Tuesday, 9 August 2022

AM — CFC Group to build USD 400 mn industrial complex in Qena



Good morning, friends, and happy hump day. It’s a truly slow newsday (we are, indeed, in the dog days of summer), but the big news here at home is CFC Group’s USD 400 mn investment in a greenfield industrial complex in Qena. The facility is part of that USD 10 bn Egypt / UAE / Jordan / Bahrain investment pact and smartly looks to capture more of the manufacturing value chain here at home while driving regional economic integration. Details in this morning’s news well, below.

HAPPENING TODAY- Public consultations on the government’s state ownership policy document continue today, with higher education players voicing their thoughts on the privatization strategy. The government holds workshops every Sunday, Tuesday, and Thursday to see how its plans will affect specific industries. You can find more details on the schedule of the meetings here.

The next round of talks is scheduled for this Thursday, 11 August with experts and think tanks.


The Central Bank of Egypt (CBE) is creating a platform for making contactless phone payments à la Apple and Samsung Pay, CBE Assistant Sub-Governor for Banking Operations and Payment Systems Ehab Nasr said during a conference, according to Hapi Journal. The institution is working with international partners on the platform, Nasr said.

Mobile wallets are catching on: The number of payments made via mobile wallets more than doubled y-o-y to 212 mn in 1H 2022, while the value of transactions rose to EGP 250 bn, up from just EGP 96 bn the same time last year, Nasr said. The country’s new national digital payments app, InstaPay, has been used to make 1.33 mn transactions since its launch in March.

As is online shopping: The value of online purchases in Egypt rose 34% y-o-y, with consumers spending some EGP 22.3 bn during the six-month period, Nasr said. The number of POS transactions rose by almost 50% to EGP 108.7 bn.


Casa de Donald just got raided by the feds: FBI agents raided Donald Trump’s Mar-a-Lago estate in Florida yesterday and broke into his safe, the former president said yesterday. “These are dark times for our Nation, as my beautiful home … is currently under siege, raided and occupied” by FBI agents, Trump said in a statement posted by an affiliated Twitter account. The reason for the raid is still to be confirmed, but US media outlets are reporting it was part of a federal investigation into Trump’s handling of classified information during his time in office. (AP | Reuters | NYT | Washington Post | Bloomberg | FT | WSJ | CNBC)

Kenyans are heading to the polls today to decide who will succeed outgoing president Uhuru Kenyatta. It’s looking like a close-run thing between the two front-runners — opposition leader and Kenyatta-backed Raila Odinga and Deputy President William Ruto. Polls will close at 4pm CLT and vote-counting will begin shortly after.


COP27 WATCH- Recapping last week’s Egypt- and UN-led regional climate roundtable in Ethiopia, which brought together African climate negotiators, lenders and global officials to discuss how to channel finance into climate projects. During the three days, participants analyzed and assessed more than 140 potential projects in Africa that are in need of finance, and discussed them in six themed sessions that addressed issues such as food security, water use and digital transformation, UN Climate Change High-Level Champion for COP27 and special envoy of the UN Secretary General Mahmoud Mohieldin said in an emailed statement. The roundtable marked the first in a series of efforts to compile and present African climate projects with potential for financing ahead of COP27, Mohieldin said.

There are four more regional roundtables coming up, with the next taking place in Bangkok, Thailand, on 25 August.


Grease star and pop icon Olivia Newton-John has died at age 73, her husband, John Easterling, announced on social media yesterday. The cause of death was not made public, but the British-Australian singer had been suffering from breast cancer for years and has a fund dedicated to breast cancer research in her name. The four-time Grammy winner led a long, successful career in showbiz — Physical was one of the biggest singles of the 1980s, and her breakout performance in Grease alongside John Travolta is making the rounds this morning.

Obits rolled in through the night for Newton-John: BBC | CNN | The Guardian | NYT | The Independent | AP | WSJ.


Inflation data for July should land on Wednesday, 10 August.

Ghazl El Mahalla IPO: The retail portion of Ghazl El Mahalla’s mini-IPO will wrap next Sunday, 14 August.

MNHD shareholders have the final word on SODIC takeover bid: Madinet Nasr Housing and Development will hold a general assembly meeting on Tuesday, 16 August, to decide whether to allow SODIC to conduct due diligence ahead of a potential takeover.

Interest rates: The Central Bank of Egypt will meet to discuss interest rates next Thursday, 18 August.

