Monday, 18 April 2022

AM — Companies slapped with import suspensions failed to submit paperwork on time -Trade Ministry



Good morning, friends, and welcome to the first truly slow news day of Ramadan. It took the confluence of Ramadan, Western Easter, Coptic Good Friday and Passover to slow down the freight train that is the 2022 news cycle, but we’re not complaining.

Sound smart: The overlapping of Ramadan, two Easters and Passover? It won’t happen for another 33 years or so.

SCARY THOUGHT of the morning: Did someone say “stagflation”? Look no further than the Financial Times’ front page, which warns that “the twin perils of slowing growth and high inflation, or stagflation, will hit the global economy this year as Russia’s war against Ukraine exacerbates a slowdown in the recovery from the coronavirus pandemic.”

Odds are good you, like us, don’t have memories of what stagflation felt like. In the absence of a Hot Tub Time Machine back to the real-life That 70s Show, you’ll need to use your imagination: It’s corrosive to the economy, hell for businesses, and it leaves policymakers with few levers to pull. Rising prices, low growth and sagging business confidence are an unholy trinity, and policymakers around the world looking for solutions will find their room to maneuver constrained because debt levels are already high, the salmon-colored paper warns.

Why is the FT banging the drum about stagflation? Cast your eyes across the ocean to Washington, DC:

That’s where the IMF + World Bank spring meetings start today: Global finance chiefs have descended on Washington for the IMF and World Bank annual spring meetings. Expect the global economic impact of the war in Ukraine and fears of food insecurity to dominate the agenda.

What to watch for:

  • Just how badly will the conflict in Ukraine knock the Egyptian + global economies? We’ll find out the IMF’s assessment tomorrow when it releases its latest World Economic Outlook. Expect the Fund to downgrade its growth projections for both Egypt and the world. In January the IMF forecast the Egyptian economy to grow at a 5.6% clip in FY 2021-2022 and penciled in 4.4% growth for the global economy.
  • Will we see progress in our talks with the IMF for a new assistance package? Egyptian officials are scheduled to sit down with IMF officials to discuss what a program might look like in view of our current debt level. We’re currently in talks with the Fund for a new emergency program to help us cope with surging food and energy price inflation that has been turbocharged by the war in Ukraine.
  • Moves on debt relief for developing countries? Debt relief for teetering sovereigns in the developing world is once again a topic of conversation ahead of the meetings as spiraling inflation pushes more countries to the brink of default. The IMF is once again talking about fresh policy moves to alleviate some of the debt distress in the global south, — but if the covid experience has taught us anything, we can expect the private bondholders to take priority.

MORNING MUST-READ: “Photographing hell” by the outstanding photographer David Hume Kennerly is a must-read packed with wrenching images. Kennerly won the Pulitzer for his photojournalism in Vietnam and was later White House photographer for Gerald Ford. (NYT)

FROM THE DUMPSTER FIRE that is our social media:

  • Egypt’s men’s junior épée team won gold at the world championships in Dubai, edging out the United States 45-40. Check out the awesome photo of the team’s celebration.
  • Is Ramadan still Ramadan if you treat it like Christmas? Read it for the spiritual question. Or read it for advance warning of the baubles and ideas that global capitalism will soon be bringing our way. (CBC. Canada’s, thankfully, not ours.)
  • Lionizing yet another hedgie, this time from Gen Z (or a cusp-Millennial, depending on how you cut it): “Eva Shang is doing the hedge-fund thing her way. That means making money but also making time to blog about dreams, her labradoodle and her fear of becoming a Silicon Valley has-been at age 26.” (WSJ)
  • For our fellow iSheep: Go deep into the creation of Apple Silicon. Bonus: There are now just 49 days left until WWDC. (WSJ)

SO, WHEN DO WE EAT? You’ll be breaking your fast at 6:24pm CLT this evening in the capital city, and fajr prayers are at 3:54am.

