Monday, 26 July 2021

EnterprisePM — Egypt wins first two medals at 2020 Tokyo Olympics



Good afternoon, wonderful people, and welcome to a busy news day. We have plenty of business news for you, but first:

THE BIG STORY OF THE DAY has to be Egypt’s first medals at the 2020 Tokyo Olympics. Hedeya Malak took home a bronze in taekwondo, downing American Paige McPherson. Malak’s teammate Seif Eissa quickly followed, also taking home a bronze medal. The handball team, meanwhile, is still in contention despite losing today to world champion Denmark. We have all the details in today’s Olympic update, below.

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

  • Egypt beats 2020-21 budget deficit, primary surplus targets: Egypt recorded a primary surplus of 1.4% of GDP, or around EGP 93.1 bn, during FY2020-2021, exceeding the 0.9% targeted by the government and the 1% forecast by the IMF.
  • IMF expects FDI to grow in Egypt over coming four years: Egypt could see FDI jump as much as 60% this fiscal year compared to last year, the International Monetary Fund believes, pointing also to a resurgence in tourism.
  • Sawiris family invests in proptech startup: Egyptian proptech startup Nawy will use the seven-figure seed funding to improve its technology, diversify its services, and expand the team.

THE BIG STORY ABROAD- No single story is driving the news cycle in the western business press. The Financial Times is leading with a massive Chinese crackdown on foreign investment in education (we have more in Speed Round, below), while CNBC notes that US IPOs are on track for a record year “as companies cash in on sky-high stock prices.” The question, it adds, is how long that can last.

GETTING LOTS OF ATTENTION: Crypto, after BTC jumped as much as 20% to a six-week high. The story is getting play in the Wall Street Journal (where it leads the homepage this afternoon) and CNBC.

SIGN OF THE TIMES- The world’s largest (listed) hedgie says cryptocurrencies have “no inherent worth.” They’re great fun to trade, says Man Group boss Luke Ellis, but “If you look at cryptocurrencies as a whole, it is a pure trading instrument. There is no inherent worth in it whatsoever. It is a tulip bulb.” The Financial Times’ interview this afternoon with Ellis is a must-read for finance and crypto nerds alike.

ON THE WIRES: “Tunisian democracy is in crisis after president ousts government” leads on Reuters, which has dumped coverage of the Olympics from the #1 spot to cover the upheaval in Tunisia. The Associated Press, meanwhile, says police tried to prevent clashes between protesters supporting President Kais Saeid, on the one hand, and lawmakers from the Islamist Ennahdha party. Troops are reported to have “surrounded Tunisia’s parliament and blocked its speaker from entering.” The story is also getting big play in the Financial Times.

Speaking of Tunisia: What’s the view from Cairo? As you might expect, Islamist lawmakers are … unpopular, to say the least, in these parts. That has the domestic press giving plenty of attention to pro-Saeid demonstrators, who took to the streets overnight to cheer his locking out the Islamists. Youm7 notes that Tunisians are “rejoicing,” saying citizens have “stormed” Ennahdha’s party HQ and adding that the military has surrounded key installations. The development, the newspaper writes, is “politically welcome.” On the airwaves here, talkshow screamer Amr Adib (who we have yet to forgive for siding against us on this whole “highway through Maadi” thing) is cheering, saying that what’s happening in Tunisia is on par with the run-up to the 30 June Revolution here in Egypt.

YOUR STATUTORILY REQUIRED COVID STORY- Even those of us who are fully vaccinated may need to wear masks a while longer, some scientists are warning, citing the aggressive “delta” variant of the virus that causes covid-19 as “the biggest risk to the world at the moment,” Reuters writes. The issue: Delta doesn’t make you sicker, but it spreads faster from person-to-person — driving hospitalization among the unvaccinated. There’s also a suggestion that it can infect fully vaccinated people easier than other variants.


The Clean Energy Business Council will host a webinar focused on female entrepreneurs in the MENA renewable energy scene at 3 pm on Wednesday, 28 July.

Egypt will host the Africa Food Manufacturing exhibition at the Egypt International Exhibition Center on 2-4 August.

The Central Bank of Egypt will meet to review interest rates on Thursday, 5 August.


Modelling might have underestimated the impact of climate change on extreme weather: Speaking to Reuters ahead of the release of the next Intergovernmental Panel on Climate Change (IPCC) report on 9 August, climate scientists say that they have likely underestimated, “the potential for the dramatic rise in persistent weather extremes.” The report will update projections of climate change impacts by looking at new science on greenhouse gas emissions. The goal is to help governments craft more appropriate policies.

