Sunday, 14 February 2021

EnterprisePM — Egypt skated past covid-19, but now needs to double down on “deep” reforms –IIF



Hello, friends. We hope the day has treated you well — and that you’ve consumed plenty of chocolate in honour of Valentine’s Day.

THE BIG STORY AT HOME- There are two of them, actually. Egypt needs to push ahead with “deep” reforms after skating through covid-19 as the only Arab country to post real economic growth, the Institute for International Finance writes in a new report. Meanwhile, Information Minister Osama Heikal is under fire after being censured by a House committee. We have chapter and verse in this afternoon’s Speed Round, below.

THE BIG STORY ABROAD is unchanged from this morning: Agent Orange avoided conviction at his second impeachment trial. (Our sleep-deprived brains wrote in EnterpriseAM that he escaped impeachment for the second time, not that he avoided conviction again, prompting a reader to question our general intelligence. We hope he rests soundly tonight knowing that the guilty among us have been repeatedly flogged with spaghetti for our transgression. The story has been corrected on our website.)

** CATCH UP QUICK- The top stories in this morning’s edition of EnterpriseAM:

YOUR STATUTORILY REQUIRED COVID UPDATE: You can stop washing your [redacted] groceries now before putting them away. Don’t believe us? Read Hygiene theater is still a huge waste of time in the Atlantic. Then get into the habit of wearing two masks whenever you leave the house — a surgical one underneath, then a cloth one on top to hold the bottom mask nice and tight. Like Anthony Fauci did on NBC’s Today.

ALSO- New Zealand’s Auckland has been ordered to impose a three-day lockdown starting today after three covid-19 cases emerged in the country’s largest city, reports Barrons. NZ had previously “cancelled” covid for real.

PSA- No bank in Egypt is going to ring you up and ask you for your personal information, KYC or no KYC. If a bank needs you to update your personal information, you’ll get a call or an SMS asking you to stop into your nearest branch (or call your banker) to do what needs doing. Nobody legit is going to ask you for your national ID number or anything else after ringing you up and introducing themselves as calling from a bank.

Still not convinced? Hang up on them. Grab your credit card or your bank card. Flip it over and look at the fine print. You should see a telephone number — call it. Or head to your bank’s website and get your branch’s telephone number (or a call-center number) there.

???? CIRCLE YOUR CALENDAR- Students have until tomorrow to apply for placement at private universities on the Higher Education Ministry’s online application portal. We covered the site in detail and got first impressions of the new mechanism in a three part series on our vertical Blackboard (Part 1 | Part 2 | Part 3).


SIGN OF THE TIMES- We didn’t set out to get all tech-heavy this afternoon … it just kinda happened:

For the iSheep, tech and business nerds among us: Go read Apple is the USD 2.3 tn fortress that Tim Cook built, a cover story for Bloomberg Businessweek. It’s a solid read about how Cook built Steve Jobs’ baby into the giant it is today. It’s also proving (a little bit) divisive in the community of Apple watchers. Daring Fireball’s inimitable John Gruber recommends the piece, saying it is “very fair and rings true,” while Above Avalon analyst Neil Cybart took issue with it on Twitter, writing that he “didn’t find it worth [his] time,” in part because it has “numerous inaccuracies throughout.”

Speaking of Apple: That grudge match with Facebook? It’s nastier and more personal than previously reported, the WSJ writes in an exclusive that quotes Zuck as saying, “We need to inflict pain” on Apple for putting human privacy ahead of Facebook’s business model. On that note, Zuck probably doesn’t want you to read Why don’t we just ban targeted advertising? in Wired magazine. (Benedict Evans has thoughts on the Tweeter as to why that might not be practical.)

And on the subject of tech: Your new car may be a bit more expensive than you had planned if you’re in the market these days. Remember that chip shortage we mentioned on Thursday? Well, it’s going to hit cars, too after major industry players including VW, Ford and Honda “misjudged supply lines of semiconductors that control engines, airbags, touchscreens.” The result: Lower production and outright assembly stoppages at major automakers. And we all know what happens when there are fewer cars and more demand, right?

