TL;DR

Kellogg’s acquires Temmy’s in USD 50 mn transaction (Speed Round)

Middle East Glass near USD 800 mn acquisition for Qalaa’s MGM (Speed Round)

Egyptian talk show hosts accosted on the streets of New York (Speed Round)

Tensions continue to simmer in the telecoms sector (Telecoms + ICT)

Competition Authority says school uniform requirements could actually be “anti-competitive” (Other Business News of Note)

The idiot’s guide to the parliamentary elections (Egypt Economics + Politics)

By the Numbers + A dividend yield of 8.3% for holding ALCN for only two weeks

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WHAT WE’RE TRACKING TODAY

Today marks the start of the official campaign period for the House of Representatives.

Also today: the Intelligent Cities Exhibition & Conference, at the Fairmont Heliopolis.

WHAT WE’RE TRACKING THIS WEEK

The Middle East Institute will host its third conference on Egypt, titled Egypt: Reducing Risks, Unlocking Potential on Wednesday, 30 September from 9 am-4 pm ET at the Ritz-Carlton, Washington D.C.. The gathering will focus on “Egypt’s political situation, domestic and regional security challenges, and economic and human development priorities,” and whose featured speakers include Nathan Brown and Gameela Ismail, among others.

Also tomorrow: OS X El Capitan for Mac users drops (we’re looking forward to the new Notes app, believe it or not) and the Ismail cabinet should hold its weekly meeting.

Next week: The Markit / Emirates NBD purchasing managers’ index for Egypt is due out next week (5 October); PMIs for KSA and the Emirates will drop the same day. The 6 October holiday will be observed next Tuesday — it’s a national holiday, banks and markets will be closed.

LAST NIGHT’S TALK SHOWS

Lamis El Hadidy opened Hona El Assema last night with an analysis of Russian President Vladimir Putin and US President Barack Obama’s addresses at the UN General Assembly. “Putin’s stance on Syria remains unchanged; he maintains his support for the Assad regime. Conversely, Obama was unclear. He called for a compromise, while maintaining his opposition towards the Assad regime,” said El Hadidi.

Political commentator Moataz Abdelfattah called-in with additional insight: “The United States’ policy vis-a-vis Syria is irresolute and suffers from a lack of clarity. They [the United States] did not expect that other regional powers would show such strong support for the Assad regime … The Syrian opposition is fragmented and incapable of enforcing their will,” explained Abdelfattah.

(The New York Times’ editorial board has the best take we’ve seen in a while on the rival non-solutions posed by Putin and Obama.)

The program then broke to live coverage of President Abdel Fattah El-Sisi’s speech before the UN General Assembly. The address covered now-familiar ground, emphasizing the nation’s economic development and its fight against terrorism.

El-Sisi: “The New Suez Canal is the embodiment of Egypt’s hope and vision for the future… Egypt, in coordination with the United Nations and member states, aims to formulate a comprehensive strategy to create jobs for its youth and curbing the influence of extremist thought [on them]… There are some who interpret the teachings of Islam in a manner that is antithetical to its ethos of tolerance … Egypt stands on the front line in the world’s war against terrorism … Egypt supports the UN envoy’s efforts to find a diplomatic solution to the crisis in Libya… Egypt affirms its call for the establishment of a Palestinian state, its capital being Jerusalem, within the 1967 borders.”

A number of Egyptian talk show hosts were off as they are in New York covering President El Sisi’s participation in the UNGA. News of their misadventures are detailed in the Speed Round, below.

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SPEED ROUND

The worst-kept secret in the food industry is out: We’ll all be having Kellogg’s products for breakfast soon. Following its acquisition of Bisco Misr earlier this year, Kellogg confirmed yesterday that it has snapped-up Egypt’s leading cereal manufacturer, Mass Food, which owns the Temmy’s cereal and NutriFit brands. Kellogg has agreed to pay approximately USD 50 mn to acquire Mass Food. The acquisition “builds upon significant progress against our emerging market growth strategy announced earlier this year,” said John Bryant, Kellogg’s Chairman and CEO. You can read the official press release here. Ahram Gate has coverage of the agreement in Arabic.

