUM SERIES CONTINUES NEXT SUNDAY WITH THE ENTERPRISE CLIMATE FORUM- Fresh off the heels of a successful COP27, we held our first forum to dive deep into the fundamentals of what we think is the world’s most important industry. The conversations ranged from exploring the business opportunities for Egyptian entrepreneurs, companies and startups in climate, to demystifying green hydrogen, and how we finance our green transition. And we did it all in the Grand Egyptian Museum.

Ocior Energy to build USD 4 bn green hydrogen plant in Egypt

Ocior Energy moves ahead with green hydrogen plans: India’s Ocior Energy has inked preliminary contracts with the government to set up a USD 4 bn green hydrogen plant in the Suez Canal Economic Zone (SCZone), Yehia El Wathek Bellah, head of the Trade Ministry’s Commercial Representation Authority, told Enterprise. The land for the project has already been allocated, El Wathek Bellah added.

That adds the missing puzzle piece to news from earlier this week: Ocior Energy was the unnamed foreign company that cabinet on Tuesday said had made an offer to establish a green hydrogen plant in the country, El Wathek Bellah told us. The plant would be powered by 15 GW of solar energy and export USD 1 bn (400k tons) of green hydrogen annually, all of it to Europe, the cabinet statement reads.

The timeline: The final contract for the project will be inked within months and execution will take around five to six years, El Wathek Bellah said. The company will invest around USD 4 bn in total to build the project.

This isn’t the first we’re hearing of the plant: Ocior Energy was among the seven companies and consortiums that in December inked MoUs with the government to conduct feasibility studies on projects to produce green hydrogen and its derivatives.

More where that came from? Among the companies expected to sign investment agreements with Egypt in the near future are India’s ACME, Saudi IT firm STME, Turkey’s KOC Holding, and Ziraat Bank, El Wathek Bellah added.

REMEMBER- Egypt wants to capitalize on the growing global interest in green hydrogen as a low-carbon energy source by establishing itself as one of the region’s leading suppliers. The government signed nine framework agreements for green hydrogen plants worth USD 83 bn on the sidelines of last year’s COP27 climate summit and has at least two more agreements in the works. Ministers in May approved a package of incentives aimed at stimulating the nascent industry and increasing FX inflows.

Property IDs, public companies, mud tax + more at the Egyptian cabinet’s weekly meeting

Draft decisions on building IDs, land tax, public asset sales + African finance: In its weekly meeting yesterday, the cabinet approved draft legislation to give properties unique digital IDs, as well as to help public enterprises more efficiently cut their losses by selling unprofitable assets, it said in a statement. The meeting also agreed to allow the country to join two new Africa-wide development finance institutions, and to extend the suspension of the so-called ‘mud tax’ for another year.

Property IDs: The cabinet approved a draft law that would give each property a unique digital ID on a centralized government database, the statement reads. The government would issue ID cards or plates for each property and issue penalties to anyone who removes or otherwise tampers with the ID plates. This is part of the government’s push to build a comprehensive property inventory and crack down on wildcat building.

Helping public enterprise companies cut their losses: Amendments to the executive regulations of the 1991 public enterprise companies law were also approved that lay out how public enterprises can go about selling unprofitable production lines.

No mud tax for another year: The cabinet also greenlit the suspension of the 14% agriculture land tax (AKA mud tax) for an additional year starting from 1 August, the statement reads. The tax has been suspended since 2017.

Joining the Africa50 infrastructure investment platform: The government also approved two presidential decrees allowing Egypt to join the African Development Bank’s (AfDB) Africa50 for Project Development and Africa50 for Project Financing. The project development side aims to invest capital in the early stages of projects, while the project financing side aims to develop infrastructure in African countries by mobilizing funding from diverse sources.

Egypt’s Talents Arena raises USD 750k pre-seed round for Saudi expansion

Talents Arena closes a pre-seed funding round: The AI-powered recruitment platform Talents Arena has secured USD 750k in pre-seed funding from UI Investment alongside several unnamed Saudi and regional angel investors, it said in a press release out on Tuesday.

Where is the money going? The Flat6labs portfolio company plans to use the money to expand in the Saudi market — which currently accounts for 25% of its business — and speed up the development of its AI hiring engine, said company CEO Aya El Gebeely.

About Talents Arena: Founded in 2019 by El Gebeely (Linkedin), the AI-based recruitment platform matches tech talent with employers and offers a range of digital hiring and other HR outsourcing services. The company says it has so far made more than 180k job matches.

Madinet Masr’s bottomline more than doubles in 2Q 2023

EGX-listed real estate developer Madinet Masr reported EGP 280.3 mn in net income in 2Q 2023, up 140% y-o-y , according to its earnings release (pdf). Revenues climbed 22% y-o-y to EGP 1.2 bn during the period.

