Tuesday, 6 July 2021

Egypt-made Oxford / AstraZeneca shots could soon be coming to a clinic near you



Good morning, dear readers — and a very happy hump day from all of us at Enterprise HQ. Although we have precious little Egypt business news to bring you this morning, we wouldn’t quite file this issue under ‘workaday.’ We have news that Egypt is in negotiations to locally produce the Oxford / AstraZeneca vaccine, the Irrigation Ministry has claimed Ethiopia has started filling the GERD just two days before the UN Security Council meets to discuss the dispute, and a spat between the UAE and Saudi Arabia may be about to throw OPEC+ into crisis. All this and more in the news well, below.

It’s PMI day: Egypt’s purchasing managers’ index for June will land shortly after dispatch at 6.15am this morning. We’ll be out with our usual coverage of the release in this afternoon’s PM edition, but if you’re super eager you’ll be able to find the release here later this morning.

Activity in Egypt’s non-oil private sector has been in contraction for a solid six months, after the index registered 48.6 in May, a slight improvement from 47.7 the month before but remaining below the 50.0 mark that separates expansion from contraction.

Fears of mounting inflation were on the minds of businesses surveyed last time around, and will likely continue being a major theme in today’s release — especially with new readings from the Eurozone, the UK, and Saudi Arabia all pointing to elevated cost pressures weighing on firms’ operating expenses. IHS Markit, which conducts the PMI survey, warned in April that a gauge measuring global prices has hit its highest level in a decade due to a combination of post-lockdown pent-up demand and supply constraints.


The British Egyptian Business Association’s (BEBA) virtual education week concludes today, with the third and final seminar on the digitalization of education in Egypt, which will be held at 12pm.

Egypt has been added to Morocco’s travel list B, imposing stricter regulations on visitors starting tomorrow, according to the Moroccan Press Agency. Russia and Tunisia were also added to the list. Travellers from the three countries who aren’t fully vaccinated will be required to provide a negative PCR test dating less than 48 hours, as well as quarantine for 10 days in a government-designated hotel. List B includes countries either experiencing a spread of new covid-19 variants or are believed to have not disclosed definitive statistics on their epidemiological situation.

***CATCH UP QUICK with the top stories from yesterday’s edition of EnterprisePM:

  • MaxAB strikes again: Cairo-based B2B food and grocery platform closed a landmark USD 40 mn series A investment in a round led by impact investor RMBV.
  • Vaccines galore: State-owned Vacsera has produced 1 mn Sinovac jabs, pushing ahead with its goal to produce 80 mn for the rest of 2021.
  • EFG Hermes One rolled out in Kenya: EFG Hermes Kenya has opened up its online trading platform EFG Hermes One to retail traders the Nairobi Securities Exchange.


Among the handful of dates you should keep an eye on at the start of the month:

  • Fuel pricing: We should hear by Saturday whether the government will raise, hold or cut fuel prices for the coming quarter.
  • Foreign reserves: Figures for June will be out early next week;
  • Inflation: Data for June will be released next week;

The EGX will hold its board elections for the 2021-2025 term on Wednesday, 14 July, it announced yesterday. Here’s a rundown of the candidates vying to fill board positions.

The Cairo International Book Fair is ongoing at Egypt International Exhibition Center today. The event will run through to 15 July.

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


Celebrate Eid with a relaxing holiday and make the most out of your break with a diverse and well-earned trip.


Ready. Get set. GERD.

Ethiopia resumes filling the GERD -Irrigation Ministry: Ethiopia has notified Egypt that it has resumed filling the reservoir of the Grand Ethiopian Renaissance Dam (GERD), Irrigation Minister Mohamed Abdel Aty said yesterday. Egypt told Ethiopia that it firmly rejected the unilateral measure, describing it as a “clear and serious” breach of the 2015 Declaration of Principles and accusing it of violating international law, the minister added.

There won’t be an immediate impact on our water supply, according to the ministry’s spokesperson. “We won't see any impact on the Nile…We have a month or a month and a half ahead of us,” Mohamed Ghanim told El Hekaya’s Amr Adib last night (watch, runtime 12:20).

