Tuesday, 4 May 2021

EnterprisePM — Covid still causing travel chaos as Egyptian travellers banned from Oman

TL;DR

WHAT WE’RE TRACKING TONIGHT

First things first: May the Fourth be with you happy Star Wars Day to our fellow geeks.

THE BIG STORY TODAY is how covid-19 could still mess with your summer travel plans despite progress on vaccines and reopening in many destinations popular with Egyptians. Canada has shown no signs that it plans to soon ease restrictions on foreign visitors, and Oman has banned entry of travelers from Egypt and the Philippines starting 9 May, state Oman News Agency reports. The report did not say how long the ban would remain in effect.

Vaccinated travelers from “countries with a good health situation” could be allowed to return to Europe this summer under a new European Commission proposal that would see visitors return to the bloc after a near yearlong ban, Commission President Ursula von der Leyen wrote on Twitter. The new rules would however include an “emergency brake” that would allow countries to reinstate travel bans on certain locations in the event of a rise in infections or the emergence of new variants.

But don’t pack your bags just yet if you’ve taken a Russian or Chinese jab. The EU’s list of approved vaccines doesn’t yet include Russia’s Sputnik V or China’s Sinopharm and Sinovac shots — three of the jabs Egypt is relying on in its vaccination program or manufacturing domestically. US citizens could be among the first to be allowed to travel to the bloc, von der Leyen said last week.

Could we get our hands on some mRNA goodness from Moderna? The company will contribute 500 mn doses of its covid-19 vaccine to the Covax program after receiving emergency clearance from the World Health Organization last week, Bloomberg reports. Some 34 mn doses are expected to be available in 2021, with deliveries expected in 4Q202 and the rest scheduled for 2022 delivery. Egypt has signed on to receive 40 mn doses of the AstraZeneca jab from Covax this year; it’s unclear whether we’ll have a chance to put in an order for Moderna’s vaccine through the program.

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

  • Sputnik and J&J jabs are coming to Egypt as the third wave washes over the nation: Egypt’s covid-19 case tally from last week is five times the number of cases recorded during the same week last year at the peak of the first wave, and more than 500 physicians have now died of covid-19.
  • We’re still tops: The central bank left rates on hold for a fourth consecutive meeting last Wednesday, leaving Egypt’s carry trade the most lucrative in the world.
  • Direct flights between Russia and Egypt are set to resume in June, Russian ambassador to Egypt Georgiy Borisenko said yesterday. The start date could still be pushed back on account of covid.

HAPPENING NOW- The G7 Foreign Ministers are meeting in London today for a three-day summit. Rising threats to human rights challenges from Russia, Iran, and China are on the agenda for the face-to-face meetings, according to CNBC. The foreign ministers of Australia, India, South Korea and South Africa have also been invited. The summit will also be used as a chance to agree on a USD 15 bn initiative to help 40 mn girls in developing countries go to school over the next five years, UK Foreign Secretary Dominic Raab told BBC. The talks come ahead of a high profile G7 leaders summit from 11-13 June with UK Prime Minister Boris Johnson to gather leaders of member nations, EU countries, and other invited guests.

US futures have just fallen sharply with European shares, Bloomberg reports, noting that traders aren’t quite sure of the reasons behind the move. S&P 500 contracts fell 0.5% and Nasdaq futures dropped 0.8% in just minutes earlier this afternoon, a turn that some have speculated is being fuelled by rising tensions between China and Taiwan and a stricter lockdown in Singapore.

MARKET WATCH-

GOOD NEWS FOR EGYPT- Abu Dhabi’s newest sovereign fund, ADQ, is on an expansion spree, CEO Mohamed Hassan Alsuwaidi in a rare interview with Bloomberg, saying he was worried the fund wasn’t moving “fast enough.” ADQ is looking to make significant new investments this year — and in the next five years — Alsuwaidi added. The fund has amassed an estimated USD 110 bn in assets since its founding in 2018, with its holdings including Egyptian or Egypt-based companies such as Amoun Pharma, and Lulu Hypermarket. It’s also said to be looking at investments in Atyab and Wataniya. ADQ is, however, primarily focused on UAE companies as it aims to help the Gulf country to build out its non-oil economy.

