Tuesday, 24 August 2021

EKH plans USD 500 mn in investments over the next five years

TL;DR

WHAT WE’RE TRACKING TODAY

Welcome to hump day, wonderful people. There’s no single story dominating the news agenda as the nation remains firmly set in “vacation mode” heading into the second-to-last weekend of summer.

And frankly, we’re still digesting the fact that the delta variant is now in Egypt. And the notion (it’s smart policy) that we may all have to show vaccine certificates if we want to attend large gatherings. Health Minister Hala Zayed made the announcements at a press conference yesterday that dominated the airwaves. Zayed also announced that made-in-Egypt Sinovac will start rolling out today nationwide. You can check out our EnterprisePM coverage here or zip down to Last Night’s Talk Shows to see how it played with the talking heads.

Rejoice: The EGX30 is back in positive territory for the year after the benchmark index gained nearly 2% in trading yesterday. The 30 recently clawed its way into positive territory before slipping alongside global markets.

THE BIG STORY ABROAD? It’s a mixed bag. At the head of the pack: Pfizer now has full regulatory approval in the United States (it was previously being used under an emergency authorization), prompting US President Joe Biden to call on companies to require all workers to get the jab. Wall Street appears happy with Pfizer having gotten approval, and Fortune has a nice list of major US companies that have made the jab mandatory for all of their staff.

Over in Afghanistan, there’s speculation that US President Joe Biden will have to extend the deadline for the evacuation from Kabul. The Taliban aren’t down with the idea. Meanwhile, G7 leaders are set to discuss the situation in Afghanistan today at a (virtual) meeting called by the UK’s Boris Johnson.

PSA- There’s good news for the men of our tribe: A new molecule has proven a game changer for guys with advanced prostate cancer, in many cases stopping the disease in its tracks. The pill has already proven very effective against certain types of breast cancer (it targets the same BRCA mutation), and trials say it now works well against many forms of the disease in the prostate. The UK’s Times has the story.

HAPPENING TODAY- The Tokyo 2020 Paralympics open today, with competition starting tomorrow. The event runs through 5 September, with Egypt sending a 49-athlete-strong team to the games. We’ll have a full rundown of expected day one highlights in this afternoon’s EnterprisePM.

Also today: MEED will hold a webinar titled Energy Transition in the Middle East, at 12pm CLT today.

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

  • The delta variant is in Egypt and Egypt-made Sinovac is available as of today, Health Minister Hala Zayed said at an epic presser yesterday. Vaccination may soon be compulsory if you want to attend a large gathering. And a manufacturing agreement with a European vaccine maker will be announced soon.
  • EKH expanding into financial services: Egypt Holding Kuwait (EKH) plans to launch a microfinance firm called Bedayti during 4Q2021.
  • Market roundup: The EGX30 rose 1.8% yesterday with turnover of EGP 2.21 bn, 37.2% more than the 90-day average.

MORNING MUST READ- Richard Branson's space ambitions are getting a boost: The Virgin group founder and bn’aire’s satellite-launching startup Virgin Orbit could receive an investment from planemaker Boeing later this year through a planned USD 3.2 bn SPAC listing on the Nasdaq, the Wall Street Journal reports. While Boeing did not disclose how much it was investing, the planned investment comes as the company struggles to recover from a turnaround in its space business after the grounding of its Starliner spacecraft earlier this month due to faulty valves.

CIRCLE YOUR CALENDAR-

It’s Jackson Hole week: The Federal Reserve Bank of Kansas City’s annual gathering of central bankers and policy makers at Jackson Hole will take place on Friday, 27 August. This is the second year in a row that the gathering will be online as the local case count climbed in Wyoming. Look for signals coming out of the gathering that the Fed may start tapering off stimulus this fall.

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

enterprise

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: Green hydrogen seems to be the green economy’s latest buzzword, with initiatives in developed and developing economies alike touting the environmentally friendly energy source as an efficient alternative to fossil fuels. We take a look at what green hydrogen is and tackle Egypt’s green hydrogen production ambitions, and the possibilities of the nascent sector.

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INVESTMENT WATCH

EKH plans five year, USD 500 mn investment drive

Egypt Kuwait Holding (EKH) plans to invest a total of USD 500 mn over the next five years. The investment company — which is dual-listed on the Egyptian and Kuwaiti stock exchanges — is looking to deploy USD 100 mn annually starting 2022 across at least six verticals, CEO Sherif El Zayat said yesterday, according to Hapi Journal.

