{"id":550197,"date":"2022-10-18T03:51:15","date_gmt":"2022-10-18T03:51:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=550197"},"modified":"2025-12-15T22:55:51","modified_gmt":"2025-12-15T22:55:51","slug":"a-five-step-recipe-to-boost-exports-fdi-and-make-sure-egypt-never-has-to-ask-the-imf-for-another-cent","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/a-five-step-recipe-to-boost-exports-fdi-and-make-sure-egypt-never-has-to-ask-the-imf-for-another-cent\/","title":{"rendered":"A five-step recipe to boost exports + FDI \u2014 and make sure Egypt never has to ask the IMF for another cent"},"content":{"rendered":"<section id=\"550199\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550199\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">5 STEPS TO BUILDING A NEW EGYPTIAN ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/egypt-has-a-once-a-century-chance-to-build-an-export-led-economy-that-makes-us-a-magnet-for-foreign-direct-investment\/\">\r\n                            Egypt has a once-a-century chance to build an export-led economy that makes us a magnet for foreign direct investment                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/egypt-has-a-once-a-century-chance-to-build-an-export-led-economy-that-makes-us-a-magnet-for-foreign-direct-investment\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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We hope you\u2019ll speak about it with those closest to you before \u2014 and while \u2014 you attend next week\u2019s three-day Egypt economic conference.<\/p>\n<p><strong>We\u2019re also hoping that some of you will want to help us turn this idea into action. <\/strong>How? For starters, by making a cup of coffee and then giving this morning\u2019s issue a good read. Then, if you agree with us, talk about it non-stop \u2026 at next week\u2019s Egypt economic conference. (See a theme emerging here?)<\/p>\n<p>(<strong>Oh, and speaking of the conference:<\/strong> Cabinet has yet to make an official statement, but this is <strong><a href=\"https:\/\/www.eec2022.gov.eg\/\">the conference website online<\/a><\/strong>, including what appears to be a fairly advanced version of an agenda. We understand right now that while cabinet and senior officials from the EGX, FRA and SFE are leading the sessions, other attendees will include heads of industry groups and chambers of commerce, academics, MPs, and select members of the diplomatic community. It\u2019s unclear to us right now how many C-suite execs will be invited.)<\/p>\n<p><strong>SO, HERE\u2019S THE PROBLEM: That IMF package (and devaluation) we\u2019re all sitting here <\/strong><strong>waiting for this week or next? <\/strong>They\u2019re necessary to get us out of the pickle we\u2019re in at the moment \u2014 but they\u2019re not sufficient to ensure we won\u2019t be doing this again in five years\u2019 time.<\/p>\n<p><strong>AND THE SOLUTION: Egypt has a once-in-a-century chance to build an export-led <\/strong><strong>economy that will make us a global hotspot for foreign direct investment<\/strong> (FDI). We\u2019ve spoken with some of the smartest people we know in the private sector, and they all agree that it\u2019s not only possible \u2014 the recipe is simple. The challenge? Staying laser-focused on execution over a multi-year period, and in doing so, make sure we never again have to ask the IMF for a single red cent.<\/p>\n<p><strong>WHAT WE WANT A PIECE OF: Multinational corporations are scrambling to re-engineer their s<\/strong><strong>upply chains all around the world \u2014 and we\u2019re a natural partner in that process<\/strong>, says Helmy Ghazi, deputy CEO of HSBC in Egypt. \u201cFrom energy to manufacturing, countries and major corporations need alternatives. They need to bring production closer to home. They need to lock in reliable energy supplies. And they need to do both things with partners they can count on,\u201d he says.<\/p>\n<p><strong>By virtue of geography, culture, and foreign policy, Egypt is that partner.<\/strong> The question is how fast we can get serious about a handful of industries that experience in other countries can become magnets for FDI, that create meaningful employment, and that turn net importers like us into export powerhouses.<\/p>\n<p><strong>What\u2019s more, we already have a huge base of multinationals here<\/strong> to help us make our business case to their headquarters. That\u2019s to say nothing of the Egyptians working at multinationals across the globe. What out-of-the-box ideas could they bring to the table?<\/p>\n<p><strong>There\u2019s a roadmap already in place: <\/strong>Look no further than what policymakers in India, Morocco and Vietnam have each done in the past decade.<\/p>\n<p><strong>It<\/strong><strong> all revolves around business clusters: Big businesses around the world want a <\/strong><strong>regulatory framework they can count on \u2014 and easy access to land, suppliers, energy, talent, and infrastructure.<\/strong> Clusters are geographical concentrations of businesses, suppliers, and associated institutions that create true ecosystems within priority industries \u2014 and that plug small and medium-sized businesses into the supply chains of larger entities that are themselves feeding into the global marketplace.<\/p>\n<p><strong>BONUS:<\/strong> By linking SMEs to companies and markets that are otherwise well out of their reach, this approach is also entirely in line with the Sisi administration\u2019s SME development strategy.<\/p>\n<p><strong>Capturing a piece of those global supply chains could change our economic destiny<\/strong>, suggests Simon Kitchen, MD and head of strategy at EFG Hermes Research. \u201cLook at the experience in Vietnam, where they have created single-industry economic zones,\u201d he says. \u201cYou see people in low-income jobs suddenly having opportunities to get their heads above water. They save and have disposable income. They invest in education \u2014 their own and that of their kids. They buy consumer goods and start to participate in the formal financial system. Then service businesses build up around the zones to serve this emerging middle class. The multiplier is formidable. When you\u2019re a nation of more than 100 mn people, it\u2019s not about the 10k jobs in a given subsector \u2014 it\u2019s about the multiplier effect. You want clusters close to centers of population so they can create opportunity for marginally employed people and kick off this virtuous cycle.\u201d<\/p>\n<p><strong>We never should have taken notes on economic policy from \u2026 people who don\u2019t get <\/strong><strong>what <\/strong><strong>an economy is all about:<\/strong> It\u2019s time we stop worrying that we need to build everything from<br \/> \u201cneedles to missiles.