EFG Hermes topped the EGX’s brokerage league table in April with a market share of 40.1%, according to the EGX’s April brokerage firm rankings (pdf). EFG returned to the top of the league table after a spell in which brokerages catering to retail investors gobbled up market share after international institutional investors sold out of emerging markets at the start of the pandemic. Rounding out the top five: CI Capital (9.8%) Beltone (3.9%) Pharos (3.8%) and Mubasher (3.7%).

**So, when do we eat? We sit down for iftar at 6:34pm this evening, and will have until 3:33am to wrap up our sohour.

🗓 CIRCLE YOUR CALENDAR-

PMI figures for April will land on Thursday, 6 May at 6:15 am CLT. Non-oil private sector conditions worsened for the fourth consecutive month in March, with the gauge dropping to 48 from 49.3 the month before, but optimism reached new highs as the vaccine rollout continues to pick up steam.

The PMI for the UAE and Saudi Arabia was out this morning, and conditions have held up well in both countries amid an ongoing recovery from covid. The UAE’s PMI gauge (pdf) was falt at 52.7 against 52.6 the month before, remaining firmly in expansion territory, while Saudi’s PMI (pdf) jumped to a three-month high of 55.2 in April.

Eid El Fitr looks likely to begin on Thursday, 13 May and end on Saturday, 15 May. Watch this space to find out about our Eid vacation.

The Gouna International Squash Open 2021, a PSA event, will run 20-28 May with 96 men and women competing. The event has the backing of our friends at CIB.

🚙 FOR YOUR COMMUTE-

Two European female central bankers are calling for reforms to redress gender imbalances within their institutions, reports the Financial Times. Isabel Schnabel, an executive board member of the European Central Bank (ECB), told the FT that there are many “hidden barriers” to women’s careers in the male-dominated industry, citing her own experience of often being the only female in a meeting. Meanwhile, Deputy Governor of the Bank of Spain Margarita Delgado pushed for institutional quotas and more objective recruitment to increase the number of women in top positions. Discussions about gender equality at the ECB were sparked on social media recently after President Christine Lagarde posted a picture on Twitter of the bank’s governing council: She was the only woman in the photo (and they’re all awfully melanin-challenged).

Future covid-19 vaccines could be as simple as taking a pill: US companies are developing a new generation of covid-19 vaccines in the form of pills and nasal sprays, making them easier to transport and store, the Wall Street Journal reports. Of the 227 covid-19 vaccines currently in development globally, two are administered orally and seven are nasal sprays, according to the World Health Organisation. Don’t expect them until late this year at the absolute earliest as many of the next-generation vaccines are still in the early stages of human testing.

Apple took flack for the commission it charges on App Store purchases on the first day of a three-week antitrust case brought by Epic Games yesterday, reports The Wall Street Journal. Apple earns more money “from selling developer apps in the App Store than developers,” alleged bombastic Epic Games CEO Tim Sweeney. The gaming network is behind the global hit Fortnite which was taken off the app store in August after the company inserted its own, unauthorized payment system into the Fortnite app to sidestep the 30% fee Apple and Google collect from in-app purchases.

The global chip shortage might be with us for a few more years, Intel CEO Pat Gelsinger suggests in an interview with CBS News’ 60 Minutes. Gelsinger explained that even as Intel and other firms ramp up production of semiconductors it will take time to meet the surging demand.

CAF is mulling its own Super League: The governing body of African football is considering creating a new league that would see the continent’s top 20 clubs go head to head, unnamed sources at CAF told FilGoal. The idea was floated by FIFA president Gianni Infantino and is favored by the newly elected CAF president Patrice Motsepe, the sources added. How teams will qualify and what the format is are still undecided, the source added.

Israeli Prime Minister Benjamin Netanyahu has until midnight tonight to form a new coalition government or risk having an opponent invited to give it a try, the Associated Press reports. President Reuven Rivlin could give Netanyahu a two-week extension if he misses the deadline and then allow other parties to submit alternative proposals for a governing coalition.

📺 ON THE TUBE TONIGHT-

May looks like it might be a month for throwbacks on Netflix, with the streaming site adding classics to its roster in the past few days including the three Back to The Future films. If you don’t want to cozy up with Marty McFly, go hard core with Scarface, Resident Evil: Afterlife, and Resident Evil: Extinction. Looking for something with little less gore? Try rom-com Notting Hill with Julia Roberts and Hugh Grant. (Why don’t they make rom-coms anymore?)

