Wednesday, 16 November 2022

PM — Join the Enterprise World Cup Fantasy League

TL;DR

WHAT WE’RE TRACKING TONIGHT

Good afternoon, wonderful people. It’s only almost-THURSDAY, but it feels like the week has somehow pulled a sneaky on us and shoved in a few extra days before the weekend.

THE BIG STORY TODAY

Cabinet sets up Supreme Investment Council under the presidency: The Madbouly Cabinet approved today a presidential decision to set up the Supreme Investment Council, which will be headed by the presidency, according to a statement. The council will also see the prime minister, the Central Bank of Egypt governor, and unspecified ministers among its members, the statement says.

THE BIG STORY ABROAD

Missile strike wasn’t intentional, Poland says: A Russian-made missile that struck a village in Poland and killed two people was likely a Ukrainian air defense missile, and not an intentional attack from Russia, Polish President Andrzej Duda and NATO chief Jens Stoltenberg said. US President Joe Biden had also signaled earlier today that it was “unlikely” the missile was fired from Russia. The story is leading the conversation in the international business press this afternoon, with front-page coverage from Reuters, Bloomberg, the Financial Times, CNBC, and the Wall Street Journal.

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From Sharm to the Grand Egyptian Museum — the business community will move the talk about a green transition ahead at the Enterprise Climate X Forum, which takes place at the Grand Egyptian Museum on Tuesday, 6 December 2022. We can think of no better place to discuss the world’s most important industry than in a world-class museum that stands as a testament to our nation’s ability to persevere (and innovate) for seven millennia. And it seems you can’t either, judging by the responses and statements of support we’ve been getting.

What’s the Enterprise Climate X Forum? It’s our first industry-specific conference, where CEOs, top execs, investors, bankers and development finance folks have the chance to talk about how to build a climate-centered business — and how to make sure your business continues to have access to the funds it needs to grow. You can learn more on our conference website here.

Some of the biggest names in business and finance are on board — are you? If you’re a C-suite exec, business owner, climate professional, DFI staff, investor or banker, please email us at climatexrsvp@enterprisemea.com to signal your interest, letting us know your name, title and where you work.


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

  • Egypt signs framework agreements for green hydrogen + ammonia plants worth USD 83 bn: Egypt has signed framework agreements with international power companies to construct nine green hydrogen and ammonia facilities in the Suez Canal Economic Zone.
  • SFE could invest in 1.1 GW wind farm being developed by ACWA, Hassan Allam: The Sovereign Fund of Egypt (SFE) could acquire a minority stake in ACWA Power’s planned 1.1-GW wind farm in the Gulf of Suez.
  • Egypt’s unemployment rate rose marginally to 7.4% in 3Q 2022, up 0.2 percentage point from last quarter.

🗓 CIRCLE YOUR CALENDAR-

PSA #1- If you’re self-employed, you have to register in the Tax Authority’s e-invoice system by 15 December. This includes self-employed doctors, engineers, lawyers, and artists, the Egyptian Tax Authority said in a statement. Only e-invoices will be considered for VAT deduction or refunds as of 1 April, 2023.

What e-invoicing system? In late 2020, the Tax Authority launched a pilot program for B2B e-invoicing with 134 companies, before expanding the system to all large taxpayers in July 2021. All B2B and B2C invoices across the country should be fully automated by December. We have a primer on the system, its purpose, the timeline of implementation along with a list of phase one companies here.

PSA #2- Good news for Upper Egypt startups: Applications for a Uplift4UpperEgypt — startup program run by Orascom’s Gemini Enterprises Africa, in partnership with the Sawiris Foundation, aimed at businesses in Upper Egypt, will open on 17 November, according to Al Mal.

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

☀️ TOMORROW’S WEATHER- It’s going to be another pleasantly sunny day tomorrow, bringing us a daytime high of 25°C and nighttime low of 15°C, according to our favorite weather app.

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FOR YOUR COMMUTE

Time to book a beach vacation for your health: 65% of people find being near blue spaces — beaches, rivers, canals — boosts their mental health, according to research by The Mental Health Foundation. Spending time in blue spaces also reduces the risk of physical ailments like obesity and cardiovascular disease due to improved mental health, according to a separate study. Even though we are considered a majority urban-dwelling species, these studies show being in nature can evoke feelings of tranquility and relaxation which reduce stress and combat depression.