\u201d If our competitive advantage is in making needles \u2014 and if doing so will generate bns of USD in export sales \u2014 let that be our only focus. No nation can escape the need to import.<\/p>\n<p><strong>IN SHORT- Building a (focused) export-oriented economy that is a magnet for global <\/strong><strong>strategic investors<\/strong> is key to making sure we don\u2019t find ourselves five years down the road in the same place as we are today: Grappling with an economic crisis and going hat-in-hand to the IMF and our rich friends asking for help. Our challenge: Building a long-term industrial strategy that is rooted in a deep understanding of our absolute and competitive advantages \u2014 and that allows us to become an export powerhouse while pursuing import substitution where doing so makes sense.<\/p>\n<p><strong>So, what do we need to do? We think there are five steps:<\/strong><\/p>\n<ul>\n<li><strong>Set an audacious long-term goal<\/strong> \u2014 say, USD 50 bn in inbound FDI annually by 2033;<\/li>\n<li><strong>Identify no more than five export-oriented industries<\/strong> in which we have clear absolute or competitive advantages. These are our future \u2014 full-stop;<\/li>\n<li><strong>Cut red tape.<\/strong> Don\u2019t promise to \u201cget serious\u201d about it. Just do it. If we can digitize the tax man, we can make business formation, permitting, and licensing a simple online process for everyone, regardless of size or industry;<\/li>\n<li><strong>Build a dedicated investment promotion agency that will tell stories that resonate with C-suite leaders around the world.<\/strong> Only by marketing a bankable, investable story tailored to the unique needs of major global corporations will we attract the FDI and know-how to make this work;<\/li>\n<li><strong>Back these five industries no matter what.<\/strong> We exaggerate only slightly when we suggest that other industries effectively cease to matter \u2014 if our five horses come in, so, too, will every other sector of the economy.<\/li>\n<\/ul>\n<p><strong>Focus is the key. Five industries \u2014 max.<\/strong> Since 2011, we\u2019ve taken a scattershot approach. We love tire makers. Wait, no, it\u2019s all about import substitution. And maybe automakers (except \u2026 not really). The Russian Industrial Zone is perfect. Or maybe we like the Chinese more? Wait, let\u2019s line up bns in investment in green hydrogen and ammonia \u2014 ignoring the fact that the US government just drilled a hole in our boat with its production subsidies.<\/p>\n<p><strong>Egypt landed about USD 6.6 bn in FDI in 2010<\/strong> \u2014 and USD 8.9 bn in the 12 months ending June.<\/p>\n<p><strong>We exported goods and services worth USD 46.75 bn in 2010.<\/strong> Last year, that figure stood at USD 44.85 bn.<\/p>\n<p><strong>Folks, the definition of insanity is to keep doing the same thing and expect a different <\/strong><strong>result.<\/strong> But if we get this right \u2014 and stick to it over a period of years? It will set the direction of travel for the entire country going forward.<\/p>\n<p><strong>^^ Let\u2019s unpack that, shall we?<\/strong><\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/India-phone-assembly-factory-1600px.jpg?ssl=1\" alt='enterprise'><\/p>\n<p style='font-size: 18px;font-weight: bold' >#1- SET AN AUDACIOUS LONG-TERM GOAL<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The examples are all around us:<\/strong> <strong>Apple<\/strong> is assembling iPhones in India. Vietnam is the primary global supplier of <strong>Nike<\/strong> and <strong>Adidas<\/strong> shoes, the biggest maker of <strong>Prada<\/strong> bags, and a major global call center destination. Morocco is a top producer of cars and aerospace components for Europe. Mexico exports more than 90% of its medical devices to the United States and Canada. Taiwan\u2019s exported tech (most of it semiconductors) worth a record USD 446 bn last year \u2014 and India is looking to take a piece of that cake.<\/p>\n<p><strong>Their lesson to us: Building an export-led economy is possible \u2014 and it is not a <\/strong><strong>multi-generation project.<\/strong> If you have a clear (short) list of priority industries and stick to it, you can integrate with global supply chains in years, not decades. \u201cAll of these success stories started with policymakers who took stock of their absolute and competitive advantages, set priorities, and then made sure that everything else that makes FDI possible \u2014 laws, incentives, business clusters, the skills of the labor market \u2014 is geared to those priority industries,\u201d says Ghazi.<\/p>\n<p><strong>T<\/strong><strong>ake India: It <\/strong><strong><a href=\"https:\/\/www.tribuneindia.com\/news\/business\/fdi-inflows-to-india-may-cross-100-billion-in-2022-23-government-434980\">doubled inbound FDI<\/a><\/strong><strong> in less than eight years<\/strong> \u2014 to nearly USD 86 bn in 2021-2022. It should break the USD 100 bn mark this year. How? In collaboration with the private sector, the government identified 15 priority industries and went after them. They slashed red tape. And they created a clear system of export incentives for companies in those industries.<\/p>\n<p><strong>Like the UAE, India wasn\u2019t afraid to dream big:<\/strong> It included a huge USD 10 bn program to build a semiconductor, design, and display ecosystem. That and the promise of the <a href=\"https:\/\/www.makeinindia.com\/\">Make in India program<\/a> were enough that Apple stayed the course on setting up an assembly operation there despite a long tangle with an Indian bureaucracy that could give us tips\u2026 The <a href=\"https:\/\/techcrunch.com\/2022\/09\/25\/apple-starts-manufacturing-iphone-14-in-india\/\">iPhone 14 is being assembled there<\/a> \u2014 and pundits think 25% of all iPhones could come out of India by 2025. Corporate India is now <a href=\"https:\/\/www.business-standard.com\/podcast\/companies\/what-is-the-significance-of-apple-s-make-in-india-push-122092100092_1.html\">lining up for a piece of the action<\/a>.<\/p>\n<p><strong>Closer to home<\/strong>, Ghazi notes that \u201cMorocco established itself as a major supplier of cars to Europe and now has a <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/761e8bf1-981e-4621-9635-89883897a9e5\">burgeoning electric vehicles industry<\/a>.\u201d How? It went all-out to land an <a href=\"https:\/\/mo.ibrahim.foundation\/news\/2017\/moroccan-success-story-aeronautics\">agreement with Boeing<\/a> that saw the company create a joint venture in Morocco to make wire bundles for aircraft. That one investment saw Boeing attract dozens of suppliers to industrial parks in Morocco \u2014 parks that now serve everyone from Boeing to Airbus and Embraer. From a standing start in the late 1990s, Morocco is now home to more than 140 companies that <a href=\"https:\/\/www.ainonline.com\/aviation-news\/air-transport\/2022-07-16\/moroccos-aerospace-sector-gains-momentum\">exported aerospace goods and services worth more than USD 2 bn<\/a> in 2021 \u2014 and that employ more than 20k people.