Manchester City and PSG will go head-to-head tonight in the Champions League at 9pm.

Sunday’s Man United vs. Liverpool match was postponed after fans stormed the field to protest the Glazer family’s ownership of the club and their push for a separate Super League, reports BBC. The date for the match is still to be decided.

The Egyptian Premier League will see El Entag El Harby play against National Bank at 9:30pm.

🥐 EAT THIS TONIGHT-

At this point in Ramadan, you’re probably fed up with cooking everyday. Well, here’s a solution for you before you decide to go the takeout route: ParCooked. Featuring “ready to cook” meals that you just have to put on the stove or in the oven, cooking has never been simpler. ParCooked offers delicious and fresh international dishes with the meals currently available including breaded veal schnitzel, chimichurri beef fillet, wild mushroom chicken, and oyster cream South African beef fillet. The business has also introduced Ramadan boxes that include entire meals for you and your family as well as weekly or monthly subscriptions for daily deliveries.

🎤 OUT AND ABOUT-

May Al Abrashy from Athar Lina will talk about heritage conservation in a discussion tonight at the French Institute in Cairo at 9pm. Athar Lina led the recent reopening of the Mausoleum of Al Imam Al Shafei, and it is stunning.

Tunisian singer Ghalia Benali is performing today at the Cairo Opera House at 9:30 at the Fountain Theatre.

It’s open mic night at The Room New Cairo where attendees can get on stage and recite stand-up comedy, poetry, or sing. The event starts at 9pm, but if you’re meaning to perform get there a bit earlier to fill out a form.

Oud duo Ghassan Al Youssef and Dina Abdel Hamid will take to the stage at El Sawy Culturewheel tonight at 8:30pm.

💡 UNDER THE LAMPLIGHT-

It’s New Book Day for four of our favourite authors, each of whom has a fresh title available for purchase on Kindle (if you’re here in Omm El Donia) or in fine bookstores worldwide. Two are fiction, two non-fiction, depending on your mood:

Big Food and Big Pharma are slowly killing us all — and our planet, argues physician and Fat Chance author Robert H. Lustig in Metabolical, which documents how “processed food has … ruined our health, economy and environment over the past 50 years.”

The Big Short and Fifth Risk author Michael Lewis is back with The Premonition: A pandemic story, a “sweeping indictment” of the CDC that looks at how the pandemic swept in from China to blanket the United States.

Imagine you’re the sole survivor of a “desperate, last-chance mission to save the earth” — except that you just woke up on a spaceship, mns of miles from home, with amnesia. And two corpses for company. That’s the starting point for science-based sci-fi guru Any Weir’s Project Hail Mary.

None other than Stephen King loves three master Linwood Barclay’s Find You First, his really inventive new novel. Need we say more?


🌤 TOMORROW’S WEATHER- The heat wave continues: The mercury will stay at 42°C tomorrow before peaking at 45°C on Sunday, according to our favourite weather app. Expect temperatures to fall to a more seasonally appropriate 32°C on the first day of Eid El Fitr.

SPEED ROUND: M&A WATCH

Raya wraps up agreement to sell BariQ to Intro Group

Raya agrees BariQ sale: Raya Holding has signed an agreement with Intro Group subsidiary Intro Waste Management to sell 100% of its recycling arm BariQ in a transaction that values the company at more than EGP 490 mn, Raya said in a statement (pdf) this morning. Raya’s board had originally given its nod to the sale in November before reports surfaced in the local press last week suggesting that Mamdouh Abbas’ Intro Group was close to acquiring the company. The company had received offers from at least six local and foreign investors.

Advisors: Compass Capital was buy-side advisor and Pharos’ brokerage arm had sell-side duties. Zaki Hashem & Partners provided counsel.

