Monday, 9 September 2019

Stamp tax could rise on everything under the sun


What We’re Tracking Today

It’s shaping up to be an eventful few days, which could see the pace of the news cycle pick up after a bout of humdrum news.

The key news trigger this week: The Central Bank of Egypt and Capmas will release August’s inflation figures on Tuesday. Inflation fell unexpectedly to a four-year low of 8.7% in July.

The EBRD is in town today: A delegation from the European Bank for Reconstruction & Development’s board of directors arrives in Egypt today for a four-day economic fact finding mission. The team will meet with Prime Minister Moustafa Madbouly, Investment Minister Sahar Nasr, Finance Minister Mohamed Maait, Electricity Minister Mohamed Shaker, Transport Minister Kamel El Wazir and CBE Governor Tarek Amer, as well as a number of business and diplomatic representatives. The delegation will also visit a number of projects financed by the bank.

SWF boss to be announced within a month? The board of directors of our EGP 200 bn sovereign wealth fund is expected to announce who will helm the fund within a month, Planning Minister Hala El Said tells Hapi Journal. The board had come up with an additional nine nominees after previously shortlisting four candidates, and has whittled down the list to the final two potential hires.

Calling all fintech businesses: FinTech Abu Dhabi, a financial tech-focused event organized by Abu Dhabi Global Market, will be in Cairo on Monday, 16 September to give fintech businesses a chance to attend the event in Abu Dhabi without charge by pitching their business. The deadline to apply to pitch is this Thursday, 12 September.

Is China pulling ahead in the race to dominate 5G technology? China is on track to have 100 mn 5G users by the end of 2020 — far more than any other country, according to the Wall Street Journal. US wireless providers are expected to significantly outspend their Chinese counterparts in 5G construction in the coming five years as part of a bid to maintain their lead in early deployment of the technology. Except it’s much cheaper to build in China.

Trump’s Mideast peace plan dealt blow as Jason Greenblatt resigns: US Middle East peace envoy and the brains behind US President Donald Trump’s Mideast peace plan Jason Greenblatt has resigned, the Associated Press reports. As Trump’s chief envoy for international negotiations, Greenblatt played a key role in developing and drafting the plan, which has been repeatedly delayed amid growing doubts over its viability.

This doesn’t bode well for the future of the plan, former peace negotiator Aaron David Miller tells the Times of Israel. Greenblatt’s resignation before the plan is rolled out “speaks to the absence of seriousness and credibility… What does this say about their confidence and hopes for implementation?” he said.

JPMorgan close to locking down lead advisor role in Aramco IPO: JPMorgan is reportedly close to landing the lead advisory role in Saudi Aramco’s imminent initial public offering, sources in the know tell Reuters. The investment bank is up against Morgan Stanley — which is said to have hurt its chances with its work leading the Uber IPO. A final decision is expected later this week, the sources said. The Saudi oil giant is also likely to give IPO roles to banks Citigroup, Goldman Sachs, HSBC, and Samba Financial Bank, according to the newswire.

Enterprise+: Last Night’s Talk Shows

Energy projects and developments were the order of the day on last night’s talk shows as top officials held several meetings yesterday.

El Sisi, Madbouly, Shaker meet to discuss Dabaa: President Abdel Fattah El Sisi, Prime Minister Moustafa Madbouly, Electricity Minister Mohamed Shaker, and Nuclear Power Plant Authority head Amgad El Wakeel discussed the latest developments of the Dabaa nuclear power plant and electricity infrastructure work at the new administrative capital, Al Hayah Al Youm’s Lobna Assal reported (watch, runtime: 1:54).

Our goal of becoming a regional energy hub was the main focus of a separate meeting El Sisi, Madbouly, and Shaker held with Oil Minister Tarek El Molla and Finance Minister Mohamed Maait. The meeting saw discussions of future plans for the oil and gas sector, including expanding the scope of E&P projects and developing infrastructure, Masaa DMC’s Eman El Hosary noted (watch, runtime: 1:42).

