More Eurobonds on the horizon?

We are hearing welcome reports this morning that another eurobond issuance will be coming in September as the Finance Ministry is looking to capitalize on the success of the USD 7 bn EUR-denominated bond sales this year and a bull market in emerging market debt that shows no sign of slowing down (we have more in the Speed Round).

On that front, bond sales from corporate and sovereign issuers across developing nations have risen to just over USD 355 bn in 1H2017— the strongest half year performance in at least 10 years, according to Reuters. All global regions saw an increase in both the volume and number of transactions, the data showed, with issuers in the Asia-Pacific region making up nearly 50 percent of all debt sales. Beyond the need for borrowing, the prospect of policymakers in the developed world hiking interest rates (à la our very own central bank) or withdrawing stimulus has also prompted issuance, said Patrick Esteruelas at Emso Asset Management. "It makes sense to lock in long-term funding at favourable rates," said Esteruelas, adding the threat from U.S. President Donald Trump’s reflationary policies had contributed to the mix.

Egypt, Saudi Arabia, the UAE and Bahrain have agreed to grant Qatar a 48-hour stay of execution to comply with their demands, which were supposed to expire today. The move follows a request from Kuwait’s Emir Sheikh Sabah Al-Ahmad Al-Sabah (who had been playing mediator), the Saudi Press Agency reports. Qatar announced yesterday its rejection of the 13 demands the four countries set as preconditions to the normalization of ties but has yet to issue a formal declaration, Al Masry Al Youm reports. Qatar is still open to negotiations with its neighbors under “the proper conditions,” according to a Qatari Foreign Ministry statement. Foreign Minister Sameh Shoukry will be meeting with his Saudi, Bahraini, and Emirati counterparts on Wednesday to discuss the developments in the Qatar soap opera and align their positions, according to Foreign Ministry spokesman Ahmed Abu Zeid.

President Abdel Fattah El Sisi is set to meet with Hungarian President János Áder, Prime Minister Viktor Orbán, and Speaker of the National Assembly László Kövér in Budapest today, according to an emailed Ittihadiya statement. El Sisi and Orbán will then attend the Egyptian-Hungarian business forum meeting. Tomorrow, the president will attend the Visegrád Group-Egypt Summit. “Talks will include Egypt’s role in the Middle East, cooperation in the field of combating terrorism and illegal immigration and energy security,” the statement reads. Cooperation in trade and investments are also on the agenda.

El Sisi had discussed counter terrorism and regional conflict resolution with US Senator and Chair of the Senate Security and Cooperation in Europe Commission Roger Wicker in Cairo yesterday, according to an Ittihadiya statement.

Meanwhile, Prime Minister Sherif Ismail is heading to Addis Ababa to attend the 29th African Union summit taking place today and tomorrow on behalf of President Abdel Fattah El Sisi, who is currently in Hungary, Ahram Online reports. Foreign Minister Sameh Shoukry attended the summit’s preparatory meetings in the Ethiopian capital over the weekend.

Good news for travelers from Abu Dhabi to the US: You get to keep your laptops on flights, as the US lifted the laptop ban on Sunday on travel from Abu Dhabi via Etihad airways, according to Reuters. The US government had said that the airlines had put in place required tighter security measures.

The Central Bank of Egypt’s Monetary Policy Committee will meet on Thursday, 6 July to review interest rates. The air is still tense at the prospect of another interest rate hike akin to the 200 bps increase in rates in May. Banking sources tell Al Shorouk that the committee will adopt another interest rate hike. These fears are being spurred on by last Thursday’s decision to raise the price of fuel an average 55%, which as we noted yesterday could see inflation rise another 4-5%. While the CBE claimed the rate hikes led to an influx of foreign investment, we have been hearing talk of local companies holding back on capex as a result.

House to receive Universal Healthcare Act to decree in September: The government expects to send the Universal Health Act to the House of Representatives to issue by September, Health Minister Ahmed Rady tells Al Borsa. Earlier reports had said that the act would be ready after Eid Al Fitr, once actuarial studies concluded. Once approved, the legislation will be implemented first in canal governorates Suez, Ismailia, and Port Said.

4G in a few weeks? The National Telecommunications Regulatory Authority reportedly promised private mobile network operators that they can launch commercial 4G services in a “few weeks’ time,” long before the two-month deadline to distribute frequencies, unnamed officials from one of the MNOs tells Al Mal. MNOs, who received their 4G frequencies last month and are now running trials, were told that they must agree on redistributing 4G spectra before being allowed to launch commercial 4G services.

