BEBA Annual Report 2022/2023 by Waltons Publications

ANNUAL REPORT 2022/2023

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ACKNOWLEDGEMENT The British Egyptian Business Association (BEBA) would like to thank its partners for their support during the year

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ANNUAL REPORT 2022/2023 •

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Message from the Chairman

Message from the Ambassador

Board of Directors 2022/2023

BEBA Executive Team 2022/2023

24 NOVEMBER 2022 16

An Early Dinner with H.E.Dr. Mohamed Maait, Minister of Finance on behalf of H.E. Dr. Mostafa Madbouly, Prime Minister to Egypt

1-2 DECEMBER 2022 17

Higher Education/Investment Forum on Transnational Education

21 FEBRUARY 2023 5 SEPTEMBER 2022 11

IFC Green Building Programme: Certify Green and Open New Market

13 MARCH 2023 20

9-10 NOVEMBER 2022 13

The Road to Green Economy Alongside the COP2716 FEB ANNUAL REPORT 2022/2023 •

Egypt’s Today: Opportunities and How to Navigate Economic Challenges

DINNER IN HONOUR OF HE ENG. TAREK EL MOLLA, MINISTER OF PETROLEUM AND MINERAL RESOURCES

The Importance of Decarbonisation & the Need for Transition

12 APRIL 2023 22

BEBA’s Annual Iftar Ramadan In honour of H.E. Ahmed Issa, Minister of Tourism and Antiquities At Salah El Din Citadel

14-16 JUNE 2023 23

SECTORAL MISSION TO THE UK

Growing Green: Boosting Trade and FDI Linkages Towards a Sustainable Future

BEBA’s Financial Performance

Financial Statements and Auditor’s Report

BEBA’s Events Partners and Events Sponsors

BEBA Contacts

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Message from the Chairman Khaled Nosseir, Chairman British Egyptian Business Association (BEBA)

As we begin another year, I am proud to report that BEBA remains committed to its mission of serving our members and fostering cooperation between Egypt and Britain. The past year was a significant one for Egypt, as COP27 took place in Sharm El Sheikh, marking an important milestone in the country’s efforts to combat climate change.

green investment in Egypt, and how these opportunities can be leveraged to drive growth and development. In the year ahead, BEBA plans to build on the outcomes of these events to increase green investment and attract investors to Egypt. By continuing to foster dialogue between Egypt and the UK, BEBA hopes to create a more attractive environment for greater trade & bilateral cooperation, one that is built on a strong foundation of collaboration and mutual understanding. With its sights set firmly on the future, BEBA is committed to supporting Egypt’s growth and to strengthening its economic ties with the UK.

BEBA played a critical role in supporting Egypt’s commitment to COP27 by organizing several events, including a successful business mission to the UK with over 70 delegates representing a range of sectors. During the mission, four Egyptian ministers joined BEBA and three other ministers gave recorded messages, emphasizing green investment opportunities in Egypt.

I would like to thank all of our distinguished speakers and the Egyptian ministers & officials who have supported our events and missions with their presence, as well as all government officials on both sides for their contributions to BEBA. I also wish to thank the Egyptian Ambassador, the UK Ambassador to Egypt, and our partners, the Commercial Section and the Egyptian Cultural Centre of the Egyptian Embassy in London, the UK Department of International Trade, and the Egyptian British Chamber of Commerce.

Another significant event organised by BEBA was a Business Networking Forum in parallel to COP27 in Sharm El Sheikh and in collaboration with the EBCC. This resulted in engaging the members with key stakeholders in the fight against climate change and exploring new business opportunities in the green economy. BEBA’s primary objective is to strengthen trade relations between Egypt and the UK while showcasing economic incentives that promote green transformation in Egypt. By bringing together private sector representatives and government officials, BEBA has facilitated a deeper understanding of the opportunities for

Finally, I want to express my appreciation to BEBA’s executive team for their dedication to excellence. Together, we will continue to work towards a brighter future for Egypt and Britain and serve our fellow members.

