Sunday, 21 August 2022

PM — Climate change is messing up French cheese production

TL;DR

🔎 WHAT WE’RE TRACKING TONIGHT

Good afternoon, friends, and welcome to another relatively busy Sunday afternoon to disprove the conventional wisdom that Augusts are slow in the land of news.

THE BIG STORY TODAY

Orascom Financial Holding (OFH) plans to establish a c.USD 30 mn tech venture capital fund by the end of this year, CEO Nils Bachtler told Enterprise. “We are in the process of exploring regulations and setups, and we're expecting to have everything up and running by the end of this year.” Bachtler said.

Did Saudi Arabia’s sovereign wealth fund complete the purchase of United Bank? The Public Investment Fund (PIF) has reportedly completed its acquisition of the bank for an undisclosed amount after the due diligence wrapped up months sooner than expected, Al Shorouk reports, citing unnamed sources it says have knowledge of the matter. The acquisition was expected to be finalized by December.

THE BIG STORY ABROAD

The international press is broadly focused today on the death of the daughter of a far-right Russian ideologue in a car bombing. Alexander Dugin, whose daughter died in the suspected attack, is an ally of Russian President Vladimir Putin. The story is on the front pages of the Financial Times, the Wall Street Journal, and Reuters.


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

  • Hassan Abdalla is the new acting governor of the Central Bank of Egypt: President Abdel Fattah El Sisi appointed Hassan Abdalla, the former vice-chairman and managing director of Arab African International Bank and current chairman of state-owned media giant United Media Services, as acting governor of the Central Bank of Egypt on Thursday, one day after Tarek Amer unexpectedly stepped down.
  • The Central Bank of Egypt left interest rates on hold on Thursday, hours after Hassan Abdalla was appointed governor.
  • A new logistics zone in Sokhna: The Suez Canal Economic Zone’s (SCZone) Main Development Company and DP World Sokhna have signed an agreement to build a USD 80 mn logistics zone at Sokhna Port

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: As part of the government’s continuing consultations on its state ownership policy document, the textiles and garments industry had its turn earlier this month to share its thoughts on the privatization plans for the industry. We look at how industry players want the state to proceed with its ownership status in the sector.

🗓 CIRCLE YOUR CALENDAR-

Get climate finance for your business from the UK government: As the clock ticks down to COP27, the Climate Finance Accelerator (CFA) is hosting a webinar tomorrow to introduce its plans to support low-carbon projects in Egypt. The CFA, backed by the UK government’s International Climate Finance (ICF), is a four-year technical assistance program designed to “develop a sustainable pipeline of bankable and investment-ready, low-carbon projects and identify suitable financing options.” The webinar is aimed at investors and developers involved in low-carbon projects in Egypt and will discuss climate finance, the CFA’s plans for Egypt, and the benefits of taking part in the program. The webinar takes place tomorrow (Monday, 22 August) starting at 11:30am CLT. Register here.

ALSO HAPPENING TOMORROW- The launch event for the global ClimaTech Run competition for tech entrepreneurs, hosted by USAID-backed Business Egypt, takes place at Le Lac Du Caire at 5pm CLT.

A delegation from the European Investment Bank delegation is visiting Egypt from 17-21 August to discuss the NWFE program with the International Cooperation Ministry, according to a ministry statement. Announced by International Cooperation Minister Rania Al Mashat last month, NWFE is the mechanism by which the ministry will promote its pipeline of low-carbon projects to investors. The EIB delegation is meeting with officials from the international cooperation, agriculture, irrigation and housing ministries during its visit to discuss the details of the program.

The second Egypt- and UN-led regional climate roundtable takes place in Bangkok this Thursday: The one-day event will see climate negotiators from the Asia-Pacific region discuss climate finance with private- and public-sector stakeholders ahead of the COP27 summit in November. This is the second of five regional roundtables being organized by Egypt and the UN. The first took place in Ethiopia last month.

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 mercury is set to rise slightly tomorrow to a high of 36°C, with a nighttime low of 27°C, our favorite weather app tells us.

enterprise

🚙 FOR YOUR COMMUTE

Dried-up rivers are bad news for everything — including industries: Droughts hitting the US, Europe, and China are having a dire impact on factory operations, agricultural production, with mns in risk of blackout, the Financial Times reports. Record-low water levels at the US’ Colorado Basin — an important water resource for Nevada, Arizona, and California — and the Rhine, Europe’s second-largest river, are holding up supply chains as cargo ships are at risk of running aground when fully loaded. The crisis is also felt in Italy, where drought and record lows at the Po River, the longest in the country, is impacting the country’s agricultural production. In China, several companies, including Toyota and Foxconn, suspended factory operation for at least a week over growing hydropower shortages. China’s crucial Yangtze River, the longest in Asia, reached its lowest level on record this month.

