Tuesday, 20 December 2022

AM — Abu Dhabi’s Chimera Investments to acquire 45% of GB Lease



Good morning and happy hump day, ladies and gents. We have an M&A-heavy issue for you this morning, another indicator that the news flow is showing no signs of slowing down as we hurtle towards the end of the year.

PSA- At least two major banks have tightened foreign-currency purchase and withdrawal limits amid a continued shortage of FX in the financial system. CIB and HSBC have lowered monthly limits on withdrawals and purchases made using their debit and credit cards abroad. Lenders first introduced the limits in October in a move analysts said was designed to conserve the banks’ FX assets. Other local lenders including Banque Misr and FAB Egypt have not made any announcements on changes to spending limits.

  • CIB lowered monthly withdrawal limits abroad for the vast majority of debit cards to EGP 2.5k from EGP 5-30k, according to a statement (pdf) posted to the bank’s website. It made no changes to its limits on international card purchases, whether made in person or online.
  • HSBC lowered its monthly withdrawal limit to USD 1.5k per customer on all of its debit and credit cards, down from USD 5K, according to its website. It also introduced monthly limits on purchases in foreign currency — both in person and online — to EGP 10k- 50k, depending on card type.

REMINDER- Outflows of hard currency triggered by the war in Ukraine and rising interest rates has put FX in increasingly short supply, with the banking system’s net foreign liabilities widening to an all-time high of USD 20 bn at the end of September. Analysts told us in October that the move by the banks was likely a move to ease the pressure on their net foreign assets.

What has changed? The FX liquidity squeeze has intensified in recent days, with traders indicating that greenbacks were being bought for as high as EGP 38 last Friday, according to Al Arabiya.

But, some relief: This went into abrupt reversal in the wake of the IMF signing off on our USD 3 bn loan request on Friday. Since then, the parallel market rate has fallen back with traders dumping USDs as the price continued to fall. As of yesterday, the official exchange rate was 24.77 and the average rate in banks was 24.74.


EGX-listed Pachin will brief shareholders on acquisition offers it has received in its ordinary general assembly. Dubai-based National Paints Holdings has offered to purchase 100% of the company for EGP 29 per share, valuing it almost EGP 700 mn and far outbidding earlier offers from Universal Building Materials and Chemicals (Sipes) and Saybad Industrial Investment that have since been withdrawn.

On the House agenda: For its last session of the week, the House will host Agriculture Minister El Sayed El Quseir, who will face questions from MPs on food security amid the war on Ukraine, inflation and climate change.

The Transport Ministry will ink an agreement with the Misr Holland Company to add a new berth at Alexandria Port, Al Mal reported.


It’s the Central Bank of Egypt’s final policy meeting of the year on Thursday, and analysts we surveyed last week expect policymakers to close out 2022 with another king-size 200-bps rate hike to support the currency and tackle rising inflation. Seven of the nine analysts and economists are forecasting the central bank to raise rates, five of which see a 200-bps hike. This would take the policy rate to 15.25%, its highest level since early 2019.


Dominating the conversation in the Western press this morning: The Donald could face up to four charges for his involvement in last year’s Capitol attack. Lawmakers investigating the 6 January 2021 attack on the US Capitol have urged the US Department of Justice to press criminal charges against former president Donald Trump for his role in inciting the crowd. The House committee wants to charge Trump with four crimes, including aiding or inciting insurrection and conspiracy to defraud the US. (AP | Reuters | WSJ | NYT | Washington Post | Bloomberg | FT)

WATCH THIS SPACE- Another record-breaking year for Suez revenues? The Suez Canal Authority expects revenues to rise 15% to hit a record USD 8 bn in FY 2022-2023, SCA Chairman Osama Rabie told MPs yesterday. Canal revenues — an important source of hard currency for Egypt — reached an all-time high of USD 7 bn in FY 2021-2022 on the back of record tonnage and a record number of transiting vessels.

This will be bolstered by higher transit fees: As energy prices, freight rates and daily tanker time-charter rates continue to rise, the SCA has announced a 15% fee increase on vessels crossing the canal starting 1 January 2023 (10% for dry bulk ships and cruise ships), meaning we may see more records in the future.


Egypt’s version of Shark Tank is set to air next month: The local version of the hit TV show that showcases entrepreneurs looking to attract funds, will air exclusively on CBC and WATCH IT in January, according to a press release (pdf).

