Tuesday, 31 August 2021

Global stocks are ending August on a high note — and the EGX still still in the green YTD

TL;DR

WHAT WE’RE TRACKING TONIGHT

Good afternoon, wonderful people. We hope hump day has been good to you and that you’re ready for the downhill slide into the last weekend of summer.

THE BIG STORIES TODAY-

#1- Africa-focused private equity outfit Amethis has hit a USD 101 mn first close on a fund with a big earmark for Egypt. The SME-focused fund will invest in Egypt, Morocco, Tunisia and Jordan. Limited partners in the first close include a Who’s Who of DFIs with a proven interest in our part of the world as well as private investors and Edmond de Rothschild group.

#2- Upmarket real estate developer SODIC says it looks forward to resuming sales and collections at two high-profile projects “imminently” as it finalizes a new plot with the New Urban Communities Authority. The news comes after SODIC disclosed earlier this week that it would have to change the location of a 500 feddan plot in New Zayed at the request of the Housing Ministry.

^^ We’ll have chapter and verse on both stories in tomorrow’s edition of EnterpriseAM.

HAPPENING NOW- South Korean Defense Minister Suh Wook is in town and is meeting now with President Abdel Fattah El Sisi at the presidential palace, Ittihadiya said in a statement this morning. This is the first time a South Korean defense minister has visited Egypt. Suh will also hold talks with Egyptian Defense Minister Mohamed Zaki during the two-day visit.

HAPPENING ABROAD- Jury selection in the trial of Theranos founder Elizabeth Holmes is set to get underway shortly. Holmes, a university dropout who styled herself after Steve Jobs, is accused of defrauding investors. The case is to white-collar crime in the 2010s and 2020s what Enron was back at the turn of the century — and the house of cards came crashing down thanks to reporting by the Wall Street Journal’s John Carreyrou. We had a primer on the case yesterday, including a pointer to Carreyrou’s podcast if you’re following the tick-tock of the trial.

THE MARKETS TODAY-

Global stocks are ending August on a high note, notching fresh record highs amid strong corporate earnings and a sustained global recovery, Reuters reports. The MSCI world index was up 0.4% as of 3pm CLT, putting it on course for a seventh consecutive month of gains. Asian stocks rebounded after losses earlier in the day, while Wall Street futures closed at or near record highs on Monday. The USD, meanwhile, fell to a three-week low as traders embraced riskier assets.

Inflation fears in Europe: After briefly hitting fresh record highs earlier this morning, European shares fell back on higher than expected inflation data that raises the possibility that the European Central Bank could soon begin to withdraw covid stimulus. Most European indexes were in the red at the time of dispatch, with the Stoxx 600 down 0.2%, the FTSE100 losing 0.6% and the DAX down 0.4%.

The EGX has had a good month of August, with the benchmark index holding onto its gains and closing month #8 up 2.8% for the year so far.

US crude is heading towards its biggest monthly slump this year ahead of OPEC+ meeting tomorrow, where the oil cartel will weigh bringing online additional production, Bloomberg reports. The group is expected to restore some 400k barrels a day, as Hurricane Ida passes in the US and expectations that reduced demand for crude, resulting from the spread of the Delta variant, will soon pick up. WTI is down around 7% this month at USD 69 a barrel, the largest monthly loss since October of last year. Brent is currently down more than 4% from the beginning of August to under USD 73 / bbl.

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

  • CBE gives final thumbs up to Arab Investment Bank acquisition: EFG Hermes and the Sovereign Fund of Egypt (SFE) have gotten the final go-ahead from the central bank to purchase a 76% stake in the Arab Investment Bank.
  • The RIZ cometh: The Suez Canal Economic Zone will begin work on the new and improved Russian Industrial Zone (RIZ) by the beginning of next year.
  • High-speed rail: A contract will be signed in the coming days with a Siemens-led consortium to build a USD 23 bn high-speed electric rail network.

