Sunday, 23 January 2022

PM — Who asked for progressive M&M’s?

TL;DR

???? WHAT WE’RE TRACKING TONIGHT

Happy Sunday, friends, and welcome to a somewhat busy start to this (potentially) abridged workweek.

THE BIG STORIES TODAY-

#1- The Financial Regulatory Authority (FRA) has given Macro Group the green light to publish the public subscription notice for its upcoming IPO, according to an FRA statement (pdf). The approval comes after the bourse listing committee signed off on Macro listing its shares on the EGX earlier this month. The group will sell up to 264.51 mn shares — or 45.8% of the company’s capital — at a maximum price of EGP 6.05 per share.

#2- Evolve Investment Holding plans to launch a EGP 500 mn gold-backed investment fund that will invest in precious metals, CEO Sameh El Torgoman tells Al Mal. The fund is geared towards investors who want to trade in gold through gold-backed securities that track its price. The company is in talks with three financial institutions for their participation in the fund. Enterprise is reaching out to the company for confirmation and further details.

^^ We’ll have more on these stories in tomorrow’s edition of EnterpriseAM.

HAPPENING NOW-

It’s a busy afternoon for the House of Representatives, with just about every committee getting through a stacked agenda. Among the most noteworthy bills and topics being taken up:

The new Ins. Act is up for discussion in a joint legislative and constitutional, planning and budgeting, and SMEs committee. The bill, which the Financial Regulatory Authority began drafting in 2018, would make the FRA the primary regulator for the sector. Last we heard, FRA boss Mohamed Omran said the new law could see the light by mid-2022.

Meanwhile, tuk-tuks appear to have a guardian angel in the House Industrial Committee, where an MP filed a discussion request to continue importing tuk-tuk components. The request comes after Trade Minister Nevine Gamea issued a decision late last year halting these imports, marking one of the few decisive steps the government has taken in its yearslong fight against the three-wheelers.

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

  • The Enterprise Reader Survey says: 2021 was a very good year, with three quarters of you saying that last year was a good year to do business here — and optimism is the prevailing sentiment as we push ahead with 2022.
  • Fawry eyes capital increase, US listing: EGX-listed e-payments giant Fawry has received approval from its board of directors to create an American depositary shares program, which would allow the company to list shares in the US.
  • Raft of cooperation agreements with Korea: Egypt and Korea will conduct a joint feasibility study of a bilateral trade liberalization agreement after the two countries’ presidents agreed on the move last week. Korea will also provide us with soft loans worth USD 1 bn over the next five years, as well as a USD 251.6 mn development finance agreement that aims to upgrade the signaling systems for the Egypt-Luxor High Dam railway line.

THE BIG STORY ABROAD- It’s (almost) all about Ukraine. The UK is picking up where it left off after accusing Russia yesterday of plotting a coup in Ukraine, with a senior UK minister today rattling the sanctions saber at Moscow if it follows through on the alleged coup, according to Reuters. Meanwhile, Bloomberg is looking at energy-starved Europe’s fate if Russia were to invade Ukraine, suggesting that Moscow would not stop the gas from flowing into the continent if a war were to break out, but serious sanctions from the West would force that scenario.

Over on the business side of the news cycle, the growing expectation that the US Federal Reserve will kick off its monetary tightening program in March with the first interest rate hike since 2018 is getting ink in the Financial Times and Bloomberg. The Fed’s Open Market Committee is sitting down for its first meeting of the year this Tuesday and Wednesday.

The outcome of the Fed’s meeting will be a key factor to watch here at home as the Central Bank of Egypt holds its inaugural interest rate meeting of 2022 a week later. The CBE’s Monetary Policy Committee is scheduled to meet on Thursday, 3 February.

???? CIRCLE YOUR CALENDAR-

Nahr Elkhair Development and Investment’s shares will start trading on the EGX on Tuesday. The company will directly list its shares on the bourse, without offering shares to investors via subscription, according to Al Shorouk.

