Tuesday, 13 April 2021

EnterprisePM— It’s official: Cleopatra Hospitals wants Alex Medical



Good afternoon, everyone. We hope the first day of Ramadan has treated you well. We’re deep in the arms of the customary Ramadan news slowdown — and likely will be for a couple more days. Look for the pace of news to pick up next week.

THE BIG STORY TODAY- Cleopatra Hospitals has confirmed it is throwing its hat in the ring for a stake in Alex Medical. We have the full story in this afternoon’s Speed Round, below.

You might be able to hear the OG iftar cannon this evening when it fires at the Salah El Din Citadel for the first time in almost 30 years, the Tourism Ministry said in a statement. There are a handful of plausible origin stories for the recently restored cannon. One has it that the tradition of a Ramadan cannon dates back to the era of Mamluk Sultan Khushqadam who, while testing out his new cannon, unintentionally fired it at the same time as the call to maghrib prayers. Ramadan observers took it as a signal that the Sultan was reminding them about Iftar and went on to thank him afterwards. Pleased with the feedback, the Sultan got a little trigger happy and began firing off the cannon every sunset, leading to a new tradition.

So, when do we eat? Iftar tonight is at 6:21pm CLT. You’ll have until 3:59am CLT to hoover down sohour (which would be coffee, for us here at Enterprise).

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

THE BIG STORY ABROAD: US health agencies are calling for a pause on the rollout of Johnson & Johnson’s much-cheered single-shot vaccine, saying their recommendation comes after reports that the jab causes “rare and severe blood clots” in women, the Financial Times reports. The Wall Street Journal, Reuters and the Associated Press have also given the story top billing on their homepages this afternoon. also has the news.

How big is the risk? Pretty small from where we’re sitting. There are six reports of women with clots from among the 7 mn doses given (in total, to men and women) in the United States. Those same women, if on birth control pills, have an even higher risk: The US Food and Drug Administration “estimates that the risk of birth control users developing a serious blood clot is three to nine women out of 10,000, every year.”

Haven’t we heard this story before? AstraZeneca’s jab has faced similar charges, with a rate of 166 reported clots in 37 mn doses administered — meaning you have about a 3x greater chance of getting a clot after taking AstraZeneca than you do of being hit by lightning the next time you’re allow to go to Europe for vacation.

Also making headlines abroad:

  • Europe could impose mandatory vaccination after the European Court of Human Rights ruled that obligatory vaccinations are “necessary,” backing the Czech Republic’s requirement for mandatory pre-school vaccination, Deutsche Welle reported.
  • BTC has hit an all-time high of USD 63k just one day before Coinbase goes public through a direct listing that could see the crypto exchange valued at as much as USD 100 bn.
  • Countries are up in arms over Japan wanting to dump wastewater from its Fukushima nuclear plant in the ocean, with South Korea, China and environmentalist groups expressing their concern on the impact on the local fishing ecosystem and international public health. (Reuters)
  • Hyundai Motor's execs are under investigation for insider trading after South Korea's financial watchdog launched a probe over allegations that the officials had received undisclosed information related to the company’s potential cooperation with Apple on a self-driving vehicle project, the Financial Times reports.

???? CIRCLE YOUR CALENDAR- “Summer hours” will come into effect for retail stores and restaurants as of this Saturday, 17 April. This means retail shops can close at 11 pm (instead of 10 pm during the winter), while cafes and restaurants can stay open until 1 am (instead of midnight currently). We have more details on the winter vs. summer hours here.


Meet the Egyptian truck diver being hailed as a hero for ramming a murder suspect’s vehicle in Riverside County, California, allowing the cops to get their guy. Ahmed Shaaban is so OG Egyptian that he shows up on Fox (forgive him for that, please) wearing an “Egyptian Dad” T-shirt in the form of a nutrition label. Watch the interview (runtime: 3:34) including footage of the crash) or read more here.

You may now stop cleaning all the things. Remember those Atlantic pieces we told you about last year and last month? The ones talking about how the constant washing of hands (and groceries and everything else in your life) to ward off covid was … useless theater? Well, the US Centers for Disease Control now concurs, acknowledging what scientists have been saying for months: “The risk of catching the coronavirus from surfaces is low.” The New York Times (hardly a cheerleader for throwing caution to the wind) goes so far as to quote an expert on airborne viruses as saying, “There’s really no evidence that anyone has ever gotten Covid-19 by touching a contaminated surface.

