EnterprisePM — The CBE’s decision on interest rates is coming tonight ahead of the Fed’s rate decision next week.

We close out a heavy news week with a big sigh of relief, ladies and gentlemen. Sahel season may be over, but it's still sunny and lovely in other beach spots. We’re anticipating a few good weeks of beach weather before we have to all clam up.

THE BIG STORIES TODAY (so far)-

#1- A big push for our energy hub plans: Technical committees from Egypt and Cyprus have agreed to begin studies that would pave the way for gas from Cyprus’ Aphrodite field to be sent to Egypt’s liquefaction plants for re-export, the Cypriot press is reporting this morning.

#2- Plans to link our electricity grid with Saudi Arabia also got a big push forward, with Electricity Minister Mohamed Shawky announcing on Extra News yesterday that Egypt and KSA signed new contracts that would see 2 GW of electricity exchanged between the two countries. Reports are also out that tenders for the project are underway. The project’s inauguration, previously slated for 2020, was delayed after Saudi’s USD 500 bn Neom City mega project derailed plans.

#3- Investments in tourism: Egypt will feature heavily in hotel management company Radisson Hotel Group’s plans to open 50 hotels in North Africa by 2025, Alban Mabille de Poncheville, director, development, North Africa, tells Hotelier Middle East. The company appears to be targeting Cairo and the New Administrative Capital.

^^ We’ll have more on all of these stories in tomorrow’s edition of Enterprise AM.

HAPPENING NOW- It’s interest rate decision time: The Central Bank of Egypt’s Monetary Policy Committee (MPC) is set to announce its decision on interest rates later today, and we don’t expect to hear anything until around 6pm. Everyone and their mothers are expecting the CBE to hold on interest rates, including 10 analysts we polled earlier this week. A poll of 13 economists by Bloomberg also unanimously expects the MPC to hold off on moving rates, saying that Egypt’s high real rates — the highest in the world — should largely shield it from any impact a tapering by the Fed could have on emerging markets.

Where rates currently stand: The overnight deposit rate is at 8.25%, the lending rate at 9.25% and the main operation and discount rates are at 8.75%. The central bank slashed rates by 400 bps last year, including an emergency 300 bps cut in March, to protect the economy from the fallout from covid-19. It has since maintained rates for six consecutive meetings, including its most recent in August, amid concerns about an increase in inflation. Annual urban inflation hit its highest level in nine months in August on the back of rising food, fuel and transportation costs, with headline inflation rising to 5.7% in August, up from 5.4% in July.

Beyond inflation, the clear fear today is the potential for the US Federal Reserve to wind down its covid stimulus. It certainly was at the top of the risks noted by local economists and analysts we interviewed. Last week, Finance Minister Mohamed Maait echoed the sentiments of some economists that Egypt should be able to withstand the Fed tapering better than other EMs.

The Fed will meet to review interest rates on 21-22 September. Pressure has been building on the Fed to take a more hawkish stance to combat inflation by bringing its stimulus program to a premature end and start raising interest rates earlier than planned. But a slight slowdown in US consumer price inflation last month and a poor jobs report in August could give the Fed a breather and relieve pressure for a policy change.

Another sign we’re still a carry trader’s dream destination: Egypt’s local currency debt was a prime example of an attractive emerging market asset, Denise Simon, co-head of emerging market debt at Lazard Asset Management, said at the annual JANA Investment Advisors conference, according to Australia’s Financial Review. She sees clear skies for emerging markets coming out of the pandemic, saying that “emerging markets growth is catching up and is expected to surpass US growth in 2022.”

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

• Remittances hit a record high in FY2020-2021: Remittances grew more than 13% to USD 31.4 bn compared to USD 27.8 bn the previous fiscal year.
• Global inflation is delaying renewable energy projects in Egypt: Saudi Arabia’s ACWA Power and the UAE’s Al Nowais have recently asked to postpone renewable projects under pressure from rising input prices.
• Lighthouse Education weeks away from EGP 500 mn first close: United Bank of Egypt announced that it would contribute EGP 50 mn to the fund, joining founding partners the Sovereign Fund of Egypt, Misr Ins. Holding Company, Banque Misr, and the Suez Canal Bank.

More infrastructure diplomacy with Libya underway: Egypt could aid Libya in developing housing, establishing new cities, and providing water and sanitation services, Housing Minister Assem El Gazzar told his Libyan counterpart Abu Bakr Al Ghawi, according to a cabinet statement. Libya has been opening up talks to benefit from Egypt’s experience in these areas, with two MoUs signed this week to also see the two countries cooperate to develop Libyan infrastructure works and the development of its ports. This meeting was followed today by one between President Abdel Fattah El Sisi and the Prime Minister of Libya's interim Government of National Unity Abdul Hamid Dbeibeh in Cairo, according to an Ittihadiya statement.

