EnterprisePM — Mandatory vaccinations for factory workers could be in offing as FEI gets greenlight for vaccine distribution.

The post Eid hangover has hit, ladies and gentlemen, with a packed news day, work needing some extra shots of espressos, and some of us vigorously applying aloe vera to our once sun-starved skins.

THE BIG STORY TODAY- Will the Health Ministry be distributing jabs through other players? Following reports just prior to the Eid break that sporting clubs might become centers for members to receive jabs, reports have emerged today that the Federation of Egyptian Industries might have signed an agreement with the ministry that would allow them to distribute jabs to their employees at factories. We explore these and more in the Speed Round below.

THE BIG BUSINESS STORY TODAY- Another CHG healthcare merger in the offing: Cleopatra Hospitals Group (CHG) appears undaunted by its cancelled plans to acquire Alameda Healthcare Group’s Egypt assets, lodging an offer to acquire 100% of Alexandria Medical Services. We cover the details in the Speed Round below.

HAPPENING NOW- The Sovereign Sukuk Act has received a preliminary nod from the Senate in a plenary session this afternoon, reports Youm7. The bill, which would govern how government-issued sharia-compliant debt is securitized and traded, will be shipped to the House of Representatives, the country’s legislative branch, once the approval is finalized by the upper house of parliament. Egypt’s maiden sovereign sukuk sale is expected after it clears the House general assembly in a final vote, is ratified by President Abdel Fattah El Sisi, and its executive regulations are published.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• The only real good news of the day: EM-focused PE firm Actis is planning to double its energy investments in Egypt and other African countries to USD 2 bn within five years.
• A blow to tourism recovery? The Russians could likely hold off on resuming direct flights to Egyptian resort towns as Egypt’s covid numbers continue to spike — a particularly damaging prospect as analysts see Egypt among the EMs that desperately need it to recover.
• We hope you got the fun out of your system this Eid: Lockdown measures imposed before the Eid break might be extended past the 21 May deadline as the so-called “third wave” continues.

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EGX-listed Fawry has replaced Elsewedy Electric on the MSCI emerging markets index in the index’s most recent rebalancing (pdf). The change will take place on 27 May. The payments giant is also due to make it into the FTSE EMs index when the gauge’s next rebalancing rolls around on 21 September.

THE BIG STORY ABROAD- The ongoing conflict between Israel and Palestine continues to dominate global headlines, with the latest round of Israeli attacks killing a senior Islamic Jihad commander, Reuters reports.

Meanwhile, President Abdel Fattah El Sisi is appealing for calming unreset and putting an end to violence in Gaza in recent days prior to his back-to-back summits today and tomorrow in Paris with French President Emmanuel Macron. El Sisi told France24 (watch, runtime: 0:37) that Egypt is embarking on diplomatic efforts to de-escalate the Israel-Palestine conflict, which, according to the president, has a direct impact on regional stability. El Sisi landed on Sunday in the French capital to attend with Macron one summit on supporting Sudan’s political transition and another on plugging African countries’ post-covid financing shortfalls. He also met with CEO of Rafale jet maker Dassault, which Cairo is said to purchase 30 Rafale fighter jets from.

What a post-vaccine recovery could look like: Dubai has relaxed covid-19 restrictions as the emirate’s case count starts to fall. Under the new decision, hotels have been allowed to open at full capacity, bars have been allowed to reopen and restaurant capacity has increased, according to an announcement by Dubai’s Supreme Committee of Crisis and Disaster Management. Meanwhile, live concerts and sporting events will be allowed to resume on the condition that attendees have been vaccinated against the covid-19 virus.

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FOR TOMORROW- Renaissance Capital’s annual MENA Investor Conference is kicking off tomorrow and running until Thursday. The conference will provide a macroeconomic update

on the MENA region and first-hand information from some of the region’s prominent policy makers and business leaders. You can check out the event schedule here.

