Sunday, 13 June 2021

EnterprisePM — France and Egypt sign funding agreements just under EUR 4 bn.



Good afternoon friends, and welcome to the start of another busy work week. Between the G7 meetings and the heads of African investment promotion agencies meeting, there was plenty for us to pick out.

THE BIG STORY TODAY- French-Egyptian ties took a big boost today with the two countries signing around EUR 4 bn in infrastructure funding agreements. The biggest chunk of the funding will go towards the Cairo Metro, with around EUR 2 bn in credit facilities going towards its expansion. Agreements for development aid in the areas of energy, food security, railway and wastewater treatment were also signed. French Finance Minister Bruno Le Maire, who signed the agreements with President Abdel Fattah El Sisi, sat down with us to discuss details of the agreement and much more. Don’t miss it in today’s Speed Round.

HAPPENING NOW- The House is discussing today and tomorrow a report on the state’s draft budget for the upcoming fiscal year by the Planning and Budget Committee, as well as the draft social and economic development plan for FY2021-2022, according to the parliament’s agenda. The report also covers budget allocations for public economic authorities and the National Organization for Military Production. Recommendations include increased budget allocations worth EGP 4.56 bn for state-funded medical treatment, healthcare and education, local press reports.

FACT CHECK- Tobacco monopoly Eastern Company doesn’t look like it’s planning to sell securitized bonds. That’s according to the company’s CEO, Hany Aman, who told us this morning that securitized bonds aren't on the menu, though the company has the ability to raise debt from many sources including banks. Aman denied a report by Al Shorouk we noted in EnterpriseAM this morning. The report claimed Eastern is looking at a securitized bond sale to tune of EGP 3 bn to expand its product line. “We don’t understand why this was reported, and what the [newspaper’s] sources are … even though this is a good idea,” Aman said.

THE BIG STORY ABROAD- The three-day G7 summit in Cornwall is drawing to a close. BBC has live updates as UK Prime Minister and host Boris Johnson delivers a press conference on all the latest. Leaders of Canada, France, Germany, Italy, Japan, the UK, the US and the EU were expected to announce a raft of new plans including a program to help low-income countries cope with climate change and an infrastructure investment plan to counter China’s road and belt programs.

We have yet to hear any further details on the ambitious plan to tax multinationals, which is supposed to be the big focus of the meeting. On the table are proposals for a mandatory minimum global corporate tax rate of 15%.

Developing country infrastructure in line for a boost: G7 leaders have agreed to increase climate financing to meet the cumulative USD 100 bn per-year through 2025 to help less developed countries curb emissions, reports Reuters. This pledge, which G7 members were supposed to have begun doling out last year under a 2009 agreement with the UN, comes alongside plans the leaders say would help fund renewable energy and sustainable technology spending in less developed nations, according to a draft communique seen by the newswire.

The G7 members are still due to decide on the size of the increases, a spokesman for UK Prime Minister Boris Johnson said.

China doesn’t like what’s going on: China has warned G7 leaders that a “small” group of countries can no longer decide what happens to the rest of the world, Reuters reports, quoting a spokesman for the Chinese embassy in London. “We always believe that countries, big or small, strong or weak, poor or rich, are equals, and that world affairs should be handled through consultation by all countries,” the spokesman added. The comments come as G7 nations seek to reach a unified position over China's growing power during the summit ending today, including a plan to offer low-income nations an infrastructure plan that could counter China’s tn-USD Belt and Road Initiative.

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

  • CBE to leave rates on hold at upcoming meeting: The Central Bank of Egypt (CBE) will likely leave interest rates on hold when its Monetary Policy Committee meets on Thursday,with all 11 analysts surveyed in our poll predicting a hold in response to rising inflation last month.
  • First vial of Made-in-Egypt Sinovac coming this week: Prime Minister Moustafa Mabdouly confirmed that the first vaccines should be produced this week, after Health Minister Hala Zayed earlier said that the vaccines expected to be ready for dispatch to clinics in August.
  • BdC and at least three other companies must IPO before year’s end: The FRA has given listed companies that have not yet offered shares for sale till 31 December to do so under a new deadline extension, while Reuters reports that the companies in question include Banque du Caire (BdC), Sky Light Touristic Development, New Castle Sports Investment and City Trade Securities and Brokerage.


