Monday, 28 March 2022

AM — Is Khazna going to SPAC in ‘24?
Plus: Keep an eye out for new fintech regulations coming later this week



We seem to have traded the fire hose of news for a sprinkler today — and that’s just fine with us as we hope for the newsflow slowdown that often accompanies the holy month in Egypt. That said, something tells us that Ramadan 2022 won’t be keeping to that trend…

Ramadan starts this Saturday — and covid restrictions are being eased: Shops, restaurants and cafes will be allowed to stay open until 2 am, mawa’id rahman (charity table) gatherings are back, and event halls at major mosques’ will reopen, the government’s covid-19 crisis management committee announced yesterday.

Good news for our friends in the hotel industry: Weddings and celebrations will be allowed in hotel ballrooms starting April, provided everybody follows the precautionary measures, the statement said.

But make no mistake: Wearing masks is still mandatory in closed public spaces and public transport, and shishas are still banned, Cabinet spokesperson Nader Saad said in a phone-in last night (watch, runtime 3:37). Closed spaces include shops, banks and government offices.

Good news for fellow Gourmet Egypt fans: The high-end food retailer is launching a 24-hour home delivery service just in time for Ramadan. The service may just become indispensable to help us through our inevitable late night sohour cravings.

REMINDER- Looking to take the family abroad for Eid, but your kids haven’t registered yet for a vaccine? You can show up at any of the Health Ministry’s designated vaccination centers, youth centers and kiosks at Cairo metro stations to both register and get jabbed on the spot. Kids must be at least 12 years old, according to the Health Ministry’s last update back in December.

The 2022 Oscars were in full swing when we hit ‘Send’ this morning: We’ll have the full rundown on who won what — and the Sean Penn smeltdown — in this afternoon’s EnterprisePM.


Foreign Minister Sameh Shoukry is in Israel for a landmark Middle East summit: Shoukry landed yesterday to attend a major two-day summit that will also bring together the foreign ministers of Israel, the UAE, Morocco, Bahrain and the United States.

At the top of the agenda: The Iran nuclear agreement. Sources told Israeli media that ministers discussed regional responses to the possible revival of the Iran nuclear agreement, a topic that is expected to dominate the conversation during the two-day gathering. US Secretary of State Antony Blinken offered reassurances to Israel over a potential accord on the same day that Washington’’s top negotiator downplayed recent optimism from Tehran that an agreement could be imminent.

And the Ukraine conflict: The US is also expected to push the Arab world to provide more support to Ukraine. Israel and the Arab world have so far remained neutral, with Tel Aviv positioning itself as a mediator to end the conflict.

The global press is positioning the “Negev summit” as part of a “geopolitical realignment,” as this Wall Street Journal story makes clear: “New diplomatic and security ties are reshaping the Middle East as former enemies seek unity in containing Iran, the US rethinks its security role in the region, and Russia and China seek to exploit openings left by Washington.”

Cyprus Energy Minister Natasa Pilidou is in town this week heading a delegation of Cypriot companies to discuss business ties with ministers and Egyptian firms. The delegation lands today and stays until 31 March.

The gov’t will sign a loan agreement worth around EUR 75 mn today to finance the acquisition of 55 rail cars for Metro Line 1, Transport Ministry Kamel El Wazir said yesterday.


More fintech regs are due this week: The Financial Regulatory Authority (FRA) will announce regulations governing the establishment of fintech firms this week, Assistant Chairman Hesham Ramadan told Al Borsa. The rules are drawn from the long-awaited legislation recently passed by the House of Representatives that hands the regulator broad oversight powers over licensing and corporate governance in the sector. We have a run-down on everything we know about the fintech regs here.

PLUS- Credit for the unbanked? The FRA is developing a credit rating system that will allow the unbanked to access credit, Ramadan told the newspaper. Ratings will be assessed based on consumer behavior and non-financial data, he said, without providing further details.

Everyone with a bank account in Egypt will be able to access the Central Bank of Egypt’s new digital payments app by the end of April: All banks operating in Egypt will be integrated into the CBE’s newly-launched InstaPay app by the end of April, Al Mal quoted CBE Assistant Sub-Governor Ehab Nasr as saying. The app provides instant secure payments between Egyptian banks, Meeza cards, and mobile wallets via the central bank’s nationwide instant payment network.