Remember the US government’s desire to (explore whether to) build killer robots, which we picked up last week? Well, the story is the tip of the iceberg. The Pentagon wants autonomous ships, helicopters and jets, imagining a future that includes “pilotless jets engaging in dogfights” and “huge undersea vessels ferrying troops.” Meanwhile, Boston Dynamics’ “quadruped” now has a commercially viable arm — as in a limb like we humans have. IEEE Spectrum writes. The four-legged robot’s arm can grab and pick up things (like laundry), open round door knobs, turn valves, hold on to ropes, drag concrete blocks, flip electrical switches and even dig holes. But Spot’s chief engineer warns: “Spot is not a cobot. You shouldn’t hug it.

Not worried yet? For the true math nerds among us: Machines are creating math that we've never seen before, Vice writes.

How could any of this ever go wrong? Once again, we suggest you take a few hours’ off to read Gregg Hurwitz’s novel Prodigal Son, which beneath its thriller exterior is a thoughtful exploration about what it means to separate moral responsibility from the use of violence.

Hoping for a more utopian future? The battery is ready to power the world, the Wall Street Journal writes, claiming that the rechargeable lithium-ion battery is poised to “disrupt” industries — and transform the way the world uses power.

Why should we pay attention? “The battery boom could erode demand for crude oil and byproducts such as gasoline—as well as for natural gas, which is primarily used in power plants.” Readers will recall we have rather a lot of that natural gas stuff kicking about — and abundant sunshine powering the world’s largest solar parks down in Benban. Want to know what the future looks like? This is the story you never knew you needed.


Happy Valentine’s Day everyone. Whether you’re celebrating with an SO, a friend, a family member, or your pet, we hope it’s a day full of love.

Haven’t made plans yet? We’ve got you:

Looking for something a little less… bouji? The Cairo Opera is holding Valentine’s Day concert today at 8pm CLT while Flow Cycle Egypt is holding a yoga session entitled “Heart Opening Workshop” tomorrow at 7pm CLT.

Single, but ready to mingle? Urban Crossings is holding a “speed meeting and slow dining” night for singles today at 7pm CLT. The gathering will be in a cozy “private setting” that will only be disclosed to folks who register. You can sign up here.

More love in the air: The New York Times thinks Dahab is a great place to fall in love, featuring in its Pandemic Love series the story of a couple who met in a taxi cab in the Red Sea destination. They married in December after a romantic proposal in — you guessed it — Dahab.

Egypt’s three favourite love songs, according to a statement out by Spotify this afternoon on the tunes most popular among Egyptians creating their own V-Day playlists:

^^ Although anything by Hassan Shakoush being called a “love song” calls into question the accuracy of, well, everything?


If you haven’t already, it’s a great time to get caught up on season one of the AppleTV+ drama For All Mankind, which is back for season two on Friday, 19 February, with new episodes following every Friday. Season two takes the space race to the next level with armed soldiers on the moon, nuclear weapons, and Ronald Reagan in the White House. Catch the trailer (watch, runtime: 2:42) — it looks awesome.

Are you an Apple nerd and a space nerd at the same time? Go download the For All Mankind app: Time Capsul‪e, which bills itself as “a story between seasons one and two” — but which is really just a cool use of AR through which you can use iPhone 12 Pro, 12 Pro Max or iPad Pro with a Lidar scanner to explore artifacts from the series’ world. Get a preview here (watch, runtime: 0:40), read more about it here or download the app here.

The first season of the French Netflix Original series Lupin is worth a watch, with the second season to be out soon. Inspired by gentleman thief and master of disguise Arsène Lupin, the series follows Assane Diop (played by Omar Sy) as he sets out to avenge his father. Maybe this will sell you on the show: a Sherlock Holmes crossover is being considered, Lupin’s creator confirmed last week.

The leagues are all going strong today: In the English Premier League, Southampton and Wolves are finishing up their match as we dispatch this issue, but you can hurry to catch the fixture between West Brom and Manchester United at 4pm CLT. Meanwhile, Arsenal faces off against Leeds at 6:30pm CLT and Everton takes on Fulham at 9pm CLT.

La Liga’s Getafe and Real Sociedad are currently on the field, with their match having started at 3pm CLT. Real Madrid will play Valencia at 5:15pm CLT while Levante and Osasuna take to the field at 7:30pm CLT. Villarreal will face off against Real Betis at 10pm CLT.