IN OTHER M&A NEWS- Several investors have submitted non-binding offers to acquire a majority stake in Alexandria Medical Services, CI Capital, which is quarterbacking the sale, said in a disclosure to the EGX (pdf) today. Alex Medical is the subject of a bidding war, and is being courted by four bidders interested in Abu Dhabi Commercial Bank’s 51.5% stake. The bidders are EGX-listed Cleopatra Hospitals Group (CHG), Alexandria for Medical Investment Company (the majority shareholder of Mabaret Al Asafra Hospitals Group), healthcare investment firm Seha Capital, and a consortium that includes Speed Medical. At least two of those bidders, including CHG and the Speed Medical consortium, were previously said to have fielded initial offers. Final binding offers are expected to be submitted by the third week of May, at which point bidders would have wrapped up due diligence.

Advisors: EFG Hermes is acting as CHG’s financial advisor, while Arqaam Capital is advising the Mabaret Al Asafra-Tana consortium (aka Alexandria Healthcare Investments). Zilla Capital is advising Mabaret Al Asafra’s shareholders. Prime Capital is advising the Tawasol-Speed Medical-LimeVest consortium. CI Capital is the sell-side advisor.

SPEED ROUND: BANKING

Blom Bank is one step closer to leaving Egypt

The acquisition of Blom Bank Egypt by Bahrain’s Bank ABC will get approval from the Central Bank of Egypt (CBE) in the coming weeks, Al Mal reports, citing an unnamed source with direct knowledge of the transaction. The two banks are expected to finalize the sale in 2Q2021, after Bahrain and Lebanon’s central banks gave the green light to the transaction in March, the source said. The sale includes Blom’s physical and non-physical assets and customer accounts, marking the first of two anticipated exits by Lebanese banks, with Bank Audi due to finish transferring its Egypt assets to First Abu Dhabi Bank next year.

Background: Bank ABC reached an agreement to purchase the 99.42% stake in Blom Egypt in January this year following several months of speculation about whether fellow GCC lender Emirates NBD would compete for the acquisition. ABC already has a presence in Egypt with Bank ABC Egypt, in which it owns a 93% stake. Blom and Bank Audi are both leaving Egypt as they cope with fallout from a severe financial crisis in their home market of Lebanon. Meanwhile, the National Bank of Greece (NBG) is set to terminate its activities in Egyptian market after years of unsuccessful attempts to divest its portfolio here.

SPEED ROUND: AUTOMOTIVE

The gov’t has now been handing out new natgas vehicles for a full month

Update on the gov’t automotive natgas transition scheme: Egypt handed over 340 natgas cars as part of the natgas transition scheme during April, which was the first month the government began delivering the vehicles, Finance Minister Mohamed Maait said in a statement on Friday.

Applications to the scheme seem to be slowing: Another 2k people applied to receive a natgas vehicle during April, taking the total to 70k, the minister said. There were around 68k applicants in the first three months of the scheme, which launched on 4 January.

Background: The government’s overall plan is to swap out 1.8 mn cars over the course of a decade — a feat that is expected to cost some EGP 320 bn. The government plans to convert 450k cars to run on natural gas in the next three years. The first batch of almost 30 dual-fuel vehicles were delivered on 4 April.

IN OTHER AUTOMOTIVE NEWS- The auto market recovery continues in 1Q2021: Auto sales grew 31% in 1Q2021, with 69.2k vehicles sold compared to 52.9k in 1Q2020, according to the local press, which cites figures by the Automotive Information Council (AMIC).

Sales breakdown: Passenger car sales rose 37% to 50.7k in 1Q2021 from 37k in the same period in 2020. Truck sales jumped 39% to reach 12.3k, while bus sales fell 13% to 6.1k from 7k a year earlier.

GO WITH THE FLOW

Meet our analyst of the week: Arqaam Capital’s Nour Eldin Sherif

OUR ANALYST OF THE WEEK- Nour Eldin Sherif, associate director at Arqaam Capital (Linkedin).

My name is Nour Eldin Sherif and I have seven years of experience in the financial sector. I started my career as an equity analyst in MubasherTrade before moving to Beltone where I covered the industrial sector. I moved to Arqaam Capital three years ago and worked as a senior associate before I was promoted to associate director this year. I still cover industrials, focusing on metals and mining in Egypt, UAE, Qatar, and Saudi Arabia.