THE BIG STORY ABROAD- Mariupol mounts last stand: The last Ukrainian soldiers standing in Mariupol are reportedly refusing to stand down, though Russian troops have all but captured the key eastern Ukrainian city, “They will fight until the end,” Ukrainian Prime Minister Denys Shmyhal told ABC’s This Week (watch, runtime: 6:25). Meanwhile, Ukraine has asked the G7 countries for USD 50 bn to help it cover its gaping budget deficit over the next six months, Reuters reports citing televised statements by the Ukrainian president's economic adviser.


Higher Education Minister Khaled Abdel Ghaffar will address AmCham’s pre-annual general meeting and iftar tomorrow at 6-8pm at the Nile Ritz Carlton. Abdel Ghaffar will speak on investment in the nation’s healthcare and pharma sectors.

PSA- You only have three days left to file your ESG report: EGX-listed companies and all non-bank financial services outfits regardless of listing status need to submit their first quarterly ESG questionnaire by this Wednesday, 20 April. The regulator is making it mandatory for corporates to publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements, starting 2023. Reach out to Moustafa Taalab at InkankIR, our parent company, if you need some help.

Entrepreneurs from across Africa have until 6 June to apply to startup competition Africa’s Business Heroes, which is backed by the Jack Ma foundation, according to a press release (pdf). The top 10 businesses in the competition will earn a shared pot of USD 1.5 mn.

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: Egyptian research centers are among the best in the region, according to Spanish research organization SCImago’s first annual MENA region research rankings. In this week’s Blackboard, we take a closer look at the stats to see why our research centers came out on top.


Somabay is wishing you and your family a happy Easter.

Don’t miss the chance to spend your vacation at the magnificent seashores of Somabay Red Sea and create unforgettable memories to fuel a lifetime of inspiration. Learn more at


Trade Ministry explains export suspensions

Companies barred from importing their products didn’t submit their documents on time, says Trade Ministry: The decision to temporarily suspend some international companies from exporting products to Egypt was taken due to their failure to comply with the government’s factory registration requirements, the Trade Ministry said in a statement yesterday.

Wait, what? The local press on Saturday picked up on a list (pdf) of companies suspended from exporting their goods here, published on the General Organization for Export and Import Control’s (GOEIC) website. GOEIC, a unit of the Trade Ministry, is in charge of regulating the flow of goods in and out of the country. The list spread like wildfire across social media and WhatsApp groups, mainly because it includes companies — such as Almarai and Unilever — that produce well-known household brands. GOEIC had previously warned that some companies had until 20 May to fix issues with their registration status.

How the rules work: The government in 2016 began requiring some foreign companies to register with GOEIC before exporting goods to Egypt. Registration is currently required for 29 categories of goods, including agricultural and food products, cosmetics, toys, textiles, garments, household appliances, furniture, and ceramic tiles. Before being allowed to do business with Egyptian importers, companies must submit documents (think: quality certificates, proof of trademark ownership, etc.) to GOEIC that provide information about the factories where goods are manufactured. This allows the authority to verify that the products meet Egyptian standards.

The official explanation: Under a decision (pdf) taken last month to streamline import registration procedures, companies are now required to renew documents within 30 days of their expiry. Those who fail to meet requirements by the deadline are taken off the list of approved exporting companies and have a 60-day window to appeal. According to the ministry statement, companies that hadn’t filed their paperwork were given a two-week warning before GOEIC then moved to suspend them.

A one-year ban? The statement suggests that companies that did not submit the required documentation on time could be prevented from exporting to Egypt for an entire year. Companies can appeal to a grievance committee, the Ministry says. Some 122 companies have already submitted their updated documents since the beginning of the year, according to the statement.

Ministry insists no prejudice at work: The decision “does not target specific companies or the products of specific countries,” the ministry said. The EU last year filed a case at the World Trade Organization (WTO) against Egypt’s “arbitrary” registration requirements, alleging that they violate trade rules and are responsible for a 40% fall in European exports to Egypt.

KSA exports will continue to flow as usual: The ministry later issued a second statement announcing that no Saudi products would be blocked from entering the country despite 24 Saudi exporters being included on the list of suspended companies. A ministry spokesperson “denied the issuance of any decisions that would prevent the export of Saudi products to the Egyptian market,” the statement read. It added that some Saudi exporters to Egypt are in the process of updating their registration paperwork.

