Monday, 22 February 2021

EnterprisePM — 300k jabs of Sinopharm vaccine arriving tonight

TL;DR

WHAT WE’RE TRACKING TONIGHT

Good afternoon, everyone — we hope your Monday was as chill and uneventful as the news today.

BIGGEST LOCAL STORY OF THE DAY- Egypt will be receiving 300k doses of the Chinese Sinopharm vaccine tonight as a gift from Beijing to Cairo, Assistant Health Minister Khaled Megahed told Youm7 in an exclusive. We’re also expecting 8.6 mn doses of the Oxford-AstraZeneca vaccine by next week, Health Minister Hala Zayed in her press conference yesterday. Egyptians can register to take a covid-19 vaccine starting next week.

YOUR MANDATORY COVID STORY- South African vaccine manufacturer The Biovac Institute aims to fill in Africa’s vaccine gap and is currently in talks to produce a covid-19 vaccine at its facilities, reports Bloomberg. The Cape Town-based pharma company will begin producing the vaccine within 12 months of signing an agreement, said CEO Morena Makhoana, without disclosing which vaccine developer Biovac is negotiating with. While Biovac has previously produced bacterial vaccines, the company needs to expand to “build capability of developing viral vaccines, that will give South Africa a solid footing to deal with future pandemics,” said Makhoana. Currently, Africa only has shot-making facilities in South Africa, Senegal and Egypt.

Masks may be here to stay for longer than we thought, with US’s Chief Medical Adviser for covid-19 Response Dr. Anthony Fauci saying on CNN that it’s possible that Americans will still need to wear masks in 2022 to protect against covid-19.

THE BIG STORY ABROAD TODAY- Boeing recommended the suspension of its 777 jets with PW4000 engines, following United Airlines 777 landing safely in Denver on Saturday after its right engine failed. Boeing recommended airlines suspend operations until US regulators identified the appropriate inspection protocol. United and airlines in Japan and Korea are apparently the only airlines that meet the specs, Reuters reports. The move raises the specter of the 737 Max grounding last year after the crash of Ethiopian Airlines Flight 302 in 2019.

HAPPENING NOW-

Check out the rare solar alignment that caused the sun to shine on the face of King Ramses II in Abu Simbel Temple today, captured by Extra News (watch, runtime: 13:43). Ramses II feels the sun on his face twice a year — once in October to mark the king’s birthday and the beginning of the growing season and again in February to celebrate his coronation and the start of harvest season. You can read more about the phenomenon here.

🗓 CIRCLE YOUR CALENDAR-

Russian state nuclear energy giant Rosatom is hosting a Science Festival Week in Egypt that will run until Thursday. The science festival will take place at the Russian Centre for Science and Culture in both Cairo and Alexandria. The aim of the event is to introduce students to the fundamentals of nuclear science, its various applications, and the role of nuclear technology in a nation’s development, said Rosatom regional VP Alexander Voronkov.

Will we get an update on Dabaa? Rosatom is building the USD 30 bn Dabaa nuclear power plant after all. We’ll be keeping our ears to the ground.

The Afro Future Summit is coming up this Friday — bringing together African futurists, investors, tech entrepreneurs, celebrities, politicians and business moguls in a virtual event that aims to introduce the potential and tackle the challenges of people with African descent worldwide. The event is organized in partnership with companies such as Microsoft, Google Cloud, and IBM Cloud, with high-profile speakers including Procter & Gamble CCO Damon Jones, Softbank Partner Shu Nyatta, AT&T Senior Vice President Corey Anthony, and Twitter Director Alexandra Kennedy. You can purchase tickets for the event here.

🚙 FOR YOUR COMMUTE-

Travellers are looking at Africa for post-covid vacations: As travel to Europe and the US seems dicey as lockdowns and high case counts continue, people itching to wipe the dust on their suitcases are looking at wide-open, remote places to place their travel bets, reports Bloomberg. Africa is getting a lot of love with the promise of wide open spaces during a fun safari and privacy at small boutique camps, says operator Abercrombie & Kent Spokesperson Pamela Lassers. That interest extends to Egypt which has “the world’s largest open-air museum,” Lassers says.

Who says you can’t find a silver lining with global warming: Meanwhile, Antarctica has charted the most significant growth in interest from American travelers, with travel group White Desert already sold out of two trips for late 2021 (even with prices of USD 100k per person). Other destinations garnering interest are Maldives, The Caribbean, and the Dominican Republic.