National Dialogue: The board of trustees overseeing the National Dialogue will hold its next meeting on 27 August. On the agenda: Choosing the rapporteurs for all of the committees and subcommittees of the social, political and economic tracks, and preparing the agenda and topics of discussion for the dialogue.

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


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

In today’s issue: Enterprise sits down with one of the climate experts who helped craft Egypt’s new emissions targets. Amr Abdel Aziz is an unpaid advisor to Environment Minister Yasmine Fouad and chairman of Cairo-based environmental consulting firm Integral Consult, which helped develop Egypt’s new national climate strategy and updated nationally determined contributions (NDCs). We talk with Abdel Aziz on the thinking behind our new emissions targets, what would make the COP27 climate summit a success in his eyes, and why more climate finance from developed nations is key to halting global warming.


Live music at Somabay: 2CELLOS. World-renowned and wildly popular cellist duo, 2CELLOS, are bringing the magic of music to Somabay on 18 November, 2022. Get ready for an unforgettable night of captivating performances and electric energy.


CFC Group to build USD 400 mn industrial complex in Qena under the new regional industrial partnership

Emirati fertilizer company CFC Group will establish an industrial complex in Qena Governorate under the new joint industrial partnership between Egypt, the UAE, Jordan and Bahrain, senior figures in the company told us yesterday, confirming information originally reported by Al Mal.

About the Qena complex: The firm will invest USD 400 mn in the project, which will create 1.5k new jobs as it produces 200k tons of fertilizers, 400k tons of animal feed and 700k tons of phosphoric acid each year, Group CEO Ahmed Khalifa told us. Construction is scheduled to begin in 1Q 2023 in Qena’s Al Haw industrial area, with production set to start in 1Q 2025, Khalifa said.

CFC will self-finance the project: CFC Group is putting up the USD 400 mn capital for the project, which will be designed by German company ThyssenKrupp, Thierry Sansonetti, CFC Fert’s managing director, told us. Local fertilizer firm Evergrow — where Khalifa serves as vice chairman — is onboard as a technical advisor.

The company has set up an Egypt arm specifically for the project: The Dubai-based group has been around since 2016 but has set up its Egyptian subsidiary, CFC Fert, to build the new complex, Sansonetti said.

This is the first project chosen under the industrial partnership between Egypt, Jordan, the UAE, and Bahrain, and was selected because it meets the objectives of all four countries involved, Group CEO Ahmed Khalifa told us.

REFRESHER- The partnership will facilitate bns of USD of investment to develop industrial production in the four countries. The UAE is contributing USD 10 bn to the initiative, which will be managed by Abu Dhabi sovereign wealth fund ADQ, while other projects will be financed by the private sector. The countries in July identified a number of projects in the food, agriculture, pharma and fertilizers sectors that will receive USD 3.4 bn of investment in the first phase of the partnership.

Jordan + Egypt will supply the raw materials: Jordan will provide 200k tons of potash — a raw material used in the manufacture of fertilizers — while Egypt will supply 1 mn tons of phosphate, Khalifa said. “Instead of exporting the phosphate [as a raw material], the project enables us to continue the production cycle for the raw material and create a final product at an affordable cost that we can export at better prices,” he added.

The products will head to Egypt, the UAE, Bahrain and elsewhere: A fifth of the complex’s output will be earmarked for the Egyptian market and the remainder will be exported, with priority given to the UAE, Bahrain and Jordan. Calcium chloride produced at the facility will be exported to the UAE and Bahrain, to meet the two countries’ oil and gas sectors’ needs.

IN CONTEXT- Fertilizer production has long been a key local industry — and it’s never been more important. The regional industrial partnership aims to bolster the countries involved against supply chain disruptions and spiraling prices, after global economic challenges exacerbated by war in Ukraine sent fertilizer prices soaring and put food security concerns in the spotlight. We’re already a key global producer of fertilizer, allowing the partnership to leverage our existing expertise and infrastructure in the sector.


Arab Alloys to build EGP 1 bn industrial complex in SCZone

The newly-established Arab Alloys Company is investing EGP 1 bn to build a ferroalloys industrial complex in the Suez Canal Economic Zone, Hapi Journal reports. The facility will produce several types of metal alloys and will be the largest of its kind in the SCZone, Chairman Medhat Nafei reportedly told the newspaper.