Already included in the network: CIB, the National Bank of Egypt, Banque Misr, Alexbank, QNB Al Ahli, Arab Bank, AAIB, Banque du Caire, Egyptian Gulf Bank, and SAIB. You can download the app on Google Play and the App Store.


US oil won’t be a silver bullet for spiraling crude prices: “A chronic shortage of essential labor and equipment” at Texan oil fields could scupper US President Joe Biden’s plans to halt the runaway rise of crude oil prices, the Financial Times suggests. US production has not yet recovered to pre-pandemic levels amid lingering bottlenecks, meaning it could take up to a year to significantly increase output, analysts told the FT. That will deal a blow to White House plans to up domestic supply to mitigate rising prices, which have hit USD 120 per barrel since Russia launched its war in Ukraine. And with OPEC+ members facing a similarly slow ramp-up in production, it begs the question as to what — short of complete demand destruction — can realistically be done to stop crude breaching the USD 200 per barrel mark this year as some traders now predict.


PSA #1: Companies have a little less than two weeks to file their first quarterly ESG compliance report: Listed firms and non-bank financial services companies need to submit their first quarterly ESG report by 10 April, the FRA has said (pdf). The regulator is making it mandatory for corporates to publicly disclose their performance on key environmental, social and governance (ESG) metrics each year when they submit their annual financial statements, starting 2023.

Then why does the FRA need ESG reports this April? Companies are required to make quarterly updates throughout 2022 to get feedback from the FRA on the steps they’re taking, before making the official submission at the end of the current financial year.

Check out our Going Green series, where we outlined the new rules around ESG reporting: Part I | Part II.

(** NEED HELP GETTING READY? ** Our parent company can help. Inktank is Egypt’s leading investor relations, ESG and corporate reporting firm. Reach out to Moustafa Taalab on if you’d like to get the conversation started.)

PSA #2– All individual taxpayers have until this Thursday, 31 March, to submit their 2021 tax returns to the Tax Authority. The deadline for companies with January-December fiscal years is 30 April.

Afreximbank and the Angolan Embassy in Egypt are hosting (pdf) an Angola-Egypt investment roundtable on Wednesday at the Hilton Cairo Heliopolis Hotel. Click here to RSVP and join the discussion.

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: Nurses represent the biggest occupation in healthcare provision, but qualified nursing staff continues to be in short supply in Egypt. As formalized nursing education programs generally do not institutionalize training in patient management and soft skills, private sector healthcare providers are increasingly relying on constant training for nurses on the job to ensure they deliver on quality requirements.


Let’s Footgolf and go on an adventure. Explore a Floodlit 9 Hole Footgolf Course at Somabay Golf, the first of its kind in Egypt. From Friday to Monday, 6pm-10pm. For more information, kindly visit:


Khazna wants a SPAC to call its own

Fintech startup Khazna could set up a SPAC in 2024, a company spokesperson told Enterprise, confirming a report from Al Shorouk that quoted Khazna co-founder and CEO Omar Saleh. Khazna is looking into setting up a blank check company with international investors, which could be listed either at home or abroad, Saleh is quoted as having said, without disclosing further details.

All part of wider expansion plans? The fintech player is considering acquiring three technology companies operating in the local market, Saleh said, without explicitly linking the SPAC plans to any potential acquisitions. The company is also considering expanding abroad in one or two regional markets in the first quarter of 2023, he added.

SPEAKING OF SPACs- Whatever happened to our first homegrown blank check firm? The paperwork for Egypt’s first SPAC has been filed and is still waiting on approvals from the Financial Regulatory Authority, an FRA spokesperson told Enterprise. FRA head Mohamed Omran caused a bit of a stir yesterday when he appeared to suggest that Egypt’s first SPAC had already been established in a televised interview with Bloomberg Asharq (watch, runtime: 1:45), without providing further details. The firm had been set to list on the EGX by the end of January or early February, Omran said previously — but that was before the global tide turned against SPACs, which were struggling even before the major blow dealt to equities markets amid the Russia-Ukraine war.