The Egypt Green Economy Forum (pdf) kicks off tomorrow.


Entrepreneurs in the tourism sector have until 20 June to apply for the six-month Tourism Recovery Program launched by Enpact and the TUI Care Foundation and supported by GIZ, according to a press release (pdf). Some 100 startups will be eligible for direct support to the tune of EUR 9k each. The program also aims to create an international network of tourism business to expand cooperation between Egypt, Germany, and other European countries. You can apply here.


SUPPLY CHAIN WATCH- Bottlenecks in the construction sector could impede the European Union’s EUR 800 bn recovery program, with industry executives sounding the alarm amidst rising prices and building material shortages, according to the Financial Times. Steel, wood, concrete, and copper are among the materials whose price has gone up in recent weeks, with industry experts estimating that as much as 30-40% of the EU’s dispersed funds could be wasted on covering higher material costs. The bottleneck has been attributed to the sharp global rebound in materials demand, pandemic-related disruption to supply chains, and continued trade tensions.

Another blow to Big Tech: Members of the US House of Representatives have submitted five bills aimed at limiting the power of the world's largest big tech companies including Facebook, Apple, Amazon and Google, Reuters reports. The bills, if passed, would prevent companies manipulating search results to boost their own products, as well as make it harder for big companies to kill off their competitors either through takeovers or mergers. To become law, bills must pass through the Republican majority Senate, which could pose a hurdle to the legislation.

Bitcoin’s first makeover in four years could help it compete with Ethereum: The upgrade, called Taproot, is expected to boost privacy and efficiency when it takes effect in November, industry insiders tell CNBC. The update involves major improvements in code and opens up the potential for “smart contracts,” an important feature in blockchain technology, that would eliminate middlemen from transactions.

Job resignations in the US have reached the highest level since 2000 as many employees are choosing to quit over going back to the office, according to the Wall Street Journal. Some 2.7% of US workers left their jobs in April, up from 1.6% in 2020, possibly pushing back an economic recovery as firms struggle with high turnover. Labor economists are saying that the high quit rate signals a healthy labor market with individuals choosing to take on roles more in-line with their needs, wants, and skills. The shift also spells good news for employees, with many US businesses raising salaries and adding benefits to retain their workforce and minimize disruptions.

Do we need more oversight on plastic producers? Five major companies are responsible for producing almost a quarter of the world’s single use plastics, according to recent research cited by the Financial Times. ExxonMobil, chemicals group Dow, Chinese oil refiner Sinopec, chemicals company Indorama and Saudi Arabia’s Aramco collectively generated almost 26 bn kg of plastic waste in 2019, with almost half of that being consumed by the US and China. One plastics researcher said, “on this trajectory, we will have more plastics in our ocean by weight than fish by 2050.”


Manifest is a massively underrated sci-fi TV show, in our opinion: When passengers on flight 626 experience heavy turbulence, they’re relieved to safely land home. But as the plane doors open, they’re met with a new reality… five years have passed since the plane took off. While they look the same as they did hours ago, children have grown, parents have passed away, and life has moved on without them. To make it even crazier, most of the passengers come back with a voice in their head that in some cases helps them solve crime or predict the future. Add to that the inevitable American intelligence agencies that want to kidnap the passengers or play 4D chess with their lives, and you’ve got an amazing TV show that will blow your mind every episode. Manifest is available on Amazon Prime, and for those of you outside of Umm el Donia the first two seasons are now out on Netflix.

The UEFA EURO 2020 matches were off to quite a start this weekend. The biggest incident out of the tournament is Denmark’s Christian Eriksen being rushed to the hospital yesterday after he collapsed on the pitch. Eriksen is now stable and awake, reports CNN. The Denmark-Finland match was later resumed upon both side’s request, ending with Finland beating Denmark 1-0. Otherwise, Italy came out on top against Turkey 3-0, Belgium took the lead versus Russia 3-0, while Wales and Switzerland tied 1-1.

