EnterprisePM — A good news day for E-Finance and Infinity

Well, friends, we’ve made it through another workweek together. We hope your weekend is full of plans to do … absolutely nothing. Or perhaps to decamp to Sahel.

In the meantime: It’s another brisk afternoon of news whether your interests run to IPOs or our green energy future. We have news that state-owned E-Finance just took a big step toward its long-awaited IPO on the Egyptian Exchange, while our friends at Infinity have confirmed they’re building out some 6k charging points at 3k charging stations nationwide over the next three years. To say we’re looking forward to ditching our gas guzzler for an EV would be an understatement…

THE BIG STORY TODAY, however, remains the central bank’s rate decision, which is due later this afternoon. Bloomberg’s poll out today agrees with ours from Sunday: Analysts see rates being left on hold (and maybe a little bit of good news around the corner). We have more in the news well, below.

HAPPENING NOW- The EGX has given 17 listed companies a 15-day extension of the deadline to file their 1Q2021 earnings, which passed on 15 June after having been previously extended by the Financial Regulatory Authority from 15 May (pdf), the exchange said in a bulletin. The companies — which include Orascom Investment Holding, clothing manufacturer Dice, Qalaa Holding, and oilfield services provider Maridive, now have until the start of the third quarter of the year on 1 July to report their quarterly financials.

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

• AfDB will give us another EUR 95 mn to develop Egypt’s power infrastructure and increase energy efficiency.
• The US will boost funding to Egypt’s solar energy projects, said US climate envoy John Kerry.
• GASC is allowing wheat suppliers to submit bids for shipping offers under a new amendment to the tender book for international wheat purchases.

The Ever Given’s insurer UK P&I Club is hopeful about a positive resolution in the near future on the Suez Canal Authority’s (SCA) claims against the ship, according to a UK P&I Club statement. The UK Club “is currently engaged in serious and constructive negotiations with the SCA regarding the authority’s claim arising from the grounding of the Ever Given,” read the statement, without providing details on where things stand. Earlier this month, the UK Club had said it welcomed the SCA’s announcement that it would reassess the damage claims.

Separately, limitation proceedings by the Ever Given’s owner Shoei Kisen Kaisha had begun in the High Court of London, the UK Club statement says. These would determine who is eligible for damage claims and payouts from a USD 115 mn limitation fund set up by Shoei Kisen. The insurer notes that these proceedings do not involve the SCA.

THE BIG STORY ABROAD at the end of our workweek here in Cairo: It’s a tale of two “lived experiences.”

In the global business press: Shares worldwide are slipping from record highs they hit earlier this week and the USD is on the rise after the US Federal Reserve signaled it will be tightening monetary policy ahead faster than expected. The Fed said yesterday that it thinks it will hike rates in 2023 rather than in 2024, setting up a third day of modest declines in the FTSE All-World index of developed and emerging market stocks. The story leads the front pages of the Financial Times, Wall Street Journal and CNBC.

Investors are girding for more volatility in the weeks and months to come, Reuters adds in an analysis piece.

In the mainstream press, it’s all about Joe Biden’s sitdown yesterday with Vladimir Putin. The Washington Post writes that Biden’s “strategy of pessimism” has “eked out progress with Putin,” while the New York Times says the headway the US president has made is thanks to his “stubborn optimism.” One or the other, right? Got time for only one piece? Go check out the Economist’s America and Russia return to traditional great-power diplomacy.

OTHER STORIES that should be on your radar:

• Saudi Arabia may be looking to shake things up a bit in global equity markets. The kingdom is combining “two state-run pension and unemployment insurance funds into an entity with almost USD 29 bn of local and foreign stocks” under management, Bloomberg writes.
• Summer hasn’t even begun, and climate change is already battering Western states in the US of A, writes the New York Times.
• Tennis great Rafael Nadal has pulled out of Wimbledon and the Olympics, where he won a gold medal in singles back in 2008, citing a need to “listen to his body” as he looks to extend his storied career.

Subscribe to Enterprise

???? CIRCLE YOUR CALENDAR-

Malaysian Foreign Minister Dato' Seri Hishammuddin Tun Hussein is due in Egypt from 20-21 June in his first ever visit to Cairo, according to a press release. The minister will call on President Abdel Fattah El Sisi before scheduled meetings with his Egyptian counterpart Sameh Shoukry and Suez Canal Economic Zone Chairman Yehia Zaki. Neither side has commented on the topics up for discussion.