Banks have sold EGP 800 mn-worth of Aman insurance certificate of deposits in 14 months, according to central bank figures cited by Al Hayah Al Youm's Lobna Assal (watch, runtime: 2:09). Aman certificates are provided to temporary and seasonal workers and offer life insurance policies and pension payouts. They were issued for the first time by local banks in March of last year.

EgyptAir receives Airbus 220-300 plane: Flag carrier EgyptAir has received its first Airbus 220-300, manufactured at Canada's Mirabel plant in Montreal, El Hekaya’s Amr Adib said (watch, runtime: 1:42).

Speed Round

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EXCLUSIVE- FinMin mulls raising fees on electricity consumption, car licenses, bank transactions, and a whole lot else under Stamp Tax Act amendments: A Finance Ministry committee mandated with drafting amendments to the outdated Stamp Tax Act is proposing introducing changes to the stamp tax imposed on electricity consumption and licensing fees for cars and shops, government sources tell Enterprise. The proposal would also see changes introduced to the tax rate imposed on bank transactions, telephone calls, and building licensing fees, among a host of other things. The committee is not looking to hike the tax on water and gas utility bills. The changes, if approved, could raise the state’s tax revenues by 20%.

Electricity consumption for households, industry, commercial spaces: The proposed changes would unify the stamp tax on electricity consumption for households and industry to EGP 0.01 per kWh. Households consumption has so far been exempt from the stamp tax, while industrial consumption is currently taxed EGP 0.006 per 10,000 kWh. The committee is also proposing hiking the stamp tax on non-industrial electricity consumption, including for commercial spaces, roads, and communal use areas such as apartment building lobbies to EGP 0.05 / kWh, up from a current EGP 0.03 / kWh.

Car licensing fees: Licensing fees for heavy trucks weighing more than 15 tonnes would cost EGP 30 instead of EGP 18. The stamp tax on driving licenses for operating a five-tonne truck would increase to EGP 20 from EGP 12. The tax on licenses for passenger vehicles would also increase to EGP 10 for cars with four or fewer cylinders (up from a current EGP 4), while licenses for cars with more than four cylinders would increase to EGP 20 from EGP 12.

The stamp tax on your salary is also set to increase: The stamp tax on individuals’ salaries would also increase under a tier system, with the first EGP 500 of any salary exempt from the tax. That means if you earn EGP 10,000 per month, your taxable income would be considered EGP 9,500. The tiers would be as follows:

  • Those earning EGP 500-5,000 would be taxed 0.50%;
  • Monthly salaries between EGP 5,000 and EGP 10,000 would be taxed 0.55%;
  • All salaries exceeding EGP 10,000 would be subject to a unified tax rate of 0.60%.

Issuing government certificates and documents: The fee on issuing elementary education certificates would rise to EGP 5 from EGP 1.20, while middle and high school certificates would be subject to a EGP 10 and EGP 20 fee, respectively. Certificates for undergraduate, masters, and PhD degrees would also be hiked to EGP 30, EGP 60, and EGP 80, respectively. Vocational degree earners would be required to pay a EGP 20 fee to receive their certificate. Getting married and divorced will also get a bit more expensive: The fee on marriage certificates would rise to EGP 50 from EGP 15 currently, while divorce papers would be subject to a EGP 100 fee, up from EGP 30.

Also expected to see a change under the proposed amendments:

  • Bank transfers within Egypt and outside of the country would be subject to a 0.4% stamp tax;
  • Licensing fees for quarries and brick factories would rise to EGP 500 from EGP 300;
  • The stamp tax on construction licenses would rise to EGP 50 from EGP 30;
  • The stamp tax on shipping certificates would rise to 20% from 18% of the value of the goods being shipped, with a ceiling set at EGP 0.60.

Fawry has big post-IPO plans in the Gulf: Egyptian e-payments platform Fawry plans to expand into the UAE by the end of 2019, and Saudi Arabia and Kuwait in 2020, Managing Director Mohamed Okasha told Reuters. The company is working on an agreement with one of the UAE’s largest listed banks to introduce its platform in the country, he said without disclosing the name of the bank.