Background: The FRA late last year issued the rules and regulations for establishing local blank-check firms, after the regulator greenlit EGX boss Mohamed Farid’s proposal to allow SPACs in Egypt. The proposal was partly driven by an increased interest in SPACs in the MENA region, following Swvl’s move to merge with blank-check firm US Queen’s Gambit Growth Capital and list on the Nasdaq (which should complete within days), as well as Anghami’s SPAC debut earlier this year.

Lost? Check out our neat explainer for more on how SPACs work.


EIB lends EUR 150 mn to Telecom Egypt for 4G upgrades

EIB supports 4G expansion with EUR 150 mn loan to TE: Telecom Egypt (TE) has secured a EUR 150 mn medium-term loan from the European Investment Bank (EIB) to expand its 4G broadband network, the state-owned firm announced in a statement yesterday. The facility will help TE deploy around 2k new mobile sites and up the capacity of its existing cellular towers. This will help improve the mobile network’s coverage and strengthen the network across Egypt, including in less densely populated areas, TE said.

The loan is part of the EU’s efforts to help Egypt’s digital transformation, said Tobias Krause, deputy head of the EU’s delegation to Egypt. “The EU aims to support Egyptian government efforts to secure resilient and affordable access to universal connectivity to the benefits of Egyptian citizens,” he said, adding that this project “shows the commitment of our partners in the EIB, the EU’s lending hand, to support crucial inclusive digital infrastructure planning in Egypt.”

A milestone for the EIB: This is currently the lender’s largest loan to a mobile network in Africa, according to the statement.

The state company now has more bandwidth: TE acquired another two 10-MHz bands in a government tender in 2020.

The agreement comes on the back of a strong year for TE: The company saw its net income increase 75% y-o-y to EGP 8.4 bn in 2021.


Ukraine ready to discuss neutrality, territory ahead of Russia peace talks -Zelensky

Zelensky signals compromise ahead of new round of peace talks: Ukrainian President Volodymyr Zelensky has reiterated willingness to declare neutrality and potentially give up sovereignty over some parts of the country ahead of three days of peace talks, which start today in Turkey, France24 reports. “Security guarantees and neutrality, non-nuclear status of our state. We are ready to go for it. This is the most important point,” Zelensky said during a video call with Russian journalists yesterday.

And the status of territory seized by Russia may now be up for negotiation, Zelensky suggested, in an admission that the Ukrainian military will not be able to kick Russian forces out of the country. “I understand it’s not possible to make Russia completely leave the territory — that’ll lead to World War Three,” the Financial Times reports him saying. “That’s why I’m saying this is a compromise. Go back to where this all started and then we’ll try to solve the difficult Donbas issue.” Russia annexed Crimea and sponsored separatist uprisings in the country’s east following a pro-western revolution in 2014.

This is a marked change in tone from the Ukrainian leader, who until now has consistently called for Nato to implement a no-fly zone over the country, despite the risks of the military alliance into direct confrontation with Russia.

The situation on the ground is unlikely to turn in his favor: It now appears to be a matter of time before Russian forces capture the strategic port city of Mariupol on the south coast, opening a land bridge connecting Crimea and Russian-held territory in the east. And the situation for Ukrainian troops in the east looks increasingly like a cauldron as the Russians slowly encircle from behind. Check out maps and intel at the Institute for the Study of War.

Erdogan presses for ceasefire ahead of talks: Turkish President Recep Tayyip Erdogan called on Russia and Ukraine to implement an immediate ceasefire during a phone call with Russian President Vladimir Putin yesterday, according to a statement from the Turkish presidency.

MEANWHILE- Two key US allies have distanced themselves from President Joe Biden’s off-script remarks on Saturday, referring to Putin as a “butcher” who “cannot remain in power.” Both France and the UK both rejected the apparent suggestion of regime change in Moscow, with French President Emmanuel Macron suggesting that Biden needs to tone down the rhetoric if a diplomatic solution to the crisis is going to be found.

