Monday, 15 February 2021

Enterprise PM — The next phase of the Tax Authority’s e-invoicing system just kicked off



Good afternoon, nice people, and welcome to the tail end of the workday. We hope the end is in sight for you on this (relatively) quiet news day in which the biggest news if from the taxman:

THE BIG STORY AT HOME- The second phase of the Tax Authority’s new e-invoicing system went live this morning, with 347 companies added to the list of companies that must now log their invoices electronically to the Finance Ministry’s platform, the ministry said. The companies, all of whom are large taxpayers, will be joined by other players gradually through 30 June. The program launched last November. Any company that falls under the jurisdiction of the Tax Authority’s large taxpayer office will face sanctions if they don’t sign up for e-invoicing by 1 July 2021.

What is this e-invoicing system, you ask? We have a primer on the system, including its purpose, the timeline for implementation and a list of phase one companies here.

THE BIG STORY ABROAD? No single story is driving the global business news agenda with US and Canadian markets in the midst of national holidays. The FT is leading with news that Apple had approached Nissan to work together on its super-secretive self-driving car project, while the Wall Street Journal is worked up about risky corporate debt. On the wires, Reuters is following developments in Myanmar, while Bloomberg frets that the GCC could see an exodus of expats.

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

  • What next term looks like for the nation’s students — from K-12 through university, including international, private and public schools. (Read)
  • CTP Invest commits USD 600 mn to build business parks. (Read)
  • Daily covid cases inched up again and deaths surged after weekend respite. (Read)

YOUR STATUTORILY REQUIRED COVID UPDATE: Vitamin D looks like it is protective against covid-19 to some extent, but whether supplementation is a good idea? That’s still a very open question, says one expert, poking holes in an aggressively pushed study that claims taking the supplement can result in “an 80% reduction in need for ICU and a 60% reduction in deaths.”


PSA- A reminder you have until 31 March to get that RFID sticker installed on your windshield or run afoul of the Traffic Police. We’ve had plenty of deadline extensions on this one, folks — we’re not expecting another.


Can the World Trade Organization help us lead better lives when covid is in the rearview mirror? That’s what new WTO boss Ngozi Okonjo-Iweala thinks, according to the Financial Times in a Valentine’s Day love letter that opens with the words, “Taking on apparently insurmountable challenges is something of a habit for Ngozi Okonjo-Iweala.” The former World Bank VP and one-time finance minister of Nigeria “wants the trade body to focus on raising living standards in the wake of the pandemic.”

You know how the USSR had this great tradition of public art? And we … don’t? Well, the Tourism Ministry is setting out to “upgrade all decorative statues in public squares nationwide to elevate aesthetic standards in public spaces.” Is there hope still? Probably not unless you agree that Tahrir Square is now on par with some of the most attractive public squares in the world.

Hey, you know what would be great this evening? To have to worry about the prospects of a new epidemic (not a pandemic, an epidemic): Four people are dead after contracting the deadly Ebola virus in Guinea, AFP writes, prompting the country’s health minister to call the outbreak an “epidemic situation” after saying there are seven confirmed cases of infection. Meanwhile, two people have died in Democratic Republic of Congo in what could be another wave just three months after Congo weathered what US public radio outfit NPR is calling “the virus's second-worst outbreak in history.”

The Egyptian Connection- US foreign policy hawks don’t approve of Joe Biden’s choice to head up his administration’s negotiations with Iran. Robert Malley, son of an Egypt-born leftist, Jewish journalist, is simultaneously being accused of not being pro-Israeli enough and being too accommodating towards Tehran, according to the New York Times. The appointment of Malley, one of the architects of the Obama administration’s 2015 nuclear accord, has raised fears among Republicans that the Biden White House will reverse Trump’s hawkish posture towards the Islamic Republic and look for a new agreement.

As if we needed more reason to be worried about how remote learning is affecting our kids: Pediatricians are now warning of an uptick in weight gain among children, who are facing the twin threat of lower activity levels and increased snacking, the Wall Street Journal says. “They miss their friends. A lot of them aren’t doing as well academically. With depression also comes weight gain. They’re bored, and I think they’re comfort-eating,” one physician assistant says.

The phenomenon already existed before the pandemic — just during summer vacation. Studies previously showed that kids had a tendency to gain more weight during the break, when they didn’t necessarily get the same level of activity they would during the school year — and find the kitchen within easy reach. While the weight gain decelerated once classes were back in session, the kids were unlikely to shed the extra weight.