In detail: The complex will produce 48k tons of ferrosilicon alloy each year in addition to silicon manganese and silicon metal. It will be built over a five-year period, with the first two phases to be completed by 2024. The company is currently conducting an environmental impact assessment for the project and working on securing the needed furnaces, Nafei said.

Not much is known about the company: Established only a few weeks ago, Arab Alloys describes itself as the “first privately-owned company in Africa for the production of ferroalloys” though the identities of the shareholders are not known. It appointed Nafei as its chairman in late July and held its first board meeting on Sunday.

Also working on the project: Ziad Bahaa Eldin Law Office is providing legal advice on the project while EGEC has been hired as a consultant.


IFC sells down stake in National Printing Company

The International Finance Corporation (IFC) has offloaded its entire 14% stake in National Printing Company in an EGP 175.9 mn transaction, Al Mal reports, citing sources familiar with the matter. The multilateral lender reportedly sold 10% back to the company and the other 4% to majority shareholder and Qalaa Holdings subsidiary Grandview, the people said. The IFC has been a shareholder in the company since 2010 when it invested USD 10 mn to back the construction of a cardboard factory.

Background: National Printing Company was set up by Grandview and Shorouk Group founder Ibrahim El Moallem in 2006. Grandview now owns around 57% of the company following the transaction and the remainder is owned by Moallem, according to the newspaper.


Ministers are still working to resolve “controversial” aspects of building violations regs

No agreement on building violation regs: The Madbouly government is still working to resolve differences of opinion over amendments to the law for reconciling building violations, cabinet said yesterday. Ministers have not reached a consensus regarding several “controversial” points of the legislation which are being contested by “various stakeholders,” the statement said, without providing further details. Cabinet wants to finalize a draft in the coming weeks so it can pass the amendments to the House of Representatives for discussion when MPs return from summer recess in October.

The original law had some issues: Ministers are working on amendments to address shortcomings in the original legislation which was passed in an effort to combat illegal construction. To legalize informal settlements and illegal buildings, the government in 2020 required property owners to pay fines (“reconciliation fees”) and ended up receiving around 2.8 mn requests. The problem is that the government has reportedly only responded to a fraction of these, and many fines remain unpaid. And a lack of unified rules has meant that various governorates around the country have been implementing the law differently.

So far, the government has received just 25% of what it’s owed, Rep. Ahmed El Seginy said on Ala Mas’ouletty last night (watch, runtime: 5:03). Property owners and the New Urban Communities Authority have paid somewhere in the region of EGP 22 bn to the state, he said.

Government officials in recent months have pledged to adopt a zero-tolerance stance towards new illegal construction and announced several controversial policies to crack down on violators. These include the removal of food subsidies and the referral of people who illegally build on the Nile to military prosecution.


You can now legally snap a selfie in Egypt’s streets under a new decree from the cabinet that allows Egyptians and foreigners to use cameras for personal use without needing to obtain a permit or pay fees, according to a Tourism Ministry statement. The — very welcome — recommendations were first greenlit by the cabinet in July.

There are still some restrictions: Photographers will still need permits to take pictures of ministries, legislative councils, government facilities, police stations, buildings and any site affiliated with the military. They are also banned from shooting scenes considered “offensive” to the country, and from filming adults and children without their consent. Professional photography — including photography for cinematic, television, documentary and commercial purposes, as well as photojournalism, media, advertising, or professional photography — will still require a permit as well.



Former investment minister and Masar chairwoman Dalia Khorshid (LinkedIn) has been appointed the new managing director and CEO of Beltone Financial effective today, Hapi Journal reports. The decision was made at a board meeting yesterday called by the company’s new majority shareholder Chimera Investments which acquired a 56% stake last week. Khorshid replaces Ibrahim Karam (LinkedIn) who will remain a non-executive board member.

WATCH THIS SPACE- Beltone will convene its general assembly on 31 August to restructure the board following the change of ownership, the newspaper reports, citing sources familiar with the matter.

ALSO- Aladdin ElAfifi (LinkedIn) has stepped down from his role as non-executive board member at Beltone after assuming a new position as CEO of EFG Hermes’ non-bank financial institutions (NBFI) platform.



Egypt’s role mediating a ceasefire between Israel and Palestinian Islamic Jihad continued to receive attention from the talking heads last night, with Masaa DMC (watch, runtime: 5:26), Salet El Tahrir (watch, runtime: 3:04), and Ala Mas’ouleety (watch, runtime: 2:05) covering the international praise that headed Egypt’s way yesterday for its role in ending the three-day conflict. We have more on this in this morning’s Diplomacy section, below.