Biden may no longer have an off-ramp, but the UK is offering Putin an exit: The UK could lift sanctions it has placed on Russia and some of its most powerful individuals if the country withdraws from Ukraine, Foreign Secretary Liz Truss told the Telegraph. Sanctions could “come off with a full ceasefire and withdrawal, but also commitments that there will be no further aggression,” she told the British newspaper. The country just last week came out with a new laundry list of sanctions against Russia targeting “strategic” industries and individuals.



There was more speculation over what an IMF program might look like on the airwaves last night: MP Fakhri El Feki, head of the House Planning and Budget Committee, offered a few of his own guesses in a phone-in with Kelma Akhira’s Lamees El Hadidi (watch, runtime: 6:09). The MP floated the possibility of obtaining a USD 3 bn precautionary and liquidity line or a new extended fund facility under which the IMF lent Egypt USD 12 bn back in 2016. Deputy Planning Minister Ahmed Kamaly also chatted via phone with El Hadidi (watch, runtime: 14:41), reiterating that the government is preparing to make spending cuts in the coming fiscal year.

Background: The government has requested support from the IMF to mitigate the impact of the war in Ukraine on its economy, though it remains unclear what kind of assistance the Fund is willing to offer.

High-speed rail: Coming June 2024. The first phase of the high-speed electric railway — connecting Ain Sokhna to Matrouh — will start operating in June 2024, Transport Ministry Kamel El Wazir told Ala Mas’ouleety’s Ahmed Moussa in a phone-in (watch, runtime: 6:02). German rail operator Deutsche Bahn has applied to operate the first line of the high-speed service, and the ticket price will be decided in coordination with the Egyptian government, the minister said (watch, runtime: 4:16).

Background: In September, the government signed a USD 4.5 bn contract with Siemens Mobility, Orascom Construction and Arab Contractors to build the first 660-km phase of the line. The entire USD 23 bn project will see the line eventually expanded 1.8k km across the country, linking Cairo, Aswan, the North Coast and the Red Sea.

Clothing manufacturers are the latest to warn of the negative impact of mandatory L/Cs: Some apparel factories will have to temporarily halt operations due to the repercussions of the Central Bank of Egypt’s decision to require letters of credit for purchases, said Marie Louis, head of the Apparel Export Council, in a phone-in with El Hekaya’s Amr Adib (watch, runtime 3:46). As of this month, banks have required most importers to use letters of credit to import goods after the CBE banned the use of documentary collection. Tobacco manufacturers warned last week that the rules were forcing companies to hike prices.


Rent reductions for vendors at tourist sites until June: The Supreme Council of Antiquities’ will extend the 50% reduction on rents given to bazaars at museums and archaeological sites until the end of June. The discount was originally introduced to support businesses through the covid-19 pandemic. Local and international tourists will also continue to get a 50% on entry fees to archaeological areas and museums in Upper Egypt. (Hapi Journal)

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

  • A net-zero city doesn’t mean sacrificing luxury: A five-star eco-resort is set to open at the world’s first net-zero city by URB, dubbed Nexgen, in the works in the eastern district of Cairo. The city will also include glamping lodges, ecotourism visitor center and a nature reserve conservation hub. (Hotelier Middle East)
  • The Senate approved yesterday the draft law amending provisions of the NGO Law which gives civil society organizations another year to comply with the legislation’s requirements. (Masrawy)


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US firms are rushing to prop up their share prices amid market volatility: US companies have bought back a record number of shares so far this year in a bid to bolster investor confidence as the mood in the markets sours. Data from Goldman Sachs picked up by the Financial Times shows that firms have spent USD 319 bn buying back shares in 2022, compared to USD 267 bn over the same period last year.

US stocks were enduring one of their worst opening quarters in years before a recent rally, as rising interest rates, soaring commodity prices and the war in the Ukraine sparked a sell-off in shares. Over the past two weeks, the tech-heavy Nasdaq has pulled itself out of a bear market and is now down less than 10% year-to-date, while the S&P 500 has pared YTD losses to 4.7%.

