Tuesday, 10 January 2023

AM — Gov’t to trim spending this fiscal year amid inflation, currency pressures

TL;DR

WHAT WE’RE TRACKING TODAY

Good morning, folks, and happy hump day. The week flies by when you kick it off with a public holiday — and even more so when you’re looking forward to a day that will be as busy as today is shaping up.

THE BIG STORY here at home is the Madbouly government’s move to make cuts to this fiscal year’s budget in what we’re reading as a bid to help conserve FX and tamp down on inflation. The PM has directed all but “essential” ministries to trim their spending, while new national projects that require foreign currency spending could be delayed as the government works to ease the FX shortage. We have the full story in today’s Economy section.

EGP WATCH- The EGP fell almost 2% against the greenback yesterday to a new low. In the first business day following the long weekend, the official EGP-USD exchange settled at EGP 27.63 from EGP 27.11 on Thursday. The currency is down 11.4% since its level immediately before the central bank allowed it to slip further against the USD on 4 January, and has now fallen 75% from its 15.78 / USD level immediately before the initial devaluation last March.

Where’s the market-clearing rate? Bloomberg suggests the (anemic) parallel market is still at about EGP 31 to the greenback, quoting Goldman Sachs analysis as saying “this signals that there is still a significant volume of unmet FX demand domestically.” But contrary to 2015 and 2016, the parallel market today is a poor indicator: It is small, caters primarily to individuals (thanks to deposit caps on cash), and pricing neither transparent nor consistent.

MEANWHILE- Appetite for the 25% CDs remains strong: As we note in Last Night’s Talk Shows, savers have now poured some EGP 155 bn into the high-yield instruments — up sharply from the EGP 100 bn figure we reported yesterday. The CDs are designed to encourage folks clinging to FX to de-dollarize as well as to suck up local currency liquidity in a bid to tamp down on inflation.

HAPPENING TODAY-

The IMF will hold a virtual press conference on its USD 3 bn financial assistance program with Egypt today at 4pm CLT, the institution said in an emailed statement over the weekend. The presser, held by IMF Mission Chief for Egypt Ivanna Vladkova Hollar, will coincide with the release of the IMF’s staff report on Egypt and other documents related to the extended fund facility.

What will they say? Look for the IMF to make clear that there’s no going back to a pegged exchange rate — and that it wants to see better fiscal discipline, more spending on the social safety net, structural reforms, and the state competing less with the private sector. The document will also lay out the schedule of biannual reviews of our progress, each of which will trigger the release of a portion of the funding.

We’re also hoping to hear details on the release of the first USD 347 mn of the facility, which the institution's executive board approved in December. The IMF has said it expects the facility to help Egypt access as much as USD 14 bn in additional liquidity from our regional and international partners. It won’t be deposits this time, though: The IMF said in December that it believes the fresh funding it will help us access will come from the state privatization program as well as through “traditional” channels such as debt.

ALSO- We might hear more about the government’s privatization plans today when Vice Minister of Finance Ahmed Kouchouk and Sovereign Fund of Egypt (SFE) boss Ayman Soliman discuss the newly-finalized state ownership policy document at an event (pdf) taking place at the Grand Nile Tower Hotel. The conference is being hosted by Thebes Consultancy and Eventor Event Management.

AND- It’s inflation day: The central bank and Capmas will release December’s inflation figures today. Inflation hit a five-year high in November on the back of the devaluation of the EGP and we can expect the acceleration to have continued last month as the impact of the weakening currency continues to feed through into the economy. A Reuters poll of 15 analysts puts the median forecast for last month’s inflation at 20.5%.

On the legislative agenda: Senators continue their two-day debate on how to integrate informal businesses into the economy today.

PSA- The Justice Ministry has launched its online national legislation database: Users can try out the platform — which offers up-to-date information on all the laws proposed, passed, amended, and elapsed — without charge for a week starting yesterday, according to a ministry statement. An unspecified subscription fee will be charged after the end of the demo week.

HAPPENING THIS WEEK-

China’s new foreign minister, Qin Gang, will visit Egypt as part of an African tour that started yesterday, the Chinese Foreign Ministry said in a statement on its website. Qin’s trip, which will draw to a close on January 16, will also see him visit Ethiopia, Gabon, Angola, and Benin. Formerly China’s ambassador to the US, Qin was appointed to the post at the end of December, replacing Wang Yi, who had held the role for a decade.

