Wednesday, 12 October 2022

AM — IMF sees contraction in over a third of global economies next year



Good morning, lovely people, and happy almost-Thursday.

All eyes remain fixed on Washington DC this morning as the IMF and World Bank annual meetings continue.

On the home front, it’s a good day on Planet Startup as two pharma companies snag funding rounds and the Nclude fintech fund gets a boost from Mastercard.

THE BIG STORY AT HOME AND ABROAD are one and the same today: Everybody’s gazing into the IMF’s crystal ball after the Fund released its latest global growth projections — and it ain’t looking too sunny. IMF economists are warning that countries will have to walk a very thin line between over- and under-tightening if they want to curb inflation without also causing growth to stagnate. The Fund is predicting contractions in a third of the world’s economies next year — and while we’re still set to register strong growth here in Egypt, the picture isn’t looking quite as bright as it did a few months ago. We have the full rundown in this morning’s Economy section, below.

The IMF executive board has still not released its public meeting schedule. The body would have to approve any new assistance program for Egypt. Senior Egyptian officials and members of the banking community are all in DC for the meetings.

MEANWHILE- The EGP continued its slow slide against the greenback, easing nearly 2 piasters yesterday to hit a new low of 19.7268 against the greenback. The EGP has lost around a quarter of its value against the greenback this year, including the snap 15.9% devaluation in March.

The question on everybody’s lips: How much further will the EGP slide before an IMF loan package is announced.

COUNTDOWN TO COP- 26 days to go until the Sharm El Sheikh climate summit, ladies and gentlemen.


Take our EV survey: Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?

We want to hear from you: We’re taking the pulse on how the nation feels about Egypt’s nascent EV transition. Take a few minutes to fill out our short survey. We’ll be back with the results in a couple of weeks.



Bread reform committee should get House approval on Sunday: The House will approve Supply Minister Ali El Moselhy’s proposal to form an ad hoc committee to look into possible changes to the country’s massive bread subsidy program during its session on Sunday, 16 October, head of the House agriculture committee Hesham El Hossary told reporters yesterday.

The EGX is looking to drum up interest in listed companies on a roadshow to Dubai and Abu Dhabi later this month, an EGX source told Enterprise. The bourse has tapped Al Ahly Pharos to help manage the roadshow, with EGX boss Rami El Dokany set to meet with as many as 100 regional and international financial institutions, the source said.

We’re celebrating 50 years of ties with the UAE in a three-day event in Cairo from 26-28 October, under the slogan “UAE and Egypt … One Heart,” according to a statement. The event will highlight the economic and investment ties the two countries have built over the decades, as well as cultural links.

Fuel prices to rise this month? We’re expecting the government to hike fuel prices for the seventh consecutive quarter when the fuel pricing committee meets this month. Fuel prices have risen by as much as 28% over the past 18 months in response to heightened international oil prices, which surged earlier this year on the back of Russia’s invasion of Ukraine.

Smart Green Governorates shortlist coming next month: Egypt’s Smart Green Governorates initiative will announce the full shortlist of 60 projects for the initiative at a conference early next month, according to a cabinet statement. The initiative’s technical committee is currently in the process of whittling down the shortlist from 162 projects to 60 (10 projects from each of the six categories), which will be presented to a national jury to select the final 18 projects. These will be showcased to investors at COP27.

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


*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We take a closer look at how cement and brick makers are set to respond to recent natural gas price hikes.


Oceanman African and Middle East championships at Somabay: Somabay will be hosting the first ever Oceanman African and Middle East Championships on 14-15 October, 2022. More than 750 participants between 7-70 years old from different countries will come together for the passion of open water swimming. Register now for all five races with different distances and qualifications. To find out more, visit


Price pressures likely to trigger recession next year -IMF

The IMF expects more than a third of the global economy to contract “this year or next,” it warns in its October World Economic Outlook (pdf) released yesterday. The Fund maintained its global GDP forecast of 3.2% for this year but is less optimistic about next year, when it expects growth to slow to 2.7% — 0.2 percentage points lower than in its last forecast in July. The report was released as IMF and World Bank officials are gathered in Washington DC for their annual meetings this week.

