EnterprisePM — Jumia Food is coming to Egypt

Good afternoon, everyone, and welcome to a very regulation heavy afternoon. Some key regulatory updates we cover in the Speed Round below, include:

• Proposals from Big Tech companies on the executive regulations of the Data Protections Act
• And the government appears to be widening its targets of day laborers it plans to provide support to.
• New customs incentives for EV and nat gas-fuel cars have come out

On that note, an app to locate natural gas refueling stations around the country is now available on Google Play. MOP Stations, which the government formally launched this morning, also helps car owners find where to convert their engines to run on natural gas as the government pushes forward with its multi-year natgas transition plan.

THE BIG READ IN GLOBAL BUSINESS- The US stock market’s roaring 2020 probably isn’t going to continue into 2021, according to Morgan Stanley’s Ruchir Sharma, who writes in the Financial Times that the increasing signs of a coming economic boom will likely mean trouble for financial markets that have become too acclimated to the highs of central bank liquidity.

We saw this last week in the US bond market when investors, fretting about what inflation and a recovering economy may mean for their much-loved zero-interest rate policy, sold bonds en masse, triggering a sell-off in growth stocks and risk assets around the world.

A mirror of 2020? An economic boom in 2021, driven by a savings glut and pent-up consumer demand, will translate into higher inflation, higher interest rates and unhappy investors, concerned about their returns and unsure about whether earnings can keep up with the higher debt costs. This, Sharma argues, is setting up 2021 to be the reverse of 2020, which saw financial markets surge on stimulus measures while the real economy faltered.

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The 3rd EFG Hermes Virtual Investor Conference kicked off this morning and will run until 9 March. The conference is headlined as “Frontier Emerging Markets Regaining Momentum” and brings together executives from 197 companies representing 28 countries with more than 700 investors from over 250 global institutions to exchange insights on the current state of frontier emerging markets, the company said in a press release (pdf). EFG Hermes Holding Group CEO Karim Awad said that the company hopes “that the thousands of direct meetings taking place will provide participants with firsthand insights into what a recovery is going to look like for these markets and how sustainable that recovery is going to be as we help them unlock new value across their portfolios.”

IN OTHER EFG NEWS- The firm’s investment banking team advised on Saudi-based Alkhorayef Water & Power Technologies’ (AWPT) SAR 540 mn IPO on Tadawul, acting as bookrunner and underwriter. Alkhorayef Group sold 7.5 mn shares in AWPT (or 30% of the company) to investors in the transaction, at SAR 72 per share,EFG Hermes announced today.

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The World Trade Organization got its first female and African director general, as Ngozi Okonjo-Iweala took over the position today after a six-month leadership gap. The 66-year-old development economist is Nigeria’s former finance and foreign minister.

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The IDC Future of Work conference is kicking off next Monday, 8 March, under the theme “The Path to Business Resiliency”. The event will take place virtually and will discuss how organizations can accelerate their digital transformation strategies to address challenges around technology, policy, and operations. Experts and business leaders from Egypt and Jordan will run the sessions.

Are you up for this weekend’s Tough Mudder event?: The event features a mud and obstacle course. There will be two types of events, the Tough Mudder Classic (a 10-12km loop of mud-soaked mayhem loaded 30 obstacles) and the less-tough Tough Mudder 5k (a 5k collaborative teamwork challenge with 13 obstacles). You can learn more about Tough Mudder Egypt and register for the event on their website.

???? FOR YOUR COMMUTE-

Countdown to Skynet begins: The New York Police Department (NYPD) have welcomed a new robotic dog on their force, with the “Digidog” deployed to its first crime scene in the Bronx last week, reports The New York Post. The blue and black, four-legged, 70-pound robot is in its test phase and can run about three-and-a-half miles per hour and climb stairs. The robotic pup is also equipped with two-way communication and lights and cameras to allow cops to see “its surroundings in real-time.”

