PM — Why are manufacturers here lagging behind when it comes to industrial automation?

TL;DR

Details on the FY2022-23 budget emerge + Egypt’s non-oil private sector contracted again in April, albeit at a slower pace. (The Big Stories Today)
Why are some of Egypt’s manufacturers lagging behind when it comes to industrial automation? (Inside Industry)
A huge US “GreenTech business mission” is inbound next week to kickstart green investments and potential business partnerships. (Circle Your Calendar)
PSA- Early-stage foodtech startups have until June to apply to Tamkeen’s global FoodTech Challenge, with a prize pool of USD 2 mn. (Circle Your Calendar)
Catch 50 years of VC industry insights courtesy of the granddaddy of them all. (Under The Lamplight)
Who’s Chelsea FC’s new preferred buyer? (For Your Commute)
Top Boy’s continuation on Netflix sees Dushane and Co. go global. (On The Tube Tonight)
We’re looking for smart, talented people to join our team. Here’s how you can apply. (We’re Hiring)

???? WHAT WE’RE TRACKING TONIGHT

This busy news week appears to be starting with a slow Sunday. Don’t let today lull you, ladies and gentlemen, as all our key macro indicators are coming up and the next fiscal year’s budget looks set to be introduced to the House of Representatives — all this week.

THE BIG STORIES TODAY-

#1- Details are out on next year’s fiscal budget: The Finance Ministry is forecasting that the budget deficit will narrow to 6.1% of GDP in the latest draft of the FY 2022-23 budget, Bloomberg Asharq is reporting, citing an official document it has seen. The government is aiming to shrink the debt-to-GDP ratio to 84% next fiscal year. The Finance Ministry has also penciled in oil prices of USD 80 per barrel — up from USD 60 per barrel this fiscal year — and an average wheat price of USD 330 per ton, up almost 30% on last year as war in Ukraine plays havoc with the global commodities markets.

Finance Minister Mohamed Maait will present the draft FY 2022-2023 budget to the House of Representatives’ general assembly tomorrow. Last month the House voted to send the draft FY 2022-2023 budget to the budget and planning committee. Planning Minister Hala El Said will present the draft economic and social development plan to the House during the same session.

#2- Egypt’s non-oil private sector contracted again in April, albeit at a slower pace, according to S&P Global’s purchasing managers’ index (PMI) survey (pdf). The index registered 46.9 in April, up from 46.5 in March but still below the 50.0 mark that separates expansion from contraction and marking “a solid deterioration in business conditions” that was the second-fastest since June 2020 thanks to ongoing fallout from the Ukraine war. The PMI reported that construction broadly bucked the trend as the “only bright spot,” with an uptick in activity and new orders. Industry players reported a marginal softening of input price inflation — but many opted to absorb higher costs instead of passing them onto consumers, according to the survey.

THE BIG STORY ABROAD- It’s a toss-up between (you guessed it) updates from the Russia-Ukraine war and the impact of covid-19 lockdowns on China’s economy.

IN CHINA: Authorities in Shanghai are imposing tighter covid-19 restrictions in a bid to contain a breakout that began several weeks ago, with the lockdown pushing up unemployment figures and further straining global supply chains and international trade, Reuters reports, citing sources with knowledge of the matter. The lockdowns are expected to spell a “complicated and grave” situation for unemployment, Chinese Prime Minister Li Keqiang said, according to a statement.

IN UKRAINE: Russian forces reportedly bombed a school in a village in Ukraine’s eastern Donetsk region yesterday, where residents appear to have been taking shelter, potentially killing as many as 60 people, Reuters reports, citing the regional governor.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

Privatization program back in action this September: Egypt plans to offer shares in state companies on the EGX starting in September, Public Enterprise Minister Hisham Tawfik said. The minister said the move had been delayed until after the summer, without providing further details on the companies to be listed.
More on the Sisi administration’s plans to boost the economy: The state’s plan to attract USD 40 bn in fresh investment by opening the door to “private sector participation in state-owned assets” led coverage of President Abdel Fattah El Sisi’s televised speech at the “Egyptian family iftar” event (watch, runtime: 1:03:23) before the Eid break. El Sisi used the speech to announce several initiatives to help strengthen Egypt’s economy and industry, increase private sector investment, and reduce public debt.
We could be getting Ukrainian wheat through Polish and Lithuanian seaports: Polish President Andrzej Duda will visit Egypt next month to coordinate ways to ship Ukrainian wheat to Egypt amid the war, potentially through Polish seaports, Duda said. Both Poland and Lithuania are reportedly in talks with Ukraine about exporting its summer grain harvest through their ports in a bid to circumvent Russia’s blockade of the country’s Black Sea ports, which has resulted in some 25 mn tons being currently stuck in the country.

enterprise

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: Although a number of manufacturers have told last month that they are successfully accelerating their adoption of industrial automation, a lot of manufacturers are still behind on the transition. Today, we look at what’s standing in the way of manufacturers, and what needs to be done before we see more of them making the shift.

