Tuesday, 23 February 2021

EnterprisePM — Project “bring Damietta LNG back to life” to fully ratchet up next month



You made it over the hump. Congratulations, and enjoy another light news day.

THE BIG GLOBAL STORY- Did Bitcoin’s latest bubble just burst? Bitcoin suffered its biggest single-day drop yesterday, falling as much as 17% to hit its lowest since mid-February. The value of BTC tumbled for a second day yesterday in a breathtaking plunge that has seen it fall 22% from its then-record high of USD 58.3k to as low as USD 45.3k this morning as scepticism grows over the cryptocurrency’s lofty valuation.

What’s driving the sell-off? The decline seemed to accelerate as US Treasury Secretary Janet Yellen described BTC as a “highly speculative asset” that is extremely inefficient for transactions, and stressed that the energy consumed in processing such transactions is just “staggering.” It also comes days after Elon Musk tweeted that the cryptocurrency may be overvalued, with Bitcoin since then reversing course. Musk lost USD 15.2 bn of his net worth in a single day after Tesla’s shares sank 8.6% — its biggest decline since September, Bloomberg reports.

The Bitcoin bubble: Bitcoin has almost doubled in value since the start of the year, and was up a stunning 75% in February alone at its peak on Sunday. The asset has climbed to new record highs as it gains legitimacy among institutional players and companies such as Tesla indicated plans to begin accepting it as payment.

Is the mania ending? But Market watchers are split over whether the latest dip marks the end of the Bitcoin bubble. “The kinds of rallies we’ve been seeing aren’t sustainable and just invite pullbacks like this,” Craig Erlam, senior market analyst at OANDA, told Reuters, while James Quinn, managing director at Chinese digital asset platform Q9 Capital, told the newswire that the selling activity was “perfectly healthy and normal.”

MANDATORY COVID STORY OF THE DAY- Kuwait goes into full lockdown: Kuwait will shut down its land and sea border crossings, starting Wednesday until 20 March, the Kuwaiti cabinet said in a statement today. This will exclude shipping and people employed in the KSA-Kuwait neutral zone. Restaurants and cafes would only open for delivery and take away services until further notice.


The Egypt International Art Fair is back for its second edition, kicking off from 26-28 February (Friday to Sunday) at Dusit Thani Hotel in New Cairo (Google Maps). For a peek at the artists participating (and their amazing creations), take a scroll through their Facebook page. You can request an invitation using this link.

The Afro Future Summit is coming up this Friday and you can purchase tickets for the event here.


Zuckerberg stared down Australia, and won: Australians can now get their daily fix of Facebook curated news after Facebook agreed to restore news to Australian feeds “in the coming days.” It’s decision follows an agreement with the government that will allow Facebook to retain the ability to decide if news appears on the platform as well as support the publishers it chooses. The dispute had centered around an initial version of legislation that would have allowed media outlets to bargain either individually or collectively with Facebook — and to enter binding arbitration if the parties couldn't reach an agreement. After negotiations the government has amended the proposed media law to make arbitration a "last resort".

Since last Thursday, Aussies have been unable to access or share any news stories on their Facebook including important covid-19 updates and other essential information, leading to people questioning The Zucks’ ethics versus business priorities. CNN, BBC, and CNBC have the story.

The man behind a lot of Saudi Arabia’s oil goliath status, passed away at age 90 today: Ahmed Zaki Yamani served as KSA’s energy minister for 24 years making him the longest-serving oil minister in OPEC. Yamani led Saudi through the 1973 oil crisis and the nationalisation of its state energy company, and was instrumental in making OPEC the final arbiter of global oil prices. Fun fact: he was among the 11 OPEC ministers taken hostage in Vienna by the Venezuelan terrorist Carlos the Jackal. “To the global oil industry, to politicians and senior civil servants, to journalists and to the world at large, Yamani became the representative, and indeed the symbol, of the new age of oil,” author Daniel Yergin wrote in his seminal book on the oil industry “The Prize,” which we highly recommend. The Associated Press and Bloomberg have picked up the story.