???? CIRCLE YOUR CALENDAR-

Africa-based startups have until 26 May to sign up for the French government-sponsored AFD Digital Challenge, an annual startup competition (pdf) run by the French Development Agency (AFD). This year, the competition is targeting startups that work on environmental protection and tackle carbon emissions. The 10 startups chosen will receive a package of technical and financial support worth EUR 20k.

The IMF will complete at the end of June a second review of targets set under Egypt’s USD 5.2 bn standby loan. The loan was approved in June 2020.

The El Gouna International Squash Open 2021 and the CIB PSA World Tour Finals will go ahead as planned, PSA World Tour announced. The El Gouna Open will take place on 20-28 May, while the CIB-sponsored World Tour Finals will run on 22-27 June in Cairo. It’s still unclear whether fans will be allowed into the stands, with tickets said to be “on sale soon”.

???? FOR YOUR COMMUTE-

The global race for semiconductors is heating up: South Korea is the latest world government to make a push in the race to dominate the semiconductor industry since the global chip shortage took hold after it announced a USD 452 bn 2030 investment strategy to build a chipmaking base led primarily by private companies including Samsung Electronics and SK Hynix, CNBC reported. The decision follows similar announcements from the US, where president Joe Biden called for USD 50 bn to boost the chip industry, China’s Xi Jinping promised bigger spending on high tech industries and emphasized semiconductors, while the EU hopes to up manufacturing in Europe to 20% of global capacity from the current 10%% by 2030.

A new backlash against Beijing Winter Olympics as boycott calls snowball (pun intended): A rights coalition supporting minorities in China has urged for a “full-blown” boycott of the 2022 Beijing Winter Olympics over accusations of rights abuses, according to a statement. These include Uyghurs, Tibetans, residents of Hong Kong and others. “The time for talking with the IOC [International Olympic Committee] is over,” Lhadon Tethong of the Tibet Action Institute told the Associated Press, elaborating “It’s clear the IOC is completely uninterested in what the real impacts on the ground for people are.” But China’s foreign ministry noted that any boycott is “doomed to failure” amid the country’s denial of all allegations. The Beijing Games are scheduled to kick off on 4 February 2022.

???? ON THE TUBE TONIGHT-

Season two of Love, Death & Robots is out on Netflix. The series features standalone animation shorts, each done by a different animation team in their own visual style. The episodes all widely revolve around the theme of how technology will change the future of the world and of humanity, from killer vacuum cleaners to human immortality negating the need for more babies. With most of the shorts clocking in at less than 15 minutes, you could go for an easy trial run of whichever episode sounds best. The series is definitely worth a watch, with each animation thought-provoking it it’s own right.

⚽ Not much football for today, with the single match to note being Verona versus Bologna in Serie A today at 8:45pm.

The Premier League wraps up on Sunday 23 May, with the top two positions and Champions League qualifiers going to Manchester City and Manchester United. Leicester City, Chelsea, and Liverpool are three points apart and each have two remaining games to decide the third and fourth qualifying spots for next season’s Champions League. Chelsea face Leicester City tomorrow at 9:15pm, and Aston Villa on Sunday 23 May at 5:00pm. Liverpool go up against Burnley on Wednesday 19 May at 9:15pm, and Crystal Palace on Sunday 23 May at 5:00pm.

Maybe tune into basketball instead? El Zamalek’s basketball team will go up against Mozambique’s Ferroviàrio de Maputo in a match for the inaugural edition of the Basketball Africa League tonight at 9pm. El Zamalek qualified for the tournament after coming out on top in the 2018/19 Egyptian Super League, reports ESPN. Egypt is one of six countries that have sealed a spot for their domestic champion, while the other six earn their spots through International Basketball Federation (FIBA) competitions.The Basketball Africa League was created in partnership with the NBA and FIBA, reports The Atlantic Council in a piece detailing why this league should get attention. After being delayed a year due to covid-19, the league started off yesterday with an unusual crossover, with the Rwanda Patriots signing rapper J. Cole as a player for the inaugural season.