SOUND SMART- Clubhouse: The exclusive invitation-only social networking app taking the internet by storm: Clubhouse is a social networking app based on audio-chat where users can meet up to host, listen to, and in some cases, join conversations within the app's community. Clubhouse is invite only — you can’t just download it off the app store and create an account, instead you have to be invited to join by an existing member (who will only have two invites available). While the app launched in March 2020, Clubhouse gained popularity recently after Elon Musk held a conversation with Robinhood Markets CEO Vladimir Tenev on the platform. Clubhouse currently has 2 mn users and a valuation of USD 1 bn, with plans to introduce features such as tipping, tickets, and subscriptions to directly pay creators on the app. The Guardian and Business Insider have more.

KUDOS- Both the Egyptian National Rugby Team for men and for women have won the Arab Rugby Federation Sevens Tournament and are hoping to make it to the World Cup, according to Sports News Egypt and Extra News. This year’s tournament was held in Alexandria.


We’re a bit late to the show, but WandaVision on Disney+ looks promising. The Marvel Studio's series follows the comics characters Wanda Maximoff (aka Scarlet Witch) and Vision. You can check out the trailer here. We’d also like to remind you that OSN in Egypt gives you access to Disney+ shows under certain plans.

Chappelle’s Show has returned to Netflix after standup comedian Dave Chappelle gave permission for the show to be aired following a dispute over his Comedy Central contract, writes Pitchfork.

Your daily dose of football: West Ham and Sheffield United will be playing today at 8pm CLT in the Premier League while Chelsea and Newcastle will compete at 10pm CLT. Cádiz will face off against Athletic Club at 10pm CLT in tonight’s sole La Liga match. Serie A also has a single match today between Parma and Verona at 9:45pm CLT.


🍮 SAHEL TO CAIRO #3- The latest in our series on Sahel food startups that have gone on to make it big in Cairo is Keki, the Japanese Cheesecake shop. If you’ve never tried Japanese cheesecake, you have no idea what you are missing. This light and fluffy dessert bears little resemblance to the traditional cheesecake that we know and love. Think more souffle than cheesecake. Cakes come in original and chocolate flavors and they are best eaten hot from the oven, so home delivery is your second-best option. Oh, and their coffee isn’t bad either. Keki opened its first Cairo pop-up in 2020 at Galleria 40 in Zayed.


📷 Some of us are corporate types by day, artists by night. One such person is CIB’s Romany Hafez (Instagram), whose latest photography exhibition To Be Present opened on Saturday at Picasso Art Gallery in Zamalek (Google Maps). Hafez’s work explores how “all subjects exist in a dichotomy of absence and presence alike,” leaving viewers to “never know if the moment is in the past, present or future.” Hours: To Be Present runs through 28 February. The gallery is open 11am-9pm CLT daily, except for Sundays.

Also worth exploring: Ubuntu Gallery (Google Maps) has opened a new exhibition by Nagi Farid titled “Silent Conversations.” Farid is an internationally renowned Egyptian sculptor and his work has traveled abroad for both the National International Biennials for Ceramics and the Venice Biennial. The gallery suggests you make a reservation before visiting as to avoid overcrowding in light of the pandemic.

Poet Hazem Wefi is holding six-session song and poetry writing workshops at Place Des Arts (Google Maps) on Mondays and Wednesdays. Wefi has written songs for Cairokee, Wust el Balad Band, and Hamza Namira. Place Des Arts also has a handful of other workshops coming, among them photography, mixed media arts, and oud and guitar. You can check out their full schedule and register by clicking or tapping here.

A play is on at El Sawy Culturewheel today at 6pm CLT by the Ebdaat Troup titled El Defeara (The Braid). The play is written and directed by Tarek Abdelazez.


A reminder to add time for fun to your calendar: Why fun is important and how to experience it more often is the main focus of That Sounds Fun: The Joys of Being an Amateur, the Power of Falling in Love, and Why You Need a Hobby by podcaster and bestselling author Annie F. Downs.

Can’t commit to a full-length book at the moment? Maybe a collection of short stories will do the trick: We’re looking at A Swim in a Pond in the Rain: In Which Four Russians Give a Master Class on Writing, Reading, and Life by George Saunders. The book explores what makes great stories work and what they can tell us about ourselves — and our world today.

