Monday, 20 December 2021

AM — Saudi retailer eXtra is coming to Egypt + CI Capital just got the green light to acquire a chunk of Cleopatra Hospitals



Good morning, wonderful people, and welcome to another chilly morning. It’s a reasonably quiet news morning at home (by 2020 / 2021 standards) and the omicron strain of the bug that causes covid-19 still tops front pages globally.

PSA- School’s out (again) in seven governorates, including Cairo, Giza, Damietta, Alexandria, Matrouh, Beheira and Kafr El Sheikh. All have shuttered classes for the day as the national weather service expects rainfall, wind, and exceptionally cold temperatures across most of the country today, Youm7 reports. Expect a daytime high of just 15°C in the capital city, according to our favourite weather app.

*** Tell us what you expect for the year ahead — and get a chance to have breakfast with us in 2022: Every year, we ask our readers to weigh in on what you expect for the year ahead in our Enterprise Reader Poll. Take a few minutes to tell us your take on the outlook for your business and industry, whether you’re planning fresh investments and new hires, and how your business fared in the year past. We’ll share the results with the entire community in early January to help you shape your view of the year.

We’ll be inviting eight readers who take the poll to breakfast in 2022 and another dozen of you will get your own Enterprise mug to enjoy your morning beverage of choice.

THE BIG STORY ABROAD on this reasonably chilly morning: Omicron, omicron and still more omicron. We’re not going to see March 2020-style lockdowns again, but:

In second place this morning: A so-called “moderate” Democrat appears to have single-handedly torpedoed US President Joe Biden’s USD 1.75 tn Build Back Better spending initiative in a story that is everywhere in the US press and getting lots of ink in Europe and on the wires.

The nutter in Ankara just can’t help himself: Erdogan has sent the TRY into another spiral after promising still more rate cuts. Markets sage Mohamed El Erian has been left to simply shake his head, warning the country risks going from a currency crisis to a full-blown economic meltdown.

MORNING MUST READS from the dumpster fire that is our social media:

ALSO- He bombed the Nazis, outwitted the Soviets and modernized Christmas — meet the remarkable Jewish-American dude who invented the artificial tree.


PSA- EgyptAir resumes direct service to Toronto from Cairo tomorrow after briefling shelving the flight when Canada included us in a (heavily criticized) ban on entry for folks from 10 African countries, including Omm El Donia.

Swvl and Magalix are holding a virtual fireside chat titled Stories of Women in the Tech Field tomorrow, 21 December, at 7pm. Connect to the event here.

PSA- Property owners have until Friday, 31 December to pay the second installment of their annual real estate taxes without incurring a late fee, Tax Authority boss Anwar Fawzy said in a statement yesterday. The first installment was due between 1 January and 30 June. Homeowners whose primary residence is valued at less than EGP 2 mn are exempt from paying the tax, Fawzy noted.

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


*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.

In today’s issue: Egypt shifted towards more edtech and innovation in 2021: After spending large swathes of 2020 and early 2021 either learning online, or using a blended model, Egypt’s K-12 and university students returned to in-person classroom learning in 2H 2021. But interest in edtech didn’t wane — in fact, covid seemed to accelerate the demand for particular kinds of tech-based learning, like learning to code. Consequently, pre-covid education goals — like fostering innovation and teaching STEM skills — are, once again, high priorities for institutions and education leaders.


Celebrate Christmas weekend with festive vibes and celebrations amongst family & friends. Choose from an array of versatile and exciting hotel options: The Cascades, Sheraton, Kempinski, Robinson and The Breakers.


Saudi electronics retailer eXtra eyes EGP 1 bn expansion to Egypt

Saudi electronics retailer Extra plans to spend EGP 1 bn to launch in Egypt, marking the company’s first expansion outside the GCC region, Extra said in a Saudi regulatory filing. The Tadawul-listed company — formally known as United Electronics Company and one of the largest consumer electronics companies in the region — will establish a subsidiary in Egypt under plans approved by the board last week, as it looks to tap the biggest consumer market in the Middle East.