Egypt was in contact with Israel, PIJ and Hamas to prevent the violence in Gaza from escalating further, and succeeded in its strategy to prevent Hamas from joining the fighting, Tarek Fahmy, a professor of political science at the National Center for Middle East Studies, told Ala Mas’ouleety (watch, runtime: 12:25). One of Egypt’s biggest responsibilities at the moment is to bring the Israeli-Palestinian conflict back into the international conversation, Fahmy added.


COP27 + climate is back in the foreign press this morning: Reuters says that tensions are rising ahead of the summit, as developing countries increase their demands for wealthy nations to compensate them for losses and damage they endured due climate change. Meanwhile, ESG finance site Capital Monitor talks to the sustainability chiefs at four of Egypt’s biggest banks about sustainable finance in Egypt and COP27.

Human rights is getting attention in the gray lady: Political prisoners in Egypt share stories of the conditions through which they lived in the nation;s prisons in this feature piece by the New York Times.


More than 4.5 mn Egyptians have so far been registered on the Universal Health Ins. System, said Ahmed Sobky, chairman of the General Authority for Healthcare, according to a cabinet statement. The system is being progressively rolled out across the country over the course of this decade and is currently available in Port Said, Luxor and Ismailia. There are currently 21 hospitals and 134 health centers affiliated with the system in the three governorates.

Telecom Egypt (TE) has signed a five-year national roaming agreement with Orange that will allow state-owned (and EGX-listed) TE use Orange’s mobile service infrastructure, according to a joint statement (pdf) out yesterday. TE has had a roaming agreement with Etisalat Misr since 2017; that agreement is set to expire in December, though the two sides recently agreed to work on a more “flexible” mechanism to continue to allow TE to use Etisalat’s network.

ALSO- Huawei inked an MoU with the Information Technology Industry Development Agency (ITIDA) to provide training and open access to Huawei’s cloud services to local tech startups working in AI, data management, gaming and e-commerce. (Press release, pdf)


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Investors are leaving private equity and VC funds at a record pace this year, as the era of cheap money screeches to a halt, the Financial Times reports. Some USD 33 bn has fled private funds in 1H 2022, up from USD 19 bn a year before — and at undervalued prices, the FT says, citing financial services firm Jefferies.

Driving the outflows: Some pension funds say their hands are being forced by the decline in the equity markets. Most funds have rules on how much exposure they can have to private markets. Falling valuations in the public markets this year has pushed the private market weightings of some funds over the limit, forcing them to sell stakes to rebalance. Others are concerned about the hangover after two years of manic dealmaking, which could cause liquidity issues and leave some unable to meet future capital calls.

End of an era? The figures suggest we may now be seeing an end to the post-financial crisis rise of buyout firms, VC and real estate funds, as pension and sovereign wealth funds put money back into the public markets.


  • Could Salik give Gulf IPO boom its second wind? Dubai wants to raise USD 1 bn from the IPO of its road toll system Salik as soon as next month. (Bloomberg)
  • Axios is getting new owners: US news outfit Axios has decided to sell itself to US-based conglomerate Cox Media in a transaction valuing it at USD 525 mn. (New York Times)




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The EGX30 fell 0.8% at yesterday’s close on turnover of EGP 1.7 bn (52.1% above the 90-day average). Local investors were net buyers. The index is down 15.9% YTD.

In the green: Oriental Weavers (+4.9%), Alexandria Containers and Goods (+4.0%) and Eastern Company (+2.5%).

In the red: Ibnsina Pharma (-4.9%), CIRA (-4.8%) and Fawry (-4.3%).

Major Asian benchmarks are all under selling pressure right now and futures suggest shares in Europe and North America will likely start the day in the red at the opening bell.


The clock is ticking in Iran nuclear talks: The EU has drafted a final revised text for bringing the US and Iran back into the 2015 nuclear agreement, and has given the two countries a few weeks to decide whether or not they will re-enter the accord, according to Bloomberg. Talks in Vienna finished yesterday with a draft agreement that must now be approved by the US and Iranian presidents.

