Sunday, 14 August 2022

PM — A somber start to the week

TL;DR

🔎 WHAT WE’RE TRACKING TONIGHT

Good afternoon, ladies and gentlemen. We begin today’s issue on a somber note after a fire broke out inside an Imbaba church, killing and injuring dozens of people.

THE BIG STORIES TODAY

#1- At least 41 people were killed and 14 injured earlier today in a fire inside the Abu Sefein church in Imbaba, according to a Coptic Church statement citing health officials. A total of 55 people were transported to the hospital, after 30 ambulances arrived at the scene after being alerted of the fire at 8:57am, the Health Ministry said in a statement. The electric fire broke out while around 5k people were attending mass, Reuters reports, citing security sources. The fire blocked an entrance to the church, triggering a stampede, they added.

#2- Ghazl El Mahalla retail subscription deadline extended: Ghazl El Mahalla FC has extended the deadline for the subscription to the retail portion of its IPO for two more weeks until Sunday, 28 August, according to an EGX news bulletin. The extension comes as the subscription was not fully covered amid weak investor interest.

ALSO- President Abdel Fattah El Sisi swore in the 13 new members of cabinet today, Ittihadiya said. The new ministers’ appointments were approved over the weekend by the House of Representatives in an emergency session.

THE BIG STORY ABROAD

Red-hot oil prices did good things for Aramco’s bottom line: Saudi Aramco reported record 1Q 2022 and 1H 2022 earnings on the back of soaring crude oil prices and volumes sold, the company said in its earnings release today (pdf). Aramco’s net income soared 90% y-o-y in 2Q 2022 to USD 48.4 bn, while 1H 2022 net income came in at USD 87.9 bn, up 86% y-o-y. The bumper earnings come as oil prices have hovered mostly above USD 100 per barrel since March. The story is on the front pages of much of the international business press: Financial Times | Wall Street Journal | Bloomberg | CNBC.


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

  • President Abdel Fattah El Sisi appointed 13 new ministers to cabinet over the weekend, with changes including the ministers of public enterprises, trade and industry, education, tourism, and health.
  • The Central Bank of Egypt is likely to resume its tightening cycle and raise rates for the third time since March when it meets this Thursday in a bid to tamp down on inflation and support the EGP, according to our customary poll of economists and analysts.
  • Cabinet approved measures announced by Prime Minister Moustafa Madbouly last week to limit the country’s use of electricity, raise natural gas exports, and increase inflows of foreign currency.

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: Amid Egypt’s ambitious plan to boost our export activity and slash imports, 1H2022 government data shows our non-oil exports increased 20% y-o-y to USD 19.35 bn — which works out as a 12.3% q-o-q increase to USD 10.26 bn in 2Q2022, up from USD 9.14 bn in 1Q2022. Chemical and fertilizer exports have been performing particularly strongly, with building materials and food also making significant contributions to export revenues, the data from the General Organization for Export and Import Control (GOEIC) shows.

🗓 CIRCLE YOUR CALENDAR-

MNHD shareholders have the final word on SODIC takeover bid: Madinet Nasr Housing and Development will hold a general assembly meeting on Tuesday, 16 August, to decide whether to allow SODIC to conduct due diligence ahead of a potential takeover.

Interest rates: The Central Bank of Egypt will meet to discuss interest rates next Thursday, 18 August.

National Dialogue: The board of trustees overseeing the National Dialogue will hold its next meeting on 27 August. On the agenda: Choosing the rapporteurs for all of the committees and subcommittees of the social, political and economic tracks, and preparing the agenda and topics of discussion for the dialogue.