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Message from the Ambassador H. E. Gareth Bayley, Honorary Member The British Ambassador to Egypt

Last year, the countries of the world gathered in Egypt for COP27, agreeing to commit to a shared plan to move away from coal power and inefficient fossil-fuel subsidies. We saw the announcement of ambitious new net zero targets, as well as commitments accelerating the much-needed move towards clean energy. Now, as UAE hosts COP28 this year, we have a further opportunity to really deepen our engagement on clean growth.

and an MOU between British Water and the Egyptian Ministry of Housing to establish a framework for bilateral cooperation on water projects. In addition, we witnessed the signing of an MOU between British Water and the Egyptian Ministry of Housing to establish a framework for bilateral cooperation on water projects and an MOU collaboration between Egypt’s Financial Regulatory Authority (FRA) and The London Institute of Banking & Finance (LIBF) MENA to support Egyptian non-banking financial services markets.

As part of the ‘Green Partnership’ between our two countries, the UK is working with Egypt during its presidency of COP27 to build on the legacies of the COP26 and COP27 Conferences. The private sector will be essential to success. We want to unleash the potential of climate finance - and have put resources behind this - to engage and support British and Egyptian businesses, including on renewable energy, where Egypt has an excellent story to tell.

These British investments and partnerships are both significant individual successes, and stepping-stones to future achievements, helping Egypt realise its ambitious sustainable energy strategy. Beyond climate, Egypt is our third largest business partner in Africa, as well as one of the fastest growing markets on the continent. I see Egypt as one of the most exciting markets in the region and a gateway to the rest of Africa. The strength of our existing trade and investment ties, with British companies one of the main sources of foreign direct investment into Egypt, provide a strong basis for our future success.

In the past few months, we celebrated the MOUs of Actis on green hydrogen, Globeleq on green ammonia and water desalination shortlisting, HiiROC on emerald hydrogen, Vodafone on sourcing renewable energy from Egypt, Ryse Energy on decarbonizing the Suez Canal’s radar and critical infrastructure stations, FIDO on water leakage detection, the LEVC providing EVs at COP27

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Board of Directors

Board of Directors 2022/2023

Khaled M. Nosseir Chairman Khaled M. Nosseir Chairman Chairman Alkan Holding Chairman Alkan Holding

Hazem Hassan Honorary Chairman Gareth Bayley Hazem Hassan Chairman Honorary Member Honorary Chairman TheHassan British Ambassador Chairman KPMG Hazem to Egypt

KPMG Hazem Hassan

Maged El Menshawy Maged El Menshawy Vice Vice Chairman Chairman Chairman Chairman Manapharma Manapharma

Sara Hinton Secretary General Secretary General Senior Partner Senior Partner I&PI&P Ibrachy Legal Consultancy Ibrachy Legal Consultancy

Mohamed Abdallah

Maged Ezzeldeen Tamer Badrawi Board Member Board Member Country Senior Partner Vice&Chairman & Secretary Deals Leader General Professional PricewaterhouseCoopers (PwC)

Mohamed Abdallah Board Member Board Member

Chief Executive Officer Vodafone Egypt

Vodafone Egypt

Sara Hinton

Development Foundation

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•

Membership Directory 2021 - 2022

Sir Gareth Bayley Honorary Member Ali Eissa The British Ambassador Honorary Board Member to Egypt Chairman & MD Nahdet Misr for Agro Industry

Negad Shaarawi

Negad Shaarawi Treasurer Treasurer Chairman the Healthcare Chairman of theofHealthcare & Pharmaceutical Sub Fund, & Pharmacheutical Sub Fund, Sovereign Fund of Sovereign Fund of EgyptEgypt

Hazem Gohar Ali Eissa Board Member Board Member Director of Water & Chairman & Environment Department MD Nahdet Misr for Dar Al Handasah Consultants AgroLTD. Industry (Egypt)

Karim Helal Board Member Director Egypt Colliers International

Pakinam Kafafi Board Member Chief Executive Officer TAQA Arabia

Mohanad T. Khaled Board Member Managing Partner BDO Khaled & Co.