A documentary following the largest art fraud in American history is out on Netflix today. Made You Look: A True Story About Fake Art (imdb) tells the story of how one of the most respected art galleries in New York City became the center of an art scandal after its prestigious clients discovered they had purchased fakes. The gallery had been involved in selling forged paintings of celebrated Abstract Expressionists such as Mark Rothko, Jackson Pollock and Robert Motherwell — with the paintings also finding their way into the greatest museums in the world. The doc talks to the gallery president, the clients, and other key players in the scandal.

Still not convinced? Check out these reviews by POV Magazine and Original Cin. The documentary is also set to be adapted into a feature film.

Egypt’s sole Egypt Cup match is already playing, with Misr Lel Makkasa and Ashmoun on the field, with the score currently standing at 2-0 in favor of Misr Lel Makkasa.

Meanwhile, the CAF Champions League is on today and Al Ahly just hit the field in a match against Tanzania’s Simba while El Zamalek will play against Senegal’s Teungueth at 6pm CLT.

Speaking of Egyptian football, a ban on signing foreign goalkeepers across all domestic leagues has been extended by the Egyptian Football Association in efforts to develop home-grown goalkeeping talent, writes Goal. The ban has been in place for over a decade since the 2009-10 football season.

Leeds and Southampton will face off tonight at 8pm CLT in the English Premier League while the Champions League will see Atletico Madrid play against Chelsea and Lazio play against Bayern, both at 10pm CLT.


Still craving American to satisfy the winter munchies? Oh Betty’s Diner has all the mouthwatering burgers, hotdogs, and sauce-covered main dishes you could ever wish for at The White by The Waterway. They also serve heaping plates of breakfast from pancakes to omelettes and poached eggs. We recommend their spicy cheesy hotdog and their pulled beef and gravy sandwich. Most importantly, make sure to save room for dessert (or even start with it). Check out this detailed review by Cairo West Magazine.

They’ve also set up a drive thru window at The Drive by The Waterway — which we think is a fantastic new place to hang out. The Drive is somewhat covid-19 friendly with most restaurants giving you the option of a drive thru. Even if you’re not that hungry, the aesthetic of the project is sure to make your day, with the restaurants constructed using colorful shipping containers covered with creative graffiti.


A session on “Building Mental Resilience” is taking place at KMT House today at 6pm CLT. The aim of the session is to understand how the brain functions and structure to learn how to control your thoughts and lead from an empowered mindset.

In the mood for poetry? The AUC Center for Translation Studies is looking at Sayyed Darwish in a virtual session for translating Egyptian colloquial poetry today at 7pm CLT. Mai Serhan, an Oxford University creative writing graduate, will be leading the session.

Sheikh Zayed’s Arkan is hosting Bazarna Home on 26-27 February (Friday-Saturday), a homegoods bazaar filled with goodies for everything from your kitchen to your garden.


So, covid isn’t scary enough for you? Try picking up the late, great Michael Crichton’s Andromeda Strain for your midnight read. If you find yourself frequenting the bathroom more and wearing your mask indoors afterwards, we invite you to advocate making this required reading at school. You can listen to it on audible here or for free, courtesy of Youtube here (runtime: 8:13:42).

???? TOMORROW’S WEATHER- We’re back to sunny days tomorrow but expect some wind, with daytime highs of 22℃ and lows of 11℃ with gusts of wind travelling a weekly high of 31km/hr. Anyone in New Cairo right now may be in for a long commute, as we’re seeing a massive deluge there.


Project “bring Damietta LNG back to life” to fully ratchet up on 15 March

EXCLUSIVE- Dispute that put Damietta LNG in a coma to end next month: It seems possible that the plant will be making regular scheduled shipments starting from next month, as a final agreement to establish a new ownership structure for the Damietta LNG plant is due to be finalized on 15 March, Oil Ministry spokesperson Hamdy Abdel Aziz tells us. The move would put the final nail in the coffin of a dispute that has delayed operations at the plant for eight years. The plant was brought back to life recently, a few months after operator Eni reached an agreement with the government and Spain’s Naturgy.This will see Naturgy exit Union Fenosa Gas (UFG) — a 50/50 JV with Eni that owns 80% of the facility. The first shipment left earlier this week to Bangladesh carrying 60k tonnes of LNG on a carrier bearing the flag of the Marshall Islands, cabinet said on Sunday.