On a 1H basis, Madinet Masr reported net income of EGP 584.7 mn, up 147% y-o-y. Revenue grew 23% y-o-y to EGP 2.2 bn during the period, driven by new project launches and expansions.

Rising sales: Madinet Masr’s gross contracted sales rose 55% y-o-y to hit EGP 5.3 bn during 1H 2023. Nearly 64% of sales were at the company’s Taj City project, with the remainder at Sarai. The company’s subsidiaries Minka and related special purpose vehicle EgyCan generated another EGP 1.45 bn in sales that didn’t show up in the company’s consolidated results for 1H.

Units sold + deliveries both dipped: The increase in sales value came even as the number of units sold dropped 8% y-o-y to 1.1k from 1.2k units. Deliveries also fell by 42% y-o-y to 479 units during the first half.

What they said: “During the first half of 2023, we focused on driving sales and revenue growth through the successful launch of new projects and phases across our developments,” CEO Abdallah Sallam said. “As part of our nationwide expansion plan, we successfully launched Zahw in West Assiut in June 2023. This marks a significant milestone in our commitment to bring our vision of innovative urban development to communities beyond Cairo,” Sallam added.

ICYMI- Sallam talked about the company’s expansion mindset — which led it to rebrand earlier this year — during a panel at Enterprise Exports & FDI Forum in May.

SOUND SMART- In real estate, sales ≠ revenues. With off-plan sales dominating the industry, most real estate companies book a sale when you sign a contract to buy a home. But they only record (some or all) of the value of the unit it sold you when it (a) delivers the unit to you or (b) hits a percentage completion on a total project. In most cases, then, revenues are composed of sales from past periods, while sales in a given quarter will be recognized as revenues in the future when units are completed or delivered.

Prime Investments names Mohamed Kotb as CEO, MD

Prime Holding’s asset management arm Prime Investments has appointed Mohamed Kotb (LinkedIn)as its new CEO and managing director, according to a company statement. Kotb boasts over 26 years of experience in MENA capital markets. He joined Cairo Financial Investments as an executive board member in 2020, following executive roles at Acumen Holding, Mubasher, and Naaem Holding.

Smokes + blackouts dominate the airwaves

It was another quiet night for the talking heads last night. With Amr Adib, Sherif Amer, and Lamees El Hadidi still on their summer break, TV hosts Ahmed Moussa and Mohamed Sherdy took a look at the latest on the new administrative capital and rising cigarette prices.

Is the new administrative capital included in the blackouts schedule? The city is lit with LEDs, which consume less energy, and 30% of the electricity supply to government buildings is powered by solar energy, new administrative capital CEO Khalid Abbas told Ala Masouleety’s Ahmed Moussa. He didn’t say whether the new capital is seeing blackouts. (watch, runtime: 3:34)

Why are smokes getting more expensive? Sellers in the black market are the ones hiking the price of cigarette packs, Eastern Company Managing Director and CEO Hany Aman told Moussa (watch, runtime: 2:29) The company will be increasing the daily quantity of cigarettes it delivers to the market starting next week amid reports of shortages, Aman added. Eastern Company yesterday released a statement reiterating that it has not hiked prices since March and calling on all merchants to adhere to official prices. Last month, tobacco giant Philip Morris reversed a price hike on its cigarette brands — L&M and Marlboro.

The August slowdown continues

There’s precious little mention of Egypt in the foreign press for a second morning running as the summer slowdown stretches on.

Dana Gas could get parliament’s signoff on new wells this year. PLUS: Travco ups its targets amid tourism boom + Egypt-made cyanide + New rice regulations

ENERGY-

Dana Gas could get the greenlight to begin its latest gas exploration project this year: Emirati firm Dana Gas expects to receive the Egyptian parliament’s approval on its gas exploration agreement with state-owned EGAS this year, company IR head Mohammed Mubaideen told CNBC Arabia. The agreement will see Dana drill 11 new wells in its Egyptian concessions and invest USD 100 mn over the next two years.

The company’s production in Egypt declined 12% in 1H 2023 as a result of natural field declines, according to a statement on its first-half results (pdf). The decline outweighed a rise in production in the Kurdistan Region of the Republic of Iraq (KRI), driving total production for the period down 2% to 59.8k barrels of oil equivalent per day (boepd).

Collections drop: Dana Gas collected some AED 95 mn (USD 26 mn) from Egypt in 1H 2023, down 42% from the same period a year before. Collections from the Kurdistan Regional Government (KRG) in Iraq stood at AED 293 mn (USD 80 mn), down 41% y-o-y. Reuters also had the story.