PSA- We can probably all look forward to a four-day workweek this week as the nation takes Thursday off in observance of Police / Revolution Day, which falls on this Tuesday, 25 January. Prime Minister Moustafa Madbouly confirmed yesterday that public sector workers will take the day, though we’re yet to hear from the EGX, the Central Bank of Egypt or the Manpower Ministry.

Startups have until next Sunday, 30 January to apply for the spring 2022 cycle of EGBank’s Mint Incubator. The incubator offers two tracks: A sector-agnostic track for startups at the MVP stage, and a fintech track that accepts early-stage startups both at the ideation and MVP stages. Main founders must be between 16-35 years old. You can apply here.

The Cairo International Book Fair starts on Thursday at the Egypt International Exhibition Center. Members of the public will be allowed to enter without providing proof of vaccination, the Culture Ministry said last week. The two-week event runs through to 7 February.

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

☀️ TOMORROW’S WEATHER- The lowest of nighttime lows tomorrow: Expect a daytime high of 15°C tomorrow before the mercury falls to 5°C at night — the coldest night on record this winter so far, according to our favorite weather app.

The entire week is set to be extremely cold and possibly rainy, warns the Egyptian Meteorological Authority.

???? FOR YOUR COMMUTE

Air pollution is throwing off bees and butterflies’ pollinating skills: Diesel exhaust and ozone pollution can alter floral odors, making bees and butterflies — whose pollination abilities are essential to agriculture and plant health — less likely to smell the flowers, according to new UK research. The research results are significant, as the insects’ smelling ability was impaired even within the pollutant concentration range deemed safe by some countries. Bees and butterflies not smelling the roses is a huge threat to global agriculture as pollinators play a role in up to USD 577 bn-worth of global crops cultivated each year, according to a 2016 report by the United Nations’ Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services. The Wall Street Journal has the story.

The EU wants to become a “leader in chip production” with the help of proposed legislation set to be revealed next month that will provide chip production facilities with public support, Commission President Ursula von der Leyen said, according to Bloomberg. The EU is aiming to produce 20% of the world’s value of semiconductors by 2030, up from 10% currently. The value stems from chip research and production equipment, but not so much from chips themselves, which come from abroad — a dependency the EU needs to nip, von der Leyen added. Major chipmakers are already eyeing EU investments, with Taiwan Semiconductor Manufacturing Company exploring a new manufacturing location in Germany while US’ Intel is planning a number of investments in Germany, France and Italy.

If not for social responsibility, keep your facemask on to appear more attractive: Aside from limiting the transmission of covid-19 and other bugs, a new study from Cardiff University suggests that a facemask — especially a blue surgical one — makes males more appealing. The attraction could be because of the mental association between masks and people in caring and medical professions, experts suggest, while the researchers believe the masks imply a sense of reassurance that makes others feel safe and comfortable, Reuters.

SIGN OF THE TIMES- Your next bag of M&M’s is going to be gender neutral: The marketing minds behind M&M’s are rebranding the chocolate characters to make them more inclusive by creating “more nuanced personalities to underscore the importance of self-expression and power of community through storytelling.” The relatively small changes include giving the green character — which was originally designed to look like an attractive woman — more gender-neutral shoes, as well as dropping the gender-specific prefixes. The Wall Street Journal has the story.

???? ENTERPRISE RECOMMENDS

As7ab wala A3az is a work of art, in our modest opinion + The Maid by Nita Prose features a loveable and unusual main character + Choripan’s steaks are where it’s at

???? ON THE TUBE TONIGHT-

(all times CLT)

The dinner table is the teller of all secrets in the stellar pan-Arab rendition of Perfect Strangers. The 2016 Italian film Perfect Strangers has been remade in several countries, each with its own small variations to make it more localized. Over the weekend, Netflix released the pan-Arab version of the film, called As7ab wala A3az, which takes the already great storyline to new heights with excellent acting, directing, and cinematography. The film follows seven friends as they sit down for dinner and decide to play a game. Each person will put their phone on the table and any text, call, or email will be read or heard by everyone. It’s slow-going at first, but the first part of the film is riddled with hints of what is to come, so focus on the small ingenious interactions that pave the way for all the drama that is to come. And come it does, with each person forced to come forward with their dirty laundry.