Ingy Rasekh Board Member Managing Partner MENA Associates/Amereller Legal Consultants

Hussein Refaie Board Member Chairman & Managing Director Suez Canal Bank

Khaled Zaki Board Member Chief Operating officer (COO) Dar Al-Mimar for Construction & Projects (DMC)

Faisal Eissa Observer General Manager Lekela Egypt

Farida Khamis Observer Chair of the Board of Trustees The British University in Egypt (BUE)

Sherine Shohdy Observer Head of Egypt & Coverage Director, North Africa British International Investment (BII)

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BEBA Executive Team 2022/2023

Nadia M. Lamloum CEO

Engi El Naggar

Ghada Mushiet

Business Development Manager

Ehab Gamal

Accounting Manager

Youssef Mohamed Abdeltawab System & Information Engineer

Operations Manager

Mai Refaie

Head of Events & Marketing

Mike Magdy

Digital Marketing Specialist

Hazem Mansour Messenger

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Engy Shalkamy

Events & Membership Specialist

Aliaa Ismail

Economic Researcher

28 SEPTEMBER 2022

BEBA ACTIVITIES 2022: WEBINAR

IFC Green Building Programme:

Certify Green and Open New Market Date: Wednesday, September 28, 2022

Marwa Mahgoub

Lenore Cairncross

Radwa Hammam

Bahaa Ebeidy

Speakers: • Marwa Mahgoub

Operations Officer Creating Markets Advisory, International Finance Corporation (IFC)World Bank Group.

• Lenore Cairncross

Green Building Lead, Climate Business Department, International Finance Corporation (IFC)World Bank Group.

• Radwa Hammam

Operations Analyst, CMA CAF Team, International Finance Corporation (IFC)World Bank Group.

Moderated by: • Bahaa Ebeidy Green Building Consultant – EDGE Expert,

International Finance Corporation (IFC)World Bank Group

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28 SEPTEMBER 2022

BEBA hosted a webinar entitled ‘IFC Green Building Programme: Certify Green and Open New Markets’. Marwa Mahgoub, Operations Officer Creating Markets Advisory, International Finance Corporation (IFC)World Bank Group joined the webinar, along with Lenore Cairncross Green Building Lead, Climate Business Department, International Finance Corporation (IFC) World Bank Group, and Radwa Hammam Operations Analyst, CMA CAF Team, International Finance Corporation (IFC)World Bank Group. With moderation by Bahaa Ebeidy, Green Building Consultant – EDGE Expert, International Finance Corporation (IFC)World Bank Group.

warehouses, and more, reflecting the growing demand for green certification across all sectors.

The webinar highlighted Edge certification, a system for certifying green buildings based on energy, water, and material efficiency. It offers three certification levels, with the first achieved by saving 20% in these areas. This certification is applicable to various building types, including homes, educational facilities, hotels,

The International Finance Corporation (IFC) offers support through expert and designer training in collaboration with the housing and building Research Center, the Green Building arm of the ministry of housing. Training is available through various modes, including online, live streaming, and face-to-face sessions.

Stakeholders like developers, governments, banks, financial institutions, and tenants all benefit from Edge certification. Developers can access better financing, expand their market share, and enhance their brand. Commercial property owners attract multinational tenants, boost profitability, and improve efficiency. Investors are drawn in while operational costs decrease over time. Governments see operational cost reductions for their buildings, as well as energy and resource efficiency gains.

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9 - 10 NOVEMBER 2022

BEBA/EBCC BUSINESS FORUM

The Road to Green Economy Alongside the COP27 Date: 9 - 10 November 2022 | Sharm El-Sheikh The BEBA/EBCC November Business Forum consisted of a two- day conference alongside the COP27 in the Green Zone.

Day 1: Opening Session:

Along with the minister, special guest speaker H.E. Gareth Bayley Ambassador to the UK in Egypt who emphasized on the importance on investing on green projects sooner rather than later. Ben Wreschner, Economist and Public Affairs Officer for Vodafone highlighted that higher returns could be achieved by companies who invest in green projects. Finally, Sarah Howard MBE, BCC Chair, discussed the challenges facing SMEs in the current global economic situation

The Business Forum included a keynote speech from H.E. Dr. Hala El Said Egyptian Minister of Planning and Economic Development who stated the government’s commitment to green projects, gave an overview of the government’s key polices to help support the business community in its transition.

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9 - 10 NOVEMBER 2022

Plenary Session I: This was followed by ‘Transition between Trade and investment to Circular economy and sustainable projects and procedures. The speakers for this session were, H.E Waleid Gamal MSc, Suez Canal Economic Zone, Basel El Hini, Chairman, Misr Insurance Holding Group, Shevun Haviland, Director General, BCC Bobbie Mellor, Global Head of ESG at Vodafone Group

and moderated by Caroline Ray, Regional Director East Africa, Arup Group.