I first knew this was the career path I wanted after joining the 2013 CFA Research Challenge. I was part of the Ain Shams University Team and managed to get through the local competition to represent Egypt at the MEA regional competition in London. The challenge allows university students to evaluate a real company by meeting its management and being teamed with a mentor for the industry. After the experience, I decided to volunteer in the CFA society and was tasked as the CFA Challenge Coordinator and in 2019 I was a judge in the MEA competition. I love making new connections and meeting the next passionate generation in the finance sector. I think it’s a great way for students in their senior year to be polished and ready to join the industry.

The best part of my job is that I’m part of a global cycle and I’m always up to date with everything happening. There’s something new to do and look at everyday, and things happening continents away could have an impact on the local market. Since joining Arqaam I am always trying to be the first and be on top of all recent developments in the industry. It’s very competitive and you have to be innovative in writing and quick about stock calls. Most importantly, clients have to trust you and value your work.

The worst part is always being connected even during time off. There could always be a pressing task that has to be done right away no matter where you are or what you’re doing.

Less travelling hasn’t changed my daily routine at my job much. Programs like Zoom and Teams really bridged that gap, but of course we do miss meeting clients physically and sharing thoughts and reactions. In some ways it has also brought us closer as we can now have a chat anytime during the day or night. It’s been a struggle for work-life balance though [laughs]. I don’t think roadshows will be back this year, but as vaccine rollouts progress, maybe they’ll make a reappearance in 2022.

My theory of investment is to stick to quality names, sound valuations, and strong market positioning. These give companies a comparative advantage against peers when paired with a strong investment thesis. When I look at financials I always try to break it down into a contextual analysis based on what’s happening around the world and in the industry and make sure it's aligned. Another thing I’m always careful about is to clearly highlight downside risks in reports to give the full picture to clients.

The factor I look at most when recommending a stock is where a stock is in line with the macro picture. At the height of covid last year, this meant tech stocks and companies that benefited from people staying home, as well as safe haven assets like gold. Analysts should try to play all the global trends that can affect the local market. When it gets dark, however, and market volatility is severe, I think you should stick to the fundamentals as firms with strong names and valuations will usually be the first to recover.

Post-covid, I think the sector players need to be more dynamic, flexible, and avoid sticking to a view forever. We tried to implement this by overweighting stocks and firms that are highly correlated to global growth and looking at reopening themes. I think that the industrial sector specifically still has a lot to do from a private sector perspective to achieve sustainable and inclusive growth, and needs to be more in line with the global cost curve.

We’ve been more focused on ESG in the past period and it's becoming part of our daily communication with clients and our reports. The key focus for green stimulus should come from a new capex cycle, mainly investing in more environmentally friendly sources of energy such as wind and solar. This needs a lot of technological advancement and R&D, but it will have a huge impact on investments. International investors are starting to pay more attention to this and are more likely to invest in companies that achieve high ESG ratings.

I think 2021 will be a year of growth for Egypt — stemming from infrastructure spending from the public sector and a strengthening recovery in the private sector. I also think industrials will grow this year fueled by higher commodity prices in steel, aluminum, copper, petrochemical products though volumes will lag behind the price hikes.

If I had to switch and cover another industry it would be either healthcare or education. I think they are somewhat underserved despite their importance in the market and economy. More companies need to be listed in these areas and I hope to see more players emerge in the future.

My favorite film is The Big Short. Currently, I’m watching Le3bet Newton this Ramadan. In music, I like to listen to underground Arabic music like Massar Egbari, Aziz Maraka, and Dina El Wadidi.

When I’m not on the clock I like to go fishing. In Egypt, we have access to beautiful seas at places such as Hurghada and Sokhna, and fishing really manages to relax and ground me. I also love travelling to Sinai. Abu Galum in Dahab is my favorite place with its untouched nature and iconic snorkeling spots. At home I like to cook when I’m in the mood for it. My favorite dish to make is surf and turf: steak with either shrimp or salmon.


EARNINGS WATCH-

Qalaa Holdings reported a net loss of EGP 2.5 bn for 2020 compared to its EGP 1.1 bn loss in 2019, the company said in an earnings release (pdf) on Friday. The losses were largely attributed to its Egyptian Refining Company (ERC), as well as booking impairments, write-downs and covid-19 provisions worth EGP 1 bn, the statement said. This comes despite Qalaa’s consolidated topline more than doubling to EGP 35.9 bn.