Apple is back to dominating the global smartphone market after five-years of losing out to brands such as Samsung and Huawei, according to IT research firm Gartner. The introduction of a 5G variant of the iPhone (the iPhone 12), helped propel the company’s sales 14.9% y-o-y in 4Q2020, with Apple recording a 20.8% global market share during the quarter. The uptrend in sales is expected to continue in 1Q2021 and further into the year as Apple’s sales grow in line with a recovering market, said Annette Zimmerman, the lead analyst for Apple at Gartner.

Meanwhile, Samsung’s sales fell 11.8% y-o-y putting it at second place with a market share of 16.2%, followed by Xiomi with a market share of 11.3%, Oppo (8.9%), and Huawei (8.9%). The previous no.2 smartphone manufacturer, Huawei, suffered the sharpest slide, with smartphone sales falling 41% y-o-y in 4Q2020 due to sanctions imposed by the US government.

📺 ON THE TUBE TONIGHT-

Netflix has released a new original film I Care A Lot, starring Rosamund Pike. Pike’s character Marla Grayson owns a firm that places seniors in homes and assumes control of their assets when they’re deemed medically incapable of taking care of themselves. Grayson makes a fortune by taking advantage of her older clients, but one day, she picks the wrong mark: an elderly woman who has a mama-loving crime boss for a son. The film is described as highlighting another “systemic injustice the wider culture has decided it’s fine with.” Check out reviews in the New York Times and Polygon.

Apple TV has an array of docuseries for you to delve into: Becoming You follows the first 2000 days of 100 children who come from different cultures and walks of life. The show highlights how young people find their own way in the world, from their very first step. Looking for something more nature-oriented? Check out Earth At Night which follows animals when the sun goes down. The series uses cutting-edge camera equipment to give you amazing night footage in full color.

Speaking of which: The Apple TV application is now available for download on Google Chromecast, reports The Verge.

There’s a smattering of matches amongst the leagues today: You can still catch the second half of the match currently being played between Ceramica Cleopatra and Ghazl El Mahalla for the Egypt Cup, while Smouha and Al Masry will head to the field at 7:30pm CLT in the Egyptian Premier League. Osasuna and Sevilla will play for La Liga at 10pm CLT. Crotone will play against Juventus at 9:45pm CLT in Serie A and finally Brighton will face off against Crystal Palace 10pm CLT in the English Premier League.

🥩 EAT THIS TONIGHT-

A Texan barbeque restaurant has made its way to New Cairo: The meat lovers among you will find plenty to sink your teeth into at LongHorn Texas BBQ with their smoked meats, brisket, and huge platters of soul food. We recommend the brisket pastrami with loaded fries and don’t forget to satisfy your sweet tooth with their pecan pie. The restaurant’s decor is also to be commended with Chuck the bull greeting guests at the door. Find them at O1 Mall in New Cairo (Google Maps). Cairo West and City Talks Magazine approve.

Want a taste, but still not dining out? Longhorn Texas BBQ is selling a limited batch of homemade beef jerky made using US prime beef as well as their signature BBQ sauces.

🎤 OUT AND ABOUT-

Rock band Wujood are playing at El Sawy Culture Wheel today at 7pm CLT. They play original songs with plenty of guitar solos.

Not enough guitar for you? You can now attend guitar classes at B-Hub in New Cairo (Google Maps), with three levels depending on your familiarity with the instrument. There’s the option of taking a group course or booking private lessons with instructor Hossam Fouad.

Music Zone club in Heliopolis is hosting a ladies-only dancing night today (Google Maps).

Handmade product exhibition Deyarna is still on at Cairo Festival City until Thursday. It’s a great way to support local artisans who like to work with their hands while also getting some unique pieces for your house.

Catch a screening of a Shadi Abdel Salam classic this Wednesday: The Mummy (The Night of Counting the Years) will be screened at the Cinematic Cultural Centre (Google Maps) on Wednesday at 6pm CLT, reports Ahram Online. The film was directed by the late Egyptian filmmaker Shadi Abdel Salam.

💡 UNDER THE LAMPLIGHT-

Your light read of the day: The Bad Muslim Discount by Syed M. Masood follows two families from Pakistan and Iraq in the 1990s to San Francisco in 2016 in a comic depiction of what it means to be a Muslim immigrant in modern America.