Today’s matches are not to be missed, with England and Croatia currently on the field as we dispatch, in a match that could determine who takes the Group D lead. Meanwhile, Austria and North Macedonia will play at 6pm and Netherlands will go up against Ukraine at 9pm.


Now if we can get a decent Egyptian vegan restaurant here: A new Egyptian vegan restaurant in Toronto boasts falafel, koshari, cauliflower, eggplant, and a vegan take on shawarma. Eat Nabati, which has opened at Kensington Market, delivers on an Egyptian feel and aesthetic through their cutlery (including tea pots reminiscent of Khan El Khalili creations), Ramadan-esque tiling, and murals on the walls of Egyptian idols such as Umm Kalthoum. The plant-based menu and colorful offerings celebrate the myriad of flavorful and delicious dishes sans meats and dairy that Egyptian cuisine has to offer.


It’s rockers night at ElSawy Culturewheel featuring Jiggy Band and 404 Band at 6pm.

The Room New Cairo will host the Comedy Bunch tonight at 9pm, while their Garden City venue is featuring a karaoke night at 8pm.


For any entrepreneur, strategizing how to grow your business is crucial. Enter Hacking Growth by Sean Ellis and Morgan Brown. The two authors argue that behind the success of companies such as Airbnb, Uber, Pinterest, Facebook and LinkedIn is a business methodology called Growth Hacking. The methodology calls for cross-functional teams and rapid-tempo testing and iteration that focuses on clients, users, or customers and how to attain, retain, and engage them with the brand so that they end up spending more. Instead of a one size fits all approach, Ellis and Brown offer a step-by-step guide for readers, to enable them to design a custom growth hacking technique that will best suit their firm. The duo have also created a website for business leaders to discuss common topics or challenges that impact their business.

🌤 TOMORROW’S WEATHER- This weekend’s heatwave is coming to an end tomorrow with the mercury dropping to 35°C during the day and 20°C at night, according to our favorite weather app.


How France wants to be among our top trading partners

Egypt and France sign near EUR 4 bn in bilateral agreements and contracts: President Abdel Fattah El Sisi signed a little under EUR 4 bn worth of bilateral agreements this afternoon with French Finance Minister Bruno Le Maire. The agreements most notably cover transportation, but also in social security and development, Le Maire told Enterprise in a sit down this morning. These agreements represent a breakthrough in the economic relationship between our two countries, Le Maire says, adding that both sides have been working hard towards the agreements over the past six months.

Cairo Metro gets a chunk of funding: The French government will be providing Egypt with EUR 2 bn in credit facilities that will go towards developing the Cairo Metro Line 6, Le Maire says. He emphasized that France was willing to provide the facility under “attractive terms” to fund work on the metro line by French companies, in a bid to encourage active participation by French companies on the project. An agreement was signed with Transport Minister Kamel El Wazir that would see us develop a six month roadmap to disburse funding for the Cairo Metro Line 6 and upgrades to Cairo Metro Line 1, Le Maire added.

EUR 1 bn in infrastructure funding: The French Development Agency (AFD) will be providing Egypt with EUR 1 bn in loans that cover railway, energy, wastewater treatment, and food security. These include funding to upgrade railway lines running from Aswan to the Delta. The funding will be provided over the course of four years from 2021 to 2025, Le Maire adds.

More still to come: “President El Sisi and I had a very fruitful meeting back in 2019, where we agreed that our common goal was to diversify our economic relationship,” said Le Maire. “I see three things which might be of interest. The first is healthcare. The AFD will provide EUR 150 mn to support the rollout of Egypt’s Universal Healthcare System. This is one of Egypt’s most promising projects, and we want to be part of it,” he added.