“In short, the worst is yet to come, and for many people 2023 will feel like a recession,” IMF Chief Economist Pierre-Olivier Gourinchas writes in the report. The world’s three largest economies — the US, China, and the EU — will “continue to stall” in 2022 and 2023, he said.

What’s behind the gloomy outlook? The report’s title, “Countering the Cost-of-Living Crisis,” more or less sums it up. The Fund sees inflation as the biggest risk to global growth. But monetary tightening by central banks to bring prices back in line also poses a threat, leaving many economies caught between a rock and a hard place.

The rock: major price pressures. The IMF sees global inflation peaking at 8.8% later this year (up from a previously forecasted 6.6%). That breaks down to 7.2% this year in advanced economies (up 0.6 percentage points from July figures), and 9.9% in EMs and developing economies (up 0.8 percentage points). Price pressures should cool to 6.5% in 2023 and 4.1% the following year, according to the report.

The hard place: risky policy “miscalibration.” The Fund says policymakers run the risk of “monetary, fiscal, or financial policy miscalibration” as they work to restore price stability. Central banks need to engineer a “soft landing,” raising rates enough to bring inflation under control, but not so much that they trigger a harsh recession. For governments, it’s key that fiscal policy works in line with monetary policy and doesn’t trigger panic in the financial markets or aggravate inflationary pressures, Gourinchas told Bloomberg TV, referencing the recent bond market chaos unleashed by UK PM Liz Truss’ mini-budget.

And there’s further downside risk: “We estimate that there is about a one in four probability that global growth next year could fall below the historically low level of 2%,” Gourinchas wrote yesterday. Downside risks include policy “miscalibrations” by major economies, more turmoil in financial markets on a strengthening USD, persistent inflationary pressures, and further escalation of the war in Ukraine.

EMs vulnerable on debt: The Fund notes that emerging markets are particularly vulnerable to debt distress as record debt carried over from the pandemic is compounded by repercussions of the war in Ukraine. EMs and developing economies with large external financing needs and USD-denominated debt may struggle to keep up with repayments amid energy and food price shocks, capital outflows, and a strengthening USD, the Fund said.

“Now is the time for emerging market policymakers to batten down the hatches,” the report says, suggesting those who haven’t already now reach out to the IMF for emergency financing support to boost liquidity. The Fund also reiterated its call to G20 nations to engage in serious talks on debt restructuring for their developing counterparts to head off a potential wave of EM defaults.


The global turmoil is catching up with us: The IMF revised its FY 2022-2023 growth forecast for Egypt down a full 1.5 percentage points to 4.4%, having in July maintained its 5.9% forecast for the nation’s growth while downgrading the global outlook.

Middle East + Central Asia continue to defy the downturn: The IMF revised upwards slightly from July its growth outlook for the Middle East and Central Asia, to 5.0% in 2022 and 3.6% in 2023, as rising oil prices bring benefits to the region’s oil exporters.


EBRD signs off on EUR 40 mn loan for rail line linking ports

We’re getting EUR 40 mn from the EBRD for freight + passenger rail line: Egyptian National Railways (ENR) has secured a EUR 40 mn loan from the European Bank for Reconstruction and Development (EBRD) to partially finance work on the Robeiky-10th of Ramadan-Belbeis freight and passenger railway line, according to a project document. The line will connect the 10th of Ramadan Dry Port to the main rail network and eastern and northern ports in Egypt.

The breakdown: The loan will be used to partially finance the supply and installation of railway tracks and signaling and telecommunication systems. The remaining cost of the c. EUR 220 mn project is expected to be financed through a loan from another financial institution, while the government will self-fund the project's civil works, according to the statement.

