Wednesday, 2 June 2021

It’s a bit slow, but all the news is good



Hello, wonderful people. We hope you had a productive day and are looking forward to unwinding tonight before we’re all back to the grind for the last business day of the week. It’s a quiet-ish afternoon here in Cairo, but you can take a bit of comfort in knowing that it is, on balance, a good-news day.

HAPPENING NOW- Time may be running out for Yair Lapid to form a coalition government in Israel, raising the prospect that our neighbors to the east may have to go to the polls yet again. Lapid had hoped to announce yesterday the formation of a government and then blew a second deadline of this morning. He has until just before midnight tonight to tell Israel’s president that he’s formed a government, which would still face a confidence vote in the Knesset (most likely next week). Reuters thinks he’s nearly across the finish line. The Times of Israel and Jerusalem Post have more.

MEANWHILE: Could the EBRD have some cold, hard cash for us to finance upgrades to lines one and two of the Cairo Metro? A delegation met today with Transport Minister Kamel El-Wazir to discuss “future cooperation” on everything from railways to maritime transport and ports, but the importance of “upgrades” to Metro lines one and two leads the readout running on state news agency MENA.

Are we about to get a new national holiday? Pope Tawadros II has suggested making 1 June a national holiday in observance of the arrival in Egypt of the Holy Family (Jesus, Mary and Joseph), which he noted is “one of the fixed feasts of the Coptic Orthodox Church.” The story is everywhere from Ahram Online to Ahram Gate.

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

  • Foreign holdings of Egyptian treasury bills jumped to USD 20.8 bn at the end of April from USD 20 bn in March, with investors having put almost USD 3 bn into the short-term debt instruments during the first four months of the year.
  • Covid cases continued to fall here at home — and the WHO has given Sinovac emergency use approval. Sinovac is one of two vaccines Egypt will manufacture, aiming to produce the first 3 mn doses as early as this month.
  • Wadi Degla Developments is planning a sukuk issuance worth nearly EGP 2 bn next month that will be managed by Contact Financial (previously known as Sarwa Capital) and Misr Capital.

It’s another slow news day abroad with perhaps the “biggest” news being that Dogecoin (which started life as a spoof) just saw its price shoot up 20% after crypto exchange operator Coinbase said it would probably allow it to trade. Elon Musk is cheering, notes the Wall Street Journal, even though Tesla is being hammered this morning in the press amid suspicions the SEC thinks the company failed to adequately police the entrepreneur’s use of Twitter.

And speaking of Elon and Twitter (and possible signs of the apocalypse): Shares of Samsung Publishing are up 10% as the Baby Shark publisher got a boost from an Elon tweet about the viral song. CNBC and Bloomberg are both on the story.

You can stop dreaming of being Pfizered now #1: Pfizer’s covid-19 vaccine could be responsible for heart inflammations in a small number of young males, the Israeli Health Ministry said Tuesday, Reuters reports. Israeli researchers found 275 cases of the condition termed myocarditis among the 5 mn vaccinated individuals in the country, but 95% of the cases were classified as mild.

You can stop dreaming of being Pfizered now #2: The vaccine is no more protective against most negative covid-19 outcomes than is AstraZeneca, according to UK government data (see table 1 on page 8, pdf).

BUT VACCINES WORK, DAMNIT- The UK reported no new deaths from covid-19 yesterday, the first time since July of last year, according to the Guardian.

Okay, but are we all gonna die of bird flu? Probably not, Reuters says, noting that experts say there is “so far” a low risk of human spread of the H10N3 flu virus.


FOR TOMORROW- The FIG World Challenge Cup in Artistic Gymnastics for men and women will kick off in Egypt tomorrow and run until Sunday.

The British Egyptian Business Association will hold a virtual conversation with Oil Minister Tarek El Molla on 7 June to discuss the sector’s achievements. You can register through this link.


Jeff Bezos wants you to toke up. Or maybe he just wants to sell you a quarter of your favourite varietal. Either way, it feels like 4/20 today as Amazon has said it backs proposed US legislation to legalize weed at the federal level. The online retailer will suspend narcotics testing for job hiring for all employees except those working in transport, consumer boss Dave Clark said in a blog post. Clark called for more employers to follow the move and urged policymakers to push the legislation through. Meanwhile, Amazon is also amending its Time off Task — a policy that monitors how long an employee is logged into software tools, adding that the intent of the policy is to find operational systemic defects (not spying on employees, right?).

STEAL THIS BUSINESS idea: Portugal accounts for just 2% of the European Union’s population — but produces about a quarter of the bloc’s bicycles, making “the industry … one of Portugal’s fastest-growing employers.”

