PM — Inside Industry: What automotive players want to see from the Madbouly Cabine’s new automotive strategy

TL;DR

The gov’t’s automotive strategy is imminent. How is it being received by local players? (Inside Industry)
Fintech startup Khazna could make a SPAC debut in 2024. (The Big Story Today)
Export controls could exacerbate the global food crisis, WTO warns. (For Your Commute)
Individual taxpayers: You have until this Thursday to submit your 2021 tax returns. (PSA)
Cyprus Energy Minister Natasa Pilidou is in town this week. (Circle Your Calendar)
It’s Oscars night. (What We’re Tracking Tonight)
NFT of Mandela’s arrest warrant helps keep museum on South Africa democracy afloat. (For Your Commute)

???? WHAT WE’RE TRACKING TONIGHT

We’ve got a few things that have us excited for this week, ladies and gentlemen. First off, it’s the last work week before Ramadan begins, with the first day of fasting expected to take place Saturday, 2 April. Maghrib prayers are at 6:14pm CLT on the first day of the holy month (6:20pm in Alexandria), while you’ll have until 4:15am CLT to caffeinate or otherwise consume the sohour of your choice ahead of fajr prayers (4:18am in Alexandria).

We’re also excited at launching our first EnterprisePM industry vertical. More on that below.

It’s also Oscars night: You can catch the 94th Academy Awards on OSN Movies. It’s a bit of a mad rush, but you can still binge some of the nominated movies ahead of tonight’s show, which will see organizers trying to return to form with three women comedian hosts for the first time in its history. Our favorite nominated films are Dune, The Power of the Dog, Drive My Car and Licorice Pizza.

THE BIG STORY TODAY-

Fintech startup Khazna could make a SPAC debut in 2024, a company spokesperson told Enterprise, confirming a report from Al Shorouk quoting Khazna’s co-founder and CEO Omar Saleh. The startup is looking into setting up a blank check company with international investors, which it could then take public with a listing either at home or abroad.

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

No int’l wheat purchases before mid-May –El Moselhy: Egypt won’t be tapping the international wheat market with new tenders before the middle of May after having received all its backlogged orders of Russian wheat, Supply Minister Ali El Moselhy said.
NBE launches EGP 2 bn SME fund of funds: A group of banks and financial institutions led by the National Bank of Egypt have launched Egypt’s first fund of funds, which has reached a EGP 905 mn first close.
The search for budget cutbacks starts in April, PM asks us all to drive a bit less: Ministries and government agencies will start looking at ways to trim spending from the beginning of next month as the cabinet tries to get its fiscal house in order amid spiraling international commodity prices and the war in Ukraine.

enterprise

We promised back when we launched EnterprisePM last year that we were redoubling our focus on news analysis and explainers that take you beyond the headlines as well as updating you on the news of the day so you start your evening without FOMO. EnterprisePM would also give us the space we need to discuss issues, topics and industries at length without making EnterpriseAM a burden to read.

We're taking it to the next level this afternoon with the launch of Inside Industry, your weekly briefing of all things industrial in Egypt. Presented with the financial support of our friends at IDG, Inside Industry is our first weekly, editorially independent industry vertical for EnterprisePM. WIth a focus on what it takes to turn Egypt into a manufacturing and export powerhouse, the scope of the Inside Industry is massive, covering everything from initial investment and planning to product distribution and everything in between. From land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy — it's all Inside Industry.

Look for Inside Industry every Sunday on EnterprisePM for the stories, analysis pieces, explainers, interviews, and reports that will help keep you informed on industrial development in Egypt.

In today’s issue: Earlier this month, the Madbouly Cabinet announced a new strategy that looks to give automakers incentives to assemble here in Egypt with an eye towards turning Egypt into a manufacturing hub and launchpad for regional exports. But having gone through the highs and lows of the automotive directive, what do auto players think of the new strategy — and what more would it take for them to buy into it?