????EAT THIS TONIGHT-

Treat yourself post-Ramadan with modern Italian cuisine at Lexie’s. The restobar has some of the most delicious and Instagrammable dishes around, with exciting pasta dishes and classic pizzas. Overlooking the Lake House club in New Cairo, the view itself is worth a visit to chill and indulge. We love the diavola pizza, lasagna, and seafood branzino. Lexie’s also boasts wagyu steak and Norwegian salmon main dishes that are sure to hit the spot. For dessert, make sure to try out their towering banana tart that looks just as good as it tastes.

???? UNDER THE LAMPLIGHT-

In honor of a Eid break that still felt short, we bring you Freedom by Sebastian Junger is an account of the author’s 400-mile journey, walking along the railroad tracks on the east coast of the US, all while being accompanied by two Afghan War vets, a conflict photographer, and a dog. The long walk was a way to untether themselves from modern day, and go back to the most basic of actions in efforts to rediscover what it means to be human. Junger recounts his thoughts during the journey, including everything from women’s resistance and labor strikes to Apache raiders.

???? TOMORROW’S WEATHER- The AC is staying on until the weekend. The mercury will hit 36°C tomorrow and gradually go up in the coming few days, our favorite weather app tells us. The weather will cool down a bit to 33°C and 32°C on Saturday and Sunday for more tolerable daytimes.

Will factory employees receive jabs, courtesy of the FEI? The Federation of Egyptian Industries (FEI) has signed an agreement with the Health Ministry that would see it cooperate on vaccinating factory workers, the FEI said in a statement picked up by Youm7. Under a program organized by the FEI and the ministry, the FEI will set up vaccine centers in cities with industrial hubs and factories around the country will be able to register all its employees to receive a jab through the scheme, FEI board member Mahmoud Sarg told Enterprise after confirming an agreement had indeed been signed. The Health Ministry has not officially confirmed the agreement as of dispatch time.

EXCLUSIVE- A meeting will be held next Sunday to decide whether vaccinations will be mandatory for factory workers and to settle on dates for the rollout, manager of the Federation of Investors Associations Hossam El Shahawi told Enterprise. He added that the Tahya Misr fund is now accepting donations to allow the jabs to be given to workers without cost and that so far EGP 300k has been donated.

Meanwhile, Some Egyptian sporting clubs say they will make vaccinations available to members at their premises. In all cases prior registration through the Health Ministry’s website is mandatory to obtain a registration number that will be presented while getting the doses. It is not yet clear when these clubs will be supplied with jabs from the ministry.

• The Shooting Club will allow members to register to obtain the vaccine through the club, with face-to-face registration to be open “after Eid” at the club’s sites. The type of vaccine offered will be based on the availability from the ministry, the club said.
• Heliopolis Sporting Club has also offered a similar service to its members through its online portal, with over 16k members currently registered to receive the vaccine.
• While Gezira Sporting Club has not made an announcement on its public channels, Chairman Amr Gazarin said in a private Facebook group that members have until 6pm today to register in person for the vaccination at the club’s social building in the Zamalek premises, with rollouts set to begin starting 19 May.
• In Alexandria, Sporting Club and Smouha SC have also opened forms for members to obtain a jab from the clubs.

Cue the universities: AUC is offering jabs for current students, staff, and faculty in cooperation with the Health Ministry. The doses are being given in a mass vaccination facility at Al Manara Convention Center starting today and will continue until Sunday. Jabs could be offered to families of AUC staff on a first-come, first-served basis if there is additional, unused capacity. Stay tuned on updates through emails from the VP office. AUC isn’t the only one, with Assiut University and BUE offering to jab up its students.

SMART POLICY- The move appears to be part of a wider campaign to expand vaccine distribution by opening new channels outside the ministry’s direct control. Egypt is among those countries that have vaccinated less than 5% of their citizens compared to 20-30% in Greece, Italy, and Spain. Analysts speaking to Reuters have noted that this remains a leading risk to tourism recovery.