FOR TOMORROW-

Officials from Brazil’s agriculture ministry will arrive in Cairo tomorrow to discuss upping nitrogen fertilizer imports from Egypt, the Arab Brazilian Chamber of Commerce said Thursday. The delegation will meet with Supply Minister Ali El Moselhy, Deputy Agriculture Minister Moustafa El Sayed, and private sector fertilizer and animal protein suppliers.

???? CIRCLE YOUR CALENDAR-

We’ve got a ton of data points and news triggers in the pipeline. Here are the key events you’ll want to keep an eye on:

Privatization strategy announcement: We’re expecting the Madbouly government to announce the details of its strategy to privatize state-owned firms and boost private-sector participation in the economy. Cabinet said yesterday that the PM will hold a presser this week to announce new measures to improve private investment and FDI;
Foreign reserves: Figures for April should be announced sometime this week;
State statistics agency Capmas’ monthly bulletin covering the price of key building materials is due out tomorrow, 9 May;
Inflation figures for April are due out on Tuesday, 10 May. Between the global environment, knock-on effects from the devaluation of the EGP, and the traditional inflationary hit thanks to Ramadan, you can expect the number to be a bit on the ugly side.

PLUS- The PSA world squash championships get underway in Cairo this Friday, 13 May. The men’s and women’s finals will be played on 22 May. There is USD 550k at stake for each of the men’s and women’s championships, making this the biggest purse on record for a squash tourney.

FURTHER AFIELD-

A huge US “GreenTech business mission” is inbound a week from today for a three-day visit. More than 40 US companies are heading to Egypt to kick the tires on green investment and potential business partnerships in sectors ranging from energy to healthcare, agriculture, aviation, construction and water resource management. The high-level delegation will meet with members of the business community and senior government officials. It’s being led by David Thorne (a top official in the office of the US special presidential envoy for climate) and Jake Levine (chief climate officer at the US International Development Finance Corporation).

ALSO-

The Central Bank of Egypt will meet to review interest rates on Thursday, 19 May.
The last of this season’s earnings releases will drop by 31 May after the Financial Regulatory Authority granted listed companies a two-week deadline extension.

PSA- Early-stage foodtech startups have until June to apply to the second edition of the UAE Ministry of Climate Change and Environment and Tamkeen’s global FoodTech Challenge, with an earnings pool of USD 2 mn, according to a statement (pdf). The challenge is looking to find “the next wave of technology innovations on the cusp of transforming traditional agriculture practices, efficiently and sustainably” specifically geared towards innovation in food production and food loss and waste. Partners supporting the competition include Aspire, ADQ, Silal and Emirates Foundation.

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

☀️ TOMORROW’S WEATHER- Expect some warm weather tomorrow as the mercury rises to 37°C during the day before falling to 18°C at night, our favorite weather app tells us.

***
WE’RE LOOKING FOR SMART, TALENTED PEOPLE to help us build some very cool new things. Today, we run two daily publications, five weekly industry verticals, a monthly newsletter designed to make our readers feel just a bit smarter.

We have tons more in the pipeline — come help us build new publications. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >199k readers by telling stories that matter.

We’re looking for editors who want to run publications and teams, editors to help reporters craft stories and talented reporters. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you’re an equities analyst tired of the rat race, we’re a great place to come work.

Apply directly to jobs@enterprisemea.com and mention Patrick in your subject line.