Another climate change book: Under a White Sky written by Elizabeth Kolbert (who won a Pulitzer Prize for her book The Sixth Extinction) looks at how we can re-engineer the looming catastrophe of climate change. The book garnered applause from the renowned journal Nature, calling it an “outstanding reportage from the front lines of geoengineering”.

🌤 TOMORROW’S WEATHER- Say goodbye to the sun today… Our favorite weather app is forecasting a 40% chance of showers tomorrow in Cairo amidst cloudy skies. Look out for daytime highs of 18°C and lows of 11°C. The national weather service has warned people in Matrouh and Alexandria that a strong storm cloud is approaching and that it could hit Kafr El Sheikh later on in the day.


CORRECTION- We picked up a story from the local press yesterday that incorrectly said that Rameda Pharma saw a 20% increase in sales in 2020. The 20% growth actually came in the company’s private retail sales, company sources tell us.

 

CORRECTED ON 22 February 2021

We clearly had a few wires loose in the noggin as Hala Zayed is the Health Minister and not Hala El Saeed (the Planning Minister).

SPEED ROUND: STARTUP WATCH

MENA startups break records in 2020 with 256 active investors

A record number of venture capital investors provided finance to MENA-based startups last year, despite the disruption caused by the covid-19 pandemic, according to Magnitt’s 2021 MENA Investor Ranking Report (pdf). Last year saw 256 active investors provide capital to startups in the region, up 19% from 2019, the report said.

In detail: UAE hosted in 2020 about 22% of active investment companies in MENA, followed by Saudi Arabia with a 19% share. The most active MENA-focused investor in 2020 was 500 Startups which is backed by the Bahrain-based 500 Falcons fund, taking part in 42 agreements across various industries in the region.

Fintech was a favorite in 2020: Fintech saw the biggest uptick in demand as a result of the pandemic, with 63 VCs investing in mobile and online payment solutions.

Accelerators decelerated: Accelerators comprised only 10% of investors in the region last year, down 28% from 2019.

Corona didn’t disrupt MENA VC flows last year: Venture capital inflows into MENA startups climbed to USD 1 bn in 2020, up from USD 700 mn the year before, despite the economic damage and market volatility caused by the pandemic, the startup data platform said in January. Egypt held the second-biggest share of venture capital investment, falling behind the UAE, which accounted for a whopping 56% of the total funding amount last year, Magnitt said.

Egypt accounted for almost a quarter (24%) of the region’s venture capital transactions, coming just short of the UAE’s 26% and ahead of third-placed Saudi Arabia at 18%.

What does the Enterprise Startup Tracker™ have to say? Our math says nearly 50% more transactions were closed in Egypt last year and that the average transaction was worth about 2x in 2020 it was the year before. Fintech and e-commerce accounted for almost half the 49 transactions we picked up last year. Tap or click here to read our 2020 Review: The year in startups.

SPEED ROUND: M&A WATCH

Sawiris getting closer to a real good ROI

Nassef Sawiris is on board with a USD 4.7 bn takeover offer for Signature Aviation, the private jet operator in which he holds a 7.41% stake, Bloomberg reports, citing a statement from Sawiris’ investment arm NNS Holding. The potential suitors, Blackstone Group and Global Infrastructure Partners (GIP), recently partnered and raised the purchase price by some USD 0.12 to USD 5.62 a share — winning approval of Signature's management and getting Sawiris’ backing.

End of bidding war: This offer, now likely to succeed, ends a months-long bidding war for the company, which is the largest in its business. PE giant Carlyle Group had previously been in a consortium with Blackstone, which is bidding in alliance with Bill Gates, to rival GIP’s offer. Blackstone broke out and joined GIP, and Carlyle said it will opt for taking a stake in one of Signature’s units.

Sawiris is Signature’s third-largest shareholder. He raised his stake last month to 7.41% from 7.16%, worth some USD 350 mn, and has been accumulating shares since the pandemic, becoming the company’s third-largest shareholder, and among a handful of b’naires controlling more than 25% of the company.

The private jet business had a solid run amid the pandemic as commercial travel was banned at the onset and performed poorly since then. Signature’s value, meanwhile, almost tripled in size. to some USD 4.8 bn after a mid-March low more of the wealthy turned to private air transport.

GO WITH THE FLOW

What does it mean for an index to “rebalance”?

Enterprise Explains: Index rebalancing. Last month, the Egyptian Exchange released new criteria for inclusion in the EGX30 in a bid to make the benchmark index more attractive to foreign investors. The new criteria came into effect on 1 February, which is when the first periodic rebalancing of each year typically reflects on the index.