Who will own what? Eni will get 50% of the plant, state-owned EGAS will hold 40%, and EGPC the remaining 10%. Eni will also take over the contract for the purchase of natural gas for the plant and will receive corresponding liquefaction rights, a statement from Eni in December said.

The dispute’s origins: UFG filed a case against Egypt at the World Bank’s International Centre for Settlement of Investment Disputes for disruption to gas flows to the liquefaction plant. The arbitrator decided the government should pay USD 2 bn in settlements to the foreign JV.

Damietta LNG plant to make its next shipment next week: Damietta will run a series of trial shipments to test the health of the facility, with the next shipment expected to leave our ports and make its way, likely to Europe, Aziz told us, confirming reports in the local press today. He did not reveal just how much gas will be shipped out.


EgyptAir grounds four Boeing 777s in response to engine failure

EgyptAir has grounded four Boeing 777-200 planes using the same engine as the one which broke apart after take-off from Denver on Saturday. Boeing on Sunday recommended that airlines ground 777 planes using the Pratt & Whitney 4000-112 engines while it investigates the cause of the incident, leading the Civil Aviation Ministry to announce (pdf) last night that all of its planes equipped with the engine will remain out of action until further notice. The four affected planes were stored and out of use prior to the incident, Roshdy Zakaria, chairman and CEO of EgyptAir Holding Company, told Kelma Akhira’s Lamees El Hadidi last night (watch, runtime: 3:15).

The inciting incident: Dozens of Boeing 777 jets have been grounded worldwide after an engine failure on Saturday’s United Airlines Flight 328 from Denver to Honolulu resulted in an emergency landing. Boeing has said that there are 128 planes equipped with the same type of engine around the world, and recommended that operators suspend their use until the US aviation agency “identifies the appropriate inspection protocol.”

Egypt is the only country in the MENA region to use this type of engine, according to Bloomberg data. Japan, the US and the UK have all banned the use of the aircraft while South Korea has ordered that all engines on 777 jets are inspected.

What’s the current prognosis? Preliminary findings show that a damaged fan blade was the cause of the incident, suggesting that the engine exhibited signs of metal fatigue, the US National Transportation Safety Board said yesterday.


Meet our analyst of the week: Sigma Capital’s AbouBakr Emam

OUR ANALYST OF THE WEEK- AbouBakr Emam, head of equity research at Sigma Capital (Linkedin).

I’m AbouBakr Emam, the head of equity research at Sigma Capital and I focus on financial services in Egypt. I studied economics and political science at Cairo University and also hold a CFA. I began my career in banking at CIB and the National Bank of Abu Dhabi in Egypt and then moved to Cairo Capital where I shifted to asset management and also got the chance to work in buy side research, portfolio management, and private equity.

After working on the buy side, I decided to take a risk and move to the sell side. While on the buy side, often I would get reports where I wouldn’t find what I need or want and I thought that I could do something different to make sell side research more beneficial. My goal was to transfer the mentality of buy side in the frame of sell side offerings. I moved to Prime Holdings and became the head of sell side research and two years later in 2018, I landed my current position at Sigma Capital.

At Sigma Capital we’re trying to offer new and innovative products to our clients. We introduced quantitative analysis for the first time in Egypt through reports such as Sigma’s 2021 Strategy. We also launched a specialized platform where asset managers can analyze the risk profile of their portfolio, optimize it, or even construct it from scratch using a multi-risk factor model.

Foreign markets are looking at investments differently, and Egypt needs to catch up. For example, we’ve started giving recommendations based on both the performance of the stocks as well as their corresponding commodities.

Another thing done differently abroad is that people tend to buy growth stories and not just rely on price performance. We did this with Fawry when investors were discouraged that the stock was at EGP 18, but we looked at their fundamentals and their clients took a long position.

Some habits are already changing. Investors, especially foreigners, had a tendency of selling off stocks based on any bad news — even if it wasn’t directly related to the EGX. Institutional investors would follow, leading to red weeks or even months. Recently, however, as retail investors dominated the market, we’ve seen instances where listed companies reported bad news but their shares continued to rise.