Extra is targeting a 10% market share in Egypt over the next decade, CEO Muhammad Jalal told CNBC Arabia, adding that the local Egyptian market is worth around SAR 25 bn (c.USD 6.7 bn).

The company will finance the expansion with a mixture of equity and debt: Extra (which writes its name as eXtra) will fund the initial investment through a mixture of self-financing and borrowing, according to the disclosure, which said to expect further announcements on the details as they develop. CNBC Arabia yesterday reported Jalal as having said the Egyptian subsidiary would be wholly self-financed with company equity, while adding that additional financing could be made available if necessary. He said the company generally targets a 1:1 debt-to-equity ratio in its investments.

eXtra’s footprint: The company currently has 42 stores across Saudi, a store in Bahrain, and another in Oman, and will also be adding four stores in Saudi Arabia and Oman. It’s also investing in a new distribution center for its e-commerce business.

The decision to invest in Egypt comes on the back of solid earnings in 2021, with the company reporting (pdf) a 52% y-o-y increase in net income during the first nine months of the year.


Cleopatra board greenlights CI Capital’s bid

CHG gives the nod to CI Capital’s acquisition bid: Cleopatra Hospital Group’s (CHG) board of directors has approved a bid from CI Capital to acquire up to 26.2% of the company, according to an EGX filing. MCI Capital Healthcare Partners, the CI Capital subsidiary that’s executing the acquisition, last week got the greenlight from the FRA on its voluntary tender offer to purchase up to 419.3 mn shares at EGP 5 apiece, valuing the company at EGP 8 bn.

The rationale: CI Capital’s offer is 14% higher than CHG’s average share price over the past six months, which stood at EGP 4.40, and 12% above the company’s average share price during the three months prior to the offer, roughly EGP 4.46, the board noted. The fair value of the company has not been assessed by an independent financial advisor, a source familiar with the matter previously told Enterprise.

CHG’s shares dipped 0.8% yesterday, closing at EGP 4.86 per share, but have generally traded higher since surging 4.7% to close at EGP 4.70 on 8 December, the day the acquisition was announced.

What’s next for shareholders? CHG shareholders have until Sunday, 26 December to subscribe to MCI Capital’s VTO, according to the timeline set by the EGX last week. Shares will change hands within five working days of the end of the tender offer, by Sunday 2 January.

Shareholders already on board: Creed Healthcare, which owns 37.9% of CHG through its subsidiary Care Healthcare, has agreed to sell an 8-12% stake in the company from its holdings (126 mn-192 mn shares) at the offer price. Emerging markets private equity giant Actis manages Neoma Private Equity IV, which is the single largest shareholder in Creed. Mid-market investment firm RMBV’s Ahmed Badreldin helped create Cleo and is now chairman of the board, sitting as a representative of Creed.

The CHG transaction caps a strong year for CI Capital, which most recently advised Aldar and ADQ on their acquisition of an 85.5% stake in upmarket real estate developer SODIC. CI has now closed six transactions in Egypt worth a combined USD 1.6 bn in 2021, the firm said yesterday in a statement (pdf). On the IPO front, CI was the sole global coordinator and bookrunner for the USD 131 mn listing of Taaleem and was joint global coordinator and bookrunner on the IPO of e-Finance, Egypt’s biggest listing in the past decade.

ADVISORS: Zulficar & Partners is acting as legal advisor to MCI Capital.

EDITOR’S NOTE- Corrected on 26 December, 2021.

A previous version of this story stated that MCI Capital would purchase up to 339.3 mn shares in Cleopatra Hospital Group. The correct figure is 419.3 mn shares. 


Tobacco tender boycott, take two?

Three major tobacco companies have reportedly chosen not to bid for a license to manufacture cigarettes: International tobacco producers JTI-Nakhla Tobacco, British American Tobacco Egypt and Al Mansour International Distribution Company will not be taking part in the renewed tender from the Industrial Development Authority (IDA), Akhbar El Youm reports. In a letter to the Federation of Egyptian Industries’ (FEI) cigarettes division, a copy of which Akhbar El Youm said it has obtained, the companies said they were “surprised” by the IDA’s decision to re-launch the tender this month and would decline to participate, citing continued concerns over the tender’s allegedly unfair conditions.

