TL;DR

Central Bank of Egypt lets the pound slip again; Ramez says he’s not backing down (Speed Round)

Egypt needs IMF sign-off on an economic reform plan to borrow from World Bank, AfDB (Speed Round)

What if we had parliamentary elections, and nobody cared? (Speed Round, Last Night’s Talk Shows, Worth Reading)

Retailers aren’t pulling back from new investment (Speed Round)

Is Ikea Egypt the most expensive in the world? (Speed Round)

China growth slows + other international stories that should be on your radar (Speed Round)

Larry David as Bernie Sanders on last Saturday’s SNL (Worth Watching)

By the Numbers + What to expect from Electro Cables Egypt’s results

WHAT WE’RE TRACKING TODAY

All public sector employees will receive a half-day off today, Ahram Online reports.

The first day of voting in round one of parliamentary elections went off relatively smoothly yesterday, albeit with what appears to have been low voter turnout, especially among youth. No official figures have been released, but Reuters estimated turnout to be 10%. No major security incidents were reported, save for the following as reported by Ahram Online: “Unidentified assailants opened fire from a four-wheel drive vehicle, shooting at security forces deployed at a polling station in Al-Ayat, Giza. The forces responded by firing back at the vehicle, which then flipped over. The gunmen escaped and no injuries were reported, according to Al-Ahram.”

Who’s voting again? The 14 governorates covered in the first round are Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Beheira, Alexandria and Marsa Matrouh.

How do I know who to vote for? On this page of the official elections website, voters may navigate a series of drop-down menus for both individual candidates and party lists, then by governorate, and then by district, to find the names of all candidates running in their district. You’ll receive two ballots and will need to vote for both individual candidates as well as party lists / coalitions. Candidates running for individual seats still have their party affiliation, if any, listed by their name.

The Third Annual Public Private Partnership (PPP) conference, held under the auspices of Prime Minister Sherif Ismail, will begin today at the Four Seasons Hotel Nile Plaza, Cairo and run until tomorrow. The government is expected to announce 20 projects in infrastructure, transport, sports, industry and ICT at the gathering, including four stadiums in Hurghada, Sharm, Luxor and Marsa Matrouh; an ICT innovation and development center; three water distribution stations; two desalination plants; and the establishment of two major recycling zones, according to AMAY, (Read in Arabic)

The Wind Power North Africa conference, focusing on Egypt, Morocco, Libya and Tunisia, opens today at the Sonesta Hotel Tower & Casino. While we had stated in yesterday’s issue that the conference began on Sunday, the first day was a workshop in the run up to the two-day conference beginning today at 8:30 am CLT.

WHAT WE’RE TRACKING THIS WEEK

Industry & Trade Minister Tarek Kabil began his trip to the United Kingdom on Sunday.Kabil is due to meet with a number of ministers including the UK’s Trade & Investment Minister and its Middle East envoy. Also on the list: sit-downs with current and potential investors and a speech on the investment climate at a roundtable organized by the British-Egyptian Business Council. (Read in Arabic)

LAST NIGHT’S TALK SHOWS

Ibrahim Eissa opened last night’s episode of his eponymous program on Al Kahera wal Nas with coverage of the parliamentary elections, criticizing both citizens and the government for the exceptionally low turn-out.

“Today’s low turnout indicates that the Egyptian people are disinterested in the political process. Egyptians need to understand that by failing to participate in these elections, they are providing Islamists an opportunity to return to power,” said Eissa, who also had words for the High Elections Committee: “By creating such a confusing electoral process, the HEC has killed any kind of interest that Egyptians may have had in taking part in these elections.”

The deepening FX crisis was next on his list: “As you all know, the the main problem is that we are suffering from a shortage of hard currency. But what is the cause of this problem? The cause is that this country lacks a strong manufacturing sector that can produce products that can be exported abroad… [Central Bank of Egypt Governor Hisham] Ramez is asking that the government decrease imports on non-essential products, but this is only a temporary solution. For this problem to be solved once and for all, Egypt’s economy must improve; global demand for Egyptian exports must increase.”

Over at Hona El Assema, Lamis El Hadidy also focused on low voter turnout: “Today’s voter turnout was disappointing. Female participation was four times that of men, and older Egyptians severely outnumbered youth. I hope that more citizens will take part tomorrow; we will be unable to change our country from home.”