Eyad Nassar and Mona Zaki play the two Egyptian characters, with both performing their roles perfectly in our opinion, but Lebanese actress Nadine Labaki blew us away with what is our favorite performance in the film. We watched As7ab wala A3az twice in a row to fully appreciate the small details that add to the story in some way. We were a bit disappointed that the characters’ stories were left without conclusions, but the loose ends did provide us with a discussion with our friends about what each person would do next.

The film isn’t without controversy: As7ab wala A3az has been attacked in some circles on social media for its depiction of same-gender relationships and going against “Egyptian family values,” with some calling for it to be banned from viewing, reports Cairo24.

Afcon’s round of 16 kicks off today with two matches: The first will take place between Burkina Faso and Gabon at 6pm, while we highly recommend watching Nigeria v. Tunisia at 9pm. The victors of the two matches will later meet in the quarterfinals.

Meanwhile in the English Premier League, Liverpool is trying to take advantage of Man City's draw yesterday and narrow the difference with the leaders of the league when they go out to face Crystal Palace at 4pm. At the same time, Leicester City will play against Brighton and Arsenal against Burnley. The last match of the day starts at 6:30pm between Chelsea and Tottenham.

La Liga: League leaders Real Madrid host Elche, the 15th-placed team, at 5:15pm, while Rayo Vallecano plays against Athletic Bilbao and Real Sociedad against Getafe at 7:30pm. The day will conclude with Deportivo Alaves facing Barcelona at 10pm.

The Milan and Juventus summit kicks off today at 10pm. The capital team is second in the league behind its neighbor Inter, while the old lady lags behind in fifth place. There are three other Serie A matches that are about to start as we dispatch: Napoli versus Salernitana, Spezia vs Sampdoria, and Torino vs Sassuolo. As for the match between Empoli and Roma, it begins at 7pm.

???? Cameroon’s Francis Ngannou beat France’s Cyril Gane to retain the UFC heavyweight title early this morning in the main event of UFC 270, in one of the most electric heavyweight title bouts we’ve seen in a long while. The victory, beyond retaining an African champion in three of the most popular divisions of the promotion, is also a moral victory for Ngannou and other fighters who have been bullied by promotion CEO Dana White. While we hope he gets to stick around, we understand if he has to leave in order take a stand against the monopsony that is the UFC, which controls its fighters with restrictive contracts and poor fighter pay. Kudos, Francis.

???? EAT THIS TONIGHT-

Choripan brings Argentinian eats to New Cairo: Meat lovers will rejoice at Choripan’s steak-filled menu, with everything from a short ribs sandwich and tacos to the fillet steak. Start off your meal with one of their appetizers — we recommend any of the empanada options, or a salad with an Argentinian twist. Choripan has a selection of sandwiches that will tickle your fancy such as the milanesa de pollo or carne and their “Choripan,” which comes filled with chorizo sausages. For mains, you’ll find various chicken and meat options, but we would go for their specialty meats — which all come well-seasoned and cooked. Our favorite part of the meal had to be the tres leche cake at the end, but their churros and custard cream puffs got good reviews as well.

???? OUT AND ABOUT-

(all times CLT)

A Massar Egbari concert in bed, anyone? The local underground band is on YouTube and Facebook tonight at 10pm in a very covid-suitable event.

The Elite are holding a standup comedy show at The Room New Cairo tonight at 8pm.

Egyptian composer, pianist, and conductor Omar Khairat has concerts today and tomorrow at the Cairo Opera House at 8pm.

???? UNDER THE LAMPLIGHT-

When being overly tidy can send you to jail: In The Maid by Nita Prose, Molly Gray is a socially awkward — possibly on the autistic spectrum — hotel cleaning lady. She loves the structure of the job and ensuring everything is clean and orderly, which is why when she finds a notorious and wealthy guest dead in his bed, she decides to clean his room first before alerting the authorities. To her surprise, her devotion to the job propels her to the top of the murder suspects list and her calm and organized life soon takes a turn for the messiest entanglement she has ever faced. Fortunately, friends that Molly didn’t know she had come to her rescue,setting out to find the real killer before it’s too late. The book is funny, mysterious, and heartwarming, depicting an unusual character in the very best way possible. NPR is out with a review.