Sign #621 of the End Times- We just broke the spine (metaphorically) on Civilized to Death: The price of progress, a rare exercise by a public intellectual that reads like a page turner without — but stops well short of the lunatic fringe. So far, Christopher Ryan is convincingly setting up an argument that progress “has perverted the way we live: how we eat, learn, feel, mate, parent, communicate, work, and die.” Check it out on Amazon, or go listen to his interview with Paul Saladino, the MD who deploys a pretty deep command of biochemistry to advocate for an animal-based diet (trigger warning for some of y’all, we know, but the interview is on point).

Sign #622 of the End Times- AI is being used to teach empathy to humans working at call centers by monitoring the words, tone and pitch of customer calls, writes the Financial Times. Using tools such as Cogito, when AI detects the customer starting to sound irritated or upset, it will send an “empathy cue” that reminds the worker to think about how the customer is feeling and try to relate. The antidote to bad customer service, the FT’s Sarah O’Connor argues? “If you want people to act like humans, try treating them that way.”

Building a software business? You need to meet Joel Spolsky. Before 37Signals became Basecamp, before the jocks decided they wanted to become nerds, there was Spolsky: A New York-based coder whose entrepreneurial bent gave birth to Trello and Stack Overflow / StackExchange, among other products. His blog, simply titled Joel on Software, is relatively dormant now, but the wisdom he cranked out in 1,114 articles (to say nothing of his excellent column for Inc) makes it a must read if you’re an entrepreneur at heart — no matter what sort of business you’re building.

We know we’re late to this party, but are any of you as bummed as we were to discover that Jerry’s apartment hallway can’t exist? Esquire has the story.


As the Oscars grow nearer, check out Promising Young Woman, which picked up five nominations. The revenge thriller follows a young woman who decides to set up situations where she can find and call out [redacted] assaulters. Plagued by a traumatizing past, 29-year-old Cassie Thomas decides to become predator instead of prey in a film that explores all the players in [redacted] cases and how even friends and family can be complicit. The Hollywood Reporter says the film “refuses to let anyone off the hook.” Promising Young Woman is a contender for best picture, best film editing, and best original screenplay, while Emerald Fennell is up for best director and Carey Mulligan is up for best actress. You can watch the film on Amazon Prime or Apple TV.

We’ve got two Champions League matches for you tonight at 9pm: Paris Saint-Germain is up against Bayern Munich, while Chelsea will be playing against Porto.


What to bring to your 3ezooma tonight: Nola has gone above and beyond with their Ramadan treats this year and we don’t know where to begin. Their sweet offerings are mostly classic desserts including kunafa, roz bel laban and mahalabiya with a modern twist. We’re eyeing their konafa Lotus cake, om ali crème brûlée, kunafa Nutella nut bomb, and Cadbury biscuit tart. They’ve also got roz bel laban mi3amar, an odret ader cake, an oriental plate of atayef and bala7 el sham. If you’re headed to a gathering with kids and you want to be the hero of the 3ezooma, check out their Ramadan DIY kit box, with empty kunafa bites that come with piping bags of Lotus and Nutella, as well as some cute arts and crafts including a wood fanoos.

We sat down with Laila and Adel Sedky from Nola on our podcast Making It last year ahead of Ramadan and the duo gave us the rundown of how much time and effort it takes to perfect the perfect Ramadan desserts (listen, runtime: 38:51).

Also: We still maintain that all of Egypt owes a debt of gratitude to our friend Youssef “Abu Kunafa” Kamal, now at Arqaam, whose family we credit for having been the first to ever make kunafa Nutella.


There’s not much happening on the first day of Ramadan — a day best spent with family and friends.


Ramadan Recipes: From Our Holiday Table to Yours is one of the few English language cookbooks revolving around the holy month. Written by Samantha Sanchez, the book features dishes from Morocco, Pakistan, Afghanistan, Turkey, Albania, Uzbekistan, and Egypt. It’s interesting to see the flavors and recipes Muslim cultures around the world have come up with to celebrate Ramadan, and its a cheap read that promises to spice up your Iftar table with new culinary surprises.

Or stay closer to home with Samia Abdennour’s Egyptian Cooking from the AUC Press, first published in 1984 and a “a must-have cookbook for anyone who wants to eat as the Egyptians do.”

???? TOMORROW’S WEATHER- Expect daytime highs of 29°C and nighttime lows of 14°C before the weather gets hotter (and potentially more dusty) in the coming days, our favorite weather app tells us.