Forget the shrink’s couch, try nature therapy: You can boost your immunity and prevent diseases by exposing yourself to “nature therapy,” according to a study by Chiba University. Indoor experiments have found that looking at nature and blue spaces can boost psychological and physiological health showing improvements in salivary cortisol levels, blood flow, blood pressure and brain activity. Natural sounds — especially water — can also activate non-directed attention, allowing the mind to relax and sound of wind and waves improves sleep and memory.

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ENTERPRISE RECOMMENDS

📺 ON THE TUBE TONIGHT-
(all times CLT)

Check in with the African divas: Need an easy entertainment binge for the weekend? Netflix’s Young, African and Famous will give you the inside scoop on the lives of wealthy, young social media influencers as they pursue careers, hunt for love and ignite old flames and dramas. African media is ablaze and ecstatic because the show debunks misconceptions about poverty and illness on the continent and shows the African wealth and glitz that rarely gets media attention. We think the fashion is definitely eye-catching, fusing contemporary elements with African designs and prints.

We have a slew of friendly matches as teams gear up for the Qatar 2022 World Cup.

Today’s key friendlies:

UAE v Argentina (5:30pm)

Oman v Germany (7pm)

Poland v Chile (7pm)

Algeria v Mali (9:30pm)

Mexico v Sweden (9:30pm)

Albania v Italy (9:45pm)

We also have a special Enterprise World Cup Fantasy League, which you can join through this link or by entering the code SZJ507VP.

🎤 OUT AND ABOUT-
(all times CLT)

Get ready for your star moment on the mic at ROOM New Cairo’s Karaoke Night tonight at 8pm.

Explore traditional Zar festivities with the Mazaher ensemble at The Egyptian Center for Culture & Arts – Makan tonight at 8pm.

💡 UNDER THE LAMPLIGHT-

Get some inspiration and insight from O: Ever wondered what makes Oprah tick? What I Know For Sure is a compilation of essays by media titan Oprah Winfrey, providing a stirring and personal window into her heart and mind. The book is divided by theme — joy, resilience, connection, gratitude, possibility, awe, clarity, and power. By sharing her life lessons and challenges, Winfrey aims to inspire readers a guide to “becoming their best selves” while providing candid and entertaining anecdotes for reflection.

GO WITH THE FLOW

The EGX30 rose 1.7% at today’s close on turnover of EGP 2.1 bn (45.5% above the 90-day average). Local investors were net buyers. The index is up 3.3% YTD.

In the green: Fawry (+7.8%), Rameda Pharma (+6.3%) and Alexandria Mineral Oils Company (+6.2%).

In the red: Egypt Kuwait Holding-USD (-2.6%) and Cleopatra Hospitals Group (-1.7%).

CLIMATE

The global population is now at 8 bn, a milestone that brings daunting — but not insurmountable — climate challenges: Earlier this week, the global population reached 8 bn people and is on course to reach 10.4 bn by the 2080s, the UN said. These figures, along with the fact that in many parts of the world we’re witnessing aging populations and severe climate change-linked catastrophes, are raising concerns about resource allocation and the economic viability of a growing human population.

More people could mean an even tighter strain on our dwindling natural resources: Meeting food, water, fuel and housing needs — all of which are increasingly coming under pressure due to climate change — for this growing population will become a major challenge in the years to come, the UN warns. This is also a problem when considering the fact that growing incomes will likely continue to hike demand for mass-produced consumer goods.

Making matters even more difficult is that much of the growth is concentrated in areas where climate risks are especially high: In places like sub-saharan Africa, which will experiencing the most growth over the coming decades “sustained rapid population growth can thwart the achievement of the Sustainable Development Goals (SDGs),” the UN warned. This includes access to electricity as population growth outpaces energy development, resulting in many countries in the region being held back from “green, resilient, and inclusive development,” the World Bank said recently. This gap in access to electricity will affect some 500 mn people in sub-saharan Africa alone by 2050 if we continue at the current trajectory.

Also troubling is the age demographics of the global population: The number of people 65 and over is expected to rise to some 1.4 bn by 2043 from 783 mn currently, according to UN projections. This means we’re looking at some 623 mn new retirement-age individuals in the coming two decades. Considering that it took some 70 years for this segment of the population to grow by 651 mn, the growth rate is a concerning statistic for many rich countries whose populations are rapidly aging.

The same is true for those over 80 as well: People over the age of 80 reached over 150 mn this year, about twice the number of those belonging to the same age group at the turn of the century.