Entrepreneurs in the tourism sector have until Sunday 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.

The British Egyptian Business Association (BEBA) is organizing a virtual education week from 5-6 July with three seminars planned. The first, taking place at 10am on 5 July, will discuss skills-based learning while the future of investment in education will be the topic on the table at 12:30pm the same day. On 6 July, a talk on the digitalization of education in Egypt will be held at 12pm.

???? FOR YOUR COMMUTE-

Chinese internet giant Baidu is aiming to create a robo taxi fleet in China, teaming up with BAIC Group to create the Apollo Moon electric cars and launch the taxi service, according to CNBC. Some 1k vehicles will be manufactured by 2023 for around USD 74k each, less than half of the average price tag of autonomous cars. Baidu’s foray into the transportation market is part of a recent trend of tech firms looking to diversify into automotives, such as the likes of Xiaomi, TikTok owner ByteDance, and even Apple who is setting out to launch the first Apple Car by 2024.

???? ON THE TUBE TONIGHT-

Just what we needed after a tough workweek: Meditation app Headspace has released an interactive special on Netflix titled Unwind Your Mind. After being greeted by a smiling sun, watchers are given a series of questions to answer. What are your goals? Do you want to meditate? Are you feeling tense? Overwhelmed? Do you need help getting to sleep? How much time do you have? Based on your answers, you’ll be redirected to a custom mindfulness exercise. The narrators Puddicombe or Evelyn Lewis Prieto may just help get you on the right path to relaxation with their soothing voices. The beauty in Unwind Your Mind is that you can go back to it time and time again and receive a completely different meditation experience.

⚽ Al Ahly has made it to the CAF Champions League semi-finals, playing against ES Tunis on Saturday at 6pm.

This weekend’s Euro 2020 matches: Today’s matches kicked off with Ukraine and North Macedonia in Group C, who are already at it as we dispatch. Things aren’t looking bright for Denmark, which will face fierce Belgium at 6pm in Group B while still missing their star player, Christian Eriksen. Finally, the Netherlands and Austria are competing at 9pm in Group C, with both teams equally equipped to snag a win.

On Friday, Sweden and Slovakia will play at 3pm in Group E, Croatia and Czech Republic at 6pm in Group D, and England will take on Scotland at 9pm in Group D.

Finally, Saturday’s matches will see Hungary go up against France at 3pm in Group F, Portugal kick off against Germany at 6pm in Group F, and Spain take on Poland at 9pm in Group E.

Last night’s fixtures: First things first, Russia managed to beat Finland 1-0 yesterday. In Group A matches, Wales downed Turkey 2-0, but Italy was the star of the night, snagging a 3-0 victory against Switzerland.

Who’s leading the groups so far?

• Group A: Italy has taken an early lead with six points to its name, followed by Wales with four.
• Group B: It’s a three-way tie between Russia, Finland, and Belgium, with each team snagging three points.
• Group C: Austria and the Netherlands are tied with three points each.
• Group D: The Czech Republic and England are head-to-head with three points each.
• Group E: Slovakia is currently at the top with three points, being the only team to achieve a victory in the group since matches began.
• Group F: It’s a two-way tie in the group of death, with Portugal and France each boasting three points.

CR7 is the goat of health PSAs: In other Euro 2020 news, Cristiano Ronaldo’s snub of Coca-Cola has cost the beverage company USD 4 bn as investors began to sell off shares after Ronaldo moved two Coca-Cola bottles out of frame during a press conference and pulled out a water bottle instead with a passionate cry of “Agua!” according to The Guardian. The Portugese footballer is a known health fanatic and he made his feelings toward the soft drink clear, scoffing as he pushed them away. Coca-Cola is one of the official sponsors of Euro 2020 and its market value fell from USD 242 bn to USD 238 bn after the presser. Liquid sugar isn’t good for you, boys and girls.

????EAT THIS TONIGHT-

Bao buns have made their way to Cairo: Heliopolis’s Baogr has finally introduced the Asian street staple to the Egyptian palate. While their menu might look like a cuisine having an identity crisis, each item is a new delicious experience in the making. Foodies generally agree that bao buns came out of China’s Fujian province and are steamed to create a light, fluffy, and doughy pocket for whatever filling you decide on. You could order a classic bao (which resembles a baby taco) with shrimp, beef steak, duck, or the vegan option of mushrooms as well as a “baogr” which is basically a burger but with the addition of the special buns. We recommend the shrimp blast classic bao or the chick lick baogr and don’t forget to finish it off with a sweet bao with ice cream or banana and chocolate.