Some international companies were struck from the list after they set up factories in Egypt and no longer need to export products to the local market, the statement added.

This includes Unilever: One of the companies named in the list was consumer goods giant Unilever, which quickly denied the news that its business in Egypt had been disrupted. Unilever said that all its commercial activities in Egypt are operating normally, including export and import, in accordance with Egyptian laws and regulations. Some of the company’s products (such as Lipton tea) are not required to be registered, it added. Many other products are completely manufactured in the company’s factories in Egypt for export to more than 45 Arab, African and European countries, Unilever said.

Industry reacts: Companies should get two written warnings before being subject to delisting to make sure they are informed of the deadlines, Al Borsa quotes Sayed El Nawawi, vice-president of the importers decision at Egypt’s chambers of commerce (the unfortunately-named FEDCOC), as saying. Suspensions cause confusion in the markets and force companies to pay registration fees again, he added.


House Planning Committee to review 2022-2023 draft budget

The House of Representatives voted in plenary session yesterday to send the draft FY 2022-2023 budget to the budget and planning committee, Youm7 reports.

The FY 2022-2023 budget was recently restructured to “reassess priorities” after the Ukraine conflict shook global commodity markets and hit state finances. It now includes a combination of austerity alongside targeted spending increases to shore up the social safety net. The government currently sees the economy growing at a 5.5% clip in the coming fiscal year, after revising down its GDP forecast from 5.7%.

Some budget targets have since been revised again as we withstand the global turmoil. The budget deficit is currently expected to narrow to 6.2% instead of 6.9%, while the state is targeting a 1.3% primary surplus.

What’s next? When all of the horse trading is done, ministries finish lobbying for new earmarks, and the House Planning Committee submits its report, the document will then go up for a vote at the House of Representatives’ general assembly before the start of the new fiscal year. If the budget doesn’t pass before 30 June, the current budget rolls forward to direct state spending until the new document is passed.


  • A new authority for airspace management: The House approved yesterday a draft bill to set up a new authority to regulate Egyptian airspace, Youm7 reported. The National Center for Airspace Management will be tasked with managing Egypt’s airspace, providing navigational services, enhancing air safety, and training employees in the field.
  • A USD 28 mn development grant agreement with USAID: The grant will be spent on support for SMEs and improving technical and vocational education and training (TVET), according to an International Cooperation Ministry statement.


Brmaja’s Egyptian arm makes a play for Saudi subsidiary of Brmaja Group

Saudi tech firm Brmaja moves to consolidate its presence here: Brmaja IT, an Egyptian subsidiary of Saudi Arabian tech firm Brmaja Group, has signed an MoU to acquire one of the group’s KSA subsidiaries, the company told us in a statement (pdf) yesterday. The targeted firm, Brmaja Commercial, has an estimated market value of USD 20 mn.

What they said: The acquisition is part of Brmaja’s plan to increase its investments here by 20% this year “to accommodate the significant growth in the company’s business in the Egyptian market, where it has contracted with many private sector and state-owned firms in various fields,” Brmaja Group CEO Hatem Bakheet said in the statement.

One step closer to bringing Brmaja HQ to Egypt? The company’s Egyptian arm in November announced plans to acquire its Saudi parent company in a reverse merger, paving the way for the tech firm to move its headquarters to Cairo and potentially make its debut on the Egyptian Exchange.


Exporters to get more of their overdue subsidies back in April: Exporters in the fourth phase of the government’s program to repay overdue subsidies will see only 8% deducted from subsidies on shipments made from July last year, down from a previous 15% haircut, the Finance Ministry said in a statement. Exporters are due to receive their payments on 28 April. The program allows exporters to receive overdue subsidies in a single payment rather than in installments over four to five years, in return for a haircut. More than 2.5k exporters have received EGP 33 bn in overdue subsidies since the program launched in November 2021, the statement added.