THE BIG STORY ABROAD-

As the dust clears the runway following the US withdrawal from Afghanistan, all the big papers are surveying the wreckage left behind. The thousands of foreign citizens and western Allies abandoned to the mercy of the Taliban are not the only ones wondering what might be in store. Afghanistan’s leaders are also now faced with a problem: holding on to their newfound power. While Taliban members fired rounds into the air in the streets of Kabul to celebrate the departure of the last American jet, the group’s leadership hours later called for friendly ties with the US as they attempt to establish credibility on the world stage. Meanwhile, US President Joe Biden will today address the nation on the US exit, widely seen as the greatest crisis he has faced so far in his presidency.

South Korea has set a global precedent with a challenge to Google and Apple’s payment monopolies: Google and Apple will be forced to allow apps on their stores to use alternative payment systems in South Korea under a bill passed today by the country’s lawmakers. The two maintain a stranglehold on payments made through their app stores that generate commissions worth 10s of bns of USD annually. Similar legislation has been proposed in the European Union and the US, where regulators may look to emulate the Korean example. “Korea’s decision reflects a broader trend to step up regulation of technology-platform businesses, which have been criticized for having too much power,” said one Korean business professor.

🗓 CIRCLE YOUR CALENDAR-

Tomorrow is a new month: Here are the key news triggers as we enter September:

  • PMI: August’s PMI figures for Egypt, KSA and the UAE will land on Sunday, 5 September.
  • Foreign reserves: The central bank will release foreign reserves figures for August sometime next week.
  • Inflation: Inflation data for August will drop either next week.
  • Interest rates: The Central Bank of Egypt will meet to review interest rates on Thursday, 16 September.

Egypt hosts Digi Sign Africa this week: The three-day advertising and digital printing exhibition gets underway at the Cairo International Convention Centre on Wednesday, 1 September.

Cypriot prez visiting this week: President Nicos Anastasiades arrives in Cairo on Saturday, 4 September for a joint Egypt-Cyprus summit.

ALSO- We’re a day late on this, but in our defence, we’ve never thought the guy needed to be put up for beatification. Still: Warren Buffett, the celebrity investor and self-styled Oracle of Omaha, turned 91 yesterday.

☀️ TOMORROW’S WEATHER- The temperature here is pretty much the same as yesterday — and as the whole week for that matter — with a daytime high of 39°C and overnight low of 24°C. Folks at Sahel enjoy warmer weather today, with a daytime high of 31°C and overnight low of 24°C.

🚙 FOR YOUR COMMUTE

We (probably) can’t invest our way out of climate disaster: The former chief exec of Norway’s titanic sovereign fund is getting real about ESG. The climate crisis represents the “biggest market failure of all time,” Knut Kjaer told Bloomberg, adding that the markets’ inability to adapt for a green economy now means they will experience “a much bigger transitional shock later.” One problem with ESG, according to Kjaer, is that investors don’t think on the decade-plus timescale needed to make fundamental change. Then there are the other, more dramatic failures of responsible investing: the underpricing of carbon, the misleading and vague claims, the alleged international fraud. Kjaer hasn’t given up yet: He’s still trying to change the world with his responsible investment firm. But he’s also realistic about the fact that it’s too late to reverse some of the damage, as reflected by a strategy that focuses as much on adapting to the consequences of climate change as mitigating it.

And speaking of ESG: You know who bloody loves it? The accountants, who dream of being asked to account for things other than financial statements. You could go read this Financial Times piece about how the Big Four have gotten religion and are now lining up at the fee trough — or go read Matt Levine’s pleasantly snarky take here.

Cryptocurrencies are a “bubble that will eventually prove to be worthless”: So says the man who made his fortune by trading on the subprime mortgage collapse that triggered the financial crisis. Fast-forward more than a decade and John Paulson’s Spidey senses for speculation are tingling again. In an interview with Bloomberg Wealth TV on Monday, Paulson says he’s worried about high inflation amid a rapid increase in money supply, recommending gold as the best safe-haven from cash. He calls BS on more fashionable assets including SPACs and digital currencies, which he describes as “a limited supply of nothing … to the extent the demand falls, then the price would go down. There’s no intrinsic value to any of the cryptocurrencies except that there’s a limited amount.” To which one might reasonably reply: Like basically everything else, then? But Paulson prefers tangible assets these days. After netting himself USD 10 bn in the 2008 crash that saw 10 mn Americans lose their homes, he now says that the rising housing market means the best investment for USD 100k is to buy a USD 1 mn house — with a 900k mortgage. Ironies abound.