The line will allow freight transport to bypass the Cairo railway junction, and will also serve commuter traffic between Robeiky, 10th Ramadan, and Belbeis. The line will “contribute to a modal shift of cargo and passenger transport from road to rail,” the statement says, reducing greenhouse gas emissions.

There are other green freight railway solutions in the pipeline: The World Bank approved a USD 400 mn financing agreement earlier this month to help finance the construction of a low-carbon railway bypass between the Port of Alexandria and the newly-constructed Sixth of October dry port.



Mastercard invests in fintech fund Nclude

Fintech and fintech-enabled startups are up for a funding boost after Mastercard closed a “strategic” investment in fintech fund Nclude, according to a press release. The investment will see Mastercard and Nclude investing in “promising early-and-growth-stage fintech and fintech enabled companies” to support digitization and financial inclusion in Egypt. An Nclude representative declined to disclose the investment size when asked by Enterprise.

The investments will cover sectors beyond pure fintech: “Our investment thesis is not only focused on fintech but also on fintech-enabled companies. This means that the companies we invest in may be operating in other sectors like agriculture, healthcare, supply chain, education, and others,” Nclude General Partner Basil Moftah told Enterprise. The companies Nclude targets have “embedded finance solutions that drive their growth and help them deliver a holistic customer experience,” Moftah said, pointing to agri-fintech business Mozare3 — which embeds financing for farmers — as an example.

About Nclude: The fund, which was launched earlier this year and reached a USD 105 mn first close last month, invests in early- and growth-stage fintech and fintech-enabled startups. The companies must be based or operating in Egypt or elsewhere in the Middle East and Africa, provided they have plans to expand to Egypt. The fund’s ticket sizes range from USD 500k to USD 5 mn, Moftah said. The fund has already invested in local startups including payment platform Paymob, financial super app Khazna, home ownership platform Partment, and Mozare3.



Vezeeta raises undisclosed round + i’Supply raises USD 1.5 mn pre-seed

Pharma startups big and small got a shot in the arm yesterday, as Egypt-born Vezeeta and local newcomer i’Supply both scored fresh funding rounds.

Vezeeta closes undisclosed round: Digital healthcare platform Vezeeta has raised an undisclosed amount from existing investors Abu Dhabi-based Gulf Capital and Swedish VNV Global, it said in a statement (pdf). This marks the company’s first funding round after it turned profitable this year, the statement read.

“Imminent M&A in MEA:” The money will help Vezeeta fund product expansion and start working towards potential acquisitions in the Middle East and Africa region, it said. The startup is in discussions over acquisitions here and in Saudi Arabia, an unnamed company official reportedly told The National.

About Vezeeta: Founded in 2012 by Amir Barsoum (LinkedIn) and Ahmed Badr (LinkedIn), Vezeeta connects patients with doctors, labs, and pharmacies, allowing them to book in-person or telehealth consultations and order lab tests and meds to their home. The Cairo-born company moved its HQ to Dubai a couple years back and now operates in Egypt, the KSA, Jordan, Lebanon, Kenya, and Nigeria. Gulf Capital led the company’s USD 40 mn series D round in February 2020, while VNV Global participated in its USD 12 mn series C round in 2018. Enterprise sat down with Barsoum and Chief Product Officer Mohamed El Mougi last year.

Pharma startup i’Supply has raised USD 1.5 mn in a pre-seed round led by Disruptech Ventures, according to a company press release (pdf).

Where the money is going: The funding will help i’Supply expand across Egypt and onboard 60k pharmacies to its digital marketplace within the next year. The company has onboarded some 5k pharmacies in Greater Cairo, which accounts for nearly half of the market, and is looking to tap the rest of the country, CEO Ibrahim Emam told us. It has plans to expand to the Delta region by the end of 1Q 2023, and Upper Egypt and Alexandria in 2Q 2023. The startup hopes to hit the black within two years and is exploring potential expansion to other countries in the Middle East and Africa, Emam says.