<\/p>\n<p>(<strong>The key to unlocking that Boeing transaction? <\/strong><strong><a href=\"https:\/\/www.boeing.com\/news\/frontiers\/archive\/2002\/july\/i_people1.html\">A Moroccan exec at Boeing in Seattle<\/a><\/strong><strong>.<\/strong> Ask yourselves, friends: How many of you \u2014 or your friends, classmates, former coworkers, relatives \u2014 work at global multinationals? <strong>Egyptians are literally everywhere. We have the network to bring this plan to life.<\/strong>)<\/p>\n<p><strong>Our seemingly intractable bureaucracy and domestic challenges are no damn excuse\u2026<\/strong> Egypt may have invented bureaucracy, but India raised it to a high art form. Vietnam has a command economy, but somehow leaves the door open for entrepreneurs. Morocco has no more natural competitive advantages than we do.<\/p>\n<p><strong>\u2026and neither is the state of the world around us:<\/strong> From the supply chain snarls that accompanied covid-19 to fallout from Russia\u2019s invasion of Ukraine and \u201cCold War II\u201d between the US and China, a messy geopolitical backdrop is what\u2019s creating room for us to make our play.<\/p>\n<p><strong>SO, ABOUT THAT GOAL?<\/strong> We attracted USD 8.9 bn in FDI in the 2021-2022 fiscal year. Let\u2019s build a program that will let us get to USD 50 bn in the 12 months ending June 2033.<\/p>\n<hr class=\"grey-line\">\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/Sound-and-Light-Show-Giza-Pyramids-1600px.jpg?ssl=1\" alt='enterprise'><\/p>\n<p style='font-size: 18px;font-weight: bold' >#2- CHOOSE NO MORE THAN FIVE CHAMPIONS<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Focus is key, Ghazi and Kitchen agree.<\/strong> We had a (much more) focused investment promotion program pre-2011, when Mahmoud Mohieldin was investment minister. It wasn\u2019t perfect, but back then Egypt prioritized FDI in just a dozen sectors that included business process outsourcing, tech, petrochemicals and automotive, among others. (We know: We helped the good people at the ministry build the material they took on the road to promote the priority industries.) It doesn\u2019t matter what industries were on that nearly two-decade-old list; it matters that the list was <em>focused<\/em>.<\/p>\n<p><strong>\u201cEgypt\u2019s approach has been too broad rather than focused on building clusters of <\/strong><strong>companies in a limited number of sectors<\/strong> and has been going on in the absence of an ambitious FDI target. There have, in many ways, been too many industrial zones and too little focus,\u201d says Kitchen. \u201cThere are plenty of opportunities for countries like Egypt to zero in on a handful of manufacturing industries and thereby bring in genuine FDI.\u201d<\/p>\n<p><strong>\u201cEgypt has both absolute and competitive advantages that will help us narrow down the <\/strong><strong>list of industries we prioritize,\u201d<\/strong> says Ghazi. \u201cNobody in the world has the mix of tourism attractions we do \u2014 from beaches and corals to monuments, adventure, and medical tourism. That\u2019s an absolute advantage. On the competitive advantages side of the ledger, we have our location, energy surplus, and large, trainable, semi-skilled workforce. <strong>Everything we do should be geared toward supporting industries that benefit from these advantages.\u201d<\/strong><\/p>\n<p><strong>Look at what Turkey has done to bring in USD from its tourism assets:<\/strong> It can never compare to the historical + leisure or adventure + historical packages that we could offer, but has still formulated a strong product to which it drives attention with a great airport, outstanding shopping and food experiences, and a great transportation network. How? <strong>It made the conscious decision to turn tourism into a hallmark of its economy.<\/strong><\/p>\n<p><strong>The result:<\/strong> Turkey is aiming to net some USD 37 bn in tourism receipts this year from 47 mn visitors (both off from the pre-pandemic peak). Our high water mark? It was USD 13 bn in revenues from 13.1 mn visitors in 2019.<\/p>\n<p><strong>How does that process start?<\/strong> \u201cTourism is an obvious export sector for Egypt. Outside that, we should begin by looking at the supply chains that we can reach thanks to our natural competitive advantages,\u201d Ghazi says, \u201cThat starts with our geographic location. In many ways, we are literally at the center of the world \u2014 particularly if your \u2018world\u2019 is focused on selling into Europe, the Gulf, and Africa, with perhaps the US and parts of Asia within reach.\u201d<\/p>\n<p><strong>Kitchen agrees, saying it\u2019s not too late even to make automobiles a priority<\/strong> a decade after we ceded the playing field to the Moroccans. \u201cOur proximity to the Gulf, to Southeastern Europe, and East Africa make vehicle assembly here absolutely possible. It\u2019s not too late.\u201d<\/p>\n<p><strong>In choosing those industries, we need to aim higher:<\/strong> \u201cI live in Europe and regularly see Egyptian products in stores,\u201d says Kitchen, \u201cbut unfortunately what I see are cut flowers and fresh fruit \u2014 basic goods. And it should really be electronics. And why not? It\u2019s the same argument: You\u2019re a natural, low-cost assembler and manufacturer right next to the GCC, to Southern Europe, right there in the corner of Africa.\u201d<\/p>\n<p><strong>And we also need to look at services \u2014 not just goods<\/strong>, says Kitchen. \u201cServices always seem to come second: We talk of \u2018goods and services,\u2019 not the other way round; in a classic current account table, goods come first, then services. But we really should get away from that \u2014 technology and ease of travel mean you can export a lot of services. You can name them as well as I can \u2014 tourism, yes, but also medical care, outsourcing, IT development, call centers, et cetera. There is often a bias towards exports of goods because you can see them \u2014 big auto plants, or fields of crops for export, or semiconductor factories. But services bring in the same money that goods do.\u201d<\/p>\n<p><strong>Does all of this mean we hate, say, retail?