CIT Minister Amr Talaat is heading a delegation to India to drum up investment by Indian companies in our CIT sector, according to a ministry statement. On the first day of a weeklong visit, Talaat met members of the Confederation of Indian Industry (CII), where he showcased investment possibilities in digital transformation, data centers, outsourcing, and entrepreneurship. Talaat also held a meeting with Ranjeet Goswami, global head of corporate affairs at Mumbai-based multinational IT firm Tata Consultancy Services.

DATA POINT- Beshay Steel has hiked its steel prices by more than 15% to EGP 27.46k per ton, with Al Borsa reporting that competitors are likely to follow with similar increases this week after the latest weakening of the EGP. Steel prices reached a record high of EGP 30K per ton last month, before dropping to around EGP 23.2k per ton.


THE BIG STORY ABROAD remains the fallout of the riots that took place at Brazil’s Congress building on Sunday night. Brazilian authorities have now detained around 1.5k people in connection with the protests, the WSJ and Reuters report. Meanwhile, rightwing former president Jair Bolsonaro — whose supporters stormed the government complex — was admitted to a Florida hospital yesterday with stomach pains, according to Reuters.

FROM THE REGION- Qatari fund eyes Premier League clubs: Qatar Sports Investments is thinking of purchasing stakes in Manchester United, Liverpool FC, or Tottenham Hotspur following the success of the Doha-hosted World Cup, Bloomberg reports citing an unnamed source close to talks.

FROM THE US- Newly elected House of Representatives Speaker Kevin McCarthy took his seat for Congress’ first session yesterday, following a drawn-out voting process to put him in the job that exposed deep rifts within the Republican party. (NYT | WaPo | AP)

SIGN OF THE TIMES- China has set its sights on cornering another green energy market: Hydrogen, writes Bloomberg, noting that “policymakers in Europe and the US are racing to counteract early Chinese dominance of electrolyzers.” Electrolyzers allow producers to harness energy to split water into hydrogen and oxygen — their manufacture here in Egypt is among the potential bonanzas to local industry as Egypt embarks on a world-scale program to build out a green and blue hydrogen industry.

2023 brings the first post-pandemic hajj: Saudi Arabia will remove all covid-era restrictions and allow the number of pilgrims to return to pre-pandemic levels for this year’s hajj season in the summer, KSA authorities said in a statement (pdf). Access was restricted to vaccinated pilgrims aged 18-65 in 2022, when around 1 mn people made the journey to Mecca and Medina, down from some 2.6 mn in 2019. Only a small number of Saudi residents were allowed to perform the pilgrimage in 2020 and 2021.

MARKET WATCH- Kuwait is set to up its diesel exports to Europe fivefold in 2023 and double its airline fuel exports, Bloomberg reports, helping fill a small part of supply set to be lost when the EU’s ban on Russian refined oil imports kicks in on 5 February. Kuwait will increase diesel flows to Europe to some 2.5 mn tons — around 50k barrels a day — and up jet fuel exports to 5 mn tons. Diesel made up around half of the 1.3 mn barrels of Russian oil products that were shipped to Europe every day before the outbreak of war in Ukraine, according to the business news outlet.

CIRCLE YOUR CALENDAR-

The national dialogue will kick off on Saturday, 14 January.

Davos 2023: The usual suspects will descend on the Swiss town for the annual meetings of the World Economic Forum on 16-20 January.

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

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential daily read on what’s happening in business, finance, economics and policy in Egypt and the wider region — is looking for writers, reporters, and editors to help us build new publications. We're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and ideas moving markets. Egyptian and foreign nationals alike are welcome to apply.

NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run in our publications. Those who successfully complete the program will then be offered full-time positions on staff.

During the program you will learn:

  • The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
  • Business and finance for non-finance people: Whether it's industry jargon, key concepts, or simply how to read a an income statement;
  • How to construct an Enterprise story: From idea formulation down to the structure, style, and tone of writing;
  • The ins and outs of a newsroom, including how to develop sources that will give you the key insights needed to tell a complete story;
  • How to communicate these stories with the confidence and language of an insider.

Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.

enterprise

*** 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: How do climate and sustainability issues affect our fisheries?

enterprise

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.

ECONOMY

Cabinet ratifies budget cutbacks for FY 2022-2023 amid rising inflation and an ongoing FX crunch

Cabinet announces budget cutbacks amid rising inflation, FX crunch: Prime Minister Moustafa Madbouly has told all but “essential” ministries to make budget cutbacks until the end of the current fiscal year. The order comes as the government works to address a shortage of hard currency and tamp down inflation. Under a directive published in the Official Gazette yesterday, ministries and related authorities will have to reduce operational costs and limit spending on some national projects that require FX for the rest of FY 2022-2023, which finishes at the end of June.

SMART POLICY- Limits on FX spending: Any new national projects that require significant FX expenditure, and where construction has yet to begin, will be delayed, according to the decision. Any FX spending at all by the ministries in question and their authorities will also require the Finance Ministry’s approval.

A number of areas of government have been ring-fenced: The health, interior, defense and foreign ministries have been exempted from belt-tightening, as have agencies responsible for securing food and energy supplies. All other ministries have 21 days to submit reports detailing the exact portion of the budget they intend to freeze until the end of the fiscal year.

Also getting the axe: “Non-urgent spending” will also be delayed. The directive mentions activities including “non-urgent” business travel, recreational activities, attending conferences, and throwing work events. Authorities will also be required to curb spending on grants, awards, and training for staff.

More cutbacks on the operational side: Operating expenditures including office supplies and services will be reduced by 10%, with a portion of that budget frozen for the remainder of the year. Other expenses related to worker compensation — though it’s not clear what expenditures the decision is referring to — will also need to be cut back by at least 2.5%.

CAVEAT- There’s a lot we don’t know: The government hasn’t been clear on the total value of savings it expects to realize as a result of the cuts or which projects will be impacted. The government has earmarked EGP 2.07 tn in spending in its FY 2022-2023 budget.

M&A WATCH

Compass Capital cleared to do due diligence on Pachin. Plus: Speed Medical, ICMI make M&A headlines

Yesterday in M&A: Compass Capital got the green light to do due diligence on Egypt’s most sought-after paints company, Speed Medical is considering selling its stake in Speed Hospital in Obour, and ICMI is looking at a number of acquisitions in the textiles and medical sectors.

YOUR TURN, COMPASS-

EGX-listed Paint and Chemical Industries (Pachin) will allow Compass Capital to do due diligence, Pachin said in a disclosure to the EGX (pdf) yesterday. The news comes just days after Compass submitted a bid to acquire a majority of Pachin’s shares.

The bid: Compass last week became the fifth company to bid for Pachin with an offer to purchase 51-90% of the paint manufacturer at EGP 30 a share. The offer is the highest Pachin has so far received, valuing the company at EGP 720 mn.

Other bidders include Eagle Chemicals, which last month offered to pay EGP 29.50 a share for the company, and the UAE’s National Paints Holdings, which offered EGP 29.00 a share. Pachin has not yet responded to the NPH offer, but is expected to do so later this month. Both Universal Building Materials and Chemicals (Sipes) and Saybad Industrial Investment dropped their bids after Pachin turned them down for undervaluing the company.

REMEMBER- The play for Pachin comes amid the government’s privatization push, which should see it reduce its involvement in or exit certain industries to make way for the private sector. Pachin is currently approximately 54% owned by state-owned companies and banks.

Advisors: Al Ahly Pharos is advising Pachin while Shalakany Law Office is counsel. Marei, Fayez, Dardiry & Partners is legal advisor to Compass Capital, which has not yet appointed a financial advisor.

THAT’S NOT ALL FROM PLANET M&A-

ICMI shareholders to discuss Banff acquisition: Shareholders of the International Company for Medical Industries (ICMI) will discuss plans to acquire a 72% stake in Mansoura-based textiles company Banff Non Wovens at a general assembly meeting on 29 January, according to a disclosure to the EGX (pdf). The meeting will also look into allowing the board to finalize acquisitions of stakes in Alfa Medical, New Alfa, and Capital Investments after revising them, it said in a second bourse filing (pdf).

Why’s a company like ICMI interested in textiles companies? Banff produces materials used by the healthcare industry. Its non-woven fabrics are used for goods like masks, surgical gowns and sterilization wraps.