SOUND SMART- Buybacks are often used to support companies’ shares prices and stimulate investor demand, especially following a sell-off when shares can be bought more cheaply and are viewed as undervalued. By reducing the number of shares in the market, companies can increase their value on an earnings-per-share basis (assuming earnings don’t fall, of course), and propping up the share price.

Energy bonds are clawing their way out of the junk pile, as the rise in crude prices and a more cautious approach toward new drilling attracts investors back to high-yield debt, the Financial Times reports. The gap in borrowing costs between low-rated corporate energy debt and US government bonds is narrowing, according to one junk-bond benchmark index, as companies switch from pouring funds into new exploration to paying down their existing debt, reducing the perceived risk to investors.

Not since before the 2014 energy crisis in the US have junk-rated energy bonds performed so well — with JPMorgan now expecting some USD 68 bn worth of North American debt to be reclassified as investment grade by the end of 2023.

ALSO FROM PLANET FINANCE- KSA supermarket chain BinDawood Holding bought a majority stake in e-commerce app developer International Applications Trading Co. for around USD 28.7 mn, subject to increase based on future probability.




-1.4% (YTD: -3.4%)



Buy 18.26

Sell 18.36



Buy 18.25

Sell 18.35


Interest rates CBE

9.25% deposit

10.25% lending




+0.4% (YTD: +15.2%)




+0.3% (YTD: +15.1%)




+1.0% (YTD: +6.8%)


S&P 500


+0.5% (YTD: -4.7%)


FTSE 100


+0.2% (YTD: +1.3%)


Brent crude

USD 120.65



Natural gas (Nymex)

USD 5.57




USD 1,959.80




USD 46,767

+4.9% (as of midnight)


The EGX30 fell 1.4% at yesterday’s close on turnover of EGP 1.0 bn (3% above the 90-day average). Foreign investors were net sellers. The index is down 3.4% YTD.

In the green: Sidi Kerir Petrochem (+4.5%), Heliopolis Housing (+1.9%) and AMOC (+1.4%).

In the red: GB Auto (-17.0%), MM Group (-16.0%) and Ezz Steel (-3.9%).

Asian markets are mixed this morning, with the leading Nikkei, Kospi and Shanghai benchmarks all in the red. The Hang Seng and Australia’s ASX 200 were clinging to the green. Futures suggest a mixed open in Europe later today: Paris’ CAC 40 looks set to open in the red, while Frankfurt’s DAX and the London Stock Exchange should both open (barely) in the green. Expect red at the opening bell on Wall Street.


Zero-covid over as China forced into another mega-lockdown: Shanghai has gone into a city-wide lockdown as China’s financial hub struggles to contain an uptick in covid cases. The city of 25 mn will enter lockdown in two stages to carry out covid testing over nine days, after recording on Saturday its highest number of cases since the pandemic’s early days, according to the BBC. All public transit will stop, all factories will close, and all companies will work remotely.

This comes a week after Shenzhen exited lockdown: One of China’s most important commercial hubs and the country’s second-largest port, the shuttering of factories and cargo terminals has put further pressure on global supply chains and trade, and with a strict testing regime still in force, shipping firms say it could be weeks for trade to normalize.

Biden vs. b’naires: US President Joe Biden plans to propose a new minimum tax on the 700 US households worth more than USD 100 mn, in the White House’s first attempt to target b’naires on tax, the Washington Post reports, citing sources and an official document. The move, which comes as part of a 2023 budget set to be unveiled in full today, would see b’naires pay at least 20% in taxes on their full annual income — including capital gains like stock appreciation (an idea that readers may remember sent Elon Musk into a Twitter tizzy when it was floated last year.) The tax would raise an estimated USD 360 bn in revenue over a decade if enacted, but expect opposition from across the aisle — as well as from members of the rich list itself, many of whom are used to paying lower rates than the average American.


With both quality and quantity shortfalls, how are Egypt’s private sector healthcare providers addressing their nursing staff woes? A lack of adequate formalized training in patient management and soft skills combined with a shortfall in the number of graduates force healthcare providers to provide constant, on-the-job training to nurses to deliver on healthcare requirements. With telehealth, healthtech and healthcare management education receiving increased private investments and as the government rolls out the EGP 600 bn universal healthcare program to serve a population that is expected to balloon to 160 mn by 2030, the sector is increasingly feeling the shortage of qualified nurses, who represent the biggest occupation in healthcare provision.