A Russian delegation has visited site of the the future Dabaa nuclear plant to check up on the progress of groundwork at the Rosatom-led project, according to Al Borsa. Meanwhile, French consulting and engineering firm EGIS is looking into taking part in constructing the nuclear plant, Al Mal quotes EGIS Egypt CEO Sameh Atallah as saying. The company is also hoping to take part in water desalination, sewage and smart cities projects in Egypt, he added.

Work has started on a Sinopharm-sponsored cold storage facility in Cairo, according to Chinese media. The facility will have capacity to store up to “150 mn doses once finished [and] will also help Egypt achieve the goal of vaccinating 70% of its population by mid-2022,” Chinese ambassador Liao Liqiang is quoted as saying. More on the embassy’s Twitter.

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

  • We’re importing Russian coal to power cement factories for the first time: Alexandria Port is expecting a shipment of 5k tons of coal from Russia on Thursday, as the global commodities shock forces cement producers to diversify from US suppliers. (Al Mal)
  • Natgas vehicle scheme reaches Luxor, Aswan: Vehicle owners from Luxor and Aswan can now replace their old, gasoline-fired cars with new ones with dual fuel engines gas under the government’s natgas transition scheme, Finance Minister Mohamed Maait said. Almost 18k vehicles have been replaced so far nationwide, including 1.2k taxis and microbuses. (Statement)
  • 2Africa subsea cable makes first landing in Genoa, Italy: The 2Africa consortium — comprised of China Mobile International, Meta, MTN GlobalConnect, Orange, stc, Telecom Egypt, Vodafone and WIOCC — announced the first landing of the 2Africa cable in Genoa, Italy. A total of 46 landings in Africa, Asia and Europe will be added by the time the 45k-km cable is completed in 2024. (Statement)
  • Recycling startup Dawarha is using tech to tackle plastic pollution in Egypt through reverse vending machines that reward consumers for depositing empty single-use plastic bottles.


El Ezaby Pharm. has appointed Yomna El Ezaby (LinkedIn) as managing director, vice chairman and CEO, succeeding Maha Farid Shalaby (the wife of El Ezaby Chairman Ahmed El Ezaby), who passed away in February, Al Mal reported. Yomna has served as an executive manager at the pharma firm since 2009.

Cleopatra Hospitals Group (CHG) has appointed four new board members, the company said in a disclosure (pdf) to the EGX yesterday. CI Capital Chairman and Managing Director Mahmoud Atallah, CI Capital Managing Director and CEO Hesham Gohar, Hossam El Din Abdel Wahab, and Ahmed Mohamed Sobhy Ramadan will serve as representatives of MCI Capital Healthcare Partners, a subsidiary of financial services outfit CI Capital, which late last year upped its stake in the hospital group to 26.8%.



It was another quiet Ramadan night — but one talking head was talking business: El Hekaya’s Amr Adib took to the airwaves to discuss the Trade Ministry’s move to bar some companies from exporting their products to Egypt. Companies that submit the required paperwork will once again be able to import their products within 24 hours, Head of the General Organization for Import and Export Control (GOEIC) Essam El Naggar told Adib (watch, runtime: 12:00). “This is a routine move that has been happening since 2019,” he said, adding that the list of companies suspended from exporting their goods to Egypt is updated daily. Head to our Trade section above for the full rundown on the story.


Human rights lead the conversation on Egypt in the international press this morning. The Associated Press notes the visit last week of a senior EU human rights official and links it to the recent death of economist Ayman Hadhoud, who authorities said died last month at a mental health facility in Abbasiya. Amnesty International is also calling for an investigation into his death.

Egyptian churches welcomed congregations on Palm Sunday for the first time in two years, after covid restrictions were relaxed. (Reuters | watch, runtime: 0:55)

Israeli holidaymakers in Sinai are also getting some attention: Passover saw long waits at the Taba border crossing as Israelis headed to vacation in Sinai, the Times of Israel reports. More than a few of them may have been heading to two Israeli-organized music festivals in the area, which the AFP says sparked “outrage” and calls for a boycott in some quarters.