A new global agreement could require all listed companies in signatory countries to report their exposure to climate risks. The framework could be agreed at the UN’s COP26 climate change conference in November, Governor of France’s central bank François Villeroy de Galhau tells the Financial Times. France has for years required banks and ins. companies to disclose their exposure to climate risks, while the UK wants to make it mandatory starting 2025. The EU is also revising its rules on non-financial disclosure, while the US has said it would join with Europe in calling for mandatory and standardized disclosure rules.

More than half of the G7 bailouts for energy-producing and -consuming activities led to pollution-causing emissions, according to a report (pdf) by development charity TearFund picked up by the FT. Some USD 189 bn of pandemic recovery funds — out of a total of USD 372 bn — were used for the oil, gas, coal, and transport sectors and the G7 countries are coming under fire for handing over the lifelines “with no strings attached”. The report called for “green strings” to be required when offering financing in efforts to accelerate the shift to green economies.

Why we should care, part MMCVII: “Our grandchildren could experience a climate last seen when crocodiles roamed the Arctic,” writes WSJ tech columnist Christopher Mims, noting that the last time there was this much CO2 in the earth’s atmosphere, “sea levels were 20 meters higher and trees grew in Arctic.” Mims was tweeting about this paper in Earth's history sends climate warning.


“A black hole is stranger than anything dreamed up by science fiction writers.” That’s how the late Stephen Hawking opens the newly released documentary Black Holes: The Edge of All We Know. Filmed over four years, the documentary follows scientists as they attempt to understand and capture the first image of black holes. Getting that image was no easy feat, with the nearest black hole so far away it would require a telescope the size of Earth to capture. Instead, scientists used the Event Horizon Telescope collaboration: eight observatories working together from six mountains spanning four continents. The idea, implementation, and final product are all depicted in the documentary which you can watch on Netflix or Apple TV. The doc’s creators also talk to The Guardian about their film.


The Om Kalthoum puppet show will be shown today at El Sawy Culturewheel at 6pm. The puppet of the iconic singer will perform Amal Hayaty and Lel Sabr Hodood.

Ubuntu Art Gallery is hosting the exhibition Look Them in the Eye by Nada Mobarak which will run until 12 June.


The mathematical models running your life: With a background in physics, economics, and sociology, Pablo Jensen explores the modern mathematical models that scientists use to define and run a society in Your Life in Numbers: Modeling Society Through Data. These models are used to interpret everything from economic growth, climate change, epidemiology, and urban planning, he argues, though the data may not always be accurate and models may be doing more harm than good. The book is untechnical and accessible to anyone, with Jensen using easy examples to delve into how complex numerical models work and how they are used in practice.

☀️ TOMORROW’S WEATHER- Expect daytime highs of 34°C and nighttime lows of 19°C tomorrow through Sunday, according to our favorite weather app.


Colliers ups outlook for Red Sea destinations

Colliers international is now more hopeful about the Red Sea’s tourism prospects for 2021. The real estate services company has upped its full-year hotel occupancy forecasts (pdf) for Sharm El Sheikh and Hurghada. Occupancy in Sharm is forecast at 42% this year, up 81% from 2020, while hotels in Hurghada are expected to see 46% occupancy, nearly double last year’s rate. Colliers last month said it thought Sharm would hit a 37% rate and Hurghada 38%. Hotel occupancy nationwide averaged 40-45% during the first quarter of 2021 and rates have been gradually increasing, a Tourism Ministry official said earlier this year.

Colliers expects occupancy rates in Cairo to increase to 44% this year, up 62% y-o-y, and rates in Alexandria to rise by 31% y-o-y to 59%. Both forecasts were only slightly changed from its May report.

Tourism revenues are now expected to come in somewhere between USD 6 bn and USD 9 bn in 2021, thanks to rising bookings from Eastern Europe and the Gulf, Tourism Minister Khaled El Anany said last week. The announcement was an upwards revision of Egypt’s tourism revenue targets for 2021, which El Enany had last month put at USD 8 bn. Recovering arrivals are setting us on track to welcome a little over 6 mn visitors by the end of the year.

We’re still waiting to hear on an expected date for the great Russian return: The resumption of direct flights from Russia to red sea destinations was originally slated for June, but has seemingly been indefinitely postponed as the Russians evaluate the covid-19 situation. A Russian delegation earlier this week arrived to inspect airports in Hurghada and Sharm El Sheikh, as part of ongoing investigations into the 2015 Metrojet crash in Sinai, which had prompted the initial suspension of flights.

REMINDER- Even with a huge influx of tourists, hotels must still operate at only 50% occupancy due to government restrictions designed to curb the spread of covid-19.