Egypt needs to “speed up the vaccination process” as cases surge, the World Health Organization said in a report (pdf) that looks at the covid-19 pandemic in the Eastern Mediterranean region. Four other hot zone nations in the region were identified, including Palestine, Somalia, Syria, and Yemen. Low vaccination coverage in several countries due to limited capacities is of concern in the region, especially in low- and lower-middle income countries, the report said.

21 countries in the EastMed have reported circulating variants, including Egypt, in the past few months. The WHO has set a target to have all countries vaccinate 10% of their population by the end of the year, a milestone Egypt is close to achieving with 13 mn people having gotten their first dose. The region has received 51.54 mn doses of vaccines under the Covax initiative and are expecting 37 mn more doses in the coming period.

Vaccines could wane over time — without a booster shot: Pfizer said that booster doses are an effective way to restore immunity that is bound to erode over time with a two-jab regimen, the pharma company detailed in a presentation (pdf) that will be reviewed by The Food and Drug Administration (FDA). The FDA will use the report to decide if a booster shot will be necessary or not.

Pfizer also argues that a third dose is the most effective so far the delta variant and is 86% effective for people above 60. Pfizer’s claims come days after the Lancet released a study saying that booster shots are not necessary for most people as vaccines are reliably effective without the need for top-ups. Bloomberg also has the story.

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THE BIG STORY ABROAD- The US, Britain, and Australia are establishing a new military alliance targeting the Indo-Pacific dubbed AUKUS. The agreement will see the US and Britain provide Australia with the technology and capability to deploy nuclear-powered submarines in the region. China was quick to accuse the trio of "severely damaging regional peace and stability, intensifying an arms race,” Chinese foreign ministry spokesman Zhao Lijian said in a briefing, adding that countries should not build alliances targeting a third country. Picking up the story are: Reuters | The Financial Times | NPR | BBC | The New York Times.

Eibor rate might be nixed in the UAE: The big stories coming out of the GCC include the UAE central bank exploring the possibility of replacing the country’s current interbank rate (Eibor), sources close to the matter told Reuters in an exclusive. The move comes as regulators globally look to tighten regulations at the rates banks set for each other following the 2012 Libor scandal in London.

Elsewhere, the IPO of Saudi Telecom's Arabian Internet and Communications Services Company will be priced at SAR 151 per share, which implies a market cap of USD 4.8 bn, according to an indicative price announcement (pdf) on the Tadawul today. Saudi Telecom is planning to sell a 20% stake in its subsidiary, which it hopes will raise SAR 3.6 bn.

Advisers: HSBC Saudi Arabia, Morgan Stanley Saudi Arabia and SNB Capital Company are joint financial advisers.

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???? CIRCLE YOUR CALENDAR-

The UN General Assembly is ongoing in New York until 30 September. The general debate will take place from 20-28 September. Leaders from at least 83 countries are expected to attend in person — in contrast to last year, when the meeting was almost 100% virtual. There’s no word yet on whether President Abdel Fattah El Sisi will attend in person or virtually.

EFG Hermes’ fourth Virtual Investor Conference continues today, running through to 21 September with the theme of “After Reflation — FEMs in 2022.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Expect temperatures of 35-36°C on Friday and Saturday, with nighttime lows of 21-22°C, according to our favorite weather app.

Covid has been bad for coffee drinkers: The covid-19 lockdown in Vietnam is reducing the global supply of coffee, according to a Fitch Solutions report picked up by CNBC. Vietnam is the world’s second-largest coffee exporter and the pandemic has affected its overseas shipments of coffee and other goods. Coffee exports fell 8.7% m-o-m in August compared to July. Meanwhile, Brazil — the world’s biggest coffee exporter — is experiencing slightly lower production due to crop damage from cold weather.

Coffee prices are expected to remain “relatively high” through 2022, with benchmark arabica coffee futures rising around 45.8% YtD and robusta coffee futures surging 52.2% YTD to 2021, according to Refinitiv data. This comes as demand is expected to rise as economies open up and people go back to their local coffee shops.

But the pandemic has been a good time for the gaming industry: Consumer spending on video games reached a record high of USD 4.4 bn last month, a 7% y-o-y increase, according to data (paywall) from NPD Group picked up by Bloomberg. So far, USD 37.9 bn have been spent this year on video game hardware, content and accessories, up 13% y-o-y. The industry saw big gains last year during lockdown, but apparently this year still did better on the release of Xbox Series X and Playstation 5.