Journalist and former parliamentarian Mostafa Bakry called in with additional commentary: “Voter participation today was lower than 10% and this is a very worrying development. The legitimacy of the 30 June Revolution is being assessed in these elections. Our president demanded that we participate in these elections. It is necessary that we support him. If Egyptians do not participate in tomorrow’s elections, then the Ikhwan will be motivated to support Al Nour and other Salafi parties.”

Youssef El Housseiny on ONTV was likewise upset about the low voter turnout, placing blame squarely at the feet of the government (watch in Arabic, running time: 20 seconds) and (Watch in Arabic, running time: 16 seconds).

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SPEED ROUND

Where is the new floor? The CBE allowed the EGP to weaken further in yesterday’s currency auction as the auction rate hit EGP 7.9301 per USD 1, Reuters reported, following the drop to EGP 7.8301 on Thursday. The move means domestic banks will be able to cross another arbitrary FX threshold and sell USD at EGP 8.0301 today, crossing EGP 8 for the first time. Al Ahram says the rate on the parallel market has increased to EGP 8.40 per USD 1 following the CBE’s move, whereas Bloomberg puts its estimate for the parallel rate even higher at EGP 8.483 per USD 1. CI Capital’s Hany Farahat told Bloomberg that the devaluation “should continue throughout this week, otherwise the move would be just insignificant.” Overall, yesterday’s drop brings the loss to the value of the EGP to 2.5% since last week, a drop of 11% in 2015.

Ramez isn’t backing down: The central bank will not give up its bid to wrest control of the FX market and will not leave the economy to the mercy of currency speculators, Governor Hisham Ramez said, according to Al Mal. “Although international prices are falling … they still continue to rise inexplicably domestically,” Ramez said. It is part of the central bank’s mandate to combat money laundering and terrorist financing, Ramez added, explaining the CBE’s tightened grip over the FX market. He added that his actions are meant to support the economy and has already managed to increase the banks’ intake of hard currency from the parallel market to over USD 150 mn per day, from just USD 10 mn previously. Ramez, however, gave the government an implicit nudge as he noted that it is “not the CBE’s role” to be attracting foreign currency. The governor called for steps to deliver an improved investment attractiveness and a recovery in the tourism market.

Egypt will need to obtain IMF sign-off on an economic reform program if it wants to borrow from the World Bank Group and African Development Bank (AfDB), sources told Al Mal. Al Mal says Egypt has asked the AfDB for USD 1.5 bn, USD 1 bn more than what was reported initially. The report adds that there are ongoing talks to borrow from the Islamic Development Bank.We may not be waiting for a new parliament, either: the sources said the government is rushing to finalize the loan agreements before the new parliament is sworn-in to avoid having a lengthy parliamentary debate. The president currently holds the authority to conclude the agreements.

Ittihadiya issued two statements in English overnight on economy-related issues,positioning President Abdel Fattah El Sisi as solidly in command of Egypt’s most critical portfolio as the nation wakes up to the magnitude of the foreign exchange crisis. (Ittihadiya issues only a subset of its statements in English targeting international audiences.) The first centers on a meeting to review the status of mega-projects, noting that El Sisi approved a strategy to run the 1.5 mn feddan reclamation project through a special investment zone that would be administered by a state-owned company, setting the launch date for the massive land reclamation project in November. The first phase of the project will involve the reclamation of 10K feddans of land in Farafra. The president highlighted the importance of the project to Egypt’s food security, and reiterated the need to incorporate renewable energy into the project’s development plan. The second meeting saw El Sisi meet Eni CEO Claudio Descalzi and Oil Minister Tarek El Molla. The president urged both to expedite the development of the offshore Zohr field and to fast-track additional exploration.

Prime Minister Sherif Ismail ordered the formation of what amounts to a protectionist committee to sort out where the government will impose new import duties designed to preserve Egypt’s fast-dwindling foreign exchange reserves. The committee will be headed by Industry Minister Tarek Kabil and is set to include the heads of the General Organization for Export & Import Control (GOEIC) and the General Authority for Government Services (GAGS), Al Masry Al Youm reports.