Is the beloved cotton t-shirt climate change’s next victim? Heat waves and heavy rains have eaten into the global cotton supply, cutting yields by 28-30% for the world’s largest exporters, executives at commodities players say, according to Bloomberg. The US and Brazil, the world’s largest suppliers accounting for half the world’s cotton exports, have been hit by extreme temperatures and drought sending stockpiles to near historic lows. Price hikes for the commodity jumped by 30% in response, affecting the costs of all related products like clothing, diapers and paper and leaving producers who sold in advance, missing out on the surge in value.

Another victim? This historic French cheese: Severe heat waves across Europe have also interrupted the 2,000-year seasonal production run of Salers, a French cheese from the central region of Auvergne that has survived two world wars and the fall of the Roman empire, according to The Washington Post.

👌 ENTERPRISE RECOMMENDS

📺 ON THE TUBE TONIGHT-
(all times CLT)

Five siblings bond over a family tragedy in Bad Sisters. The new murder mystery on Apple TV+ is a whirlwind of dark humor and fierce love for family (watch trailer, runtime: 2:27). Bad Sisters is based on Flemish TV show Clan which aired in Belgium in 2012. The first episode starts with a dead body that we learn is Grace’s husband, John Paul. Through a series of flashbacks, we quickly see why John Paul's death shouldn’t really bother us. He is self-centered, cruel, and sneaky. After a particularly annoying incident, Grace’s four sisters — who despise John Paul — start drinking and fantasizing about his death. How did John Paul die? How did his death involve the sisters? And are they going to get away with it? The show lives up to its name by showing all the ways the sisters are “bad,” but you’ll be rooting for them all the way through. So far, just three episodes have been released, and a new one drops every Friday.

Matchday 3 of the English Premier League continues today, with Newcastle v Manchester City at 5:30pm. Leeds v Chelsea and West Ham v Brighton are currently on the field as a we dispatch after a 3pm kick-off.

In La Liga: The Spanish league’s Matchday 2 sees Real Sociedad playing against Barcelona at 10pm. The final EPL game of the night follows Athletic Club v Valencia at 5:30pm and Atlético Madrid v Villarreal at 7:30pm.

Most notable in Serie A: Atalanta clashes with AC Milan at 8:45pm.

Locally: Al Ahly goes head to head against Ismaily FC at 9pm at a decisive game that would maintain the Red Devil’s (63 points) chances to catch up with Zamalek, which tops the league with 75 points, only in case of a victory tonight. Al Ahly dropping points through a tie or defeat would leave the competition officially running between Zamalek and Pyramids (68 points). Just a reminder that there are only three match days left for the local league, with Al Ahly playing an extra game.

DRINK THIS TONIGHT-

The pursuit for the perfect cup of java led to the creation of Brown Nose Coffee: When four caffeine addicts were on the lookout for their next fix, they decided to each make their own cup of coffee from scratch. Their newfound hobby of sourcing their own beans eventually turned into a passion project with one goal: To find the best beans they could get their hands on, roast them to perfection, then bring them to the world at Brown Nose Coffee. Today, they run a fully functional coffee roasting facility where they grade, roast, and brew cups of perfection. You can’t go wrong with any of their drinks, but in this August heat, we recommend you go for one of their iced drinks, such as the iced salted caramel latte and their Aerocano, which adds foam and texture to an iced Americano by infusing it with air. We also recommend a side of their signature “croffles” — a fantastic creation combining croissants and waffles. You can find Brown Nose at Waterway 5A, or you can pick it up at Dara’s Ice Cream branches in Zamalek, Maadi, or O1 Mall in New Cairo. If you’re in Sahel, you can find them at Hacienda White, Almaza Bay, or Marassi.

🎤 OUT AND ABOUT-
(all times CLT)

A masterful musical beginning to your workweek at Cairo Jazz Club tonight at 9pm: Fathy Salama, the only artist in the Arab world to land both a Grammy and a BBC award, will take the stage tonight with his band Sharkiat. Also gracing the stage: Drummer and composer Tom Bancroft alongside his band In Common and Egyptian singer/songwriter Noha Fekry for a fusion of Scottish and Indian music, jazz, and electronica.

Zawya is screening In The Mood For Love tonight at 7pm, as part of Zawya’s Wong Kar Wai Retrospective that will see four restored films directed by Wong Kar Wai screened throughout August.