EKH plans to invest USD 300 mn this year and next: The investments include USD 18 mn to set up a new sulfuric acid production plant in Tenth of Ramadan City and USD 12 mn in its Sprea Misr factory complex to increase the capacity of its laminate sheets production line, El Zayat said.

EKH is also studying expanding its investments in North Sinai gas fields: The company is mulling a new USD 30 mn investment in a new concession area in North Sinai, and has proposed the acquisition to the oil ministry, El Zayat said. EKH had in March announced that it would earmark USD 75 mn for its subsidiary NSCO Investments to develop new wells at its North Sinai gas concession. As for natural gas distribution through EKH’s subsidiaries Nat Gas and Fayoum Gas, the company is expected to expand its natgas networks to more than 600k households over the next three years as part of the state’s Decent Life initiative, he added.

EKH is considering making a foray into renewable energy in Egypt and Africa, possibly in partnership with the Egyptian government, with investments of at least USD 100 mn over the next three years, according to El Zayat. Company officials also told us earlier this week that EKH plans to expand its footprint in financial services by establishing a microfinance firm called Bedayti during 4Q2021.

The news comes as shareholders can still line up to convert EKH stock to trade in EGP: Stockholders can still apply to convert the trading currency of their shares — it’s all in USD right now — to EGP through mid-September. EKH thinks the move will give more liquidity to the share, and shareholders who convert into EGP will still get dividends in USD.

STARTUP WATCH

Health management player Heka raises pre-seed funding

Cairo-based health management startup Heka has raised a seven-figure USD pre-seed funding round led by angel investor Mohamed El Khamissy, founder Maged Nadim told Enterprise. The investment will be used to expand Heka’s verticals — Self Juicery + Health House and Reviv Egypt, along with a third undisclosed vertical poised to launch before year’s end. The funds will also pave the way for digitizing Heka’s infrastructure and growing its online presence. El Khamissy is already a major shareholder in Reviv — a leading global provider of intravenous therapy and vitamin injections that Heka had franchised in Cairo earlier this year.

What’s Heka? Recently founded by Maged Nadim, the company is looking to lead the drive for preventive healthcare and wellness in Egypt through its growing umbrella of verticals. Heka launched its health-conscious restaurant and juice bar, Self Juicery + Health House, in 2018, and now runs six branches of the business across the country, emphasizing organic and plant-based food options. Heka then expanded into preventative med and rehabilitative care by bringing the Reviv to Egypt in early 2021, with two branches now operating.

OUTSOURCING

FDI flows into outsourcing

ITIDA and Majid Al Futtaim (MAF) Group’s tech unit will jointly build a tech outsourcing service center: MAF Global Solutions will develop its first outsourcing center in Egypt with the state’s Information Technology Industry Development Agency (ITIDA) under a three-year cooperation agreement signed yesterday, according to a statement. Under the agreement, MAF Global Solutions will hire more than 600 high-skilled Egyptian specialists to provide services in fields including finance, human resources, marketing and CIT.

TAX

3k deadbeats just got a breather from FinMin

The Finance Ministry lifted administrative seizure orders from more than 3k companies between April 2020 and July 2021 under an initiative that allows relief when companies that have fallen behind on taxes to cough up 1-10% of what they owe in overdue income and value-added taxes, according to a statement by Finance Minister Mohamed Maait yesterday. Maait has offered a series of concessions that aim to speed up the resolution of tax disputes — and that recognize many businesses are still struggling with the impact of covid-19. The ministry has collected EGP 159.7 mn in overdue tax payments under the initiative since April of last year, according to the statement.

SUEZ CANAL

Suez Canal revenues are up

Suez Canal revenues rose almost 11.2% y-o-y to USD 3.88 bn from January to August, compared with the preceding year when revenues came in at USD 3.49 bn, Suez Canal Authority (SCA) boss Osama Rabie told a Sada El Balad Sunday (watch, runtime 9:03). Reuters also had the story.

Suez Canal revenues hit a record USD 5.84 bn in FY2020-2021, up slightly from USD 5.72 bn the year before, despite the Ever Given crisis that blocked the canal for almost a week in March. Almost 9.8K ships crossed the canal during 1H2021, compared to 9.5K ships last year.