Fuel prices will not be rising again in FY2017-18, Finance Minister Amr El Garhy told Amr Adib on last night’s Kol Youm. The phase-out of energy subsidies will continue on its gradual trajectory for the next three-five years, El Garhy added, explaining that the most recent hike was necessary to remedy the budget deficit and pay up the oil and electricity ministries’ arrears.

On the budget, El Garhy said that he expects tax revenues — which increased during FY2016-17 to EGP 450 bn from EGP 350 bn a year before — to rise to EGP 600 mn during the current fiscal year (watch, runtime 20:25).

The value-added tax (VAT) alone reeled in an extra c. EGP 50 bn for the state in FY2016-17, Vice Minister of Finance Amr El Monayer told Lamees Al Hadidi on Hona Al Asema. El Monayer also defended the fuel price hikes, explaining to Lamees that the lower- and mid-income classes are protected by social safety measures and income tax breaks across the different brackets (watch, runtime 5:43)

Lamees also hosted business leader and MP Mohamed Elsewedy, who explained to the host that he doesn’t expect commodity prices to rise sharply in response to the fuel hikes, especially since the state did not hike natural gas prices for industry. Elsewedy will be meeting with Supply Minister Ali El Moselhy to discuss ways to avoid any drastic shift in prices (watch, runtime 49:40).

El Moselhy rang Lamees to confirm that the state will not be increasing the prices of subsidized commodities in response to the fuel hike and increase in the VAT, explaining that subsidy card holders will be privy to larger quantities of goods such as oil, rice, and sugar with their larger EGP 50 monthly allowance (watch, runtime 21 19).

The head of the National Telecommunications Regulatory Authority Mohamed Ibrahim also confirmed to Lamees that the price of prepaid mobile phone cards will not be increasing in response to the 1 bps increase in the VAT (watch, runtime 4:37).

Over on Yahduth fi Misr, Sherif Amer hosted head Suez Canal Economic Zone head Mohab Memish, who talked about the canal’s higher revenues in 2017, driven by higher traffic thanks to the new extension. Canal revenues are expected to double by 2023, Mamish said.

Another Eurobond issuance coming in September? It appears that the Finance Ministry is considering another EUR-denominated bond issuance in September, government sources reportedly told Al Borsa. The issuance will be to the tune of EUR 1-1.5 bn, a less ambitious target than previous eurobond sales in order to “get a feel for the markets,” sources added. The ministry is expected to propose the move to the Ismail cabinet for approval ahead of selecting investment banks to manage the issuance, which from the looks of it, may be the first foreign-denominated bond issuance in the FY2017-18 fiscal year.

The news comes as foreigners increased their holdings in Egyptian treasuries nearly 9x year-on-year to USD 9.8 bn during FY2016-17, Vice Minister of Finance Ahmed Kouchouk tells Reuters. “Foreign investment in domestic treasury bills and bonds reached USD 1.25 bn in June alone, and about USD 9 bn since the flotation,” he adds. Foreigners’ holdings in Egyptian treasuries had reached USD 9.3 bn (EGP 164 bn) as of 21 June.

Foreign investors bought almost half the T-bills on offer in the government’s Sunday auction for EGP 8.5 bn (USD 470 mn), encouraged by rising yields on six- and 12-month notes to c. 21%, the head of the Finance Ministry’s public debt division Samy Khallaf tells Bloomberg. Average yields on 10-year treasuries fell to c. 18.296% from 18.346% in the last auction, according to Reuters.

Companies are continuing to calculate adjustments to rising production costs after last Thursday’s fuel hikes. The Federation of Egyptian Chambers of Commerce expects price increases could range anywhere from 5-30% depending on the good, members of the tell Al Shorouk. With the costs of land transport already witnessing a reported 25% increases, companies, such as dairy and juice maker Juhayna, are already holding meetings to determine new pricing schemes. However, Juhayna intends to wait a while before issuing any increases, sources tell the press. Federation members said they expect food prices to rise by 3-5%, while building material costs are seen rising by no less than 30% — especially as the value-added tax also rises by 1 bps to 14%.