AND- Speed Medical could exit Obour hospital: Shareholders in diagnostics and healthcare firm Speed Medical will discuss selling down its stake in Speed Hospital in Obour in an extraordinary general meeting on 2 February, it said in a disclosure (pdf) yesterday. Speed was not available for comment by dispatch time this morning. Domestic media suggest speed owns 80.25% of the hospital.

enterprise

DEBT

GB Lease issues EGP 1.7 bn in securitized bonds

GB Auto subsidiary GB Lease has closed an EGP 1.7 bn securitized bond issuance, according to a joint statement (pdf) by Al Ahly Pharos and CIB. The two institutions were joint financial advisors on the transaction alongside the National Bank of Egypt (NBE).

The details: The three-tranche issuance is backed by a receivables portfolio of EGP 2.4 bn, with the tranches rated from AA+ through A by Middle East Rating & Investors Service. NBE, CIB, Banque Misr, Banque de Caire, Abu Dhabi Commercial Bank, and NI Capital all subscribed to the issuance, which marks GB Lease’s third securitization following an EGP 4.3 bn issuance in January 2022 and an EGP 2 bn issuance in January 2021.

We’re coming off a bumper year for securitization: The securitization market saw issuances worth a combined EGP 47.5 bn in 2022, three times the EGP 15.8 bn sold the year before, according to data tracked by Enterprise.

More advisors: Dreny & Partners acted as the legal advisor on the issuance, and KPMG were auditors.

enterprise

LAST NIGHT’S TALK SHOWS

The economy topped the talk shows once again last night, as the pundits focused on Prime Minister Moustafa Madbouly’s budget cutbacks (see our Economy section, above) and the rising tally of investments pouring into the new 25% certificates of deposit (CDs).

Investors have so far poured some EGP 155 bn into the record high-yield 25% CDs released last week by the National Bank of Egypt (NBE) and Banque Misr, NBE Deputy Chairman Yehia Aboul Fotouh told Ala Mas’ouleety’s Ahmed Moussa in a phone call (watch, runtime: 12.:47). Some EGP 105 bn went to the NBE, while Banque Misr took EGP 50 bn, he said, adding that subscriptions were evenly divided between fresh deposits and those who invested after withdrawing from other CDs with lower yields.

AND- The Suez Canal is targeting revenues of USD 8.7 bn in 2023, up 10% on the USD 7.9 bn recorded last year, Suez Canal Authority Chairman Osama Rabie told Ala Mas’ouleety in a phone call (watch, runtime: 3:01). Five of the six companies owned by the SCA are now in the black, up from just one previously, said Rabie. Rabie had joined the talk shows to discuss the details of a bulk carrier that briefly ran aground in the canal yesterday, generating a smattering of local and international coverage reminiscing about the Ever Given saga of 2021 (Ala Mas’ouleety | watch, runtime: 3:57; and Kelma Akhira | watch, runtime, 6:02.)

EGYPT IN THE NEWS

The Almost-Ever-Given-Again catches the imagination of the int’l press: The top-trending topic in the global press this morning remains the cargo vessel that briefly ran aground in the Suez Canal yesterday before it was refloated. Cue flashbacks to when the 400-meter Ever Given ran aground in 2021, blocking the vital global shipping lane and disrupting shipping traffic. (Bloomberg | AP | Reuters | CNBC)

AND- At least six people were killed when a five-story apartment building collapsed in Upper Egypt’s Assiut, a day after two people died in a similar incident in Alexandria. (AP)

PLANET FINANCE

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

World food prices hit an all-time high in 2022: Supply chain havoc that began during the pandemic and went into overdrive following the outbreak of war in Ukraine helped stoke food prices to an all-time high last year. The UN Food and Agriculture Organisation’s (FAO) food price index averaged 143.7 points in 2022, up 14.3% from 2021 — its highest reading since records began in 1990.

But we should be past the worst of food inflation: The food price index declined for the ninth consecutive month in December, inching down 1.9% m-o-m to 132.4 points on the back of a steep drop in the price of vegetable oils and moderate declines in the prices of cereal and meat. “Calmer food commodity prices are welcome after two very volatile years,” Reuters quotes FAO Chief Economist Maximo Torero as saying.