“New” terms fail to assuage monopoly concerns: The trio of tobacco-makers said that the latest set of conditions for the tender, issued by the IDA in December, would “create a situation resembling a monopoly in Egypt’s cigarette market,” adding that the authority had not taken into account changes proposed by the companies over the summer to address their concerns.

The three companies didn’t take part in the last bidding round in August either. Tobacco giant Philip Morris was the only company to take part in an August bidding round for the new license, while the three other tobacco companies filed grievance letters to the Madbouly cabinet and requested a deadline extension until 1 December.

Companies should not be expected to take a “supporting role” for another company that owns a large portion of the local cigarette industry, FEI cigarettes division head Ibrahim Embaby told Akhbar El Youm in a veiled reference to Philip Morris, whose market share exceeds 24%.

Why are the companies displeased? The new booklet maintains the stipulation that the new market entrant will have to take EGX-listed, state-owned tobacco giant Eastern Company on board as a 24% shareholder. The new license will also still authorize the distribution of e-cigarettes and “heated tobacco” products, which companies previously argued would create a monopoly and put other cigarette companies at a disadvantage.

Reminder: The new entrant would be required to approach Eastern to reach a commercial agreement to make a product for domestic distribution in the “low-tax” cigarette segment on a toll-manufacturing or joint-venture basis at Eastern’s facilities, a senior executive at the state-owned player told Enterprise previously.

Background: Earlier this month, the IDA relaunched its tender to allow a second company to enter the tobacco market as a manufacturer and seller of traditional and electronic cigarettes. The new conditions booklet for the license is largely unchanged from those back in March of this year, which earned backlash from tobacco players, who argued that the terms of the license would give preferential treatment to Eastern. The terms have now been redrafted three times.


Negotiations ongoing with five int’l institutions to finance Aswan-Toshka railway

The Transport Ministry is in negotiations with five international financial institutions to help fund the construction of the planned Aswan-Toshka railway line, Al Mal reports, citing unnamed sources. The European Bank for Reconstruction and Development, European Investment Bank, World Bank, Asian Infrastructure Investment Bank, and Islamic Development Bank are all reportedly in talks to fund the 280 km line, which is expected to take between 24 and 36 months to be constructed. Enterprise was unable to reach a ministry representative to confirm the report.

The project has already lined up some financing: An unspecified part of the EUR 3.6 bn financing package agreed with the French government earlier this year will be allocated to the project.

The Aswan-Toshka line is the first phase in a larger project that will establish a rail link between Egypt and Sudan, with a second phase planned to connect Toshka to the Sudanese border town of Wadi Halfa.


The Health Ministry reported 919 new covid-19 infections yesterday, up from 902 the day before. Egypt has now disclosed a total of 375,330 confirmed cases of covid-19. The ministry also reported 46 new deaths, bringing the country’s total death toll to 21,361.


Top brass from the government and Central Bank of Egypt (CBE) will sit on a joint committee to align monetary and fiscal policy, under a presidential directive published in the Official Gazette (pdf). Headed by Prime Minister Moustafa Madbouly, the council will include CBE Governor Tarek Amer, deputy governors Gamal Negm and Rami Aboulnaga, Planning Minister Hala El Said, Finance Minister Mohamed Maait, and Vice Minister of Finance Ahmed Kouchouk. Several economic experts will also be on the committee, including former planning minister Ashraf El Arabi, head of the Federation of Egyptian Banks Mohamed El-Etreby, and former deputy PM Hossam Eissa.

BACKGROUND- The committee is provided for by the 2020 Central Bank and Banking Act, which mandated the setup of a joint government-CBE committee to help ensure “financial stability,” particularly during times of economic crisis.

Valeo Egypt has appointed Tamer Aly (LinkedIn) as general manager of its software development center specializing in research and development for automotive software, according to a press release. Aly was previously the global software research and development director at Valeo, and has been with the company for some 16 years.