This raises the temperature ahead of the UN Security Council meeting, which is expected on Thursday to discuss the GERD dispute at the request of Egypt and Sudan. Egypt has informed the council of Ethiopia’s actions, Aty said.

Egypt and Sudan are hoping for action: The countries have submitted a draft resolution to the council that would require the three countries to finalize an agreement within six months, and are working to get the backing of a majority of its 15 members.

But don’t go expecting too much: French UN ambassador and council president Nicolas de Riviere said as much last week, telling reporters that all the council will do is encourage the three countries to resume negotiations.

Preparations for the meeting are under way in New York: Foreign Minister Sameh Shoukry held talks with his Sudanese counterpart Mariam Al Mahdi yesterday ahead of the meeting, and also met with foreign officials from council member Tunisia, Niger, Kenya, and Vietnam to lobby for their support.


Egypt has sent helicopters to help Cyprus extinguish one of the worst forest fires the country has seen in a generation, according to Al Shorouk. Four Egyptian laborers have been killed in the blaze, which has so far destroyed 50 homes and more than 50 sq km of forests and farmland. President Nicos Anastasiades wrote on Twitter that it is the largest fire since 1974, and described it as a “tragedy.”

Egypt, Cyprus talk military: Defense Minister Mohamed Zaki and his Cypriot counterpart Charalambos Petrides discussed military cooperation and regional issues, on the sidelines of the inauguration of Egypt’s new naval base on Saturday, the Armed Forces spokesperson said in a statement.


Time for Made in Egypt Astra vax?

We’ve seen Made in Egypt Sinovac. Now we might be about to see Egypt-made Oxford / AstraZeneca shots. This is according to Vacsera head Heba Wali, who told Ala Mas’ouleety last night that the Health Ministry is currently in negotiations to locally manufacture the jab (watch, runtime 40:40).

The jabs would be made at Vacsera’s new Sixth of October factory: Able to produce around 600k shots per day, the Health Ministry has claimed that it will be the largest vaccine production facility in the Middle East and Africa.

Egypt is aiming to achieve Sinovac self-sufficiency by the beginning of next year: Egypt will source 100% of the ingredients needed to manufacture the Sinovac vaccine by 1Q2022, Vacsera Chair Heba Wali told Kelma Akhira’s Lamees El Hadidi (watch, runtime 16:24).

The country is currently importing the raw materials used in the vaccine from China: So far, we have enough to churn out as many as 10 mn shots of the vaccine, and China is supposed to be sending over enough for another 7.5 mn in the coming week. The country has so far produced 1 mn Sinovac jabs, and plans to manufacture 80 mn by the end of the year.

Minapharm is also set to locally produce some 40 mn doses of Russia’s Sputnik V jab per year, with the first to be rolled out in 3Q2021.

Egypt plans to locally manufacture covid-19 vaccines for children, Prime Minister Moustafa Madbouly said yesterday, according to Al Masry Al Youm.

The Health Ministry reported 175 new covid-19 infections yesterday, down from 179 the day before. Egypt has now disclosed a total of 282,257 confirmed cases of covid-19. The ministry also reported 20 new deaths, bringing the country’s total death toll to 16,284.

Is Delta getting the better of Pfizer? The Pfizer / BioNTech vaccine may be less effective at protecting people against the Delta covid variant. Fresh Israeli government data collected over the past month suggests that the efficacy rate of the vaccine fell by almost a third, with the shot protecting 64% of people against the virus, down from 94% previously, according to Bloomberg.

But people are still being protected from severe covid: The data showed the vaccine is continuing to protect people from serious covid-19 illness.


New EGP 1.75 bn fund to invest in K12 education

New EGP 1.75 bn investment fund for K12 education: A group of Egyptian banks and investors have set up a new fund dedicated to investing in K12 private schools in Egypt, according to Matouk Bassiouny & Hennawy (pdf), which provided legal advice in the transaction. The fund, which the law firm says is being spearheaded by Egyptian private equity outfit Ironwood Investments and investor Hossam Kabbani, will channel EGP 1.75 bn into Egyptian schools.