Goldman Sachs sets up the chopping block: The Wall Street major is set to cut some 3.2k jobs this week as it continues to implement cutbacks that began last fall, Bloomberg reports. More than a third of the job cuts will take place in Goldman’s core trading and banking units, the business newswire reports, after business was hit by last year’s dealmaking drought and increased market volatility ahead of a predicted global recession. The firm’s headcount increased by a third in the last four years to number some 49k.

Signs point to the eurozone escaping a deep recession: The EUR rose nearly 1% against the USD yesterday after November data showed record-low eurozone unemployment and robust manufacturing output in Germany, leading investors to wager on a shallower recession in the bloc, the Financial Times reports.

Up

EGX30

16,097

+0.6% (YTD: +10.3%)

Up

USD (CBE)

Buy 27.55

Sell 27.63

Up

USD at CIB

Buy 27.45

Sell 27.55

None

Interest rates CBE

16.25% deposit

17.25% lending

Up

Tadawul

10,647

+1.1% (YTD: +1.6%)

Down

ADX

10,170

-0.3% (YTD: -0.4%)

Up

DFM

3,322

+0.6% (YTD: -0.4%)

Down

S&P 500

3,892

-0.1% (YTD: +0.4%)

Up

FTSE 100

7,725

+0.3% (YTD: +3.7%)

Up

Euro Stoxx 50

4,069

+1.3% (YTD: +7.3%)

Up

Brent crude

USD 79.80

+1.6%

Down

Natural gas (Nymex)

USD 3.91

-0.1%

Down

Gold

USD 1,874.90

-0.2%

Up

BTC

USD 17,167

+0.7% (YTD: +4.2%)

THE CLOSING BELL-

The EGX30 rose 0.6% at yesterday’s close on turnover of EGP 2.77 bn (73.3% above the 90-day average). Regional investors were net sellers. The index is up 10.3% YTD.

In the green: Qalaa Holdings (+6.3%), Credit Agricole Egypt (+3.7%) and CIB (+2.2%).

In the red: Juhayna (-3.2%), GB Auto (-3.0%) and CIRA Education (-2.2%).

It’s a mixed picture for Asian markets in early trading this morning, while futures suggest major European and US indices will open to a wall of red later on today.

DIPLOMACY

Somali delegation signs MoUs with gov’t: Somali and Egyptian authorities signed MoUs paving the way for closer cooperation and bilateral exchanges in media, culture, religion, and higher education following a roundtable discussion in Cairo yesterday, according to separate cabinet statements (here, here, and here.) Somali Prime Minister Hamza Abdi Barre expressed interest to Prime Minister Moustafa Madbouly in benefiting from Egyptian know-how in agriculture, tech, healthcare, infrastructure, and renewables, according to another statement. Upping bilateral and regional cooperation was the topic of a sit down between Foreign Minister Sameh Shoukry and his Somali counterpart, according to a Foreign Ministry statement.

greenEconomy

Unsustainable fishing practices are wreaking havoc on the Mediterranean’s fisheries. Fish production in the Mediterranean and the Black Sea has fallen by around 15% since 2020, according to the UN Food and Agriculture Organization (FAO). Its biennial report on the state of the region’s fisheries partly attributes the decline to covid-19, but analysis of revenues between 2013 and 2020 indicates that total revenue has fluctuated between USD 2.9 and 3.7 bn and was already beginning to decline prior to the pandemic.

The situation has improved — but not enough: The rate of overfishing — the single largest threat to fish in the area — has fallen 21% in the past decade, but average fishing pressures are still twice the sustainable level, according to the report. Releasing fishing pressure on priority species might be good for stock numbers, but places greater demand on certain other sources — notably (and commercially important), blue and red shrimp, to which Egypt contributes 13.6% of the total landed catch. Additionally, discarding fish and retaining unintended catches also eliminates prey, exploits vulnerable species and degrades marine environments.

Not to mention the impacts of climate change, as rising sea temperatures, heat waves and water shortages threaten the future of the aquaculture and fishing industry.

Egypt is one of the top producers in the region: A leader in fishing fleet capacity, landing contributions and employment, Egypt accounts for 8.9% of the region’s fishing capacity, putting us fifth after Turkey, Italy, Tunisia, and Algeria, according to UN data. Together, these five countries account for 64% of the region’s capacity.