The airwaves were awash with coverage of … weather — even as Kelma Akhira’s Lamees El Hadidi noted that Giza and Cairo are facing what can only be described as typical winter weather. Alexandria is a bit of a different story, because of high waves that displace sand and affect the corniche, Governor Mohamed El Sherif said (watch, runtime: 11:58). Ala Mas’ouleety’s Ahmed Moussa (watch, runtime: 3:59), Masaa DMC’s Injy Al Qadi (watch, runtime: 6:08), and Al Hayah Al Youm’s Lobna Assal (watch, runtime: 3:09) also talked about the weather conditions.

The Finance Ministry doesn’t have any further tax increases in store for the current fiscal year, Minister Mohamed Maait told Ahmed Moussa. Maait spent the better part of an hour explaining the latest round of amendments to the VAT Act, which introduced the tax on some services and products, including ads, while reducing or scrapping altogether the value-added tax on others.

Maait was forced to deliver a lesson in basic economics, explaining to Moussa why taxes are a key source of revenue for the state and how taxes are used to finance state expenses and investments, such as wages and new infrastructure projects. Moussa in turn suggested it would be better for the government to borrow more, rather than enact tax hikes, to finance state spending (watch, runtime: 47:27). There are literally no words.


Egypt’s EV push is leading the conversation on Egypt in the global business press, with Bloomberg picking up the story of El Nasr Auto’s search for a Chinese partner with whom to assemble electric vehicles here in Egypt.

Human rights is getting attention again this morning, with Human Rights Watch criticizing the use of emergency trials in a statement issued one day before a state security court issues a verdict in the case of Alaa Abdel Fattah, lawyer Mohamed Al Baqer, and blogger Mohamed “Oxygen” Ibrahim. Expect a verdict today.


Brace yourself for pricier wheat as Russia mulls raising export tariffs on the grain: Russia, the world’s largest wheat exporter, is considering imposing higher export tariffs if wheat prices reach USD 375 / ton, with a bigger hike proposed if prices reach USD 400 / ton, according to a government proposal that would see Moscow revise the formula used to determine the tariff. Prices are still trading at lower than the threshold above which the tariff would be raised, with wheat from Black Sea ports trading at USD 335 / ton as of last week, according to Bloomberg. Egypt, the world’s biggest wheat importer and previously Russia’s biggest buyer, has been forced to diversify its wheat purchases as it faced steeper import bills this season with wheat prices surging to their highest in years.

Anchorage Investments has appointed New York-based Duff & Phelps as financial advisor on their USD 2.5 bn petrochemical complex in the Suez Canal Economic Zone, according to a press release (pdf).

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

  • Egyptian e-commerce website builder zVendo has launched zVendo Food, a new service tailored to the F&B sector that allows vendors to create web stores and mobile apps, according to a press release (pdf).
  • Elsewedy Electric subsidiary Rowad Modern Engineering was awarded (pdf) a EGP 996 mn contract to construct the Mivida Office Park for Emaar Misr, and another 602 mn contract to construct the New Giza Hospital for New Giza (pdf).


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It’s not necessarily all doom and gloom for emerging market assets next year: With global rates now expected to rise sharply next year, inflation and supply chain issues biting, and a key EM equity ETF now 12% in the red during the comparatively sunny 2H2021, there’s no shortage in doom-laden 2022 outlooks for emerging economies. A year of stunted growth, debt crises, and surging inflation isn’t a given though, according to some analysts who tell Barron’s that the second half of the year could be positive for EM assets should inflation start to ease and China roll out the stimulus. EM equities are currently trading at a near-record discount to US shares, priming them for a rebound should the macro stars align later next year.

MEANWHILE- International banks in the UAE will shift to the Monday-Friday work week newly adopted by the government starting January, Reuters reports. Among them: JPMorgan, Bank of America and Deutsche Bank.