The company remains ambitious at home: As well as establishing a foothold in the Gulf, Okasha said that the company is planning to significantly expand the number of licensed merchants here in Egypt. “Our goal over the next two years is to find a point for us within 150 meters anywhere in Egypt,” he said. He also said his company has plans to increase the number of Fawry Plus branches more than fourfold in the coming five years to more than 300, from 70 currently.

The expansion plans come off the back of a successful IPO on the EGX last month, which saw the company’s share price jump 31% to EGP 8.48 on the first day of trading.

Are we inching closer to seeing Israel beginning to export gas to Egypt? The operator of the East Mediterranean Gas (EMG) subsea pipeline running between Egypt and Israel has signed an agreement to use a terminal owned by Israel’s Europe Asia Pipeline Company (EAPC) to export natural gas to Egypt, Reuters reports. According to the terms of the agreement, gas from the Leviathan and Tamar fields will pass through the state-run EAPC’s terminal in Ashkelon before being transported through EMG’s Ashkelon-El Arish pipeline. EMG will operate and maintain the terminal, and will pay EAPC an undisclosed amount based on the amount of gas supplied.

Delays remain, but this is one hurdle removed: This arrangement removes one of the remaining barriers to the Delek-led consortium supplying natural gas to Egypt under the landmark USD 15 bn agreement signed last year. The gas export arrangement has faced repeated delays and could face more hurdles, including the USD 1 bn lawsuit brought forward by Thailand’s PTT Energy, which goes to trial tomorrow. A new lawsuit could be a “headache” for the exports, as Egypt had previously made clearing a similar arbitration suit a condition for the signing of the agreement. Trial shipments were originally supposed to come in March, with commercial sales beginning by the end of June, but capacity restrictions of Israel’s domestic pipeline network and the now-resolved terminal issue have forced delays.

DISPUTE WATCH- Egypt and UAE’s Emaar sign preliminary settlement agreement on El Nasr dispute: Property developer Emaar Misr has signed a preliminary agreement with the Egyptian government on a proposed settlement to resolve a dispute with state-owned El Nasr Housing over the Emirati company’s alleged failure to develop 3 mn sqm of land allotted to it in 2005, Al Shorouk reports. The proposed settlement, which will be presented to state-owned El Nasr, involves Emaar paying El Nasr a cash settlement in return for granting them time to complete the Uptown Cairo project, Saher Faseeh, El Nasr’s legal advisor said, without providing further details. The two sides have also agreed to freeze legal proceedings until they reach a final settlement. El Nasr’s general assembly is expected to convene within the next two weeks to discuss the settlement and end the dispute.

Background: El Nasr brought an arbitration case against the local subsidiary of UAE-based Emaar in June 2017, claiming the company had failed to develop 3 mn sqm of land allotted to it in 2005, and that it unlawfully took 215k sqm within the borders of its Uptown Cairo project. The dispute also included a 500k sqm land plot, which Emaar was accused of using for construction instead of roadworks and green areas. The cabinet in July said the two sides had reached a settlement agreement, but it remains unclear what prompted them to go back to the drawing board. Deputy Justice Minister for Arbitration and International Disputes Judge Moustafa El Bahabety had told Enterprise the settlement would see both sides drop all arbitration cases against each other and Emaar pay EGP 100 mn.

Egypt’s cement sector in oversupply crisis -Suez Cement CEO: Egyptian cement companies are continuing to flood the market, producing twice as much as the current market demand, said Jose Maria Magrina, CEO of Suez Cement, the largest private supplier of cement and concrete in Egypt. Demand in the sector has fallen 5% each year since 2016 as supply has been rising, which has prompted El Nahda Cement and Tourah Portland Cement Company to both temporarily suspend operations and Suez Cement to lay off workers. There are another five or six companies at risk of bankruptcy, he said. Magrina also highlighted the difficulties multinationals and local companies face in competing against state-owned companies, which have been a major contributor to the problem of oversupply. The recent hikes in electricity prices have added to the financial pressures on cement companies, causing production costs to rise 11%, Magrina said. The government met earlier this summer to discuss proposals to resolve the problem after companies complained of oversupply and losses.