💡 UNDER THE LAMPLIGHT-

Entrepreneur Seth Goldenberg looks at how curiosity is becoming an endangered species in Radical Curiosity. In this bold manifesto, Goldenberg argues that the best way to tackle the issues we confront as individuals, organizations, and as a society is to explore deep questions, rather than look for quick fixes. The book looks at how being “radically curious” can be used in life and work to help deal with uncertainty. The pillars of radical curiosity include learning by questioning, challenging widely held notions, rigorous envisioning, flourishing living systems, and optimistic futures. Together, they form a mindset that produces the best of humanities, sciences, and business, says Goldenberg. Overall, the book is an easy-to-read, and a thought-provoking guide to rethinking personal and professional ways.

🌊 GO WITH THE FLOW

EARNINGS WATCH-

Alexandria Mineral Oils Company (AMOC) reported a net income of EGP 1.22 bn in FY 2021-2022, up 144% y-o-y, according to the company’s financial statement (pdf). The company recorded EGP 18.44 bn in sales during the fiscal year, rising 81% y-o-y.


MARKET ROUNDUP-

The EGX30 rose 2.4% at today’s close on turnover of EGP 1.23 bn (34.8% above the 90-day average). Foreign investors were net sellers. The index is down 13.5% YTD.

In the green: Citadel Capital (+9.7%), Ibnsina Pharma (+7.7%) and CIB (+5.1%).

In the red: Egyptian Kuwaiti Holding (-1.1%) and E-Finance (-0.1%).

industry

What do textile and garment manufacturers think of the state’s privatization plan? As part of its state ownership policy document, the government is currently looking to exit the textile and garments industry as it aims to transform the sector into a more lucrative investment avenue for foriegn investors. Stakeholders in the textile and garment industry gathered earlier this month to voice their opinions on what the sector needs to thrive and to lay out recommendations on how to bring the private sector on board.

The general sentiment: State involvement is still needed and should in fact grow in sub-sectors like industrial fiber production and continue to safeguard against dumping from foreign producers and smuggling, our sources tell us. Protecting the national manufacturing of these products at a time when imports are restricted, would be a very welcome step, they added.

A refresher on the state’s privatization drive: Every Sunday and Tuesday, workshops are held as part of a series of public consultations over the policy document — which lays out privatization plans on specific industries. These come as the government seeks to widen private sector involvement in the economy over the next three years, and aims to draw new investments worth some USD 40 bn over the next four by selling stakes in state-owned assets to local and international investors. You can refresh your memory of what went down with the pharma industry, engineering and automotive industry reps, FMCG players and the printing and packaging industry in our previous editions of Inside Industry.

There are a few key demands from the last session with textile and garment manufacturers: There are currently some 4.2k factories registered with the Federation of Egyptian Industries’ (FEI) textile industries division, many of which want the government to raise its export subsidies to 30% from the current 20% and to link government support for manufacturers to the volume of their exports and the proportion of local inputs used in their production processes. Smoothing out tax complications, considering the extenuating circumstances faced by the sector in recent years which have led to an unprecedented rise in undocumented costs, would also be a plus, our sources said. Cheaper financing options to encourage companies to update technologies were also floated.

Illicit smuggling is a huge problem for the sector: Some USD 10 bn worth of goods are hitting the black market every year, Mohamed El Morshedy, head of the FEI’s textiles division, tells us. Some level of protection of local industry should be instituted so that foreign investors are further incentivized to build more factories in Egypt, he explained.

Dumping is another problem our domestic textile and garment manufacturing industry has been grappling with recently: Reaching self-sufficiency is possible, El Morshedy says, but it will require either revisiting some of our international trade agreements or enacting some protective anti-dumping duties.

Efforts to revive the textile industry have been in the works for a few years now: Between new infrastructure projects, promoting our local cotton crop and investing some EGP 20 bn into modifying old cotton gins, the sector has been seeing plenty of government support in recent years, Holding Company for Spinning and Weaving Chairman Ahmed Mostafa tells us.

An opening for the private sector? There could be a potential window for private sector players to enter into partnerships with the government to set up six new cotton gins and outfitting them with new technologies. The country’s largest polyethylene production complex, which is geared to produce industrial fibers, is waiting for a private sector player to partner with, International Textiles Chairman Sayed El Barhamtoshy tells us. Petrochemical projects are crucial to providing factories with the raw materials used in the domestic production of synthetic fibers and polyester — of which the country currently imports some USD 4 bn worth every year, Barhamtoshy said. Speeding up the construction of these facilities will also be essential for providing investors with more chances to invest in the industry.