Renewables and urban development are also on the table: The area of future economic cooperation France is interested in exploring with us is renewable energy, Le Maire tells us. “Here too, there are many prospects that could be developed.” “The third is urban development and the development of new cities. President El Sisi has introduced key projects in that field, and we want to be part of this,” he added.

France already is big on renewables here and plans to do more: Renewables currently make up 10% of the EUR 5 bn French companies currently invest in Egypt, French Ambassador to Egypt Stéphane Romatet told Enterprise last week. He hopes that figure to rise to 20% in five years driven by technology including green hydrogen. French and Egyptian specialists, including regulators and electricity ministry representatives, are cooperating on developing Egypt’s national hydrogen strategy, he told us.

READ OUR FULL INTERVIEW WHEN IT COMES OUT THIS WEEK- In it, Le Maire tells us of his administration’s ambitions to make France among Egypt’s top three trading partners from a current eighth. He explains to us why France has been accelerating its economic cooperation with us over the past four years and where he wishes to see this cooperation go. We also talk about what the G7 tax agreement could mean for us. You don’t want to miss it.


And speaking of that green hydrogen plan…

We may be seeing major announcements soon in green hydrogen as part of an initiative that could cost some USD 3-4 bn at its early stages, Electricity Minister Mohamed Shaker told reporters on the sidelines of the ongoing forum of the heads of African investment promotion agencies in Sharm El Sheikh. Studies for one of several planned green hydrogen plants is expected to be finalized and presented to the Sovereign Fund of Egypt (SFE) and other state bodies including the oil and environment ministries as early as next week.

Why the SFE? The fund has a mandate to promote investment in several priority sectors, among which is energy and electricity, by partnering with private sector investors and bringing them on board to hold majority stakes. Marketing of the green hydrogen plants will happen alongside a separate bid to sell a large stake in one of Egypt’s three giant Siemens-build combined cycle electricity plants to a private sector player.

Who else is taking part? Siemens is expected to play a role in the pilot project under an MoU it signed with Shaker’s ministry earlier this year. The German giant had partnered with the government on a number of recent projects including the world’s three largest combined-cycle power plants a few years back, the New Administrative Capital’s national electricity control center last year and an upcoming 500 MW wind power plant.

Background: The government recently said it’s exploring green hydrogen, which is produced without burning fossil fuels, as an alternative source to power industry and eventually be exported abroad. The fuel is expected to be integrated into the government’s 2035 energy strategy.


Taqa Arabia’s Master Gas has signed a EGP 1.2 mn contract with transport and logistics company Ostool to install dual-fuel engines in its fleet of over 250 vehicles, which would make the cars run on both diesel fuel and natural gas, according to a press release (pdf).


Earnings: Emaar Misr, Alex Medical more than double net income in 1Q2021

EARNINGS WATCH- Emaar Misr’s consolidated net income more than doubled in 1Q2021 to EGP 529.1 mn, up from EGP 247.6 mn in the same quarter last year, according to the real estate developer’s financials (pdf). The jump came as revenues soared during the first quarter of the year to EGP 1.54 bn from EGP 2.42 bn in 1Q2020.

Alexandria New Medical Center’s net earnings, meanwhile, rose 138% to EGP 12.3 mn in 1Q2021, compared to EGP 5.2 mn in the same period last year, the company said in its earnings report (pdf). Revenues were up 18.7% during the first quarter to EGP 63.8 mn.

This comes as Alexandria New Medical’s parent company Alexandria Medical Services has been the target of a bidding war by multiple potential suitors. Three bidders — Cleopatra Hospitals Group, TAT Medical Services, and the UAE’s Yaz Holding — made formal offers to acquire the company. Other interested parties include Nile Scan, healthcare investment firm Seha Capital, and a consortium made up of Saudi’s Tawasol Holdings and LimeVest.


The EGX30 fell 0.9% at today’s close on turnover of EGP 1.24 bn (8.1% below the 90-day average). Local investors were net sellers. The index is down 8.8% YTD.

In the green: Eastern Company (+2.0%), Pioneers Holding (+1.6%) and Export Development Bank (+1.0%).