Majority of the anger continues to emanate from transport sector workers with anumber of drivers reportedly going on strike on Sunday, rallying outside city hall gates in different provinces to demand higher fares. This comes after a number of governorates, including Cairo, decided to hike taxi fares to EGP 5 from EGP 4 previously, increasing the price per kilometer by EGP 0.25 to EGP 2. Private cab companies will also be compensating their drivers for the increase in fuel prices, according to Al Borsa, with Uber offering each of its captains a EGP 15 cash bonus for every four trips, while Careem offers a EGP 3 bonus on each one.

Inflation will rise as a result of fuel hikes, but won’t be worse than before the EGP float: Analysts are fearing a reversal in Egypt’s cooling down of inflation as a result of the recent fuel hikes, but do not necessarily believe that the rate increase will be worse than before the EGP float. “Inflation over the next two months may rise to 34 to 36 per cent but the rate of inflation in the last two months of this year will be less than the same period last year when the pound was floated,” Pharos Holdings’ Radwa El Sweify tells AFP.

Vice Minister of Finance Kouchouk continued to defend the hikes on Sunday, stating that they cut the state’s petroleum products expenditures to around 7-8% of total spending.

Telecoms sector braces for VAT: As the date of implementing the value-added tax (VAT) in its second year closes in (we expect the FY2017-18 to be officially ratified tomorrow), the ICT sector is apparently in a flurry to secure regulatory approvals for price changes. Internet service providers will be taxed for the very first time under the VAT in FY2017-18 at 14%, and are looking to pass those on to the consumer after failing to convince the ICT Ministry to delay implementing the VAT for a second year. The government is hoping the VAT on internet would bring in revenues of EGP 700 mn this year, government sources tell Al Borsa.

How will this affect your phone and internet bill? It would appear that internet fees will definitely see a hike, with ICT Ministry sources telling MENA news agency on Sunday that prices for internet ADSL services will increase by 4%. This comes after internet services providers (ISPs) have apparently been pushing for a 15% increase in prices in talks with the National Telecommunications Regulatory Authority (NTRA), according to Al Mal.

…As for telecoms, the only apparent difference this will have on your phone credit is a 1% charge which will be deducted from airtime without charge given on recharge cards. Under a compromise with mobile network operators last year, recharge cards will carry a VAT of 10%, with the remaining 4% being granted to users as calltime. Both the NTRA and ICT Minister Yasser El Kady have promised that will not have any bearing on the retail price of recharge cards.

On a related note, El Kady said that TE Data will start offering internet packages at a minimum of 4 Mbps by the end of this year, Al Mal reports. Based on our humble customer experience, we can only hope that this means they might actually get their data up to the 2 Mbps they keep promising and we keep paying for.

Attention government suppliers and contractors. Finance Ministry looking to overhaul tendering process. The government will be introducing a slew of amendments to the Auctions and Tenders Act, where amendments aim to decentralize tendering procedures and unshackle government bodies to be able to quickly select winning bids on projects, El Garhy said according to Al Shorouk. These include facilitating procedures that allow government bodies to purchase key strategic goods directly from commodities and other exchanges. The new changes will also ease restrictions on government bodies to make direct order purchases, El Garhy added. Furthermore, the amendments will promote two-stage tenders in order to give the government a breadth of options when choosing contractors and suppliers. The law will also allow government bodies to lease assets instead buying them outright when it is economically feasible.

The government will also be limiting its spending on projects by placing restrictions on the amount bodies can payout in a tender, a move which also has the added benefit of spurring contractors to reach out to the banking sector for funding.

The amendments will also serve to benefit the private sector in a number of ways, said El Garhy. The law will reduce the security deposit amount required by contractors to at least 1.5% of the tender amount, and will include provisions for the swift return of the deposits following completion of a project. The law will also look out for SMEs, mandating that agencies ensure that 10% of bids of under EGP 1 mn go to SMEs, he added.

Greater oversight on the unpopular “private funds” — state discretionary funds which have gained a reputation as slush funds — will also be among the new amendments to the law, said El Garhy.