Nurses make up a large proportion of healthcare staff and are responsible for delivering a major part of healthcare at hospitals, accounting for 23-25% of total hospital staff, Cleopatra Hospitals Group (CHG) Chief Human Resources Officer Marwa El Abassiry tells Enterprise. Douaa Moussa, Alameda’s chief HR officer, puts the percentage of nurses closer to 40-60%. “Nurses are the backbone of any healthcare organization. We can run a hospital without any other function, but nurses alone can run a hospital,” she tells us. By way of comparison, in the US, nurses make up an estimated 30% of hospital staff, representing the largest occupation in any hospital.

In fact, nurses are so important that the notion of robots replacing human nurses is seen as simply impossible. “Automation can make the administrative job of nurses easier, but it will never replace the nurse. The psychological, mental and physical side of nursing cannot be automated,” says Tabibi 24/7 CEO Dr. Ehab Attia. Similarly, Amany Nazif, head nurse at Alameda Group, tells us that “nursing is a science and an art,” and that a robot may be able to administer medicine but it cannot give a patient the care that a human nurse can give.

And yet, despite the critical role they play, qualified nursing staff in Egypt is lacking — a problem that begins with the state of nursing education. There are two ways to become a licensed nurse in Egypt: The first route is completing a five-year technical post-secondary school nursing diploma from an Education Ministry Institute, which combines classroom instruction with hands-on practice at hospitals. The second is a four-year bachelor of science nursing program. All nurses must apply for a license to practice and join the National Professional Nurses Association.

Most local universities offering nursing education rank between 1,001-1201 globally, with only Cairo University ranking 571-580. The next five Egyptian universities in the rankings — Al Azhar University, Alexandria University, Assiut University, the British University in Egypt, and Suez Canal University — ranked 1,001-1,200, with the remainder ranking 1,200+ or not receiving a ranking at all. QS World University rankings rely on six main criteria: Academic reputation, employer reputation, faculty-student ratio, citations per faculty, international faculty ratio, and international students ratio. As we noted previously, QS’ rankings are weighted more towards the reputation criteria than citations or research output, which suggests that the quality of alumni on the job heavily influences a university’s ranking.

Within these programs, there are gaps, the most significant of which are patient management and interpersonal skills, our sources tell us. Nazif tells us that one of the main areas that needs development among nurses is adopting a service attitude, with many nurses lacking interpersonal skills like how to greet patients and how to present themselves. Top nursing programs internationally, like the top-ranked globally University of Pennsylvania’s nursing program for example, stress community involvement and cultural awareness of nurses.

Put all these factors together, and the result is often seeking talent from abroad. Some major healthcare providers, including Alameda Group — which owns Dar El Fouad and As-Salam Hospitals — have increasingly begun targeting foreign nurses from the Far East.

In a bid to plug the talent gap, private hospitals and home care facilities rely on in-house training. Healthcare providers we spoke with told us that they often onboard nurses during the final training year at nursing school, taking them on as interns to complete their training on-the-job. In order to deliver on the quality of service, CHG, Alameda and Tabibi run internal training programs that focus primarily on communication, leadership, tech, and reporting. Alameda Academy is getting ready to launch specialized certificates in ICU nursing, dialysis and management and leadership, our sources told us.

The focus is primarily on soft skills: While technical know-how is strong in Egyptian nursing education, soft skills training, especially in the areas of patient management and stress management, are regularly given through on-the-job training programs, with most nurses receiving two classroom courses monthly in addition to their on-going on-the-job training, El Abassiry tells us. One source who asked to remain anonymous suggested that BSc holders typically have better theoretical knowledge, but sometimes lack sufficient practical experience. However, the employers we spoke with did not show a preference for either, relying heavily on on-the-job training and internships. Our sources declined to disclose the general costs of continuous training for nursing staff.