INVESTMENT WATCH- Sodic will invest EGP 34 bn in four new projects in New Zayed over the coming decade, it said in a statement yesterday (pdf). The first of these projects is ‘The Estates,’ planned to launch this month following approval by the New Urban Communities Authority in August. The upscale real estate developer is the first in the sector to purchase land in New Zayed, where it currently owns 650 acres.

Court postpones iron billet import duty hearing to 5 October: The Supreme Administrative Court has postponed to 5 October its ruling on appeals filed by the State Lawsuits Authority and a number of iron and steel companies against the suspension of a 15% import fee on iron billets, according to Masrawy. This is the third time the hearing has been postponed since mid-August. A lower administrative court in July turned down the Trade Ministry’s appeal to reimpose the 15% duty, which it lodged after 21 iron factories won a case at the court reversing the ministry’s decision.

Background: The Trade Ministry imposed a 15% import fee on iron billets and a 25% fee on steel imports in April. The decision was brought to court by a number of rolling mills who said the increased prices of iron had forced them to halt production. This led the administrative court to suspend the decision in July.

Trade Ministry claims 80% of steel jobs will disappear without protectionist measures: Steel companies will not be able to continue production without import fees, forcing them to lay off 80% of their direct labor force, according to a ministry report picked up by the local press.

REGULATION WATCH- Companies can only nominate one candidate for the Federation for Securities market regulator: Companies will only be able to nominate one candidate to sit on the board of directors of the Federation for Securities under new regulatory amendments approved by the Financial Regulatory Authority (FRA) yesterday, the regulator said in a statement. The FRA has given a committee tasked with convening the federation’s first general assembly another six months to organize elections to the board. The FRA earlier this year approved the bylaws establishing the federation, which aims to improve standards and accountability in the sector.

EARNINGS WATCH- Cleopatra Hospitals Group reported a 27% y-o-y dip in 1H2019 net profits to EGP 97.7 mn compared to EGP 133.4 mn a year earlier, according to the company’s quarterly financial statement (pdf). Revenues rose 22% y-o-y during the period to EGP 825 mn. CHG’s profits fell 44% y-o-y during 2Q2019, coming in at EGP 42.6 mn compared to EGP 76.2 mn in 2Q 2018. This came in spite of robust top line growth: Revenues in 2Q 2019 grew 25% y-o-y to EGP 409.1 mn, from EGP 326.6 mn in 2018.

Looking ahead, CHG is shifting its focus on integrating its newly acquired facilities, including one of the country’s largest IVF centers, in which it acquired a majority stake. Management is also looking to push ahead with the group’s plans to inaugurate two facilities per year over the next five years. “All in all, I am confident that we are ideally positioned to build on the operational and financial results achieved in the first six months of the year to deliver an even more impressive second half of strong organic and inorganic growth,” CEO Ahmed Ezzeldin said.

MOVES- Mohamed Sultan (LinkedIn) has resigned from his position as CEO of real estate developer Palm Hills, the company said in a statement (pdf). Sultan is also stepping down as a member of the company’s board of directors.

MOVES- Hatem Sabry (LinkedIn) has been tapped as Vice President of Finance at mass transport app Swvl, a position he assumed in August. Sabry spent seven years at Deutsche Bank, where he was most recently director of corporate and investment bank. His new role will be based out of Swvl’s new headquarters in Dubai, he told Enterprise.

MOVES- Central Bank of Egypt Governor Tarek Amer will on Tuesday assume the chairmanship of the Alliance for Financial Inclusion’s (AFI) board of directors, MENA reported. Deputy Governor Lobna Helal has headed the AFI’s Gender and Women’s Financial Inclusion Committee since 2016. The AFI is a global organization made up of financial regulators that aims to increase access to financial services. The AFI’s Global Policy Forum will be held in Kigali, Rwanda from 11-13 September.