In the red: Orascom Financial Holding (-3.5%), MM Group (-3.3%) and Ezz Steel (-3.1%).


Office rebels could be your workplace’s untapped key to innovation

A rebellious workplace may not always be such a bad thing: It might not seem that way at first, but employees who challenge the status quo can actually prove to be a massive asset to a company. Individuals who could be branded as contrarian within an organization are often driven by the desire to create something new, rather than conform to the established order; a quality which if correctly nurtured can lead to improvement and innovation at the workplace, writes the BBC.

Even NASA once failed to see the benefits of employees who refuse to conform: It was only through fighting management that a group of young engineers — later known as ‘the pirates’ — managed to overhaul the space agency’s mission control and revolutionize the organization, writes MIT’s Sloan Review. After realizing the current system in place was ill equipped to handle the complexity of flying the space shuttle, the pirates tried to persuade the upper echelons of NASA mission control that things needed to change. It was only after they pushed back on management’s refusal to change the status quo that a new software was built; one that proved superior to the incumbent and saved NASA USD 74 mn in development and mns of USD every year. The rebel engineers were then asked to design the mission control system for the International Space Station.

Rebelliousness = creativity? Harvard psychiatrist Albert Rothenberg spent over 50 years studying whether there is a correlation between rebelliousness and creativity in individuals who managed to make ground-breaking contributions to science, literature and the arts. After talking to 22 Nobel laureates, he concluded that they employed what he termed the Janusian process of creative thinking, a technique that involves “actively conceiving multiple opposites or antitheses simultaneously.” A key part of this creative process is “deviation or separation” from the established order, Rothenberg found. In other words, these individuals ventured off into new territory to do things differently, instead of blindly following established wisdom.

Not all organizations are receptive to rebellious modes of thought: Business owners often opt to stifle ideas that could disrupt the established order of things. “History and culture conspire to keep things being done the same way as they’ve ‘always’ been done,” writes the BBC, potentially setting the company back due to management’s fear of change. Instead of stamping rebellious employees as troublemakers, organizations should create an environment that allows space, funding, and time to pursue new ideas that have potential for innovation or increased efficiency — even if they seem crazy at the time.

Being receptive to change also means promoting a culture of positive failures: What are seen as mistakes today, could lead to significant triumphs tomorrow — and to growing the bottom line more importantly. While an adage like this might warrant a big eye roll, many of the products you use on a day-to-day basis were once considered mistakes, from lightbulbs to Post-It Notes. Organizations tend to penalize employees who make mistakes and end up creating a risk-averse culture, but there are ways to monitor mistake making to ensure that results will soon follow, according to Forbes. Leaders should encourage transparency about mistakes in order to collectively find solutions, organize simulations, and be open to new products, but set a timeframe for attempting them.

But rebelliousness alone is not enough to unlock creativity: A Netherlands based study last year that surveyed 156 employees found that there was no direct correlation between rebelliousness and creativity in a general sense, but that there was a linear correlation between the two when rebelliousness was paired with what the study called “promotion focus.” So the real creative benefits of rebelliousness only come to light when an individual is goal oriented, motivated, and keen to advance themselves and the organization. That having been said, “a little bit of a socially undesirable personality may actually facilitate employees to attain valued outcomes,” the authors of the study concluded.

Our take? Let’s cut the troublemakers some slack, they could be doing us all a favor.


Our lithium-ion powered future

The humble lithium-ion battery is making a big comeback: After powering our phones and laptops for the past two decades, the lithium-ion battery is going after bigger and better things. The expanding use of batteries in varying sectors is set to change the way we consume power in our everyday lives, decreasing our reliance on fossil fuels, transforming the automobile industry in particular, and threatening to disrupt the “just-in-time” electricity production model that energy grids traditionally rely on.

The automobile industry is loving lithium-ion: The falling costs of battery production over the past decade — driven by soaring demand by automobile companies racing to get ahead in the EV game — have made it so that most vehicle manufacturers expect to be able to produce electric cars that cost the same as gas-powered vehicles within the next five years. The EV industry is the largest currently powering battery demand and consumes two thirds of the world’s production of lithium-ion batteries, with that figure expected to increase to three quarters by 2030.