Cleopatra mounts Alex Medical takeover bid: Cleopatra Hospitals Group (CHG) has submitted a mandatory tender offer to acquire up to 100% of Alexandria Medical Services in a transaction that would value the company at EGP 550 mn, the EGX-listed group said in a statement (pdf) this morning. The company has offered to purchase all 14.3 mn shares at EGP 38.53 apiece.

This valuation is below initial offers submitted by other bidders, which were reported earlier this month to be in the region of EGP 700-750 mn. PwC’s due diligence report suggested that this could rise to EGP 800 mn, given the strong competition for the company.

Cleo’s MTO is currently being studied by regulators, the Financial Regulatory Authority confirmed (pdf).

We’ve known for a month that Cleopatra was eyeing a stake in Alex Medical: CHG submitted in mid-April a non-binding offer to acquire Abu Dhabi Commercial Bank’s 51.4% stake in the company. The formal offer submitted today, which would value the Gulf lender’s stake at EGP 282.7 mn, is “in line with the process that was initiated by ADCB’s advisors,” CHG said.

What they said: “Alex Medical is a strategic acquisition, as part of the group’s expansion plan and strategy to develop and provide high-quality medical services to Egyptians across the country,” said Cleopatra CEO Ahmed Ezzeldin. The company has a large footprint in Alexandria and would allow CHG to expand outside of Cairo to the country’s second-biggest city, where demand is increasing for medical services, he said.

The latest play in a bidding war for Alex Medical: Cleopatra is among six interested bidders who want to snap up ADCB’s stake. The other five include Nile Scan, Alexandria for Medical Investment Company (the majority shareholder of Mabaret Al Asafra Hospitals Group), healthcare investment firm Seha Capital, the UAE’s Global One Healthcare Holding, and a consortium made up of Speed Medical, Tawasol and Limevest. Final binding offers are expected to be submitted to CI Capital this week after bidders wrap up the due diligence.

This is CHG’s second attempt for a big acquisition after talks with Alameda Healthcare collapsed last week without an agreement. Neither company provided an explanation but both said regulators were not to blame.

How will Egypt’s competition watchdog respond to CHG’s play for Alex Medical? The Egyptian Competition Authority is likely not to have concerns over this acquisition as it gives CHG the chance to expand in a new geographical area rather than a bigger market share inside Cairo as the case was with Alameda, sources tell us.

Advisors. EFG Hermes is acting as CHG’s financial advisor, while MHR & Partners and White & Case LLP act as the legal advisors. CI Capital is the sell-side advisor.

Four foreign companies have bid to partner on a facility that will produce rail cars in the Suez Canal Economic Zone (SCZone), Al Mal reports, citing sources familiar with the matter. Canada’s Bombardier, Russia’s Transmashholding, Germany’s Siemens, and South Korea’s Hyundai Rotem are all in the running to take part in the planned assembly line, which will manufacture different types of rolling stock for the metro, the rail network, and the USD 4.5 bn monorail that is currently under construction.

Who else is involved? The National Egyptian Company for Railroad Industries (NERIC), which was set up last year by the SCZone and the Sovereign Fund of Egypt (SFE), will be responsible for operating and managing the project, while the National Authority for Tunnels, the SFE, the SCZone will also be involved, the sources said.

What are the companies bidding for? The foreign partner will initially share technical expertise with NERIC but will only be on board for a set period of time, the length of which still hasn’t been decided, they told the newspaper. The SCZone, meanwhile, will claim a stake in the project for the land that will house the facility.

When can we expect to hear more? We still don’t know for sure. The ministry set up a working group to study financial offers submitted by each of the four foreign railway manufacturers, and is due to hand the offers over to cabinet for a review once it wraps up, according to the sources.

Hyundai Rotem is already involved in Egypt’s efforts to localize rail manufacturing, signing an MoU last month that will see it transfer technology and set up plants that will produce railcars, signaling systems, and control and driving equipment.