A “silent majority” of American white-collar workers want to go back to the office — at least a few days a week — and are worried their dream may not come true as corporations mull staying remote until the fourth wave of covid-19 subsides. In a poll of US workers that we suspect is probably generalizable to corporate Egypt: a “vocal minority” of 31% said they want WFH on a full-time basis, while 45% want to be back to the office full time and 24% want a mix of the two. With some businesses suggesting remote work may drag on for another two years, CEOs aren’t the only ones getting a bit antsy.

👌 ENTERPRISE RECOMMENDS

Zawya hosts Stanley Kubrick retrospective + Freaks and Geeks in dramedy week

📺 ON THE TUBE TONIGHT-
(all times CLT)

A hidden dramedy gem: Set in the 80s, Freaks and Geeks follows two high school groups: the nerds — featuring 14-year-old Sam who can be seen reading Crime and Punishment and loves trick or treating — and the burnouts — featuring Nick, who is usually stoned and mourns the death of Led Zeppelin's drummer John Bonham like it’s the worst day of his life. Our protagonist Lindsay Weir, who never takes off her army jacket throughout the show (even at prom), is lurking somewhere in between. After her grandma dies, the former mathlete goes searching for meaning in unlikely places, including the smoking patio where the freaks hang out. Do not let the fact that it’s a teen dramedy turn you off: Aired back in 1999, this is the show that launched the careers of Seth Rogen, Jason Segal, James Franco and many more.

The two-week international break is in effect so there’s no club football until Friday, 10 September. The World Cup qualifiers get under way tomorrow though, with Egypt playing Angola at 9pm, and 13 European ties taking place.

The transfer window closes at midnight tonight: Clubs across Europe right now are scrambling to get last minute signatures before the window slams shut until January. We’ll have a wrap up of what has been one of the craziest transfer windows in recent memory in tomorrow’s EnterprisePM.

The women’s national football team has made it to the semi-finals of the first Arab Women’s Cup, after drawing 2-2 with Tunisia yesterday. The semi-finals will kick off on 3 September where the Pharaohs will face the runners-up either Jordan, Algeria, or Palestine, and the final will be played on 6 September.

🎾​​Showman Nick Kyrgios is out of the US Open after losing in straight sets to Spaniard Roberto Bautista Agut. Got time to watch just one match today? Catch France’s Gael Monfils taking on Argentine Federico Coria at 8:15pm CLT. Have time for two? We’d probably check out the first round clash between American Reilly Opelka and South Korea’s Kwon Soon-woo. The face off starting at 5pm.

🦪 EAT THIS TONIGHT-

RANDOM ENDORSEMENT- Naturesta hot sauces, the made-in-Egypt condiment that we’re using as the base for our homemade Buffalo hot sauce these days. It’s consistent, delightfully hot without being overpowering. And best of all: Nowhere near as salty as Frank’s Red Hot. (We love salt, but … damn. OG Frank’s is just a bit too much.) Naturesta also makes other varieties including chili and lime (very nice) and extra hot, but we recommend starting with their original, organic variety.

Want to make your own Buffalo hot sauce without crappy seed oils and preservatives found in most supermarket stuff? Melt butter. Lace it with Naturesta’s organic hot sauce to taste. Hit with with some freshly cracked pepper and a liberal lacing of garlic powder (NOT fresh garlic — the powder is a spice unto itself). Feeling brave? Add a pinch of MSG. Whisk it together and serve. You can thank us later. Naturesta is on El Face and the IG and also offers lines of ketchup, mustard and other staples. You can find it in Gourmet, among other outlets nationwide.

If you’re in the mood for seafood: Whether you’re in Sahel or Cairo, Asmak is arguably one of the most well-established seafood restaurants in the country. This is the local go-to restaurant for families and friends with relatively reasonable prices. As is the custom at most fish places, there is no menu. Instead, you handpick the fish from a wide selection of fresh choices from red mullet, to sea bass, fillet and salmon. Their grilled shrimps with butterfly sauce is one of a kind and their seafood soups and pastas are a must-try. Expect chaos in the restaurant, but it’s worth it.