???? ON THE TUBE TONIGHT-

The 2021 Golden Globes took place last night, in what was their first in 78 editions to be held virtually. Hosts Tina Fey and Amy Poehler appeared live from New York City and The Beverly and California, respectively, while nominees appeared virtually from around the world. The show got off to an awkward start with technical glitches amidst the pandemic-dictated format. Nonetheless, the Hollywood Foreign Press Association (HFPA) still had plenty of trophies to pass around and here are some notable winners:

• Nomadland was named Best Motion Picture in the drama category while the film’s director Chloé Zhao was named Best Director in the Motion Picture category.
• Borat Subsequent Moviefilm was given Best Motion Picture (Musical or Comedy) while Sacha Baron Cohen was named Best Actor in the category.
• Rosamund Pike was handed the title of Best Actress in the comedy category for her role in Netflix’s I Care a Lot.
• Netflix’s The Trial of the Chicago 7 was awarded Best Screenplay.
• The Best Animated Motion Picture went to Pixar’s Soul.

You can check out the full list of winners on Entertainment Tonight while CNN has a rundown of the entire event. The HFPA were called out a few times during the event for their lack of diversity in the all-white organization, especially by Sacha Baron Cohen who also took a jab at Donald Trump.

Everyone’s childhood favorite show Tom & Jerry is making a comeback on the big screen, with an animated-live action hybrid film recently dropping in cinemas nationwide. Despite the film being available for streaming on HBO Max, Tom & Jerry had a shockingly good opening, garnering USD 13.7 mn in one night in the US, the second best opening during the pandemic since Wonder Woman 1913. Worldwide, Tom & Jerry has snagged USD 38.8 mn, writes the Deadline.

Not too many matches on today: Enppi will play against Al Ittihad today at 5pm CLT in the The Egyptian Premier League, while Al Zamalek will go up against Wadi Degla at 7:30pm CLT.

Meanwhile, in Europe, Everton versus Southampton today at 10pm CLT in the English Premier League and La Liga has Real Madrid versus Real Sociedad at 10pm CLT.

☕ DRINK THIS TONIGHT-

A handful of homegrown coffee shops have started to pop up all over Cairo that really do rival their multinational alternatives with fresh beans and delicious blends. If you’re a coffee person like we are, we definitely recommend a stop by one of these shops and their cozy atmospheres. First up is 30 North, which quickly grew in popularity and now has six branches across Cairo in Sheikh Zayed, Zamalek, New Cairo, and Katameya. We fell in love with their Irish hazelnut latte and their wasabi roast beef sandwich. If you’re more of a tea person, this is also the place for you, with 30 North boasting an assortment of Vahdam teas all the way from India.

Fifth Street Coffee is a must-mention, recently expanding from their inaugural store in Cairo Festival City to Almaza City Centre, The Garden 8, and Madinaty. You can choose coffee beans from Colombia, Ethiopia, or Honduras and have it freshly brewed to your liking. We’re a big fan of their iced coffees and their blueberry pancakes.

Finally, The Coffee Maker was an early favorite of ours, having opened up a few years ago in New Cairo and now has a branch at Downtown Mall and City Stars. The shop offers new twists on your normal morning liquid supplement, with creations such as creme brulee cappuccino and marshmallow lattes. The Coffee Maker also has towering milkshakes that are perfect for sunny days — which works well as the shop is planning to open in Stella in the North Coast this summer.

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The Room Art Space in New Cairo is hosting a funk rock night with Jiggy Band at 9pm CLT. The band will be playing songs for musicians such as James Brown and Jimi Hendrix.

Start off the month with Cairo Jazz Club’s Closed Circuit today at 8pm CLT in Agouza. This Closed Circuit features both The Disc Jockeys and Omar Khalifa for a night of authentic house beats.

The Gramophone orchestra will be playing at Sawy Culture Wheel today at 7pm CLT, showcasing their unique mix of music and poetry. You can check out their previous performances on their YouTube page.

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Calling all readers in their 30s… But You're Still So Young: How Thirtysomethings Are Redefining Adulthood is a book coming out tomorrow that looks at what it means to be in your thirties, navigating some of the biggest milestones of adult life, and how it is more okay than ever to not have every box checked off. Sociologists have identified the five markers of adulthood as: finishing school, leaving home, marriage, gaining financial independence, and having kids. However, being in the thirties these days has meant these signifiers have been marred by repeated economic upheaval, rising debt, decreasing marriage rates, and a more open-minded society that have all led to a shifting timeline.