???? OUT AND ABOUT-

Art d'Égypte’s art display by the sea, EX, is kicking off tomorrow in Almaza Bay in North Coast. The exhibit will run until 22 August and feature dozens of local artists.

You’ve got today and tomorrow to catch the International Festival for Drums and Traditional Arts. Check out the full schedule and locations for each show here.

???? UNDER THE LAMPLIGHT-

If you feel a bit directionless in your career, this book is for you: Ashley Stahl’s You Turn focuses on ditching the Monday (or Sunday) blues and ending the endless autopilot mode you might feel like you’re in when you’re in a job that doesn’t challenge you. She changes up the definition of what a ‘perfect job’ looks like, arguing that it isn’t just one you’re passionate about, but also one that honors who you are. The career coach divulges a 11-step guide for people in the workforce to find self-discovery and success by looking at skills and interests while also mitigating your financial limitations. If you think it’s time to pivot into a different field and you’re not sure if you’re making the right decision, You Turn will help provide some clarity.

---

???? TOMORROW’S WEATHER- The mercury will hit 37°C in Cairo tomorrow before reaching 38°C on Saturday and Sunday, our favorite weather app forecasts. Nighttime weather will be in the range of 20-22°C.

Some good news on the global commodities boom as the CBE decides interest rates: As the central bank’s Monetary Policy Committee gets ready to announce its decision on interest rates later today, inflation in the time of a commodities boom continues to be the overarching theme in the domestic and foreign press. Keeping things interesting is news of fresh supplies of wheat hitting global markets and the possibility of oil prices finally tapering off from record highs.

More economists see no rate cut in Egypt as skyrocketing commodities hit home: All but a single economist out of 10 polled by Bloomberg are calling another hold on interest rates, as the commodities price boom hits everything from food to energy to key materials. Our own interest rate poll was unanimous that the CBE will hold on moving interest rates.

Where do interest rates currently stand: The overnight deposit rate is at 8.25% and the lending rate 9.25%, while the main operation and discount rates are at 8.75%.

Concerns are particularly high when it comes to food as we’re likely in the midst of an all-time high year for food prices, with droughts in South America tightening the supply of grains including corn and sugar, Bloomberg’s Mirette Magdy notes. The shortfall, in turn, raises the cost of livestock breeding. The cost of staple imports is also set to rise 17% to USD 1.72 tn, primarily due to soaring grain, vegetable oils and oil seeds prices, the UN’s Food and Agriculture Organization said in a report last week.

Egypt’s domestic inflation hit its highest point all year in May, driven by the spike in food and beverage costs. The annual headline rate accelerated to 4.8% in May, after having unexpectedly slowed to 4.1% in April and held steady at 4.5% in March from February.

Some good news on that front maybe? Farmers from the US to Russia are getting ready for a good Northern Hemisphere harvest amid spring rains in the Black Sea, the US plains, and the EU, fueling expectations for a looming surge in supply, according to Bloomberg. As the world’s largest wheat importer, this certainly helps us.

MORE GOOD NEWS- Are oil prices finally tapering off? The US Federal Reserve’s announcement this week that it could move to hike interest rates twice in 2023 nudged crude prices lower this morning as it propped up the USD and cooled down inflation expectations. A stronger USD and weaker inflation expectations usually dim investor appetite in crude oil, Saxo Bank’s Ole Hansen told Bloomberg.

Still, crude prices remain near record highs and the market is showing signs of strength as the pandemic abates, notes the business information service. Expensive freight rates, as oil has rallied strongly this year, have prompted state grain buyer GASC to amend the terms of international tenders to allow traders that aren’t registered with the Egyptian Company for Maritime Transport to submit shipping offers, according to a document seen by Reuters this week.

Look for an announcement late this afternoon on the CBE’s homepage.

E-Finance FV gets the regulatory sign off: State-owned e-payments firm e-Finance has gotten the approval of the Madbouly government’s IPO committee for the fair value of its shares, e-Finance chairman and managing director of e-Finance Ibrahim Sarhan tells us, declining to specify what the fair value figure is. The move will help pave the way for the company’s expected IPO this year, which would go a long way towards kickstarting the state privatization program.