<\/strong> Not at all. As BTECH CEO Mahmoud Khattab recently pointed out, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/22b78d62-86d0-4331-878e-0da58c84ce0a\">r<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/22b78d62-86d0-4331-878e-0da58c84ce0a\">etailers like his have created jobs this year<\/a> \u2014 many manufacturers have been retrenching. But imagine how much more interesting the retail landscape would be if more products on shelves were made here (not all, just some). And if a steady inflow of USD from FDI and exports kept stores stocked with the latest from Apple and Mercedes \u2014 and BYD and Oppo. Imagine how much more money there would be to make in retail if more people had jobs that paid living wages? <strong>What if we were the Arab world\u2019s largest consumer market not just by number of consumers<\/strong> (as we are today), <strong>but by the value of that market<\/strong> (as KSA is presently, by some measures)?<\/p>\n<hr class=\"grey-line\">\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/Tangier-port-Morocco-automotive-hub-1600px.jpg?ssl=1\" alt='enterprise'><\/p>\n<p style='font-size: 18px;font-weight: bold' >#3- CREATE A WELCOMING ENVIRONMENT<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>There are two cornerstones here: Slash red tape and provide world-class infrastructure.<\/strong> Subsidies are nice, but they\u2019re not a condition precedent to close an investment.<\/p>\n<p><strong>The World Bank\u2019s <\/strong><strong><a href=\"https:\/\/www.worldbank.org\/en\/news\/statement\/2021\/09\/16\/world-bank-group-to-discontinue-doing-business-report\">Ease of Doing Business<\/a><\/strong><strong> report is <\/strong><strong><a href=\"https:\/\/www.reuters.com\/business\/world-bank-aims-replace-canceled-doing-business-report-two-years-2021-11-10\/\">dead<\/a><\/strong><strong>, but we need to behave like <\/strong><strong>we\u2019re in a competition for the #1 spot.<\/strong> \u201cBecause we are,\u201d Ghazi says, pointing to the success Morocco had with the \u201cactive and highly efficient\u201d Agence Marocaine de D\u00e9veloppement des Investissements. It put the country on the map with European carmakers and has since rebranded itself as the <a href=\"https:\/\/www.morocconow.com\/\">Moroccan Investment and Exports Agency<\/a>. The name says it all.<\/p>\n<p><strong>\u201cThe agency focused on driving meaningful, visible reforms that reassured investors<\/strong> about their ability to integrate Morocco into their global production networks,\u201d he says. (On that note: Egypt\u2019s geographical advantage is even more pronounced than Morocco\u2019s.)<\/p>\n<p><strong>Morocco planned and then built a world-scale automotive hub in Tangiers<\/strong> and surrounded it with industrial parks, roadways and railroads that now help it ship more than <a href=\"https:\/\/www.moroccoworldnews.com\/2021\/12\/346289\/moroccos-automotive-exports-reached-8-billion-as-of-november\">300k cars last year worth more than USD 8 bn<\/a> to markets including Spain, Portugal and France.<\/p>\n<p><strong>\u201cThe takeaways from Morocco are clear: Foreign investors are more concerned about the<\/strong> <strong>business climate, transport and logistics infrastructure, and access to skilled labor<\/strong> than they are with subsidies, tax breaks, or subsidized production inputs,\u201d says Ghazi. Adds Kitchen: \u201cWhat they want on the regulatory piece is stability over the long run.\u201d<\/p>\n<p><strong>It\u2019s the same story in India:<\/strong> 15 priority industries and 2-3% export incentives are nice. Nicer still: India made it easier to hire and fire people. It cut corporate taxes, and made it easier for businesses to bid for government contracts. The default answer from bureaucrats is now \u201cYes\u201d unless they can present a clear, compelling answer to why it should be \u201cNo.\u201d India is digitizing everything \u2014 we\u2019re doing that here when it comes to the government collecting taxes and fees. But in India (and the UAE), meaningful government approvals and services are delivered online.<\/p>\n<p><strong>The key: Ask businesses in those five priority industries what they want.<\/strong> \u201cMorocco did that with the automotive industry. Vietnam sat down with big players in tech and consumer electronics such as Samsung,\u201d says Kitchen.<\/p>\n<p><strong>And it\u2019s not just the government that needs to get with the program: The private sector <\/strong><strong>does, too.<\/strong> Vietnam has been the primary supplier of Nike shoes since 2010, it\u2019s the top supplier to Adidas, and its apparel manufacturing industry is the fastest-growing in the world, making it a top-five global producer of clothing. How did they get there? Factories are nimble and entrepreneurial: They\u2019ll take on smaller orders just to land more business down the road.<\/p>\n<p><strong>And don\u2019t forget about training:<\/strong> Morocco has institutes that train people for the aerospace and automotive industries, Ghazi notes. And the private sector can step in where the government doesn\u2019t, says Kitchen: \u201cOne of the Vietnamese companies that we like in outsourcing has its own education program to feed staff into the industry and they get about half of their staff from their own university. We see others in Pakistan doing similar things as well as reaching out to the diaspora for globally experienced talent.\u201d<\/p>\n<hr class=\"grey-line\">\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/Suez-Canal-shipping-exports-1600px.jpg?ssl=1\" alt='enterprise'><\/p>\n<p style='font-size: 18px;font-weight: bold' >#4- BUILD A REAL INVESTMENT PROMOTION AGENCY<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>GAFI fulfills a critical function as a regulator \u2014 but regulation and promotion are very di<\/strong><strong>fferent skillsets.<\/strong> We need an investment promotion agency with a singular mission: Get big global companies to set up shop here in our (no more than) five priority industries. Look at the quality of the folks running India\u2019s <a href=\"https:\/\/www.investindia.gov.in\/invest-india-team#meet-our-team-focus\">National Investment Promotion and Facilitation Agency<\/a>, better known as Invest India. They\u2019ve got private-sector and industry-specific experience. They\u2019re educated at the best schools at home and abroad. They\u2019ve spent time at big names including EY, Google, Tata. <strong>They speak the language of the industries they\u2019re promoting to foreign investors \u2014 and they\u2019re plugged into the bureaucracy<\/strong> with the clout they need to get things done.<\/p>\n<p><strong>Telling the CEO of a global corporation, \u201cWe\u2019re open to FDI,\u201d and then talking about <\/strong><strong>broad reforms or initiatives s\/he doesn\u2019t relate to is so vague as to make the meeting utterly meaningless.