Who’s involved? The Sovereign Fund of Egypt, Misr Ins. Holding, Banque Misr, Ironwood, Kabbani, and other unspecified investors are all partnering in the fund, MBH said.

Advisors: Matouk Bassiouny & Hennawy, Helmy Hamza & Partners, Baker McKenzie Cairo, and Al Kamel Law Firm provided legal advice.


Oil at 3-year high as OPEC+ talks collapse

Oil surges to new three-year high after UAE-KSA deadlock tanks oil supply agreement: Brent crude surpassed USD 77 per barrel for the first time since September 2018 yesterday after the OPEC+ alliance of oil producers were unable to come to an agreement on raising supply, Bloomberg reports.

Close: Most producers signed onto a plan last Friday that would have raised oil production by 400k barrels a day each month between August and December, while extending the final expiry of the output cuts to the end of 2022 instead of April.

But no cigar: The UAE has been the fly in the ointment, being the only country to reject the proposal and argue that its production quotas were unfair. Yesterday Abu Dhabi had reportedly agreed to its new production limits provided the cuts expired in April, but Saudi Arabia said it must accept both parts of the proposal.

Expect a pop: Failure to agree on new production quotas is likely to tighten supply further and put further upward pressure on prices. The cost of oil has continued to climb in recent weeks as a surge in demand outweighs current supply, which is still being curtailed by production cuts introduced last year following the market crash. This will lead the oil prices to “pop,” one energy analyst said. “That’s also not tenable because a price spike actually undermines the interests of the UAE, Russia and Saudi Arabia,” he added

Or another price war: Rather than Riyadh vs. Moscow, this time around the fears are that a breakdown in relations between the Saudis and the UAE could trigger a new price war, with producers jettisoning the OPEC+ alliance, cranking up production and causing prices to crash.

The KSA-UAE clash is going beyond oil policy: Tensions between the long-time allies are also being fuelled by a new import ban announced by the Saudis and a decision to prevent its citizens travelling to the UAE due to covid.

Until we meet again (whenever that is): Production restrictions will remain in place until OPEC+ members convene again. Unusually, the group hasn’t set a date for its next meeting, with OPEC saying that it will be decided “in due course.”

What does all this mean for Egypt? Events over the coming days will be being watched closely by the government’s fuel pricing committee, which this week is discussing whether to raise or leave on hold domestic fuel prices during the coming quarter. The committee should come up with a decision by 10 July, but could be extended further into the month.

The story is getting buckets of digital ink in the global business press this morning: FT | Reuters | CNBC | Wall Street Journal.


Is MIH getting serious about tackling workplace inequality?

Misr Ins. Holding (MIH) has signed an agreement with the International Finance Corporation (IFC) that’s expected to open up more posts for women at the state-owned non-bank lender, the company said in an emailed statement. Under the agreement, an IFC advisory team will work with MIH “to identify the gaps between female and male employees in the company’s workforce,” as well as eye out challenges and prospects to boost female recruitment and retention, the statement reads. This would help introduce policies within MIH supportive of women’s career growth and a higher number of women across all company functions.

Partnering with IFC “further cements our commitment in taking this to the next level … advancing gender equality in the workforce as a whole and in the ins. and non-banking financial services sphere specifically,” MIH Chairman Basel El Hini said. “IFC is offering its global expertise to support MIH in identifying ways to improve working conditions for women and advance gender equality,” Walid Labadi, IFC’s country manager for Egypt, meanwhile said.


Algebra Ventures taps Laila Hassan, Omar Khashaba as new GPs + Al Mansour Automotive gets new CEO

Algebra Ventures has tapped Laila Hassan (LinkedIn) and Omar Khashaba (LinkedIn) as general partners for its second, USD 90 mn fund, it said in a press release (pdf). Hassan will join Algebra later this year from 500 Startups, where she had played a key role in executing follow-on strategy for the global VC firm’s MENA-focused fund. Khashaba, meanwhile, joined Algebra in 2018, and was recently promoted to the role of principal in the firm’s first fund. “As we launch our USD 90 mn second fund, doubling down on Egypt, I’m confident we have the best team to lead Algebra forward,” Managing Partner Karim Hussein said.