Alexa, where is the anesthesia? Amazon’s voice assistant could soon be an integral part of health facilities as the company plans to dominate the market by introducing a myriad of healthcare applications to the AI’s roster.

So what will Amazon bring to the table other than Alexa? The company could launch a healthcare service of its own, with its existing infrastructure, vast empire of warehouses and delivery services, to do for healthcare what it did for online shopping, the Financial Times says in a speculative oped piece.

Potty-training cows could save the planet. Scientists — not farmers — are enrolling cows in a toilet-training program to offset any environmental damage of their waste, in a study published this week. Cow urine produces nitrous oxide, a greenhouse gas 300 times more potent than carbon dioxide. In contact with soil, it leads to land contamination and pollution if not managed properly. Combined with feces, the mixture creates ammonia, another toxic contributor. A basic reward-punishment system could work, with 75% of calves learning the skill after 15 days of training, which is faster than what it takes for an average toddler to pick up the habit. Bloomberg and BBC have the story.

???? ON THE TUBE TONIGHT-

(all times CLT)

I’m Thinking of Ending Things — another psychological horror from Charlie Kauffman. On the surface, this is just a simple story of a girl who meets her boyfriend’s parents. But Kauffman’s movies don’t just thrive on the surface: You have to be an active part of the film, gather clues inside our characters’ fractured minds and dig up what’s really happening. Your eureka moment will most definitely be a devastating one. The movie follows Jake and his unnamed girlfriend — who has many names throughout the movie (clue #1) — and teeters between what’s real and what’s not with a creepy narration that sets an overall mood of impending doom. This is a film about the horrors of life, but it’s definitely not for everyone.

⚽ Gameweek five is kicking off tomorrow in the Premier League: Newcastle take on Leeds United at 9pm on Friday, while Wolves and Brentford will start off the day on Saturday with a match at 1:30pm. It’s a flurry of matches at 4pm: Norwich City go up against Watford, Burnley kick off against Arsenal, Man City take on Southampton, and Liverpool will look to down Crystal Palace. Finally, Aston Villa is up against Everton for the weekend’s last match at 6:30pm.

In Serie A: Tomorrow will feature Sassuolo against Torino at 8:45pm. On Saturday, Genoa plays Fiorentina at 3pm, Inter Milan and Bologna will hit the field at 6pm, and Salernitana and Atalanta will kick off at 8:45pm.

A match to look out for in La Liga this weekend: Atletico Madrid is playing Athletic Club at 4:15pm on Saturday.

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???? It’s day seven of the CIB Egyptian Squash Open and the start of the semis in both the men’s and women’s competitions. The semis are dominated by Egyptian players who have topped the rankings. You can find the schedule here.

???? EAT THIS TONIGHT-

Indulge in seafood: Starting today, Fairmont Nile City is relaunching its Thursday’s seafood festival — formerly known as Napa Grill Restaurant — to be within L’Uliveto. L’Uliveto is a top-notch Italian eatery, while Napa Grill offers a very nice open seafood buffet. It will be interesting to see how authentic Italian and seafood mash up. Although they will have the same setup, we’re expecting to see something nice happen at their pasta station and pizzeria. Price is constant at EGP 475++ per person.

???? OUT AND ABOUT-

(all times CLT)

The Institut Français d'Égypte is holding the Animatex Animation Festival 2021 featuring film screenings, workshops, talks, and competitions. The festival will run until 18 September.

Downtown’s city-wide art exhibit Cairo International Art District from Art D’Égypte is taking place every day except for Thursdays. Group exhibitions have been set up across the city’s historic venues and attendees can walk from one place to another and enjoy the scenes of Downtown Cairo.

???? UNDER THE LAMPLIGHT-

From the author of Nine Perfect Strangers and Big Little Lies, Liane Moriarty dissects a dysfunctional family in Apple Never Falls, where the mother Joy goes missing and her husband Stan is the prime suspect. With tennis being a main theme — Stan used to manage a tennis academy as a coach and Joy is his partner on the court — who knew there were so many tennis metaphors that could be crammed into one book? Their four children were tennis players too, but as their father puts it, none of them had what it took to be tennis stars. As the children begin to suspect their father, it quickly becomes clear that everyone in the family has secrets to hide.

Trading on EKH shares converted to EGP from USD to begin on Sunday: EK Holding shareholders who converted the trading currency of their shares to EGP from USD (while still being allowed to collect their dividends in USD) can begin trading on these converted shares on the EGX starting on Sunday, 19 September, the company said in a bourse filing (pdf) today.