Plenary Session II:

- Energy Transition Director – Capricorn Egypt, John Pearson – COO, New Energy Services – Petrofac and Hazem Gohar Director & General Manager – Dar Al Handasah Consultants. This session was moderated by Hesham El Shamy – GM Egypt - Aggreko

This session discussed the challenges facing SMEs in their transition to green economy and how partnerships between public and private sectors could help support the green projects

The plenary session II titled ‘Decarbonization Process & Highlighting sectorial benefits in moving towards a circular economy.’ discussed the short- and long-term plans companies have for decarbonization as well as the challenges to the application of these plans within the current global economic conditions and the practical strategies for implementation. The speakers for this session were: Dr Valentina Kretzschmar

The Closing remarks for the conference were given by Ian Gray, OBE, EBCC Chairman and Alastair Long – HM Deputy Trade Commissioner for Africa

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9 - 10 NOVEMBER 2022

Following these sessions, networking dinner receptions were held on the evening of the two days; one at the Park Regency Hotel Sponsored by Vodafone Egypt and another at the Savoy Hotel sponsored by Standard Chartered Bank

AN ANNUAL REPORT 2022/2023 •

24 NOVEMBER 2022

An Early Dinner with H.E. Dr. Mohamed Maait, Minister of Finance on behalf of H.E. Dr. Mostafa Madbouly, Prime Minister to Egypt

Speaker: • H. E. Dr. Mohamed Maait, Minister of Finance BEBA organized a dinner with H.E Mohamed Maait, Minister of Finance who addressed BEBA on behalf of H.E. Dr. Mostafa Madbouly, highlighted the robust and strategic relationship between Egypt and the United Kingdom. A significant achievement was Egypt’s hosting of COP27, resulting in a key agreement to establish a fund for nations vulnerable to climate change-induced loss and damage. The discussion also addressed the profound impact of climate change on agriculture and water resources, reaffirming Egypt’s commitment to expanding renewable energy to reach 42%. Egypt’s rapid transition toward renewable energy, aiming for 42% by 2035 and aspirations to become a regional energy hub, was a key focus. The discourse highlighted substantial growth in trade volume between Egypt and the UK, with a special emphasis on green projects and encouraging UK investments in clean energy, manufacturing, and healthcare. Additionally, the gradual automation of tax procedures was stressed as a means to reduce disputes and enhance taxpayer convenience. Despite 2022’s challenges, the government is actively implementing measures to combat high inflation and rising costs through social assistance packages, flexible exchange rates, and interest rate adjustments. The commitment to lower electricity costs, support the business community, and boost exports was

underscored, along with plans to allocate additional funds for export liquidity and streamline procedures. The announcement of diverse board members further solidified the government’s dedication to addressing various expertise and backgrounds within the company.

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1 - 2 DECEMBER 2022

SECTORAL EDUCATION MISSION TO LONDON

Higher Education/Investment Forum on Transnational Education

The British Egyptian Business Association in cooperation with the Egyptian Cultural and Educational Bureau (ECEB) in London organized a two-day educational mission to the UK, in honour of His Excellency Mohamed Ayman Ashour, Minister of Higher Education. The mission to London was attended by the British Minister of Export, Mr. Andrew Bowie, who oversees higher education. He stated that he is interested in visiting Egypt soon to discuss cooperation between Egypt and UK. Maged El Menshawy, Vice President of the British Egyptian Business Association, had declared that the educational mission to the United Kingdom is one of the successful missions organized by BEBA to promote investment and trade between the two countries. The mission was accompanied by 15 BEBA members in the field of higher education and investment, who met with British universities to discuss cooperation and way forward.

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21 FEBRUARY 2023

PANEL DISCUSSION

Egypt’s Today: Opportunities and How to Navigate Economic Challenges Speaker: • Hossam Heiba, President, GAFI • Abdalla El-Ebiary, Chief Investment officer, Sovereign Fund of Egypt • Maged Ezzeldeen, Egypt Senior Partner and Deals Leader, PwC Middle East • Ahmed Raouf, General Manager, Sanofi Egypt • Wael Ziada, Managing Partner, Zilla Capital Moderated by: • Karim Helal, Director Egypt, Collier International BEBA organized a panel discussion on how to overcome economic challenges confronting investors, as well as the discussion on possible solutions, opportunities, and recommendations. The panel discussion centered on economic challenges and strategies to attract and facilitate foreign direct investments (FDI). Attendees highlighted the specialized FDI targeting, emphasizing its potential impact on specific industries and businesses. To enhance investor support, a new service for digital firm incorporation is set to launch in mid-April 2023.