About i’Supply: Founded in late 2021, the company’s tech-enabled sales, distribution, and procurement marketplace connects small to midsize pharmacies with wholesalers and pharma companies .



Our talking heads put on their economist hats for the night, after the IMF released its revised World Economic Outlook report (see the full details in our Economy section, above). The pundits took us through what the outlook means for Egypt — and reassured us that it’s not time to panic.

Nothing is set in stone: “Egypt has exceeded the IMF’s growth forecasts more than once,” said Masaa DMC’s Ramy Radwan (watch, runtime: 4:10).

Gov’t is working overtime to ensure the wheels keep spinning: The state is working to develop various sectors to help push growth, Cairo University Economics Professor Hisham Ibrahim told Al Youm (watch, runtime: 5:30). National projects create jobs and boost productivity, while sectors like tourism are continuing to bounce back from the pandemic.

How big will the IMF lifeline be? Somewhere in the USD 5-7 bn range, House Budget and Planning Committee Chairman Fakhri El Fiqi speculated in a phone call with Ala Mas’ouleety (watch, runtime: 4:43). BNP Paribas sees the imminent emergency loan package from the IMF coming in at USD 3-5 bn.


Activists say no to BP sponsoring ancient Egypt exhibit: Novelist Ahdaf Souief is among signatories to a letter criticizing BP’s sponsorship of the British Museum’s new exhibit on ancient Egypt, which features the Rosetta Stone, ahead of COP27, the Guardian reports. The campaigners also called for the release of jailed activist Alaa Abdel Fattah. The exhibit has already come under fire by campaigners hoping to get the Stone returned to Egypt.


e&’s tech business is coming to Egypt this year

The tech arm of e& wants in on our market: e&’s tech solutions arm e& Enterprise will enter the Egyptian market before the end of the year, CEO Salvador Anglada said at Gitex Global in Dubai, according to Gulf News. The company offers cloud, cybersecurity, IoT, and AI services and currently operates in the UAE and Saudi.

Remember- The UAE’s largest telecoms operator earlier this year rebranded itself as e& and split into telecoms provider Etisalat, consumer services branch e& Life, M&A arm e& Capital, and e& Enterprise.

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

  • The Senate yesterday gave final approval to the auto industry bill, which will set policies for the automotive sector in general, including EVs, and a fund to provide incentives to the industry.
  • Egypt is arranging direct charter flights between Doha and Hurghada and Sharm El Sheikh during the upcoming World Cup. (Al Monitor)
  • CI Asset Management plans to launch an investment fund in precious metals early next year. (Al Borsa)
  • The government’s Decent Life initiative will work to raise awareness of environmental issues among beneficiaries in partnership with the Environment Ministry. (Statement)
  • EGX-listed fintech operator e-Finance is sponsoring the Egyptian Handball Federation. (Statement)
  • The EBRD has launched four tenders for contractors to work on the Kitchener Drain depollution project, with deadlines from 17-30 November. (Tender 1 | 2 | 3 | 4)


Powered by
EFG Hermes -

Elon Musk gets sued over Twitter buyout, again: A Twitter investor has accused the world’s wealthiest bn’aire of manipulating the platform’s stock price by flip-flopping on his acquisition and making public accusations against the company, Bloomberg reports. The buyout ordeal sunk Twitter’s stock price, harming investors while strengthening Musk's negotiating position, according to the securities class-action complaint, which accuses Musk of fraudulent and illegal conduct resulting in a potential 25% reduction (USD 11 bn) in the buyout price. Musk has already been sued at various stages of the Twitter buyout process.

Elon’s lenders are also scrambling: Banks signed on to help finance the USD 44 bn buyout of Twitter are also looking to minimize their losses on the transaction, Reuters reports, citing six debt capital market bankers and investors.