In other M&A news this morning: A late-breaking story from Al-Borsa claims that Middle East Glass is near an agreement to acquire 100% of Qalaa Holdings’ Misr Glass Manufacturing(MGM), a top producer of container glass, in a transaction that could be worth as much as EGP 800 mn. MGM is 35% owned by Qalaa Holdings via its GlassWorks platform; the investment firm is shedding non-core assets to deleverage and “focus on proven winners in the infrastructure and industry sectors.” Al-Borsa notes Pharos, Matouk Bassiouny, Shalakany, Ernst & Young as among the advisors on the transaction.

President Abdel Fattah El Sisi addressed the 70th session of the United Nations General Assembly (UNGA) on Monday. The speech focused almost exclusively on the need for the world to act in concert to fight extremism and terrorism. The first plank of the speech reiterated that extremists represent a minority opinion among Islam’s 1.5 bn adherents, and that Islamophobes are simply playing into the hands of terrorists by creating and deepening the wedge between the Muslim and non-Muslim world. The president then touched on the various regional crises in Libya, Syria, Iraq, and the resulting refugee and migrant crisis, the Israeli-Palestinian peace process, and tied them all together within the context of terrorism. El Sisi advocated for a political resolution to all the aforementioned issues facing the region. The full text of his speech is available in English and Arabic, both in pdf format. The address may also be viewed here dubbed in English, with the original in Arabic here.

Ittihadiya spokesman Alaa Youssef said that AP’s translation of President Abdelfattah El Sisi’s remarks about expanding peace with Israel was “inaccurate,” AMAY reports. In an AP interview on 27 September, El Sisi was quoted as saying that “efforts should be renewed to solve the Palestinian issue and expand Egypt’s nearly 40-year peace with Israel to include more Arab countries.” Speaking to reporters in New York on Monday, Youssef said that Sisi addressed the “positive effects” of the peace treaty on the region, stressing that peace will not be achieved without the creation of a Palestinian state along the 1967 borders with East Jerusalem as its capital. El Sisi himself further clarified and expanded on these comments in an interview segment with CNN’s Wolf Blitzer, (Watch, dubbed in English, running time: 2:54)

Several members of the Egyptian media were either accosted and or assaulted on the streets of New York City by supporters of the Muslim Brotherhood on Monday. Wael El-Ibrashy of Dream TV was accosted (watch in Arabic, running time: 37 seconds, profanity). Youssef El Housseiny of ONTV and Mohamed Sherdy were punched and insulted in a separate incident (Watch in Arabic, running time: 5:49, uncensored profanity in Arabic and English). Ramy Radwan from TEN TV was also with them, but was largely spared direct abuse.

Oriental Weavers refuses settlement with the ECA, denies it is seeking one; ECA says case has been referred to the Prosecutor General. Oriental Weavers has refused to agree to a settlement with the Egyptian Competition Authority (ECA), Al Mal reported. The company denies it breached antitrust law, adding that it had not been questioned by the prosecutor general or had a legal case filed against it. The ECA announced hours after the Al Mal story broke that it has officially moved the case to the Prosecutor General’s office for a full investigation. The ECA accused Oriental Weavers of antitrust violations last month in activities related to their distribution networks. We had reported in our 22 September issue that the ECA said it rejected a settlement offer presented by the company.

The planned USD 20 mn sale of Beach Energy’s Egyptian oil and gas assets to Rockhopper Exploration was blocked as a JV party at Beach’s Abu Sennan concession exercised its pre-emption rights. According to an official disclosure sent to the Australian Securities Exchange, the agreement’s completion was “subject to satisfaction of certain conditions precedent, including waiver or non-exercise of pre-emptive rights held by existing joint venture parties in relation to the Abu Sennan Concession.” Kuwait Energy has a 50% revenue interest in the project and is the operator of the Abu Sennan development lease, whereas Dover Corporation holds 28%. Business Spectator says Beach could benefit from the exercise pre-emption rights under the agreement with Rockhopper; Beach was going to receive USD 11 mn plus a consideration of Rockhopper scrip, but if “either Kuwait Energy or Dover purchases the assets, Beach will be paid the full USD 20 mn in cash.”