Several key obstacles were raised, including concerns about delays in security clearance checks, which were perceived as deterrents for potential investors. Attendees advocated for shorter procedural deadlines and sought assurances regarding legislation modifications aimed at investor protection. Additional issues that were raised included delays in dividend payments for long-term investments, the desire for a tax-free period of 5-10 years for rapid profit generation investments, and a request for investment maps accessible through bank websites and instructional workshops.

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To address these concerns, measures have been put in place to expedite the acceptance process, with a one-week turnaround time as a target. The creation of the GAFI committee aims to ensure security clearance within predefined timeframes, while discussions with the parliament are ongoing to eliminate double taxation of dividends. Proposals for tax incentives, alongside existing offerings, are under consideration, with an emphasis on maintaining credibility and recognizing the value of golden licenses for investors.

to boost credibility. Legal protection for managers and control are essential for investor confidence. Minor system inefficiencies can have cascading effects. Economic fluctuations, including exchange rate concerns, impact investment. Consistency in investment rules is vital to avoid uncertainty that can deter investors.

Panel discussion outcomes and recommendations:

Addressing security clearance delays is crucial to prevent negative investor perceptions. Double taxation of dividends is a major concern hindering group structures in Egypt, emphasizing the need for tax reforms. Leveraging existing incentives is vital

It’s important that we attract foreign investments in the sectors we need most, with a specific focus to make our efforts more efficient. We should work on speeding up the security clearance process, which can often cause delays. To achieve economic stability, we need to stop frequently changing our investment rules and tax policies. The more predictability we offer, the more investors will be willing to put their money in our country. What really matters is building trust and confidence through strict law enforcement and maintaining a stable tax system. We can start with some quick wins, like providing temporary tax exemptions for business investors, which might help with currency issues. Initiatives like a pre-IPO fund and the GAFI committee can boost investor confidence. It’s also important to communicate a clear strategy that emphasizes credibility and transparency. In the end, investors are looking for clear opportunities, fair competition, and returns on their investments. If we can provide all of that while offering support through the legal system, we’ll have a better chance of attracting foreign investments.

AN ANNUAL REPORT 2022/2023 •

13 MARCH 2023

DINNER IN HONOUR OF HE ENG. TAREK EL MOLLA, MINISTER OF PETROLEUM AND MINERAL RESOURCES

The Importance of Decarbonisation & the Need for Transition

H.E. Eng. Tarek El Molla

Mohamed Fouad

Speaker: • H.E. Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources. Moderated by: • Mohamed Fouad, CEO of Egypt Oil & Gas BEBA organized a dinner in honour of H.E Eng. Tarek El Mulla, Minister of Petroleum & Natural Resources. “As time evolves and technology advances, discussions for accelerating new energy are rising”-said by HE Eng. Tarek El-Molla; he also stated that the field of decarbonization and exploiting carbon has become one of the areas that attract the world’s attention, which was emphasized during the COP27 Climate Summit in Sharm El-Sheikh and the Egyptian International Petroleum Conference last February 2023. H.E mentioned Egypt’s recent participation at the “CERAWeek” conference in the United States of America, as well as crucial

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discussions with international oil and energy leaders, as evidence of Egypt’s place on the global energy map. H.E also claimed that decarbonization is an appealing business opportunity that has already attracted many firms and will continue to develop.

sector reform program, initiated in 2016, has proven resilient amid global challenges, including the COVID-19 pandemic and Ukraine-Russia conflict. Decarbonization activities revolve around promotion, monetization, and seizing decarbonization opportunities across various sectors.