By the numbers- 68.4% of all shareholders holding EGX-listed shares have opted to convert. Half of EKH’s shares trade on the EGX, with the other half being listed in Kuwait. Institutional investors in particular had a heavy appetite for conversion, we’re told.

MARKET ROUNDUP-

The EGX30 fell 1.4% at today’s close on turnover of EGP 1.94 bn (20.1% above the 90-day average). Foreign investors were net sellers. The index is up 1.4% YTD.

In the green: Speed Medical (+5.7%), Ezz Steel (+2.2%) and Raya Holding (+2.1%).

In the red: TMG Holding (-4.2%), AMOC (-4.1%) and Ibnsina Pharma (-3.7%).

A bumper Egypt Human Development Report 2021 reminds us how far we’ve come in ten years: The United Nations Development Programme (UNDP) published on Tuesday its Egypt Human Development Report 2021 (pdf), after a ten year gap from our last Human Development Report in 2010, the UNDP website notes. The latest report tracks Egypt’s progress in a number of key development areas — investment in human capital, economic development, social protection, women’s empowerment, environmental sustainability, and governance — analyzing almost a decade’s worth of policy and its impact.

The report is particularly significant, given our turbulent last ten years, says the UNDP: It “covers a critical decade in Egypt’s modern history, which has witnessed two popular revolutions, a new constitution and bold economic and social reforms,” the UNDP wrote. Egypt’s policy approach was aimed at “achieving sustainable economic and social development, strengthening political stability and security, combating terrorism, protecting borders, improving public services, consolidating principles of governance and tackling corruption.” Overall, the report presented Egypt’s development in a positive light, and made a number of recommendations for improvement.

Economic reforms get a shout out: Egypt’s 2016 economic reform program focused on macroeconomic stabilization, harmonizing fiscal and monetary policies, boosting confidence in the economy and attracting investment, reducing public debt and attracting FDI. Investment in national projects and infrastructure substantially increased. Notable steps taken to improve the economic climate include upping the efficiency of the tax system, the devaluation and “flexible management” of the EGP to reduce inflation and safeguard real income for citizens, and the gradual removal of fossil fuel subsidies.

Following the implementation of the reform program, Egypt saw an increase in GDP growth to 5.6% and a decline in the unemployment rate to 7.5% in 2018-19. Growth is expected to reach 5.4%, inflation 6%, and unemployment 7.3% in 2021-22, according to Planning Ministry estimates, the report tells us.

They’ve been accompanied by a shift in social safety policy: The focus for social safety systems has moved away from relief and protection, and towards prevention and support, the report notes. Subsidies have been restructured to more effectively target the most vulnerable. More funding has been allocated to social protection programs in the national budget. The Takaful and Karama program, development of the universal healthcare system, and increasing budget allocations for pensions are all examples of successful social safety initiatives, the report says.

Spending on support programs increased to EGP 18.5 bn in FY2019-20 from EGP 3.6 bn in FY2012-13, with 3.8 mn families benefiting from support in 2020, according to a Social Solidarity Ministry statement cited by the report. This came after 1.7 mn beneficiaries of the social security pension were transferred to the Takaful and Karama program, it notes.

There’s been strong investment in human capital, and important health and housing reforms, the report notes. Major health policies and programs include the National Population Strategy and the 2015-2020 five-year action plan focused on family planning. The successful national campaign to combat Hepatitis C, strengthening health infrastructure, and the development of the pharmaceutical industry were all also noted.

Egypt has made strides to improve access to social housing in the last ten years, expanding social housing programs, developing new urban communities, and running programs designed to help with social adaptation, the report tells us. Improving sanitation and increasing access to safe drinking water have also been priorities. An estimated 296 out of 357 unsafe informal settlements were redeveloped between 2014 and 2020, and as a result the number of people living in unsafe settlements had decreased by 35% in 2019, the report tells us.

Egypt’s K-12 education has improved notably since 2011 in terms of accessibility, with enrollment rates increasing at all educational levels, the gender gap narrowing, and geographical gaps between rural and urban areas improving, though enrollment rates in rural governorates remain lower than the rest of the country. Other key developments include a decrease in drop-out rates, an improvement in educational curricula, modernizing the technical education system, and increasing the number of universities.

Drop-out rates in Egypt at the lower secondary level decreased to 2.8% for boys and 2.6% for girls in 2018-19, from 5.5% for boys and 4.7% for girls in 2010-11. And transition rates from primary to lower secondary increased to 99.7% in 2019-20 from 88.1% in 2012-13, and from lower secondary to secondary to 84.3% from 77.9%.