If you’d like to recommend places to eat, events to go to, or books and movies to enjoy, send us an email at editorial@enterprisemea.com and we’ll be sure to h/t you.

???? TOMORROW’S WEATHER- Is anyone else confused with this winter? Our favorite weather app expects sunny skies tomorrow with daytime highs of 21℃ and lows of 10℃. Meanwhile Wednesday has a 40% chance of showers alongside strong winds.

Jumia looks to capitalize on Uber Eats’ Egypt exit: Jumia is planning to expand its food delivery service Jumia Food in Egypt as part of the company’s Africa expansion, co-CEO Sacha Poignonnec tells Bloomberg this morning. Jumia is bullish on food delivery services in Egypt where there is a gap in the market following the exit of Uber Eats from the Middle East in 2020 he added. The company has so far added chain restaurants such as McDonalds and Burger King, to Jumia Food Egypt, with more to come, the CEO said.

This comes as food becomes a growing line of business: Food currently makes up 20% of overall transactions on the platform and is growing quickly, Poignonnec said, adding that Jumia completed 5 mn online food orders in 2020 in markets such as Morocco.

Food delivery is a hot business now in Egypt and the world: Last year alone saw Otlob get bought by Delivery Hero and rebranded as Talabat, while our friends at Elmenus last month landed an undisclosed investment from former Just Eat CEO David Buttress. Meanwhile, the Kuwaiti food tech startup Zyda launched in Egypt, with plans to invest USD 2 mn. Demand for delivered meals and groceries has exploded worldwide amidst covid-19, with Morgan Stanley estimating the online food delivery market hit USD 45 bn in 2020 in the US alone.

Major tech companies have handed the ICT Ministry a list of proposals for the executive regulations of the recently-ratified Data Protection Act. The list includes a handful of suggestions on how the regs should flesh out the key stipulations of the law, to make it clearer for everyone involved in the data economy, according to a copy obtained by Al Mal. The law, which was ratified last summer, is Egypt’s version of the EU’s General Data Protection Regulation (GDPR). It protects personal data — your name, address, or photo, to name a few examples — from unauthorized use and manipulation. When the bill passed the House last year, a committee report said it used the GDPR as its “primary benchmark.”

Over 15 major data vendors operating in Egypt — including Google, Microsoft, Amazon, Vodafone, Facebook, Twitter, MasterCard, Uber and Careem — reportedly took part in drafting the suggestions.

What are the tech companies’ proposals for the regs? Things they would like to see in the include:

• Setting a clear process for data owners to lodge complaints of misuse of their data;
• Giving organizations more flexibility to classify data by nature and importance when outlining in their privacy policies;
• Having a single licensing mechanism for consumer data-driven companies;
• Giving those organizations a wider timeframe to respond to privacy complaints;
• Requiring companies to have a dedicated data protection officer.

WANT TO KNOW MORE ABOUT THE DATA PROTECTION ACT, courtesy of our friends at law firm Sharkawy and Sarhan? Click/tap here for the breakdown.

IN OTHER REGULATION NEWS-

New incentives for EVs, natgas-fueled cars: Importers of used electric and dual-fuel cars are getting a custom duties break of at least 10% on the FOB price of their cars, the Finance Ministry said in a statement this afternoon. The discounts will scale up based on how old the vehicle is, with 1-3 year old models given a base 10-30% haircut depending on the age. 3-7 year models will be eligible for a total discount of 35-50%, with a 5% discount on the FOB price for each year past the three-year mark, the ministry said. Not to get too technical, the FOB price is what the importer pays for the marine freight and insurance of the imported car.

Background: The move comes as part of incentives the government is laying out for domestic EVs assembly and a multi-year plan to replace diesel- and gasoline-powered vehicles with cars that use natural gas or a mix of both.

CATCH UP QUICK-

Egypt plans to get at least 2 mn more day laborers on the books by the end of 2021 for health insurance and financial support, Reuters reported, quoting Manpower Ministry spokesman Haitham Saad El Din. Informal workers have been receiving EGP 500 monthly stipends since the pandemic broke, with the final installment under the one-year scheme due this Sunday. Reuters estimates day laborers across Egypt to number over 14 mn. According to statements by International Cooperation Rania Al Mashat last year, we already have at least 1.5 mn accounted for.

