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Wednesday, 8 March 2023

THIS MORNING: EFG Hermes’ One-on-One conference enters its third day + We’re doing pretty well on gender equity

Good morning, friends. Before we get stuck into the issue…

A WORD FROM THE DEPT. OF TOOTING OUR OWN HORN- Longtime readers know we talk a lot about gender equity issues (among others). We also try to walk the walk — it simply makes no sense to leave 50% of your potential labor force untapped. So we did some math yesterday on the occasion of International Women’s Day.

Fully 47% of our team are women across both our news and advisory division — and eight of our 17 most senior leaders are women. Zoom into our newsroom, and you’ll find that 57% of our team are women. Our last pay equity audit found no differences in comp between men and women in the same roles (and with the same seniority), and we proudly offer women- and family-friendly benefits, from a whole-family health plan to generous maternity and paternity leave.

A special shout-out to our dev team, which has added seven women software developers, UI / UX specialists and other professionals to its team in the past 18 months.


The EFG Hermes One-on-One conference continues at the Atlantis Dubai. The largest investor conference in frontier and emerging markets — which is running this year under the theme Outplaying Challenges — brings together more than 560 fund and portfolio managers and C-suite execs from almost 180 companies in 29 countries.

Armenian Foreign Minister Ararat Mirzoyan is on the second day of his three-day visit to Egypt that will see him meet with Sameh Shoukry and participate in an Arab League session. This comes a month after President El Sisi visited the country as part of a diplomatic tour that also took him to Azerbaijan and India.


Inflation figures for February will land at the end of this week. Consumer prices accelerated at their fastest pace in five years in January on the back of record food price inflation triggered by the devaluation of the EGP.

Feb inflation to hit a fresh five-year high -Reuters poll: The median prediction in a Reuters poll of 14 analysts has inflation climbing to 26.7% in February from 25.8% the month before. This would be the highest print since October 2017 when inflation was running at 30.8%.

The US defense secretary is in Egypt: US Secretary of Defense Lloyd J. Austin is in the region this week for a multi-day trip that will take him to Egypt, Israel, Jordan and Iraq. The Pentagon has not disclosed Austin’s itinerary. Austin began his trip in Jordan earlier this week and landed in Baghdad yesterday.

The two-day Techne Summit starts on Saturday at the National Museum of Egyptian Civilization.


The front pages of the international business press are all bracing for further Fed rate hikes this morning following Chairman Jerome Powell’s statements at the Senate yesterday. We have more on this in this morning’s Planet Finance section, below. (AP | Reuters | Bloomberg | Financial Times | Wall Street Journal | New York Times | CNBC)

MEANWHILE- President Kais Saied’s stoking of anti-African sentiment is having economic consequences: Investors have dumped Tunisian bonds and the World Bank is suspending some cooperation with the country following a spate of violence against sub-Saharan migrants, Bloomberg reports. Hundreds of Africans have left the country in the wake of an anti-migrant speech by President Kais Saied last month that leaned heavily into ‘great replacement’ theory and triggered a wave of attacks on migrants. In response, the World Bank is pausing its Country Partnership Framework with the country that provides “strategic directions for operational engagements” in 2023-2027, it said in a statement yesterday.


An extension to the UN-brokered Black Sea Grain Initiative? Ukraine has opened talks to extend the Black Sea Grain Initiative past 18 March, enabling it to continue exporting grain around the world, Reuters reports citing an unnamed senior Ukrainian government source. Kyiv hasn’t had contact with Russia but understands that its partners are taking the lead in trying to find an agreement with Moscow, the official said. The Kremlin said it would agree to the extension as long as its agricultural suppliers are taken into account, according to the newswire.

Remember: The pact, brokered by the UN and Turkey last year, ended Russia’s blockade of Ukrainian ports and helped temper a global food supply crisis triggered by the war.


We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.

DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HERE to request a spot at this exclusive event.

What’s the Enterprise Exports & FDI Forum? It is the latest in our series of must-attend, invitation-only gatherings for C-suite-level business leaders. The Enterprise Exports & FDI Forum will discuss the critical topics of exports and foreign direct investment (FDI) in Egypt.

We will be taking an in-depth look into some of the most vital industry topics, including:

  • How to effectively break into new export markets
  • How to leverage domestic trends in order to create export opportunities
  • What foreign investors are looking for
  • What the government’s role should be

Why now? Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI, and all the benefits that will come with it for our nation.

Think of the Enterprise Exports & FDI Forum as a hands-on lab for how to turn the devaluation of the EGP into something that will turbocharge your company and our economy.

WANT TO SHARE YOUR STORY ON STAGE? Drop a note to Patrick here and let’s talk.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.


Italian FM in Egypt next week to talk Israel-Palestine: Italian Foreign Minister Antonio Tajani is heading to Egypt on Monday after visiting the West Bank and Israel, Italian news agency ANSA said yesterday.

Ahlan Ramadan: The government’s Nasr City Ahlan Ramadan discount supermarket expo will kick off on 15 March and will run through to 21 March, the Supply Ministry said in a statement yesterday. The government has some 455 Ahlan Ramadan locations across the country.

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: In a Cabinet Information and Decision Support Center (IDSC) forum last week, tourism players had their say about the infrastructure upgrades needed for the industry to take off.

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.