THE BIG STORY ABROAD-

Today’s theme in Ukraine is diplomatic damage control as the fighting continues on the ground. The White House is still scrambling to clarify US President Joe Biden’s remarks that Russian President Vladimir Putin “cannot remain in power,” with Secretary of State Antony Blinken insisting that the US is not calling for a regime change in Russia, the Washington Post reports.

Meanwhile, cruise missiles sounded over the Ukrainian city of Lviv, which had so far been spared from the brunt of the war, amid reports that Moscow is shifting its focus to securing Ukraine’s east (where the breakaway Donbas regions are located). Ukrainian President Volodymyr Zelensky reiterated his calls for the West to supply weapons to help it stop Russian advances, stopping short of accusing Western countries of being too scared of Russia to act, Reuters reports.

FOR TOMORROW- The Egypt International Mining Show (EIMS 2022) kicks off tomorrow. The virtual event will wrap on Tuesday.

???? CIRCLE YOUR CALENDAR-

Cyprus Energy Minister Natasa Pilidou is in town this week heading a delegation of Cypriot companies to discuss business ties with ministers and Egyptian firms, according to an official statement. The delegation will be in town from 28-31 March.

Afreximbank and the Angolan Embassy in Egypt are hosting (pdf) an Angola-Egypt investment roundtable on Wednesday at the Hilton Cairo Heliopolis Hotel. Click here to RSVP to join the discussion.

PSA- All individual taxpayers have until this Thursday, 31 March, to submit their 2021 tax returns to the Egyptian Tax Authority. The deadline for companies with January-December fiscal years is 30 April.

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

☀️ TOMORROW’S WEATHER- Tomorrow kicks off the beginning of hot weather here in the capital city, our favorite weather app indicates. Expect a daytime high of 24°C and a nighttime low of 11°C on Monday before temperatures rise to 35°C on Saturday, the first day of Ramadan (25°C in Alex).

This publication is proudly sponsored by

???? FOR YOUR COMMUTE

Export controls could exacerbate the global food crisis, WTO warns: The Russia-Ukraine war has caused commodity and energy prices to skyrocket in recent weeks, leading many countries to respond with export restrictions as they look to secure their domestic needs. So far, 12 WTO member countries have imposed export restrictions including Egypt which has imposed a three-month export ban on staple food commodities, including wheat, flour, oils and corn. World Trade Organization (WTO) Director General Ngozi Okonjo-Iweala is urging countries to drop these controls and offer their surplus stock of basic commodities such as vegetable oil and grains to the world market to ease supply shortages, she tells the Financial Times.

On the upside: Ukraine has sent off the first shipment of corn to Europe today via train, as its ports remain closed, signaling that efforts are being made to continue trade amid the war, writes Reuters.

Is Elon Musk going to create our next Facebook? The Tesla CEO is “giving serious thought” to creating a new social media platform, he said in response to a Twitter user's question on whether he would consider building a platform consisting of an open-source algorithm that would prioritize freedom of speech and minimize propaganda. The statement came days after Musk launched a poll asking users if they believed Twitter adheres to these principles, adding that the consequences of this poll would be important. Over 70% of respondents voted “no.” Bloomberg has the story.

NFT of Mandela’s arrest warrant helps keep museum on South Africa democracy afloat: An NFT of Nelson Mandela’s 1961 arrest warrant has been sold for USD 130k, with all of the proceeds going towards Liliesleaf Museum Heritage Site, one of South Africa's most significant national heritage sites, documenting the country’s fight for democracy, Al Arabiya reported. The museum had received the original arrest warrant in 2004 as a donation and had sold its NFT to help it stay afloat after being affected by the lack of tourism due to covid, according to the head of Momint, the marketplace which sold the NFT. The museum had closed its doors back in September due to lack of funding. This isn’t the museum’s first rodeo in the world of NFTs: Last year, it sold an NFT of a pen gun owned by South African politician and revolutionary Oliver Tambo, which raised about USD 50k.