Roma and Udinese kicked off the first of five Serie A matches earlier today. Sampdoria will be playing against Fiorentina and Cagliari plays Atalanta, both at 4pm CLT. Later on in the day, we’ve got Crotone facing off against Sassuolo at 7pm CLT and Inter Milan meeting Lazio at 9:45pm CLT.


SAHEL TO CAIRO #2- A growing number of Sahel foot startups are making it big in Cairo. The now-iconic BRGR (The Burger Truck) kicked off the trend after developing a cult following when it first launched in Sahel in 2015. It now has 4 permanent Cairo locations, including Zayed (SODIC West), Six of October (Mall of Arabia Extension), Cairo-Alex Desert Road (New Giza), and New Cairo (The Waterway 2). Feeling indulgent? Try their double cheeseburger J-Bomb with cheese fries. It’s reminiscent of Shake Shack and arguably the best burger in Cairo.


Microsoft founder and philanthropist Bill Gates is out with a new book on climate change. How to Avoid a Climate Disaster: The solutions we have and the breakthroughs we need sets out a plan for how the world can get to zero greenhouse gas emissions in time to avoid a climate catastrophe. The Guardian and The Times are both out with reviews, and we’re sure more will be quick to follow.

Oddly enough, microchipping us all doesn’t appear to be on his list of solutions…

Wondering what Gates reads in his spare time? The New York Times asked him for his 2021 book recommendations.

An Arab, Muslim woman versus Trump’s USA: Love is an Ex-Country is the latest from Randa Jarrar, a Muslim American born of Egyptian and Palestinian parents. The novel is written as a memoir as the performer recalls events that happened on tour. Jarrar’s 2008 book A Map of Home won her the Hopwood Award and an Arab-American Book Award.

???? TOMORROW’S WEATHER- Look for sunny skies and a high of 22°C before the weather turns cold on Tuesday. The nadir will be a daytime high of 12°C on Wednesday with the possibility of a sprinkle. The mercury will stay in the teens through Saturday. The long-range forecast shows next week also looking cold — think of it as winter’s last gasp after an unseasonably warm season.


Egypt skated past covid-19, but now needs to double down on “deep” reforms –IIF

Egypt weathered the worst of the pandemic as the only MENA country to see economic output contract last year, but authorities need to push on with “deep” structural reforms to keep the momentum going in the long run, the Institute of International Finance said in a report cited by Gulf News. The economy managed to avoid a textbook recession, which is defined as two consecutive quarters of below zero growth, thanks to “timely and effective public health response, deployment of a comprehensive set of fiscal and monetary measures, and adequate funding from the International Monetary Fund,” the IIF’s MENA chief economist, Garbis Iradian, said.

Sound smart: Should I trust the IIF? They have a good track record of commentary on macro issues, but keep in mind that they are a lobby group for the global finance industry with nearly 450 members across 70 countries. Members include central banks, brokerages, banks, stock exchanges and asset managers

Are any Egyptian institutions members? Yep. Look no further than the Central Bank of Egypt, CIB, NBE, AAIB, Banque Misr, Arab International Bank, Housing and Development Bank and QNB AlAhli. Cairo-headquartered Afreximbank is also a member.

IIF expects Egypt’s economy to grow 2.3% in the state’s current FY2020-2021 after having recorded 3.6% in the previous fiscal year. Those figures are more or less in line with most other forecasts — including by economists, the government (pessimistic range), and the IMF. Growth could bounce back to pre-pandemic levels in FY2021-2022, EFG Hermes said in a recent report.

Where we got brownie points: The USD 2.8 bn rapid financing instrument and USD 5.2 bn stand-by facility the government agreed with the IMF earlier during the pandemic, as well as a raft of medical, fiscal, and monetary measures that were introduced early on and in quick succession from March. The IIF is also “encouraged by the progress made in digital transformation, which could also improve competitiveness and raise the productivity of labor and capital. The pandemic has accelerated demand for e-commerce,” Iradian said.

Some structural challenges remain untackled: State and military involvement in the economy, regulatory hitches, a lack of competition, and weak governance and institutions could all use some work, says IIF.

What’s the best way forward? Empower the private sector, including by reforming public procurement and getting more done through the private sector.

There are risks Egypt needs to be mindful of: The growth outlook is still exceptionally uncertain as it depends heavily on how the pandemic plays out and how successful the vaccine rollout is both in Egypt and elsewhere, the IIF warns. It’s still unclear if the new covid variants will lead to a strong resurgence in cases worldwide, it added.