You may soon to be able to play game versions of your favourite Netflix shows: The streaming giant is planning to entice subscribers with the rollout of games as early as next year, with plans to add ad-free games onto the platform at no extra charge to counter the slowdown in subscriptions as competition reaches a peak, according to CNET. The company will take a Disney-style approach, creating franchises from existing fandoms of shows and movies on its platform to allow “fans to go deeper,” into their favourite fictional worlds, Greg Peters, Netflix’s chief product officer, told the Financial Times. Analysts are divided on how effective the move will be, with critics pointing to the company’s existing debt, as well as the lack of shows that could be effectively gamified — save for maybe Stranger Things or Black Mirror (we’d play those in a heartbeat). Netflix has said it plans to focus on mobile gaming, rather than the more competitive sector of console games.


Hedeya Malak became the first Egyptian to step on the winners’ podium, taking home a bronze today after four intense taekwondo matches in the women’s 67kg class. She first beat France’s Magda Wiet-Hénin (11-10) before losing 12-13 to Britain’s Lauren Williams. Malak blasted past Tonga’s Malia Paseka 19-0 in a repechage match that sent her through to the bronze medal match against the United States’ Paige McPherson, who she beat 17-6.

Seif Eissa was quick to follow, taking bronze in the men's taekwondo 80kg weight class. Eissa won three of his four matches today. He beat Australia’s Jack Marton (11-1) and then Italy’s Simone Alessio (6-5) in the quarter finals, before losing to Russian Maksim Khramtsov 1-13. His final match was against Norway’s Richard Ordemann, who he downed 12-4.

Egypt’s handball team lost 27-32 to world champion Denmark, but is still in the running to qualify for the next round. Egypt has two points, while Denmark has four and Sweden two as of dispatch. Our next match is on Wednesday at 7:15am CLT against Japan.

Omar Assar won round two of the table tennis men’s singles, beating Ukraine’s Kou Lei 4-3. His next match is tomorrow.

Fencer Mohamed Hamza lost in the men's individual foil quarter final to Czech Republic’s Alexander Choupenitch.

Fencer Alaaeldin Abouelkassem also lost in the men’s individual foil quarter final to Japan’s Takahiro Shikine.

Nada Hafez lost the fencing women's individual sabre to South Korea’s Kim Je-yeon.

Doha Hany and Adham Hatem Elgamal lost in the badminton mixed doubles against the Netherlands’ Selena Piek and Robin Tabeling.

Azmy Mehelba came out #19 in the men’s skeet qualification round at the shooting competition.

Aly Badawy ranked #34 and #33 in two opening series sailing laser races today.

WORLD STANDINGS- Japan is now on top, having taken home eight gold medals, followed by the US with seven, and China with six, as of dispatch. Egypt is now ranked at #42 after the two bronze medals won today.

WHAT TO WATCH tonight and tomorrow-

  • 11:30pm: Basmla ElSalamoney will compete in the women’s triathlon final at
  • 2:00am: Samy Abdel Razek and Radwa Abdel Latif are competing in a qualification round for the mixed shooting 10m air pistol.
  • 3:00am: Table tennis player Dina Meshref will play against Britt Eerland from the Netherlands in round three of the women’s singles.
  • 4:06am: Judoka Mohamed Abdelaal is up against Attila Ungvari in a men’s 81kg elimination round.
  • 4:20am: Doha Hany is competing against Turkey’s Neslihan Yiğit in a group A badminton game.
  • 5:00am: Youssof Tolba is playing a men’s individual archery contest against Kazakhastan’s Denis Gankin.
  • 6:15am: Osama Elsaeid and Alzahraa Shaban are competing in a qualification round for the mixed shooting 10m air rifle.
  • 8:30am: Omar Assar is going up against Sweden’s Mattias Flack in round three of the table tennis men’s singles.
  • 11:40am: Hadia Hosny and Doha Hany are competing in a women’s doubles badminton match for Group B against Canadians Rachel Honderich and Kristen Tsia.
  • 12:11pm: Swimmer Ali Khalafalla is competing tomorrow in the men's 100m freestyle heats.


Startup Haus Cairo is hosting Under The Microscope, an event that brings together biology experts for talks, advice, and networking with biology enthusiasts. You can catch the event on Thursday at 9am.

City tour guide Qahrawya is taking people across modern Cairo, specifically Garden city and Mounira, on Saturday at 1:30pm.

☀️ TOMORROW’S WEATHER- Cairo is in the 40°C zone and is staying there for a while, with the mercury expected to rise to 43°C later this week. Nighttime lows will reach 24°C tomorrow, but will go all the way up to 29°C next workweek, our favorite weather app adds.