The Finance Ministry plans to introduce the amendments to the House of Representatives as soon as possible as part of a package of legislative reforms which include the amended Companies Act, which the Ismail cabinet had signed off on last month, El Garhy said in a statement over the Eid break. Most important of these will be

The battle to maintain 0.05% ergot rule continues: The government filed an appeal against last month’s Administrative Court verdict that ordered the suspension of a food inspection system which could potentially see the return of the zero-tolerance rule on ergot-contaminated wheat imports, Supply Minister Ali El Moselhy told Reuters on Saturday. The court had ruled last month that responsibility for wheat inspection be transferred back to the Agriculture Ministry’s quarantine body — the architect of Egypt’s ergot ban last year — from the General Organization for Export and Import Control. State grain purchaser the General Authority for Supply Commodities had repeatedly insisted that the zero-tolerance policy, which racked international grain markets last year, was not coming back despite the ruling as both the ministries of supply and agriculture are in agreement on the current policy.

IPO WATCH- Four of the country’s most prominent law firms are reportedly bidding for the role of legal advisor on the listing of state-owned Enppi on the EGX, sources with knowledge of the matter tell Al Borsa. The list of suitors includes Baker and Mckenzie, Matouk Bassiouny, Zaki Hashem and Partners, and Zulficar and Partners. Investment bank Arqaam Capital has also formed an alliance with Deutsche Bank that looks to serve as bookrunner, the sources add. Enppi’s IPO, which is expected before the end of 2017, is being managed by the state’s investment bank NI Capital and hopes to raise USD 100-150 mn. Sources said NI Capital should be announcing the winners before the end of July

EFG Hermes Asset Management to manage two funds for Ahli United Bank: EFG Hermes Asset Management has been selected to manage two Ahli United Bank-Egypt funds, the bank’s “Tharwa” money-market fund and its “Alpha” Egyptian equity fund, according to an EFG Hermes statement. The move brings the number of conventional money-market funds managed by EFG Hermes Asset Management in Egypt to seven and its total number of funds under management to 18. The move is telling of an apparent uptick in money-market fund investments in the country. “The Egyptian capital market is gaining momentum, leading a growing number of investors to become willing to deploy funds here,” said Karim Moussa, head of asset management & private equity at EFG Hermes.

The Walt Disney Company has lifted a ban on having its merchandise manufactured in Egypt, Trade and Industry Minister Tarek Kabil announced on Sunday. Disney had instituted the ban in February after a drop in Egypt’s ratings in “worldwide governance indicators and the country not joining the International Labour Organisation’s (ILO) Better Work Programme,” according to Ahram Online. The ban’s lifting follows negotiations between the company and the Egyptian government, which started March.

Egypt will begin implementing the ILO’s Better Work Programme, which pushes its own labor standards for industry, following the ban, Kabil added. The program — which will be implemented across two stages through to next year — will also provide several services to clothes export chains, including an assessment of factories, consultancy services and training.

It appears that Egypt’s economic “Cinderella story” also helped bring Disney back to the fold, as Kabil also proclaimed Egypt’s improved credit scores and economic reforms in coordination with the IMF and World Bank had helped bring about this change of heart. We had been noting that these talks may have involved Israel — when Disney reportedly halted imports of textile exporters under the Qualified Industrial Zones agreement — and the US, during President Abdel Fattah El Sisi’s visit to the US in April.

Majid Al Futtaim acquired 26 Geant stories from Retail Arabia’s parent company BMA International, in addition to four Gulfmart supermarkets in Bahrain, The National reports. The stores will be rebranded to Carrefour, bringing the number of Carrefour supermarkets to 80 in the UAE, 11 in Bahrain, and eight in Kuwait. The value of the acquisition was not disclosed.

MOVES- US Ambassador to Cairo R. Stephen Beecroft departed Cairo after completing his three-year tenure which began back in 2014, according to an e-mailed statement. Deputy Chief of Mission Thomas H. Goldberger will currently serve as Chargé d’Affaires to the US Mission in Egypt. Goldberger previously served in Baghdad and Tel Aviv.

Separately, Swedish ambassador to Cairo Charlotta Sparre is also leaving Cairo, as her post is coming to an end. She has served since 1 September, 2013. Jessica Olausson is Deputy Head of the Mission, according to the embassy’s website.

A Cairo court upheld yesterday the death penalty for 20 individuals accused of killing 11 policemen in Kerdasa in 2013, Reuters reports. 80 other defendants in the case were sentenced to life in prison, while 30 were handed 15-year sentences. Wire coverage of the story is getting widespread pickup in the international press.