CORRECTION- Yesterday we incorrectly said that the Egyptian Poultry Association (EPA) had implemented a ban on poultry imports. The EPA, which does not have the legal jurisdiction to impose any such decision, had actually only met with officials in the Agriculture Ministry to call for a ban on poultry imports. The story has since been corrected on our website.


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Egypt in the News

There is no single topic that is leading the conversation on Egypt in the foreign press this morning.

Social media accounts from Egypt and other countries in the Middle East that were shut down by Facebook in early August had been publishing content supportive of Sudan’s military following the ouster of former president Omar Al Bashir, Declan Walsh and Nada Rashwan write in the New York Times. Facebook has said it did “had not found sufficient evidence to link the operation the governments of Egypt or the United Arab Emirates.”

Egyptian and Maltese authorities say that thousands of rare birds have been killed in Egypt and smuggled into Malta, the Times of Malta reports. A raid in August, uncovered 700 dead birds which were linked to possible hunting crimes in Egyptian national parks.

Other headlines worth a skim:

  • Newspaper digitization: The government’s decision to digitize the national press is “a tacit admission of its inability to effectively manage the publications,” the Arab Weekly argues.
  • Egyptian start-up revives traditional weaving: The growing popularity of Cairo-based e-commerce site Kiliim, named after the traditional art of hand-weaving, is bringing the once-dying craft to local and foreign markets, the National reports.
  • Save the fish: An Egyptian fisherman has launched a campaign to increase the Nile’s fish population by introducing thousands of baby fish into the river, Xinhua reports.
  • An Egyptian delegation met with Hamas leader Yahya Sinwar in Gaza yesterday to mediate between Israel and Hamas, reports Israel’s Ynetnews.


Egypt-Sudan electricity grid interconnection to begin trial runs early 2020- minister

The trial launch of the Egypt-Sudan electricity grid interconnection project is scheduled to begin by early 2020, Electricity Minister Mohamed Shaker told Hapi Journal. Electricity Ministry spokesperson Ayman Hamza had recently said that the project is expected to go live by the end of this year.

Basic Materials + Commodities

No rice imports needed during current fiscal year -Moselhy

Egypt has sufficient rice reserves and will not need to import rice during the current fiscal year, Supply Minister Ali El Moselhy said yesterday, according to Reuters. An official at the Federation of Egyptian Industries forecast last month that production would surge 140% this year to 6 mn tonnes. This came after the Agriculture Ministry said in March that it would this year increase the cultivation area for the crop to 1.1 mn feddans from 800k in 2018.


Samir & Aly to inaugurate USD 10 mn first phase of Badr City factory this week

Stationery house Samir & Aly will this Tuesday inaugurate the first phase of its USD 35 mn office and school supplies factory in Badr City, sales manager Ahmed Abdel Fattah told the local press. The first phase of the factory has cost USD 10 mn, while the USD 25 mn phase will be partially financed by Germany’s Faber Castell, he said. The company is also planning to spend EGP 60 mn to launch four new branches in New Cairo, Maadi, Sixth of October, and Alexandria at the beginning of next year.

Real Estate + Housing

Egypt approves six new contracts for NAC ‘Green River’ project

The Madbouly Cabinet has agreed to contract six companies to develop the “Green River” project in the new administrative capital (NAC), a Housing Ministry official told Al Shorouk. The companies are: Orascom Construction, Talaat Moustafa Group, Arab Contractors, Hassam Allam Sons, Redcon Construction and Petrojet. The New Urban Communities Authority had awarded Al Marasem an EGP 860 mn contract to develop 100 feddans in the same project, which is expected to include public parks and shopping centers as well as hotels.


Egypt’s tourism ministry to implement new criteria to determine hotel star rating

The Tourism Ministry will begin implementing a new system to determine hotel star ratings based on feedback from hotel guests, as well as assessments from ministry employees and a Spanish hotel rating company, Chamber of Tourism Establishments board member Tamer Nabil said, according to Al Shorouk. The new approach will also see the ministry distinguish between criteria used to assess hotels resort towns and those applied to hotels in major cities. We noted last year that a hotel’s government-assigned star rating will be a factor in determining how much this property will be paying in real estate taxes under a new tax calculation agreement reached between the finance and tourism ministries.