🎤 OUT AND ABOUT-

Zawya is kicking off its Stanley Kubrick retrospective tomorrow as part of its September program, including a handful of films that will be shown on the big screen for the first time in Cairo. Starting with 2001: A Space Odyssey (1968) tomorrow, the cinema will screen one of Kubrick’s movies every day (except Saturdays and Sundays) until 25 September. You can find the full schedule here, and book your ticket online here.

💡 UNDER THE LAMPLIGHT-

As the daughter of one the first Black female physicians in the US, Libertie is expected to follow in her mother’s footsteps. But Libertie doesn’t think it’s the right path for her as she’s into arts rather than science. She is faced with tough decisions, and at times, she’s her own worst enemy. Being a free black women physicist living in Brooklyn during the time of slavery, she opts to get married and journey to Haiti to start a new life. Author Kaitlyn Greenidge interweaves the themes of history, culture, and religion in light of her protagonist’s search for the meaning of freedom.

🌊 GO WITH THE FLOW

Orascom Financial in the black since launching in December

Orascom Financial Holding has made a total net income of EGP 36.7 mn since its inception in December last year on revenues of EGP 248.4 mn, according to the company’s financial statements (pdf). In 2Q2021, OFH generated EGP 17.3 mn in net income on revenues of EGP 119.7 mn. Orascom Investment Holding spun off its financial business, creating OFH in a demerger that concluded earlier this year when OFH started trading on the EGX.

Pioneers Holding’s net income fell over 57% to EGP 223.2 mn during 2Q2021 from EGP 529.7 mn the year before, according to the company’s financial statement (pdf). The drop came despite revenues climbing 22% to EGP 2.2 bn during the quarter from EGP 1.8 bn last year.

Things turned up for Al Ahly for Development and Investment, which recorded a net income of EGP 5.9 mn during 2Q2021 after turning a EGP 423k loss last year, according to the company’s financial statement (pdf). Revenues rose almost 25% to EGP 18.3 mn from EGP 14.8 mn last year.

Tourism developer Remco generated net income of EGP 197.4 mn during 2Q2021, rebounding from a tough quarter last year when the company made a EGP 209.9 mn loss due to the shuttering of the country’s tourism sector due to covid, figures from the company’s quarterly financials (pdf) show.


SMALL CAP NEWS- Odin Investments’ real estate investment firm Emerald is planning to IPO on the Nilex by next month via a private placement and public offering, CEO Hashem El Sayed told us, confirming news first broken by Al Mal. The company will list a 10.5% stake on the exchange, with 65% of the 45 mn shares being allocated to institutional investors, and the remaining 35% being offered to the public, he said.

Regulatory approval: The Financial Regulatory Authority on Thursday gave the go ahead to the company to start preparing for the offering and green-lit the fair value report, which will be disclosed when the prospectus has been approved, El Sayed said.

Advisors: Odin Capital provided financial advice and EgyTrend handled the fair value report.


MARKET WATCH-

The EGX30 fell 0.2% at today’s close on turnover of EGP 1.6 bn (7.8% above the 90-day average). Regional investors were net sellers. The index is up 2.8% YTD.

In the green: Fawry (+5.4%), Mopco (+1.9%) and Credit Agricole (+1.8%).

In the red: Speed Medical (-8.2%), Qalaa Holding (-2.5%) and Egyptian Resorts Company (-2.4%).

📈 ANALYST OF THE WEEK

Meet our analyst of the week: AAIS’s Rehan Hamza

OUR ANALYST OF THE WEEK- Rehan Hamza, sector head of industrials at Arab African International Securities (LinkedIn).

My name is Rehan Hamza and I’m the sector head of industrials at Arab African International Securities (AAIS). I’ve been working in sell-side since I began my career 13 years ago. I started off at Okaz Investments, then moved to Argaam Plus and MubasherTrade until I began at AAIS. Amr Elalfy and Ibrahim Mansour have both had a massive impact on me and really took the time to teach me and help me grow.