Egypt’s tourism industry is expecting only moderate growth in 2015, Tourism Minister Hisham Zaazou told Reuters’ Asma Alsharif in an interview. 10 mn tourists, “or slightly higher,” are expected to visit Egypt this year, one mn less than the initial forecast, he said. “I cannot say that the general climate is positive but the figures show that there is a modest improvement,” Zaazou said noting that the increase in tourist arrivals was “barely 5%” in first eight months of the year. The pickup will happen next year, as the Minister expects double-digit growth in arrivals, with revenues from the sector surging to USD 9-10 bn. This will come through the help of a global advertising campaign being launched in November that Zaazou hopes will change perceptions “because the current views on the situation in Egypt is not good, so we must work on that.” Red Sea resorts will be the Minister’s main focus.

Is EFG Hermes going after more wind assets in Europe? That’s the word on the street in Asia, where several publications have noted the regional investment bank as among the bidders for Portuguese wind power player Iberwind, going head-to-head with Hong Kong’s Cheung Kong Infrastructure, Canada’s Brookfield Renewable Energy Partners, and Cerberus Capital Management out of New York. Iberwind has 31 wind farms in Portugal with roughly 685 megawatts of installed capacity.Spanish media are also running with the story. EFG Hermes closed last fall a landmark USD 208 mn transaction to acquire a 49% stake in EDPR France’s wind energy portfolio of 33 wind farms with a total capacity of 334MW. In ‘blast from the past’ news from Australia: Former EFG Hermes exec turned ANZ CFO Shane Elliott is reportedly among the top candidates to become the Aussie bank’s next chief executive, the Australian reports (paywall).

MasterCard is holding meetings with the CBE and the Federation of Egyptian Banks (FEB) to negotiate changes to existing mobile payments regulations that would allow more companies into the mobile payments system, permit the linking of mobile wallets with bank accounts, raise the ceiling on mobile wallet transactions from its current EGP 5K, and authorize transfers from abroad. MasterCard Egypt’s GM Magdy Hassan says the CBE showed interested in further talks, Al Mal reports. The discussions coincide with MasterCard’s planned launch of new e-payment services for companies. (More on the launch in Banking + Finance, below.)

GB Auto chief executive Raouf Ghabbour will not run for the presidency of the Egyptian Automobile Manufacturers’ Association (EAMA), according to a brief statement published by Daily News Egypt on Monday. “I do not have time to manage the association,” he told DNE.

Eni and Statoil’s EUR 5.6 bn platform, “Goliat,” designed to drill in the Arctic, is undergoing final tests and will begin production imminently, with an insider saying it is starting in a few weeks, the FT reported. Goliat will operate in the world’s second producing oilfield in the polar region. The project is believed to require oil prices as high as USD 80-90 per bbl to break even over its 15-year life. In contrast, Shell abandoned its Arctic exploration plans off the coast of Alaska after “disappointing” results from a key well, BBC reported.

NASA confirms evidence that liquid water flows on Mars: NASA presented what they describe as their most compelling evidence to date that liquid water flows intermittently on Mars. “Using an imaging spectrometer on MRO, researchers detected signatures of hydrated minerals on slopes where mysterious streaks are seen on the Red Planet. These darkish streaks appear to ebb and flow over time. They darken and appear to flow down steep slopes during warm seasons, and then fade in cooler seasons. They appear in several locations on Mars when temperatures are above minus 10 degrees Fahrenheit (minus 23 Celsius), and disappear at colder times.” One however should not jump to conclusions about the possibility of life on Mars, as water flowing everywhere does not necessarily lead to life, intelligent or otherwise, as evidenced by Nasr City. (Read NASA’s press release or the New York Times‘ really tight piece on the subject).

Volkswagen subsidiaries Audi, Skoda vehicles also designed with emissions-cheating software: Following revelations last week that automaker Volkswagen is facing USD bns in fines after it was discovered that their vehicles were designed to fool emissions tests, VW’s subsidiaries Audi and Skoda have now said that between the two, they have 3.3 mn vehicles with the same emissions-cheating software installed. The Audi models affected include the A1, A3, A4, A5, A6, TT, Q3 and Q5 models, a spokesperson told Reuters.

EGYPT IN THE NEWS

Egypt is mostly absent from the international press early Tuesday morning (outside of industry news covered in other sections of today’s issue) — a brief respite which we should all probably welcome. Notably, the AP of all organizations has published one of those “I visited Egypt even though all my American family and friends were scared for me and also asked me ‘Who or what is Egypt though’” type of tourism stories. The intrepid traveller came away with a largely positive experience. (Read What it’s like to visit Egypt now as a 1st-time tourist).