From Damietta to the Tunisian coast: An oil tanker loaded with over 750 tonnes of diesel that departed from Damietta Port ran aground in Tunisia after water seeped into the engine room. (AP)


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The crystal balls continue to predict a rocky earnings season ahead: The crisis in Ukraine and rising inflation is forecast to weigh on the earnings growth of major US corporations in their 1Q results, the Financial Times reports. Analysts expect earnings-per-share growth among S&P 500 companies to fall to 5.2% this quarter from 32% in 4Q 2021, marking the weakest growth since the final quarter of 2020.

Privately held tech firms aren’t immune from the growth-stock rout: The selloff in public tech firms has made its way to private companies, marking a steep turn of sentiment as investors grow cautious after a bumper year for VC funding globally, the Financial Times reports. One platform for private share trading said prices fell by as much as 20% in February and March compared to Q4 2021. The drop-off coincides with a long slide for the tech-heavy Nasdaq index of publicly traded companies (which has lost around 15% YTD) as well as a fall in global dealmaking amid inflationary pressures and the war in Ukraine. But some insist on seeing the bright side, telling the pink paper that the fall in valuations could trigger dip-buying in private firms.




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The EGX30 rose 0.3% at yesterday’s close on turnover of EGP 645 mn (32% below the 90-day average). Regional investors were net buyers. The index is down 10.4% YTD.

In the green: Egypt Kuwait Holding-EGP (+5.2%), GB Auto (+3.7%) and Oriental Weavers (+2.0%).

In the red: MM Group (-16.7%), Ibnsina Pharma (-5.5%) and Qalaa Holdings (-4.7%).

Markets in Australia, Hong Kong, the UK, and much of Europe are off today for a holiday. Those Asian markets that are open are largely down in early trading, while futures suggest Wall Street looks set to start in the red later today.


President Abdel Fattah El Sisi met last week with a US Congressional delegation headed by Sen. Richard Shelby, according to an Ittahidya statement. The meeting — which discussed ways to strengthen bilateral relations and touched on regional and international issues — was also attended by Foreign Minister Sameh Shoukry, who was in Washington for bilateral talks last week.

EDF in town to talk green ammonia, hydrogen: Electricity Minister Mohamed Shaker discussed green hydrogen and green ammonia with the executive vice president of EDF Renewables and the president of Egyptian firm ZeroWaste in talks on Thursday, the ministry said in a statement. The companies together form one of six international consortiums currently in talks with the Suez Canal Economic Zone (SCZone) to establish a USD 1 bn green ammonia plant that would produce green fuel for ships.


Egyptian research centers are showing strength in regional rankings: Nine Egyptian research institutes are among the 20 best scoring institutions in the region, according to Spanish research organization SCImago’s MENA region Research Center Rankings. A total of 89 Egyptian research centers were included in SCImago’s first annual MENA region research rankings — more than any other country — which assessed 391 institutes from 22 countries in the region. Egyptian research centers appeared to be among the highest performing institutes in the region across most metrics, with the National Research Center (NRC) ranked as the strongest of the pack.

Rankings are based on three major criteria: Research, innovation and society. Some 40% of SCImago’s ranking model comes from research performance, which tracks metrics like the quality of publications produced by these centers, the frequency of their output, and collaboration with international partners and industrial players. Innovation snaps up another 40% of the ranking and measures the technical impact of their work based on patents and patent citations. The remaining 20% of the weighting looks at societal metrics such as web presence and their contribution to sustainable development goals.

Breaking things down a little further: Egypt’s stem-focused NRC topped SCImago’s overall rankings and research score — and with the exception of the Qatar Foundation, did so by a landslide. NRC was ranked second regionally in the society score, surpassed only by the Qatar Foundation, and third when it came to innovation, outperformed by Saudi Arabia’s King Abdulaziz City for Science and Technology and, again, the Qatar Foundation.

Egyptian institutions generally fared best in innovation, where the country holds 11 of the top 20 slots on the rankings, despite the country’s best performing institute ranking third behind Qatar and Saudi on the same metric. When it came to research, Egyptian institutions held 10 of the top 20 spots on Scimago’s rankings and six of the top 20 slots for their society scores.