The SCA has been making an effort to boost traffic through the canal, slashing transit fees for LNG tankers at the end of 2020 and some container ships at the beginning of July, and freezing transit fees for all ships at 2020 rates.

MOVES

General Authority for Investment and Freezones (GAFI) CEO Mohamed Abdel Wahab (LinkedIn) has been reappointed for another one-year term by Prime Minister Moustafa Madbouly, according to a cabinet statement yesterday.

Bank ABC has appointed Amr Tharwat (LinkedIn) as the managing director and CEO of the bank’s Egypt unit, the Bahraini lender said in a statement yesterday. Tharwat has more than 26 years of experience in corporate and investment banking and joins the bank after working at HSBC for 15 years, most recently as the deputy head of global banking. Tharwat’s appointment comes less than two weeks after the bank closed its acquisition of Blom Bank Egypt for USD 424 mn.

Ezzat Abu Zeid Sallam has been sworn in as the new head of the Administrative Prosecution Authority, succeeding Essam El Din El Menshawy, Ittihadiya said in a statement.

enterprise

ENTERPRISE+: LAST NIGHT’S TALK SHOWS

Covid-19 was once again the top story on the nation’s talk shows last night after Health Minister Hala Zayed’s epic presser yesterday, at which she announced the entry of the delta variant into the country, the availability of Egypt-made Sinovac as of today, and a possible vaccine requirement for accessing large gatherings. Among those who took note: Masaa DMC (watch, runtime: 15:19) and Al Hayah Al Youm (watch, runtime: 2:01).

El Nasr Auto’s plans to produce Chinese EVs was also on the agenda: Uber is handling three of the nine Chinese-made DongFeng E70 electric vehicles currently being tested on Egyptian roads, state-owned El Nasr Automotive managing director Hany El Kholy told Al Hayah Al Youm (watch, runtime: 24:32) last night. El Nasr had imported 13 DongFeng EVs in June from China for road-testing ahead of the launch of an assembled-in-Egypt E70 in 2H2022. There are plans for inclusion of the public in the road tests at a later stage, El Kholy said, noting that the road-testing phase is slated to conclude in November.

Elsewhere: A military plane carrying Egyptian citizens and government personnel from Afghanistan landed in Cairo last night (watch, runtime: 41:08). The Egyptian government has managed to evacuate some of the country’s Al Azhar clerics and personnel from the Egyptian Embassy in Kabul, which is facing a crush of thousands of people trying to get out of Afghanistan after the Taliban’s takeover last week. The Associated Press also has the story.

EGYPT IN THE NEWS

Human rights are back in the press: Italian media is reporting that an Egyptian court has extended student Patrick Zaki’s pre-trial detention, leading Amnesty International to call on the Italian government to lodge a protest with Egyptian authorities. Meanwhile, Amnesty is renewing calls on the Biden administration to halt arms sales to Egypt due to alleged human rights violations.

Also making headlines:

  • Sahel surf camp: Surf Camp Egypt — billed as the first of its kind in Egypt — is offering surfing classes across three locations on the North Coast. (The National)
  • Rafah crossing closure: Haaretz cites an unnamed Egyptian official saying the closure of the Rafah crossing between Egypt and Gaza is meant to apply pressure to Hamas over a lack of progress in indirect talks with Israel (The Times of Israel)

ALSO ON OUR RADAR

Endowments of registered local charities will only be required to set aside a maximum of EGP 5 mn, or 2% of local funds, to remain uninvested for institutional activities under a new decree by the Financial Regulatory Authority that places caps on the size of the reserve funds required for a fund to begin operating.

Hassan Allam Construction has been awarded a new contract for an infrastructure project in Toshka, comprising 180 km of road networks and 265 km of irrigation canals.

COVID WATCH

Pfizer is first vaccine to receive full FDA approval

The Health Ministry reported 189 new covid-19 infections yesterday, up from 184 the day before. Egypt has now disclosed a total of 286,541 confirmed cases of covid-19. The ministry also reported 5 new deaths, bringing the country’s total death toll to 16,676.

The Pfizer / BioNTech covid-19 vaccine has become the first to receive full FDA approval, replacing the emergency use authorization granted by the agency last December, according to a statement. The vaccine will now be marketed as Comirnaty, and remains available under emergency use authorization 12-15 years olds. In light of the approval, the Pentagon says it will now require service members to receive the Pfizer vaccine (watch, runtime: 51:52).