TOURISM-

Travco boosts targets amid tourism boom: High-profile tourism firmTravco Group plans to raise its hotel capacity by 18% to 20k rooms in the next two years to capitalize on the tourism rebound, Chairman Hamed El Chiatytold Asharq Business. El Chiaty had in January said Travco was targeting increasing the number of its hotel rooms to 17k. The company also plans to raise its prices by around 20% starting next year thanks to rising demand.

Remember: Egypt welcomed a record 7 mn tourists in 1H 2023, up more than 40% y-o-y. Hotel occupancy rates across the country also jumped during the first half of the year, climbing to 80% from 65% during the same period last year. We spoke about how to increase tourism revenues by targeting high-spend visitors with Travco Holidays General Manager Moataz Sedky in our recent CEO poll on FDI and exports.

MANUFACTURING-

Cyanide plant in the works: Oil Minister Tarek El-Molla met the managing director of German cyanide producer CyPlus to discuss the company’s aspiration to build a sodium cyanide plant that would feed gold mining activity in the Eastern Desert, according to a ministry statement. The company will set up a joint working group with the ministry to draw up feasibility studies for the project, the statement read. Sodium cyanide is used to extract gold from ore.

COMMODITIES-

Rice regs: Supply Minister Ali El Mosehly yesterday issued a decree in the Official Gazette introducing new regulations aimed at keeping rice prices down. Under the new rules, traders and importers must provide the ministry with weekly updates on the quantities of rice they import and store, as well as purchase and selling prices.

Rice paperwork: Traders have a six-month grace period to obtain a food trading license or show that they are in the process of obtaining one, and two months to provide the ministry with proof of all relevant licenses and information about their operations. All packaged rice will need to clearly display key information like its country of origin, packaging date, and shelf life.

The world is short on rice: Rice prices in Asia this week hit their highest in almost 15 years as bad weather leads to fears of shortages, potentially exacerbating food insecurity in Asian and African countries where bns of people rely on the grain, Bloomberg reports.

China enters deflation territory

China has stepped into deflation territory: China’s consumer price index fell 0.3% y-o-y in July, while year-to-date inflation is at 0.5% — far below the government’s annual inflation target of 3%. The country’s deflationary trend, which comes as many other countries grapple with persistently sticky inflation, was attributed to weaker local consumer demand after lifting covid-19 restrictions.

“The Chinese economy is now at serious risk of sliding into a deflationary episode that could spark a self-reinforcing downward spiral in growth and private sector confidence,” China finance expert at Cornell University Eswar Prasad told the Financial Times. The Wall Street Journal and Reuters also had coverage.

WeWork in the danger zone: The coworking spaces provider once privately valued at USD 47 bn saw its market cap plummet to just USD 260 mn on Wednesday, Reuters reports. Shares dropped nearly 40% to close at USD 0.12 after the SoftBank-backed company warned that it could be facing bankruptcy.

EGX30	17,764	+0.1% (YTD: +21.7%)
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	11,286	+0.4% (YTD: +7.7%)
ADX	9,953	-0.4% (YTD: -2.5%)
DFM	4,071	-0.2% (YTD: +22.0%)
S&P 500	4,468	-0.7% (YTD: +16.4%)
FTSE 100	7,587	+0.8% (YTD: +1.8%)
Euro Stoxx 50	4,317	+0.7% (YTD: +13.8%)
Brent crude	USD 87.40	+1.4%
Natural gas (Nymex)	USD 2.96	+6.6%
Gold	USD 1,950.60	-0.5%
BTC	USD 29,498	-1.2% (YTD: +78.5%)

THE CLOSING BELL-

The EGX30 was unchanged at Wednesday’s close on turnover of EGP 2.37 bn (21.6% above the 90-day average). Foreign investors were net sellers. The index is up 21.7% YTD.

In the green: Ezz Steel (+4.4%), Heliopolis Housing (+4.0%) and Eastern Company (+2.3%).

In the red: Beltone Financial Holding (-4.7%), Sidepc (-2.1%) and Qalaa Holdings (-1.3%).

Asian markets are down across the board in early trading this morning . The picture is the opposite to our west, where futures suggest that both European and US benchmarks will open in the green later on today.

Israeli-Saudi accord on the horizon?

Is the US making progress on its Saudi-Israel accord? A US-mediated rapprochement between Saudi Arabia and Israel is reportedly taking shape, with the Wall Street Journal citing unnamed officials as saying that a breakthrough has been achieved after months of quiet diplomatic efforts. The complex pact would see the KSA and Israel normalize relations in exchange for concessions to Palestinians and Saudi assurances to the US that it will distance itself from China. The Biden administration has insisted there is still a long way to go, though they’re hoping for an agreement within 9-12 months. Bloomberg and the Financial times also had coverage.