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???? FOR YOUR COMMUTE

Abramovich finds a buyer for Chelsea: A consortium led by US businessman Todd Boehly — who owns stakes in the LA Lakers and LA Dodgers — and backed by private equity group Clearlake Capital are purchasing Chelsea FC for GBP 4.25 bn, the English Premier League club confirmed in a statement. The total price tag includes GBP 2.5 bn to buy Russian b’naire and former club owner Roman Abramovich’s shares in the club, which “will be deposited into a frozen UK bank account with the intention to donate 100% to charitable causes.” The remaining amount will be earmarked for investments in “Stamford Bridge, the Academy, the Women’s Team and Kingsmeadow and continued funding for the Chelsea Foundation.” Abramovich had put the club on the market after his inclusion on the sanctions list imposed by Western countries in the wake of the Russia-Ukraine war.

And speaking of football: FIFA has slapped Senegal with a CHF 175k (c. USD 177k) fine for failing to maintain order and safety after fans misbehaved when Senegal played host to Egypt in final of two World Cup qualifier matches back in March, according to FIFA’s Disciplinary Committee (pdf). Individuals among the Pharaohs were also fined a total CHF 6k (c. USD 6.1k) for misconduct during the game.

What the “Frunk”? Your future car could have an awkwardly-named trunk in the front. As the competition between electric vehicles heats up, automakers are promoting their car models’ under-the-hood storage space as a bonus (yet ungracefully named) feature worth grabbing, industry players said, according to the Wall Street Journal. Since EVs don't have a conventional engine and their electric batteries are often placed within the vehicle’s floor, car designers have a chance to play with the additional space — but its choice of name, the “frunk,” has drawn criticism. “It sounds like you’re swearing,” said Rich Scheer, director of design for the GMC Hummer EV. “Like your mom’s going to yell at you for saying it aloud.”

???? ENTERPRISE RECOMMENDS

???? ON THE TUBE TONIGHT-

(all times CLT)

Top Boy’s continuation on Netflix sees Dushane and Co. go global: We were all heartbroken when the London-based crime series (launched in 2011) was canceled after two seasons in 2013. But thanks to none other than Drake, Netflix revived the drama in 2019 and kicked it up a notch or two. For those who’ve been living under a rock: Top Boy follows childhood friends and council estate residents Dushane (Ashley “Asher D” Walters) and Sully (Kane “Kano” Robinson) as they try to grow their nascent narcotics empire in London and beyond. What ensues is a lot of drama with season three (season one on Netflix) depicting the pair going to war with a rival gang who poaches their supplier. Season 4 sees the kingpins expand to other parts of the world such as Morocco and Spain. You have plenty of time to catch up as the upcoming season is slated to come out sometime in 2023.

⚽ City seeks to hold onto its current standing at the top of the Premier League: Manchester City is expected to try to solidify its lead at the top of the English Premier League today when it hosts Newcastle at 5:30pm, after its rival Liverpool tied with Tottenham 1-1 yesterday. The current arrangement of the league sees the Reds topping the goal difference (83 points for both teams) with one less game for City, and therefore the latter will be able to tighten control over the competition if they beat Newcastle today.

Other matches in the English Premier League: Several matches started at 3pm and are continuing as we dispatch: Arsenal vs. Leeds – Leicester vs. Everton – Norwich vs. West Ham.

Madrid derby: At 9pm, the match between Atletico Madrid and Real Madrid in the Spanish League will take place. The match isn’t really impactful for Real Madrid who were crowned in La Liga and reached the final of the Champions League, but it will be very important for Atletico, who wants to secure the Champions’ seat next season, as well as improve its ranking in the league from their current fourth spot.

Also in Spain: Villarreal and Sevilla match will hit the field soon at 4:15pm, while the Espanyol and Osasuna match will start at 6:30pm.

Serie A is still going strong: Italian giants Milan and Inter are still exchanging control of the top spot in the league as we near the final moments, as Inter beat Empoli in an epic match two days ago to reach the #1 spot by a point over their arch-rival Milan, who is looking to return to the top again when they face Verona today at 8:45pm. Note: Each team has only 2 rounds left after today's match.

???? EAT THIS TONIGHT-

We’re all wrapped up in these wraps: Wrampage is a hidden gem in Heliopolis’ Nabil El Wakkad that serves wraps filled with a variety of yummy ingredients. Start off with an appetizer of bacon cheese fries, onion rings, or cheddar bites or get a variety of the fried starters in the Wrampage box (and don’t forget to get some of their sauces to dip in). We recommend the big wrap which comes with fried chicken, lettuce, cheese, tomatoes, and a blueberry sauce that takes the wrap to another level. For someone who wants to eat healthy, go for their grilled chicken wrap while someone who needs a boost of energy can go for their power wrap — which is not so healthy, featuring chocolate, peanut butter, banana, and granola.