So what exactly is rebalancing, you ask? Rebalancing is a form of index maintenance that adjusts the constituents (fancy-talk for the traded companies that make up the index) to make sure representation is in line with the index’s overall goal, whatever it might be.

The criteria for inclusion in the EGX30 in each rebalancing: The EGX30 — which is Egypt’s most visible stock index — sets inclusion rules based on freefloat market capitalization and trading activity, which are designed to create an index that includes companies or constituents that are both large and actively traded.

As of this month, the constituents are required to meet a freefloat market cap equal to or above the index’s adjusted market capitalization. A company’s freefloat market cap is the number of shares in freefloat multiplied by its share price, while the adjusted market cap is calculated by finding the median of the top 60 most actively-traded companies’ freefloat market cap.

The constituents are then chosen from the 33 companies on the bourse with the highest liquidity. The 27 companies with the largest freefloat market cap will be automatically included. The remaining three companies will be selected from companies ranked #28-33 — with these six companies, the only additional criterion will be that the company was already included on the index.

How does it work? Let’s say company #28 wasn’t included in the index, but #29 was. Even though #28 has more liquidity, #29 will take the spot because it’s already on the index, meaning there will be less volatility.

What’s the point of all this rebalancing business? Without regular rebalancing, an index can become overly weighted toward a particular sector or one group of stocks, or its representation could be based on factors that aren’t best suited to the market. For example, the EGX30’s new criteria are meant to make the index more attractive to institutional (rather than retail) investors by representing large-cap Egyptian companies with stronger fundamentals, as opposed to highly volatile and actively traded companies whose fundamentals may not be as sound.

For the EGX30, the rebalancing process happens twice a year, with the changes taking effect every February and August. The changes in the methodology will be felt next week, when companies will be removed and added to the index based on the past six months of trading activity.

When do other indices rebalance? The S&P is “rebalanced as needed” but has scheduled quarterly rebalances in March, June, September and December. Just like the EGX, the MSCI rebalances in February and August, but also has semi-annual reconstitutions in May and November.

So, who was in and who was out in this month’s rebalancing? Payments giant Fawry, investment bank and NBFS player CI Capital, consumer stalwart MM Group, state-owned Abu Qir Fertilizers, and Alexandria Mineral Oils Company (AMOC) are now EGX30 constituents. Education outfit CIRA, dairy producer Juhayna, soon to be defunct Egyptian Iron and Steel, clothing manufacturer Dice, and Beltone Financial Holding have all rotated out of the benchmark index.


The EGX30 rose 1.1% at today’s close on turnover of EGP 1.63 bn (11.3% above the 90-day average). Foreign investors were net sellers. The index is up 6.5% YTD.

In the green: Eastern Company (+3.0%), Fawry (+2.5%) and Cleopatra Hospital (+2.2%).

In the red: Orascom Investment Holding (-2.7%), Sodic (-1.4%) and Alexandria Mineral Oils Company (-1.2%).

LIFE & ARTS

Time to scrap “follow your passion” career advice?

“Do what you love and you’ll never work a day in your life” they said (Ba-humbug): This piece of ubiquitous and well intentioned advice has recently come under scrutiny, with HR and career specialists urging people to scrap the age old adage in favour of a more pragmatic approach. We’ve all seen and heard the stories of people turning their passion projects into successful businesses and careers. If you’re one of those people, amazing, count yourself lucky.

But needless to say, it doesn’t always work out that way. And the expectation that we should find passion, inspiration and fulfillment in the workplace may be driving us to expect too much of ourselves, and causing us to miss out on finding those things in other parts of our lives.

Work Won’t Love You Back: Or so Sarah Jaffe argues in her new book of the same name, in which she claims that our excessive devotion to our jobs can leave us open to exploitation, exhaustion, and mental health issues. A 2019 University of Montreal study found that 75% of workers experience burnout, with women being disproportionately more affected. But the refrain that we should love our jobs is so drilled into us, that if we don’t we may feel that there is something wrong with us.

But the idea that work should be enjoyable is a recent advent (thanks, tech bros), a variation of the ancient idea of having a “calling,” and not one to which everyone is suited. So much of our self-worth is wrapped up in our jobs and careers, that we often find it difficult to anchor ourselves to other sources of purpose and satisfaction.