But there are external markets that continue to be a drain on Egypt’s qualified nursing staff: A global shortage of nurses means that many Egyptian nurses opt to travel to the GCC, Europe, Canada and the US in pursuit of better salaries and working conditions, with the GCC representing the biggest market for them. Our sources tell us that nurses at private hospitals especially are targeted for recruitment. And even here at home, private hospitals are also in constant competition with home nursing, which is becoming increasingly popular, especially as companies like 7keema and Tabibi 24/7 have institutionalized home nursing. Home care makes up 70% of Tabibi’s services, with 30-40% of their revenues coming from home nursing alone, Attia says. This demand is only expected to grow, he tells us, as the percentage of the population over 60 increases to reach an estimated 14% of the population by 2050.

Your top education stories for the week:

  • Four Egyptian research institutes made the top 10 of Scimago’s inaugural MENA research centers ranking: The National Research Center (#1), the Agricultural Research Center (#4), the Egyptian Atomic Energy Authority (#5) and the Egyptian Petroleum Research Institute (#7).
  • Encouraging technical grads to become entrepreneurs: The Education Ministry and the Micro, Small and Medium Enterprise Development Agency (MSMEDA) have signed an agreement to provide training and guidance for graduates of technical schools to launch their own projects.
  • SODIC x Educate Me: SODIC is backing access to quality education through Educate Me, which operates a community school in Talbeya, Giza, and runs training and development programs for both public school teachers and students across a number of governorates.


1Q2022: Launch of the Egyptian Commodities Exchange.

1Q2022: Swvl acquisition of Viapool expected to close.

1Q2022: Waste collection startup Bekia plans to expand to the UAE and Saudi Arabia.

1Q2022: Rameda Pharma will begin selling its generic version of Merck’s oral antiviral covid-19 med.

1Q2022: Pharos Energy’s sale of a 55% stake in El Fayum, Beni Suef concessions to IPR Energy Group subsidiary IPR Lake Qarun expected to close.

Early 2022: Results to be announced for the second round of the state’s gold and precious metals auction.

1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.

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

1H2022: The government will respond to private companies’ bids to build desalination plants.

1H2022: Egypt’s second corporate green bond issuance expected to be announced.

1H2022: Transport Ministry to sign a memorandum of understanding with Abu Dhabi Ports to set up a transport route across the Nile to transport products from Al Canal’s Minya sugar factory.

15 February-15 June (Tuesday-Wednesday): ITIDA’s Technology Innovation and Entrepreneurship Center is organizing the first Metaverse Hackathon.

March: Rollout of the government financial management information system (GFMIS), a suite of electronic tools to automate the government’s financial management processes (pdf) that will replace the existing “closed” financial management system.

March: Contracts for last two phases of Egypt’s USD 4.5 bn high-speed rail line to be signed.

March: 4Q2021 earnings season.

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

March: World Cup playoffs.

March: The government hopes to sign a final contract between El Nasr Automotive and a new partner for the local production of electric cars.

March: Target date for Saudi tech firm Brmaja to IPO on the EGX.

March: Egypt to host World Tourism Organization Middle East committee meeting.

March: The Salam – new administrative capital – 10th of Ramadan Light Rail Train (LRT) line will start operating.

March: The new multi-purpose station at Dekheila Port and the revamped Ain Sokhna Port will start operating.

March: General Authority for Land and Dry Ports to issue the condition booklets for the operations of the Tenth of Ramadan dry port.

Mid-March: Bidding for the construction of Anchorage Investments’ petrochemical complex in the Suez Canal Economic Zone starts.

14 March-30 June: The “Escape to Egypt” exhibition at the Coptic Museum, in celebration of its 112th anniversary.

24 March (Thursday): GB Auto Extraordinary General Assembly (pdf).

24 March-1 April: Ahlan Ramadan Supermarket Expo, Cairo International Convention Center.

25 March (Friday): Egypt will host Senegal in the first leg of their 2022 FIFA World Cup qualifiers' playoff (TBC).

26 March (Saturday): Egypt-EU World Trade Organization dispute settlement consultations end.

28-29 March (Monday-Tuesday): The Egypt International Mining Show (EIMS 2022) will take place virtually.