Also worth noting this morning:

  • European energy prices surged to new record highs due to colder temperatures, with benchmark natural gas prices seven times higher than at the start of the year. (Bloomberg)
  • Shipping and logistics contract prices are expected to nearly double in 2022, with supply chain bottlenecks carrying over into the new year and companies racing to leverage rising demand and inflationary pressure to raise prices. (Wall Street Journal)
  • Saudi delivery firm Jahez prices IPO at top of range: The Delivery Hero competitor has set a final price of SAR 850 per share in its 39x oversubscribed market debut, making it one of the most valuable public tech firms in the region at around SAR 8.9 bn. (Bloomberg)




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The EGX30 fell 0.9% at yesterday’s close on turnover of EGP 699 mn (49.3% below the 90-day average). Local investors were net buyers. The index is up 6.6% YTD.

In the green: Speed Medical (+6.7%), CIRA (+4.5%) and Fawry (+0.4%).

In the red: Orascom Development (-5.2%), MM Group (-4.0%) and Egypt-Kuwait Holding-EGP (-3.4%).

Major benchmarks across Asia are solidly in the red after China enacted its first interest rate cut since April 2020 and traders fretted about the impact of the omicron variant of covid-19. Futures suggest shares on Wall Street, in Europe, and in Canada will follow suit later today.


At least one dead in mass protests in Sudan: One demonstrator was shot dead by security forces and 200 were injured during mass protests in Sudan’s capital Khartoum yesterday. Hundreds of thousands took to the streets on the anniversary of the 2019 uprising that dethroned President Omar Al-Bashir, protesting the coup led by military chief Abdel Fattah Al Burhan led in October. Burhan’s reinstating of Prime Minister Abdalla Hamdok after a month under house arrest, and his promise to hold democratic elections in 2023, did little to quell protests, with pro-democracy demonstrators demanding full return to civilian rule. Burhan currently still has political authority and oversight over the civilian leadership. The demonstrations received substantial ink, from BBC and Voice of America to Sky News and The Guardian.

ALSO- Lebanon could reach an initial agreement for an IMF program in January or February, after the financially battered country’s financial sector posted a USD 69 bn loss, the deputy prime minister said, according to Reuters.


2021 in review Part 2 — Egypt shifted towards more edtech and innovation: After spending large swathes of 2020 and early 2021 either learning online, or using a blended model, Egypt’s K-12 and university students returned to in-person classroom learning in 2H2021. But interest in edtech didn’t wane — in fact, covid seemed to accelerate the demand for particular kinds of tech-based learning, like learning to code. Consequently, pre-covid education goals — like fostering innovation and teaching STEM skills — are, once again, high priorities for institutions and education leaders.

Edtech started the year on solid ground, thanks to 2020’s spike in users: Local startup eYouth, which certifies trainers to provide B2B and B2C training, saw its monthly number of enrolled trainees soar to 30k in 2020, up from 5k pre-covid. Online digital learning platform OTO Courses doubled its user base, number of sessions held and number of teachers in 2020. And Marj3, which helps students reach universities, secure scholarships and attend massive open online courses, was averaging over 1k new signups a day, as of March 2021. Marj3’s visitor numbers had grown throughout 2020, and founder Sami Al Ahmad expected the trend to continue: it was targeting 5 mn visitors a month up from 2.5 mn, he told Enterprise at the time. Marj3’s revenues increased 10x in 2020, he added.

As 2021 went on, more investment flowed into the sector: Educatly, an online platform that acts as a “Linkedin” for higher education, recently closed a USD 1 mn pre-seed funding round from Irish state development lender Enterprise Ireland, Falak Startups and a group of angel investors. This followed a series of investments from VC firm EdVentures. Career 180, an online platform that helps users to connect with career experts and provides counseling, secured USD 200k, after an initial USD 100k investment in 2019. OTO Courses netted a USD 400k investment from EdVentures. iSchool, which provides STEAM-focused educational technology for students 6-18 years old, also raised USD 160k from EdVentures. This all came after EdVentures’ first investment at the beginning of the year: a six-figure sum injected into book summary and education platform Akhdar.

Covid-19 drove the edtech focus for startups towards tutoring and away from management systems, EdVentures general manager Maged Harby told Enterprise in early 2021. We saw this trend continue throughout the year. CIRA and edtech startup Orcas announced in September their plans to co-develop an online social learning platform to provide after-hours support to students. And local providers offering coding courses saw demand for their services soar after covid appeared — particularly among children who had to stay home — they told Enterprise.