Mobile phone smugglers are beneficiaries of FX shortage, HTC’s agent says: Mobile phone smugglers are the biggest winners of the FX crunch, said an official at HTC’s exclusive agent in Egypt. Handsets aren’t on the list of priority goods for which the CBE will allocate FX, the official complained, while another said his sales are down by 50%, a development that has made his international partners hesitant about dealing with Egyptian companies. LG Electronics’ plant in Tenth of Ramadan has also had to cut its production of television sets and home appliances on the back of the FX shortage. (Read)

Retailers could invest up to EGP 35 bn in the coming period, says Supply and Domestic Trade Minister Khaled Hanfy. Among those investing: Saudi supermarket chain Panda, which is inaugurating 16 branches throughout Egypt within the next two years, six of which are set to open in Cairo and over the coming year. Carrefour is also investing, having announced plans to open 10 new branches outside Cairo and Alexandria at an investment cost of over EGP 2 bn. (Read in Arabic)

Speaking of retail: Is Ikea at Cairo Festival City one of the most expensive Ikeas in the world? If you live in Egypt and are a fan of Ikea’s iconic Billy bookcases, tough luck. At the equivalent of USD 101.55 the Billy bookcase in Egypt is the most expensive among almost 50 countries surveyed byBloomberg. On the opposite end of the spectrum, the bookcase costs just USD 39.35 in Slovakia, the cheapest on the list.

Aramex postpones decision on joint venture with OTMT to create logistics zones: Aramex announced it has postponed taking a decision to enter a strategic partnership with Orascom Telecom Media and Technology (OTMT) Holding to create logistics zones in Egypt in a disclosure to the DFM(pdf) and as reported by the National. The disclosure gives no reason for the pull back, nor does it suggest when the board might revisit the issue.

MOVES- Hazem Metwally has been appointed CEO of Etisalat Misr, having previously served as chief operating officer, according to his LinkedIn profile. Metwally joined Etisalat from Vodafone Egypt in 2006, having run the latter’s consumer marketing activities.

Qatar World Cup will never happen, says reporter who first uncovered incriminating evidence on FIFA officials: Investigative reporter Andrew Jennings, whose work over decades led to evidence resulting in the recent American and Swiss investigations into FIFA officials, says that the 2022 FIFA World Cup will never take place in Qatar. In what is perhaps the most accurate description of Qatar yet to appear in print, Jennings says: “I think Qatar is not going to happen. They voted to hold the World Cup on a strip of boiling sand … A winter World Cup will mean no domestic football here [the UK] for November and into December. I can’t see that happening. There’s too much [financial gain] involved. The easiest thing would be to give it to the US. They came second in the vote, albeit a corrupt vote, and they know what they’re doing,” Jennings is quoted as saying. (Read)

A handful of international headlines that are likely to come up during your day — or to impact your business in the weeks and months ahead:

• China’s economy grew 6.9% in the third quarter, officials there announced a couple of hours ago, the slowest rate of growth since 2009. Hit up the WSJ (paywall) for more.Reuters expects the world’s second-largest economy may consider interest rate cuts and other measures to stimulate the economy.
• Nearly two-thirds of economists see the U.S. Fed hiking interest rates before the end of the year, according to an exclusive poll by the FT (paywall).
• Canadians head to the polls today in a Federal election widely seen as a referendum on Prime Minister Stephen Harper, with the WSJ noting that “economic slump and voter fatigue with ruling Conservatives help Liberals make gains ahead of Monday vote.”
• Shakeup at Deutsche: “John Cryan, co-chief executive officer at Deutsche Bank AG, is undertaking the biggest management shakeup in more than a decade and splitting the investment bank as he prepares to scale back the trading empire built by his predecessor.” (Bloomberg)

EGYPT IN THE NEWS

International coverage of the first day of elections: Most international news outlets focused on low voter turnout, with plenty of talk about apathy and voter exhaustion, as typified by the NYT’sApathy Among Young as Parliamentary Elections Begin in Egypt: “The voting on Sunday was the eighth time since 2011 that Egyptians have gone to the polls. The public’s lack of enthusiasm about the election on the eve of the first round seemed matched by that of the government, which did not stage the kind of public relations campaign that it has before past elections. At a handful of polling stations in Giza early on Sunday, there were no lines.”