Automotive + Transportation

Manufacturers call on gov’t to shelve plans to replace tuk tuks with minivans

A number of automotive industry figures are calling on the government to shelve plans to phase out tuk tuks and replace them with minivans, according to the local press. More than USD 15 mn in investments in feeder industries are at risk if the government goes ahead with the plan, VP of the Automotive Feeding Industries division at the Federation of Egyptian Industries Raafat El Khanagry said. Arafat Rashid, chairman of the Auto Engineering Company, suggested that the government place restrictions on tuk tuks and fine offenders, rather than risk investment losses and eliminate a source of income for a large number of people.

Banking + Finance

Palm Hills to issue EGP 300 mn of securitization bonds

Palm Hills is planning to issue around EGP 300 mn of securitization bonds to pay off part of its debts owed to banks, unnamed banking sources tell Al Shorouk. Banque Misr and the Arab African International Bank will manage the issuance.

El Sewedy Capital plans expansion of non-banking financial services

El Sewedy Capital is looking to add financial leasing and microfinancing to its non-banking financial services, and establish an insurance company, said board member Abdel Rahman El Sewedy. The company has already been granted a license to offer financial leasing services, which it is expected to launch this year, he said. The expansion is timed to take advantage of the upcoming state privatization program. El Sewedy Capital was established last year and currently provides portfolio management services.

Other Business News of Note

Gov’t launches trial version of online platform to support agri trade

The Agriculture Ministry and state-owned payments platform e-Finance have launched a trial version of, an online platform designed to facilitate trade in the agricultural sector, e-Finance said in a statement picked up by Al Shorouk. The platform, which is scheduled to fully launch in 1Q2020, will serve as an online marketplace for agriculture equipment, seeds, fertilizers, and crops, as well as a platform for B2B services

Egypt Politics + Economics

Egypt announces names of 6.3k Nubians eligible for displacement compensation

A total of 6,350 Nubians have been determined as being eligible for compensation for having been displaced from their homes following the High Dam’s construction, Parliamentary Affairs Minister Omar Marwan said, according to El Watan. Reports had emerged earlier this year that President Abdel Fattah El Sisi has instructed his administration to carry forward a plan to provide in-kind compensation to the Nubians displaced by the dam.


Egyptian modern pentathlon champ El Gendy wins best young player award

Egyptian modern pentathlon gold medalist Ahmed El Gendy was named the Union Internationale de Pentathlon Moderne (UIPM) Best Junior Athlete in 2019 for the second consecutive year, according to Ahram Online. He snatched two gold medals earlier this year at a world cup held in Egypt, and brought home a gold medal at the Buenos Aires 2018 Youth Olympic Games.

Egypt’s El Tayeb, Shorbagy defeat compatriots to claim squash world titles

Egyptian world number five squash player Nour El Tayeb and world number two Mohamed El Shorbagy claimed the JPMorgan China Squash Open world titles after each defeating compatriots Raneem El Welily and Ali Farag, both of whom are the number one squash players in the world, according to PSA World Tour. El Tayeb edged over El Welily after a five-game bout to win the women’s title. El Shorbagy, meanwhile, ended the bout on the fourth.

Salah nominated for Fifa FIFPro World11 award

Mohamed Salah has been named among the 55 players nominated for the 2019 Fifa FIFPro World11 award. Salah was joint-top scorer in the Premier League last season with 22 goals, and helped Liverpool to win their first Champions League title since 2005.

On Your Way Out

Govt’ finds new uses for rice straw to reduce air pollution: The Environment Ministry has collected 1.9k tonnes of rice straw this year in a bid to prevent farmers from burning the crop and causing pollution, Egypt Today reports. The straw will be used as fertilizer and animal fodder, as well as in manufacturing and the production of biogas. Personnel from the environment, agriculture and local development ministries have inspected 60 rice straw collection sites across the delta to check that farmers were not burning the crop.