Top international news worth noting in brief include:

• Iran plans to sign today a USD 4.8 bn contract with Total and China National Petroleum Corporation to develop its share of the world’s biggest natural gas field, the first investment in the country by an international energy company since sanctions were eased last year.
• The EU’s competition watchdog is considering tough new powers to intervene earlier in antitrust problems after it slapped Google with a EUR 2.4 bn antitrust fine last weekend, the FT reports.
• Saudi Arabia is considering a plan to sell a stake in Riyadh airport as part of its push to privatization, according to Bloomberg.

This year’s Eid prayer brought to you by Sheikh Donald Duck? An image of Donald Duck and Ben Ten leading Eid prayers in Kafr El Sheikh blew up on social media during the break, leading many to wonder whether Al Azhar become so open-minded that it now allows fictional characters to preach. Apparently not (to the dismay of children everywhere), as Endowment Ministry officials had to issue a denial that the two cartoon characters had led the prayers. That’s not stopping the pic from inspiring many a wonderful meme. Prize comments: “This is what true moderation looks like,” or “That’s one way to get kids to pray,” and “What? Two imams leading prayer? At least Donald Duck is a Muslim (Alhamdulilah).”

On a thankfully slow news day (yes, we cherish those days) on Egypt coverage in the international press, the countdown to Egypt and the GCC’s deadline for Qatar to meet their 13 demands, which we noted yesterday, topped reports. A flurry of pickups of the extension of the deadline emerged in the wee hours of the morning. Most foreign coverage had been focused on Qatar’s defiance, with the Wall Street Journal saying that by rejecting the list of demands, Qatar is facing “a potential volley of new punitive measures” (paywall). Coverage also looked at the downturn in its stock market in the run up to the deadline.

Coming in at a close second are wire pickups of the 20 death sentences handed down yesterday for the Kerdasa police killings.

Inflation resulting from the fuel hikes is expected to have a severe negative impact on “ordinary Egyptians,” says Hossam Abougabal in a piece for MEED, despite the government’s social safety measures, which he says are not enough to combat current austerity. “Cairo has been quick to implement reforms that affect ordinary Egyptians, but too slow to implement reforms that aim to improve the ease of doing business,” he writes.

Tiran and Sanafir handover betrayed the sanctity of land in Egyptian nationalism: The handover of the Tiran and Sanafir islands has been opposed so fiercely by Egyptians due to the fact that land and sovereignty are part and parcel of Egyptian national pride, Steven A. Cook and Amr Leheta write for Salon. This “central axiom” of Egyptian nationalism dates back to the Nasser era, which cemented the idea of territorial sovereignty as an indicator of national pride. By failing to acknowledge the importance of land to Egyptian national pride, President Abdel Fattah El Sisi has put himself in a position where two previously unheard-of islands “are now a potent symbol of Egypt’s terminal weakness.”

Egypt has been experiencing a “baby boom” over the past decade with over 20 mn new births, the Associated Press’ Maggie Hyde says. “In 10 years, we’ve made what can be considered an entirely new country,” national census coordinator Hussein Sayed tells the newswire. The results of the most recent census are expected to be released in August.

Nation’s columnist concerned about inflation and public backlash from recent fuel hikes: Commodity prices will undoubtedly rise in response to the hike in fuel prices and the government is not being too mindful of public discontent, says AMAY’s Abbas El Tarabily and Al Shorouk’s Emad El Din Hussein. Assem Abu Hatab took to the pages of Al Shorouk to accuse the government of lacking clear vision and a plan, claiming that Petroleum Minister Tarek El Molla had denied news of fuel hikes only a night before the decision came. Less angry was AMAY’s Mohamed Ali Ibrahim, who said the state must use whatever funds its saves on fuel subsidies to provide citizens with much needed services and rights, such as universal healthcare. A little late to the game, he also advised the government to pair its tough decisions with positive reforms that can assuage public anger, perhaps not remembering the social welfare benefits enacted before the Eid break.

From Sheikh Donald to Wrestler-in-chief Donald: Trump takes trash-tweeting to new heights. US President Donald Trump tweeted yesterday a video of himself at a wrestling event body-slamming a man with a CNN logo sitting where his head should be. CNN shot back with a statement accusing the president of encouraging violence against journalists. “[Trump] is involved in juvenile behavior far below the dignity of his office. We will keep doing our jobs. He should start doing his.” As if it wasn’t bad enough that a sitting US president had actually taken part in professional wrestling, now, he is boasting about it.