???? ENTERPRISE RECOMMENDS

???? ON THE TUBE TONIGHT-

(all times CLT)

A Mexican teen drama that checks all the typical boxes: Netflix series Control Z, set in a high school, tells the story of a hacker who exposes the huge secret of a closeted transgender student, and continues to reveal more secrets that sends the school into disarray as students to turn against each other, bringing up themes of bullying and cyber crime. It’s up to Sofia, an introverted but observant internet geek, to uncover the hacker’s identity. The series was renewed for a third season to be released this year, after season 2 was released last year.

⚽ We’re still catching our breath after our national team’s victory against Senegal on Friday in the decisive Fifa World Cup 2022 qualifiers, before the Pharaohs hit the field against the Lions of Teranga in Dakar for the second leg of the game on Tuesday at 7pm.

???? EAT THIS TONIGHT-

A new Parisian restaurant makes its way to both ends of the city: Le Flandrin — open in none other than the city of love — has landed in Cairo with two restaurants in New Cairo’s 5A and Sheikh Zayed’s Park St. The food joint has something for everyone, offering steaks, pastas, pizzas, and of course, a ton of French pastries. We’ve heard raving comments about their beef tenderloin and penne chicken alfredo and we’re also eyeing their shrimp curry and poulet grilled (grilled chicken with creamy mustard sauce). For desserts, try out the crème brûlée, pain perdu, or grab an éclair or tart from their aesthetic display of sweets.

???? OUT AND ABOUT-

(all times CLT)

Coldplay tribute band Strawberry Swing, Paranoid Eyes, & Skeletøn Clique are playing their tunes tonight at 7pm at Zamalek Theater under Zamalek Music Week.

Karaoke the night away at Garden City’s Room Space’s Karaoke Night which runs every Sunday from 8pm to 10pm.

If you’re feeling theater tonight, head to Rawabet Art Space at 8pm to watch the Egyptian adaptation of Samuel Beckett’s Waiting for Godot, Waiting for Gadallah, a tragicomedy play about human existence through the conversation and encounters of two of its main characters while waiting for Godot, who never arrives.

And if you’re feeling artsy, head to AUC’s Tahrir for “Returns to Memory and Mythology” art exhibition by Liliane Karnouk at 7pm, where she tells the story of how an artist’s connection with their art changes body and mind age.

???? UNDER THE LAMPLIGHT-

The story of how love is fragile: It Ends With Us, a touching romance novel by Colleen Hoover, that tells the story of Lily, a workaholic who finds complexity in love with neurosurgeon Ryle Kincaid, whose character proves difficult as their relationship blossoms. Kincaid makes an exception for his “no dating” rule for Lily, who in turn tries to better understand the neurosurgeon’s character and how he became the way he is. But as Lily’s questions about her relationship cloud her mind, she reminisces about her first love, who suddenly reappears and threatens the future of Lily’s relationship with Kincaid. Hoover described the novel as the “hardest book” she’s ever written, as it is based on the relationship between her mother and father. The best-selling book’s sequel is set for release this October.

???? GO WITH THE FLOW

Gov’t is about to launch the automotive strategy. How do local players view it so far? Earlier this month, 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, which was expected last year, aims to increase local vehicle manufacturing and assembly and increase the sector’s competitiveness to become a regional manufacturing hub and bolster export volume. The full details of the strategy — now formally named the Egyptian Automotive Industry Development Program (AIDP) — have yet to be announced, but cabinet gave a sneak peek on the specifics.

It’s been a long time coming: The strategy has been on the government’s to-do list since 2016 but was scrapped in 2018 after it drew criticism from the EU for breaching the trade terms of the agreement to have 0% customs duties on cars imported from the bloc. The government then began looking at a new program that was approved by cabinet in 2020, but was soon shelved again due to the pandemic.

As the details trickle out, what are auto players hoping to see in the AIDP? Executives in the automotive industry we spoke with want to see incentives that make the sector more competitive, such as tax and customs breaks, as well as measures to support local component manufacturing and pave the way for local EV manufacturing. And they all agree that the strategy is critical to making local manufacturing and competitive assembly a reality.