The EGX30 fell 0.03% at today’s close on turnover of EGP 1.34 bn (7.9% below the 90-day average). Foreign investors were net buyers. The index is up 6.23% YTD.

In the green: Pioneers Holding (+3.7%), Sodic (+3.3%) and Madinet Nasr Housing (+2.9%).

In the red: Orascom Development Egypt (-3.5%), Heliopolis Housing (-3.1%) and Fawry (-2.2%).

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MOVES- Maged Shawky, Naguib steps down from Beltone board following demerger: Beltone Financial has temporarily reshuffled is board of directors after last month’s horizontal demerger which saw its former parent company, Orascom Investment Holding (OIH), spinoff its non-bank financial services (NBFS) holdings into Orascom Financial Holdings (OFH),

Who’s in: OFH Chairman Onsi Sawiris, Naguib’s son, will act as the non-executive chairman of Beltone until a new board is appointed following the annual general assembly. He will be joined by the now-former executive chairman Maged Shawky, who will act as a non-executive member Beltone said in a bourse filing (pdf)..

Who’s out: Shawky, Beltone’s long-serving top executive and capital markets veteran, stepped down along with Naguib, who was formerly a non-executive member. Former Finance Minister Ahmed Galal and Egyptian Factoring Association head Gamal Muharram (both of which were independent non-execs) are also stepping down.

Meanwhile, Beltone Financial topped the February brokerage league table with a market share of 14.4%, EGX figures (pdf) showed. Traditional first-place holder EFG Hermes came in second at 12.7%. Rounding out the top five: Mubasher (5.4%), Pioneers (5.4%), and CI Capital (4.8%).

EARNINGS WATCH- This comes as Beltone Financial reported a net loss of EGP 132.4 mn in 2020, compared with a EGP 121.8 mn loss in 2019, it said in a statement on the EGX (pdf).

Naeem Holding for Investments’s net losses decreased by 94.3% y-o-y in FY2020 to USD 349.6k, up from losses of USD 6.14 mn in FY2019, the company said in its financials (pdf). The company’s revenues rose to USD 8.88 mn in 2020, compared to USD 4.66 mn in 2019.

Alexandria National Co. for Financial Investment (ANFI) reported net profits of EGP 4.56 mn, up from a loss of EGP 709.6k in FY2019, the company said in its FY2020 financials (pdf). The company’s revenues increased to EGP 5.01 mn in 2020, compared to EGP 324.3k in the previous year. ANFI is currently the center of a bidding war, garnering interest from Kayan Sustainable Development, Zaldi Capital, Hong Kong’s Zeta Investments, and a group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia’s Mostafa El Humeidan.

Emerging market assets took a hit toward the end of February, with the MSCI gauge of shares falling 3% on Friday and major currencies including the ZAR and the MXN tumbling during the final few days, according to Bloomberg. This came following a sharp sell-off in the US bond market, prompting analysts to fear that the subsequent surge in treasury yields, which hit their highest level in nearly a year, could trigger a flight from equities and risk assets. The rise in yields to many was also a signal that fears of stimulus-fuelled inflation in the developed world are growing, and that the Fed could move to tighten monetary policy sooner than expected.

Hero to zero: All of this means that risky EM assets are looking less attractive to investors, who had crowned the asset class among 2020’s most popular trades and sent EM stocks to record highs at the start of 2021. A Bank of America survey in January found that two-thirds of investors expect EM stocks to be the top performers this year.

Egypt remains unscathed: The EGX fell only 0.8% in the first session after the US sell-off, yields on EGP-bonds remained flat, and the EGP fell only marginally on Sunday.

2021 could be aping 2013: Some analysts are saying the conditions are eerily similar to the so-called “taper tantrum” in 2013, when the Fed began to roll back its crisis-era bond-buying program, pushing down on bond prices and pushing yields higher. This triggered an exodus from EMs for fear of what rising rates in the US and a stronger greenback would mean for emerging economies. “It appears the market is pricing in a taper tantrum whatever the Fed says,” said Alvin T. Tan, head of Asia FX strategy at RBC Capital Markets. “Like in 2013, it is generally negative for EM FX.”