Many observers noted that including runoffs and referendums, the latest elections are actually the tenth time that Egyptian voters have been called to cast their ballots in the past four years.

Simple voter fatigue — and the notion among many Egyptians that MPs traditionally have as more in common with the TE Data Customer Service Baboon than they do with, well, parliamentarians — is a more likely explanation than the notions advanced by Reuters and AFP that the low turnout is a referendum on President Abdel Fattah El Sisi’s current level of popular support. See, for example: ‘Turnout low in Egypt’s long-awaited parliamentary election‘ (Reuters) an ‘Egypt holds parliamentary elections that will shore up Sisi‘ (AFP).

From Reuters: “Polling stations visited by Reuters correspondents pointed to a turnout of around 10 percent, in sharp contrast to the long lines that formed in the 2012 election, suggesting that Sisi, who has enjoyed cult-like adulation, is losing popularity.” The AFP similarly noted: “Experts say the outcome of the election is a foregone conclusion and only voter turnout will be a gauge of popularity for Sisi, who has enjoyed cult-like status since he ousted his predecessor Mohamed Morsi in 2013,” making no mention of which expert was being cited.

The problem with this line of reasoning is that it ignores the very real sense of voter fatigue and the near-impossibility of voters having any sort of familiarity with 5,420 candidates competing for the 448 seats designated for individual candidates alone, who have had a total of 18 days to campaign. Asking voters to once again head to the ballot box with most of them having no idea who the candidates are, with no time off from work — with a half-day only given belatedly to the public sector — would be a much more even-handed assessment of the meaning of the current election.

WORTH READING

Eric Trager sums up the parliamentary elections in a nutshell: “The elections will benefit those power centers that support Sisi but have not been integrated into his government until now. As a result, the vote will bolster Sisi’s regime in the immediate term. The anticipated success of rural power centers will extend his regime’s influence into the countryside, and the Mubarak-era clientelist system might be resurrected.

“…To be sure, the elections will be a lightning rod for excluded factions, particularly the Brotherhood and revolutionary activists. The results might also alienate Salafists, particularly if the Nour Party performs poorly as expected. In the short run, however, none of these forces appears capable of altering Egypt’s political trajectory because they cannot mobilize a critical mass of the people. After four years of near constant political tumult, many (perhaps most) Egyptians are uninterested in another revolution and may be apathetic toward politics more generally. Therefore, this weekend’s voter turnout will likely be low — but turnout at protests against the elections will be substantially lower.” (Read Egypt’s New Elections Formula to Yield Familiar Results)

WORTH WATCHING

LARRY DAVID played Bernie Sanders on last Saturday’s SNL. (Watch, running time: 10 minutes)

DIPLOMACY

Foreign Minister Sameh Shoukry travelled to Athens on Sunday to participate in a two-day event promoting religious and cultural pluralism in the Middle East, according to a statement from the MFA. FM Shoukry will also meet with his Greek counterpart to prepare for the next tripartite summit between Egypt, Greece and Cyprus to be held in Athens later this year. (Read in Arabic)

Salman discusses El Sisi’s visit to the UK with Britain’s ambassador: Investment Minister Ashraf Salman met with Britain’s ambassador to Egypt John Casson to discuss President Abdel Fattah El-Sisi’s upcoming visit to the UK. The president’s trip will showcase Egypt’s political progress in light of the elections, as well as its strides in the economic reform, said Salman. (Read in Arabic)

Chinese Ambassador talks strengthening economic cooperation: China’s ambassador to Egypt, Song Aiguo, sees growth in trade and investment in the coming period. The two countries signed a strategic partnership agreement in December 2014. (Read in Arabic)

ENERGY

Egypt to use part of international borrowing to repay IOCs, El Molla says
Part of the government’s planned borrowings from international institutions will go toward repaying IOCs, oil minister Tarek El Molla said. As of the end of August, IOCs’ receivables amounted to USD 2.9 bn. The petroleum ministry is currently in talks with the Ministry of International Cooperation over allocating a portion of the expected funds to repay the debts. El Molla said his Ministry is committed to repaying international partners their monthly dues on time, a policy Al Borsa said has helped contain the growth in the Oil Ministry’s receivables. (Read in Arabic)