WORTH READING

Tadamun maps the provision of public education by neighborhood with disturbing results: As the torture of a new school year is visited upon children and the adults who must suffer through school-related traffic (and homework and private lessons and…), a recent report from Tadamun could not have come at a better time.

Tadamun has an excellent feature on mapping the average number of public schools within walking distance by neighborhood, touching upon a number of commonly-understood challenges facing Egypt’s education system, such as overcrowding. The piece also addresses issues that are rarely mentioned, such as the provision of public education in economically underprivileged areas which are particularly vulnerable to Islamist indoctrination due to a lack of public services.

“The neighborhood of Al-Munīra in Giza, just west of Imbāba and south of Al-Warrāq, is the least well-served neighborhood in the Greater Cairo region. It is also among the most densely populated with densities upwards of 130,000 people per square kilometer. Ironically, it was this part of the city that experienced some of the most violent manifestations of Islamist movements in the early 1990s, yet, according to the data that we have, the government has hardly built any schools in the area at all.” The article makes good use of heat maps and satellite images to bring the data discussed to life. (Read Inequality and Underserved Areas: A Spatial Analysis of Access to Public Schools in the Greater Cairo Region)

IMAGE OF THE DAY

Supermoon eclipse as seen from Egypt, via Minnesota Public Radio. (View, #7 on the list)

DIPLOMACY

The Renaissance Dam Tripartite Commission, composed of Egypt, Sudan and Ethiopia, is scheduled to reconvene on 5 October, Presidential Spokesman Alaa Youssef announced on Monday. In a meeting with President Abdelfattah El Sisi on Sunday, Ethiopian Prime Minister Hailemariam Desalegn said that the newly-formed Ethiopian Cabinet will take urgent steps in addressing the Renaissance Dam via the Tripartite Commission on 5 October, Youssef said. (Read in Arabic)

International peace talks on Syria to be held in October: Russian deputy foreign minister Mikhail Bogdanov was quoted by Russian news agency RIA Novosti as saying the talks will include United States, Russia, Saudi Arabia, Iran, Turkey and Egypt, calling them the “most influential foreign players” in relation to the crisis. Somewhere, in his lair, Sheikh Tamim bin Hamad bin Khalifa Al Thani fumes. (Read)

President Abdel Fattah El Sisi met with his Cypriot counterpart Nicos Anastasiades on the sidelines of the UN General Assembly. In-Cyprus says the two discussed energy cooperation and the need to strengthen the energy security of the eastern Mediterranean.

ENERGY

Jordan began supplying Egypt with natural gas in September, deputy minister says
Jordan has been supplying Egypt with natural gas since the second week of September, Jordan’s deputy energy minister told Al Araby. The quantities supplied to Egypt are 150-200 mcf per day and are coming from the excess natural gas produced at the FSRU docked in Aqaba. Al Araby adds that a Jordanian source said negotiations to import natural gas from Egypt from newly discovered fields. The pricing terms have not been set yet, the source added, but they are likely to be higher than the prices set for older agreements. (Read in Arabic)

Dubai biotech firm launches enzymes to remove “filter cake”
Dubai’s biotech firm Epygen Labs says it has created five products under its Petrolize brand to tackle the problem of “filter cake” which builds up in oil reservoir capillaries over time and decreases productivity. Epygen‘s enzymes aim to replace the traditional method of using acids to breakdown the blockages. The enzymes provide an alternative to the usage of harsh chemicals and also breaks biopolymers down into water-soluble simple sugars that could be disposed of safely. (Read)

EEHC replaces top leadership of 15 subsidiary companies
The Egyptian Electric Holding Company (EEHC) has made sweeping administrative changes across 15 of its subsidiaries, replacing the heads of six of its power production companies, including the heads of the Cairo Electricity Production Company and the East Delta Electricity Production Company. The chief executives of nine of its distribution companies have also been replaced. According to the Electricity Ministry’s spokesperson Mohamed Al Yamani, the move was designed to “inject new blood” into the sector and was not intended as punishment or a rebuke of past executives. (Read in Arabic)