While among international schools, edtech — specifically, automation — was increasingly being seen as a key management tool. Educational process automation has become essential for private schools to manage basic admin, including admissions and registration, school officials tell Enterprise. Education management software increasingly integrates automation into more sophisticated activities, like data tracking and communication, saving time and money for both schools and parents, school leaders said.

Automation also became increasingly important in the learning process: Adaptive learning software — which adapts activities to individual learner needs, giving feedback and tailoring follow-up questions — has become a standard supplementary teaching aid for international schools, leaders told us. The platforms are interactive, and help learners work independently. Programs are often used for homework, or to help drill in fact-based information. Adaptive learning doesn’t come close to replacing teachers, but it’s now a vital tool to complement in-person teaching, leaders added.

And 2021 saw the first advanced machine learning platform to appear in Egypt continue its rapid growth: Century Tech, an advanced machine learning platform that builds personalized learning paths for learners, had already seen a 50% y-o-y increase in terms of lessons completed last academic year, as of June, its Head of International Charles Wood told Enterprise. Century works with three Cairo schools: Cairo English School (CES), the British International School of Cairo (BISC) and Kipling School, and is partnering with AIS to design software following the American curriculum. It goes beyond adaptive learning to actually learn from information given by the learner. Some feel it could even rival teachers in helping students remember and understand information.

Overall, we saw a push to include more innovation and diversity in education: From prioritizing technical and vocational education to investing in new technologies for academic education delivery, the government has been working to diversify its education systems — aligning well with recent recommendations from the World Bank on improving post-secondary education. New international branch campuses are bringing new degrees to the table, with some of the more unusual choices including a virtual reality B.Sc. and a motorsports engineering B.Eng. Boosting science, technology, engineering and mathematics (STEM) education remains a priority, and Egypt has a host of private sector programs and competitions doing this in a way that’s fun, innovative and inclusive.

And to tailor learning experiences towards new skills acquisition and labor market needs: University entrepreneurship programs continued the trend of strong growth that began with AUC founding the first university-based startup incubator in 2013. At least 10 similar programs have since been launched, some as far afield as Alexandria and Assiut. Some universities now teach entrepreneurship as an academic discipline. The incubators help students launch startups, and nurture them into full-fledged businesses, usually offering seed funding, access to a lab or ideation space, technical and business mentorship, office space, marketing support, and connections to prospective investors. The best leverage their resources to foster entrepreneurial drive, connect students with industry mentors, and create a clear, in-program link with the job market, experts told us.

Private companies have been following these principles too, with executive education booming since the pandemic’s onset. Executive education — academic, post-graduate programs that enable executives, business leaders or professionals to enhance their business acumen and skill sets — has thrived in the last two years, according to sources. One executive education program used by Amoun Pharma saw productivity boosted by some 35%, the company’s HR director told us.

Your top education stories for the week:

  • More scrutiny for TVET providers: The parliament gave final approval to a law establishing a national authority for quality assurance and accreditation in technical and vocational education and training (TVET).
  • Flat6Labs is partnering with ESLSCA University to launch an innovation and entrepreneurship incubation program that will teach undergrad students over the course of eight months how to develop viable and sustainable businesses upon graduation, according to a press release (pdf).


13-26 December (Monday-Sunday): Cleopatra Hospitals shareholders can subscribe to CI Capital’s voluntary tender offer for 26% of the company.

21 December (Tuesday): Swvl and Magalix’ virtual Fireside Chat: Stories of Women in the Tech Field at 7pm.

21 December (Tuesday): Non-resident travelers from Egypt, or who have stayed in Egypt within 21 days of arrival, will be prohibited from entering Hong Kong from this date.

25 December (Saturday): Jobzella’s Fifth Career Fair at the GrEEK Campus, 11am-6pm.

26 December (Sunday): The House of Representatives returns from recess.

31 December (Friday): Deadline for property owners to pay second installment of real estate taxes without late fees.

End of December: El Nasr Automotive plans to sign contracts with a new partner to locally assemble EVs.