BG expresses “intense interest” in buying Cypriot gas, minister says
BG has expressed “intense interest” to buy natural gas from the Aphrodite field, Cyprus Energy Minister Giorgos Lakkotrypis said following meetings in Egypt last week. He added that Israel’s Energy Minister Yuval Steinitz will visit Cyprus “as soon as possible.” “There exists an agreed procedure which is being adhered to,” Lakkotrypis said commenting on the issue of joint development of common gas finds with Israel with the next step being technical-level meetings in November. (Read)

FSRUs opens up the Red Sea to LNG, providing security of supply
FSRUs are opening up the Red Sea to LNG, LNG World Shipping writes mentioning the two FSRUs docked at the Sokhna Port and the Golar Eskimo, which is docked at Aqaba, Jordan currently. “Depending on the availability of gas, there are opportunities to deliver gas amongst countries in the Red Sea region, notably Israel, Egypt and Jordan, by pipeline… However, LNG imports offer security of supply … So, LNG has come to the fore in the Red Sea gas scenario in the past six months. For the next five years Hoegh Gallant, BW Singapore and Golar Eskimo are set to be the busiest FSRUs afloat,” the publication notes. Egypt is also highlighting the “increasingly important role” played by international trading houses in the LNG market especially after awarding Trafigura 33 cargoes, an agreement that made it the top independent commodity trader in LNG. (Read)

ABB to begin operating power transformer production line in 1Q2016
ABB will begin operating a power transformer production line in 1Q2016, Al Borsa reported. The company has delivered three new projects in Egypt last year, Nabil Nassar, CEO of ABB Arab and ABB Transformer said. In total, ABB’s business volume in Egypt is around USD 250 mn, and it exports 30% of its production, Al Borsa reported. (Read in Arabic)

Subsea 7 awarded PhPC offshore contract
Subsea 7 announced it was awarded a “sizeable” contract by Pharaonic Petroleum Company (PhPC), a BP JV in Egypt, for the development of the East Nile Delta Phase 3 Project. “The project scope includes installation engineering, procurement and fabrication of rigid spools, and installation of pipeline, umbilical and subsea structures to develop the resources from two wells including 8 kilometers of umbilicals and pipeline. The field development will be at depths of approximately 80 to 90 meters,” Your Oil and Gas News reported. The offshore installation is scheduled to begin in 4Q2015. (Read)

INFRASTRUCTURE

Ras Sedr airport gets Ismail’s approval
Prime Minister Sherif Ismail has approved the building of an airport at Ras Sedr, Al Mal reported. Ismail also asked for the results of an assessment on how to develop the Ras Sedr area for tourism to be presented to the cabinet next week. The governor of South Sinai was also tasked with presenting his development priorities for the governorate as a whole. (Read in Arabic)

Civil aviation ministry to pick Airport City infrastructure tender winner next month
The winner of a tender to extend infrastructure into Airport City will be announced by mid-November, said Aviation Minister Hossam Kamal. The project is set to be completed at a total cost of EGP 5 bn, with the civil aviation ministry looking to swiftly complete the infrastructure so it may issue the next phases. The ministry is also studying financial and technical offers to use four plots of land for EGP 1.1 bn projects. (Read in Arabic)

GIZ grants Giza Governorate EGP 3 mn to develop sewage network
German international aid agency GIZ granted the governorate of Giza EGP 3 mn to develop the sewage network in a number of areas, Al Borsa reported. The project will be tendered to contractors before the year’s end and is expected to be delivered ten months after that. Khaled El Adly, the governor of Giza, said the governorate is partnering with GIZ to develop 40 informal settlements but added that the city needs a total of EGP 2 bn to address all of its sewage network needs. (Read in Arabic)

Korea Engineering bidding for sewage treatment plant in Alexandria
The Korea Engineering Consultants Corp. is angling for a contract with Alexandria Governorate to build a sewage treatment plant in Ras El Soda at a total cost of USD 500 mn. The plant would produce water for agricultural use. (Read in Arabic)