The Gaza ceasefire is holding: The truce between Israel and Gaza militants negotiated by Egypt on Sunday held up yesterday, leading to Israel reopening it’s border crossing with Gaza and the Strip’s only power plant restarting operations, the Associated Press reports. Israel’s caretaker prime minister, Yair Lapid, thanked President Abdel Fattah El Sisi for Egypt’s efforts in a phone call yesterday, according to an Ittihadiya statement.

The US is expected to shell out one of its biggest security assistance packages to Ukraine yet, with USD 1 bn in munitions for long-range weapons and armored medical transport vehicles included in the package, three sources briefed on the matter told Reuters on Friday. The package would bring total US aid to Ukraine since the start of the invasion to almost USD 10 bn.


Enterprise sits down with: Amr Abdel Aziz, chairman of the environmental consulting firm that helped craft Egypt’s national climate strategy. The Madbouly government is stepping climate policy up a gear as it looks to show leadership on the world stage as host of the COP27 UN climate summit this November. In May, Egypt unveiled the outline of its new national climate strategy up until 2050, and just weeks ago we got news on our revised emissions targets for 2030 as part of our updated nationally determined contributions (NDCs) under the Paris Agreement global climate pact. Lending the government a helping hand on both initiatives was Cairo-based environmental consulting firm Integral Consult, which worked on the national climate strategy and helped review Egypt’s NDCs.

With COP27 just a few short months away, we wanted to hear from someone who’s had a seat at the table on our climate policy. We sat down with Amr Abdel Aziz (LinkedIn), chairman of Integral and unpaid advisor to the Environment Minister, to hear his insights on what it will take to achieve our ambitious new targets and what a successful COP27 looks like for him.

The key takeaway: Our new climate targets are solid, achievable, and evidence based, Abel Aziz says, but access to implementation support — especially climate finance from developed nations — will be key to achieving them.

A word on Abdel Aziz first: The man has a CV that includes extensive experience as an author and reviewer of key climate research for a host of international organizations including the United Nations Development Program (UNDP), United Nations Framework Convention on Climate Change (UNFCCC), United Nations Environment Program (UNEP), and the World Bank. Notably, Abdel Aziz was a lead author in several parts of the landmark UN Intergovernmental Panel on Climate Change (IPCC) reports released earlier this year,

Below are edited excerpts from our conversation.

ENTERPRISE: What does the team behind Integral Consult do on both the public and private sector sides?

AMR ABDEL AZIZ: Integral Consult has been in the market for more than 18 years. We develop environmental and social impact assessments for various national projects, and sustainability strategies for companies. We also help companies measure and report on their carbon footprints and greenhouse gas emissions.

We worked on Egypt’s national climate change strategy for 2050, and we helped develop the low-emissions development strategy (LEDS) (pdf), which includes mitigation scenarios for various sectors. The LEDS helps Egypt plan environmentally sound strategies in the medium and long run in sectors like energy, industry and transport. It was also used as the basis for Egypt’s updated NDCs, which we also worked on and reviewed.

E: What does your role as advisor to the environment minister entail?

AAA: Right now, I am focusing very much on supporting the COP27 presidency team, especially with the negotiations track. I’m currently leading the team responsible for mitigation and the team responsible for transparency. The transparency team follows up on countries’ reporting requirements under the Paris Agreement. On the mitigation side, the program aims to scale up pre-2030 mitigation ambition and implementation for the 1.5˚C target [under the Paris Agreement].

E: There was a lot of disappointment surrounding COP26 and the objectives and goals that weren’t met. What are the priorities for this year’s summit?

AAA: One of the main objectives is reaching a good outcome on mitigation. Loss and damage finance is definitely another issue that we want to take forward. We’re also hoping to try to move forward the agenda to double adaptation finance by 2025, and to reach a resolution on the USD 100 bn financing pledge from developed countries, which they have yet to meet.

The overarching goal is to achieve a balance between all the parties’ interests. The mitigation program, for example, is being pushed mainly by developed countries and small island developing states (SIDS), who are facing dire impacts from climate change at the moment. On the other hand, adaptation, finance, and loss and damage, are pushed mainly by developing countries. Our challenge is to achieve a balanced outcome that can satisfy all these goals and objectives.

E: What would make COP27 a success?

AAA: The overarching theme this year is implementation, so we hope to showcase what implementation looks like in the context of mitigation and adaptation. If the summit can address this question of implementation in all of its discussions, that will be a mark of its success.

E: How has hosting COP27 affected the climate agenda here in Egypt?