Yet, there are some that argue otherwise, saying that the general trend of a recovering global economy will help more than hurt EMs and offset the risk of higher interest rates, says the Financial Times. This will vary from country to country, with those better able to attract “productive investment,” rather than more passive portfolio inflows, likely to come out in good shape, notes the salmon-colored paper.

Keep an eye on FDI: The silver lining for EMs would be if foreign direct investment (FDI) recovers as we head into 2021. Inflows plummeted in the year of the pandemic everywhere save for a few Asian economies, with China and India posting y-o-y growth, according to a recent FT analysis. EMs in Africa and Latin America, by sharp contrast, saw large drops in many key components of FDI. M&As, project finance, and job-creating greenfield investment dropped the most in both regions compared to anywhere else.

Strong FDI performance in Asia is perhaps why, overall, EMs were shown to have fared better than their developed counterparts. The United Nations Conference on Trade and Development’s (UNCTAD) most recent Investment Trends Monitor (pdf) showed that while global FDI flows dropped by some USD 640 bn (42%) in 2020, FDI into EMs was only down 12%, and the share of EMs in global FDI reached a record high of 72%.

Where does Egypt stand: Though Egypt retained its status as Africa's top FDI destination in 2020, inflows fell 32% to USD 5.5 bn last year. Egypt’s FDI levels remain low by international standards, and the non-productive oil and gas sector accounts for the bulk of inflows.

Vanguard, BlackRock called out for not committing to ESG principles: Some 30 top asset managers are holding a combined USD 512 bn in coal assets, according to the FT, citing a report done by 29 NGOs including Urgewald (an NGO focused on the environment and human rights) that tracks asset managers with investments in coal. With holdings worth USD 86 bn in companies that produce or burn thermal coal, Vanguard — the world’s second-largest asset manager — tops the list of the “dirty thirty” fundsl, with BlackRock coming in at number 2, followed by Capital Group, State Street, and Japan’s Government Pension Investment Fund, while JPMorgan and Fidelity also made the list, reported Urgewald.

Hypocrisy at the top of the pack: This comes despite a number of them committing to the Paris Climate Agreement. Vanguard released a climate risk governance report (pdf) last year that urged companies to hire boards that were well versed in climate matters and vigilant in their oversight and mitigation of climate risk. Meanwhile, the world’s largest asset manager, BlackRock, threatened to vote against company directors who do not align with global efforts to reach net-zero greenhouse gas emissions by 2050.

The “vast majority” of US institutional investors refuse to adopt coal exit policies, in contrast to Europe where the exclusion of fossil fuel companies is becoming more widely accepted, Katrin Ganswindt, head of financial research at Urgewald, told the FT. Ganswindt believes Vanguard’s words would “ring hollow” if they do not translate into concrete votes on climate risks and divestments from fossil fuel companies.

A ray of sunshine from the UK: British insurer Aviva will eliminate carbon emissions across all its activities by 2040, the first ever insurer to make such a commitment, the company said in a press release. Aviva, which manages USD 729 bn of assets, will report annually on its progress and has also announced a series of interim targets, including an ambition to reduce the carbon intensity of its investments by 60% by 2030.

Want to read more about ESG investing? Check out some of our recent stories such as:

• ESG investors vs Big Oil
• Meet the tree-hugging SWFs

Disgust has its rightful place in our evolutionary development, but it could be a significant deterrent to moving forward, this Freakonomics Radio podcast suggests (listen, runtime 48:51). It can sometimes be a useful deterrent when we’re confronted with global pandemics. But in many cases what we classify as gross is socially constructed and largely harmless.

First things first: Why do humans feel disgust? The reason we feel disgust partially comes from an evolutionary mechanism designed to keep us from getting close to things that might make us sick like parasites or rotting food. But disgust is now so much more than that, thanks to social constructs and conditioning: We harbor certain disgusts for just about everything from foods to “atypical” human appearance.

The impenetrable force of yuck: The problem with disgust is that it creates a barrier to adopting certain lifestyle changes that may be necessary to confronting major problems like climate change. Getting people to eat insect protein (yes, we’re talking about bugs here) is one of the simplest ways to reduce our carbon footprint, yet it is met with the most resistance.