28 March (Monday): The second leg of the 2022 FIFA World Cup qualifiers' playoff between Egypt and Senegal (TBC).

28 March (Monday): The court hearing for a case brought by Arabia Investments Holding (AIH) against Peugeot has been postponed until 28 March.

30 March (Wednesday): The Angola-Egypt Investment Roundtable discussion (pdf), the Hilton Cairo Heliopolis Hotel.

31 March (Thursday): Deadline for submitting tax returns for individual taxpayers.

31 March (Thursday): Vodacom purchase of Vodafone Group’s stake in Vodafone Egypt expected to be completed by this date.

31 March (Thursday): Supply Ministry expected to take final decision on bread subsidies by this date.

April: Fuel pricing committee meets to decide quarterly fuel prices.

April: Ghazl El Mahalla shares will begin trading on the EGX.

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

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

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

10 April (Sunday): Deadline for listed companies and NBFIs to submit quarterly ESG report.

11 April (Monday): The deadline to submit bids for Chelsea FC.

14 April (Thursday): European Central Bank monetary policy meeting.

Mid-April: Trading on the Egyptian Commodity Exchange to start.

21 April (Thursday): EGX-listed Taaleem will hold an extraordinary general assembly to discuss the mechanism to build and own nonprofit and private universities.

22-24 April (Friday-Sunday): World Bank-IMF Spring Meetings, Washington D.C.

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

25 April (Monday): Sham El Nessim.

25 April (Monday): Sinai Liberation Day.

28 April (Thursday): National Holiday in observance of Sham El Nessim.

30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.

Late April – 15 May: 1Q2022 earnings season

May: Investment in Logistics Conference, Cairo, Egypt.

1 May (Sunday): Labor Day.

1 May (Sunday): Suez Canal Authority raises tolls for different vessels.

3-4 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.

4 May (Wednesday): 3 February (Thursday): Deadline to send in applications for Cultural Property Agreement Implementation projects to the US Embassy in Cairo.

5 May (Thursday): National Holiday in observance of Labor Day.

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

19 May (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

5-7 June (Sunday-Tuesday): Africa Health ExCon, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.

9 June (Thursday): European Central Bank monetary policy meeting.

14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.

15-18 June (Wednesday-Saturday): St. Petersburg International Economic Forum (SPIEF), St. Petersburg.

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

23 June (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

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

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

End of 2Q2022: The Financial Regulatory Authority’s new Ins. Act should be approved.

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.

2H2022: The inauguration of the Grand Egyptian Museum.

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

2H2022: The government will have vaccinated 70% of the population.

3Q2022: Ayady’s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release first financing product.

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

July: Fuel pricing committee meets to decide quarterly fuel prices.

Early July: Polish President to visit Egypt.

1 July (Friday): FY 2022-2023 begins.

8 July (Friday): Arafat Day.

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

21 July (Thursday): European Central Bank monetary policy meeting.

26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.

30 July (Saturday): Islamic New Year.

Late July – 14 August: 2Q2022 earnings season.

August: Work to extend the capacity of the Egypt-Sudan electricity interconnection to 300 MW to be completed.

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

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

September: Central Bank of Egypt’s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.

8 September (Thursday): European Central Bank monetary policy meeting.

20-21 September (Tuesday-Wednesday): Federal Reserve Finterest rate meeting.

22 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

October: World Bank and IMF annual meetings in Washington, DC

October: Fuel pricing committee meets to decide quarterly fuel prices.

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

8 October (Saturday): Prophet Muhammad’s birthday, national holiday.

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

27 October (Thursday): European Central Bank monetary policy meeting.

Late October – 14 November: 3Q2022 earnings season.

November: Cairo Water Week 2022.

1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.

3 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

4-6 November: The Autotech auto exhibition kicks off at the Cairo International Exhibition and Convention Center.

7-18 November (Monday-Friday): Egypt will host COP27 in Sharm El Sheikh.

21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.

13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

15 December (Thursday): European Central Bank monetary policy meeting.

22 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

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

January 2023: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.

January: Fuel pricing committee meets to decide quarterly fuel prices.

**Note to readers: Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.

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