It’s official: CHG wants Alex Medical

Cleopatra Hospitals has confirmed it’s in the race for a stake in Alex Medical: EGX-listed Cleopatra Hospitals Group (CHG) has submitted a non-binding letter of intent to acquire Abu Dhabi Commercial Bank’s (ADCB) 51.5% stake in Alexandria Medical Services, it said in a regulatory filing (pdf) this morning. CHG submitted the letter to CI Capital, Alex Medical’s advisor, and is currently negotiating terms. The announcement confirms a press report earlier this week that CHG is the latest to show interest in acquiring a majority stake in the healthcare provider.

Who else is in the running? A consortium of Speed Medical, Saudi’s Tawasol Holdings (already a 26% shareholder in Alex Medical), and Sharif El Akhdar’s LimeVest has already made an offer this week. A rival group including Mabaret Al Asafra and investment firm Tana Africa Capital is interested.

How much could the transaction be worth? An offer on the table from the Mabaret Al Asafra / Tana consortium values Alex Medical — which operates the Alexandria New Medical Center large hospital building — at nearly EGP 650 mn, Al Mal reported, citing unnamed sources.

Advisors: EFG Hermes is acting as CHG’s financial advisor, while Arqaam Capital is advising the Mabaret Al Asafra-Tana consortium. Zilla Capital is advising Mabaret Al Asafra’s shareholders. Prime Capital is advising the Tawasol-Speed Medical consortium. CI Capital is sell-side advisor.


Take your pick of 54 new hotels in Egypt

We currently have 54 new hotels in development across Egypt, which will add a combined 16k new rooms by 2023, according to Top Hotels News’ database. The busy hotel development pipeline is concentrated mostly in Cairo, Sharm El Sheikh, and Hurghada. Cairo has 12 hotels currently under development, while the beachside tourism towns of Sharm El Sheikh and Hurghada promise bigger and more leisure-focused resorts. Of the 54 properties, 30 are expected to be in the luxury five-star segment while the remaining 24 will fall into the four-star category.

This year alone should see 14 new properties open their doors, with four already in the pre-opening phase. Hilton Secon Nile Tower is one of the hotels slated to launch soon, with its doors reportedly opening by mid-2021. Another 12 hotels — with a combined 3,990 rooms — are expected to open their doors in 2022, while 14 properties (3,816 rooms) are set to open in 2023.

The hotel additions come as Egypt’s tourism industry is clawing its way back to a recovery: Hotel occupancy rates have been going up in the past few months, averaging between 40-45% in 1Q2021 and are expected to pick up further this year as vaccine rollouts continue. The industry is expected to reach pre-pandemic levels by 2022 as the appeal of open air resorts and the new Grand Egyptian Museum contribute to a faster recovery, Tourism Minister Khaled El Anany had previously said. Bank of America echoed the expected recovery date, adding that revenues in Egypt’s tourism sector could hit USD 7 bn next year.

As we reported this morning: Tourism revenues slowly mounting a comeback, with total receipts rising almost 25% in the three months ending 31 December compared with the USD 801 mn taken in in the first quarter of the state’s fiscal year. Still, total tourism revenues remain far below pre-pandemic levels, clocking in at USD 987 mn during the three months to 31 December 2020, less than a third of the USD 3.1 bn taken in 2Q2019-2020.


Meet our analyst of the week: Misr Capital’s Ahmed Adel

OUR ANALYST OF THE WEEK- Ahmed Adel, head of buy-side research at Misr Capital (Linkedin).

My name is Ahmed Adel and even though I started my career on the sell-side, I’ve shifted to buy-side — a move I’ve been trying to do for a while now after having more than 12 years of experience in equity research. I started my career at Naeem Holding, where I met my first mentor, Micheal Miller, who is now an investor manager at Martin Curry. I then moved to HC Securities and then Beltone Financial for five years. During my career in sell-side, I covered telecoms, healthcare, and consumers in the MENA region.

I decided to move to buy-side because I wanted to be able to make decisions for my entity. I had a rich experience in sell-side and I had the privilege of seeing a lot of transactions, but I felt that I could do more than giving recommendations and waiting to see if clients would go for my calls. Buy-side is where you take the decisions while also getting the chance to cover all sectors. I try to always be selective and comprehensive while utilizing my analytic background to come up with stock selections.