The Madbouly government will on 1 September begin rolling out new measures designed to bolster the social safety net. Prime Minister Moustafa Madbouly met with ministers yesterday to lay out the timeline for implementing emergency social protection measures to support vulnerable citizens amid surging inflation, cabinet said in a statement.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 38°C tomorrow during the day before falling to 24°C at night, our favorite weather app tells us.

enterprise

🚙 FOR YOUR COMMUTE

Return of the meme-stock investors? Retail investors in the US have been showing new signs of life after largely keeping their heads down during this year’s stock selloff, driving sizable gains in some meme-stocks, the Wall Street Journal reports. Individual investors had purchased a net USD 1.35 bn a day of US stocks and ETFs on average as of 11 August — the highest monthly average since the recent bull market peaked in January — according to macro and investment research firm Vanda Research. The rally pushed up shares in Bed Bath and Beyond and AMC Entertainment Holdings at least 68% this month, while usual suspects Tesla, Apple, Amazon and Meta remain the stocks most sought after by retail investors this month, data shows. And activity is up on WallStreetBets forum — a subreddit for stock and option trading discussions, which launched GameStop.

Lower prices could be the draw: Many retail investors have ventured into the market because of recent lower prices, the WSJ notes. Recent stock splits from companies including Amazon have made it cheaper for individual investors to dip their toes in, it adds.

But don’t expect a repeat of the 2020-21 meme-stock feeding frenzy: Retail investor activity is still a long way off the highs seen in 2021, the WSJ tells us. Current inflation and fears of recession are fueling market uncertainty for both professional and newbie investors, it adds. And overall, markets are still down this year — meaning there’s little scope for investors to pour money into them as they did in 2020 and 2021.


How heatwaves are unearthing lost archaeological history: Extreme hot weather and drought is bringing to light some of the Earth’s lost history, including ancient cities, past-shipwrecks and others, Bloomberg reported. A dried-up River Po, Italy’s longest river, has revealed World War II wreckage, including a German tank and cargo ships. Aceredo — a ghost village near Spain’s borders — has been revealed, thanks to a drought hitting the village that was flooded in the 1990s to clear the way for Alto Lindoso reservoir. And in a surprise, extreme hot weather in the UK has unearthed a hidden 17th century garden, dubbed the Great Parterre, that was once home to flower beds and paths. The Middle East has also seen a historical site uncovered, with the ruins of an ancient city in Iraq emerging from a drought-hit area of Mosul’s reservoir this year. Kurdish and German archaeologists inspected Kemune, an ancient city along the Tigris River that was held under the Mitanni Empire from 1550 to 1350 B.C.

👌 ENTERPRISE RECOMMENDS

📺 ON THE TUBE TONIGHT-
(all times CLT)

Kick off the work week with Netflix's new opposites-attract romance, Purple Hearts: The film centers around a struggling musician who marries a troubled Marine so they can both get military benefits. Starting out as virtual strangers, Cassie (Sofia Carson) and Luke (Nicholas Galitzine) get to know one another through writing, and eventually, the lines of their marriage of convenience become blurred. Despite its predictable plot, the movie takes us on intriguing character journeys and an empathic depiction of human relationships. While Purple Hearts is classified as a typically-light romantic drama, director Elizabeth Allen Rosenbaum takes on serious issues including feminism, racism, the lives of immigrants, and consent with tact and compassion.

Fun fact: Purple Hearts is currently the most watched film on Netflix, drawing nearly 102.6 mn viewing hours worldwide last week — this marks the highest number of viewing hours for a movie on the streaming platform in 2022.

It’s a packed day for major European leagues.

In the Premier League: Chelsea clashes with Tottenham in London’s Derby at 5:30pm, while Nottingham Forest v West Ham are currently on the pitch as we dispatch after a kick-off at 3pm.

In La Liga: Real Madrid begins its league opener against Almeria at 10pm. Càdiz plays against Real Sociedad at 5:30pm, while Valencia clashes with Girona at 7:30pm.

In Serie A: We recommend watching Lazio v Bologna at 6:30pm, and Salernitana v Roma at 8:45pm.

And at home: The current season’s Egypt Cup continues, with Al Ahly and Misr Lel Makassa hitting the field at 8 m for the Round of 16, and Suez v Smouha in the tournament’s Round of 8 at 7pm.

PSA- Don’t forget to sign up for the Enterprise Fantasy League via this link, or by using this code: 8o4sut.