Continued government involvement in ginning and weaving is necessary: Sub-sectors like cotton spinning, ginning and weaving will require continued support from the government, says Mostafa. Purchasing cotton from local farmers and restructuring state-owned companies will also need some government assistance for the time being. The sub-sector could see some private sector players set up cottonseed oil extraction units in close proximity to cotton gins.

Finding well-trained labor is a huge obstacle: Another challenge holding back our local industry is the problem of inadequate training, Samir Riad, chairman of the board of directors of Thebes for Textile Industries, tells us. Paying closer attention to worker training and expanding access to industry-backed technical education programs will be crucial moving forward, Riad says.

Several sub-sectors would benefit from improved training programs too: The ready-to-wear garment sub-sector would see huge gains from partnering with technical training outfits to better train their workforce and attract investors, Ahmed Shaarawy, chairman of the board of directors at Fox Factory for Sportswear. “It has become essential to develop a comprehensive strategy to boost the performance of the spinning and weaving sector and evaluate public enterprises in the sector,” Al Sharq Textile Industries Company President Mohamed Aboul Fotoh told us.


Your top industrial development stories for the week:

📆 CALENDAR

OUR CALENDAR 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.

AUGUST

August: Sharm El Sheikh will host the African Sumo Championship.

17-21 August (Wednesday-Sunday): Delegation from the European Investment Bank visits Egypt to discuss the Nawafi program with the Ministry of International Cooperation.

21 August (Sunday): The government hosts public consultations on its state ownership policy document with firms in the electricity sector.

22 August (Monday): The Climate Finance Accelerator hosts a webinar on climate finance in Egypt.

22 August (Monday): ClimaTech Run 2022, Le Lac du Caire, Cairo.

23 August (Tuesday): The government hosts public consultations on its state ownership policy document with firms in the construction sector.

23 August (Tuesday): Window to apply for government non-profit universities via the online tansik (enrollment) website opens.

25 August (Thursday): Second Egypt and UN-led regional climate roundtable ahead of COP27, Bangkok, Thailand.

25 August (Thursday): The government hosts public consultations on its state ownership policy document with firms in the water sector.

25-27 August (Thursday-Saturday): Jackson Hole Economic Symposium.

27 August (Saturday): The National Dialogue board of trustees holds its fifth meeting, which will set the agenda for the dialogue and choose rapporteurs for the involved committees.

28 August (Sunday): Retail portion of Ghazl El Mahalla IPO ends.

28 August (Sunday): The government hosts public consultations on its state ownership policy document with mining and petroleum refining players.

30 August (Tuesday): Deadline for companies to file 2Q financial statements.

30 August (Tuesday): Deadline to apply for government non-profit universities via the tansik (enrollment) website.

30 August (Tuesday): The government hosts public consultations on its state ownership policy document with timber merchants.

31 August (Wednesday): Late tax payment deadline.

31 August (Wednesday): Deadline for qualifying companies to submit offers to manage and operate a soon-to-be-established state company for EV charging stations.

31 August (Wednesday): Submission deadline for fall 2022 cycle of EGBank’s Mint Incubator.

31 August (Wednesday): Beltone convenes its general assembly to restructure the board following the change of ownership.

SEPTEMBER

September: Naval Power, Egypt’s first naval defense expo

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

September: Egyptian-German Joint Economic Committee.

September: A delegation from Germany’s Aldi will visit Egypt to look at potential investments.

September: Government to launch an international promotional campaign for Egyptian tourism.

September: Egypt will host the second edition of the Egypt-International Cooperation Forum (ICF).

1 September (Thursday): Credit hikes for ration card holders will come into effect.

1 September: Madbouly government set to introduce new social protection measures.

1 September (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

1-2 September (Thursday-Friday): Third Egypt and UN-led regional climate roundtable ahead of COP27, Santiago, Chile.

4 September (Sunday): The government hosts public consultations on its state ownership policy document with electricity players.

4 September (Sunday): Industrial Development Authority’s deadline for companies interested in providing various services in the industrial zones in Qena and Sohag to submit a written expression of interest.

5-8 September (Monday-Thursday): Gastech 2022, Milan, Italy.

6 September (Tuesday): The government hosts public consultations on its state ownership policy document with building and construction players.

6-9 September (Tuesday-Friday): Gate Travel Expo 2022, El Qubba Palace, Cairo.

7-9 September (Wednesday-Friday): African Finance Ministers to meet in Cairo to coordinate an African-led position during COP27.