The best part of my job is always seeking investment alpha. I also enjoy the depth of analysis and fundamentals. I love numbers in general and modeling is a great way to put that love into my work.

Meanwhile, the best part of my career was being the lead sell-side analyst for two IPOs in the market: MM Group and Ibn Sina Pharma.

The worst part of my job is always having to be connected. It’s very hard to make plans and stick to them because anything can pop up suddenly and you have to drop everything to manage it.

The pandemic didn’t affect our workflow much and I attribute that to the proactive team I work with. When you have a strong team, nothing will stop them from doing their work whether it's from home, from the office, or under attack — that last one might be a stretch [laughs].

At Misr Capital we’ve been putting a lot of emphasis on environmental, social and governance (ESG) factors when deciding on viable investments. We use it in our valuations and scoring for companies and management has been very receptive to this change in thinking and developing. I think in Egypt in general we need to focus on the governance aspect in the near term by having independent board members and more female representation on boards. I see the country improving on the ESG fronts in the next 2-3 years as Egypt’s authorities have been supportive of the move and continue to encourage it immensely.

As a father of two daughters and a brother to many sisters, I hope more focus on ESG can make the country a better place for women. I’ve seen through my family and female colleagues the challenges that face women at work and in life, and it’s important moving forward to have them well-represented and empowered on boards and in business in general.

My theory of investment is viva fundamentals. I’m a big fan of Seth Klarman’s saying, “We don't have an analytical advantage, we just look in the right place.” Everyone has access to the same financials, but it's about looking in the right places and sifting through the available information to find what’s important to you.

The most important thing I look at in the company is an adaptable vision and quality. The world is changing technologically and economically and firms need to be able to be flexible to it and find ways to capitalize on it while maintaining a certain quality in operations and management. During covid for example, firms had to find digital methods to offer a service or fill in gaps in their business cycle and this helped them find real value for the future.

I think the fresh blood we’ll potentially see this year in Egypt’s capital markets bodes well for 2021. I also think we have a solid outlook on the macro front thanks to the government's reforms and the expected return in tourism. I think the royal mummies parade really added to the latter of those and I’m personally very proud of what I saw.

What I think the market needs going forward is more sector representation and better disclosures — of course alongside the planned IPOs to go through.

Watching movies is a kind of meditation for me and I like to see films from different cultures and locations as opposed to always sticking to Hollywood. The last great things I watched are an Indian movie called The White Tiger, Turkish movie Paper Lives, and a German series called Bad Banks. Other than those, my guilty pleasure is to watch cooking shows with my wife. We particularly enjoy Kitchen Wars — Manu habiby —and Hell’s Kitchen.

In my freetime, I like to spend time with my daughters, wife, and parents. I’m very family oriented. With my daughters, Linda and Nelly, I like to introduce them to old games such as ‘Basra’ and Ludo and see how they react to it. At three and five years old, they’re usually into it for a while, but soon opt to go back to their more modern games. When I can, I also like to take them on trips and try to see the world from their eyes.

The biggest thing the pandemic has taught me is to appreciate our life and our health. Unfortunately, I think it’s true that you only appreciate something when you don’t have it anymore. I really missed going to the office for example, something I thought wouldn’t ever happen.

The EGX30 fell 1.4% at today’s close on turnover of EGP 995 mn (27.3% above the 90-day average). Foreign investors were net sellers. The index is down 5.0% YTD.

In the green: AMOC (+15.1%), Fawry (+0.8%) and Credit Agricole (+0.3%).

In the red: ElSewedy Electric (-7.3%), Heliopolis Housing (-4.4%) and Ibnsina Pharma (-4.1%).


Future EM growth will be driven by tech adoption, not exports

Tech adoption will be the biggest driver of future EM growth in a deglobalizing world: As more economies move towards sourcing products locally — a trend that has accelerated with trade protectionism, followed by the interruption of global supply chains during by covid-19 — global growth is at risk of a serious slowdown, nowhere more so than in export-dependent emerging economies. But amid rising post-pandemic debts for EMs, digitization presents a sliver of hope for developing economies to catch up with their developed peers, with tech presenting a wealth of growth potential in various sectors, writes Morgan Stanley Investment Management’s chief global strategist Ruchir Sharma for the Financial Times.

Unlike oversaturated developed economies, the tech space is still developing in many EMs: The 26% annual digital revenue growth in EMs since 2017 has outpaced developed economies’ 11%, and 16 of the top 30 nations based on revenue from digital services are emerging market economies. This means more people in developing economies are starting tech-focused businesses, or finding a way to use digital tools to enhance their existing ones. More than 10k tech firms have been launched in EMs since 2014, with nearly half of those outside China.