<\/strong> We need to show up in their offices with a clear, defined pitch: \u201cThis is what we\u2019re doing <em>in your industry<\/em> to make Egypt a perfect logistics and manufacturing hub <em>for your company<\/em>. How can we help you make an informed decision?\u201d<\/p>\n<p><strong>And it\u2019s not like we <\/strong><strong>lack the talent<\/strong><strong>.<\/strong> Corporate teams at Egyptian banks are full of these people. Same with the investment banks \u2014 and at plenty of corporates across a wide range of industries. And they\u2019ll serve if we give them the incentives they need: Look no further than the quality of the team that\u2019s building the Sovereign Fund of Egypt.<\/p>\n<p><strong>In fact, Invest India is a great model.<\/strong> It was brought to life by <a href=\"https:\/\/www.entrepreneur.com\/en-in\/leadership\/the-man-behind-the-government-of-indias-startup\/399745\">Deepak Bagla<\/a>, a former Citibank investment banker, who convinced young Indian professionals to come home \u2014 and take 30-70% pay cuts \u2014 to staff the company. There are 300 of them, and their average age is just 30.<\/p>\n<p><strong>Would a private-sector investment promotion agency work?<\/strong> If we want the best people to convince C-suite execs around the world to invest in and export from Egypt, we need to pay them appropriately. Sure, we could go the route pioneered by the Nazif cabinet and line up donor agencies to pay salaries for \u201cconsultants\u201d who fulfill government roles. But maybe a more durable solution would be to create a private sector-owned and -run agency that is endowed by the private sector through donations that should be converted directly into tax credits.<\/p>\n<p><strong>A private-sector-backed agency is <\/strong><strong><a href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/foreign-trade\/invest-india-the-inside-story-of-a-unique-industry-government-collaboration-to-attract-fdi-into-india\/articleshow\/61165128.cms?from=mdr\">effectively what India did<\/a><\/strong><strong>: The government owns 49% <\/strong><strong>of the agency, with industry associations holding 51%<\/strong> \u2014 enough, under Indian law, that it is run as a private company. It doesn\u2019t charge fees to its clients (the foreign investors it advises) and judges its success by the proportion of its investment pipeline that gets turned into real FDI on the ground. It knows what we all know: That hot money is not going to create meaningful jobs and sustainable economic growth.<\/p>\n<p><strong>IN PARALLEL: We need a regulator that is clearly empowered from the top to slash red tape<\/strong> regardless of which ministry \u201cowns\u201d any given approval.<\/p>\n<hr class=\"grey-line\">\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/long-road-Egypt-desert-1600px.jpg?ssl=1\" alt='enterprise'><\/p>\n<p style='font-size: 18px;font-weight: bold' >#5- BACK THOSE INDUSTRIES NO MATTER WHAT<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>We need to stay focused \u2014 for years, not months.<\/strong> We, as a nation, find things like that challenging. Unlike our cousins in the UAE, we have a tendency to lurch from idea to idea, expecting instant gratification \u2014 and too often losing interest when that doesn\u2019t happen. As with all humans, our last great idea is sometimes from whoever was most recently in our office.<\/p>\n<p><strong>Instead, we need to be patient.<\/strong> Choose no more than five industries. Build the programs (and the agency) that will bring global players here. Move obstacles out of the way of business. And build.<\/p>\n<p><strong>Someone will inevitably appear on Amr Adib\u2019s show half-way through year one, <\/strong><strong>bellowing that his \/ her sector is \u201cdying\u201d because they\u2019re not getting the same treatment as Industry \u201cX\u201d or \u201cY.\u201d<\/strong> There is only one acceptable answer in that case: \u201cToz.\u201d If the best and brightest in the country can agree that we have 2 \/ 3 \/ 5 priority industries \u2014 sectors that will drive economic growth, create jobs and bring in steady FX receipts through both FDI and exports? Well, friends, to borrow from my Papa: A rising tide floats all boats.<\/p>\n<p><strong>The tide won\u2019t come in overnight, but it will turn \u2014 we\u2019ve seen it in Morocco. In Vietnam. <\/strong><strong>In Bangladesh.<\/strong> The key is to stay the course, Ghazi says. \u201cSmart investors know not to check their portfolios daily, but quarterly or yearly. That\u2019s the same tempo on which we should judge progress on an FDI and exports drive.\u201d<\/p>\n<p style='font-size: 18px;font-weight: bold' >PATIENCE IS GREAT, BUT WE ALSO NEED TO MOVE *FAST*<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a><strong> Every emerging market (and a whole bunch of have-less states \/ provinces \/ <\/strong><strong>regions in the rich world) is positioning itself as the next great export hub.<\/strong> We have tons of advantages: A huge domestic market. Plentiful energy. Smart, trainable people. A phenomenal geographic location.<\/p>\n<p><strong>\u201cBut the simple fact of the matter is competition is fierce, and time is short,\u201d says Ghazi. <\/strong>Blacksmith International, the supply chain and manufacturing consultants, don\u2019t even list us on a survey of \u201ctop alternatives to manufacturing in China.\u201d Who makes the list? Vietnam, Bangladesh, India and Mexico.<\/p>\n<p style='font-size: 18px;font-weight: bold' >THAT MAKES NEXT WEEK\u2019S CONFERENCE KEY<\/p>\n<p><strong>When we gather next week, let\u2019s not waste time talking about FX, L\/C vs. documentary <\/strong><strong>collection, import substitution, energy prices, the \u201cevils\u201d of a capital gains tax on EGX trades<\/strong> or any of the usual topics.<\/p>\n<p><strong>The Madbouly government is pulling in some of the best and brightest people in the country.<\/strong> It says it wants to listen. We think an export- and FDI-led growth strategy is key to ensuring we\u2019re not again crying in our cups three or four years down the road.<\/p>\n<p><strong>Five steps. No more than five industries. Who\u2019s in? <\/strong><\/p>\n<p><strong>We\u2019re looking for folks who share our views to help us keep the conversation going. <\/strong><strong>Reply to this email or ping a note to <\/strong><strong><a href=\"mailto:patrick@enterprisemea.com\">patrick@enterprisemea.com<\/a><\/strong> \u2014 particularly if you\u2019re a multinational or an Egyptian manufacturer.