???? OUT AND ABOUT-

(all times CLT)

If you missed out on Maroon 5 at the Pyramids, you can head to Like Jagger’s tribute concert tomorrow at The Tap Maadi at 9pm.

???? UNDER THE LAMPLIGHT-

How has venture capital changed in the past 50 years? In his new book No Red Lights, Alan Patricof looks back at his 50 years working in the VC industry and how the field has changed over the decades. Patricof bought stock in Apple when its market valuation was only USD 60 mn, helped found New York Magazine, and invested in AOL, Audible, and more recently, Axios. All of his investments share certain qualities, which the author goes into more detail about in a book that aims to help you understand what a good investment looks like, the process of investing, and when to exit — all with Patricof’s own experiences at the core.

???? GO WITH THE FLOW

What’s behind the gap in Egypt’s shift towards industrial automation: Although a number of manufacturers are accelerating their adoption of industrial automation — with many reporting successes as a result, as we reported last month — Part 1 of our series on automation also found that a lot of manufacturers are still behind on the transition. What’s standing in the way of manufacturers, and what needs to be done before we see more of them making the shift?

Refresher: Automation equipment has a hefty price tag: We reported in Part 2 of our automation series that the average cost for new equipment can range widely from USD 28k for a standalone robotic arm to hundreds of thousands of USD and upwards for a complete industrial automation system.

Labor costs here are still cheaper: High initial costs are definitely a bottleneck for many companies, especially SMEs, Industrial Development Group Marcom Director Monica Salama told Enterprise. Labor in Egypt is still cheaper than the machines and equipment needed for automation, so many companies tend to rely on old-school, often secondhand, machinery and human labor to do the job, Salama added.

The main driver for manufacturers to automate tends to be eliminating human error rather than multiplying revenues, Schneider’s North East Africa & Levant Cluster President Sebastien Riez told Enterprise. This can prevent many manufacturers from maximizing their gains out of automation, Riez added. Manufacturers could instead multiply revenues by adopting automation tools when the performance of older assets is maxed out, especially considering the difficulty of fixing or replacing older control assets, he explained.

Who’s lagging behind again? SMEs, as well as plastics and metals makers, are among those lagging behind on the transition, likely because these industries are tied to market prices that make them less risk averse when it comes to shelling out large investments, Polaris Parks General Manager Bassel Shoirah told us.

Long-term gains don’t make up for short-term losses in this case: Even though the investment would pay off in the long run, it would be economically infeasible for SMEs and smaller Egyptian companies to make that investment in the short term without a clear incentive, Salama explained.

But this could change with the new minimum wage: A positive change that could help accelerate the shift towards adoption is the new private sector minimum wage, Shoirah told us. There’s a benchmark now for wages, which means they’re not as cheap as before and this is allowing manufacturers to consider automation more seriously because the costs are equalizing, he explained. The new EGP 2.4k private sector minimum wage came into effect at the start of the year.

No, this does not mean robots will replace human labor: New jobs requiring a different set of skills will emerge, rather than an absolute lack of new openings, according to a recent report by the United Nations Industrial Development Organization (UNIDO) (pdf).

But a lack of digitally skilled labor poses an issue, UNIDO says. There is a higher probability (a 55% chance) for workers to be displaced by automation when they have low-to-medium levels of education (which is identified as a lack of a bachelor’s degree or those who completed high school and have some professional experience), a 2018 McKinsey report (pdf) shows. Egypt was among six countries identified by McKinsey where more than half of the workforce holds a high school diploma or less. The probability of being displaced by automation more than halves to 22% for employees holding bachelor or graduate degrees.

And it’s a challenge for manufacturers too: Digital thinking and culture does not come overnight, LaFarge Egypt Industrial Director Niels Ledinek told us. We have not been facing difficulties finding talents with a digital background like data analysts or scientists, he says, but we still require a cultural change in the organization to get everyone thinking about automation — and this takes time.

Another reason automation is lagging: Volumes as of now are not high enough to call for “maximum automation,” Chief Manufacturing Officer at GB Auto Ramez Adeeb explained. GB Auto automates a big portion of its assembly lines and regularly recalculates its need for automated equipment as volumes increase, but with relatively low motorization rates in Egypt (in comparison to the size of our population), and the amounts of imported cars available in the market that compete with locally assembled models, a fully robotized plant right now is not necessary.