My theory of investing is to have a diversified portfolio. There should be a core portfolio dedicated to long-term investments and one positioned in the bank risk-free. Then there’s one in active trading, sometimes in high-risk stocks and sometimes in less risky options based on the timing. And now is a good time for active trading in high-risk stocks due to the volatility of the market and the potential for high yields.

One silver-lining to the covid-19 pandemic is that when stock prices fell, they became more affordable and accessible, leading to an inflow of new customers. Existing clients also became more involved in active trading and it led to a recovery.

I do think 2021 could be the year of Egypt as the stock market emerges as an attractive channel for saving and investment. This has been further fueled by banks’ interest rates going down, making it harder to achieve substantial yields. Other safe haven assets Egyptians would usually run to have also become unreliable. Gold prices have risen, the USD is volatile and doesn’t produce high yields, while real estate has gotten extremely expensive and its resale is difficult. Meanwhile, the stock market offers options for many high-risk, high-yield situations for the risk-takers or a defensive investment for the risk-adverse.

Once the state privatization program takes off, I only expect the stock market to become more attractive and possibly activate new mechanisms such as the secondary bond market, short selling, and the derivatives market.

When recommending a stock, I like to look at the client and assess their targets and their risk profile. Based on that, I recommend one of two styles: either top down or bottom up. This year, we’re mostly recommending a bottom up style of investment.

Even before the pandemic, travel was down as there weren’t new IPOs or options to present to foreign investors. Now travel is at a standstill and everything is on Zoom, which I’m not a fan of at all. I like being face-to-face with people during meetings as it helps me better read them and offer them better propositions. However, I do think that once life returns to normal, the roadshow will emerge once again, but less so than before. A lot of people realized that Zoom allows them to run their business with less cost and they might not go back to the office.

The best thing about my work is that it challenges your way of thinking and forces you to come up with new rationales everyday. It’s not about whether you are right or wrong, but whether your thought process was correct or not. Everyday is different at my job and I don’t feel a sense of routine.

The worst part of my job is that I have to satisfy a large number of clients with different needs and mentalities. You could work very hard on something, but it doesn’t suit everyone and not everyone will get convinced.

If I had to switch to another industry, I would definitely go for private equity. I like the process of searching for a hidden value in a company. If you do find it, then you take on the task of restructuring the company to achieve this value.

I love to study regularly to stay familiar with new theories and methods in my field. The best thing I read recently is Paul Wilmott Introduces Quantitative Finance. I even contacted the author Paul Wilmott because I wanted the excel sheets and models in the book. He was actually very nice and sent it to me. The books I enjoy that are not in my field are memoirs. I especially liked former Foreign Minister Amr Moussa’s memoir, probably because I had experienced many of the events he wrote about.

I also enjoy documentaries. I recently watched Inside Job on Netflix. And I love to travel. Any chance I get, I take my kids and get on a flight. My favorite place to go abroad is Dubai while my favorite destination in Egypt is the Red Sea.

The EGX30 fell 1.2% at today’s close on turnover of EGP 1.76 bn (17.7% above the 90-day average). Local investors were net sellers. The index is up 5.27% YTD.

In the green: MM Group (+5.4%) and Orascom Development (+4.7%).

In the red: Orascom Financial Holding (-4.2%), Orascom Investment Holding (-4.0%) and Fawry (-3.7%).


The 21st century charm you didn’t know you needed: Zoom Charisma

Charisma is easy enough to recognize in person — but much less so on a screen: As it turns out, the qualities that make you charming in real life don’t translate very well to virtual interactions, and a different set of skills are required to convey what is being called “e-charisma.” With some degree of virtual meeting and working potentially staying with us after the pandemic, WSJ (paywall)l has some tips for getting your point (and your sparkling personality) across during Zoom meetings.

Don’t shy away from close-ups: Make sure your face takes up at least one third of the screen, says Northwestern University management professor Leigh Thompson, whose book on successful negotiation devotes a section to e-charisma. Position your face in a relatively central position, and give yourself some headroom (don’t cut the picture off at your eyebrows) but not too much (nobody wants to speak to a disembodied head). Appropriate lighting also makes a world of difference: You don’t want to appear as a silhouette so avoid having your primary light source behind you; but don’t set up light directly above your head, which will cast shadows and make you look older (unless that’s what you’re going for). A desk lamp casting indirect lighting on your face should do the trick.