???? GO WITH THE FLOW

Market roundup on 23 January

The EGX30 fell 0.7% at today’s close on turnover of EGP 513 mn (55.2% below the 90-day average). Local investors were net sellers. The index is down 2.5% YTD.

In the green: CIB (+0.8%).

In the red: Heliopolis Housing (-4.4%), Egyptian Resorts Company (-4.3%) and MM Group (-3.7%).

???? PLANET STARTUP

2021 was a bumper year for EM VC funding: Among emerging markets, 2021 saw soaring increases in the number of venture capital agreements signed and the sheer scale of funding channeled into startups, according to Magnitt’s recently-released 2022 State of Startup Funding Report for Emerging Markets (pdf). Records were smashed across the board in the Middle East, North Africa, Sub-Saharan Africa, Turkey and Pakistan — the markets reviewed by Magnitt.

The bottom line? 2021 saw a 228% y-o-y increase in EM VC funding, which came in at USD 6.9 bn, according to the report. Every quarter in 2021 saw more funding and agreements signed than any other previous quarter recorded, the report notes.

Crunching the numbers: The Middle East as a whole saw a total of USD 1.9 bn in VC funding in 2021 (up 132% y-o-y), with the number of agreements signed rising 5% y-o-y to 410. North Africa saw investment of USD 581 mn — a 162% y-o-y increase — with 180 agreements signed, up 23% y-o-y. Sub-Saharan Africa saw USD 2.1 bn in funding (+285% y-o-y) with 392 agreements signed (+26% y-o-y). Pakistan drew 132% more funding than the year prior, hitting USD 332 mn from 78 agreements signed, a 63% y-o-y increase.

But the biggest leap was in Turkey, which saw a whopping 375% y-o-y increase in VC funding, coming in at USD 1.8 bn, as 269 agreements were signed — up 77% y-o-y.

How did Egypt do? Last year, Egypt’s startups locked down somewhere between USD 373-502 mn. Many startups don’t publicly disclose precise data about their investments, we noted.

Egypt also landed one of MENA’s five largest agreements: The USD 120 mn investment in Egypt’s MNT-Halan was one of the five largest investments closed in MENA last year — which collectively counted for 31% of the region’s total capital in 2021, Magnitt tells us. It came in behind the USD 415 mn that went to the UAE’s Kitopi and the USD 125 mn awarded to KSA’s Unifonic, but ahead of the USD 75 mn that went to KSA’s Sary and the USD 65 mn that went to the UAE’s Pure Harvest Smart Farms, Magnitt notes.

And among active investors in EM-based startups, Egypt’s Flat6Labs tops the scoreboard: Out of the ten most active VCs, accelerators and angel investors targeting EM-based startups, Flat6Labs leads the pack, having closed 51 investments in 2021 — 22% of which were in the Middle East and 78% in North Africa, Magnitt reports. It’s followed by US accelerator Y Combinator, which made 34 investments — the majority of which (53%) went towards Sub-Saharan Africa, followed by 29% in North Africa. The UAE’s Global Ventures came in sixth, having made 23 investments — 57% in the Middle East, 35% in North Africa, and 9% in Sub-Saharan Africa.

At the MENA-wide level, 2021 VC funding rose 138% y-o-y to exceed USD 2 bn: This was driven by increased appetite from regional and international investors, the Magnitt report notes.

Several MENA countries saw sharp upswings in investment activity by both value and volume: The UAE saw investment of USD 1.2 bn, up 93% y-o-y; KSA saw investment of USD 548 mn, up 270% y-o-y; Jordan saw investment of USD 119 mn, up 499% y-o-y; and Bahrain saw investment of USD 52 mn, up 167% y-o-y. The UAE signed 155 agreements, up 12% y-o-y; KSA signed 139, up 54% y-o-y; Jordan signed 46, down 6% y-o-y; and Morocco signed 17, up 55% y-o-y, according to Magnitt.