How is the rest of the region faring? Colliers’ forecast for vaccine superstar UAE signals our Emirati neighbors have essentially beat covid, with occupancy in four Dubai hotspots expected at an average of 66% in 2021. Abu Dhabi is also set to do relatively well at 54% projected occupancy, with hotel activity seen booming in Ras Al Khaimah. Over in Saudi Arabia, mean forecasts are 45%, with Jeddah expected to check in the most guests. Elsewhere in the GGC, Doha hotels are expected to see occupancy rates of 67%. The outlook is more pessimistic in Beirut and Amman, which are expected to see rates of 33% and 32% respectively.


Your rundown on the industries the gov’t thinks are priorities going forward

The Sisi administration has a new basket of structural reforms in the pipeline — and these are the industries most likely to benefit, based on an Ittihadiya readout (pdf) of a meeting the president held yesterday with Prime Minister Moustafa Madbouly and the ministers of planning, finance, CIT, agriculture, and trade and industry. The readout says the discussion focused on the second phase of economic and social reforms the administration plans to enact.

Among the business-relevant highlights:

  • Priority industries include “tech-intensive manufacturing,” agriculture, and communications and IT, where the government is looking to boost exports, create jobs and encourage the growth of SMEs. The statement singled-out the rising contribution of “high-tech products” in Egypt’s exports;
  • Transportation and logistics infrastructure is at the top of the priority list alongside financial inclusion and the rollout of more fiber-optic cables nationwide;
  • Agriculture got a lot of attention. Policymakers are looking to create jobs and grow agri exports while also driving “digital transformation” in the industry;
  • Look for new investments in technical and vocational education as well as the healthcare system;
  • Continued strengthening of the social safety net, which will likely see add-ons or adjuncts to the successful Takaful and Karama programs.

Bringing more government services online and investing in tech education are also priorities, the readout suggested, adding that the green economy and clean energy “remain of primary importance,” alongside the development of the country’s manufacturing infrastructure.


Are we there yet?

Egypt is expected to (almost) match its pre-pandemic growth level in this final quarter of the state’s current fiscal year. The economy is penciled in to grow 5.2-5.5% this quarter, which wraps up on 31 June, according to figures Planning and Economic Development Minister Hala El Said presented at today’s cabinet meeting. While growth for the full fiscal year is still expected to be muted as the economy expanded only 1.9% during the first nine months, the hopeful forecast for the final quarter puts us on track to lean toward pre-pandemic growth levels in FY2021-2022.

What’s the outlook like? Forecasts from the IMF and the African Development Bank put growth for the upcoming 2021-2022 fiscal year and in 2022 at between 5.0% and 5.5%, which is just slightly lower than a 5.8% pre-covid target the government was hoping to achieve in FY2019-2020. The government predicted growth of 5.4-6.0% in FY2021-2022 in the draft budget approved in March.

Egypt’s economy grew at a 2.9% clip in 3Q2020-2021, up from 2% in the previous quarter, thanks to a recovery in the tourism sector, El Said said. Other areas that had been hit by the pandemic, including manufacturing and Suez Canal revenues, have also had a better run so far into the year, the minister said. The third quarter of the state’s ongoing fiscal year ran between January and April 2021. Growth in 3Q2020-2021 was more or less in line with government forecasts, which put growth for the quarter at 2.8% earlier this year.

The telecom, construction, logistics, agriculture, healthcare, and education sectors led growth throughout the third quarter of the fiscal year and further into 4Q, El Said said. Growth rates in these sectors accelerated y-o-y after the government eased covid-19 restrictions in July, the minister said late last year.


Huawei is cooking up its own mobile OS + US banks aren’t banking bank on SPAC listings

Other stories we’re keeping an eye on as we prepare to slide into the final workday of the week:

  • Chinese telecom giant Huawei is expected to soon roll out its own mobile OS after it was cut off from crucial American tech provided by Google after landing on a US trade blacklist in 2019, the Associated Press reports.
  • Chinese manufacturers forced to ration power worry they may not meet their orders, with some factories being forced to shut for one to three days a week to curb the electricity shortage the country is facing after a heatwave and economic recovery combined to fuel peak consumption, according to the Financial Times.
  • Fees made by US investment banks from SPAC listings in the past two months tumbled to just USD 430 mn, from a record USD 3 bn in January and February during the peak of the SPAC craze, Refinitiv data cited by the FT showed.


IDH reports surge in 1Q2021, drive by covid tests + OIH sells down Beltone stake

The EGX30 fell 1.2% at today’s close on turnover of EGP 1.69 bn (23.1% above the 90-day average). Local investors were net buyers. The index is down 6.7% YTD.