  • The Bank of England (BoE) has widened its emergency bond-buying program but warned fund managers that they’re on their own after Friday amid a government-induced crisis in the gilts markets.. (Statement | BBC)
  • Saudi eyecare group Magrabi is reportedly considering an IPO of its hospitals unit on the Tadawul by next year, with the listing potentially raising USD 200 mn. (Bloomberg)
  • Nissan Motor exited Russia with a USD 687 mn loss, selling its business to Russian-owned NAMI for EUR 1. It will retain the right to buy back the business within six years under the terms of the agreement. (Statement)
  • The Nasdaq fell into its second bear market of the year yesterday after dipping 1.1%.The tech-heavy US index has seen a bad few days on the back of new US export restrictions on semiconductor chips. (Wall Street Journal)




-0.8% (YTD: -17.4%)



Buy 19.62

Sell 19.73



Buy 19.65

Sell 19.71


Interest rates CBE

11.25% deposit

12.25% lending




-0.1% (YTD: +2.1%)




-0.8% (YTD: +14.9%)




-0.6% (YTD: +3.9%)


S&P 500


-0.7% (YTD: -24.7%)


FTSE 100


-1.1% (YTD: -6.8%)


Euro Stoxx 50


-0.5% (YTD: -22.3%)


Brent crude

USD 94.29



Natural gas (Nymex)

USD 6.61




USD 1,672.40




USD 19,023

-0.8% (YTD: -58.8%)


The EGX30 fell 0.8% at yesterday’s close on turnover of EGP 821.63 mn (15.6% below the 90-day average). Local investors were net buyers. The index is down 17.4% YTD.

In the green: Orascom Construction (+2.4%), Sidi Kerir Petrochemicals (+1.9%) and CIRA (+0.3%).

In the red: Ezz Steel (-3.7%), Qalaa Holdings (-3.1%) and Fawry (-2.8%).

Asian markets are down across the board in early trading this morning and futures suggest traders will be greeted by a matching wall of red when European markets open. Things are looking brighter for Wall Street, with all three major US indices set top open in the green later on in the day.


Foreign Ministry tells Egyptians still in Ukraine to come home as Russia ramps up strikes: The Foreign Ministry called on any Egyptians still residing in Ukraine to make plans to return and advised citizens against traveling to the country, according to a statement. Russia this week launched the most intensive strikes against Ukrainian cities since the war began in February.


Israel and Lebanon have agreed on a “historic” maritime border demarcation agreement, which will have implications for natural gas reserves, AP reports US President Joe Biden as saying yesterday. The US-brokered agreement is expected to pave the way for both countries to exploit natural gas resources in a previously disputed area of the Mediterranean, potentially helping alleviate Lebanon’s economic woes. The final form of the agreement needs official sign-off from both countries’ governments.

Turkey is planning oil and natural gas exploration in Libyan waters, President Recep Tayyip Erdogan said, after Ankara inked a controversial maritime borders agreement with the Libyan national unity government, Bloomberg reports. Egypt, Greece, the EU, and Libya’s rival administration last week rejected the pact, saying it violated existing international law and that the Tripoli government doesn’t have the authority to enter such agreements after Libya’s election process stalled in December.

Also worth knowing this morning:

  • The UAE can help pave the way for a resolution in the Russia-Ukraine war, President Vladimir Putin said yesterday during his meeting with UAE President Sheikh Mohammed bin Zayed Al Nahyan in Moscow. (Bloomberg)
  • The Biden administration said it plans to punish Saudi Arabia after OPEC+ made its biggest production cut since 2020 in efforts to support dropping oil prices. (Bloomberg)

What higher natgas bills mean for cement + brick producers in Egypt: A new government decree issued earlier this week enforced price increases on natural gas supplied to cement producers and brick kilns, in a move that will likely limit their use of gas. The move essentially makes it impossible for cement producers to start heavily depending on natural gas instead of other energy alternatives. But because natural gas already accounts for only 10-20% of cement producers’ energy mix — and only half of the sector has access to gas infrastructure — it’s unlikely that retail cement prices will rise significantly, industry players told Enterprise. Brick kilns, on the other hand, have their hands tied since natural gas is a bigger portion of their energy mix.