The sharks:

  • Ayman Abbas, founder of the Egyptian Chinese Drilling Company
  • Ahmed El Sewedy (LinkedIn), president and CEO of El Sewedy Electric
  • Mohamed Farouk, chairman and CEO of Mobica Designs
  • Hilda Luca (LinkedIn), founder and CEO of online shopping platform MITCHA
  • Mohamed Ismail Mansour (LinkedIn), co-founder and CEO of Infinity Solar and Managing Director of McDonald’s Egypt
  • Abdullah Salam (LinkedIn), CEO and managing director of Madinat Nasr for Housing and Development.


*** 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: We take a look at the ups and downs that 2022 served up for the green economy, as sectors including the EV industry grew at pace, at the same time as the climate crisis wrought further damage on local ecosystems, causing losses to our agriculture and tourism sectors.


Somabay brings out the best in majestic natural elements where raw beauty and endless activities reign supreme. Immerse yourself into a picturesque getaway all year long. This is simply Somabay. For more information, call 16390 or visit www.somabay.com.


Abu Dhabi’s Chimera Investments to acquire 45% of GB Lease

Chimera to acquire 45% of GB Lease: GB Capital has agreed to sell a 45% stake in GB Lease to our friends at Abu Dhabi-based investment firm Chimera Investments for EGP 855 mn, parent company GB Auto said in an EGX disclosure (pdf) yesterday. GB Capital will retain the remaining 55% stake in the company, which the transaction values at EGP 1.9 bn, according to our math.

A 2022 close? The acquisition is expected to close before the end of the year, GB Auto IR head Marina Kamal told us.

We knew this was coming: Chimera and GB Capital have been in talks over the acquisition since September. The GB Auto subsidiary has been mulling the partial selldown of its leasing business for over a year, during which time the company had received offers from several firms.

It’s not final yet: The transaction is still pending board approval at GB Auto, the company said in a separate disclosure (pdf). The company has tapped Baker Tilly for an independent assessment to determine the fair value of GB Lease’s shares, the disclosure said. The board will then decide whether the value the companies have agreed on is appropriate, Kamal told us.

This isn’t GB Auto and Chimera’s first tie-up: GB Auto sold a 7.5% stake in MNT Investments to Chimera last week as part of a larger agreement that will see Chimera acquire a 21.7% stake in the Netherlands-based payments company. The remaining 14.2% is being sold by other unnamed investors in MNT.

Chimera likes our NBFS sector: The Abu Dhabi-based investment firm also acquired a 56% stake in Beltone Financial in August for around EGP 384.8 mn, with Orascom Financial Holding divesting all of its 259.1 mn shares.

Advisors: Arqaam Capital is acting as the sell-side advisor to GB Capital and Matouk Bassiouny & Hennawy is the sell-side legal advisor, while Adsero-Ragy Soliman and Partners are buy-side counsel.


Capricorn shareholder revolts against board ahead of potential merger with Israel’s NewMed

Another roadblock in the Capricorn-NewMed tie-up: One of Capricorn Energy biggest shareholders, Palliser Capital, is calling for a general meeting to vote on removing seven of the company’s directors — including CEO Simon Thompson and CFO James Smith, Reuters reports. Palliser is the company’s third-largest shareholder and is one of a number of investors in the energy company that have voiced their opposition to a potential merger with Israel’s NewMed energy.

Refresher: NewMed had proposed an all-share merger with Capricorn in October after shareholders including Palliser blocked a previous merger plan with Tullow Oil on grounds that it undervalued the company. The latest proposal would give NewMed control of Capricorn’s assets in Egypt, paving the way for closer energy ties between Israel and Egypt and creating what the companies described as a “MENA gas and energy champion.”

What’s the beef? Shareholders accounting for more than 40% of the company’s ownership are opposing the planned merger on the basis that it undervalues Capricorn and that it is “unnecessarily biased towards NewMed.” Palliser also said it had assurances from another 28% of shareholders who had "lost trust in the current board,” the newswire says.

Palliser has candidates in mind: Palliser’s six candidates for directors include Hesham Mekawi, the former North Africa regional president at BP, and Christopher Cox, the former CEO of Spirit Energy. It wants to convene a shareholder meeting by 30 January for a vote on its plan.

NewMed was hopeful the merger will go through sometime in 1Q 2023, ​​NewMed CEO Yossi Abu recently said, downplaying shareholders’ objections and saying he expects both companies’ shareholders to ultimately approve the merger.