In the green: Ibnsina Pharma (+3.8%), Emaar Misr (+1.4%) and Edita (+0.8%).

In the red: Cleopatra Hospital (-4.1%), Talaat Moustafa Group Holding (-3.0%) and Orascom Financial Holding (-2.9%).

EARNINGS WATCH- Integrated Diagnostics Holding’s (IDH) net income soared 230% y-o-y in 1Q2021 to EGP 339 mn, according to the company’s quarterly earnings filing (pdf). Strong bottomline growth came on the heels of a 126% increase in revenues, which reached EGP 1.13 bn in 1Q2021, and was built on momentum generated during 2H2020 and an explosion in the demand for covid-19 testing offered by the diagnostics giant. Growth was spurred by record levels of covid-19 tests and was “both volume- and price-driven,” the company said.

The earnings are the first the consumer healthcare giant has released since listing on the EGX in the country’s first-ever technical listing.

Looking ahead, volume growth will be helped by a “multi-pronged expansion strategy,” which targets widening IDH’s medical service offering, expanding its geographical reach, and strengthening its digital offering and delivery capabilities, IDH CEO Hend El Sherbini said. IDH’s “immediate focus remains on continuing to play a frontline role in helping governments across our footprint combat the ongoing Covid-19 pandemic,” she added. “Our priorities for the remainder of 2021 and beyond remain unchanged as we focus on driving new growth and delivering further value to our patients.” We had more on IDH’s future plans in yesterday’s EnterprisePM.


Orascom Financial Holding (OFH) has sold down part of its stake in Beltone Financial in an EGP 71.55 mn transaction. OFH’s total holding of the investment bank is now 70.1%, down from 74%, according to an EGX disclosure (pdf). Beltone Securities executed the transaction, which saw 20 mn shares sold on the open market at a price of EGP 3.58 apiece.

Nile Cotton makes good with minority shareholders: Nile Cotton Ginning has bought back stock that was held by shareholders who claimed to have been negatively affected by a recent board decision to delist from the EGX. The vote to delist came after IMEX International took the state-owned company private when it completed its acquisition of a 93.9% stake last October.


It’s good news / bad news from the OECD

The OECD is out with its latest global economic outlook — and there’s good news and bad news. The good news is that the world’s most advanced economies look set to stage a stronger-than-anticipated recovery, returning to pre-covid levels by next year. The bad news? Most everyone else is going to struggle.

The good: The OECD’s forecasts now see the global economy growing by 5.8% in 2021, a serious upgrade from the 4.2% it had predicted just six months ago in December. This could be followed by a 4.4% growth in 2022, which according to the OECD would return the global economy to pre-pandemic levels. The Paris-based organization cited the vaccination rollout in advanced economies and an enormous fiscal stimulus package in the US as being behind the rebound

There's particular cause to celebrate if you’re American or Chinese: The twin booster of vaccines and stimulus will push the US economy to surge 6.9% this year, helping to return per capita income to pre-pandemic levels by 2H2021, a surprisingly swift recovery considering the historically unprecedented unemployment shock and Great Depression-esque food lines witnessed just a year ago. This will put the US economy on a path to return to its pre-covid size by late 2022. On the other side of the world, China has been experiencing a rapid recovery after clamping down early on the virus. The OECD expects its economy to grow 8.5% and 5.8% during 2021 and 2022 respectively.

Europe will take a bit longer to pick itself up: The OECD projects much of Europe will take nearly three years to recover, with output likely to rise by 4.3% in 2021 and 4.4% in 2022. But on a positive note, ramping up vaccination programs has allowed European governments to start lifting containment restrictions on activities in recent weeks, accelerating the bloc’s “slow” recovery plan. The OECD also noted that risks posed by the high level of debt held by small and medium-sized companies, especially in European countries, could be mitigated by turning some pandemic-related financing into grants, with conditional repayments based on performance and regular assessments of viability.

The bad: The recovery will be “significant but uneven” as it hinges on the pace of vaccination programs globally, the OECD said, with the main downside risk to its upbeat forecasts being a failure to deliver covid vaccines to emerging and poor countries. IMF chief Kristalina Georgieva also recently raised concerns that a “two-track pandemic is causing a two-track economic recovery —with negative consequences for all countries,” with vaccine inequity resulting in the revival of rich countries and muted recovery of developing economies. India for example, which is currently suffering from a spike in cases, is expected to see a return to pre-pandemic growth levels at a slower pace, with output projected at 10% lower than the November 2019 projection.