The guys who brought you Speed Medical are now getting into the finance industry

Aton Holding has acquired Pharos Asset Management and its Pharos Fund I private equity back in mid-January for an undisclosed amount, Mostafa Attia, managing director of Pharos Asset Management and a founder at Aton, tells Enterprise. The transaction marks the first for Aton, which plans to raise Pharos Fund I's assets under management (AUM) to EGP 500 mn in one year before hitting EGP 2 bn in 2022. He added that Aton has already added over EGP 100 mn to the asset management firm's portfolio following the acquisition.

Aton appears to have acquired the last business unit that remained in possession of Pharos Holdings following the sale of Pharos Investment Banking and Pharos Securities to National Bank of Egypt-owned Al Ahly Capital back in late 2019, Attia tells us.

In the pipeline for Aton: In the next five years, the company aims to be an integrated investment bank that covers a variety of traditional investment banking services such as asset management, and taking companies public — particularly on the Nilex.

On the private equity side, the company is also eyeing establishing two private equity funds with a target AUM of EGP 1 bn by 2022. It also wants to raise its stakes in companies operating in the tourism, tech services, and healthcare fields. It also wants to establish a new EGP 20 mn luxury goods import business.

The firm is also seeking an expansion into non-banking financial services, with plans to have a microfinance, and financial leasing arms.

Who is Aton? The management of the firm, which was set up four months ago, includes Attia, Prime Speed for Medical Services Chairman Tamer Wagih as well as Hisham Ghoneim, a shareholder of Speed Medical, yet the final hierarchy has yet to be established, Attia tells us.

ALSO, IN THE WORLD OF M&As- Sawiris-backed Endeavour Mining has completed the acquisition of Teranga Gold last week, creating one of West Africa’s largest 10 gold producers with an annual output of 1.5 mn ounces, according to a company statement. The acquisition was completed through a USD 1.86 bn share swap agreement, Endeavor had said back in November.


Ebtikar pushing forward with IPO of e-payment units

Ebtikar is on the road to IPO as spin-out begins: Ebtikar has transferred the shares of Tamweel Holding to a new parent company as part of a plan to spinoff activities not related to e-payments ahead of an upcoming IPO, Ebtikar owners B Investments and MM Group said in filings to the EGX (here and here — pdf). Ebtikar, a financial services firm that runs e-payments platforms Bee and Masary, also received regulatory approval to transfer another arm, microfinance provider Vitas Egypt, to Basata, the holding company it recently set up to separate its non-banking financial services businesses from e-payments.

When will Ebtikar IPO? Look for a transaction some time in 2H2021, B Investments IR Director Omar El Labban told us earlier this month. The split comes as Ebtikar is looking to capitalize on growing investor appetite for digital payments companies.

FACT CHECK- Be wary of news that the IPO of Taaleem Management Services could be worth EGP 4.5-5 bn — a story that was first reported in Al Mal. A valuation for the transaction has yet to be set, sources close to the transaction tell us. The education outfit, which owns and operates Nahda University, is expected to be the first company to list on the EGX when it goes to market some time in 1Q2021.

Corrected on 14 February 2021
A previous version of this story incorrectly stated that Ebtikar is planning to debut on the EGX in the first half of 2021. The company plans to make the move in 2H2022.


Information Minister Osama Heikal censured by House committee

Minister of State for Information Osama Heikal has been censured by the House Media, Culture and Antiquities committee, which alleges the minister has delivered insufficient results after spending state funds and claims he has a conflict of interest arising from his role as chairman of Egyptian Media Production City, reports Youm7.

Why are MPs unhappy? The committee alleges Heikal’s ministry spent EGP 12 mn over the past six months without making progress on major targets such as outlining a plan to modernize the TV Building in Maspero. The committee’s report on Heikal also attacked what it perceives as a lack of coordination between the state’s various media regulatory bodies.The committee report also denounced Heikal’s past comments on the state’s media organizations, which the report says “were exploited by foreign media.”

What’s next? A House plenary session to discuss the report has been to an unannounced future date at Heikal’s request, Youm7 adds.