PLANET FINANCE

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US economic data published in recent weeks has fallen short of expectations with reports missing the mark by the largest margin since the heyday of the pandemic last year, raising concerns over muted global economic growth off the back of the Delta variant, the Financial Times reports. Gauges of US consumer confidence, retail sales, and business activity have all come in lower than anticipated, with economists dialling back US growth forecasts to 6.2% from 6.6% for this year.

Meanwhile, across the pond: Eurozone business activity grew at its fastest pace in 15 years in August, with the IHS Markit flash composite PMI reaching 59.5, buoying expectations for strong 3Q2021 growth, the Financial Times reports. While higher vaccination rates boosted optimism, increased hiring activity and higher input costs indicate that the ripples of supply chain disruptions are still being felt throughout European markets.

Oil prices snap 7-day losing streak: Oil prices rebounded from a seven-day losing streak, supported by a softer USD despite lingering fears that rising covid-19 might affect fuel demand, Reuters reports. Brent crude jumped 3% to USD 67.26 a barrel (and was at USD 68.89 at dispatch time), while US West Texas Intermediate (WTI) crude for October delivery similarly rose 3% to USD 64.04. Last week, both benchmarks saw their biggest week of losses in more than nine months, with Brent plunging about 8% and WTI about 9%.

BTC hit a three-month high, peaking at USD 50,428 before sliding back to 49.9k as of midnight CLT, as cryptocurrency prices slowly rose on their path to recovery. This increase indicates that the world’s largest cryptocurrency had overcome its crypto rout earlier this summer, which left it hitting just under USD 30,000. Analysts see BTC testing all-time highs soon, according to Bloomberg.

Other global business news you should know about this morning:

  • China has made a major play for the MENA renewables market… State-owned power giant China Three Gorges Corp. announced yesterday that it would purchase Dubai-based wind and solar developer Alcazar Energy, in a transaction Bloomberg reported last week could be worth USD 1 bn. (Bloomberg)
  • … as it continues to clamp down on IPOs: More than 40 Chinese companies have been prevented from going public on the Shanghai and Shenzhen exchanges after regulators launched a probe into several firms managing the transactions. (Reuters)

Up

EGX30

10,884

+1.8% (YTD: +0.4%)

None

USD (CBE)

Buy 15.65

Sell 15.75

None

USD at CIB

Buy 15.65

Sell 15.75

None

Interest rates CBE

8.25% deposit

9.25% lending

Down

Tadawul

11,062

-0.1% (YTD: +27.3%)

Up

ADX

7,683

+0.1% (YTD: +52.3%)

Up

DFM

2,887

+0.7% (YTD: +15.9%)

Up

S&P 500

4,479.53

+0.9% (YTD: +19.3%)

Up

FTSE 100

7,109.02

+0.3% (YTD: +10.0%)

Up

Brent crude

USD 68.89

+0.2%

Down

Natural gas (Nymex)

USD 3.94

-0.3%

Down

Gold

USD 1,806.50

-0.1%

Up

BTC

USD 49,443.63

+1.4% (as of midnight)

THE CLOSING BELL-

The EGX30 rose 1.8% at yesterday’s close on turnover of EGP 2.21 bn (37.2% above the 90-day average). Local investors were net buyers. The index is up 0.4% YTD.

In the green: Egyptian Resorts Company (+7.5%), Sidi Kerir Petrochem (+3.8%) and Ezz Steel (+3.4%).

In the red: Rameda (-2.4%), Orascom Development (-1.2%) and GB Auto (-1.0%).

Major Asian indexes are uniformly in the green this morning, while futures suggest that Wall Street and Bay Street will both open in the green later today, as will Europe this morning.

DIPLOMACY

Egypt now officially has a new Qatari ambassador after Salem bin Mubarak Al Shafi presented yesterday his credentials to Egypt’s Foreign Minister Sameh Shoukry, according to a Qatari foreign ministry statement. The move is the latest signal of rapprochement between Egypt and Qatar after they re-established diplomatic ties earlier this year, following their severing in 2017 over Doha’s continued support for the Ikhwan.