For countries with aging populations, the economic implications are serious: For Europe, North America and Japan — where people over 65 already makeup at least 20% of the population — economic growth and living standards could take a downward turn, Shruti Singh, economist at the OECD Centre for Opportunity of Equality, told the Financial Times. But some public policy decisions like expanded access to childcare and healthcare could help curb some of these effects.

In Egypt, rapid population growth is more of a problem than aging right now: Egypt is one of eight countries where over half of the projected increase in the world’s population up to 2050 will take place, according to UN forecasts. Egypt’s population has now surpassed 104 mn, rising by more than 1 mn this year alone, and is expected to be near 160 mn by 2050.

But not all countries with a similar GDP are immune to aging: Though not yet at European and North American levels of aging, middle income countries in Latin America and Asia are proving to be the fastest aging worldwide, the UN report says. One third of the global increase in the number of people aged 65 and over will come from East and south-east Asia over the coming three decades.

Could technology force us to reconsider what counts as old? Optimists argue that aging populations in the future might not be as bad as we once thought. As medical advancements continue to take hold around the world, more people are able to live longer and healthier lives than they used to. Since the 1950s we’ve witnessed a drastic reduction in the mortality rate among 65-69 year olds. The real challenge then becomes expanding access to healthcare earlier in life so that those above 65 require less medical attention than they currently do.

There are also a handful of opportunities for low and middle income countries with growing populations: Though rapid increases in the number of youth in low and middle income countries can place a strain on already scarce resources and services like education and healthcare — scaling up financing for these systems could generate huge returns for these countries “generating virtuous cycles that can lift individuals, families and societies out of poverty and reduce inequality,” the UN said in its policy brief.

And ways to mitigate the environmental harm of growing populations: If the primary environmental challenge posed by a larger population comes from the increased demand for goods and fuel in their current form, more sustainable solutions — like expanded renewable energy production and more efficient agricultural practices (which includes a reduction in animal based products — could also help pave a way out of planetary catastrophe in the coming decades, according to the UN.

CALENDAR

NOVEMBER

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

13-22 November (Sunday-Tuesday): Cairo International Film Festival (CIFF).

15-16 November (Tuesday-Wednesday): G20 summit, Bali, Indonesia.

20 November (Sunday): House of Representatives is back in session.

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

22 November- 23 November (Tuesday-Wednesday): The Fingerprint Summit will be held at the Nile Ritz Carlton Hotel.

27 November (Sunday): Senate in session.

27-28 November (Sunday-Monday): The first edition of the Egypt Media Forum.

27-30 November (Sunday-Wednesday): Cairo ICT, Egypt International Exhibition Center, New Cairo.

Late November or early December: US and Russia to hold talks on resuming mutual nuclear inspections in Cairo.

DECEMBER

1 December (Thursday): Sphinx International Airport will begin operating international flights.

1 December (Thursday): Contractors to break ground on Egypt-Saudi interconnection project.

3 December (Saturday): Dior Men’s pre-fall collection show in Giza.

5-8 December (Monday-Thursday): QS Reimagine Education Awards and Conference, multiple locations.

6 December (Tuesday): Enterprise Climate X Forum, Grand Egyptian Museum.

7 December (Wednesday): Euromoney Egypt 2022 conference

10 December (Saturday): The TriFactory’s Pyramids Half Marathon.

10-12 December (Saturday-Monday): The 2nd edition of the Nebu Expo for Gold and Jewelry kicks off.

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: Egyptian Automotive Summit.

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

December: Chinese President Xi Jinping visit to Saudi Arabia

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): Use of Nafeza becomes compulsory for air freight.

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.

24 January-6 February: The 54th Cairo International Book Fair, Egypt International Exhibition Center

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

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

30 January-1 February (Monday-Wednesday): CI Capital’s Annual MENA Investor Conference 2023, Cairo, Egypt.

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.

23-27 February (Thursday-Monday): Annual Business Women of Egypt’s Women for Success conference.

MARCH 2023

March: 4Q2022 earnings season.

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

APRIL 2023

1 April (Saturday): Deadline for banks to establish sustainability unit.

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

19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo debuts at the Egypt International Exhibition Center.

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.

End of November: SFE’s pre-IPO fund to kick off roadshow.

4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.

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

4Q 2022: Saudi Arabia’s Jamjoom Pharma to inaugurate its EGP 1 bn pharma factory in El Obour.

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.

1Q2023: Internal trade database to launch.

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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