Give us a friendly wave? Use your hands a lot more than you think you need to, says Thompson. While gesticulating excessively and fidgeting might make someone look … unsettled during an in-person meeting, your hands are one of the few tools available to communicate engagement in a virtual meeting. Your body language says plenty, so let people see those hands. And don’t forget to sit up straight — slouching can unintentionally make you seem disinterested.

Wean yourself off vocal cues like “mmhmm,” which we tend to use to signal that we’re following what someone is saying, but can be disruptive to the person speaking. While these may be useful in person, think of how annoying they are when there’s a time lag on a call and your “uh huh” makes it to the other side in the middle of someone’s sentence. Try nodding at regular intervals instead.

Make eye contact (with the camera, not your coworkers): This may seem counterintuitive, but looking directly at the camera when speaking is the best way to make it seem like you are focused and gives the impression of in person eye-contact. If you find that too awkward, focus on one person in a multi-attendee meeting, which will at least give you a steady line of sight and will make you seem less distracted and like more of a good listener.

Make (virtual) room for others: Without physical cues, it can be difficult to know when a person is done speaking, so try to allow for a longer than usual pause to avoid cutting people off. Repeating what someone just said back to them in brief, to acknowledge that you’ve been listening, is also helpful in building a sense of connection. When asking a question, it is better to direct it at an individual person (without singling them out or cornering them) rather than to put it forward to the general group. This will make you seem more confident, but also more willing to share the spotlight with others.

Avoid NRF: Most of us don’t realize, but we tend to frown a bit when considering something or when deep in thought. Relaxing your forehead and avoiding a “negative resting face” can significantly improve someone’s virtual impression of you, and throwing in an assuring smile or two definitely won't hurt.


shift to green energy could restructure more than our consumption habits

How will increased reliance on renewable energy change geopolitical power dynamics? The energy sector is set to be completely transformed over the coming decades with the march towards renewables, and with it, the geopolitical dynamics that conferred power to nations with oil or gas deposits. This global shift is expected to very rapidly create a new set of winners and losers, with adaptable economies such as China set to dominate, and oil-dependent economies in the Middle East and Russia potentially seeing their clout significantly diminished. Bilateral relations, risks of conflict, and economic stability will all need to be rethought under the new global renewables regime.

A new class of renewable energy superpowers: Unsurprisingly, China is poised to reap the benefits of this new geopolitical order. China produces more than 70% of the world’s solar panels and half of its electric vehicles. The country also controls over one tenth of the world’s cobalt reserves, meaning that countries wishing to purchase solar panels or EV batteries, or manufacture their own, will likely end up doing business with China.

Other countries are focusing on bilateral energy interests, with Australia and Singapore planning to build the world’s first intercontinental power grid between the two countries, and the UK and Norway working on laying down the North Sea Link, the world’s longest subsea electricity cable to both import and export electricity from and to one another. The shift could also be a godsend for countries heavily reliant on energy import, but which have an abundance of wind and solar resources that can be harnessed for local energy production, such as Morocco.

How will this change the region? A decline in fossil fuel export revenues could destabilize the economies of countries like Saudi Arabia that are less diversified than oil producing giants like Russia. Oil interests that have shaped foreign policy in the Middle East for decades may collapse as the rise of renewables makes it easier for countries to achieve energy independence. Countries may start to look to developing more local “grid communities,” trading electricity among themselves instead of sending fossil fuels across the seas.

A 2019 report (pdf) by the International Renewable Energy Agency (IREA) outlined three major areas in which countries could (and should) try to get ahead. Exporting green energy, controlling the raw materials needed to harvest green energy — such as the cobalt used to make EV batteries and solar panels — or developing a superior technology that uses green energy, such as manufacturing EV batteries.

This is how Egypt is adapting to this changing dynamic: Egypt has been working to capitalize on its solar energy production capacity with the building of Benban, Africa’s largest solar park, and has committed to producing 42% of its electricity from renewable sources by 2035, according to its Integrated Sustainable Energy Strategy. With an estimated 58 GW of renewable energy generation capacity and peak summer demand ranging in the mid-30s, Egypt produces an excess of electricity that could be redirected for export — which is exactly what we’re working on.