MPs give initial approval to Suez Canal fund

MPs give initial approval to the Suez Canal Authority’s EGP 10 bn fund: The House of Representatives yesterday gave its initial approval on amendments to the Suez Canal Authority (SCA) law that would establish a EGP 10 bn fund.

A rainy day fund: The fund’s resources will be deployed to help the SCA absorb external economic shocks such as the covid-19 pandemic and the war in Ukraine, the head of the authority, Osama Rabie, said.

The SCA will be able to sell and lease its assets as well as use its financial resources and revenues to capitalize the fund. It’s not clear if this includes canal revenues, which are usually destined for state coffers. Rabie will head the fund’s board and the rest of the board members will be appointed by Prime Minister Moustafa Madbouly.

MPs voice opposition to privatization: A large number of MPs voted down the amendments, claiming that the chief objective of the bill is to sell down assets owned by the SCA. “This is an authority for generating FX for the country and not a company whose assets could be up for sale or privatization,” Rep. Atef El Meghawry said during the session.

The canal’s assets are off limits, those belong to the government and are not up for sale, Rabie told Al Hayah Al Youm in an interview last night (watch, runtime: 5:06). The only assets the fund will be able to sell or lease are those it will invest in.

The fund already has a few investments in mind: The fund could invest in the manufacture of ships and in green hydrogen projects, Rabie added.

What’s next: The amendments will return to the general assembly for a final vote in an upcoming session.


MPs launched attacks on the Madbouly government for its handling of the economic crisis for the second session in a row, and called on ministers to take tougher action to rein in the FX black market and surging food prices. “The failure to contain the FX black market or shore up the country’s FX revenues are two good reasons for dismissing the government,” said Rep. Amr Darwish, who called on the central bank to stabilize the market as soon as possible.

The state took measures to reduce black market trading on Sunday, introducing new rules for gold exporters requiring them to receive payment into a bank account within 10 days of making a sale or face being blacklisted by the banking sector.


  • Penal Code amendments discussion pushed back: The amendments would give utility companies the right to stop servicing housing built on agricultural land.
  • The Energy Committee approved a EUR 500k French grant to help Egypt fund its green hydrogen sector, which the cabinet approved in October.



The economy dominated the conversation on an otherwise uneventful night on the airwaves. The nation’s talking heads did their best to put a positive spin on the ongoing FX crunch, voicing optimism that the incoming money from the IMF will help to stabilize the EGP and replenish the banking system’s supply of FX.

The IMF agreement is helping to reverse volatility in the parallel market, El Hekaya’s Amr Adib said, noting that the greenback has fallen 15% against the EGP since Friday (watch, runtime: 33:20).

The USD will eventually settle down, Egyptian Gulf Bank Executive Director Nidal Assar told Masaa DMC (watch, runtime: 8:57). “The IMF’s approval and bridging our gap in funds will help fulfill the high demand on hard currencies … it’s not a one way street,” said, referring to the EGP losing value against the USD, citing the 2016 devaluation when people were speculating that the EGP would fall to 23-24 against the greenback.

Privatization is one of the tonics: The state needs to shed some of its assets to acquire liquidity, Adib said, pointing the finger at cigarette producer Eastern Company. “If the government decided to privatize the company, it will be met with great demand from local and foreign investors,” he said.

More state transparency needed: The Madbouly government needs to work on relaying its every move to its citizens, rather than leave them in shock of surprise devaluations or rate hikes, Adib said.


How did the Balmain-Azza Fahmy collab come to be? The household fashion brand wanted a pharaonic-inspired wearable piece and they contacted our very own jewelry designer Fahmy to get it done, Fahmy told Kelma Akhira last night (watch, runtime: 8:32). Fahmy took inspiration from Egypt’s rich history to create the Eye of Horus bustier and did so in only a three-month period.


It’s another mixed bag in the international press this morning:

  • France24 speaks with co-founder and editor of Mada Masr Lina Attalah on charges against the publication’s journalists and journalistic freedoms in Egypt.
  • The three remaining members of Cairo’s Jewish community find ways to celebrate Hanukkah and protect their heritage, CBS reports.
  • An archaeological mission in Damietta has unearthed a number of tombs, tiles and amulets dating back to sometime between 664 BC and 332 BC that could “rewrite history.” (The National)



Arabian Construction Company to borrow EGP 3 bn from CIB: CIB has agreed to provide the Arabian Construction Company (ACC) with a EGP 3 bn credit facility to fund its joint projects with Egyptian and Saudi private sector players, the bank said (pdf) yesterday. ACC has played a key role in developing some of Egypt’s most prominent hotels, that includes the Nile Ritz, the Marriott and the Movenpick hotel in Aswan.