Mansour Group’s Al Mansour Automotive has appointed Ankush Arora (bio) as its new CEO, effective 1 July, the company said in a statement (pdf). Arora was formerly the company’s director of operations, and succeeds Adel Khadr, who stepped down as CEO after 27 years in the position and 46 years at the company. Arora comes with 30 years of experience under his belt in the automotive industry, and had originally joined Al Mansour back in 2014 as COO. The automotive expert previously held leadership roles in General Motors and India’s Tata Motors.



Covid was the top story on last night’s talk shows: Heba Wali, who heads the state-owned vaccine manufacturer Vacsera, was everywhere last night to provide updates on the company’s progress producing covid-19 vaccines. We have more on this in this morning’s news well above.

Prime Minister Moustafa Madbouly's visit to Vacsera’s factory also received blanket coverage: Kelma Akhira (watch, runtime 3:26), Al Hayah Al Youm (watch, runtime 4:28), El Hekaya (watch, runtime 6:41) and Al Kahera Wal Nas (watch, runtime 1:32).

Most of the talking heads also had something to say about GERD, as the clock ticks down to the UN Security Council meeting at the end of the week. Irrigation Ministry spokesman Mohamed Ghanim appeared on Ala Mas’ouleety and El Hekaya to discuss Ethiopia’s notification that it had started filling the dam — more on that in this morning’s Diplomacy section, above — while Foreign Minister Sameh Soukry’s arrival in New York ahead of the Security Council meeting was covered by Al Hayah Al Youm (watch, runtime 1:46 I 1:45) and Ala Mas'ouleety (watch, runtime 4:06).

The latest on the natgas transition plan: Owners of 20+ year-old microbuses will be able to apply online to swap their vehicles with buses equipped with dual-fuel engines starting next week, the initiative’s spokesperson Ahmed Abdel Razek said on Al Hayah Al Youm (watch, runtime: 10:19). The ministry will provide dated microbus owners with support of 25% of the new vehicle’s total value — which should not exceed EGP 65k — to help cover the down payment to make the switch. The remaining cost of the vehicle will be paid over seven to 10 years in installments at reduced rates of as much as 3% under a financing program backed by the Central Bank of Egypt.

The government plans to hand over another 1.6k dual-fuel cars under its vehicle swap program this month, taking the total number to 4k, Abdel Razek said.


Getting the most attention in the foreign press this morning: A 24 year-old Egyptian living in the US has been arrested on charges of assaulting a rabbi and attacking a police officer in Boston. The tabloids (Daily Mail | New York Post | Fox News) and Israeli media (Haaretz | Times of Israel) are covering the story.

Also getting attention internationally this morning:

  • Al Mashat on Bloomberg: International Cooperation Minister Rania Al Mashat was on Bloomberg Daybreak to discuss the ministry's work, growth prospects, and her recent book: “Stakeholder Engagement Through Economic Diplomacy.” (Bloomberg)
  • Tough economic conditions for academics: Professors in 11 Arab countries, including Egypt, are losing interest in academia because of harsh working conditions. (Al-Fanar Media)
  • Tokyo 2020: Mohamed Salah wanted to join Egypt’s national squad for the Tokyo Olympics but Liverpool refused to release him. (BBC)
  • Farming: An Egyptian hydroponic farm, NatureWorks, is using fish waste as a natural fertilizer to grow vegetables. (Reuters)


Egypt applies for construction permits for Dabaa nuclear plant: Egypt's Nuclear Power Plants Authority has submitted licensing documentation for the first two units of Dabaa nuclear power plant to regulators in what should be the final bureaucratic hurdle to clear before construction is allowed to get going on the project, Rosatom said in a statement. A “full-scale construction” will commence on the USD 30 bn plant once the permit has been granted.