The Market Yesterday

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EGP / USD CBE market average: Buy 16.41 | Sell 16.52

EGP / USD at CIB: Buy 16.42 | Sell 16.52
EGP / USD at NBE: Buy 16.44 | Sell 16.54

EGX30 (Sunday): 14,931 (0.00%)
Turnover: EGP 479 mn (22% below the 90-day average)
EGX 30 year-to-date: +14.5%

THE MARKET ON SUNDAY: The EGX30 ended Sunday’s session flat. CIB, the index heaviest constituent ended up 0.1%. EGX30’s top performing constituents were Pioneers Holding up 3.2%, Orascom Development up 1.9%, and Madinet Nasr Housing up 1.5%. Yesterday’s worst performing stocks were Credit Agricole down 2.7%, Cleopatra Hospital down 1.6% and Egyptian Resorts down 1.4%. The market turnover was EGP 479 mn, and local investors were the sole net buyers.

Foreigners: Net Short | EGP -13.1 mn
Regional: Net Short | EGP -28.6 mn
Domestic: Net Long | EGP +41.7 mn

Retail: 70.7% of total trades | 75.6% of buyers | 65.8% of sellers
Institutions: 29.3% of total trades | 24.4% of buyers | 34.2% of sellers

WTI: USD 56.76 (+0.42%)
Brent: USD 61.74 (+0.32%)

Natural Gas (Nymex, futures prices) USD 2.52 MMBtu, (+0.96%, Oct 2019 contract)
Gold: USD 1,512.50 / troy ounce (-0.20%)

TASI: 8,050.88 (-0.05%) (YTD: +2.86%)
ADX: 5,105.25 (-0.17%) (YTD: +3.87%)
DFM: 2,871.50 (-0.67%) (YTD: +13.51%)
KSE Premier Market: 6,512.44 (-0.53%)
QE: 10,274.85 (+0.21%) (YTD: -0.23%)
MSM: 3,991.23 (-0.16%) (YTD: -7.69%)
BB: 1,548.78 (-0.15%) (YTD: +15.82%)

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September: Cairo will host an Egypt-Hungary business forum, according to a Trade Ministry statement (pdf).

9 September (Monday): Japan Arab Economic Forum, Nile Ritz Carlton, Cairo.

9 September (Monday): The Euromoney Egypt Conference 2019, Cairo.

9-12 September (Monday-Thursday): The 9th Annual EFG Hermes London Conference, Arsenal Emirates Stadium, London.

9-12 September (Sunday-Wednesday): Sahara Expo, Egypt International Exhibition Center, Cairo.

10 September (Monday): AmCham lunch with Transport Minister Kamel El Wazir.

15 September (Sunday): Elections to the board of the Financial Regulatory Authority’s Capital Markets Federation will be held, according to Al Mal.

17 September (Tuesday): E-Commerce Summit 2019, Nile Ritz Carlton, Cairo.

17-18 September (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.

18 September (Wednesday): Egyptian Private Equity Association’s venture capital event (pdf) at the Conrad Hotel, Cairo.

21 September (Saturday): Cairo’s streets get really, really crowded as students at the nation’s public schools go back to class.

22 September (Sunday): The Justice Ministry’s dispute resolution committee will look into a case filed by Raya Holding’s Chairman Medhat Khalil against the Financial Regulatory Authority (FRA).

26 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee will meet to review interest rates.

28-30 September (Saturday-Monday): Techne Summit, Alexandria.

28 September (Saturday): Smart Vision Egyptian Women’s Forum, venue TBA.

October: A forum will be organized by Russia’s Rosatom and the Nuclear Power Plants Authority to introduce local suppliers and contractors to the Dabaa nuclear plant.

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

10-13 October (Tuesday-Sunday): Big Industrial Week Arabia 2019, Egypt International Exhibition Center, Nasr City, Cairo.

