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Egyptian Direct Investment Fund Limited EGYPTIAN DIRECT INVESTMENT FUND LIMITED ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 EGYPTIAN DIRECT INVESTMENT FUND LIMITED Contents Management and Administration 2 Directors 3 Investment Manager's Report 4-13 Report of the Directors 14-16 Independent Auditor's Report 17-18 Investment Portfolio 19 Statement of Comprehensive Income 20 Statement of Financial Position 21 Statement of Changes in Equity 22 Statement of Cash Flows 23 Notes to the Financial Statements 24-37 1 EGYPTIAN DIRECT INVESTMENT FUND LIMITED Management and Administration Directors Investment Manager Ove Hoegh (Chairman) (Resigned 30 April 2017) Stanhope Overseas Limited, Richard C. Blum Alamander Way, Grand Pavilion, Mohamed S. Younes West Bay Road, PO Box 10173, Andrew Maiden Grand Cayman, KY1 - 1002, Cayman Islands. Registered Office PO Box 255, Mailing Address: Trafalgar Court, c/o Concord International Investments, Les Banques, 610 Fifth Avenue, 6th Floor, St. Peter Port, Guernsey, New York, NY 10020. Channel Islands GY1 3QL. Administrator, Secretary and Registrar Legal Advisers Northern Trust International Fund Mourant Ozannes, Administration Services (Guernsey) Limited, 1 Le Marchant Street, PO Box 255, St. Peter Port, Guernsey, Trafalgar Court, Channel Islands GY1 4HP. Les Banques, St. Peter Port, Guernsey, Custodian Channel Islands GY1 3QL. Northern Trust (Guernsey) Limited, Trafalgar Court, Sponsor for The International Stock Exchange Les Banques, (formerly the Channel Islands Securities Exchange) St. Peter Port, Guernsey, Northern Trust International Fund Channel Islands GY1 3DA. Administration Services (Guernsey) Limited, PO Box 255, Auditor Trafalgar Court, Deloitte LLP, Les Banques, PO Box 137, St. Peter Port, Guernsey, Regency Court, Channel Islands GY1 3QL. Glategny Esplanade, St. Peter Port, Guernsey, Channel Islands GY1 3HW. 2 EGYPTIAN DIRECT INVESTMENT FUND LIMITED Directors Ove Hoegh (Chairman) (Resigned 30 April 2017) Ove Hoegh was senior partner of Hoegh Invest AS, a family owned company up to 2006. Mr. Hoegh is a graduate of the Royal Norwegian Naval Academy and has a Master of Business Administration degree from the Harvard Business School. He was Managing Director, 1966 to 1974, and Chairman, 1974 to 1979, of Leif Hoegh & Co AS. Mr. Hoegh has been on the board of a number of Norwegian companies and associations. He is currently a board member of Coral Growth Investments Limited and Coral Growth Investments (Parallel) Limited and also for Ledlight Group AS. He is now a private investor with no affiliation to Hoegh Family affairs. Richard C. Blum Richard C. Blum is Chairman of Blum Capital Partners, L.P., a long-term strategic equity investment management firm which acts as general partner for various investment partnerships and provides investment advisory services. Mr. Blum currently serves as a member of the Board of Directors of CBRE Group, Inc., a global market leader in real estate services. He is also a director of Pacific Alliance Group Holdings, Ltd., Coral Growth Investments Ltd., Astar USA LLC and he was co-founder of Newbridge Capital (now TPG Asia). Mr. Blum is the former Chairman of the University of California Board of Regents, where he continues to serve as a Regent, as well as a member of the Advisory Board for the Haas School of Business at the University of California, Berkeley. He also serves as a member of the Federal Reserve Bank Economic Advisory Council and the President’s Global Development Council. Mr. Blum founded the American Himalayan Foundation and Blum Center for Developing Economies at the University of California, Berkeley. He is the Honorary Consul of Nepal. Additionally, Mr. Blum serves on the board of trustees of the following not-for-profits: The Asian Art Museum Foundation, California Academy of Sciences, The Carter Center, Central European University, Glide Foundation, Simon Wiesenthal Center Inc. and The Wilderness Society. He is also an Honorary Trustee for The Brookings Institute, a member of the Board of Directors for the National Democratic Institute and is on the Council of Advisors for National Geographic International. Mr. Blum earned both his B.A. and M.B.A. from the University of California at Berkeley. In 2006 he received an honorary doctoral degree from the University of San Francisco’s McLaren College of Business. Most recently, he was awarded the Haas School of Business’ Lifetime Achievement Award. Andrew Maiden Andrew has nearly 18 years’ experience in the offshore fund administration industry, including open and closed ended investment funds, property and real estate structures and private equity vehicles. He has an extensive knowledge of the day to day fund administration service requirements, in addition to experience with the structuring and set-up of a variety of funds in multiple locations. He holds a number of board appointments in other investment companies. He is resident in Guernsey. He is deemed to be independent since 26 June 2015. Mohamed S. Younes Mr. Younes is the Chairman of the Concord Group. From July 