MEANWHILE- The House of Representatives approved in principle a number of amendments to the Senate’s bylaws, reports Al Masry Al Youm. The bylaws require two-thirds of senators to be present for a plenary session to have quorum and will see the Senate hold “special sessions” at the request of the president or the prime minister to vote on issues of national interest. The changes would also eliminate the power of the prime minister to convene the Senate for a plenary meeting. The amended bylaws also include articles that exempt senators’ compensation from taxes as well as requiring senators to request approval from the speaker before traveling abroad, writes Ahram Online.

The House will reconvene tomorrow to discuss the remainder of the Senate’s bylaws, reports Ahram Gate.


What’s a good target price for CI Capital? Plus: Egypt is still overweight in EFG Hermes’ MENA Top 20

The EGX30 fell 0.3% at today’s close on turnover of EGP 1.53 bn (6.3% above the 90-day average). Local investors were net buyers. The index is up 6.1% YTD.

In the green: MM Group (+7.4%), Fawry (+2.5%) and CI Capital (+1.1%).

In the red: Eastern Company (-2.8%), GB Auto (-2.8%) and Heliopolis Housing (-2.8%).

FROM THE ANALYST’S DESK- CI Capital looks set to grow — the question is whether you’ll be able to buy into the story for love or money. HC Research sees the investment bank turned NBFS house posting a consolidated net profit CAGR of about 20% through 2025 “on NBFS growth and improved stock market activity from last year’s troughs,” supported by monetary easing. HC is leaving in place its “overweight” rating, with analyst Monette Doss writing in a client note out today that the firm is bumping its 12-month target price for CI by 19% to EGP 5.47 per share. CI shares closed up 1.1% today at EGP 4.59.

Why the question? Readers will recall that Banque Misr is mounting a mandatory tender offer to raise its stake in CI Capital to a commanding 90% — or just shy of the minimum it needs to maintain an active listing on the EGX. HC thinks the tie-up with Banque Misr, which already owns nearly 25% of CI, would be good for the investment bank, citing “significant synergies between the two entities, including providing [lower cost] funding to CI Capital’s NBFS operations and benefiting investment banking operation.” Banque Misr said it will settle for a minimum of 51% of CI, but it’s an open question how liquid CI’s shares would be if the state-owned giant leaves just 10% in private hands.

CI Capital has appointed Baker-Tilly WAG to do a fair value report ahead of the MTO, the investment bank said in a regulatory filing today (pdf).

MEANWHILE- EFG Hermes is overweight Egypt in the latest incarnation of its MENA Top 20, out to clients this afternoon from Simon Kitchen. EFG Hermes sees “a reduction in high real rates as a potential catalyst for outperformance.” Egyptian constituents are unchanged: CIB, industrial play EK Holding, real estate outfit Talaat Moustafa and education group CIRA.

EFG’s MENA Top 20 has outperformed, returning 8.6% on a freefloat basis since its last update on 16 December compared to the MENA benchmark’s 3.8%. The firm’s highest-conviction overweight is the UAE, where “valuations are more attractive than peer markets” and EFG expects strong earnings growth through 2022.

IN OTHER MARKET NEWS- First Abu Dhabi Bank (FAB) has obtained a custody license in Egypt from the Financial Regulatory Authority (FRA), which would allow it to settle transactions and trades with Misr for Central Clearing, Depository and Registry, according to a statement from UAE news agency WAM. The license follows FAB’s announcement of its intention to acquire Bank Audi’s Egyptian operations.


Neverending WFH leads to loneliness and less productivity among employees

WFH Loneliness — the epidemic within the pandemic: Some 61% of US workers reported feeling lonely during work from home, while only 37% of full-time workers said they exhibit “high levels of resilience,” meaning they can adapt and recover from challenging circumstances, according to a poll carried out by medical insurer Cigna carried by Forbes. While no similar data exists for Egypt, it’s been a frequent topic of conversation in group Whatsapps of late.

Of the employees who reported a feeling of loneliness, more than one in 10 admitted that the quality of their work was suffering and they were also five times more likely to miss work due to stress. But the impact is also not the same across age groups: Younger Gen Z respondents seem to be the most affected and were more than twice as likely as Baby Boomers to say they feel abandoned by their coworkers when under pressure at work.