How does that compare to our regional peers? Despite the low count (with 10 total institutes listed for the country), Qatar’s research centers were the most promising after Egypt’s. They are followed by Saudi Arabia and Algeria, who tied for the number of institutes listed in the top 20 overall performers. The King Abdulaziz City for Science and Technology and the Qatar Foundation were mainstays in the best performing research centers across all categories.

Who’s involved? The rankings are sponsored by Egypt’s Higher Education and Scientific Research Ministry, which shares “insights related to research centers and strategies,” according to SCImago. Netherlands-based academic publishing company Elsevier and its Scopus platform are the main data providers for the rankings, which SCImago then develops into its final rankings.

And how are research institutes chosen? All MENA region research centers that do not belong to a higher education institute and are conducting non-health related research have been included in these rankings, according to SCImago. But there’s one more rule: All research centers need to have published at least one academic paper in a journal on the Scopus database at some point between 2016-2020 to be eligible.

As we’ve noted before, scientific research in Egypt is in good shape: Regionally, Egypt ranked 5th in terms of citations between 1996 -2021, sitting above the likes of Qatar, Jordan, Kuwait, and the UAE and below only Saudi Arabia, Israel, Turkey, Iran, according to Scopus data. The latter three countries were not included in Scimago’s rankings. When it comes to innovations relative to investments in the inputs that should make them possible, Egypt does fairly well too, according to the UN’s World Intellectual Property Organization’s 2021 Global Innovation Index (pdf). Egypt’s overall strong performance comes despite individual researchers having a hard time going about their business, mostly as a result of a lack of funding and challenges in acquiring the basic equipment necessary to complete their research.

Your top education stories for the week:

  • Earnings watch: Private sector education outfit CIRA reported EGP 943.9 mn in revenues during the first half of its fiscal year, rising 24% y-o-y. Education outfit Taaleem saw an 8% y-o-y increase in its bottomline in 1H 2021-2022 to EGP 139.5 mn.
  • The Planning Ministry and MIT’s Abdul Latif Jameel Poverty Action Lab (J-PAL) have launched the Egypt Impact Lab, which will work to connect academics and government partners to strengthen our poverty alleviation policies.
  • The Financial Regulatory Authority has joined the Organisation for Economic Cooperation and Development’s International Network on Financial Education, an initiative launched in 2002 to improve financial literacy.



  • Events with specific dates or months are right here up top
  • Events happening in a quarter or other range of time with no specific date / month appear at the bottom of the calendar.


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

April: A delegation from a major Belgian shipping company will arrive for talks on building an international shipping supply center in Egypt.

18-24 April (Monday-Sunday): World Bank-IMF Spring Meetings, Washington D.C.

20 April (Wednesday): Deadline for listed companies and NBFIs to submit quarterly ESG reports.

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.

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.

30 April (Saturday): Fixed customs exchange rate lifted.

Late April through 15 May: 1Q2022 earnings season


May: Investment in Logistics Conference, Cairo, Egypt.

May: General Authority for Land and Dry Ports to issue the conditions booklet for the tender to establish and operate the Tenth of Ramadan dry port.

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).

15 May (Sunday): Last day for EGX-listed companies to file 1Q2022 earnings

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.

21-22 June (Tuesday-Wednesday): Aswan Forum for Sustainable Peace and Development, Cairo.

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.

30 June (Thursday): Deadline for bids for National Democratic Party HQ redevelopment contract.


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.

1 July (Friday): Official rollout of e-receipt system 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 600 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.

18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors to register with the Egyptian Securities Federation.

20-21 September (Tuesday-Wednesday): Federal Reserve interest 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.

1 October (Saturday): Use of Nafeza becomes compulsory for air freight.

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 COP 27 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.


January 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.


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.

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

2Q2022: The Sovereign Fund of Egypt will invest in two companies in the financial inclusion and non-banking financial services sectors.

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

End of 2Q2022: Door for bidding for the contract to redevelop the site of the former National Democratic Party HQ 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.

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.

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

2023: Egypt will host the Asian Infrastructure Investment Bank’s Annual Meeting of the Board of Governors in 2023.

**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.

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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