REFRESHER- Natural gas will now be sold to cement manufacturers at USD 12.00 /mmBtu, from USD 5.75 / mmBtu. Brick kilns will be charged EGP 110.00 / mmBtu, up from EGP 73.00 / mmBtu, according to the Official Gazette.

The rationale behind raising natgas prices: The government has been moving to redirect some of Egypt’s natural gas supply away from domestic consumption and earmark it for export, in a bid to bring in more FX revenues. This strategy, coupled with higher global gas prices, likely pushed the government to raise natural gas prices for cement and brick producers, Liquid Petroleum Gas Investors Association Chairperson Mohamed Saad Eldin told Enterprise.

Cement producers say it’s going to have a “limited” impact on production costs, since most cement factories rely primarily on coal as an energy source. The only cement plant that relies heavily on gas (30-40% of its energy mix) is military-owned Al Arish Cement, the head of the Federation of Egyptian Chambers of Commerce’s building materials division, Ahmed El Zeiny, told Enterprise. However, Al Arish’s retail prices are already among the cheapest, so they’re unlikely to surpass the market average even with an increase, El Zeiny explained.

Others say it won’t have an effect at all: EGX-listed cement producers Misr Cement Qena, Sinai Cement, and Egypt Beni Suef Cement will not be affected by the price hike, since they don’t use natural gas to operate their production lines, according to three separate disclosures (pdfs — here, here and here).

How much do cement players typically rely on natgas for production? Since the 2012-2013 gas crisis, cement players have limited their use of natural gas, Arabian Cement CEO and Managing Director Sergio Alcantarilla told Enterprise. Currently, cement plants with access to gas production use natural gas for an estimated 10-20% of their energy needs, head of the Federation of Egyptian Industries’ cement division Ahmed Shireen Korayem told Enterprise. 16 out of 18 of the cement producers in Egypt use coal in at least one part of their production process. Energy costs amount to approximately 70% of the production cost.

The energy mix is now unlikely to shift towards more natgas: The new price hikes are essentially prohibitive to any cement producers increasing their reliance on natural gas, Korayem told us.

But manufacturers need to direct more funds into creating more options: Cement manufacturers are expected to rely more heavily on coal, mazut, and solid and agricultural waste for energy production, said Korayem. However, the sector needs to invest in new or alternative energy sources, such as benefiting from the excess heat from kilns to generate energy and reduce emissions.

Still, don’t blame the lagging green shift in cement on higher gas prices: “The blame for not working toward decarbonizing the cement production industry or transitioning to clean energy can’t be pinned on gas price increases,” said Alcantarilla. Investments in creating alternative energy sources actually makes the industry more profitable, which is important considering several players had previously been either just breaking even or consistently in the red, Alcantarilla noted. Although the production caps improved the sector’s profitability, these levels are still not enough to unlock major capital expenditures, he said.

It’s a slightly different story for clay brick factories: Brick prices, which currently range between EGP 900-1k per 1k bricks, are expected to go up since natural gas accounts for some 30-40% of their energy mix, head of the Federation of Egyptian Industries’ Refractories and Bricks division Ali Singer told Enterprise. Singer added that the industry has been suffering for years: Since 2018, only 400 factories — out of more than 1k registered with the division — have been in business.

But again, the solution is to rely more on gas alternatives: Brick factories are expected to expand the use of mazut, biofuels, and fuels produced from recycled waste more in the coming period, Singer believes. Factories depend on imported mazut, which they struggle to finance in USD in addition to the environmental restrictions imposed on the industry, but they have no choice but to use more mazut, Singer said.