22 October (Tuesday): Innovative Finance: A New Vision to Support Investment forum, venue TBD, Cairo.

23-24 October (Wednesday-Thursday): Intelligent Cities Exhibition & Conference, Hilton Heliopolis, Cairo.

23 October-1 November (Wednesday-Friday): CIB PSA Women’s World Championship, Great Pyramid of Giza, Cairo.

24 October (Thursday): Russia-Africa Summit to take place in Sochi, co-chaired by Vladimir Putin and President Abdel Fattah El Sisi.

28 October-22 November (Monday-Friday): World Radiocommunication Conference 2019, Sharm El Sheikh, Egypt.

28 October-31 October (Monday-Thursday): A Cairo court will rule on the stock manipulation case, in which Gamal and Alaa Mubarak are involved, along with seven other defendants.

29-30 October (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.

29-30 October (Tuesday-Wednesday): South Sudan Oil & Power (SSOP) Conference, Juba, South Sudan.

31 October-2 November (Thursday-Saturday): Angel Oasis 2019, organized by the Middle East Angel Investment Network (MAIN), El Gouna, Egypt.

3-5 November (Sunday-Tuesday): Electrix 2019, Egypt International Exhibition Center, Nasr City, Cairo.

7-9 November (Thursday-Saturday): Vested Summit, Sahl Hasheesh, Red Sea.

7-9 November (Thursday-Saturday): BiznEx Egypt 2019, Egypt International Exhibition Center, Nasr City, Cairo.

9 November (Saturday): Prophet Mohammed’s birthday, national holiday.

10-14 November (Sunday-Thursday): GeoMEast International Congress and Exhibition, Marriott, Cairo.

11-13 November (Monday-Wednesday): Africa Investment Forum, Gauteng, South Africa.

14-17 November (Thursday-Sunday): Machtech Expo, Egypt International Exhibition Center, Nasr City, Cairo.

14-17 November (Thursday-Sunday): Transpotech Expo, Egypt International Exhibition Center, Nasr City, Cairo.

14-17 November (Thursday-Sunday): Airtech Expo, Egypt International Exhibition Center, Nasr City, Cairo.

22-23 November (Friday-Saturday): Invest in Africa 2019 conference, New Administrative Capital.

November: Suez Canal Conference for Investment, organized in cooperation with the European Union

December: Egypt will host for the first time the Pack Process trade expo for the Middle East and African region.

December: Indian automotive delegation to visit Egypt.

3-6 December (Tuesday-Friday): Cairo WoodShow, Egypt International Exhibition Center, Nasr City, Cairo.

9-11 December (Monday-Wednesday): Pacprocess Middle East Africa, Egypt International Exhibition Center, Nasr City, Cairo.

9-11 December (Monday-Wednesday): Food Africa 2019 Expo, Egypt International Exhibition Center, Nasr City, Cairo.

10-11 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.

14-17 December (Saturday-Tuesday): World Youth Forum 2019, Sharm El Sheikh.

26 December (Thursday): Central Bank of Egypt’s monetary policy committee will meet to review interest rates.

January 2020: 2019 Confederation of African Football (CAF) Awards, Albatros Citadel Resort, Hurghada, Egypt.

January 2020: UK-Africa Investment summit, London, United Kingdom.

9-12 January 2020 (Tuesday-Sunday): PLASTEX, Egypt International Exhibition Center, Nasr City, Cairo.

25 January 2020 (Saturday): 25 January revolution anniversary / Police Day, national holiday.

25 January 2020 (Saturday): Midterm break for public schools and universities. Also known as: Two weeks of good commute.

8 February 2020 (Saturday): Midterm break ends. Traffic in Cairo stinks once more.

11-13 February 2020 (Tuesday-Thursday): Egypt Petroleum Show, Egypt International Exhibition Center, Nasr City, Cairo.

25-26 March 2020 (Wednesday-Thursday): Mega Projects Conference, Egypt International Exhibition Center, Nasr City, Cairo.

5-7 May 2020 (Tuesday-Thursday): AFSIC – Investing in Africa, London, United Kingdom.

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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; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.