Meanwhile, Sahel is also heating up, recording temperatures of 31°C today, and 35°C by the end of the week.


Online trader Thndr to add funds, eyes margin trading

Zero-commission trading app Thndr is looking to add new investment funds to its platform before the end of the year after having recently obtained a license to allow investors to subscribe to funds through its platform, co-founder Ahmad Hammouda told us. The app is looking to roll out a number of “thematic funds” before the year is out, Hammouda said. A fund that invests in sharia-compliant equities could also be added at a later stage amid increasing interest in compliant instruments, he added.

Thndr is also angling for a license to allow its clients to trade on margin, as well as a license to act as a financial custodian, Hammouda said.

Azimut could help Thndr find a sharia-compliant fund: Azimut Asset Management, which has a partnership to make its funds available on Thndr, has a long-term plan to set up Egypt’s first equity fund for companies that comply with Islamic law, Azimut Managing Director Ahmed Abou El Saad told us. This would, however, depend on whether Egypt sees more sharia-compliant financial instruments taken to market in the coming period, he added.

What do you mean by “adding” funds on Thndr? The license Thndr recently obtained made it possible for investors using its app to snap up investment fund certificates during subscription rounds — and to subsequently buy and sell listed certificates digitally. The brokerage has already made certificates in equity fund ​AZ-Opp and money-market fund AZ-Savings, both of which are run by Azimut, available through the platform.

The “goal is to build an investment supermarket,” Hammouda said. Thndr will continue to be on the lookout for partnerships with hand-picked asset managers to make certificates in funds run by those asset managers available through the trading app, he noted. Thndr recently brought on board former EFG Hermes vice-president for global markets support Hatem Mohab to lead this area.

Growth outside of Egypt? The platform is currently focussed on expanding in Egypt and has no plans to tap foreign markets soon, he noted.

BACKGROUND: Thndr landed last year Egypt’s first new brokerage license since 2008. The company’s investors include Y-Combinator, 4DX Ventures, Endure Capital, the Raba Partnership, and MSA Capital.


Could a Chinese crackdown on investment in education be good for Egypt?

Could a crackdown on foreign investment in China’s booming education market drive investors to education companies in Egypt? A “sweeping overhaul” of China’s USD 100 bn private education industry will “eliminate foreign investors from much of the sector and threatens to wipe out bns of USD of investment from groups such as BlackRock, Baillie Gifford, Tencent, Sequoia and SoftBank’s Vision Fund,” the Financial Times writes.

The new Chinese regulations are … sweeping, to say the least: They will “ban companies that teach school curriculum subjects from making profits, raising capital or listing on stock exchanges worldwide, and will prevent them from accepting foreign investment.”

Egypt — like several Canadian provinces (here, here and here) — has been twitchy about foreign involvement in its K-12 education system. Longtime readers will remember the government here imposing back in late 2019 a 20% cap on foreign ownership of both private and international schools. The move came despite the state working overtime to lure foreign universities to open branch, satellite and partner campuses here.

But the doors here are now open: Egyptian universities are rolling out the red carpet for foreign investors (folks wanting to open a new university here in most fields now need a foreign partner). What’s more, K-12 schools (private and international alike) have been able since early 2020 to formally apply for exemptions to the ownership cap.

Egypt has two listed education outfits: CIRA, the kindergarten through university giant, and newly listed Taaleem, which focuses on post-secondary education. Others, including GEMS (which has partnerships with EFG Hermes and the Sovereign Fund of Egypt) and Choueifat, are privately held but have large foreign shareholders.

Looking for more on where to invest in education here in Egypt? Look no further than Blackboard, our weekly deep dive into the business of education. This morning’s story: How the private sector can get a piece of the government’s new push to roll out technical colleges.


Bye bye Souq, hello

Amazon will be launching later this year, ultimately replacing Souq as its Egypt selling platform, the company announced in a press release (pdf). The move will give “local businesses the opportunity to reach more customers across the country,” according to the statement. The e-commerce giant had operated in Egypt through Souq since it acquired the Dubai-based online retailer in 2017. The statement did not specify a date for the launch of the new platform.

Vendors on Souq can now register on the Amazon Seller Central to begin selling on as soon as the site goes live. Sellers will also have access to Fulfillment by Amazon (FBA), enabling Amazon’s logistics centers to store and ship their products. “Amazon already has a wide fulfillment network across Egypt and, with FBA, sellers are now able to store their products in Amazon's fulfillment centers for faster customer shipping at the time of the launch of,” said Amazon / Souq country manager Omar ElSahy.

Amazon had previously announced expansion plans for Egypt: The platform had last year hinted at exploring whether Egypt could be a hub for the manufacture of its own-brand products and for exports to the wider region, and said it would also work on attracting more local manufacturers to Amazon’s marketplace.