ERC + improved performance by TAQA Arabia contributed to top line growth: ERC brought in EGP 21.6 bn in revenues during the year, without which Qalaa’s revenues would have held flat at 14.4 bn. “Despite the harsh market conditions, TAQA Arabia was able to deliver an uptick in revenues by 3% y-o-y, driven by growing household conversions and an expansion in its industrial client base,” said Qalaa Holdings Chairman Ahmed Heikal. An improvement in international trade with the easing of covid-19 restrictions worldwide also upped consolidated exports by Qalaa subsidiary ASCOM to USD 118 mn during the year.

Speed Medical more than quadrupled its net income to EGP 40.9 mn in 1Q2021 from EGP 7.2 mn in the same period a year earlier, according to the company’s quarterly earnings release (pdf). The strong bottom line growth was underpinned by a 160% increase in revenues, which reached EGP 65.4 mn during the three-month period. Revenues rose on the back of strong demand for covid-19 tests and contact tracing, along with rising laboratory sales for sister company Prime Speed Healthcare, which “highly contributed to the increase of the consolidated profits of the company during the year,” Speed Medical said.

Maridive & Oil Services turned in a USD 143.3 mn loss in 2020 after making a USD 2.65 mn profit the year before, according to the company’s consolidated financials (pdf). Revenues fell 11% to USD 180.5 mn during the year from USD 202.8 mn in 2019.

Eastern Company reported a EGP 513 mn profit in the first three months of 2021, up 90% from EGP 270 mn in the same period last year, according to an exchange filing (pdf). The tobacco monopoly’s topline increased 16% to EGP 5.7 bn from 4.9 bn in 1Q2020.


The EGX30 fell 0.1% at today’s close on turnover of EGP 790 mn (37.9% below the 90-day average). Local investors were net sellers. The index is down 3.5% YTD.

In the green: Export Development Bank (+3.2%), Credit Agricole (+2.4%) and Orascom Development (+2.4%).

In the red: Madinet Nasr Housing (-12.1%), CI Capital (-3.5%) and Edita (-3.4%).

THE MACRO PICTURE

African sovereign wealth funds are prioritizing the local over the global

The pandemic was “a boon” for African sovereign wealth funds that invest at home, providing a boost to sectors in which they were already invested including health, digital tech and agribusiness, the International Forum of Sovereign Wealth Funds (IFSWF) and investment firm Franklin Templeton said in a report. Products linked to those sectors were in high demand in 2020, and existing investments in areas such as medical facilities and supplies and pharma became increasingly profitable. This didn’t only prove a successful investment strategy, but it also encouraged SWFs to invest long-term, improving overall health services across Africa and helping to make countries more resilient to future economic and health shocks.

Covid has also helped to accelerate digitalization, and encouraged some funds to ramp up investments in ICT infrastructure to get more people online. This could potentially help Africa leverage its large youth population and develop a tech outsourcing industry that rivals that of India, creating well-paid jobs and slowing the brain drain caused by skilled workers seeking jobs abroad, according to the report. Among the eight established sovereign wealth funds surveyed in the report, investment in food and energy security is also an important mandate and priority area.

Prioritizing the local over the global: African SWFs are “a new breed of state-owned investors” that play a key role in attracting capital for their local economics, rather than for global financial markets, the report said. When the pandemic fully abates, these funds will continue to channel capital into their economies to drive growth post-covid, particularly those in countries with high debt and limited access to international debt markets.

This is exactly what the Sovereign Fund of Egypt has been doing: The SFE last year reshuffled investment priorities to focus on healthcare, pharma storage, electricity, agriculture, and other areas that were crucial to invest in at the onset of the pandemic. It established a sub-fund as a dedicated private equity vehicle specialized in healthcare, among other sub-funds with mandates to invest in infrastructure, fintech, and real estate.

African SWFs still pale in comparison to the world’s largest players: Total authorized capital held by the continent’s 13 sovereign funds in 2020 stood at only USD 22.8 bn, with the SFE’s USD 12.7 bn (EGP 200 bn) accounting for over a half of this figure, the report said. Compare this to Norway’s sovereign fund which stands at almost USD 1.3 tn or the Abu Dhabi Investment Authority, which holds almost USD 650 bn of assets.

CALENDAR

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

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

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

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

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).

7-9 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.

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

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.

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.

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.

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 54th session of 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.

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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