AROUND THE WORLD

Ethiopia is building its own social media platform to “replace” Facebook, Twitter, WhatsApp and Zoom. While the government does not plan to block any of the US-owned platforms, it wants to reduce reliance on foreign tech firms that meddle in the country’s politics, authorities said, amid an armed conflict between the federal government and the Tigray People’s Liberation Front which has seen supporters of both sides wage information wars on social media, Reuters reports.

greenEconomy

Enterprise Explains — Green Hydrogen and what Egypt plans to do with it: Green hydrogen appears to be the new buzzword in the global green economy. From developed nations like Australia and France, to emerging markets like India and Brazil, initiatives in green hydrogen are being announced left, right and center. Egypt is no exception, with the government teasing major announcements soon in green hydrogen as part of a nationwide initiative with plans to integrate it into its 2035 energy strategy. With such lofty ambitions, we take a look today at what green hydrogen is and where Egypt stands in its green hydrogen plans.

What is this hydrogen business anyway? When hydrogen is combusted with oxygen in a fuel cell it produces zero-carbon energy, making for an environmentally-friendly burn. Hydrogen can be extracted from fossil fuels and biomass, or water, or a mix of both. The primary source of hydrogen production today is natural gas. Globally, 6% of global natural gas produces about 75%, or 70 mn tonnes, of annual hydrogen production, according to the International Energy Agency (IEA). Gas is followed by coal, thanks to China, and a small fraction is produced from the use of oil and electricity.

Why do we like hydrogen generally? It contains almost three times as much energy as fossil fuels, making it more efficient, according to an article by the Columbia Climate School. You can also think of it as a multiplier of electricity — with some water and a bit of electricity, you can generate more electricity or heat. It is also widely available.

Globally, around 120 mn tonnes of hydrogen are produced annually, mostly from fossil gas and coal, which together account for 95% of global production, according to IRENA’s Global Hydrogen Supply 2021 report. In 2020, over 60% of the global USD 150 bn hydrogen market was used in the ammonia production process, followed by oil refining and methanol production, according to the Financial Times. Hydrogen as a fuel source has already found a number of commercial uses, including in passenger cars, busses and even space shuttles. By 2050, the market is expected to be worth USD 600 bn, mainly used in the power, industrial, mobility and transportation, chemical feedback and construction sectors, the salmon-colored paper adds.

Green hydrogen is when you split water via electrolysis, which entails passing an electric current through it. This separates H2O (water) into H (hydrogen) and O (oxygen). That way, you can extract the hydrogen from the water, while releasing the oxygen into the air.

What makes it green is when the electricity used to break up water is generated from renewable energy sources. “While less than 0.1% of global dedicated hydrogen production today comes from water electrolysis, with declining costs for renewable electricity, in particular from solar PV and wind, there is growing interest in electrolytic hydrogen,” the IEA writes. On the flipside, traditional methods of hydrogen extraction emit CO2.

What’s Egypt doing with green hydrogen so far? President Abdelfattah El Sisi issued a directive to establish Egypt’s green hydrogen strategy last month, with an eye towards launching an initial phase of projects that could be worth USD 3-4 bn, according to previous statements by the Electricity Ministry. It is largely expected that the Sovereign Fund of Egypt (SFE), whose mandate is to promote investment in several priority sectors by partnering with private sector investors and bringing them on board to hold majority stakes. The SFE is apparently studying several green hydrogen plants.

What does the gov’t hope to achieve with its dip into the sector? It sees green hydrogen as a way to bolster the contribution of green energy in Egypt’s energy mix, Electricity Minister Mohamed Shaker had previously said. “The more demand for green hydrogen goes up, the more demand for renewables will spike, given that green hydrogen relies solely on renewable energy sources,” executive chairman of New and Renewable Energy Authority (NREA) Mohamed El Khayat tells us.

For now, we’re still studying how feasible it is to kick start the industry: Egypt is still not at a commercial level when it comes to green hydrogen production, but there are several proposals from the private sector, El Khayat tells us. “Letters of intent have been signed, but there is no clear amount of investment that is being targeted. Green hydrogen are long-term projects with an operational lifetime of about 25 years, so investors need to be able to conduct ample and cost-realistic feasibility studies, El Khayat says.

Private sector and gov’t team up: A number of private sector players have already signed to work with the government on feasibility studies. Siemens is studying a pilot project to produce green hydrogen in Egypt, while Eni is producing feasibility studies on green and blue hydrogen production — hydrogen produced from hydrocarbons where the carbon waste is trapped. Belgium’s DEME Group will also work with Egypt on exploring green hydrogen under an MoU with the oil and electricity ministries and the Egyptian navy. South Korea’s Hyundai Rotem and Italian energy company Snam have discussed the subject with government officials.