Other things we’re keeping an eye on this morning:

  • Endorse rolls out new supply chain finance platform: Endorse launched a new platform developed by Prime Fintech to provide supply chain finance to businesses in a bid to digitize operations (pdf).
  • Speed Medical scores EGP 1 bn contract to provide PCR testing to expat workers: Speed Medical has signed a EGP 965 mn contract (pdf) with an unnamed party to provide PCR tests to nearly 1 mn Egyptian workers leaving for Libya.
  • JICA to fund historical renovation: Egypt will receive a USD 3 mn grant from the Japan International Cooperation Agency (JICA) to complete the renovation of the second Khufu solar ship.
  • Ahram, Akhbar PM go digital: Evening editions of local newspapers Al Ahram, Al Akhbar, and Al Messa are going to be published online for the first time.


Powered by
EFG Hermes - https://efghermes.com/

Emerging-market equities could gain 15% in the next 12 months, Sean Taylor, chief investment officer for Asia Pacific and head of EM equities at DWS Group, tells Bloomberg (watch, runtime: 4:27). Globally, equities have had a strong run during the first half of 2021, but major EMs including China and the rest of Asia have underperformed, making room for an upside, he says. The EM index, however, is “skewed” toward China, which hasn’t been performing as well as others so far into the year, giving investors reason to be picky.

Speaking of which, what actually makes EM investment worth it? Strong economic growth that could surpass growth rates in the developed world over the coming years, as well as portfolio diversification, provide the positive case for investing in EM, according to the Wall Street Journal.

Yes, but: High volatility, weak currencies, and high debt levels are all factors that make some investors think twice.

Also from EM-verse: Ghana wants to sell green and social bonds worth up to USD 2 bn in November, the country’s finance minister Ken Ofori-Atta told Bloomberg. The West African nation — which is looking to borrow some USD 5 bn from international debt markets before the year is out — plans to use proceeds from the social and green bonds sale to refinance debt it had taken out for national education and health projects.

The sale would be more than double the size of Egypt’s USD 750 mn inaugural green bond issuance last year, and would position Ghana as a leader in sustainable bonds in Africa.

China is intensifying its cybersecurity crackdown on tech companies: Chinese regulators have opened cybersecurity investigations into three more US-listed Chinese tech companies for what it fears could pose national data security risks, the Cyberspace Administration of China (CAC) said, according to CNBC. The firms under review — two subsidiaries of Chinese transport company Full Truck Alliance and recruitment platform Boss Zhipin — were barred from registering new users.

This comes after US listed Chinese ride-hailing app Didi, which made its debut on the New York Stock Exchange a week ago, was removed from app stores in China following a cybersecurity probe by the Chinese government.

US tech giants are threatening to leave Hong Kong: Facebook, Twitter, and Alphabet have warned the Hong Kong government that they could pack their bags if it follows through on plans to change data protection law, the Wall Street Journal reports. The proposals would hold the companies liable for doxing, potentially leading to criminal charges being filed when their platforms are used to maliciously share personal data.




-% (YTD: -4.6%)



Buy 15.63

Sell 15.73



Buy 15.63

Sell 15.73


Interest rates CBE

8.25% deposit

9.25% lending




-0.3% (YTD: +26.6%)




+0.7% (YTD: +38.7%)




-% (YTD: +12.5%)


S&P 500


+0.8% (YTD: +15.9%)


FTSE 100


+0.6% (YTD: +10.9%)


Brent crude

USD 77.16



Natural gas (Nymex)

USD 3.78




USD 1,792.00




USD 34,138

-5% (as of midnight)


The EGX30 rose less than 0.1% at yesterday’s close on turnover of EGP 1.31 bn (5.7% above the 90-day average). Foreign investors were net buyers. The index is down 4.6% YTD.

In the green: GB Auto (+2.3%), AMOC (+1.9%) and Palm Hills Development (+1.5%).

In the red: Orascom Development Egypt (-2.3%), Cleopatra Hospital (-2.0%) and ElSewedy Electric (-1.6%).

Asian markets are mostly in the green this morning, with Chinese shares the outliers. European and US shares look set to open in the green.


There are now 102 mn of us: Egypt’s population reached 102 mn on Monday, rising by 1 mn in just the past nine months, state statistics agency Capmas (pdf) said yesterday.