We sat down with Amazon’s ElSahy last year for our Morning Routine series, which you can read here.

BACKGROUND- The value of the region’s e-commerce sector surged 52% to reach USD 22 bn by the end of 2020 — 80% of which came from Egypt, Saudi Arabia and the UAE, according to an MIT report. Amazon’s Souq and online marketplace Noon dominated the sector, accounting for more than 50% of the market share in MENA. And the sector is set to grow locally, with 40% of Egyptians surveyed saying they expect to shop online more frequently this year.


Sawiris’ La Mancha transforms into mining fund

Sawiris-run La Mancha is transforming itself into a USD 1.4 bn mining fund that includes all of La Mancha’s current gold mining assets as well as a USD 100 mn contribution from an unnamed strategic investor, the firm said in a press release (pdf). The announcement came as La Mancha announced a USD 1.4 bn first close, with Chairman Naguib Sawiris saying “transitioning to a fund structure and welcoming new investors is timely when we are seeing [potential targets] in a gold mining sector which is fragmented and needs further consolidation.”

What assets has La Mancha contributed? Stakes in Endeavour Mining, Golden Star and Altus Strategies, all listed mining players.

What’s the investment strategy going forward? La Mancha may look at stakes in smaller mining outfits with “strong managerial and geological potential to implement a 3-to-5-year value creation strategy.” Gold and other precious metals remain at the core of the company’s strategy, but it will “also also have the flexibility to invest in EV battery metals.”

Local tie-in, beyond Naguib’s name: Sawiris-backed Altus Strategies subsidiary Akh Gold landed four gold exploration licenses for nine blocks in the Eastern Desert earlier this year in a gold tender by the Mineral Resources Authority, following amendments to the Mineral Resources Act that Sawiris said were “more favorable and more realistic and would attract foreign investments to the sector.” La Mancha acquired a 35% stake in Altus in February 2020.


Saudi’s Aldrees Petroleum looks to grow in Egypt

Saudi Arabia’s Aldrees Petroleum and Transport Services is planning to expand into Egypt by opening 60 fuel stations in the country during 2H2021, according to Arab News. Aldrees has reportedly submitted a request to acquire existing service stations in Egypt, but is awaiting a response. The Saudi company has previously expressed interest in Wataniya Petroleum, but it is unclear whether the expansion plans rest on the success of that proposed acquisition.

United Oil & Gas is attributing its “exceptional” operational and financial success in 1H2021 to its drilling operations in Egypt, as their local assets “continue to perform beyond expectations,” said CEO Brian Larkin, according to a press release. Revenue for the first half of the year is expected to come in at USD 10.3-10.5 mn, the company said, ahead of the release of its 1H2021 results in September. The success in Egypt is pushing the UK oil firm to drill a new exploration well under their Egyptian license in Abu Sennan, with United already working with unnamed JV partners to decide on its 2022 drilling strategy.


NBK Egypt mulls delisting from EGX

The National Bank of Kuwait (Egypt) is considering delisting from the EGX: The bank’s board of directors will meet on 10 August to discuss whether to call an extraordinary general assembly meeting to weigh in on the matter, according to an EGX statement (pdf). This is based on a request by shareholders owning more than 94% of the bank’s shares.

The EGX30 fell 0.5% at today’s close on turnover of EGP 1.73 bn (30.1% above the 90-day average). Regional investors were net buyers. The index is down 1.4% YTD.

In the green: GB Auto (+3.0%), Ezz Steel (+1.6%) and CI Capital (+1.6%).

In the red: Emaar Misr (-2.9%), Amoc (-2.2%) and Edita (-2.2%).


City life must change if we are to get to net zero by 2050

What net zero actually means for cities: Countries around the world are committing to net-zero targets, with some officiating it into legally binding agreements. For many, the plan is to gradually phase out carbon emissions, eventually eliminating them altogether by 2050. But on a micro scale, what does this mean for cities that have long been known for their toxic 21st century smog? How can a city that is dependent on fossil fuels and crammed with traffic and carbon-emitting vehicles, possibly become net zero? And how does this translate into an effective urban development plan that paves the way for the “cities of the future?”

Cities vs net zero: Cities cover 3% of the earth’s land surface, but create more than 70% of all carbon emissions. To keep global temperature increases to 1.5°C or below, cities must achieve net-zero carbon emissions, according to a report developed in collaboration with the World Economic Forum.