HEALTH + EDUCATION

Affordable medicine to disappear after EGP devaluation, says industry group
The devaluation of the EGP, paired with the mandatory pricing scheme imposed by the Ministry of Health, are causing a crisis within the pharmaceutical production industry, says Ali Auf, head of the Pharmaceuticals Division at the Federation of Egyptian Chamber of Commerce. The medications most affected are those that cost under EGP 5, he says, which primarily target the poor. Most companies import 95% of their raw materials, and with the rising cost of production not being met with an equal rise in sales price, most of these medications are likely to disappear off the market, Auf says. (Read in Arabic)

** Further reading in Health + Education: EdTech entrepreneurs in MENA challenged by lack of funding, marketing
Most of the entrepreneurship in education technology in the MENA region is taking place in Egypt and Jordan, a Wamda report said. Even though enrolment rates have risen, and despite having the region spend more on education as a percentage of GDP than anywhere else in the world (19% of GDP compared to 14.5%), the quality of education provided still lags. Wamda found that the entrepreneurs’ largest challenge was access to funding and the “notable difficulty” in marketing products to new customers. View a summation of the report as an infographic here or read the full report here, (pdf).

REAL ESTATE + HOUSING

Egyptian Railway Projects and Transport Co prepares to allocate land for investment
The Egyptian Railway Projects and Transport Co (ERJET), a subsidiary of the Egyptian National Railway, has surveyed Eight idle land plots in Assiut, Sohag, and Dakahlia that it aims to allocate for investment projects. ERJET manages a large portfolio of railway-owned land. The portfolio includes 192 mn sqm, with 100 mn sqm encompassing the railway lines, 90 mn sqm of train stations and yards, and the remaining 2 mn sqm unused and currently being surveyed. (Read in Arabic)

12 companies meet technical qualifications for wholesale market in New Sohag
Twelve contracting companies have met the technical qualifications to build a wholesale market in New Sohag. The most notable companies are Alexandria for Building, the Arab Contractors, and Eslamco for Trade and Contracting, said Mostafa Wahba, head of the New Sohag City Authority. The market will be built over an area of 11 feddans, including 260 shops with spaces ranging from 25-260 sqm. (Read in Arabic)

Amer Group to break ground on Porto New Cairo early 2016; mulls second securitized issuance
Amer Group plans to begin development of Porto New Cairo early in 2016 and is currently finalizing licenses. CFO Riad Refaat says the complex will be built on 27 km2 in Thawra Street worth EGP 503 mn and upon its completion in three years time will house entertainment and commercial facilities, Al Borsa reports. Elsewhere, Refaat tells Al Mal the real estate developer is considering another securitized offering, this one in the range of EGP 500 mn after a successful issuance of EGP 203 mn earlier. Thawra Capital is in talks to manage the issuance, Refaat said.

TELECOMS + ICT

NTRA explores new regulations for Wi-Fi
The NTRA is mulling over new regulations covering the operation and distribution of Wi-Fi internet services in Egypt. Among the regulations considered is fining for-pay service providers if service is cut or is weak, according to Al Borsa citing sources within the NTRA. The NTRA will also seek to set up protocols for operating Wi-Fi networks in public and private settings, setting commercial and security practices, and cooperating with other government bodies to set up tenders. The NTRA will also work with the Consumer Protection Agency to measure and ensure quality of service. (Read in Arabic)

AUTOMOTIVE + TRANSPORTATION

Geyoushi refuses to acquiesce to workers request to raise Metro ticket prices
Transport Minister Saad El Geyoushi refused to give in to workers’ request that he raise the ticket prices of the Cairo Metro, on their suggestion that the increased revenue could be spent on improving the facilities and service. The minister stated that such a price increase would negatively affect low-wage earners. The minister also heard the workers’ requests to increase salaries, benefits and health insurance. El Geyoushi stated that he will only raise metro fare on the condition that a marked improvement in services was witnessed first, in remarks made during his official inspection of maintenance operations of the metro line. (Read in Arabic)

BANKING + FINANCE

Sigma Capital signs agreement with Malaysia’s CIMB to promote financial investments in Egypt
Sigma Capital signed an agreement with Kuala Lumpur-based CIMB Group for the latter to promote portfolio investment in Egypt, Al Borsa reports. CIMB will promote investments in Egypt on behalf of Sigma Capital and will co-host investment conferences with Sigma. CIMB officials told Al Borsa they believe that the Egyptian market still presents attractive valuations but added that the government should foster a more investor-friendly environment and continue with its tax and legislative reforms. (Read in Arabic)