This applies to other industries too: Automotive components industry players are not automating their plants because production volumes are not high, CEO of Teriak Group Kirolos Teriak told us. In fact, if anything, there’s overcapacity at our factories, Teriak explains. This could change down the line when the automotive strategy is announced, and volumes are driven up, he added. Back in March, the Madbouly cabinet reviewed the latest version of a new automotive strategy — which has been in the works for years and is expected to be unveiled imminently. The strategy aims to increase local vehicle manufacturing and assembly. Check out our inaugural Inside Industry story for more on the strategy and how local industry players are receiving it.

Beyond the automotive strategy, an Industry 4.0 strategy is needed: On the policy side, Egypt is lagging behind other countries in that we don’t have a cohesive vision for the Industry 4.0 transition, Salama said. UNIDO also highlighted the need for a developed policy framework that addresses things like technology infrastructure, resources, suppliers, production, technology providers and logistics to help guide the transition to Industry 4.0, identifying this as one of the main challenges facing Egypt’s manufacturing industries. “Technology and innovation are still viewed as separate topics and there is no integrated framework to prepare the manufacturing sector for the future of production,” the organization wrote.

What would that strategy look like? “A successful Industry 4.0 roadmap requires a dedicated, structured and multi-year approach that outlines clear goals for Egypt to achieve coupled with quantifiable and measurable targets (KPIs),” UNIDO wrote. This strategy should incorporate input from stakeholders from the government, industry players, business associations and groups and subject matter experts, it explained.

Wider industry integration is key: There are many different vendors and technologies that need to connect to find the right solution for each situation, Riez said. “The power of being able to leverage a broad ecosystem of partners using open technologies can facilitate a much faster and easier transformation,” he said.

Your top industrial development stories for the week:

Support for local industries: The government will provide fresh incentives to local manufacturers — including SMEs — to develop local industries and reduce imports, President Abdel Fattah El Sisi said in a speech before the Eid break.
A new spinning mill in El Mahalla that is set to be the largest in the world will begin operations next year, said Public Enterprises Minister Hisham Tawfik. The state has already launched the distributing company that will sell its products, NIT, which is currently in talks with retailers and shopping malls on opening branches to sell its wares.
Ezz Steel has lowered steel rebar prices by 4%, marking the first drop in price since Russia’s invasion of Ukraine sent the cost of building materials soaring. The company will now sell a ton of steel rebar at EGP 19.17k, down from EGP 20k.
Elsewedy Electric partners with China’s Wolong Electric on electric motors + service center: The two manufacturers signed an agreement to distribute electric motors, establish one of the region’s biggest service centers, and explore ways to develop the local industry,
Locally made ventilators to be distributed to university hospitals: The Higher Education Ministry, BioBusiness, and Arab Organization for Industry Hospital have successfully produced 50 entirely locally made ventilators, and have begun distributing them among university hospitals.
The Trade Ministry has granted 3,904 new building and operating licenses in 1Q2022, and has issued 1,737 new permanent and fixed-term industrial records.

???? CALENDAR

OUR CALENDAR NOW APPEARS in two sections:

Events with specific dates or months are right here up top
Events happening in a quarter or other range of time with no specific date / month appear at the bottom of the calendar.

MAY

8 May (Sunday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.

10-12 May (Tuesday-Thursday): EBRD Annual Meeting and Business Forum, Marrakesh, Morocco.

12 May (Thursday): Financing sustainable development in Egypt virtual roundtable, Official Monetary and Financial Institutions Forum.

13-22 May (Friday-Sunday): PSA World Squash Championships, Cairo.

15 May (Sunday): Last day for EGX-listed companies to file 1Q2022 earnings.

15-17 May (Sunday-Tuesday): US “GreenTech business mission” visiting Egypt.

Mid-May: The trial period to extend the Advance Cargo Information (ACI) system to air freight.

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

19 May (Thursday): EFG Hermes’ general shareholders’ meeting to discuss, among several things, a capital increase of EGP 973 mn to finance the distribution of bonus shares to the company’s minority shareholders.

25 May (Wednesday): The deadline for private companies to pre-register ahead of bidding for the second phase of the PPP national project to establish and operate 1k language schools.

30-31 May (Monday-Tuesday): Egypt Can with Industry, Cairo, Egypt.