Industry players are broadly optimistic that these issues will be addressed in the strategy, based on what information we know so far. But as the specifics are yet to be determined, most are adopting a wait-and-see approach.

For starters, the government wants automakers to gradually meet a 45% local component quota — but this is redundant for some and too ambitious for others. Several players already surpass the 45% local component quota with some car models. Currently, around half of GB Auto’s sales come from completely knocked down (CKD) vehicles, which are assembled in Egypt and should qualify under the strategy, GB Auto’s Investor Relations Head Marina Kamal told Enterprise. On the other hand, Elsaba Group Vice President Alaa Elsaba told us he thinks this quota is expecting too much in too little time.

Introducing a tiered incentive benefit system would encourage companies to do more, Khaled Saad, head of the Egyptian Association of Automobile Manufacturers and the deputy general director of Bavarian Auto Group, told us. An important pillar is to introduce incentives that are split into different tiers according to the percentage of local content used in the vehicle’s production, Kamal said. However, it’s unclear at this point what the brackets would look like and what incentives they would entail, she added.

The strategy needs to allow for fair competition when it comes to imports: As it currently stands, imported European cars are around 3% cheaper than cars assembled in Egypt, because of taxes and customs tariffs, Abou Ghaly Group COO Tamer Kotb told Enterprise. For every imported component, manufacturers pay customs duties and VAT, Al Amal Auto Group Chairman Amr Sulaiman explained. After the car is assembled and sold, additional taxes are paid on the sale.

This seems a likely scenario: The strategy will introduce a tariff system that should facilitate customs release procedures for participating firms, which Kotb says could mean that auto companies will receive bonuses or incentives on imported vehicle kits and components to buy them at lower prices.

The ‘how’ is yet to be determined: One possible route is a points system that manufacturers and assemblers can use to import components, but the government is still assessing the value of these points and how to redeem them, our sources tell us. In the future, auto players could also sell their points to other manufacturers if they have a surplus, Kotb added. Further export-based incentives — such as direct subsidies, direct paybacks, low-cost loans, or tax exemption on income from exports and international advertising — proportionate to local component input could also be introduced, Kamal poses.

And we need our local components to be up to par — and competitive: The components sector needs more regulation to ensure quality products, which could be enforced by requiring feeders to hold certificates such as ISO, Kotb said. It’s less costly to use imported components than local ones due to the higher cost of domestic components, Saad said. The biggest gap in previous automotive strategies is support of component manufacturing industries, Saad and Sulaiman told us. That looks set to change as the strategy indicates component manufacturers will get support, although the details there are scant. Support could include tax incentives or easier access to capital through bank loans or the like, Kotb believes.

Especially since foreign auto companies will need to ensure locally manufactured cars are up to global standards before they can be exported, Kotb explains. Meanwhile, the government could specify a minimum component requirement for auto companies to be eligible to export abroad, possibly 60%, he added.

Auto execs are also hoping to see the strategy include tax restructuring: All our sources agreed that taxes need to be restructured to reduce costs across the value chain while also streamlining procedures. “The government should allow us to pay all the taxes at once — the same way vehicle importers do — instead of being burdened with them at every step of the process,” Saad said. Meanwhile, tax exemptions or reductions on VAT, income tax, or corporate tax can be applied to auto firms and component manufacturers, Kamal posed.

A more long-term approach to the strategy could also include procedural incentives, including decreasing licensing fees from the traffic department, providing subsidized financing for capex investments, and offering capex refunds for new plants, Kamal said.

Meanwhile, automakers are hoping for a clear path for local EV manufacturing in the strategy, which they stress is essential to keep Egypt competitive amid the strong global push. “There’s huge potential for Egypt to establish itself in the EV scene as operations start from scratch,” Saad said.

But the infrastructure isn’t ready for EVs yet, the auto players agree. Even with the EV infrastructure push, charging stations are not widespread geographically enough to make them practical for Egyptian drivers.