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

8 September (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

11 September (Sunday): The government hosts public consultations on its state ownership policy document with accommodation and food services players.

13 September (Tuesday): The government hosts public consultations on its state ownership policy document with sports industry players.

11-13 September (Sunday-Tuesday): Environment and Development Forum (EDF), InterContinental City Stars, Cairo.

14 September (Wednesday): Expedition Investments’ MTO for Domty expires.

15 September (Thursday): The government hosts public consultations on its state ownership policy document with water and sewage utilities players.

15 September (Thursday): Fourth Egypt and UN-led regional climate roundtable ahead of COP27, Beirut, Lebanon.

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

19-22 September (Monday-Thursday): EFG Hermes One on One Conference, Dubai.

20 September (Tuesday): Fifth Egypt and UN-led regional climate roundtable ahead of COP27, Geneva, Switzerland.

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

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

22 September (Thursday): Deadline to submit prequalification applications for companies interested in submitting a proposal for sea water desalination projects

25-27 September (Sunday-Tuesday) A delegation of executives at Egyptian real estate companies visit Saudi Arabia to present developers with investment opportunities in Egypt’s real estate sector.

26–27 September (Monday-Tuesday): The Africa Women Innovation and Entrepreneurship Forum (AWIEF) at the Cairo Marriott Hotel.

27-29 September (Tuesday-Thursday): Africa Renewables Investment Summit (ARIS), Cape Town, South Africa.

OCTOBER

October: House of Representatives reconvenes after summer recess

October: Air Sphinx, EgyptAir’s low-cost subsidiary to commence operations.

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

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

1 October (Saturday): Start of 2022-2023 school year.

1 October (Saturday): 2022- 2023 academic year begins for public universities.

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

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

10-16 October (Monday-Sunday): World Bank and IMF annual meetings, Washington, DC.

16-19 October (Sunday-Wednesday): Cairo Water Week 2022, Nile Ritz Carlton, Cairo.

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

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

Late October-14 November: 3Q2022 earnings season.

NOVEMBER

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

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

3-5 November (Thursday-Saturday): Egypt Fashion Week.

4-6 November (Friday-Sunday): Autotech auto exhibition, Cairo International Exhibition and Convention Center.

6-18 November (Sunday-Friday): Egypt will host COP27 in Sharm El Sheikh.

7 November (Monday): The inauguration of the first line of the high-speed rail.

7-13 November (Mon-Sun): The International University Sports Federation (FISU) World University Squash Championships, New Giza.

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

DECEMBER

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

13-15 December (Tuesday-Thursday): US-Africa Leaders Summit.

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

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

December: The Sixth of October dry port will begin operations.

December: Egypt to expand Sudan electricity link capacity to 300 MW.

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.

1 January (Sunday): Residential electricity bills are set to rise as per the government’s six-year roadmap (pdf) to restructure electricity prices by 2025.

7 January (Saturday): Coptic Christmas.

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

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

FEBRUARY 2023

11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.

13-15 February (Monday-Wednesday): The Egypt Petroleum Show (Egyps), Egypt International Exhibition Center, Cairo.

MARCH 2023

March: 4Q2022 earnings season.

23 March (Wednesday) — First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.

APRIL 2023

17 April (Monday): Sham El Nessim.

22 April (Saturday): Eid El Fitr (TBC).

25 April (Tuesday): Sinai Liberation Day.

27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

Late April – 15 May: 1Q2023 earnings season.

MAY 2023

1 May (Monday): Labor Day.

4 May (Thursday) National holiday in observance of Labor Day (TBC).

22-26 May (Monday-Friday): Egypt will host the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.

JUNE 2023

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY 2023

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

Late July-14 August: 2Q2023 earnings season.

SEPTEMBER 2023

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER 2023

6 October (Friday): Armed Forces Day.

Late October-14 November: 3Q2023 earnings season.

EVENTS WITH NO SET DATE

2H 2022: The inauguration of the Grand Egyptian Museum.

2H 2022: IEF-IGU Ministerial Gas Forum, Egypt. Date + location TBA.

2H 2022: The government will have vaccinated 70% of the population.

3Q 2022: Ayady’s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.

3Q 2022: Swvl to close acquisition of Urbvan Mobility.

4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.

4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings’ Taqa Arabia to launch their fintech company.

End of 2022: Decent Life first phase scheduled for completion.

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.

1Q 2023: Adnoc Distribution’s acquisition of 50% of TotalEnergies Egypt to close.

**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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