The increase came despite higher deaths and falling births: The covid pandemic meant that the number of deaths was up 15% y-o-y to almost 383.7k. This is more than 31% higher than the death toll in the first half of 2019. Births, meanwhile, fell 9% y-o-y during the period.

Egypt has one of the fastest growing populations in the world: Government estimates have the population exceeding 130 mn by 2030, while the UN estimates that we’ll be up to 160 mn by the middle of the century.


1-10 July (Thursday-Saturday): The government’s fuel pricing committee will meet to announce 3Q prices.

8 July (Thursday): The UN Security Council will meet to discuss the GERD crisis with Egypt, Sudan and Ethiopia.

11 July (Sunday): Ismailia Economic Court will hold a hearing on Ever Given compensation case.

14 July (Wednesday): The EGX will hold board elections for the 2021-2025 term.

Mid-July: Legislative session expected to end.

19 July (Monday): Arafat Day (national holiday).

21 July (Wednesday): Clean Energy Business Council’s webinar Women entrepreneurs in clean energy (3pm)

20-23 July (Tuesday-Friday): Eid Al Adha (national holiday).

23 July (Friday): Revolution Day (national holiday).

23 July-11 August (Friday-Wednesday): Tokyo 2020 Olympics.

2-4 August (Monday-Wednesday): Egypt is hosting the Africa Food Manufacturing exhibition at the Egypt International Exhibition Center.

5 August (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

9 August (Monday): Islamic New Year.

12 August (Thursday): National holiday in observance of the Islamic New Year.

3-5 September (Friday-Sunday): The World Karate Federation will hold the third competition of the 2021 Karate 1-Premier League in Cairo.

12-15 September (Sunday-Wednesday): Sahara Expo: the 33rd International Agricultural Exhibition for Africa and the Middle East.

15 September (Wednesday): The CFO Leadership & Strategy Summit is taking place in Egypt.

16 September (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

30 September-2 October (Thursday-Saturday): Egypt Projects 2021 expo, Egypt International Exhibition Center, Cairo, Egypt.

30 September-8 October (Thursday-Friday): The Cairo International Fair, Cairo International Conference Center, Cairo, Egypt.

30 September: Closing of 2021’s first oil and gas tender in the Gulf of Suez, Western Desert, and the Mediterranean.

1 October (Friday): Businesses importing goods at seaports will need to file shipping documents and cargo data digitally to the Advance Cargo Information (ACI) system.

1 October (Friday): Expo 2020 Dubai opens.

6 October (Wednesday): Armed Forces Day.

7 October (Thursday): National holiday in observance of Armed Forces Day.

12-14 October (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

18 October (Monday): Prophet’s Birthday.

21 October (Thursday): National holiday in observance of the Prophet’s Birthday.

24-28 October (Sunday-Thursday) Cairo Water Week, Cairo, Egypt.

27-28 October (Wednesday-Thursday) Intelligent Cities Exhibition & Conference, Royal Maxim Palace Kempinski, Cairo, Egypt.

28 October (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

30 October – 4 November (Saturday-Thursday): The first edition of Race The Legends, Egypt.

1-3 November (Monday-Wednesday): Egypt Energy exhibition on power and renewable energy, Egypt International Exhibition Center, Cairo, Egypt.

November: Egypt will host another round of talks to reach a potential Egyptian-Eurasian trade agreement, which can significantly contribute to increasing the volume of Egyptian exports to the Russia-led bloc that includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.

1-12 November (Monday-Friday): 2021 United Nations Climate Change Conference (COP26), Glasgow, United Kingdom.

29 November-2 December (Monday-Thursday): Egypt Defense Expo.

12-14 December (Sunday-Tuesday): Food Africa Cairo trade exhibition, Egypt International Exhibition Center, Cairo, Egypt.

13-17 December: United Nations Convention against Corruption, Sharm El Sheikh, Egypt.

16 December (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.

1H2022: The World Economic Forum annual meeting, location TBD.

May 2022: Investment in Logistics Conference, Cairo, Egypt.

27 June-3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.

**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 below 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; 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.