Covid-19’s effect on work has been double edged, allowing many to work from home and take stock of what a reasonable work-life balance means for them, but throwing many others’ jobs into precarity. Zero hours contracts, freelance work, and the gig economy are work structures that have emerged and are sustained partly by the idea that we should do what we love; whether accepting underpaid freelance projects because we love what we do, or taking on temporary gigs to pay the bills and support our true passion on the side.

But what’s wrong with loving what you do? Absolutely nothing, and people should strive for some degree of satisfaction in their jobs so that it doesn’t end up feeling like drudgery.

That having been said, follow your passion can be bad advice for a number of other reasons. First off, not all of us have a passion, and in some cases it is more productive to dive headfirst into something you’re not good at and gain satisfaction through minor successes than to wait for inspiration to strike. Turning your passion into a career may also not be the best idea if you want to keep enjoying it, as being obligated to do what you once did voluntarily can take the joy out of it. The fallacy that every job must be fulfilling also denigrates the millions of jobs that may not be the most creative but that are integral to keep society functioning, the shopkeepers and accountants and transport operators and postal workers that keep the everyday cogs oiled and turning.

So what’s to be done? There’s a fine balance to be struck between passion and pragmatism, and one has to decide whether they are happy to merge their passion and work or whether they would rather keep them seperate, using one to fuel or feed into the other. Developing a passion, rather than finding one — by cultivating and learning valuable skills that will then allow you to make a profit — is another alternative. Reshaping the structure of work can also help us find more satisfaction, joining a union for example, or pushing for shorter working hours, or taking a proper lunch break and going for a walk. Whatever path we choose to take, being able to shift to a society that is not emotionally organized around work is the ultimate goal.

For more: The School of Life has this excellent video on the history of work, and another with some useful suggestions for how to find (or resist the urge to find) fulfilling work.

THE MACRO PICTURE

Climate stocks are overheating

Are we in the midst of a global renewables bubble? Climate stocks are overheating as investors get more bullish on renewable energy companies looking to capitalize on the shift by policymakers and consumers towards environmentally-friendly products, analysts tell the Financial Times.

The historic post-corona rally in US stocks has been particularly pronounced in the renewables sector. The S&P Global Clean Energy index — which measures the share prices of 30 renewable energy companies — has soared over the past year, nearly doubling in value. Companies are now valued at 41x their projected profits.

By comparison: Blue chip US companies have gained 16% over the past 12 months.

This is all looking pretty frothy: “I think we're 100% in a green bubble,” said Gordon Johnson, CEO of GLJ Research. “Pretty much every solar company I cover, their numbers got worse and the stock, like, tripled . . . This is not normal.”

Day traders like the solar stocks: US solar firm SunPower has seen its share price surge after retail traders bought into the stock — a play against hedge funds that have shorted the company. And Orsted — Denmark’s largest energy company — has seen its share value triple in the past three years despite only seeing small profit growth.

This is partly being driven by policymakers, which over the past year have doubled down on commitments to reduce emissions and focus on a green-led economic recovery from the pandemic. The Biden administration has said it is aiming for the US economy to reach net-zero emissions by 2050 while China has pledged to become carbon neutral by 2060.

But also by central banks: The tns of USD in liquidity deployed by central banks last year has caused asset prices everywhere to spike, leading investors and economists to warn that the frenzied buying activity is pushing financial markets into bubble territory.

This may lend credence to oil majors' concerns that non-financial renewable assets are getting more expensive. Total CEO Patrick Pouyanné had said last week that renewables assets were overvalued, often getting up to 25x earnings.

CALENDAR

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

21-25 February (Sunday-Thursday): Gulfood 2021 — the world’s largest food and beverage exhibition — takes place at the Dubai World Trade Center.

21-25 February (Sunday-Thursday): Russian nuclear energy company Rosatom is hosting a Science Festival Week that will take place at the Russian Centre for Science and Culture in both Cairo and Alexandria.

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.

26-28 February (Thursday-Saturday): The second edition of the Egypt International Art Fair will be held at Dusit Thani Lakeview Cairo.

27 February (Saturday): Mid-year school break ends for public schools and universities.

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.

March: CBE / FRA fintech “innovation sprint.”

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 March (Thursday): OPEC+ meeting.

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.

23 March (Tuesday): The second edition of the Egypt Retail Summit takes place at the Nile Ritz Carlton hotel.

25-27 March (Thursday-Saturday): The Union of Arab Banks holds a forum on compliance and combating financial crime, Sharm El Sheikh.

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. © 2021 Enterprise Ventures LLC.