Egypt has been courting investors for the Euro-Africa electricity link, a 2-GW transmission link that will connect Egypt’s electricity grid to mainland Europe via Cyprus making it the longest interconnector cable in the world, positioning Egypt as a long-term renewable supply hub for Europe. We also set up an interconnection grid with Sudan and are working on another interconnection project with Saudi Arabia.

The downside risk for Egypt: On the other hand, the IREA report’s prediction that a reliance on renewable energy will diminish the importance of energy “choke points” — busy global shipping routes for oil — could be bad news for the Suez Canal.


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

6-27 February (Saturday-Saturday): Mid-year school break (public schools — enjoy the break from bumper-to-bumper traffic).

7-28 February (Sunday-Sunday): The Finance Ministry will receive applications from companies wishing to take part in the second phase of its program for the immediate payout of export subsidy arrears to exporters, minus a 15% fee.

17 February (Wednesday): MENA x CEO MENA Entrepreneurship & VC Panel: Investor Perspectives from New York to North Africa will be hosted by the Columbia Entrepreneurs Organization.

20 February (Saturday): Final results of applications for private university places will be announced on the Higher Education Ministry’s electronic university admissions site

22-24 February (Monday-Wednesday): Second Arab Land Conference on land management, efficient land use, among other topics.

22 February- 5 March (Monday-Friday) Egypt will host the World Shooting Championship in 6 October’s Shooting Club, with 31 countries set to participate

26 February (Thursday): The Afro Future Summit will take place virtually.

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

28 February (Sunday) Deadline for businesses, sole traders, and those generating income from sources other than their day job to file wage tax returns through the electronic filing system.

March: Potential visit to Cairo by Russian President Vladimir Putin.

1 March: Eastern Mediterranean Gas Forum comes into effect.

1-5 March (Monday-Friday): Aswan Forum for Peace and Development will take place virtually.

4-6 March (Thursday-Saturday): Cairo Fashion & Tex trade show, Cairo International Convention Centre, Cairo, Egypt

8 March (Monday): The IDC Future of Work Egypt conference will be held virtually featuring experts from Egypt and Jordan.

9-11 March (Tuesday-Thursday): EduGate 2021 – Enter The Future conference, Kempinski Royal Maxim Hotel, Cairo, Egypt.

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

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

25-27 March (Thursday-Saturday): The Real Gate real estate exhibition, Egyptian International Exhibition Center, Cairo.

31 March (Wednesday): Deadline to visit the moroor and get an RFID sticker affixed to your car’s windshield — or run afoul of the Traffic Police.

1-3 April (Thursday-Saturday): HVAC-R Egypt Expo.

8-10 April (Thursday-Saturday): The TriFactory’s Endurance Festival at Somabay.

13 April (Monday): First day of Ramadan (TBC).

25 April (Sunday): Sinai Liberation Day.

29 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC),

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

1 May (Saturday): Labor Day (national holiday).

2 May (Sunday): Easter Sunday.

3 May (Monday): Sham El Nessim.

13-15 May (Thursday-Saturday): Eid El Fitr (TBC).

25-28 May (Tuesday-Friday): The World Economic Forum annual meeting, Singapore.

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

7 June-9 June (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.

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

24 June (Thursday): End of the 2020-2021 academic year (public schools).

26-29 June (Saturday-Tuesday): The Big 5 Construct Egypt, Cairo International Convention Center, Cairo, Egypt.

30 June (Wednesday): 30 June Revolution Day.

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

30 June- 15 July: National Book Fair.

1 July (Thursday): Large taxpayers that have not yet signed on on to the e-invoicing platform will suffer a host of penalties, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.

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

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

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

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

9 August (Monday): Islamic New Year.

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

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

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

1 October (Friday): Expo 2020 Dubai opens.

6 October (Wednesday): Armed Forces Day.

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

18 October (Monday): Prophet’s Birthday.

21 October (Thursday): National holiday in observance of the Prophet’s Birthday.

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

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

13-17 December: United Nations Convention against Corruption, Sharm El Sheikh, Egypt.

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

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

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

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

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