Women are seeing more representation in the highest echelons of gov’t: Since 2017, when Egypt adopted its national strategy for women’s empowerment, female parliamentary representation has exceeded constitutionally-mandated quotas, the report tells us. At the executive level of government, female representation has also been increasing, it notes. The 2014 Constitution mandates that women must occupy 25% of seats on local councils, at least 25% of seats in the House of Representatives, and at least 10% of seats in the Senate.

In the 2020 elections for the House of Representatives, women secured 28% of the total seats, up from 25% in the previous parliamentary session, the report tells us. In total, 14% of Senate members are women, it adds.

Along with more access to microfinance, and decreased maternal mortality: In 2020, almost twice as many women than men were beneficiaries of microfinance programs, the report notes. Maternal mortality decreased some 20% from 2010 to 2018, from 54 to 44 per 100k live births.

Our environmental protection efforts are bearing fruit: Egypt’s ranking on the Climate Change Performance Index (57 countries that collectively produce 90% of global emissions) rose to 22 in 2021, up from 30 in 2016. Reforms to our energy supply system were flagged as positive, with the report noting that the energy subsidy reform program aims at curbing unsustainable consumption. Some 5.8 GW of our electricity is now produced through renewables, and innovations like seawater desalination, as well as recycling irrigation and sewage water are being examined as ways of meeting our water needs.

And increased digitization and decentralization are strengthening governance: More financial management, and integrating youth into decision-making have formed the backbone of efforts to strengthen governance, the report says. Digitization has been a key part of this process, with the ICT sector contributing 12% to GDP in 2020 — a fourfold increase from 2013, the report tells us. Local management capacities have been developed, in an effort to decentralize and improve service provision. And a National Anti-Corruption Academy was established.

What do all of these developments add up to? “At the heart of all these efforts comes the strategic objective of improving the quality of life for Egyptian citizens,” Planning Minister Hala El Said wrote in the report.

The report recommends more investment, digital transformation, and policies targeting poverty reduction, offering specific recommendations to enhance development in each of the key areas examined. More generally, it recommends increasing resources for development and development financing; a solid knowledge base for development planning and follow up; expanding Egypt’s digital infrastructure; supporting poverty reduction policies; and building institutional and human resources to make state administration more efficient.

It characterizes Egypt’s covid-19 response as quick, flexible, and relatively comprehensive: Egypt’s approach to the pandemic has addressed social and economic repercussions, instead of applying a limited “health-only response,” the report says. This includes policies designed to curb the spread of covid-19, and allocating resources — namely the EGP 100 bn stimulus package — to mitigate the crisis. We were the only country in the region to see positive economic growth in spite of covid-19 turmoil, it notes.

You can download and read the report in its 286-page glory here.

10-17 September (Friday-Friday): CIB Egyptian Squash Open, Giza.

13-21 September (Monday-Tuesday): EFG Hermes’ fourth Virtual Investor Conference.

14-30 September (Tuesday-Thursday): 76th session of the UN General Assembly, New York.

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

18 September (Saturday): Expiration of United Nations Investigative Team to Promote Accountability for Crimes Committed by Daesh/ISIL

21-22 September (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.

22-25 September (Wednesday-Saturday): Cityscape Egypt, Egypt International Exhibition Center, Cairo, Egypt.

29 September (Wednesday): DevOpsDays Cairo 2021 is being organized by ITIDA and the Software Engineering Competence Center in cooperation with DXC Technology, IBM Egypt and Orange Labs.

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.

30 September (Thursday): First tranche of overdue subsidy payouts will be handed to eligible exporters.

October: New legislative session begins — must be held by the first Thursday of October.

October: Romanian President Klaus Iohannis could visit Egypt in mid this month to discuss ways to boost tourism cooperation between the two countries.

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.

9 October (Saturday): Public schools begin 2021-2022 academic year

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.

28 October (Thursday): Second tranche of overdue subsidy payouts will be handed to eligible exporters.

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.

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.

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

2-3 November (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.

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

16-17 November (Tuesday-Wednesday): Africa fintech summit, Cairo.

26 November-5 December (Friday-Sunday): The 43rd Cairo International Film Festival.

29 November-2 December (Monday-Thursday): Egypt Defense Expo, Egypt International Exhibition Centre.

7-8 December (Tuesday-Wednesday): North Africa Trade Finance Summit.

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.

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

14-15 December (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.

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.

22-24 April 2022: World Bank-IMF spring meeting, Washington D.C.

May 2022: Investment in Logistics Conference, Cairo, Egypt

16 June 2022 (Thursday): End of 2021-2022 academic year for public schools

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.