Now, add a drop in WFH productivity to the mix: When the world shifted suddenly to WFH, workplaces saw what is now known as panic productivity: The initial adrenaline boost that spurred employees to pick up the pace in hopes of staying visible and relevant, out of fear of losing their job. This explains a jump in productivity levels reported in some businesses and a host of think pieces about the benefits of WFH. Many workers are now apparently hitting a wall as panic productivity dissipates with time, giving way to burnout. “Increased productivity” has come at the cost of more time spent on work, with many producing results during times when they might have been commuting or out of the office.

As a business, what can you do to contain all of this? There’s general consensus that companies should encourage their employees to strike a healthy work-life balance, which has been proven to have positive long-term outcomes on the quality of work. But realistically, what does that mean? Having a culture of open dialogue is important to boost employee’s resilience and that definitely includes a productive way to let employees air out their frustrations. Managers also have a big role to play to enhance teamwork and assign tasks based on who does what best.

If you’re about to dip your toes in a new WFH position, here’s what you should look for: Picture this. You’re in a remote interview, looking presentable from the waist up, but you have no idea how to ask what the company’s WFH culture looks like. It’s not something we had to inquire about in the past. Builtin suggests you ask about how the remote onboarding would look like, how and on what platforms the company communicates, if they have a head of remote or someone else who is in charge of making WFH flow, and finally, how flexible the work hours are.

Just remember to GROW: Cigna developed the G.R.O.W. framework, which includes four strategies for responding to any tough situation with resilience: Ground yourself in the situation; Recognize what you can control; Organize the resources you need; and Work with your community for support. It’s important to stay in the present and avoid stressing about what’s to come, especially with unpredictability being the key theme of the past year — and the road ahead.


You probably don’t want _too much_ freedom to WFH

And speaking of working from home — do you dream of Utopia where the coronavirus is a thing of the past, but you still have lots of flexibility to WFH when you want or need to? Or of saving on office rent because you allow (or force) staff to work from home a day or two a week?

God knows there’s an upside: “Workers think being able to work from home two or three days a week is as valuable as a pay rise of about 8%,” Pilita Clark writes in her latest column for the Financial Times.

But there’s also a catch: “Mixed mode is a complete horror” — a toxic stew of communications problems, missed opportunties and discrimination against remote workers.

The antidote: Strict rules on when you can and can’t work from the office. Read more in The ticking time bomb inside the new world of work.


February: France’s finance minister, Bruno Le Maire, is set to visit Egypt.

6-27 February (Saturday-Saturday): Mid-year school break (public schools — enjoy the break from bumper-to-bumper traffic).

7-28 February (Sunday-Sunday): The Finance Ministry will receive applications from companies wishing to take part in the second phase of its program for the immediate payout of export subsidy arrears to exporters, minus a 15% fee.

12-15 February (Friday-Monday): Students will be able to apply for placement at private universities on the Higher Education Ministry’s electronic university admissions site

17 February (Wednesday): MENA x CEO MENA Entrepreneurship & VC Panel: Investor Perspectives from New York to North Africa will be hosted by the Columbia Entrepreneurs Organization.

20 February (Saturday): Final results of applications for private university places will be announced on the Higher Education Ministry’s electronic university admissions site

22-24 February (Monday-Wednesday): Second Arab Land Conference on land management, efficient land use, among other topics.

22 February- 5 March (Monday-Friday) Egypt will host the World Shooting Championship in 6 October’s Shooting Club, with 31 countries set to participate

26 February (Thursday): The Afro Future Summit will take place virtually.

28 February (Sunday) Deadline for businesses, sole traders, and those generating income from sources other than their day job to file wage tax returns through the electronic filing system.

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

1 March: Eastern Mediterranean Gas Forum comes into effect.

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

4-6 March (Thursday-Saturday): Cairo Fashion & Tex trade show, Cairo International Convention Centre, Cairo, Egypt

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

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

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

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

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

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

25 April (Sunday): Sinai Liberation Day.

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

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

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

2 May (Sunday): Easter Sunday.

3 May (Monday): Sham El Nessim.

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

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

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

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

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

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

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

30 June (Wednesday): 30 June Revolution Day.

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

30 June- 15 July: National Book Fair.

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

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

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

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

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

9 August (Monday): Islamic New Year.

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

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

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

1 October (Friday): Expo 2020 Dubai opens.

6 October (Wednesday): Armed Forces Day.

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

18 October (Monday): Prophet’s Birthday.

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

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

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

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

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

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

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

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