End of 4Q2021: EdVentures plans to have closed at least one more edtech investment round.

End of 4Q2021: Fawry plans to have launched its MyFawry card.

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

1H2022: e-Finance’s digital healthcare service platform, eHealth, will launch its services.

1Q2022: Egypt will begin exporting natural gas to Lebanon.

1Q2022: Launch of the Egyptian Commodities Exchange.

1Q2022: Swvl acquisition of Viapool expected to close.

End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.

Second Half of January: Egypt will host the Egyptian-Bahraini Joint Committee.

The end of January: The Egyptian-Romanian business forum will take place with the aim of strengthening joint investment relations.

January 2022: Tenth of Ramadan dry port tender to be launched.

1 January 2022 (Saturday): Capital gains tax comes into effect on the EGX for local investors.

1 January 2022 (Saturday): Private sector minimum wage introduced.

1-15 January 2022 (Saturday-Saturday): Qualified Industrial Zones (QIZ) Joint Committee.

4 January 2022 (Tuesday): OPEC+ ministerial meeting.

7 January 2022 (Friday): Coptic Christmas.

10-13 January 2022 (Monday-Thursday): World Youth Forum, Sharm El Sheikh.

15 January (Saturday): Target date for the finalization of snackfood giant Edita’s acquisition of the Egyptian Belgian Company, owner of the Ole brand.

17-19 January 2022 (Monday-Wednesday): World Future Energy Summit, Abu Dhabi.

20 January 2022 (Thursday): Kadmar Shipping’s new line transporting agricultural crops between Alexandria and Russia begins its operations.

27 January 2022 (Thursday): National holiday in observance of 25 January revolution anniversary / Police Day.

January-February 2022: Construction work on the Abu Qir metro upgrade will begin.

February 2022: Hassan Allam Construction’s new construction firm established with Russia’s Titan-2 to handle construction work on the Dabaa nuclear power plant begins its operations.

11 February 2022 (Friday): Deadline for Anghami SPAC merger.

11-13 February (Friday-Sunday) FIBA Intercontinental Cup, Cairo.

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

15 February 2022 (Tuesday): The Industrial Development Authority’s deadline for receiving offers from companies for licenses to manufacture steel products.

19 February 2022 (Saturday): Public universities begin the second term of the 2021-2022 academic year.

March 2022: 4Q2021 earnings season.

March 2022: Deadline for the World Health Organization’s intergovernmental negotiating body to meet to discuss binding treaty on future pandemic cooperation.

March 2022: World Cup playoffs.

2 April 2022 (Saturday): First day of Ramadan (TBC).

3 April 2022 (Sunday): Bidding begins on the Industrial Development Authority’s license to manufacture tobacco products.

4 April 2022 (Monday): CDC Group will formally change its name to British International Investment.

22-24 April 2022 (Friday-Sunday): World Bank-IMF spring meeting, Washington D.C.

24 April 2022 (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).

25 April 2022 (Monday): Sham El Nessim.

25 April 2022 (Monday): Sinai Liberation Day.

Late April – 15 May 2022: 1Q2022 earnings season

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

2 May 2022 (Monday): Eid El Fitr (TBC).

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.

30 June 2022 (Thursday): June 30 Revolution Day, national holiday.

Mid 2022: Details of the Siemens-built high-speed rail line between Cairo and Aswan will be announced.

2H2022: IEF-IGU Ministerial Gas Forum, Egypt. Date + location TBA.

July 2022: A law governing ins. for seasonal contractors will come into effect.

8 July 2022 (Friday): Arafat Day.

9-13 July 2022 (Saturday-Wednesday): Eid Al Adha, national holiday.

30 July 2022 (Saturday): Islamic New Year.

Late July – 14 August 2022: 2Q2022 earnings season.

September 2022: Egypt will display its first naval exhibition with the title Naval Power.

6 October 2022 (Thursday): Armed Forces Day, national holiday.

8 October 2022 (Saturday): Prophet Muhammad’s birthday.

18-20 October 2022 (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

Late October – 14 November 2022: 3Q2022 earnings season.

End of 2022: e-Aswaaq’s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.

**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.

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