Fintech and e-commerce startups accounted for one-third of all 2021 MENA transactions: Fintech startups in MENA raised USD 448 mn in VC funding, up 183% y-o-y, on 108 agreements, up 44% y-o-y. The region’s e-commerce startups raised USD 442 mn, up 235% y-o-y, having signed 87 agreements, up 16% y-o-y.

Interestingly, five of 2021’s ten most active investors in MENA startups were headquartered in KSA, Magnitt tells us.

And the region saw a record number of exits, which more than doubled between 2020 and 2021: 35 exits were announced across MENA in 2021, 11 of which were announced by UAE-based ventures, Magnitt notes. This is up from 16 exits in 2020 and 11 in 2016. The high number of exits “validates the market for investors,” the report adds.

Many trends identified in MENA are also being seen in the broader EM region — including more agreements, more fintech, and more exits: Over 1.3k agreements were signed in total in 2021 — a 27% increase over rounds closed in 2020. Fintech saw the lion’s share of investment among EMs overall, with fintech startups landing 21% of agreements signed and 31% of funding awarded. And altogether, 87 startups announced exits — over double the 41 exits announced in 2020 — which is “a sign of increased liquidity,” Magnitt notes.

Among the EMs reviewed by Magnitt, 2021 saw mega-rounds taking center stage as never before: Agreements worth USD 10 mn made up 8% of total agreements signed by startups in these EMs — their highest ever share. And a record 12 agreements worth USD 100 mn or more were signed — up from the previous record of three, in 2019 — with four of these closed by startups based in Turkey, the report notes. This indicates a shift by investors towards late-stage investing, Magnitt tells us.

Still, let’s not forget it’s all a drop in the ocean compared to global VC investment, which exceeded USD 675 bn in 2021: Globally, total VC funding last year doubled 2020’s all-time high, CNBC notes. US startups saw funding of USD 328.8 bn, while Chinese startups raised some USD 61.8 bn, compared to USD 39.8 bn awarded to startups in the UK. “But VC investment in the UK and Europe is growing faster than it is in the US and China,” CNBC adds.

???? CALENDAR

1Q2022: Launch of the Egyptian Commodities Exchange.

1Q2022: Swvl acquisition of Viapool expected to close.

1Q2022: Waste collection startup Bekia plans to expand to the UAE and Saudi Arabia.

1Q2022: Rameda Pharma will begin selling its generic version of Merck’s oral antiviral covid-19 med.

1Q2022: Pharos Energy’s sale of 55% stake in El Fayum, Beni Suef concessions to IPR Energy Group subsidiary IPR Lake Qarun expected to close.

Early 2022: Results to be announced for the second round of the state’s gold and precious metals auction.

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.

January: Sovereign Sukuk Act executive regulations expected to be finalized.

January: Tenth of Ramadan dry port tender to be launched.

January: Three-month trial period of ACI for air freight to begin.

9 January – 6 February (Sunday-Sunday): 2021 Africa Cup of Nations, Cameroon.

Second half of January: Egypt will host the Egyptian-Bahraini Joint Committee.

Second half of January: Regulations for installing EV charging stations will be published.

25 January (Tuesday): The IMF will release its World Economic Outlook.

25 January (Tuesday): 25 January revolution anniversary / Police Day.

25 January (Tuesday): Techne Summit announces awardees of Corporate Innovation Program.

25-26 January (Tuesday-Wednesday): Federal Reserve interest rate meeting.

27 January-7 February (Thursday-Monday): Cairo International Book Fair, Egypt International Exhibition Center.

27 January (Thursday): National holiday in observance of 25 January revolution anniversary / Police Day.

30-31 January (Sunday-Monday): Ins. Federation of Egypt medical ins. forum.

End of January: The Egyptian-Romanian business forum will take place with the aim of strengthening joint investment relations.

January-February 2022: Construction work on the Abu Qir metro upgrade will begin.