Egypt to receive food security technical assistance from EBRD + FAO: The European Bank for Reconstruction and Development (EBRD) and the UN’s Food and Agriculture Organization (FAO) have announced a USD 5.5 mn package of technical assistance aimed at improving food security in Egypt, Jordan, Lebanon, Morocco, Tunisia and Gaza. The package will kick off next month with the aim of helping governments revisit their agrifood policies.


State-owned financial institutions + Allianz launch real estate fund: Banque Misr, Banque du Caire, Misr Ins. Holding and Allianz have launched a real estate investment fund which will invest in commercial property, Banque Misr said (pdf) yesterday. The fund, dubbed Misr Real Estate Investment 1, has a target capital of EGP 500 mn and reached a EGP 360 mn first close, with the three state institutions contributing EGP 100 mn and Allianz putting up the remainder. It has already made its first purchase, buying property owned by Talaat Moustafa Holding in Al Rehab and Madinaty.


#1- KfW supports Egypt’s efforts to localize solar manufacturing: German development bank KfW has awarded a EUR 2.7 mn grant to Creative Power Solutions (CPS) for a planned EUR 5.4 mn solar thermal collector factory in Sadat City, according to Zawya. The factory will be the first of its kind in MENA, helping Egyptian ambitions to localize the manufacture of solar panels. The grant comes under KfW’s investing for employment facility.

About the factory: CPS is partnering with Swedish solar components manufacturer Absolicon to build the plant, which will produce some 18k solar collectors — a key component of solar panels — every year. Construction is set to start in 1Q 2023 and the plant will come online in 1Q 2024.

#2- Offers roll in for the Hurghada solar plant: Arab, Japanese and Chinese companies have submitted offers to the New and Renewable Energy Authority (NREA) to build, operate, and maintain a 20-MW solar plant in Hurghada, sources at the authority reportedly told Daily News Egypt. The authority will open technical envelopes from bidders next month, the sources added. The plant will be financed by the Japan International Cooperation Agency.


MAF lays out Egypt investments plans through 2025: Emirati retail giant Majid Al Futtaim plans to invest EGP 400 mn (USD 16.2 mn) in Egypt next year and more than EGP 750 mn (USD 30.3 mn) by 2025 to double the size of Carrefour’s presence in the local market, it said (pdf) yesterday.


Suez Canal Authority extends transit fee discounts: The SCA will continue granting dry bulk ships moving between West Africa and East Asian ports a 75% rebate on transit fees until 30 June 2023, according to an authority circular. Vessels heading to ports between Karachi in Pakistan and Cochi in South India will continue to receive 25% discounts and those heading to the Arabian Gulf, 15%.


Powered by
EFG Hermes - https://efghermes.com/

Riyadh Cables didn’t have a great start to life on the Saudi stock exchange yesterday: Riyadh Cables Group’s shares fell 12% on their market debut in Riyadh yesterday after the company raised USD 378 mn in its IPO. Shares hit the exchange at the top end of the USD 39-43 price range but finished the session at USD 37.80 amid a broader market sell-off that left the Tadawul down 0.6%.

The IPO: The power cable manufacturer raised USD 378 mn in its IPO, selling 22% (33 mn shares) in the company at SAR 43 per share, valuing the company at some SAR 6.5 bn. The institutional component of the IPO was 72x oversubscribed.

Advisers: Our friends at EFG Hermes (pdf) were joint bookrunners alongside ANB Capital and Riyad Capital, which was the lead manager on the transaction.

Investors give ESG funds the cold shoulder: ESG funds saw more outflows than inflows in 2022 for the first time in over a decade amid volatile market conditions and mounting criticism of the industry, according to Reuters. Some USD 13.2 bn has been pulled from ESG stock, bond and mixed-asset funds so far this year, its first net outflow since 2011.

Non-ESG is also down, but ESG has been harder hit: Net assets in ESG funds fell 29% in the first 11 months of the year, compared to 21% for non-ESG funds, according to the newswire. Non-ESG funds lost USD 420 bn over the same period.