31 May (Tuesday): The application deadline for ITIDA’s annual Export IT program.

31 May (Tuesday): Extended deadline for EGX-listed companies to disclose 1Q 2021 earnings.

May: Investment in Logistics Conference, Cairo, Egypt.

May: General Authority for Land and Dry Ports to issue the conditions booklet for the tender to establish and operate the Tenth of Ramadan dry port.

JUNE

5-7 June (Sunday-Tuesday): Africa Health ExCon, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.

9 June (Thursday): European Central Bank monetary policy meeting.

14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.

15-18 June (Wednesday-Saturday): St. Petersburg International Economic Forum (SPIEF), St. Petersburg.

16 June (Thursday): End of 2021-2022 academic year for public schools.

21-22 June (Tuesday-Wednesday): Aswan Forum for Sustainable Peace and Development, Cairo.

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

27 June-3 July (Monday-Sunday): World University Squash Championships, New Giza.

30 June (Thursday): June 30 Revolution Day, national holiday.

30 June (Thursday): Deadline for bids for National Democratic Party HQ redevelopment contract.

June: Egypt will launch a unified ticketing system for all means of transport at the Adly Mansour Interchange Station.

June: Polish President Andrzej Duda will visit Egypt to coordinate ways to ship Ukrainian wheat to Egypt amid the war in Ukraine.

JULY

July: A law governing ins. for seasonal contractors will come into effect.

July: Fuel pricing committee meets to decide quarterly fuel prices.

1 July (Friday): FY 2022-2023 begins.

1 July (Friday): Official rollout of e-receipt system begins.

8 July (Friday): Arafat Day.

9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.

21 July (Thursday): European Central Bank monetary policy meeting.

26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.

30 July (Saturday): Islamic New Year.

Late July – 14 August: 2Q2022 earnings season.

AUGUST

August: Work to extend the capacity of the Egypt-Sudan electricity interconnection to 600 MW to be completed.

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

SEPTEMBER

September: Egypt will display its first naval exhibition with the title Naval Power.

September: Central Bank of Egypt’s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.

8 September (Thursday): European Central Bank monetary policy meeting.

18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors to register with the Egyptian Securities Federation.

20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.

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

OCTOBER

October: World Bank and IMF annual meetings in Washington, DC

October: Fuel pricing committee meets to decide quarterly fuel prices.

1 October (Saturday): Use of Nafeza becomes compulsory for air freight.

6 October (Thursday): Armed Forces Day, national holiday.

8 October (Saturday): Prophet Muhammad’s birthday, national holiday.

18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

27 October (Thursday): European Central Bank monetary policy meeting.

Late October – 14 November: 3Q2022 earnings season.

NOVEMBER

November: Cairo Water Week 2022.

1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.

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

4-6 November: The Autotech auto exhibition kicks off at the Cairo International Exhibition and Convention Center.

7-18 November (Monday-Friday): Egypt will host COP 27 in Sharm El Sheikh.

21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.

13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

15 December (Thursday): European Central Bank monetary policy meeting.

DECEMBER

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

JANUARY 2023

January EGX-listed companies and non-bank lenders will submit ESG reports for the first time.

January: Fuel pricing committee meets to decide quarterly fuel prices.

EVENTS WITH NO SET DATE

1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.

1H2022: e-Finance’s digital healthcare service platform, eHealth, will launch its services.

1H2022: The government will respond to private companies’ bids to build desalination plants.

1H2022: Egypt’s second corporate green bond issuance expected to be announced.

14 March-30 June: The “Escape to Egypt” exhibition at the Coptic Museum, in celebration of its 112th anniversary.

2Q2022: The Sovereign Fund of Egypt will invest in two companies in the financial inclusion and non-banking financial services sectors.

End of 2Q2022: The Financial Regulatory Authority’s new Ins. Act should be approved.

End of 2Q2022: Door for bidding for the contract to redevelop the site of the former National Democratic Party HQ to close.

End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.

2H2022: The inauguration of the Grand Egyptian Museum.

2H2022: IEF-IGU Ministerial Gas Forum, Egypt. Date + location TBA.

2H2022: The government will have vaccinated 70% of the population.

3Q2022: Ayady’s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.

End of 2022: e-Aswaaq’s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.

2023: Egypt will host the Asian Infrastructure Investment Bank’s Annual Meeting of the Board of Governors in 2023.

**Note to readers: Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.