Oil Ministry completes eight pipeline projects connecting plants, industry to distribution grid
The new pipeline network—which cost EGP 2 bn to develop—will supply power plants and industry across Egypt with 82.9 mn cubic meters natural gas per day. These distribution pipelines, along with the second FSRU which will begin operations next month, should grant energy-starved industry much-needed supplies. (Read in Arabic)

BASIC MATERIALS + COMMODITIES

Cotton industry acknowledge the importance in ‘genetically branding’ Egyptian cotton, but complain of high costs
Egyptian cotton and textiles industry insiders have all reportedly been urging the development and identification of genetic markers unique to Egyptian cotton. Supporters of the move say it would increase competitiveness, distinguishing 100% Egyptian cotton from the thousands of generic produce labeled as Egyptian. However, the task might end up costing the industry a hefty price in R&D, an obstacle that’s driving hesitation among cotton exporters. Nonetheless, Wael Alama, head of the Egyptian Cotton Association, optimistically predicts that this will be achieved by next harvest season. The move is a priority of the Egyptian High Council of Textiles, which has been trying to boost cotton exports for the stagnant industry. (Read in Arabic)

REAL ESTATE + HOUSING

HyperOne allocated EGP 1 bn land plots from Housing Ministry
Al Bostan Real Estate Development Company, owner of the HyperOne trademark, was directly allocated four land plots in four new cities by the Ministry of Housing. The value of the land plots is estimated at around EGP 1 bn, says company Chairman Mohamed El Hawary. Al Bostan are planning on expanding to seven branches by 2018, including Badr, Shorouk, New Cairo, and New Assiut. The company has already presented its technical and financial offers, designs and investment cost, and is currently pending construction licenses, noting that construction should take no longer than three years from the date of the agreement. (Read in Arabic)

TELECOMS + ICT

Etisalat lobs sharp criticism at TE’s infrastructure use rates, calling them counter-productive
Etisalat’s is being sharply critical of Telecom Egypt’s broadband and infrastructure utilization rates in a press release, Al Borsa reports. Etisalat accused TE of “intransigence” describing the new rates as one-sided, forcing the mobile carrier to raise end-user consumer rates. The company also accused TE of taking a monopolistic stance as far as its MSAN (multi-service access node) service and fiber optics installations are concerned. These have led to a migration of Etisalat users, says the company. TE’ approach to B2B services has already cost them a ruling to pay compensation to Mobinil over Interconnection Agreements. (Read in Arabic)

CIT Minister Yasser El Kady meets with mobile operators, still looking for someone to head NTRA
Newly appointed CIT Minister Yasser El Kady met with representatives from the three mobile operators. They discussed challenges facing the operators and how they plan to improve service quality after the Ministry moved past the issue telecom infrastructure price reduction and left it unchanged. Al Masry Al Youm said El Kady stressed the need to tackle the issue of mobile accounts that lack complete data as they now pose a national security threat. Separately, El Kady is meeting with Ministry leaders to find an adequate replacement for former NTRA’s head Hisham El Elayly. El Elayly’s tenure had ended over two months ago and former Minister Khaled Negm refused to renew it. A source added that the problem now is that interim NTRA head Moustafa Abdel Wahed’s tenure had expired last Thursday and a permanent replacement is now required.

NTRA explores issuing sweeping fines to mobile carriers for violating distribution regulations
The main charge levied by the National Telecom Regulatory Authority (NTRA) against mobile carriers is their distribution of new lines to consumers without adhering to the regulator’s guidelines, which necessitates acquiring specific personal information on new customers. Etisalat and Mobinil were each fined EGP 350K for the offense last July. According to Al Borsa, mobile carriers will request that fines issued be made confidential. NTRA plans to take a tougher stance on mobile line distribution come at a time when users have dropped to 95 mn year-on-year in 1H15 down from 96 mn. (Read in Arabic)

BANKING + FINANCE

MasterCard plans to focus on e-payment solutions tailor-made to Egyptian companies
MasterCard plans to focus on marketing comprehensive special tailor-made e-payment services to Egyptian businesses, including e-government related payments such as taxes, customs and social security, in addition to handing day-to-day payment options, says Magdy Hassan, Country Manager for MasterCard Egypt. He added that the company’s business line services will not hinder development of individual line products. MasterCard had been one of the companies who have praised Egypt’s recent investment climate after President El-Sisi’s visit to New York over the past few days. (Read in Arabic)