NBE considering lending an electricity company USD 350 mn
National Bank of Egypt (NBE) said it is considering partnering with five banks to lend an unnamed electricity company USD 350 mn, Yehya Abou El Fotouh, head of the Non-Performing Loans Division, told Al Mal. The loan is still being assessed, but if the agreement goes through, NBE would be the lead arranger. Abou El Fotouh declined to name the other banks that would be participating in the loan with NBE. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

BG Egypt partners with local charity to provide furniture for underprivileged households
AKY Foundation, a local charity organization, has announced its partnership with BG Egypt to provide furniture and household appliances for 100 underprivileged families. BG Egypt will provide EGP 1 mn for the initiative, which will serve household predominantly in the Giza Governorate. The head of AKY said the partnership with BG Egypt seeks to identify the households’ needs to improve their quality of life. He added that the foundation is cooperating with BG Egypt in providing and distributing the goods. (Read in Arabic)

NATIONAL SECURITY

Three pro-government tribal fighters abducted by Daesh during attack on North Sinai checkpoint: The incident took place in Sheikh Zuweid on Thursday, according to officials speaking tothe AFP. Two other tribal fighters were wounded in the attack. The incident follows another attack last Wednesday in which a roadside bomb detonated next to a passing armored police vehicle, killing one civilian and injuring six police officers. The AP’s take on the story claims the additional death of a soldier from the bomb, citing state news agency MENA.

ON YOUR WAY OUT

Egyptian novelist and journalist Gamal El Ghitani passed away in Cairo at the age of 70 after having been in a coma for the past two months, the BBC reports. Al-Ghitani is best remembered for his novel Zayni Barakat, as well as for his wartime reporting from the frontlines in the Arab-Israeli war of 1973.

The Giza Pyramids will be lit up in blue, along with 180 global landmarks, to celebrate the United Nations’ 70th anniversary on 24 October, Egypt Independent said. “Participating in this campaign gives Egypt a unique opportunity to highlight our commitment to the United Nations’ principles of dignity and prosperity for all,” Foreign Affairs Minister Sameh Shoukry described the initiative.

Hi, are you single and convinced you will die alone, only to have your body discovered long after it has already reached an advanced stage of decomposition? The New York Times is ON IT. In a sign of the times, you are not alone in your suspicions regarding the circumstances of your demise, if the NYT’s readers’ interests are in any way indicative of their unspoken anxieties. The most-read article on the Times’ website is a c.8,500-word essay: The Lonely Death of George Bell, an in-depth profile into the death and life of a man who no one really seemed to know, and who was found dead in a squalid New York City apartment, his “puffy body on the floor was decomposed and unrecognizable.”

Now hear this: Losing My Edge, released by LCD Soundsystem in 2002, (Watch, running time: 4:27). If you enjoyed it, be sure to check out LCD play Losing My Edge from their final performance at Madison Square Garden in April 2011. (Watch, running time: 8:32)

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The Dunkin’ Donut Riot of 2015

Or: A private text conversation between Enterprise staff. Names have been removed to protect the identities of the individuals involved. (Also presented without comment, because everyone knows the best doughnuts are Krispy Kreme (USA and KSA) and Tim Hortons (Canada and UAE) and that Dunkin’ Donuts is but a pale imitation. Even though we relate to their iconic 1980s pitchman.)

Editor 1: “How low was the turnout on the first day of voting? There are unconfirmed reports that the queue for Egypt’s first Dunkin’ Donuts shop was longer than all of the queues for polling stations in Giza combined.” too facetious?

Editor 2: where is this Dunkin Donuts?
are you kidding or something [about Dunkin’ Donuts opening in Egypt] because if you are that is an exceptionally cruel joke
is Dunkin Donuts really here?

Editor 1: Have you not heard about all of the [redacted] that happened when they opened up?
yeah, by AUC

Editor 2: [redacted]. no

Editor 1: someone spread a rumour that the first 250 customers would get free donuts for a year, people [redacted] the [redacted] out
[redacted] dunkin [redacted]

Editor 2: lol of course they would
i love donuts so much

Editor 1: they almost destroyed the shop

Editor 2: hahahahahahahaha