What is net zero and why is it important? Net zero emissions will be achieved when all greenhouse gas emissions (GHG) are counterbalanced with an equivalent amount of carbon removal techniques, such as planting trees. We can get to zero while actually still producing some emissions, as long as they are offset by other environmentally-friendly projects that help achieve climate neutrality. By 2050, Cairo will be home to an estimated 38 mn people, although the target is not to exceed 30 mn by that time, according to a report by UN habitat (pdf). A 2018 UK study identified Cairo as the most polluted city in the world. Current data is unclear on whether this has actually improved or not, though air pollution is reportedly costing Egypt bns every year.

What has Egypt committed to doing to get to net zero? Egypt ratified the Paris agreement in 2017, committing along with almost 200 other nations to limiting global warming to 1.5 degrees celsius and working toward achieving a climate neutral world by 2050.

How can we get there? Populated cities must take a holistic approach, defined as systemic efficiency, placing transport, energy infrastructure, and waste management at the forefront of their 2050 agendas. In order to move closer to a net zero emissions future, governments should prioritize areas including the following.

Support electric vehicle adoption (EV): Fossil-fuel vehicles are a large contributor to carbon emissions, and they should be reduced to as close to zero as possible. Egypt has been taking steps to that effect by providing incentives to importers of components for EV cars, and plans to produce locally assembled EVs. The government is also working on setting up charging points across the country to support the transition, and is launching EV testing this month.

Switch to less polluting fuels: The government has also been spearheading a national project to swap out petrol-powered cars for vehicles that run on compressed natural gas (CNG). CNG-powered vehicles reportedly produce 30-60% fewer nitrogen oxide emissions and 97% fewer carbon-monoxide emissions. The swap scheme has even been extended to Tuk Tuks to get the old, polluting vehicles off the road.

Public transportation: The natural first choice for transportation should become public transportation. Egypt has also been making progress in this respect, from producing locally assembled electric buses to breaking ground on its long-awaited electric monorail lines.

Or go totally vehicle-less: EVs still take up space and do not contribute to easing congestion, and any country that wants to take the net zero target seriously needs a strategy for reducing overall car use. Establishing bicycle lanes and promoting cycling should also be on the agenda.

Promote energy efficient buildings: Buildings need to be decarbonized through urban design. Rooftop solar panels can help curb carbon emissions, and could save households up to EGP 320k in their lifetimes. Green roofs can also be a great way to provide a cooling effect to cities and contribute to CO2 absorption.

The switch to renewable energy sources is key: Fossil fuels should have a very small role in 2050, and the IEA forecasts that coal will contribute just 4% of the global energy supply. Around 70-85% of the world’s energy should come from renewable sources by 2050, with the IEA estimating that solar power will increase 20 times and wind power 11 times. The good news is that much of the necessary technology is widely available and increasingly cost-competitive. Solar and wind now provide the cheapest power available for 67% of the world, according to the World Resources Institute.


Mid-July: Legislative session expected to end.

23 July-11 August (Friday-Wednesday): Tokyo 2020 Olympics.

28 July (Wednesday): Clean Energy Business Council’s webinar Women entrepreneurs in clean energy (3pm)

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.

9 August (Monday): Russian flights to Sharm El Sheikh, Hurghada resume.

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

3-5 September (Friday-Sunday): The World Karate Federation will hold the third competition of the 2021 Karate 1-Premier League in Cairo.

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

15 September (Wednesday): The CFO Leadership & Strategy Summit is taking place in Egypt.

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.

30 September: Closing of 2021’s first oil and gas tender in the Gulf of Suez, Western Desert, and the Mediterranean.

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

1 October (Friday): Expo 2020 Dubai opens.

1 October (Friday): State-owned companies and government service bodies selling goods and services to customers 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.

6 October (Wednesday): Armed Forces Day.

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

11-17 October (Monday-Sunday): IMF + World Bank Annual Meetings.

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.

24-28 October (Sunday-Thursday) Cairo Water Week, Cairo, Egypt.

27-28 October (Wednesday-Thursday) Intelligent Cities Exhibition & Conference, Royal Maxim Palace Kempinski, Cairo, Egypt.

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

30 October – 4 November (Saturday-Thursday): The first edition of Race The Legends, Egypt.

November: The French-Egyptian Business Forum is set to take place in the Suez Canal Economic Zone.

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

November: Egypt will host another round of talks to reach a potential Egyptian-Eurasian trade agreement, which can significantly contribute to increasing the volume of Egyptian exports to the Russia-led bloc that includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.

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

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

12-14 December (Sunday-Tuesday): Food Africa Cairo trade exhibition, Egypt International Exhibition Center, Cairo, Egypt.

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

December 14-19 (Tuesday-Sunday): The Cairo International Festival for Experimental Theater.

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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