🌦 TOMORROW’S WEATHER- A cold front is set to move in tonight, blanketing Cairo and Alexandria with cold temperatures and likely some rain for the next several days. Our favourite weather app warns us to expect a low of 14°C tomorrow and 12°C on Wednesday in the capital city. Cairo could see showers both days, but Alex is facing the prospect of nearly 30 mm of rain on Tuesday and as much as 15 mm on Wednesday. The long-range forecast shows next week also looking cold — think of it as winter’s last gasp after an unseasonably warm season.


UAE property developers have eyes set on Egypt

UAE property developer Aldar Properties is looking to make Egypt a focal point of its expansion, allocating capital for acquisitions here, CFO Greg Fewer said on a media call today picked up by Reuters. “I think the changes that we announced recently that brought separate business units under Aldar Development, including Egypt and ventures in particular, are reflecting a focused statement of intent on our side that Egypt is a particularly interesting market,” he is reported to have said. It’s “early to point to a date or something like that, but clearly our intent is to focus our outward growth into Egypt on the development side of the business and deploy meaningful capital there,” he added. The company confirmed in a regulatory filing that it is considering a move to Egypt.

How big could this potential investment be? The announcement follows the release of its earnings (pdf), which showed that it has offloaded more than USD 272.2 mn in assets. Aldar’s treasury department is ready to fund any potential acquisitions, said Fewer. That said, the company feels it is still premature to set a target, he noted, adding that they’re monitoring the market for value and opportunity, which could be, at any kind of size.

Is Damac Properties also eyeing an Egypt investment? UAE property giant Damac Properties is reportedly studying an investment in Egypt and has conducted feasibility studies for such a move, an unnamed source reportedly told Al Mal. The study apparently singled out the New Administrative Capital as the likeliest opportunity. Damac reported net losses of over AED 1 bn for FY2020 on Sunday (pdf).


FEI: Lame duck no more

Lame duck no more: The Federation of Egyptian Industries (FEI ) looks like it’s on track to get an “immunity booster” for a board whose term in office expired nearly six months ago, the print edition of state-owned Al Ahram notes. The House Industry Committee approved last Friday a bill that would amend law 70 / 2019 to extend the current board’s term for yet another six-month period, giving it a legal umbrella under which to operate and a framework from which to hold elections.

The back story: In May 2019, a new law regulating the FEI passed the House, while the board of the government-approved “voice of industry in Egypt” was given a one-year extension of their term in office. That gave them until September 2020 to wait for the executive regulations to the FEI Act and subsequently call elections.

What happened? In a word: Corona. The executive regulations weren’t handed down until November 2020 — and when they did arrive, the regulations failed to give the (now lapsed) board an extended term or mandate to hold elections. The board has avoided major policy statements or making quasi-regulatory decisions that could have opened the FEI or board members to legal challenges, even as it continued to steer the organization.

What’s next? Bills of this form would normally go to the House general assembly for approval before being signed off by President Abdel Fattah El Sisi.


Dreaded FY2020 earnings season is upon us

The EGX30 rose 0.2% at today’s close on turnover of EGP 1.6 bn (10.1% above the 90-day average). Foreign investors were net sellers. The index is up 6.28% YTD.

In the green: MM Group (+11.2%), Fawry (+2.4%) and Palm Hills Development (+1.2%).

In the red: Export Development Bank of Egypt (-1.7%), ElSewedy Electric (-1.4%) and Sidi Kerir Petrochemicals (-1.4%).

EARNINGS SEASON IS IN FULL SWING, with a number of companies releasing their FY2020 earnings reports (a tough FY if there ever was one). Prime Research feels that so far, results have had a minimal impact on market movements, with “hyped stocks” including MM Group and ANFI moving independent of earnings.

Odin Investments sank deeper into the red in 2020, producing a net loss of EGP 2.2 mn, down 84% from a EGP 1.2 mn loss the year before, according to the company’s earnings release (pdf). This came despite revenue increasing 25% to EGP 16.79 mn.

State-owned Egyptalum’ net losses eased to EGP 341 mn in 2H2020 from EGP 596 mn in the same period in 2019, the company said in an EGX filing (pdf).

Egypt Gas’ net profits fell almost 50% to EGP 84.6 mn in 2020, down from EGP 164.9 mn the year before, according to an EGX filing (pdf). Revenues rose to more than EGP 4 bn, compared to EGP 3.75 bn in 2019.