Some local energy players are teaming up with foreign companies on this: This includes Taqa Arabia subsidiary Taqa Power, which signed an MoU with German-based Man Solutions to pilot a green hydrogen project in Egypt, according to a press release (pdf).

Possible regulations coming? While the private sector studies the possibility of launching projects, the government is working on setting up the right regulatory framework to attract investment. This requires clear regulations and legislations, as well as a stable and attractive investment landscape, for which the government is responsible, El Khayrat tells us.

Foreign development partners are showing us support in the endeavor: Egypt’s hydrogen development strategy study could be financed through a treasury grant by the French Agency for Development (AFD), French Ambassador Stéphane Romatet told us. Egypt is the only country France is currently eyeing international cooperation on hydrogen with, he added. The idea is to assist Egypt’s hydrogen committee in defining pilot projects, determining the contribution of green hydrogen technology to the country’s overall hydrogen strategy and training experts, head of infrastructure and sustainable development at the French Treasury Sylvia Malinbaum tells us. Discussions are ongoing with the Electricity Ministry, but there is nothing final yet.

Meanwhile, the Africa Finance Corporation (AFC) is meeting with local energy players to discuss possible aid to the nascent sector, AFC President and CEO Samaila Zubairu told us in an interview.


Your top climate stories for the week:

  • Yet more green finance from Europe: QNB Al Ahli has landed USD 50 mn for onlending to green SMES that are developing energy, water, and resource efficient projects.
  • Egyptian renewables on the rise: Egypt’s renewable energy production from the New and Renewable Energy Authority’s projects increased over 22% y-o-y in FY2021-2022.
  • Natgas news: Some 300 natgas-powered microbuses are set to be delivered monthly starting August in the gov’t plan to replace old vehicles with new dual-fuel models — but Prime Minister Moustafa Madbouly wants to see the vehicle swap scheme move faster.

CALENDAR

24 August (Tuesday): MEED will hold a webinar named Energy Transition in the Middle East.

24 August-5 September (Tuesday- Sunday): Tokyo 2020 Paralympics

27 August (Friday): Jackson Hole Economic Symposium.

September: Delegation of Russian companies to visit Russian Industrial Zone.

1-3 September (Wednesday-Friday): Digi Sign Africa, Cairo International Convention Centre, Cairo, Egypt.

2 September (Thursday): The new EGX mechanism for calculating closing share prices will come into effect.

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

5-7 September (Sunday-Tuesday): The Arab Security Conference, The Nile Ritz-Carlton, Cairo, Egypt.

7-8 September (Tuesday-Wednesday): Euromoney Conferences will host the GlobalCapital Sustainable and Responsible Capital Markets Forum 2021, featuring Vice Minister of Finance Minister Ahmed Kouchouk.

7-9 September (Tuesday-Thursday): Egy Health Expo, Al Manara International Conference, Cairo, Egypt.

9 September (Thursday): DevOpsDays Cairo 2021 is being organized by ITIDA and the Software Engineering Competence Center in cooperation with DXC Technology, IBM Egypt and Orange Labs.

12 September (Sunday): International schools begin 2021-2022 academic year

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.

21-22 September (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.

22-25 September (Wednesday-Saturday): Cityscape Egypt, Egypt International Exhibition Center, Cairo, Egypt.

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.

October: New legislative session begins.

October: Romanian President Klaus Iohannis could visit Egypt in mid this month to discuss ways to boost tourism cooperation between the two countries.

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.

1 October (Friday): State-owned companies and government service bodies selling goods and services to customers that have not yet signed on to the e-invoicing platform will suffer a host of penalties, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.

6 October (Wednesday): Armed Forces Day.

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

9 October (Saturday): Public schools begin 2021-2022 academic year

11-17 October (Monday-Sunday): IMF + World Bank Annual Meetings.

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.

31 October – 12 November (Sunday-Friday): The 26th UN Climate Change Conference, Glasgow, UK.

November: The French-Egyptian Business Forum is set to take place in the Suez Canal Economic Zone.

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.

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

2-3 November (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.

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

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

7-8 December (Tuesday-Wednesday): North Africa Trade Finance Summit.

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.

14-19 December (Tuesday-Sunday): The Cairo International Festival for Experimental Theater.

14-15 December (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.

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.

16 June 2022 (Thursday): End of 2021-2022 academic year for public schools

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.

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