1977 to December 1979 Mr. Younes was President of Industrial Holdings Limited in New York. Prior to that he was head of International Corporate Finance and a member of the Board of Directors of Kidder, Peabody Co., Inc. From December 1979 to February 1987 he was Chairman and Chief Executive of Kidder, Peabody International Limited. He was appointed Chairman of the Concord Group in 1988 and concurrently served as Chairman of Baring Brothers Co., Inc., the New York based corporate finance affiliate of Baring Brothers Co., Limited, until 1992. Mr. Younes is a graduate of Cairo University and has a Master of Business Administration Degree from the Harvard Business School. He has served on a number of advisory committees on securities- related issues, including the Advisory Committee on International Capital Markets to the Board of the New York Stock Exchange and the International Capital Committee of the Securities Industry Association, New York. Mr. Younes was a member of the Board of Directors of the Central Bank of Egypt. Mr. Younes also served as the Chairman of the International Advisory Board of the Cairo Stock Exchange and was a founder and member of the Board of Directors of the Egyptian Investment Management Association. He is also a director of the Egyptian Investment Company, The Egypt Investment Company Limited and Lecico Egypt. 3 EGYPTIAN DIRECT INVESTMENT FUND LIMITED Investment Manager's Report for the year ended 31 December 2016 I. Recent Events The Egyptian government has recently undertaken several measures to induce economic growth and there have been several positive developments on many fronts: . The Central Bank of Egypt (CBE) has introduced 4 amendments to its SME initiative circular: integrating very small enterprises with small ones, doubling to 2 years financing granted to enterprises with revenues under EGP10m without audited financial statements, inclusion of renewable energy financing and increasing subsidy financing to EGP40m per client, granting banks some EGP10bn in tranches at 12% interest to use in the short term and working capital financing. On a related note, the Egyptian government approved the establishment of an SME development authority under the supervision of the Ministry of Trade and Industry to replace the Social Fund for Development (SFD). The new authority will be responsible for setting strategies and programs to encourage SMEs as well as help investors with procedures related to land acquisition and licensing. The government has managed to help 66 distressed plants resume operations, and is currently looking into solutions for some other 69 plants. Egypt has achieved over 60% of its USD10bn foreign direct investment target for FY16/17, according to the Minister of Investment and International Cooperation. British Petroleum has made a third gas discovery in its North Damietta offshore concession in Egypt and has started natural gas production from 2 fields in its West Nile Delta development which are currently producing at a rate of 0.7 bcf/day (and expected to raise Egypt’s gas production to 5.1 bcf/day from 4.45 bcf/day). It also successfully connected 0.6 bcf/day of gas from its West Nile Delta concession to the National Grid. Egypt has paid Eni its financial obligation of USD630m under the Zohr gas field development deal. Egypt has begun receiving oil products from Saudi Aramco and renewed an agreement with Kuwait to import 1.5m tons of refined petroleum products and 24m bbl per year over the next 3 years. The European Bank for Reconstruction and Development, the International Finance Corporation, and the African Development Bank have all preliminarily agreed to finance the second phase of Egypt’s feed-in tariff program. Egypt’s government has started applying the smart-card system for the supply of fuel to the industrial sector and power plants. Egypt’s New Urban Communities Authority (NUCA) and the General Authority for Investment and Free Zones (GAFI) have approved the offering of 66 land plots with a combined area of over 1,600 acres across 19 cities, including New Cairo, Sixth of October, and Sheikh Zayed. Proceeds from the 7 plots offered by the government in the first phase of the new administrative capital stood at EGP10bn as it sold a total of 950 feddans. The government signed a preliminary agreement with China Fortune Land Development (CFLD) for USD10bn of investments over a period of 10 years for development works at the new administrative capital. 4 EGYPTIAN DIRECT INVESTMENT FUND LIMITED Investment Manager's Report (continued) for the year ended 31 December 2016 I. Recent Events (continued) . Egypt’s Suez Canal Authority (SCA) will start a new ship fuelling station and logistics services to vessels crossing the Suez Canal in the South of the Suez Canal at an investment cost of USD600m and has already received 5 partnership offers from Saudi Arabia, Kuwait, the UAE, the Netherlands, and Russia. In addition, it signed a financing agreement with Sonker Bunkering Company to finance the latter’s USD500m liquid bulk terminal project at the Sokhna port.
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