  • Meta could face a mammoth fine from the EU: Facebook parent Meta could be docked 10% of its annual global revenues if found guilty for breaching EU antitrust rules by “distorting competition in the markets for online classified ads” with its Facebook Marketplace. The company reported almost USD 118 bn in revenues in 2021, which would result in a USD 11.8 bn fine. (Statement)
  • Crypto consolidation: Bankrupt crypto firm Voyager Digital said yesterday it will sell its assets to the US arm of Binance, the world’s largest crypto trading platform, in a deal that values it at around USD 1 bn.
  • Oil price cap hits the RUB: The RUB suffered its steepest one-day drop since July yesterday, hitting its lowest level in seven months on concerns that Western sanctions on Russian oil exports will hit revenues. (Reuters)
  • Fortnite owner Epic Games will pay USD 520 mn in fines and refunds to the US consumer watchdog, which said the company had violated children’s privacy laws and tricked customers into making unwanted purchases. (Statement)




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The EGX30 fell 0.7% at yesterday’s close on turnover of EGP 2.39 bn (57.9% above the 90-day average). International investors were net sellers. The index is up 23.3% YTD.

In the green: Qalaa Holdings (+10.7%), Alexandria Containers and Cargo Handling (+9.2%) and Ezz Steel (+7.8%).

In the red: Egypt Kuwait Holding – EGP (-4.6%), CIB (-3.7%) and Juhayna (-3.0%).

Shares in Asia are in the red this morning as the disruptive end to zero-covid in China and last week’s hawkish tone by the Federal Reserve continue to weigh on markets. European markets are on course to open lower while US stock futures have shares on Wall Street rebounding from yesterday’s sell-off to open in the green.


Debt-ridden Ghana to default on external debt: Ghana will not continue to make payments on most of its external debts including foreign currency bonds, commercial loans and most bilateral debt citing large capital outflows and a loss of external market access thanks to the pandemic, the country’s Finance Ministry said yesterday. Last week the IMF agreed to offer Ghana a USD 3 bn loan to help the country “restore macroeconomic stability and debt sustainability.”

Ghana would be the third country this year to default on its debt following Sri Lanka and Russia, and the eighth since the start of the covid-19 pandemic in 2020.

Also worth knowing this morning:

  • EU members have finally agreed on a gas price cap after months of talks: From 15 February, a Europe-wide gas price cap will kick in should prices on the TTF gas exchange rise above EUR 180 / MWh for three consecutive days, according to Reuters. A second condition — designed to deter suppliers from selling to other buyers — will see the cap triggered only when prices are EUR 35 higher than a global LNG reference price for the same three days.
  • Abu Dhabi will host the World Trade Organization’s 2024 ministerial conference, which brings together trade ministers from all over the world. Cameroon will host the following meeting.

In 2022, the impacts of climate change became more apparent than ever — at the same time as our green economy seemed to come of age: This year has been a whirlwind one for news on the climate crisis and the green economy here at home. Egypt’s role as host of the COP27 climate summit catalyzed fresh regulation and initiatives in sectors from solar power to EVs, put sustainability at the top of the agenda for private sector firms, and drummed up USD bns of investment in new green and renewables projects. On the flipside, 2022 also brought home the real-word costs of climate change, as sectors from agriculture to tourism suffered from increasing environmental damage.

This week, we take a look at the impacts of climate change on Egypt in 2022, as well as promising growth in our nascent EV industry. Next week, we’ll review the sweeping progress on renewables, emissions targets, green hydrogen, and climate finance driven by our hosting of COP.

On a global scale, 2022 saw scientists issue their starkest warning yet on the climate crisis: The final installment in a years-long series of landmark UN climate reports dropped in April. The climate scientists’ key message? The world needs to make “immediate and deep” cuts to greenhouse gas emissions to have any hope of averting a runaway climate catastrophe. Flooding, heatwaves, and irreversible damage to ecosystems including our coral reefs are all on the cards for Egypt if steps aren’t taken to limit global warming to 1.5°C. Achieving that target will require massive investment in renewable energy and greentech — and the African continent in particular needs to see a significant increase in funding to adapt to the climate change that’s already in motion. Here at home, our deep dive on climate literacy levels showed that more education is needed to make citizens aware of these dire climate risks, and how to mitigate them.