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/5-steps-to-building-a-new-egyptian-economy\/\">5 STEPS TO BUILDING A NEW EGYPTIAN ECONOMY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550200\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"550200\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/550200\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550200\" class=\"content-area-description single-story post-550200 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/2Cellos-Somabay1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>2CELLOS \u2014 LIVE AT SOMABAY on 18 November, 2022:<\/strong> Mark your calendars \u2014 world-renowned and wildly popular cellist duo, 2CELLOS will be performing at Somabay on 18 November, 2022. Having racked up a bn-plus audio streams, countless sold-out concerts, and mns of fans across the globe in their 10 years together as 2CELLOS, the Croatian duo of Luka &Scaron;uli\u0107 and HAUSER will be visiting Egypt in their long-awaited 2022 Dedicated World Tour.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550201\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550201\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/maait-takes-to-the-airwaves-to-talk-imf\/\">\r\n                            Maait takes to the airwaves to talk IMF                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/maait-takes-to-the-airwaves-to-talk-imf\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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We were expecting a final agreement during <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/755fe4d2-0c02-4436-ba79-498f8b62c0fd\">the meetings in DC last week<\/a>, where local officials, including Maait and CBE governor Hassan Abdalla, met with the IMF. The two sides ultimately only agreed to reach a staff-level agreement \u201cvery soon.\u201d<\/p>\n<p><strong>Size doesn\u2019t matter: <\/strong>More important than the size of the financing is the message the agreement will send to the world \u2014 that Egypt is working on economic reforms supported by the IMF, Maait told Ala Mas\u2019ouleety. Regular readers will not be surprised to hear that Maait once again declined to disclose the expected size of the loan. Reuters has quoted sources as saying that the package is likely at the lower end of a USD 3-5 bn range.<\/p>\n<p><strong>Our take: What matters most is the commitment the IMF will surely demand on FX <\/strong>\u2014 namely that we will, finally, allow the currency to float. That\u2019s what will unlock portfolio and foreign direct investment alike.<\/p>\n<p><strong>Social protection measures are ringfenced, <\/strong>Maait reiterated, adding that the IMF had no objections to government efforts to beef up the social safety net.<\/p>\n<p><strong>REMEMBER- <\/strong>Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">entered talks with the IMF in March<\/a> as part of a bid to lock in financial support following the economic shocks caused by Russia\u2019s war in Ukraine, rising interest rates, and the global-risk off in financial markets.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550203\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored 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data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550204\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"550204\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/550204\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550204\" class=\"content-area-description single-story post-550204 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/b2gcop27.moharrampartners.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/MP-COP27-Meeting-Enterprise-Web-Size-1.png?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550205\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550205\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/investors-expect-14-deval-ahead-of-imf-facility-plus-news-from-hassan-allam-oc-and-schneider\/\">\r\n                            Investors expect 14% deval ahead of IMF facility. Plus: News from Hassan Allam, OC and Schneider                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/investors-expect-14-deval-ahead-of-imf-facility-plus-news-from-hassan-allam-oc-and-schneider\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/investors-expect-14-deval-ahead-of-imf-facility-plus-news-from-hassan-allam-oc-and-schneider\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/investors-expect-14-deval-ahead-of-imf-facility-plus-news-from-hassan-allam-oc-and-schneider\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Investors expect 14% deval ahead of IMF facility. Plus: News from Hassan Allam, OC and Schneider&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/investors-expect-14-deval-ahead-of-imf-facility-plus-news-from-hassan-allam-oc-and-schneider\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/investors-expect-14-deval-ahead-of-imf-facility-plus-news-from-hassan-allam-oc-and-schneider\/&title=Investors expect 14% deval ahead of IMF facility. Plus: News from Hassan Allam, OC and Schneider\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Investors+expect+14%25+deval+ahead+of+IMF+facility.+Plus%3A+News+from+Hassan+Allam%2C+OC+and+Schneider+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F18%2Finvestors-expect-14-deval-ahead-of-imf-facility-plus-news-from-hassan-allam-oc-and-schneider%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/investors-expect-14-deval-ahead-of-imf-facility-plus-news-from-hassan-allam-oc-and-schneider\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550205\" class=\"content-area-description single-story post-550205 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-house-of-representatives tag-orascom-construction tag-schneider-electric tag-telecom-egypt tag-zilla-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-09\" class=\"content-anchor\"><\/a> <strong>EGP WATCH-<\/strong> <strong>Investors see 14% deval ahead of IMF agreement: <\/strong>Three-month non-deliverable forwards on the EGP \u2014 i.e., where investors think the currency could end up in three months\u2019 time \u2014 slipped to EGP 22.90 against the greenback on Monday, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-17\/egyptian-pound-has-bears-betting-on-14-drop-as-imf-deal-nears?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports. That suggests the EGP could have another 14% to fall against the USD.<\/p>\n<p>The currency is currently changing hands at EGP 19.73 \/ USD, having lost around a quarter of its value this year \u2013 including March\u2019s sudden devaluation.<\/p>\n<p><strong>Some market watchers are expecting a steeper decline in the coming days<\/strong> on the back of the imminent agreement with the IMF on an assistance package backed by a reform program. \u201cI would expect the fast pace of weakening to start now,\u201d said one London-based analyst. Pundits see the EGP <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7828f0c8-0f23-42d7-a57e-5210fb18233f\">settling<\/a> somewhere between 22-24 to the USD \u2014 and Enterprise readers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd84427a-c81c-42e3-9a7b-a8ca9d01efdc\">think<\/a> the EGP will settle at 22.12 on average.