And demand is only set to grow: Toyota says it plans to generate at least half its sales from EVs by 2025, and General Motors plans to phase out gas-powered cars altogether by 2035. Battery-powered cars are expected to make up 22% of new cars sold in 2025 according to estimates from Deutsche Bank, up from 4% in 2017.

Scaling up and adapting the energy grid: But the lithium-ion battery’s ambitions don’t end at EVs. The same battery technology is being used on some power grids, with construction underway on a 2.5 mn lithium-ion cell battery in Florida, which its makers say will be able to power Disney World for 7 hours. The more frequent use of batteries on the energy grid will increase our ability to generate then store energy for future use, and will eliminate the need for “peakers;” natural gas burning facilities fired up for the few hours when demand peaks on a particularly hot or cold day to generate on-the-spot power.

Innovations in battery manufacturing could be worth bns: The traditional lithium-ion battery relies on the movement of the lithium-ions through a liquid from the anode to the cathode to discharge energy, thereby providing power. But innovations in battery technology are on the horizon, such as attempts to develop a scalable solid-state battery — one that does not rely on a liquid electrolyte as a conductor — which would allow batteries, and by extension cars, to be charged faster. Such batteries are already on display by US firm Quantumscape, which last December said it had developed a battery that could charge 80% in 15, versus 40 minutes.

Could more battery reliance prompt a geopolitical energy shift? Shifting away from fossil fuels could give Asia a huge competitive advantage, as nearly 65% of lithium-ion batteries are currently produced in China. US-based and European firms have hurried to get in on the industry, with the EU launching the European Battery Alliance in 2017 to increase the supply and competitiveness of battery production on the continent. The lithium itself that is necessary for battery production is mostly mined in Australia and Chile — with some output from the US — though it all comes down to who has cheaper access to battery manufacturing chains. Supplying the raw materials, controlling the manufacturing process of batteries, as well as new breakthroughs in the types of batteries on the horizon could be the key to controlling the energy industries of the future.


11-14 June (Friday-Monday): Egypt is hosting the first forum of the heads of African investment promotion agencies from under the theme Integration for Growth.

14 June (Monday): Egypt hosts the third edition of the Green Economy Forum (pdf).

15 June (Tuesday): Arab League meets to discuss the GERD in Doha.

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

17-20 June (Thursday-Sunday): The International Exhibition of Materials and Technologies for Finishing and Construction (Turnkey Expo), Cairo International Conference Center.

20 June (Sunday): Ismailia Economic Court to hold hearing on Ever Given compensation case.

20 June (Sunday): Deadline for Enpact + Tui + GIZ tourism recovery program (pdf).

22-27 June (Tuesday-Sunday): The CIB PSA World Tour Finals for 2020-2021 will take place in Cairo.

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. The Big 5 Egypt Impact Awards will also be taking place at the event on 27 June.

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

30 June (Wednesday): 30 June Revolution Day.

30 June- 15 July: National Book Fair.

July + August: Thanaweya Amma exams take place.

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

1 July (Thursday): Large taxpayers 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.

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

15 June (Saturday): EGX-listed will have to complete filing their financial disclosures for the period ended 31 March.

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

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

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

2-4 August (Monday-Wednesday): Egypt is hosting the Africa Food Manufacturing exhibition at the Egypt International Exhibition Center.

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

9 August (Monday): Islamic New Year.

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

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

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

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

30 September-8 October (Thursday-Friday): The Cairo International Fair, Cairo International Conference Center, Cairo, Egypt.

1 October (Friday): Expo 2020 Dubai opens.

6 October (Wednesday): Armed Forces Day.

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

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.

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

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

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

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

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.

14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.

1H2022: The World Economic Forum annual meeting, location TBD.

May 2022: Investment in Logistics Conference, Cairo, Egypt.

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

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

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