Bidding war for ANFI intensifies: A consortium of investors that includes Egyptian businessman Ahmed El Saba and Saudi Arabia’s Mostafa El Humeidan has made a bid to acquire 75-90% stake in Alexandria National Company for Financial Investments (ANFI) at a price of EGP 7.48 per share, ANFI announced today in a bourse filing (pdf). This is the third offer to acquire the brokerage house in as many months, after Zeta Investments submitted an offer to purchase 90% of ANFI at EGP 5.51 per share, and Kayan Sustainable Development, which is also looking to buy 90% of the firm.

Who owns what? KWIN currently owns some 40% of ANFI’s shares, while ADIB directly holds 9%. The Gulf lender has a total indirect stake amounting to 84.99%, due to owning a 74.75% stake in KWIN and its subsidiary, ADI Lease, holding a 34.99% stake.

ALSO FROM THE EGX- The board of Maridive Oil & Services has approved the sale of of 100% of its subsidiary Maridive Offshore Projects to Jeddah-based Al Subaie Investment Group for USD 48 mn, the company said in a bourse statement (pdf).


What the hell is an e-currency?

Central bank digital currencies (aka e-currency). There have been a handful of countries announcing over the past couple of years that they are either considering or actively working towards issuing a digital currency — including Egypt, with the central bank saying back in 2018 that it’s working on feasibility studies on the potential cryptocurrency. China is working on the second trial of its digital yuan in Shenzhen after completing the first trial last September. Sweden also tested its e-krona last year and is working on a feasibility study that will be complete in 2022.

The Bahamas became the first country in the world to roll out a central bank digital currency, known as the Sand USD, last October.

So what is it? A central bank digital currency (CBDC) is a digital token or instrument that can be used for payments or a stable asset and is part of central bank-controlled money supply — which includes regular paper notes, coins, and bonds. Just like paper banknotes have serial numbers to make them trackable and confirm their authenticity, each CBDC unit has a distinguishing feature for the same purpose.

It’s not BTC, but many CBDCs are largely based on the same principles and blockchain technology as is BTC, distributed ledger technology (DLT). DLT is a way to keep track of financial records: “Instead of one central database storing all the financial records of people, DLT is composed of several copies of this transaction history, each stored and managed by a separate financial entity, and usually managed from the top by the country’s central bank. These financial entities share DLT together in a distributed manner,” explains Coindesk.

An important difference between CBDCs and BTC is the fact that there’s no “central authority” in charge of Bitcoin or other similar cryptocurrencies, which (naturally) doesn’t sit well with a traditional central bank. BTC and other cryptocurrencies use a blockchain that is “permissionless,” meaning anybody can access the system and participate in making transactions. CBDCs use a “permissioned” blockchain that assigns certain levels of permissions and controls to each entity that is allowed to access the blockchain, making it more tightly regulated.

In essence, CBDCs bring the best of traditional banking and cryptocurrencies: Crypto enjoys a level of convenience and security because of its digital form that cash does not. But cryptocurrencies like Bitcoin operate without central regulation, which — among other things — makes the currency price susceptible to major price fluctuations.

The upsides: A significant perk of using CBDC is the move away from cash, which is difficult to track and regulate, therefore making it the tool of choice for criminal activity and laundering. Relying less on cash could also cut back on costs to produce paper banknotes and coins for central authorities, and would also fund transfers less costly for users. “The idea is that with a CBDC, financial entities are more connected, making a smoother way to move money around than the disjointed financial system that’s in place today.”

The downsides: Swedish bankers, for one, are concerned that the introduction of the e-currency will create “an identity crisis” for traditional banks by allowing people to bypass commercial banks and potentially drying up the banking system’s main source of income. But the Swedish central bank’s Deputy Governor Cecilia Skingsley has previously said that “people can already exit the banking system by buying treasury bills,” and the introduction of a CBDC would not “fundamentally change” the situation for the worse.


Biden administration: Boon or bust for EM?

How much of a boon is the Biden presidency going to be for emerging economies? The general consensus among analysts and investors is that Donald Trump’s departure and Joe Biden’s arrival at the Oval Office will bring good things for emerging and frontier markets. This view is amplified by the rollout of vaccination programs in the US and other major economies, which will reverberate and have spillover effects on EM and FM.