The long-term plan: The government aims to get the railway system to rely primarily on locally-manufactured components, with a target to reach a minimum of 25% in two years, 50% in four, and 75% at the end of a six-year period. NERIC plans to invest up to USD 10 bn to push the plan forward.

CATCH UP QUICK-

• British mining company Nubia Mines has signed a USD 5.2 mn gold exploration agreement with the Oil Ministry. The contract was awarded under last year’s tender which granted 11 mining companies the rights to explore 82 gold exploration blocks in the Eastern Desert.
• At least two patients were killed after a fire broke out last week at an ICU in a state-run hospital in Kafr El Sheikh as a result of an electrical short circuit, the governorate’s spokesman Ahmed El Samahy said. The Associated Press picked up the story.

EARNINGS WATCH- Elsewedy Electric’s net income rose 75% to EGP 700.1 mn in 1Q2021, up from EGP 400 mn in the same period last year, the company said in its quarterly earnings statement (pdf). Topline growth was also solid, with quarterly revenue growing 14% to EGP 12.3 bn from EGP 10.8 bn in 1Q2020.

The strong performance was supported by its wires and cables business, which saw sales increase more than a third to EGP 6.3 bn, accounting for more than half of the company’s total revenues. Sales of other electrical products also increased by 18% compared to the first quarter of last year, while the renewables business more than quadrupled in size. Turnkey projects — which in 1Q2020 made up almost half of the company’s revenue — fell 8% to EGP 4.5 bn.

Emerging from covid: “We see a strong recovery in activity and price points across key sectors and have been able to leverage these developments,” said CEO Ahmed El Sewedy. “If 1Q2021 is a good indication, then we are optimistic for the year as a whole and look forward to further rapid growth in revenues,” El Sewedy added. The company will be in the market for “targeted acquisitions that can quickly foster synergies” across its operations and “engender further efficiencies at all links” of the value chain, El Sewedy noted.

Contact Financial Holding’s net income rose 21% to EGP 109 mn in 1Q2021, from EGP 90 mn in the same period in 2020, according to its earnings statement (pdf). The company saw strong portfolio growth during the three-month period, rising 34% to EGP 8.7 bn, and generating an operating income of EGP 261 mn. The NBFS player’s ins. arm saw its revenues rise 67% to EGP 151 mn, while its operating income soared 134% to EGP 68 mn, thanks to an increase in gross written premiums which rose by two-thirds.

Beltone Financial has finally escaped the red, reporting a bottom line in the black for the first time in three years today. The company produced a net income of almost EGP 3.8 mn in 1Q2021, up from a loss of EGP 8.44 mn a year earlier, the company said in its earning release (pdf). Operating revenues increased 9% to EGP 76.3 mn, compared to EGP 69.8 mn in the previous year. The company had been turning losses following its purchase of New York-based brokerage Auerbach Grayson in 2016. Beltone offloaded its majority stake in the firm earlier this year to Indonesian financial services firm PT MNC Kapital.

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THE CLOSING BELL-

The EGX30 fell 0.9% at today’s close on turnover of EGP 1.6 bn (22.9% above the 90-day average). Foreign investors were net sellers. The index is down 1.57% YTD.

In the green: Fawry (+5.0%), GB Auto (+4.0%) and Oriental Weavers (+2.9%).

In the red: CIB (-3.9%), ElSewedy Electric (-3.5%) and Orascom Development (-2.2%).

Astrophotographer Jason Guenzel (@TheVastReaches) has captured one of the clearest pictures of the solar chromosphere, allowing for a better understanding of the complex nature of the magnetic field within the sun. Guenzel also shared a picture and details of the solar telescope he used to shoot the image. The photo went viral earlier this year and was incorrectly thought to be created by NASA.

The post-pandemic era is likely to see low interest rates and muted bottom line, leaving owners of capital with smaller returns on their investments, writes John Dizard for the Financial Times.