Closing the vaccine equity gap offers a possible solution: The WHO and other organizations have urged countries to take part in the International Monetary Fund's USD 50 bn plan, which aims to vaccinate at least 40% of the world's population by the end of 2021 and the remaining 60% by 1H2022. The World Health Organization has also recently reiterated the need to waive intellectual property rights on covid vaccines, which would boost global supply and secure equitable access for poorer nations. While the US supports the waiver, European countries, Canada and Switzerland still oppose it.

And a focus on health and education will help accelerate the bounceback: “It would be dangerous to believe that governments are already doing enough to propel growth to a higher and better path,” OECD chief economist Laurence Boone told the Financial Times. Stimulus programs led by many governments have helped maintain citizens’ income levels, but the pandemic has highlighted the need to boost health and education systems, as well as digital and green transformation. Support should become more targeted and “the focus should be on investment,” Boone said.


“Plant playlist” trend takes off in Egypt during covid

So-called “plant music” is on the rise in Egypt, with the pandemic turning many Egyptians on to the wonders of plantcare. Spotify data found that 21% of users in Egypt have played audio content to care for their plants in the past year using playlists such as Spotify’s “Music for Plants” — which grew nearly 1.4k% during the past 12 months, according to a press release (pdf). Meanwhile, 16% of Egyptians reported talking to their houseplants more, according to a Spotify poll, with around a third of respondents saying that they felt caring for houseplants offers people more of a purpose in life. The audience data recorded 30% of Egyptians as saying they “will carry their passion for houseplants on into the future.”

But can your cacti actually benefit from a daily musical interlude? The idea that plants respond to music was popularized with the publishing of a New York Times article in 1973, titled The Secret Life of Plants, in which the authors argued that plants have a level of consciousness, citing scientific studies that suggested that music and human interaction can help plants grow. One of the earliest studies conducted on the topic was in 1962 at Annamalai University. The experiment exposed balsam plants to classical music and found that their growth rate increased by 20%, while their biomass increased 72% compared to a control group. The same experiment found that when crops were exposed to classical south Asian raga music, they yielded 25% – 60% more than the national average, according to Bloomscape.

It’s all about the vibrations that music gives off to plants, and science has shown that our green friends thrive when exposed to music between 115 Hz and 250 Hz, at which level the vibrations emulate similar sounds to nature. That’s why some genres such as classical and jazz are more effective than others when it comes to growing plants, explained University of Melbourne's Dominique Hes, according to Better Homes and Gardens.

Apparently, plants like music in moderation: A 1973 study by The Sound of Music and Plants Author Dorothy Rallack found that the ideal time for plants to be exposed to music was for three hour intervals. In her experiment, plants exposed to an F note for eight hours at a time died within two weeks, while plants who had a time limit on their music listening were much healthier than their non-music-exposed counterparts. Several studies have since been carried out to explore the ideal combination of genres, instruments, and exposure for plants to increase crop yield, including a study published in Science Direct that also tested whether different plants required different combinations.

Even more mind-boggling; plants can also make music themselves: An upcoming device called PlantWave translates plant biodata into music by attaching a pair of probes to plants’ leaves. The device detects slight electrical variations in a plant which are then translated into pitch messages that play musical instruments. The signals are extremely sensitive and pitch or rhythm can be affected by light, movement, or air levels. The technology (which should be released this summer) inspired articles in Wired, Popular Mechanics, and NPR. PlantWave also has a live online radio channel, Plant FM that streams music from plants in their Data Garden, mentioning which plant is currently conducting the music. We spent some time listening to a Snake Plant’s composition, and impressed is an understatement.

Want to play some grooves for your own garden? Apparently they like Simon and Garfunkel, Coldplay, and The Shins, Spotify says. This may explain why our office plants withered after listening to Iron Maiden’s greatest hits on loop for 12 hours.

EDITOR’S NOTE: This afternoon's edition of Enterprise is brought to you by Mastodon. Check it out on Spotify or Apple Music.


3-6 June (Thursday-Monday): Egypt is hosting the FIG World Challenge Cup in Artistic Gymnastics.

7 June (Monday): British Egyptian Business Association hosts an event featuring Oil Minister Tarek El Molla.

14 June (Monday): Egypt Green Economy Forum.

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.

20 June (Sunday): Ismailia Economic Court to hold hearing on Ever Given compensation case.

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. The Big 5 Egypt Impact Awards will also be taking place at the event on 27 June.

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 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).

2-4 August (Monday-Wednesday): Egypt is hosting the Africa Food Manufacturing exhibition at the Egypt International Exhibition Center.

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.

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.

1H2022: The World Economic Forum annual meeting, location TBD.

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.

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