Fishing is a major agricultural sector for Egypt: At home, the Egyptian fishing industry constitutes 11% of the country’s total agricultural production and employs 815k people. While Egypt’s fish and marine production have witnessed a steady rise over the past decade, the most recent press release by the Central Agency for Public Mobilization and Statistics (CAPMAS) indicates that our fish production fell for the first time in five years to 2.01 mn tons in 2020, a 1.4% drop from 2.03 mn tons the year before.

Fisheries + food security: A separate FAO report looking at the long-term future of the Egyptian livestock and fishery industries forecasts that by 2050, Egypt’s population will have hit 150 mn. In order to ensure food security for a rapidly rising population, animal food production (including fish, beef and poultry) must increase by 109% by the middle of the decade.

Their suggestion? To improve production targets, Egypt should focus on the operation of aquaculture, specifically making semi-intensive ponds the backbone of the sector and reducing the role of capture fisheries. Aquaculture — or farmed — production has seen rapid growth in the last two decades, surpassing capture fisheries’ production in terms of volume.

That said, we need to protect our fisheries: The Egyptian fishing industry, like the wider Mediterranean region, is dominated by small-scale fisheries (SSFs), which employ the majority of fishers but are unable to bring in catches to rival those of larger vessels. Given their size, SSFs struggle to counter the effects of climate change. The result is a general trend in individuals moving away from the fishing industry — the FAO predicts urbanization to grow by 115% by the middle of the century in Egypt — leading to a decline in SSFs that will have significant social and cultural impacts on coastal livelihoods.

What’s being done locally to combat the issues? We have laws to protect our fisheries: Last year, President Abdel Fattah El Sisi ratified the law on the Protection and Development of Lakes and Fisheries (pdf) to provide protection for Egyptian lakes, fisheries and beaches. And in 2020, the Manpower Ministry launched Egypt’s Fishermen, an initiative to support 50k small-scale fishermen throughout the country by offering them health and social protection. Egypt is also a signatory of the FAO’s Regional Plan of Action for Small-Scale Fisheries in the Mediterranean and the Black Sea, implementing a 10-year roadmap through to 2028 of concrete actions to support the essential role of SSFs.

And the government is pushing for local investment in the fishing industry. In June, when the government laid out its initial privatization scheme, fishing and fish farming were listed as two industries it plans to exit within the next three years. Fish farms are also set to be leased to the private sector, community associations, and foreign investors.


Your top green economy stories for the week:

  • The Finance Ministry officially launched its framework for issuing sustainable sovereign debt, allowing the state to raise money for a wider range of social and environmental projects.
  • MPs approved a EUR 500k grant from the French Development Agency (AFD) to develop the green hydrogen sector.
  • HSBC Australia’s CEO dives into how Gulf investors are driving the rise of renewables down under in the bank’s weekly Enterprise column.
  • The government’s Egypt PV program has been recognized by International Finance Magazine, which handed it the most sustainable energy provider in Egypt award for 2022.

CALENDAR

JANUARY

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.

January: Global Auto to restart BMW assembly in Egypt.

16-20 January (Monday-Friday): Davos 2023.

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 (TBC).

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

FEBRUARY

2 February (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

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

March: 4Q2022 earnings season.

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

30 March (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

APRIL

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

10-16 April (Monday-Sunday): IMF / World Bank Spring Meetings, Marrakesh, Morocco.

16 April (Sunday): Coptic Easter

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.

30 April (Sunday): End of Mediterranean, Nile Delta oil + gas exploration tender.

Late April – 15 May: 1Q2023 earnings season.

MAY

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.

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

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

JUNE

10 June (Saturday): Thanaweya Amma examinations begin.

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

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

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

30 June (Friday): June 30 Revolution Day.

JULY

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.

AUGUST

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

SEPTEMBER

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

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

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

OCTOBER

6 October (Friday): Armed Forces Day.

Late October-14 November: 3Q2023 earnings season.

NOVEMBER

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

DECEMBER

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

EVENTS WITH NO SET DATE

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: Egypt + Qatar to launch joint business forum.

1Q 2023: FRA to introduce new rules for short selling.

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.