<\/p>\n<p><strong>MEANWHILE- <\/strong><strong>Hassan Allam Construction <\/strong><strong>was awarded a contract to build a<\/strong><strong>n<\/strong><strong> irrigation water transmission line<\/strong> in the new administrative capital, according to a <a href=\"https:\/\/hassanallam.com\/media-centre\/News\/details\/Irrigation-Water-Transmission-Line\">statement<\/a> by parent company Hassan Allam Holding. The 6.5 km-long concrete double pipeline will link a wastewater treatment plant to irrigation reservoirs in the city\u2019s R8 residential district. \u201cWe are always proud of our contribution towards developing the water sector in Egypt and adding value to the country\u2019s infrastructure,\u201d said HA Holding.<\/p>\n<p><strong>AND- Orascom Construction locked in new projects worth USD 670 mn in 3Q 2022<\/strong>, bringing total new awards in the first nine months of the year to USD 3.1 bn, according to <a href=\"https:\/\/ent.news\/2022\/10\/OC-English-17-10-2022.pdf\">an EGX statement<\/a>. New projects in the Middle East made up 70% of total new awards in the quarter while the rest was accounted for by US projects, the statement reads. OC\u2019s consolidated backlog stood at USD 6.1 bn as of the end of September.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Schneider Electric <\/strong>launched three <strong>automated power distribution control <\/strong><strong>centers <\/strong>worth a near <strong>EGP 1.8 bn<\/strong> in Greater Cairo. (<a href=\"https:\/\/bit.ly\/3EQFcWK\">Al Mal<\/a>)<\/li>\n<li><strong>Telecom Egypt<\/strong> and US-based internet provider <strong><a href=\"https:\/\/www.lumen.com\/en-us\/home.html\">Lumen Technologies<\/a><\/strong> will collaborate to build Lumen\u2019s first regional network node in Egypt. (<a href=\"https:\/\/blog.lumen.com\/expanding-lumen-cdn-in-the-middle-east-with-new-node-in-egypt\/\">Statement<\/a>)<\/li>\n<li><strong>Teens may get their national ID cards a year earlier<\/strong> after the House\u2019s Legislative Committee approved legislative amendments that would lower the age of issuance to 15 from 16.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-construction\/\">Orascom Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/schneider-electric\/\">Schneider Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zilla-capital\/\">Zilla Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550206\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"550206\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/550206\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550206\" class=\"content-area-description single-story post-550206 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_ART_1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550207\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550207\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/recession-has-no-victors-except-amreeka\/\">\r\n                            Recession has no victors \u2014 except Amreeka                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/recession-has-no-victors-except-amreeka\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Europe is also expected to fall faster and suffer longer than the US on the back of its energy crisis and the war in Ukraine.<\/p><p><strong>WATCH THIS SPACE- Look out for a bombshell from Goldman Sachs: The Wall Street bank is set to <\/strong><strong>announce plans to fold its key businesses into three divisions<\/strong>, the <a href=\"https:\/\/www.wsj.com\/articles\/goldman-plans-sweeping-reorganization-combining-investment-banking-and-trading-11665973368?mod=hp_lead_pos1\">Wall Street Journal<\/a> reports, citing anonymous sources. Goldman could announce the reorganization in parallel with the release of its earnings report today. The bank will combine its flagship investment banking and trading businesses into one unit, while merging asset and wealth management into another. A third division will be dedicated to transaction banking, the bank\u2019s fintech portfolio, and other joint ventures. The bank\u2019s consumer arm \u2014 known as Marcus \u2014will be absorbed by the wealth unit.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,148<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -15.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.62<\/p>\n<\/td>\n<td>\n<p>Sell 19.73<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.65<\/p>\n<\/td>\n<td>\n<p>Sell 19.71<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,566<\/p>\n<\/td>\n<td>\n<p>+1.4% (YTD: +2.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,742<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +14.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,377<\/p>\n<\/td>\n<td>\n<p>+0.0% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,678<\/p>\n<\/td>\n<td>\n<p>+2.7% (YTD: -22.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,920<\/p>\n<\/td>\n<td>\n<p>+0.9% (YTD: -6.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,442<\/p>\n<\/td>\n<td>\n<p>+1.8% (YTD: -19.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 91.76<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.99<\/p>\n<\/td>\n<td>\n<p>-7.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,656.40<\/p>\n<\/td>\n<td>\n<p>+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 19,524<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -57.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 1.33 bn (26.4% above the 90-day average). Local investors were net buyers. The index is down 15.1% YTD.<\/p><p><strong>In the green: <\/strong>Telecom Egypt (+6.1%), e-Finance (+5.5%) and GB Auto (+4.6%).<\/p><p><strong>In the red: <\/strong>CIB (-1.0%), CIRA (-0.8%) and Oriental Weavers (-0.7%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaea-energy\/\">Archaea Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/binance\/\">Binance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/biofuels\/\">biofuels<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bp\/\">BP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/credit-suisse\/\">Credit Suisse<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550208\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550209\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/18\/550209\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550209\" class=\"content-area-description single-story post-550209 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>OCTOBER<\/strong><\/p>\n<p>October: Air Sphinx, EgyptAir\u2019s low-cost subsidiary to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=25062022&id=06c1fc4b-9551-4f6c-a782-70bdec4b30f0\">commence operations<\/a>.