Global water scarcity could also be partially solved by getting people to drink recycled water — sewage water that is purified by going through a membrane that only allows water to pass through. But the disgust factor holds us back: Even though it’s pure and a “very efficient way” of providing water, especially in times of scarcity, “people are disgusted by it because they know it was in contact with feces.”

Get over your squeamishness and prepare for a bowl of grasshopper guacamole or some fresh sewage water: Although it may be hard to get people to change old habits, especially when it comes to what they find disgusting, repeated exposure has shown capable of taming human perceptions of what was once absolutely appalling. “If you drink recycled water for a while — not too long, just maybe a week — you won’t even think about it anymore. The problem is getting over the disgust hump.”

March: Potential visit to Cairo by Russian President Vladimir Putin.

1 March: Eastern Mediterranean Gas Forum comes into effect.

1-5 March (Monday-Friday): Aswan Forum for Peace and Development will take place virtually.

8 March (Monday): The IDC Future of Work Egypt conference will be held virtually featuring experts from Egypt and Jordan.

9-11 March (Tuesday-Thursday): EduGate 2021 – Enter The Future conference, Kempinski Royal Maxim Hotel, Cairo, Egypt.

11-13 March (Thursday-Saturday): Cairo Fashion & Tex trade show, Cairo International Convention Centre, Cairo, Egypt

18 March (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

23 March (Tuesday): The second edition of the Egypt Retail Summit takes place at the Nile Ritz Carlton hotel.

25-27 March (Thursday-Saturday): The Real Gate real estate exhibition, Egyptian International Exhibition Center, Cairo.

31 March (Wednesday): Deadline to visit the moroor and get an RFID sticker affixed to your car’s windshield — or run afoul of the Traffic Police.

1-3 April (Thursday-Saturday): HVAC-R Egypt Expo.

8-10 April (Thursday-Saturday): The TriFactory’s Endurance Festival at Somabay.

13 April (Monday): First day of Ramadan (TBC).

25 April (Sunday): Sinai Liberation Day.

29 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC),

29 April (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

1 May (Saturday): Labor Day (national holiday).

2 May (Sunday): Easter Sunday.

3 May (Monday): Sham El Nessim.

13-15 May (Thursday-Saturday): Eid El Fitr (TBC).

25-28 May (Tuesday-Friday): The World Economic Forum annual meeting, Singapore.

1 June (Tuesday): The IMF will conduct a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).

7 June-9 June (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.

17 June (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

24 June (Thursday): End of the 2020-2021 academic year (public schools).

26-29 June (Saturday-Tuesday): The Big 5 Construct Egypt, Cairo International Convention Center, Cairo, Egypt.

30 June (Wednesday): 30 June Revolution Day.

1 July: (Thursday): National holiday in observance of 30 June Revolution.

30 June- 15 July: National Book Fair.

1 July (Thursday): Large taxpayers that have not yet signed on on to the e-invoicing platform will suffer a host of penalties, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.

19 July (Monday): Arafat Day (national holiday).

20-23 July (Tuesday-Friday): Eid Al Adha (national holiday)

23 July (Friday): Revolution Day (national holiday).

5 August (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

9 August (Monday): Islamic New Year.

12 August (Thursday): National holiday in observance of the Islamic New Year.

16 September (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

30 September-2 October (Thursday-Saturday): Egypt Projects 2021 expo, Egypt International Exhibition Center, Cairo, Egypt.

1 October (Friday): Expo 2020 Dubai opens.

6 October (Wednesday): Armed Forces Day.

7 October (Thursday): National holiday in observance of Armed Forces Day.

18 October (Monday): Prophet’s Birthday.

21 October (Thursday): National holiday in observance of the Prophet’s Birthday.

28 October (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

1-12 November (Monday-Friday): 2021 United Nations Climate Change Conference (COP26), Glasgow, United Kingdom.

13-17 December: United Nations Convention against Corruption, Sharm El Sheikh, Egypt.

16 December (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

27 June – 3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.

Note to readers: Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish below between the actual holiday and its observance.