February: Hassan Allam Construction’s new construction firm established with Russia’s Titan-2 to handle construction work on the Dabaa nuclear power plant begins its operations.

February: Ghazl El Mahalla shares will begin trading on the EGX this month.

February: Suez canal transit fees set to increase 6%, exempting cruise ships and LNG carriers.

Mid-February: End of grace period to comply with new minimum wage for firms who sent in exemption requests.

Mid-February: A Hungarian delegation will arrive in Egypt for talks over a potential investment in an industrial area in the SCZone.

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

3 February (Thursday): January PMI figures for Egypt, Saudi Arabia, and the UAE will be released.

4-20 February (Friday-Sunday): 2022 Winter Olympics, Beijing.

11 February (Friday): Deadline for Anghami SPAC merger.

11-13 February (Friday-Sunday) FIBA Intercontinental Cup, Cairo.

14-16 February (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.

15 February (Tuesday): The Industrial Development Authority’s deadline for receiving offers from companies for licenses to manufacture steel products.

15 February (Tuesday): Orange Ventures’ deadline to receive applications from seed-stage fintech startups.

19 February (Saturday): Public universities begin the second term of the 2021-2022 academic year.

19-21 February (Saturday-Monday): Nebu Expo for Gold and Jewelry 2022.

21 February (Monday): Hearing at Cairo Economic Court (pdf) on FRA lawsuits filed against Speed Medical.

26 February (Saturday): Speed Medical will elect a new board during ordinary general assembly (pdf).

https://enterprise.press/wp-content/uploads/2022/01/Speed-Medical-statement_190122.pdf

End of February: Lebanon to receive gas from Egypt via a pipeline crossing Jordan and Syria.

March: Rollout of the government financial management information system (GFMIS), a suite of electronic tools to automate the government’s financial management processes (pdf) that will replace the existing “closed” financial management system.

March: 4Q2021 earnings season.

March: Deadline for the World Health Organization’s intergovernmental negotiating body to meet to discuss binding treaty on future pandemic cooperation.

March: World Cup playoffs.

March: The government hopes to sign a final contract between El Nasr Automotive and a new partner for the local production of electric cars.

March: Target date for Saudi tech firm Brmaja to IPO on the EGX.

March: Egypt to host World Tourism Organization Middle East committee meeting.

9-18 March (Wednesday-Friday): The 55th edition of the Cairo International Fair.

15-16 March (Tuesday-Wednesday): Federal Reserve interest rate meeting.

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

28-29 March (Monday-Tuesday): The Egypt International Mining Show (EIMS 2022) will take place virtually.

31 March (Thursday): Deadline for submitting tax returns for individual taxpayers.

31 March (Thursday): Vodacom purchase of Vodafone Group’s stake in Vodafone Egypt expected to be completed by this date.

31 March (Thursday): Supply Ministry expected to take final decision on bread subsidies by this date.

2 April (Saturday): First day of Ramadan (TBC).

3 April (Sunday): Bidding begins on the Industrial Development Authority’s license to manufacture tobacco products.

4 April (Monday): CDC Group will formally change its name to British International Investment.

22-24 April (Friday-Sunday): World Bank-IMF spring meeting, Washington D.C.

24 April (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).

25 April (Monday): Sham El Nessim.

25 April (Monday): Sinai Liberation Day.

28 April (Thursday): National Holiday in observance of Sham El Nessim.

30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.

Late April – 15 May: 1Q2022 earnings season

May: Investment in Logistics Conference, Cairo, Egypt.

1 May (Sunday): Labor Day.

3-4 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.

5 May (Thursday): National Holiday in observance of Labor Day.

2 May (Monday): Eid El Fitr (TBC).

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

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.

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

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.

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

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

8 July (Friday): Arafat Day.

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

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

30 July (Saturday): Islamic New Year.

Late July – 14 August: 2Q2022 earnings season.

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

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

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

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

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.

Late October – 14 November: 3Q2022 earnings season.

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.

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

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

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

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

January 2023: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.

**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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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