<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>16-19 October (Sunday-Wednesday): <a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week 2022<\/a>, Nile Ritz Carlton, Cairo.<\/p>\n<p>17 October (Monday): Fifth Egypt and UN-led regional climate roundtable ahead of COP27, Geneva, Switzerland.<\/p>\n<p>18 October (Tuesday): The <a href=\"https:\/\/www.almasdar.com\/120322\">Egyptian-Swedish business forum<\/a>, Stockholm, Sweden.<\/p>\n<p>23-25 \u200b\u200bOctober (Sunday-Tuesday): Egypt economic conference, Cairo, Egypt.<\/p>\n<p>24 October (Monday): <a href=\"https:\/\/fci.nl\/en\/event\/empowering-sustainable-trade-flows-factoring-facilitation-egyptian-trade-difficult-times?language_content_entity=en#register\">Empowering Sustainable Trade Flows with Factoring<\/a> conference, St. Regis Cairo.<\/p>\n<p>26-28 October (Wednesday-Friday): Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LXkrA1yvJmfVxBuUF9fA94GeAoPkbWA44cRRaWhJEzcu69p5eGocBaQXqeH6AmaEl\">celebrates 50 years of ties<\/a> with the UAE.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>27-30 October (Thursday-Sunday): <a href=\"https:\/\/cairoict.com\/\">Cairo ICT<\/a>, Egypt International Exhibition Center, New Cairo.<\/p>\n<p>30 October-1 November (Sunday-Tuesday): <a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\">Egypt Energy<\/a>, Egypt International Exhibition Center (EIEC), New Cairo.<\/p>\n<p>Late October-14 November: 3Q2022 earnings season.<\/p>\n<p>Late October: First Abu Dhabi Bank to <a href=\"https:\/\/bit.ly\/3eEUoeA\">complete<\/a> full integration with Bank Audi\u2019s Egyptian operations after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db0f456-9e63-420a-b309-a9a455fb3667\">merger<\/a>.<\/p>\n<p><strong>NOVEMBER<\/strong><\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Arab League annual summit, Algiers, Algeria.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>3-5 November (Thursday-Saturday): Egypt Fashion Week.<\/p>\n<p>4-6 November (Friday-Sunday): <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition, Cairo International Exhibition and Convention Center.<\/p>\n<p>6-18 November (Sunday-Friday): Egypt will host <a href=\"https:\/\/cop27.eg\/\">COP27<\/a> in Sharm El Sheikh.<\/p>\n<p>7 November (Monday): The inauguration of the first line of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2356273-f17c-4a5b-a987-663aab9a2e29\">high-speed rail<\/a>.<\/p>\n<p>9 November (Wednesday): Finance Ministry to host \u201c<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid029A7ytdAhcMYQsLo8xQ6Ne5FuvWWDty9yYj66v4LMifKZ611tqzps8jkcw4P7fLMhl\">Finance Day<\/a>\u201d at COP27.<\/p>\n<p>7-13 November (Mon-Sun): The International University Sports Federation (FISU) <a href=\"https:\/\/www.worldsquash.org\/2022-fisu-world-university-championship-squash-to-take-place-in-egypt\/\">World University<\/a> Squash Championships, New Giza.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>27 - 28 November (Thursday-Friday): The first edition of the <a href=\"https:\/\/twitter.com\/Extranewstv\/status\/1579478836366176256\">Egypt Media Forum<\/a>.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>3 December (Saturday): Dior Men\u2019s pre-fall collection show in Giza.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>13-15 December (Tuesday-Thursday): US-Africa Leaders Summit.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>December: The Sixth of October dry port <a href=\"https:\/\/bit.ly\/3u3uB4u\">will begin operations<\/a>.<\/p>\n<p>December: Egyptian Automotive Summit.<\/p>\n<p>December: Egypt to <a href=\"https:\/\/bit.ly\/3bVoWYy\">expand Sudan electricity link capacity<\/a> to 300 MW.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>January: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 January (Sunday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>1 January (Sunday): Residential electricity bills are set to rise as per the government\u2019s <a href=\"https:\/\/ent.news\/2020\/6\/%D8%A7%D9%84%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%89-%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%84%D9%84%D8%AE%D9%85%D8%B3-%D8%B3%D9%86%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85%D8%A9-9-6-2020-1.pdf\">six-year roadmap (pdf)<\/a> to restructure electricity prices by 2025.<\/p>\n<p>7 January (Saturday): Coptic Christmas.<\/p>\n<p>24 January-6 February: The 54th Cairo International Book Fair, Egypt International Exhibition Center<\/p>\n<p>25 January (Wednesday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26 January (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>30 January-1 February (Monday-Wednesday): CI Capital\u2019s Annual MENA Investor Conference 2023, Cairo, Egypt.<\/p>\n<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.<\/p>\n<p>13-15 February (Monday-Wednesday): The <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show (Egyps)<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p>23-27 February (Thursday-Monday): The eighth annual <a href=\"https:\/\/www.bwe21.com\/2023-conference\/\">Business Women of Egypt\u2019s Women for Success conference<\/a>.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>March: 4Q2022 earnings season.<\/p>\n<p>23 March (Wednesday): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>17 April (Monday): Sham El Nessim.<\/p>\n<p>22 April (Saturday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Tuesday): Sinai Liberation Day.<\/p>\n<p>27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/p>\n<p>Late April &ndash; 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo <a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\">debuts<\/a> at the Egypt International Exhibition Center.<\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2H 2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H 2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H 2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/p>\n<p>4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings\u2019 Taqa Arabia to launch their fintech company.<\/p>\n<p>4Q 2022: Saudi Jamjoom Pharma to <a href=\"https:\/\/bit.ly\/3R7SGzP\">inaugurate its EGP 1 bn pharma factory<\/a> in El Obour.<\/p>\n<p>End of 2022: Decent Life first phase scheduled for completion.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p>1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":550198,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-550197","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"feeda831-c0fd-43df-b197-08ddb74254e7","teaser":"","photo_url":"https:\/\/ent.news\/2022\/10\/26.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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