My Morning Routine: Fadi Abi-Nader, Vice President - One Demand Global Emerging Markets, Mars Wrigley

Fadi Abi-Nader, Vice President - One Demand Global Emerging Markets at Mars Wrigley: 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 Fadi Abi-Nader, Vice President of One Demand Global Emerging Markets at Mars Wrigley.

My name is Fadi Abi-Nader and I am Vice President of One Demand Global Emerging Markets at global confectioner Mars Wrigley. I’ve held the role for four years, overseeing marketing, sales, digital commerce, and data and analytics.I cover everywhere in the world minus the US, Canada, continental Europe, and China.

I joined Mars back when the Egypt factory was just a piece of land. I moved from marketing to sales and eventually became the general manager overseeing Egypt plus Libya, Sudan, the Levant, Malta, and Cyprus. During that time we covered a number of crisis events, from the 2011 revolution, to the financial crash in Lebanon, to the embargo on Iran. I learned to manage, develop, and grow a team amidst adversity and keep everyone engaged.

Two trends I’m seeing in the EM snacking industry: Health and wellness trends in emerging markets are over-indexing those in developed markets; and EMs are leapfrogging developed markets when it comes to digital commerce. You can do more in emerging markets with your mobile — especially payments — than you can in most developed markets. That’s something that companies like Mars need to build upon. Another big question is how can big snack companies like Mars provide healthier foods that our consumers want at affordable prices.

I don’t need to be in one place but I choose to live in Egypt with my family. I handle the region and am traveling a lot. At the moment I spend close to three weeks in a month on the road, which is more than I usually would as we are making up for time lost during the pandemic. I try to make a weeklong visit to each country within my region every year, learning from and engaging with the team. I spend time learning the local market on the ground — meeting consumers, visiting the city, and holding meetings or one-on-ones or being at the factory.

I need to stay alert and energized so I exercise nearly every day. A trick I learned from travelers for feeling refreshed — even after a 24 hour flight — is to go to the gym and work out for 30 minutes. I always love to run in the morning and plan my runs in advance. When I’m in a new city, I search for the running routes that locals take. In Egypt, I use a personal trainer. While exercising I’ll listen to a podcast — I tend to gravitate towards religious podcasts or sermons, or music, and I will read Enterprise after I finish.

Constant traveling means staying focused and intentional is essential: Every morning I spend 15-20 minutes planning for the day ahead. I recap my agenda, prepare the sequence of meetings, and the key points to address. I also set myself a daily set of targets that might not be on the agenda — for example, if I need to land something, get someone to agree to a project, or get funding.

What I like about being in the Middle East is the agility and ability to deal with ambiguity — we’re flexible. Likewise, I like the importance of work-life boundaries present in other cultures. I used to miss half of my holiday balance but now I try as much as possible to take all of it.

I make sure to take Friday off , even though my job includes working in markets that don’t. While it gives me all sorts of problems as I have a number of meetings on Friday, I make it very clear that I live in Egypt and Fridays are when social things happen.

Sundays are the best day of the week for me as I don’t have any meetings scheduled and I get so much work done. It tends to be the day I focus on thinking and strategy and catching up on emails.

I started to become more planned and organized when I began my global roles. I learned from mentors and coaches that you need to be organized to take on a global role that requires traveling, working from home, and dealing with a massive array of stakeholders. My day is usually so packed that without the time in the morning, I would get to the end of the week and realize I had missed a few things.

I live by this advice: Instead of ruminating about a potential negative scenario that hasn’t yet happened, consider the probability of that event happening and what you can do now in the moment to reduce the chance of it happening — not avoid it, but reduce the probability. If there are no immediate actions that come to mind, then don’t stress, because the problem is out of your control.

CALENDAR

JULY

Late July-14 August: 2Q2023 earnings season.

AUGUST

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

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

16-17 August (Wednesday-Thursday): Finance Ministry to pay out the third batch of the sixth phase of the export subsidies.

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

28 August (Monday): The start of Flat6Labs’ inaugural 12-week contech accelerator program.

SEPTEMBER

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

September: IDH to open first branch in Saudi Arabia.

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

September: JETRO’s second delegation arrives in Cairo.

1 September (Friday): Application deadline for the Smart Green Projects initiative.

3-5 September (Thursday-Saturday): Pharmaconex, Egypt International Exhibition Centre, Cairo.

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

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

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

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

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

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

17-19 September (Sunday-Tuesday): Sharm Rendezvous, 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.

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).

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.

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.

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.

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

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

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

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

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

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

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

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

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

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

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

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

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

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

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

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

2Q 2025: Safaga Terminal 2 to initiate operations.

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