Back to the complete issue
Monday, 29 November 2021

TONIGHT: We’re still at zero Omicron at home + SODIC gives Aldar-ADQ offer its blessing

It’s another Omicron-led news day, ladies and gentlemen. The new variant is still very much driving the conversation abroad on an otherwise quiet afternoon in global headlines.

No Omicron cases have been detected in Egypt so far, Health Ministry spokesperson Hossam Abdel Ghaffar said this morning in a phone-in to state TV (watch, runtime: 12:41). The government is tightening safety measures across airports, seaports and landports to reduce the chances of the new covid variant making its way into the country, Abdel Ghaffar said.


SODIC’s board nods to Aldar-ADQ’s offer: SODIC’s board of directors gave its nod to the UAE’s Aldar Properties and sovereign wealth fund ADQ’s offer to purchase at least 51% of the company’s shares at EGP 20, according to an EGX filing (pdf). The developer cited the “current global economic conditions and the effect of the covid-19 pandemic” as well as the consortium’s “economically strong” position as good enough reasons to go through with the transaction. The board’s blessing comes despite the Aldar-ADQ offer falling short of the EGP 23.42 share price SODIC’s independent financial advisor BDO had set in its fair value study, according to an EGX disclosure (pdf).

Shareholders have until next Tuesday, 7 December to respond to the ongoing mandatory tender offer.


The Egypt Defense Expo (EDEX) kicked off this morning, after President Abdel Fattah El Sisi inaugurated the exhibition, according to an Ittihadiya statement. The event will run until this Thursday, 2 December. Some 400 international manufacturers and suppliers are set to showcase military equipment and defense technologies at New Cairo’s International Exhibition Center, with live firepower demonstrations planned for the five days.

Foreign Minister Sameh Shoukry is in Barcelona to attend the Regional Forum of the Union of the Mediterranean and the EU-Southern Neighborhood Ministerial Meeting, which are taking place back-to-back today, according to a Foreign Ministry statement.

What’s on the agenda? Shoukry is set to discuss with foreign ministers of 42 Mediterranean states the progress on priority areas agreed upon in last year’s forum, including environmental and climate action, sustainable and inclusive economic and human development, social inclusiveness and equality, digital transformation, and civil protection at the UFM Regional Forum. The ministerial meeting will focus on Egypt’s bilateral relations with European countries, including ramping up investments from Europe and exports to the continent.

The Creative Industry Summit continues today at the Nile Ritz-Carlton, running through Wednesday.

The Cairo International Film Festival continues its 10-day run after kicking off on Friday. The festival wraps next Sunday, 5 December.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Pfizer jab coming for 12-15 year-olds: Egypt has authorized the use of the Pfizer-BioNTech covid vaccine for children aged 12-15, and kids as young as 12 can begin to register for the jab as of this Wednesday.
  • Emirati port operator DP World will invest USD 25-35 mn in Ain Sokhna seaport over the next 2-3 years, which will be geared towards improving the logistics services at the port and increasing capacity at the newly-built second dock.
  • House says ‘yea’ to more Khaleeji money: A multi-bn USD bank loan agreed between the government and a syndicate of international banks led by Emirates NBD and First Abu Dhabi Bank earned approval by the House of Representatives yesterday.


WHO says Omicron risk is “very high”: The newly-emerged variant of covid-19 could have “severe consequences'' and poses a “very high” risk globally, the World Health Organization said (pdf) this morning, in what appears to be an about-face from its calls earlier this week to remain calm. The global health body is now calling on governments to consider adjusting “international travel measures in a timely manner” and planning for a surge of cases to weigh on health systems.

The warning comes as Omicron’s world tour is really picking up steam: At least 17 countries have at least one either confirmed or suspected case, with Canada, Switzerland, France and Scotland joining the list, according to Bloomberg’s Omicron tracker. The variant continues to spread despite governments across the globe tightening entry restrictions in efforts to curb the new strain, including Japan, which closed its borders to foreigners, the country’s prime minister said in a press conference today, joining Israel in taking hardline border control measures to contain the spread of the new variant.


KfW Development Bank is launching its open call for green project proposals in Egypt as part of their Investing for Employment facility (pdf) tomorrow. The facility will give grants to projects that drive job creation. You can find out more about the facility and the application process here.


Young professionals can now apply for the recently-launched McKinsey Forward program which focuses on leadership, business, and the transition to digital, McKinsey announced in a press release (pdf). The six-month program aims to teach participants how their business can combat challenges and use them to their advantage, integrate tech, and be adaptable and resilient during times of change. Forward will be available without charge to those eligible to apply, and one of the requirements is having less than five years of work experience. You can apply via this link before the 12 December deadline.

The new round of Silicon Waha’s Startup Factory will kick off on 10 December at the Assiut Technology Zone. The program will offer marketing tips and tricks for startup founders, who can apply here.

A new month is around the corner. The key news triggers to keep your eye on as we approach December:

  • PMI: Purchasing managers’ index figures for November for Egypt, Saudi Arabia, and Qatar will be released on Sunday, 5 December. Figures for the UAE, which normally come out on the same day as Egypt and Saudi, will be released two days later on Tuesday, 7 December.
  • Foreign reserves: November’s foreign reserves figures will be released during the first week of the month.
  • Inflation: Inflation figures for November will be released on Thursday, 9 December. Data for inflation typically appears on the 10th of every month, but is moved up one day if that falls on a Friday.
  • Interest rates: The Central Bank of Egypt’s Monetary Policy Committee will hold its final meeting for the year to review interest rates on Thursday, 16 December.

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

☀️ TOMORROW’S WEATHER- Are we finally saying goodbye to summer weather? Expect a daytime high of 29°C and a nighttime low of 16°C tomorrow before the mercury falls to 22°C for the next few days, according to our favorite weather app.

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.