Will retail prices go up? The jury is out: “It is clear that an increase in the prices of any raw material will mean an increase in the production cost, and therefore the selling price should rise as well,” Alcantarilla told Enterprise. Korayem disagrees, pointing out that pricing is mainly determined by market supply and demand. With cement production caps in place until next July, under an August decision from the Egyptian Competition Authority, supply dynamics will likely keep prices steady. This suggests that the real estate and construction market won’t see a significant knock-on effect. Clay brick prices likely won’t have an impact on real estate and construction either because there is a continuous decline in demand for clay bricks in the market due to the suspension of building permits, El Zeiny said.

Your top infrastructure stories for the week:

  • UAE-based G42 and Benya Technologies will develop AI and other digital infrastructure including data centers, telecom towers, and cloud technology in Egypt, as part of an equity-based partnership.
  • Trial operations have begun on a stretch of the new Cairo Metro Line 3, running from Attaba to KitKat, that is set to open during COP27.
  • Belgium’s DEME has been awarded a dredging contract as part of the development of Abu Qir Port. The dredging work will serve the set up of new islands and a marina for yachts in Alexandria.



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

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

10-13 October (Monday-Thursday): The WHO Regional Committee for the Eastern Mediterranean, WHO Regional Office, Cairo, Egypt.

10-14 October (Monday-Friday): Gitex Global, Dubai International Convention and Exhibition Center, Dubai, UAE.

10-16 October (Monday-Sunday): World Bank and IMF annual meetings, Washington, DC.

15 October (Saturday): Cairo Metro will launch a global tender for maintenance work on the power stations and overhead catenary system of Line 1.

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

17 October (Monday): Fifth Egypt and UN-led regional climate roundtable ahead of COP27, Geneva, Switzerland.

18 October (Tuesday): The Egyptian-Swedish business forum, Stockholm, Sweden.

23-25 ​​October (Sunday-Tuesday): Egypt economic conference, Cairo, Egypt.

24 October (Monday): Empowering Sustainable Trade Flows with Factoring conference, St. Regis Cairo.

26-28 October (Wednesday-Friday): Egypt celebrates 50 years of ties with the UAE.

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

27-30 October (Thursday-Sunday): Cairo ICT, Egypt International Exhibition Center, New Cairo.

30 October-1 November (Sunday-Tuesday): Egypt Energy, Egypt International Exhibition Center (EIEC), New Cairo.

Late October-14 November: 3Q2022 earnings season.

Late October: First Abu Dhabi Bank to complete full integration with Bank Audi’s Egyptian operations after merger.


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

1-2 November (Tuesday-Wednesday): Arab League annual summit, Algiers, Algeria.

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.

9 November (Wednesday): Finance Ministry to host “Finance Day” at COP27.

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.

27 – 28 November (Thursday-Friday): The first edition of the Egypt Media Forum.


3 December (Saturday): Dior Men’s pre-fall collection show in Giza.

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.

December: Egyptian Automotive Summit.

December: Egypt to expand Sudan electricity link capacity to 300 MW.


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.

1 January (Sunday): Use of Nafeza becomes compulsory for air freight.

1 January (Sunday): Residential electricity bills are set to rise as per the government’s six-year roadmap (pdf) to restructure electricity prices by 2025.

7 January (Saturday): Coptic Christmas.

24 January-6 February: The 54th Cairo International Book Fair, Egypt International Exhibition Center

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

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

30 January-1 February (Monday-Wednesday): CI Capital’s Annual MENA Investor Conference 2023, Cairo, Egypt.


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.

23-27 February (Thursday-Monday): The eighth annual Business Women of Egypt’s Women for Success conference.

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

19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo debuts at the Egypt International Exhibition Center.

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.

4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.

4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings’ Taqa Arabia to launch their fintech company.

4Q 2022: Saudi Jamjoom Pharma to inaugurate its EGP 1 bn pharma factory in El Obour.

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.

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.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.