🍲 EAT THIS TONIGHT-

With summer vacation in full swing, treat the kids to a day of fun while you enjoy a delicious meal at Sheikh Zayed’s Clubliko. Despite an abundance of dining options across Egypt, there aren’t many restaurants that are kid-friendly — eating out with children typically means you’re going to sacrifice your food preferences for restaurants with booster seats and chicken nuggets. Enter Clubliko, a four-level kid heaven with a huge variety of indoor and outdoor play areas, and a restaurant that offers some of the tastiest dishes we’ve had in Cairo. Their surprisingly diverse menu includes sophisticated dishes for foodies of all ages, and simple bites that are certain to satisfy young picky eaters. We recommend their lemon-pepper salmon, the beetroot avocado salad, and the buttery German schnitzel. Word of caution: Your kids may not want to leave when it’s time to go, but on the flip side, not one person will complain if they decide to play hide-and-seek under the table.

🎤 OUT AND ABOUT-
(all times CLT)

The Citadel International Festival for Music and Singing kicks off today at the Cairo Citadel. Singer Medhat Saleh will take the stage during the festival’s opening night, along with the Small Fingers Orchestra and Amr Selim’s musical band. Organized by Cairo Opera House and held in cooperation with the Tourism Ministry, the festival will include 42 different concerts over the next 18 days.

Al Hezb El Comedy is celebrating its 11th anniversary tonight at Room Art Space New Cairo: Expect to see an entire generation of comedians, as the stand-up comedy platform invites everyone who has performed with them over the past decade to join them on stage starting at 9pm.

💡 UNDER THE LAMPLIGHT-

Kismet is a laugh-out-loud thriller that takes down wellness influencer culture. Lifelong New Yorker Ronnie Khan has finally put an end to years of abuse by her aunt and moved to the wellness hotspot of Sedona, Arizona with socialite-wellness-life coach Marley Dewhurst. Shortly after their move, many of the local glam gurus start showing up dead, and Marley seizes the chance to boost her reputation in town. Meanwhile, Ronnie savors her new affluent lifestyle like a delicious smoothie, until she starts to realize that all is not well in the wellness industry and wonders if she should trust her new friends or her own instincts. Author Amina Akhtar makes fun of the pretentiousness of influencer culture through a page-turning plot that kept us hooked from the very beginning to the unexpected ending.

🌊 GO WITH THE FLOW

The EGX30 was essentially flat at today’s close on turnover of EGP 1.45 bn (45.4% above the 90-day average). Local investors were net buyers. The index is down 16.4% YTD.

In the green: AMOC (+5.1%), Telecom Egypt (+3.9%) and Housing and Development Bank (+3.4%).

In the red: Ibnsina Pharma (-3.6%), Egyptian Kuwaiti Holding-EGP (-2.3%) and EFG Hermes (-1.6%).

industry

BY THE NUMBERS- As the government works to slash imports + shore up local industry, Egypt’s exports were on the rise in 1H2022: Egypt’s non-oil exports increased 20% y-o-y by value to USD 19.35 bn in 1H 2022, according to the General Organization for Export and Import Control (pdf). The data indicates that our non-oil exports also rose quarter-on-quarter: Exports hit USD 9.14 bn in 1Q 2022, meaning that the second quarter of the year saw us exporting USD 10.26 bn-worth of non-oil goods — a 12.3% q-o-q increase.

Leading the pack: Chemical and fertilizer exports, which constituted 22% of the export revenues during the first six months of the year. We exported some USD 4.34 bn of chemical and fertilizer products in 1H 2022, rising 35% y-o-y.

And that number should increase as more investments pour in: Emirati fertilizer company CFC Group is building a new USD 400 mn complex in Qena to produce fertilizers, animal feed, and phosphoric acid, under the new joint industrial partnership between Egypt, the UAE, Jordan, and Bahrain. All but a fifth of the complex’s output will be exported, with priority given to partnership nations, which should substantially increase exports when production begins in 1Q 2025. A push towards “greener” fertilizers — by relying on green hydrogen to produce green ammonia — could also give our fertilizer exports a push by catering to European countries with ambitious emissions reduction targets to meet, we noted previously.