Consumers are being handed incentives to purchase EVs: AIDP will provide incentives of up to EGP 50k for buyers of locally-assembled electric vehicles, the statement indicated.

But they may not be enough: EVs are generally more expensive than fossil-fuel cars and the government has not introduced large enough incentives to make the trade-off lucrative for the consumer, Elsaba said. This is particularly important to consider in light of recently-issued EV charging tariffs, which would make the cost/benefit analysis for buying an EV lacking in motivation, Sulaiman added.

Your top industrial development stories for the week:

Bakery chain TBS is looking to spend EGP 500 mn to add a new production line at its factory that will allow the company to double its annual sales to EGP 1 bn.
Manufacturers don’t want to add expiration dates to products: Manufacturers want the Consumer Protection Agency to reconsider its recent decision requiring companies to include expiration dates on product labels from May.
Another green ammonia plant in the SCZone? France’s EDF Renewables and Egypt’s ZeroWaste are one of six international consortiums currently in talks with the SCZone to establish a USD 1 bn green ammonia plant that would produce green fuel for ships.

???? 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 a 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.

1H2022: Transport Ministry to sign a memorandum of understanding with Abu Dhabi Ports to set up a transport route across the Nile to transport products from Al Canal’s Minya sugar factory.

15 February-15 June (Tuesday-Wednesday): ITIDA’s Technology Innovation and Entrepreneurship Center is organizing the first Metaverse Hackathon.

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: Contracts for last two phases of Egypt’s USD 4.5 bn high-speed rail line to be signed.

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.

March: The Salam – new administrative capital – 10th of Ramadan Light Rail Train (LRT) line will start operating.

March: The new multi-purpose station at Dekheila Port and the revamped Ain Sokhna Port will start operating.

March: General Authority for Land and Dry Ports to issue the condition booklets for the operations of the Tenth of Ramadan dry port.

Mid-March: Bidding for the construction of Anchorage Investments’ petrochemical complex in the Suez Canal Economic Zone starts.

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

24 March (Thursday): GB Auto Extraordinary General Assembly (pdf).

24 March-1 April: Ahlan Ramadan Supermarket Expo, Cairo International Convention Center.

25 March (Friday): Egypt will host Senegal in the first leg of their 2022 FIFA World Cup qualifiers’ playoff (TBC).

26 March (Saturday): Egypt-EU World Trade Organization dispute settlement consultations end.

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

28 March (Monday): The second leg of the 2022 FIFA World Cup qualifiers’ playoff between Egypt and Senegal (TBC).

28 March (Monday): The court hearing for a case brought by Arabia Investments Holding (AIH) against Peugeot has been postponed until 28 March.

30 March (Wednesday): The Angola-Egypt Investment Roundtable discussion (pdf), the Hilton Cairo Heliopolis Hotel.

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.

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

April: Ghazl El Mahalla shares will begin trading on the EGX.

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.

11 April (Monday): The deadline to submit bids for Chelsea FC.

14 April (Thursday): European Central Bank monetary policy meeting.

Mid-April: Trading on the Egyptian Commodity Exchange to start.

21 April (Thursday): EGX-listed Taaleem will hold an extraordinary general assembly to discuss the mechanism to build and own nonprofit and private universities.

22-24 April (Friday-Sunday): World Bank-IMF Spring Meetings, 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.

1 May (Sunday): Suez Canal Authority raises tolls for different vessels.

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

4 May (Wednesday): 3 February (Thursday): Deadline to send in applications for Cultural Property Agreement Implementation projects to the US Embassy in Cairo.

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.

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.

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.

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 first financing product.

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

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

Early July: Polish President to visit Egypt.

1 July (Friday): FY 2022-2023 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: Work to extend the capacity of the Egypt-Sudan electricity interconnection to 300 MW to be completed.

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.

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.

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

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

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

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

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: 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 COP27 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.

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.

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

**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.