So when will they IPO? Sarhan couldn’t give us a date as of yet. Sarhan had told the local press back in April that the company would IPO sometime during 2H2021. If true, that raises hopes that e-Finance would be among the four IPOs that EGX Chairman Mohamed Farid said would be taking place in the second half of the year.

E-Finance wants to use part of the proceeds to fund expansion in Africa, Sarhan confirmed to us. E-Finance partnered up with an unnamed international company on the expansion, and are currently studying how best to do that, Sarhan explained.

Advisors: Pharos and Renaissance Capital are managing e-Finance’s offering on the Egyptian Exchange, while Zaki Hashem is counsel. BDO is the independent financial advisor for preparing the fair value report.

CORRECTED ON 17 June 2021 — Sarhan had said back in April that the company will IPO in the second half of this year and not the second quarter as was initially noted.

Renewables leader Infinity is set to work with the government on setting up 6k electric vehicle charging points, across 3k charging stations nationwide over the next three years, Infinity said in a press release (pdf). The first phase of the project, which is the largest infrastructure push for EVs to date, aims to deploy some 2k charging points in 1k stations in Greater Cairo, Alexandria, and parts of Qalyubia, Infinity told Enterprise in an emailed statement.

Infinity will build, operate, and maintain the chargers, and will also provide maintenance and technical support to El Nasr Automotive during the testing phase of newly-imported EVs by the state-owned company, Infinity said.

Charging at Infinity’s docks will be provided at no cost until the Electricity Ministry finalizes a tariff structure, according to the release.

This comes as state-owned El Nasr Automotive is rolling out locally assembled models of China’s E70 EV cars, and is due to begin testing 13 of those cars it imported from China’s Dongfeng on Egypt’s road at the beginning of July, as part of efforts to kickstart the EVs industry. Testing the vehicles, which will be handled primarily by Uber drivers, will last for three months and is the opening salvo for a larger plan by El Nasr to begin local assembly.

El Nasr plans to have the first batch of 100 cars, which will cost between EGP 290k-400k each, ready by July-August 2022, Public Enterprises Minister Hisham Tawfik told the airwaves last night. The El Nasr plant will eventually assemble 25k EVs a year and is expected to need some EGP 500 mn to get off the ground, Tawfik previously said. The government previously said that, besides the three-year target to install 3k charging stations (which will hold 6k charging points), it will also look to establish electric vehicle parking and charging stations in shopping center garages and the Tahrir and Ramsis garages.

We have a more detailed breakdown on some of the funding agreements to come out of French finance minister Bruno Le Maire’s visit to Cairo this week. The International Cooperation Ministry had signed EUR 1.7 bn in financing agreements with French agencies and entities this week, according to a cabinet statement. These include an EUR 990 mn financing agreement with the French Development Agency (AFD) and a separate EUR 776 mn agreement with the French treasury that will both support key infrastructure projects throughout the country over the next four years.

Transport projects are receiving the bulk of the funds: A total EUR 1.37 bn from the package is going to transport projects. EUR 776 mn will be allocated towards Tunnel Authority purchases of 55 new trains for Cairo Metro Line 1. The Mansoura-Damietta railway rehabilitation project will be seeing EUR 95 mn in funding under the new agreement. While upgrades to the Abu Qir Metro will be financed through a EUR 250 mn allotment. Construction of the Robaki-10th of Ramadan-Belbeis railway line, and the Aswan-Toshka-Wadi Halfa line is also expected to get another EUR 250 mn.

Sewage treatment is also on the list of priorities: An EUR 52 mn agreement to construct a sewage treatment plant in Helwan, an EUR 68 mn allocation for a sewage treatment facility in East Alexandria and a EUR 50 mn allotment for a facility in Jabal Al Asfar.

And so is energy: The Finance Ministry is also set to receive the second tranche of a facility to enable the upgrade of its energy subsidy policies worth EUR 75 mn. The Electricity Ministry is looking at a EUR 50 mn facility to construct a regional electrical control center in Alexandria.

Separately, our universal health system will be seeing EUR 150 mn in support under a different agreement signed this week, while a project to construct a French university in Egypt will get EUR 12 mn in funding.

But wait. What about the rest of the EUR 3.8 bn French Finance Minister Bruno Le Maire signed? Le Maire had signed a second EUR 2 bn agreement with Transport Minister Kamel El Wazir to provide credit facilities to fund the development of the Cairo Metro Line 6.