Also seeing increasing exports: Building materials constituted 19% of the total export revenues for the period, rising 20% y-o-y, standing at USD 3.69 bn. The next largest contributor to our export revenues was the food industry, which accounted for USD 2.15 bn (11%) of export revenues, up 4% y-o-y.

Engineering industries and agricultural crop exports each accounted for 10% of Egypt’s total non-oil exports. Engineering industries saw a 27% y-o-y increase, with 1H 2022 revenues at USD 1.89 bn, while agricultural crop exports stood at USD 1.9 bn (up 10% y-o-y). Ready-made garments exports also increased 42% y-o-y, standing at USD 1.29 bn, accounting for 7% of Egypt’s total non-oil exports.

We’re looking to boost agricultural export revenues: The government aims to introduce facilities to increase the export of agricultural products such as dates, dried fruits, and dried onions.

Other goods we’re exporting more of: Printing and packaging reached USD 615 mn (up 37% y-o-y, 3% contribution); medical exports at USD 471 mn (up 36% y-o-y, 2% contribution); textiles at USD 555 mn (up 30% y-o-y, 3% contribution); upholstery at USD 325 mn (up 6% y-o-y, 2% contribution); and leather products at USD 52 mn (up 24% y-o-y, constituting 0.3% of exports).

On the flipside, exports of handicrafts and furniture were on the decline: The two sectors each made up 1% of total exports in 1H 2022, with furniture exports standing at USD 117 mn, down 20% y-o-y. Handicraft exports fell 11% y-o-y, recording USD 124 mn.

The overall increase in our export revenues comes as Egypt has been moving full speed ahead with its push to cut imports while simultaneously boosting exports. Earlier this year the government earmarked nine priority investment industries to start the push towards localizing manufacturing, in line with the state’s ambitious plan to raise exports to USD 100 bn a year by 2025: Wood and furniture, engineering, food and agriculture, chemicals, textiles, pharma and medical, printing and packaging, building materials, and metallurgical industries. 141 product categories fall under these nine investment areas, amounting to USD 17 bn and accounting for 23% of Egypt’s 2019 import bill.

And the increased support for exports is a critical policy issue: Finance Minister Mohamed Maait stressed the importance of focusing more on attracting foreign direct investment and encouraging export growth, as opposed to portfolio flows, to support the economy. The Finance Ministry is increasing allocations for its export subsidy program in the FY2022-23 budget to EGP 6 bn, up from EGP 4.2 bn in the FY2021-22 budget, advisor to the Vice Minister of Finance Nevine Mansour told Enterprise.


Your top industrial development stories for the week:

  • Egypt has ambitions to enter the semiconductor fabrication business and could be well-positioned to do so as its plentiful supply of sand makes it a good place to produce silicon chips, suggested former Oil Minister Osama Kamal.
  • Arab Alloys to build EGP 1 bn industrial complex in SCZone: The newly-established Arab Alloys Company is investing EGP 1 bn to build a ferroalloys industrial complex in the Suez Canal Economic Zone.
  • Emirati fertilizer company CFC Group will establish a USD 400 mn industrial complex in Qena under the new joint industrial partnership between Egypt, the UAE, Jordan and Bahrain.

📆 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

Late July-14 August: 2Q2022 earnings season.

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

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

14 August (Sunday): The government hosts public consultations on its state ownership policy document with finance and ins. players.

16 August (Tuesday): The government hosts public consultations on its state ownership policy document with wood manufacturers.

16 August (Tuesday): MNHD’s general assembly meeting to decide whether to allow SODIC to go ahead with due diligence on its takeover bid.

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

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

23 August (Tuesday): The government hosts public consultations on its state ownership policy document with chemical producers.

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 experts and think tanks.

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

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

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.

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 (Tuesday-Thursday): Environment and Development Forum (EDF), InterContinental City Stars, Cairo.

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.

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.

24 September (Saturday): Start of 2022-2023 school year.

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): 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 chaired by CBE Governor Tarek Amer, 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.

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.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.