The expected upsides: Biden’s anticipated easing of Trump-era trade tensions and reversal of FDI flows back towards emerging and frontier markets are expected to help drive up EM FX strength and suppress their inflation and interest rates, which Renaissance Capital said in November will spur faster growth and attract more money. Standard & Poor’s echoed the same sentiment, saying last month (pdf) that investor appetite for EM is growing on the back of the election results, with the expectation of more stable and predictable policies under the Biden administration. “This is leading to a rise in capital flows to EMs, alongside appreciating currencies and easing of financing conditions.”

Some pundits don’t think that Biden is actually going to undo all of Trump’s protectionist policies, including Schroders’ senior emerging markets economist David Rees, who says these policies — particularly as they pertain to China — are more popular among both Republicans and Democrats. That being said, Rees does see a “return to more traditional and predictable policymaking” and a departure from “social media diplomacy” under Biden’s helm, which is expected to bolster investor confidence in EMs.

And there’s divergence on just how quickly positive effects will take hold — and how long they will last. There was already a market rally at the tail-end of last year, but the bull run could stumble in the short run, particularly among concerns that the current valuations in EM stocks are “unsustainable.” Based on technical patterns that have successfully anticipated sell-offs in the past indicate that EMs aren’t due to enter correction territory yet, “with the MSCI Emerging Markets Index’s charts still short of levels that coincided with performance peaks.” However, the spread between where the gauge is currently at and the “trigger points” is rather narrow.

There’s also the risks that have nothing to do with who’s in office across the pond, like the continued rise of covid-19 cases in developed economies and EM alike, which “are holding back global economic activity over the short run,” S&P said (pdf). Even with vaccine programs being rolled out, there needs to be an equitable and effective distribution of the jabs for this development to change the outlook for EMs, particularly as “the short-term outlook still looks challenging.”


Going on leave? Don’t apologize for being out of the office — and don’t invite people to intrude on your hard-earned day off.

You need to update your autoresponder — NOW. Whether you’re on vacation, on stress leave or just taking a personal day (say, to go visit the moroor and get that RFID sticker before 31 March so they don’t fine your [redacted]), it is time to stop apologizing for not being in the office. We see 100s of out of office replies every day, and many of them drive us bonkers. Some tips:

Don’t say you have “limited access to your email.” Your phone is in your pocket, so there’s nothing “limited” about your access. It’s totally cool to disconnect — in fact, nights, weekends, national holidays and annual leave are *supposed* to be times when you sign off from work. Instead, simply admit that you’re not checking email while you’re on leave.

It’s nobody’s business why you’re “OOO” (see below), whether it’s for a medical thing, annual leave or to have something removed from a place it shouldn’t be. You’re “on leave” and that’s all anyone needs to know.

Encourage them to reach out to someone else — a colleague who’s covering for you, perhaps. But don’t doxx them: Hand out their name and email in your autoreply (with their permission in advance), but not their mobile or other contact details unless it’s entirely critical or required by company policy.

Don’t doxx yourself — your mobile number or desk extension have no place in your auto-reply. Anybody who needs it has got it (or can get it from you when you’re not on leave).

Don’t be so bloody formal. There’s no need for “valued sender” or anything of the like. It clangs.

Don’t set unreasonable expectations. Instead of saying to “expect a delayed response” (or, worse, apologizing that you may be late writing them), tell them you’ll be “checking email when you’re back.” We don’t know if they still do this, but as recently as 2014, Daimler allowed staff to set email to automatically delete while you’re on leave.


  • You’re not “OOO” — that’s a noise some may make in other circumstances.
  • We’re not “Dears.” There is no plural of Dear. It is just “Dear [noun].” Deers (pl) are hoofed ruminant mammals from the family Cervidae. Some folks think they taste good.
  • Don’t invite them to call or WhatsApp you, presuming they know your number (you didn’t include it, right?). If their hair is really on fire and they have your number, odds are good they’ll skip the email pleasantry and go straight to a call. Inviting a call just encourages needless interruptions.

Need help getting started? Here’s the patented Enterprise “OOO” Reply. Customize it to your heart’s content.


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.

25-27 March (Thursday-Saturday): The Real Gate real estate exhibition, Egyptian International Exhibition Center, Cairo.

31 March (Wednesday): Deadline to visit the moroor and get an RFID sticker affixed to your car’s windshield — or run afoul of the Traffic Police.

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.

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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