Post-pandemic periods historically tend to see declining interest rates, according to the findings of a Federal Reserve working paper that looked at post-pandemic economic data stretching as far back as the 14th century. “Following a pandemic, the natural rate of interest declines for decades, reaching a nadir about 20 years later,” the co-authors wrote, with the natural rate dropping 1.5 percentage points lower than it was forecast had the pandemic not occured. “The great historical pandemics of the last millennium have typically been associated with subsequent low returns to assets.”

This is the opposite effect we see in post-war eras: Major wars typically cause a spike in interest rates for the ensuing 30-40 years, the study found. As wars destroy property and disperse wealth, the need to borrow capital for reconstruction could push interest rates up. Pandemics, on the other hand, tend to leave property and capital intact, while resulting in demographic decline, thereby pushing up wages relative to interest rates.

The relationship between age distribution and inflation is the key indicator: Data showed that inflation increased in populations with more dependants such as children and the elderly, and decreased in populations with more working citizens. This is possibly due to the former populations being able to save less due to having to financially support their dependents, thereby spending more and boosting inflation, prompting an inverse reaction in interest rates. The fact that covid-19 deaths have disproportionately been among the elderly could alter demographics, leaving young people who are more likely to spend and less likely to drive up inflation and pushing down real rates, the study said.

What does that mean for monetary policy? “If the trends play out similarly in the wake of covid-19 then the global economic trajectory will be very different than was expected only a few months ago,” write the study’s co-authors. US Treasury Secretary Janet Yellen warned earlier this month that interest rates may have to undergo a hike to counter proposed stimulus measures in order to prevent the “overheating” of the US economy, while UK MPs raised the specter of rising interest rates raising the cost of government borrowing, thereby destabilizing the UK economy. The findings of this study suggest rates may continue to drop, signalling the need for a tightening of monetary policy from its current accommodative stance.

16-19 May (Sunday-Wednesday): The Arabian Travel Market (ATM) takes place in Dubai.

17-20 May (Monday-Thursday): Avior-HC Egypt Virtual Conference.

18-20 May (Tuesday-Thursday): Renaissance Capital’s annual MENA Investor Conference.

20-28 May (Thursday-Friday): Gouna International Squash Open 2021.

26 May (Wednesday): Final day for Africa-based startups to apply for the French government-sponsored AFD Digital Challenge (pdf).

27-29 May (Thursday-Saturday): Informa Markets’ Nextmove real estate exhibition, Cairo International Convention Center, Nasr City.

30 May (Sunday): Al Mal GTM is organizing the Portfolio Egypt conference under the theme ‘Growth under the weight of the pandemic.’

31 May (Monday): Egypt is hosting Trescon Global’s World AI Show with the support of ITIDA.

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

17-20 June (Thursday-Sunday) : The International Exhibition of Materials and Technologies for Finishing and Construction (Turnkey Expo), Cairo International Conference Center.

22-27 June (Tuesday-Sunday): The CIB PSA World Tour Finals for 2020-2021 will take place in Cairo.

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

30 June (Wednesday): 30 June Revolution Day.

30 June- 15 July: National Book Fair.

July + August: Thanaweya Amma exams take place.

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

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.

1 July (Thursday): Businesses importing goods at seaports will need to file shipping documents and cargo data digitally to the Advance Cargo Information (ACI) system.

15 June (Saturday): EGX-listed will have to complete filing their financial disclosures for the period ended 31 March.

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.

17-20 August (Tuesday-Friday): The World Economic Forum annual meeting, Singapore.

12-15 September (Sunday-Wednesday): Sahara Expo: the 33rd International Agricultural Exhibition for Africa and the Middle East.

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.

30 September-8 October (Thursday-Friday): The Cairo International Fair, Cairo International Conference 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.

12-14 October (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

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.

1-3 November (Monday-Wednesday): Egypt Energy exhibition on power and renewable energy, Egypt International Exhibition Center, Cairo, Egypt.

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

29 November-2 December (Monday-Thursday): Egypt Defense Expo.

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.

14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.

May 2022: Investment in Logistics Conference, Cairo, Egypt.

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.