Egyptian crop farms are already feeling the effects: It was a mixed year for crop farmers, as a longer winter and milder spring caused difficulties for growers of olives and corn but brought unexpected upsides for wheat, cotton, and especially mangoes, which staged a recovery after a dire 2021 season. That said, higher year-round temperatures and unpredictable weather patterns spell trouble for the agriculture sector in the long term, with key local crops including wheat, rice and maize expected to see productivity decline by 11-19% by 2050. Meanwhile, encroaching salinity in the Nile Delta — thanks in part to sea-level rises — had farmers scrambling to adapt to saltier soil conditions.

Livestock and bee farmers aren’t faring much better: Some local dairy farmers told Enterprise that they had been forced to cut their size of their herds or go out of business completely this year, as heat stress to animals and rising feed prices pressure milk production. Climate change is also taking its toll on the honey industry, as unusual cold spells running through spring saw production fall to about half of usual rates.

Our coasts also saw further climate-related damage this year: A World Bank report cast light on the threat posed by coastal erosion on tourism, industrial infrastructure, and residential communities along Egypt’s coasts. If left unchecked, the price tag on the damage is likely to run into bns of USDs annually — and could see half of our beaches lost to the sea by 2050. Meanwhile, we took a closer look at the gradual loss of our vital Red Sea coral reefs to overfishing and unsustainable tourism practices — which was exacerbated when an oil spill in the Gulf of Aqaba hit Dahab’s shores. Coral farming could pose one solution to reverse some of the damage.

It wasn’t all doom and gloom in 2022, as green industries picked up pace — key among them EVs: We’re tempted to describe 2022 as the year that establishing a market for electric vehicles went from a pipe dream to a distinct near-term possibility.

Progress on regulation is enticing the private sector to build EV charging infrastructure: The Electricity Ministry got things off to a promising start in February, setting the tariffs motorists will pay to charge EVs in Egypt and paving the way for private-sector players to enter the nascent sector. Soon after, the government launched a bid for private-sector firms to join a soon-to-be-established state-owned EV charging firm, with 14 companies including Hassan Allam Utilities, Infinity, and Huawei reportedly registering their interest. Private players from KarmSolar to Elsewedy Electric also took steps to enter the local EV charging sector. Meanwhile, our friends at renewable energy player Infinity have built at least 115 charging stations so far nationwide, part of a plan with the government to set up 6k vehicle charging points at 3k stations across the country.

Things are also looking promising for local EV assembly: In October, the House of Representatives passed a bill to establish a new regulatory body that will set policy for EV assembly in Egypt, which we expect to be a key part of the country’s long-awaited automotive strategy. Egypt is expected to start working on its first locally manufactured EV next year, once state-owned El Nasr Automotive wraps up a protracted search for a partner to help produce them. Al Mansour Auto and GM are also looking at partnering to locally assemble up to 15k EVs in Egypt over the next three years. Stellantis and Abou Ghaly were among local automakers who also signaled they could launch EV assembly lines in the near future.

And you, dear Enterprise readers, are getting on board: Some 90% of those who responded to our October EV survey are planning to buy a EV within the next 10 years — and one in five they’ll make a purchase in the next 12 months.

Your top green economy stories for the week:



19-20 December (Monday-Tuesday): The Arab Administrative Development Organization’s conference on Modern Methods in Hospital Management, Cairo.

20 December (Tuesday): EGX-listed Pachin will brief shareholders on offers received to acquire the company in an ordinary general assembly.

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

25 December (Sunday): Senate back in session.

31 December (Saturday): E-invoicing registration deadline.

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.

January: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.

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: Cairo International Book Fair, Egypt International Exhibition Center

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

26 January (Thursday): President El Sisi will visit India as “chief guest” at celebrations to mark the 74th anniversary of Indian independence.

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): 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

1 April (Saturday): Deadline for banks to establish sustainability unit.

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).

30 April (Sunday): Deadline for self-employed to register for e-invoicing.

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).

4 May (Thursday): IEF-IGU Ministerial Gas Forum, Cairo.

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

JUNE 2023

10 June (Saturday): Thanaweya Amma examinations begin.

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.


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.

End of December/early January: SFE’s pre-IPO fund to kick off roadshow.

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

4Q 2022: Raya Holding subsidiary Aman and Qalaa Holdings’ Taqa Arabia to launch their fintech company.

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

2023: The inauguration of the Grand Egyptian Museum.

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.

1Q 2023: Internal trade database to launch.

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.