AAA: The climate agenda here has really accelerated over the past seven or eight months to a level that could have taken us ten more years to achieve if it hadn’t been for the summit. COP27 also helps us achieve one of the major goals of our national climate strategy for 2050, which is to become leading spokespeople for the global climate change agenda and to hold a prominent seat at the table in discussions on climate change.

E: What are your thoughts on Egypt’s updated emissions targets? Do you think they are feasible?

AAA: The NDC’s targets were formulated based on the low emissions development strategy we drafted, so they were all made with quantified certainty that they can be achieved. But their success is conditional on access to means of implementation, which include finance, technology, and capacity building. The targets are realistic but are conditional on the presence of international support and financing.

The targets focus on three sectors — energy, oil and gas, and transport — that represent around 45% of the country’s total emissions, because we wanted to cover as much as we can of Egypt’s total emissions. We also picked the sectors with the most potential for emissions reductions.

We’re very optimistic about reaching these targets, especially for the transport sector, which could even beat the targets in light of the progress that has been made, whether in electrification or other forms of sustainable transport.

E: What are the biggest priorities for the global climate change agenda right now?

AAA: The priorities are reaching the targets of the Paris Agreement, and making strides in mitigation efforts. Scientific research has shown that we must cut emissions by half by 2030 if we want to achieve the 1.5 °C target. To do that, climate finance must be available.

The biggest obstacle standing in the way of developing countries achieving their climate targets is the lack of adequate, sufficient financing from developed countries. Adaptation finance, which has been neglected for years, also remains a priority for developing countries. Without it, developing countries will not be able to fight and stave off the impacts of climate change.

Your top green economy stories for the week:

  • We now have a schedule for COP27. The UN has released a basic itinerary for the 11-day gathering.
  • Egypt plans to plant 100 mn trees across the country’s highways and roads, and in public parks and gardens, with nearly 10k locations chosen for the parks.
  • The world is lagging behind on sustainable development goals agreed to by UN member states in 2015.
  • Foreign minister and COP27 President Sameh Shoukry spoke with US Presidential Climate Envoy John Kerry about climate issues.
  • Seven non-banking financial institutions have been recognized for their sustainable business practices by the Financial Regulatory Authority.
  • The country also wants to reduce the use of plastic bags per capita to 100 by 2025, and to 50 by 2030, in a bid to eliminate plastic waste.
  • Saudi Arabia’s ACWA Power will have until July 2023 to begin operations of its 200 MW Kom Ombo solar plant, after the company had requested permission to postpone work on the plant for nine months last September.


OUR CALENDAR APPEARS in two sections:

  • 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.


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.

August: Sharm El Sheikh will host the African Sumo Championship.

9 August (Tuesday): The government hosts public consultations on its state ownership policy document with higher education players.

11 August (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

14 August (Sunday): Retail portion of Ghazl El Mahalla IPO ends.

14 August (Sunday): The government hosts public consultations on its state ownership policy document with finance and ins. players.

16 August (Tuesday): The government hosts public consultations on its state ownership policy document with wood manufacturers.

16 August (Tuesday): MNHD’s general assembly meeting to decide whether to allow SODIC to go ahead with due diligence on its takeover bid.

18 August (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

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

23 August (Tuesday): The government hosts public consultations on its state ownership policy document with chemical producers.

25 August (Thursday): Second Egypt and UN-led regional climate roundtable ahead of COP27, Bangkok, Thailand.

25 August (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

25-27 August (Thursday-Saturday): Jackson Hole Economic Symposium.

27 August (Saturday): The National Dialogue board of trustees holds its fifth meeting, which will set the agenda for the dialogue and choose rapporteurs for the involved committees.

28 August (Sunday): The government hosts public consultations on its state ownership policy document with mining and petroleum refining players.

30 August (Tuesday): The government hosts public consultations on its state ownership policy document with minerals players.

31 August (Wednesday): Late tax payment deadline.

31 August (Wednesday): Deadline for qualifying companies to submit offers to manage and operate a soon-to-be-established state company for EV charging stations.

31 August (Wednesday): Submission deadline for fall 2022 cycle of EGBank’s Mint Incubator.

31 August (Wednesday): Beltone convenes its general assembly to restructure the board following the change of ownership.


September: Naval Power, Egypt’s first naval defense expo

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

September: Egyptian-German Joint Economic Committee.

September: A delegation from Germany’s Aldi will visit Egypt to look at potential investments.