Egypt could be supplying Hamas with security equipment that includes barbed wire and surveillance cameras, meant to beef up defenses at the new buffer zone Hamas is building along Egypt’s border with Gaza, a report from Asharq Al Awsat says. A technical delegation made up of representatives from Gaza’s interior, health, economic, and finance ministries arrived in Cairo yesterday to discuss the terms of the agreement. The delegation also discussed issues related to fuel and energy with various Egyptian officials, according to a statement from Hamas picked up by Ahram Online. As we noted yesterday, Egypt reportedly sent 22 shipments of fuel to Gaza on Friday.

The European Commission launched the EuroMed Trade Helpdesk in collaboration with the International Trade Centre (ITC) yesterday to help boost trade and cooperation along the the Mediterranean coast, the Commission said on its website. Through an online portal, theHelpdesk will help businesses save the costs of information gathering by providing them “with essential information about markets, tariffs, and import requirements” with a database that covers the key markets of the EU, Egypt, Algeria, Israel, Jordan, Lebanon, Morocco, Turkey, Tunisia, and Palestine. ”

Morocco’s King Mohammed VI could be visiting Egypt soon, AMAY reports. Foreign Minister Sameh Shoukry and his Moroccan counterpart agreed to arrange the trip, which is expected to explore cooperation in agriculture and renewable energy, during a meeting in the Ethiopian capital of Addis Ababa last Friday.

Five companies have reportedly entered the race for the New and Renewable Energy Authority’s 250 MW wind farm project in the Gulf of Suez, Al Borsa reports. Among the bidders are Vestas, Siemens, Enercon, Ray Power, and a consortium comprised of Power China and Goldenwind. 21 companies, including Lekela Power, Nordic Power, and Orascom had expressed their interest in the project.

Auto sales fell 45.6% year-on-year during the first five months of 2017 to 46.3k vehicles, down from 85.3k during the same period in 2016, according to the latest report from the Automotive Information Council (AMIC) picked up by El Watan. Passenger car sales dropped 43% y-o-y to 33k units from 58.5k last year, while bus sales fell 51% y-o-y to 5k units. Truck sales for the period declined 50% y-o-y.

E-payments platform Fawry is planning a EGP 400 mn expansion over the next 18 months of its online payment network and upgrade its infrastructure, CEO Ashraf Sabry said, according to Al Borsa. Fawry is also partnering with seven new banks to offer mobile wallet services in the near future, he added.

The government is increasing partnerships with the private sector to support startups, especially in IT, Priya Vithani writes for Wamda. One example is Paymob, a project in partnership with Mastercard and the Egyptian Banks Company, whose online wallet has 3.5 mn users now, she says. “In the past year, the Central Bank has relaxed limitations on balance and transaction sizes that have permitted our platform to succeed in a way that would not have been possible just two or three years ago,” says Paymob cofounder Islam Shawky. Support also includes funding and providing logistical support. Programs to support startups extend beyond Cairo to other governorates including Alexandria, Luxor, and Suez.

Legislation to govern trade union organizations will be issued before the end of 2017, according to Labor Minister Mohamed Saafan, Al Shorouk reports. The draft legislation — which will complement the upcoming Labor Act by enshrining international labor union regulations and standards such as transparency and autonomy — will be put up for national dialogue by mid-July and is expected to reach the House of Representatives once it reconvenes in October.

The Tax Authority settled disputes worth EGP 2 bn since the Tax Dispute Resolution Act passed last September, authority chief Emad Samy said on Sunday, according to Al Mal. The Tax Authority’s dispute resolution committees — which had resolved some 450 cases worth EGP 1.5 bn since last March — are expected to finalize their task within the next three months.

US NFL superstars Colin Kaepernick, Marquise Goodwin pay a visit to Egypt: National Football League (NFL) stars, the former San Francisco 49ers quarterback Colin Kaepernick and the team’s wide receiver Marquise Goodwin were apparently in Edfu and Aswan in Upper Egypt, Goodwin’s Instagram pictures reveal. The image above was taken at the Temple of Philae. Kaepernick had gained widespread popularity (and notoriety) for being a prominent advocate for the Black Lives Matter movement.

Egyptian software startup HITS Solutions allows companies to use cloud computing for HR management, Abdulghani Kataya says in a review for Wamda. “The system creates a folder for each employee where vacation days, bonuses, KPIs, compensations, and claims are logged daily up to retirement,” writes Kataya.