China is a prime example of how far a tech boost can go: While much of China’s economic growth since the 1970s was driven by a conventional boost in industrial productivity sustained by high demand for cheap Chinese imports that made China the world’s largest export economy as of 2014, China’s digital economy grew three times as much as its traditional manufacturing economy in 2019, accounting for 36% of GDP. This was driven both by technology facilitating a reduction in manufacturing and operations costs in traditional industries, as well as the emergence of highly profitable fintech and e-commerce ventures supported by digital adoption.

Poor infrastructure and services in some EMs could be fueling the accelerated transformation, as citizens look to banking, post, and education and healthcare apps to plug a gap left by ineffective state institutions. Governments themselves have been keen to adopt digital tools and move some of their services online, as a way to cut down on costs and reduce potential corruption, which has long been a detriment to the process of doing business in EMs.

And growing internet penetration will be key to ensuring this growth is sustained: A 2017 study forecast that the next 1 bn internet users expected to come online by 2021 worldwide would come from 11 EM economies, including Mexico, Brazil, India, and Egypt, thanks to improvements in cellular data infrastructure and falling costs of connectivity.

How is the digital transformation helping EM entrepreneurs? Among other benefits, the digital transformation will grow consumer markets, open up new avenues for MSME financing, and cut down on the cost of starting a business — which in emerging economies has already fallen from 66% of annual average income to just 27% over the past decade. In contrast, the cost of opening up a business in the developed world has not significantly dropped over this time period, possibly explaining why digital ventures have taken hold in EMs.

Egypt is no different, with various stripes of tech ventures seeing their heyday: The local fintech and e-commerce industries have boomed over the past year, helped along by covid-19. The number of mobile wallets in Egypt jumped at least 17% to 14.4 mn between March and October last year, while digital banking is also on the rise. This is all being supported by the government’s far-reaching digitization and financial inclusion strategy, which has seen it launch digital government services and a unified tax e-invoicing system, among others.


Is poor time management really why we procrastinate? Traditional thinking still touted by university counseling centers around the world is that procrastination is a problem with time management, but new research suggests at its core, procrastination is the result of an emotional response, Mark Johanson writes for the BBC.

Making mountains out of molehills: The habit of letting tiny tasks take up an abnormally large space in our minds is the result of doubt, insecurity, fear, or feelings of incompetence, experts suggest. The process feeds on itself through the neural response known as the Amygdala Hijack, an overwhelming emotional response that is out of proportion with the stimulus that caused it, and can be triggered when we think of our outstanding tasks. This, of course, is counterproductive, as worrying about your own procrastination drains your cognitive abilities and reduces your problem solving capacities.

Procrastination is a misguided emotional regulation strategy: While it might bring short-term relief from an otherwise mundane or unpleasant task, people who procrastinate often feel guilty and more stressed after the fact, Christian Jarret writes for BBC. People who chronically procrastinate generally suffer from higher levels of psychological inflexibility, higher levels of stress, poor sleep patterns and worse job prospects. Procrastination is also linked to depression and anxiety, and can undermine personal relationships.

So how do you tackle your neverending to do list? First, practice self-compassion towards the emotional response, and reframe your mindset towards the task, experts suggest. Another suggestion is to jump straight into the task without giving it too much consideration, knowing that the serotonin boost you’re likely to get from that sense of accomplishment can keep you going. Fitting smaller tasks into the framework of a bigger task, like tidying the living room while the pasta cooks, can also help create the illusion that no extra time was lost on the unpleasant task.


A statue by Mahmoud Mokhtar, dubbed Ibn El Balad (Son of the Nation), was sold for GBP 189k (approx. EGP 4 mn) by UK auction house Sotheby's in its "20th Century Art / Middle East" auction, compared to its estimated value of GBP 90k-1110k, according to the auction results. The bronze property was owned by the heirs of the “illustrious collector and renaissance man,” Hafez Afifi Pasha.


April: The government’s fuel pricing committee is scheduled to meet for its quarterly review of prices.

April: EBRD president Odile Renaud-Basso expected to visit Egypt.

13 April (Tuesday): First day of Ramadan.

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): Coptic 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).

7-9 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.

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

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.

30 June- 15 July: National Book Fair.

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

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.

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 54th session of 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.

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

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