September: Government to launch an international promotional campaign for Egyptian tourism.

September: Egypt will host the second edition of the Egypt-International Cooperation Forum (ICF).

1 September (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

1-2 September (Thursday-Friday): Third Egypt and UN-led regional climate roundtable ahead of COP27, Santiago, Chile.

4 September (Sunday): The government hosts public consultations on its state ownership policy document with electricity players.

6 September (Tuesday): The government hosts public consultations on its state ownership policy document with building and construction players.

6-9 September (Tuesday-Friday): Gate Travel Expo 2022, El Qubba Palace, Cairo.

7-9 September (Wednesday-Friday): African Finance Ministers to meet in Cairo to coordinate an African-led position during COP27.

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

8 September (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

11 September (Sunday): The government hosts public consultations on its state ownership policy document with accommodation and food services players.

13 September (Tuesday): The government hosts public consultations on its state ownership policy document with sports industry players.

11-13 September (Tuesday-Thursday): Environment and Development Forum (EDF), InterContinental City Stars, Cairo.

15 September (Thursday): The government hosts public consultations on its state ownership policy document with water and sewage utilities players.

15 September (Thursday): Fourth Egypt and UN-led regional climate roundtable ahead of COP27, Beirut, Lebanon.

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

20 September (Tuesday): Fifth Egypt and UN-led regional climate roundtable ahead of COP27, Geneva, Switzerland.

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

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

26–27 September (Monday-Tuesday): The Africa Women Innovation and Entrepreneurship Forum (AWIEF) at the Cairo Marriott Hotel.

27-29 September (Tuesday-Thursday): Africa Renewables Investment Summit (ARIS), Cape Town, South Africa.


October: House of Representatives reconvenes after summer recess

October: Air Sphinx, EgyptAir’s low-cost subsidiary to commence operations.

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

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

1 October (Saturday): 2022- 2023 academic year begins for public universities.

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

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

10-16 October (Monday-Sunday): World Bank and IMF annual meetings chaired by CBE Governor Tarek Amer, Washington, DC.

16-19 October (Sunday-Wednesday): Cairo Water Week 2022, Nile Ritz Carlton, Cairo.

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

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

Late October-14 November: 3Q2022 earnings season.


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

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

3-5 November (Thursday-Saturday): Egypt Fashion Week.

4-6 November (Friday-Sunday): Autotech auto exhibition, Cairo International Exhibition and Convention Center.

6-18 November (Sunday-Friday): Egypt will host COP27 in Sharm El Sheikh.

7 November (Monday): The inauguration of the first line of the high-speed rail.

7-13 November (Mon-Sun): The International University Sports Federation (FISU) World University Squash Championships, New Giza.

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


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

13-15 December (Tuesday-Thursday): US-Africa Leaders Summit.

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

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

December: The Sixth of October dry port will begin operations.


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.

7 January (Saturday): Coptic Christmas.

25 January (Wednesday): 25 January revolution anniversary / Police Day.

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


11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.

13-15 February (Monday-Wednesday): The Egypt Petroleum Show (Egyps), Egypt International Exhibition Center, Cairo.

MARCH 2023

March: 4Q2022 earnings season.

23 March (Wednesday) — First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.

APRIL 2023

17 April (Monday): Sham El Nessim.

22 April (Saturday): Eid El Fitr (TBC).

25 April (Tuesday): Sinai Liberation Day.

27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

Late April – 15 May: 1Q2023 earnings season.

MAY 2023

1 May (Monday): Labor Day.

4 May (Thursday) National holiday in observance of Labor Day (TBC).

22-26 May (Monday-Friday): Egypt will host the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.

JUNE 2023

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY 2023

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

Late July-14 August: 2Q2023 earnings season.


26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).


6 October (Friday): Armed Forces Day.

Late October-14 November: 3Q2023 earnings season.


2H 2022: The inauguration of the Grand Egyptian Museum.

2H 2022: IEF-IGU Ministerial Gas Forum, Egypt. Date + location TBA.

2H 2022: The government will have vaccinated 70% of the population.

3Q 2022: Ayady’s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.

3Q 2022: Swvl to close acquisition of Urbvan Mobility.

4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.

End of 2022: Decent Life first phase scheduled for completion.

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.

1Q 2023: Adnoc Distribution’s acquisition of 50% of TotalEnergies Egypt to close.

**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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