Egypt is actively preparing for a national hydrogen strategy, a move that enjoys the Prime Minister’s direct involvement. The aim is to attract investors, bolster hydrogen and renewable energy production, and provide cutting-edge technology and training. As the chair of the Eastern Mediterranean Gas Forum, Egypt is accelerating emissions reduction projects and unveiled a methane roadmap at the Sharm El-Sheikh Climate Summit. Gas is considered pivotal for a balanced energy transition. Prioritizing energy efficiency has already saved the oil and gas industry $130 million yearly. Additionally, there’s a shift toward digital transformation in petroleum activities, expanding gas accessibility for households, and advocating natural gas for vehicles. International oil and gas exploration bids are facilitated via the Egypt Digital Portal, fostering successful partnerships with foreign entities. Egypt’s petroleum

Egypt is making significant steps in its energy landscape, transforming from a gas importer to an exporter with a pivotal regional gas trade role. The nation is committed to green energy, carbon capture, and energy efficiency initiatives, aiming for a balanced energy mix that includes natural gas. An imminent low-carbon energy plan will spotlight subsidy reform, renewable energy integration, and the promising realm of hydrogen. The ambitious target is set to achieve 42% renewable energy by 2030, with incentives enticing investments in green hydrogen. Additionally, there’s a resolute goal to slash emissions by 65% in the oil and gas sector by 2030, accompanied by $1.45 billion worth of energy efficiency projects currently in progress, showcasing Egypt’s commitment to a sustainable energy future.

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12 APRIL 2023

BEBA’s Annual Iftar Ramadan In honour of H.E. Ahmed Issa, Minister of Tourism and Antiquities At Salah El Din Citadel BEBA organized its annual iftar Ramadan in honour of H.E. Ahmed Issa, Minister of tourism and antiquities, gave a speech at this special event where he expressed his love for Egypt and the diversity of experiences that the country offers. He believes that no other city in the world can offer such a rich culture and history, as people have been living in Egypt for over 7000 years. Egypt’s tourist industry is undeniably on the rise, with remarkable growth evident in the first three months of 2023. A staggering 3.2 million visitors crowd to Egypt during this period, marking an impressive 40% surge compared to the same timeframe in 2022. This substantial increase signals Egypt’s ascent as an increasingly favored tourist hotspot. The country’s strategic focus on facilitating travel, particularly through tour operators and guides, has played a pivotal role in this success story. By streamlining processes for these travel professionals, Egypt has not only attracted more tourists but also significantly enhanced customer service, ensuring that visitors have a memorable and enjoyable experience in this vibrant destination. It’s believed that Egypt has the potential to become the world’s most popular tourist destination, and that the focus should be on marketing family activities, beaches, scuba diving, and cultural events. These four goods have the ability to attract millions of tourists on their own. Finally, Egypt has the potential to become a world-renowned tourism destination that offers a wide range of experiences to visitors from all over the world with the correct strategy and infrastructure investment.

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14 - 16 JUNE 2023

SECTORAL MISSION TO THE UK

Growing Green: Boosting Trade and FDI Linkages Towards a Sustainable Future

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14 - 16 JUNE 2023 CONTINUED...

the British Egyptian Business Association (BEBA) organized a sectoral mission to the UK from June 14th to 16th, 2023, with a focus on decarbonization, renewable energy, mining, green financing, and bonds. The mission aimed to emphasize the numerous opportunities for UK businesses and the private sector to engage in Egypt’s evolving economy, as the Egyptian Government plans to increase the private sector ’s share in national economic activity from 30% to 65% over the next three years. Notable participants included Minister of Petroleum and Mineral Resources HE Tarek El Molla, Minister of Finance HE Dr. Mohamed Maait, President of the General Authority of Investment and Freezones (GAFI) Mr. Hossam Heiba, and Deputy Governor of the Central Bank of Egypt Mr. Rami Abul Naga, along with 40 prominent business leaders.

From June 14 to 16, BEBA organized a successful business event in the UK that discussed topics, such as “Growing Green: Boosting Trade and FDI Linkages Towards a Sustainable Future” With a strong commitment to addressing climate change and fostering a green economy, the Egyptian Government, which presided over COP27, has taken significant steps. These include issuing the region’s first sovereign green bonds valued at $750 million in 2020, unveiling the National Climate Change Strategy 2050, and gearing towards digital transformation, the fourth industrial revolution, and green economic transitions. Egypt is set to release its National Green Hydrogen Strategy in partnership with the European Bank for Reconstruction and Development (EBRD), aiming to secure 8% of the global hydrogen market. In line with these efforts,

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BEBA’s Financial Performance

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