Check out our exclusive two-part interview with Bruno Le Maire about the new universal healthcare system, renewables, urban development and Egypt’s post-pandemic role as a regional trade hub here and here.

EARNINGS WATCH- Sinai Cement saw its net losses widen to EGP 148 mn in 1Q2021, up from EGP 106 mn in 1Q2020, according to its quarterly financials (pdf). This came despite revenues rising 34% to over EGP 283 mn. Egypt’s cement industry is suffering from a drawn-out supply glut that continues to drive producers into the red.

MARKET NEWS- GlaxoSmithKline’s local arm has announced coupon payments of EGP 0.50 per share for FY2020 returns, it said in a filing to the EGX (pdf). Payouts come due on Wednesday, 7 July.

MARKET ROUNDUP-

The EGX30 fell 0.2% at today’s close on turnover of EGP 1.40 bn (9.1% above the 90-day average). Foreign investors were net sellers. The index is down 9.0% YTD.

In the green: Ezz Steel (+6.0%), Cleopatra Hospital (+4.5%), and AMOC (+3.1).

In the red: GB Auto (-1.8%), Heliopolis Housing (-1.7%) and Pioneers Holding (-1.7%).

There’s more to our love affair with Ikea than meets the eye: We’re no stranger to Ikea, with the stores’ winding interiors, flat-packed furniture, and of course their meatballs (or hot dogs, if you’re the resident 14-year-old). Ikea’s success was no accident, and the brilliance behind the brand lies in the tiny details that make up the entire Ikea shopping experience. But the important factor contributing to Ikea’s success may not be the variety and affordability of its products, but rather, the fact that we’re made to put them together ourselves, the BBC writes.

We’re under the spell of “the Ikea effect”: The term was coined in a 2011 journal article that posits that “labor leads to love,” which is exactly the subtle charm of Ikea products. The idea behind the Ikea effect is that people place higher value on things they helped to build or create. Add on that the brand’s tendency to give each product a name, and consumers began to view their material possessions as a friend that they worked to build. The Ikea effect was soon used to explain all sorts of product marketing successes or failures, and has managed to prove that convenience isn’t always everything.

But the idea predates Ikea: The notion that we value what we’ve put some work into more than what is ready made was popularised after psychologist Ernest Dichter was hired by Betty Crocker in the 1950s to improve the sales of their ready-made cake mixes. On Dichter’s recommendation, the recipe was amended to require the addition of an egg (a form of labor), after which the cake mixes’ popularity dramatically improved.

Ikea’s DIY ethos was actually born of necessity: When Ingvar Kamprad founded Ikea in 1943 as a mail-by-order store, furniture was seen as a luxury many people couldn’t afford. Kamprad came up with the ingenious idea of deconstructing furniture pieces and flatpacking them to reduce shipping and storage costs, according to the Wall Street Journal (watch, runtime: 05:50). The one drawback that ended up being one of Ikea’s biggest appeals: customers would have to assemble the pieces themselves, albeit with manuals and tools provided. Though the average consumer was not used to being put to work, the idea caught on, and people began to enjoy the process of putting together something that they could show off in their home.

The psychological explanation behind the Ikea effect: Humans have a need to feel competent, and even assembling a nightstand can boost our sense of self-efficacy, according to The Decision Lab. Another driver for the Ikea effect is a specific type of cognitive dissonance, known as effort justification. Effort justification describes how people like to see a goal reached after they did something they found difficult or taxing. When finished, that nightstand represents the physical fruits of our labor that we mentally associate with our sense of accomplishment. And while this isn’t always the case, it can often be quite fun to assemble a piece of furniture, adding another layer of happy memories to the aforementioned nightstand.

Making end-consumers do more work, and end up happier for it, is probably every marketer’s dream: The concept is reflected in the popularity of everything from DIY meal kits to the enduring popularity of Lego.

But there’s a limit to how far the effect can go: Failing to properly build the furniture items or to complete the set task can lead to frustration, and perhaps more alienation from the brand.

In the 2011 paper that popularized the Ikea Effect term, the authors observed — in an experiment designed to test the effect — that participants who spent too much time completing their task (in this case, making an origami paper crane) valued it less, and were less willing to pay for it in a mock auction. Designing items that present just the right amount of challenge that can be overcome may be the key to making us love them forever.

14-17 June (Monday-Thursday): The EFG Hermes and Saudi Exchange Virtual Investor Conference.

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: The Cairo International Book Fair, Egypt International Exhibition Center.

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.