Banking consortium expected to offer USD 200 mn loan to ANRPC
A consortium of banks is expected to offer the Alexandria National Refining & Petrochemicals Co. (ANRPC) a USD 200 mn loan agreement this week, supplying the company with liquidity to finance the construction of a CCR (continuous catalyst regeneration) platform and increase production capacity to 540 Ktons of refined products per annum. Negotiations led by the NBE over the final form of the consortium are ongoing. The move comes as part of the Petroleum Ministry’s plan to raise domestic capacity of refined products to 30 mn tons per annum by next year. (Read in Arabic)

Afreximbank joins eight banks to provide USD 525 mn in financing for EEHC
Nine banks including NBE, CIB, AAIB, and Banque Misr along with the African Export-Import Bank (Afreximbank) are finalizing an agreement to provide the Egyptian Electricity Holding Company with a USD 525 mn loan. The banks are now in process of securing final approvals for the loan which will be directed towards the completion of the Assiut and Damietta power stations. (Read in Arabic)

SME lending can diversify bank revenue sources, says Moody’s
Egyptian banks have been receiving more financing from development banks to increase SME lending, the economy’s largest employer, credit rating agency Moody’s said in a report. While investing in SMEs means higher risks, the overall benefit lies with the banks who will be able to diversify their balance sheets and revenue sources. While private sector loans account for 30% of GDP in Egypt, SME loans only make up 10-15% of the total, with the National Bank of Egypt possessing the largest SME exposure. (Amwal Al Ghad has an unattributed copy-and-paste from a report posted earlier byMubasher. Both in Arabic.)

USD 150 mn loan to Upper Egypt Electricity Production Company next week
Five banks are inking a USD 150 mn agreement next week to fund spare parts for eight units at the West Assiut power station. The National Bank of Egypt (NBE) will cover 50% of the facility, according to sources, while the rest will be divided between CIB, QNB, Banque Misr and the Arab Bank. The total output of the power station after completing the project will be 1000 MW. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

Schools should be restricted from forcing school uniforms on pupils, ECA says
Schools should not have their ability to force parents to buy specific school uniforms from particular stores, the Egyptian Competition Authority (ECA) said. Imposing a school uniform effectively forces parents to shop at designated shops at specific prices, the ECA believes, a practice it calls anti-competitive. The ECA submitted a recommendation to the Education Ministry suggesting amending the clauses relating to school uniforms asking for their sale to not be restricted to specific shops and for them to be generic and not have special markings. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Improved security situation, EGP devaluation increases customs revenues
Customs’ revenues rose 19.4% y-o-y in FY 2014-15, Magdy Abdel Aziz, the head of the customs authority told Al Ahram. Abdel Aziz says the increases are mainly due to the improved security situation and the rebounding economic activity, as well as the EGP’s devaluation, which increased the value of imports and hence the customs applied. The customs authority is also working with the government to improve the domestic business environment including port development, Abdel Aziz added. (Read in Arabic)

** Further reading in Egypt Politics + Economics: Ahram Online presents: The Idiot’s Guide to Egypt’s parliamentary elections 2015, (not the article’s original title but we like this one better). Also see: Meet the Masryeen El Ahrar Party.

ON YOUR WAY OUT

Tourism Chamber of Commerce to meet on increasing Hajj victims insurance payments
The chamber is completing the final procedures to issue death certificates for Egyptian pilgrims who died during the Hajj stampede. These are necessary for securing Misr Insurance payments of EGP 20K per death. The Chamber will soon meet to discuss increasing the death benefit. (Read in Arabic)

The 3rd edition of the Indian Textile Exhibition in Egypt (INTEXPO) will take place from 1-4 October at the Cairo International Conference Center from noon to 10 pm local Cairo time, Ahramreported. Thirty-three Indian textile companies are set to participate in the event.

Naguib Sawiris buys broadcast rights to the Egyptian Premier Football League from Presentation Marketing Company, Al Borsa reports. The broadcast rights are for 10 football clubs in the premier league, including Zamalek SC and Ismaily SC, Ittihad and Al Masry. Presentation’s Executive Director Mohamed Kamel, confirmed the news, adding that Sawiris has sold the broadcasting rights to TV channels TEN and Al Hayah. Kamel said: “Presentation will be responsible for marketing broadcasting rights to non-Egyptian television channels.”