I decided to be an equity analyst during my last year of university where I studied at the faculty of economics and political science. I was taking a course with Islam Ezzam, who’s the vice president of the Financial Regulatory Authority, and he was giving us a brief about financial analysis and the different career paths we can take and it just clicked for me that this is what I wanted to do.

The best part of my job is when calls materialize. I feel like I was able to put the pieces together, gain clarity, and predict something. It often comes down to seeing something other people overlook. It also feels like you’re having an impact when covering a stock and helping it reach its potential.

The worst part of the job is how hectic it is. Whatever event is happening, you need to cover it as soon as possible and present its impact on the stocks you’re covering. It’s quite challenging and definitely a 24/7 job that doesn’t stop on weekends or holidays. The last report I covered, I was in Gouna on holiday actually [laughs].

Work from home was both difficult and beneficial in my case. I liked the flexible hours and the ability to break away from work for periods during the day. There are also less office distractions such as meetings and calls, and that boosts my productivity. However, I’m the mother of two little monkeys (aka two little boys) and to them it was incomprehensible that I was working while I was with them at home. I think a hybrid system of working is the best way to go from here on out as some physical presence is necessary, but there are also a lot of ways to communicate and engage without being face-to-face.

My theory of investment is to look long term at fundamentally strong firms. In industrials it’s important to be patient and commit to riding out the cycles. We often tell our clients to wait a bit longer when things are looking down, pointing to a return on investment in the long run. It’s all about educated risk which involves doing your homework and knowing the right time to enter a stock.

The most important factor I look at when I recommend an investment is the management. A lot of the time firms make exciting plans but management fails to implement it in a timely manner if at all. When looking at management, you look at their track record of materializing their plans and how they responded if they didn’t. It’s also important to look at their outlook and their understanding of the market which is often evident in their reports and releases.

The commodities boom is definitely causing an upcycle trend for industrials, but I think the coming period will see a bit of stabilization as prices plateau or continue their upwards trend but at a slower rate. However, it put the sector in the limelight and more investors are considering it for long term investment strategies.

We’re confident that 2021 will be positive for Egypt, especially since last year the country achieved growth above expectations. On the capital markets front, there’s a bit more of a question mark as it’s very fragile and volatile at the moment, with every political event causing the stock market to move up and down.

I don’t have much time to watch anything thanks to the kids [laughs], but the last thing I watched was Emily in Paris. It was light and fun and I enjoyed it. One of my favourite series is Breaking Bad.

I really enjoy reading about psychology. I’m currently reading The Body Keeps the Score by Bessel van der Kolk. It has to do with how trauma affects the mind and how you think and react to future events.

In my downtime I spend a lot of quality time with my boys. Malek is nine and Mostafa is five and we enjoy playing games like Uno, Monopoly, or going bowling. Before covid, we also liked to go to the cinema a lot. As for me on my own, you can usually find me reading or playing Candy Crush.

🌍 THE MACRO PICTURE

Strategy tips from fund managers with USD 3 tn in collective AUM

How some of the world’s biggest institutional players are navigating these strange times: Covid lockdowns. Increasing inflation. Xi Jinping’s Great Capitalist Smackdown in China. Bloomberg interviewed institutional investors with a combined USD 3 tn of assets under management to see how they’re managing their way through a spotty, stop-start recovery and ongoing turmoil in the Chinese markets. Here are their top takeaways on the macro outlook:

#1- Most are surprisingly still bullish on China, though the advice is to tread carefully and to avoid US-listed Chinese firms amid the crackdown on foreign listings. Stocks listed in Singapore, Hong Kong, and mainland China all offer good alternatives, say the money men. “The Chinese central bank will have a more accommodative stance. We don’t think there will be risk of monetary tightening in the short future … We think a large portion of the needed regulatory adjustments are now behind us,” according to the chief investment officer of one private bank with USD 347 bn in client assets.

China isn’t for everybody though, and some are looking to Europe as an alternative: Equities are cheap, vaccination rates are high, and it's well out of the way of the superpower squabble. One investor also flags Indian-listed IT providers as a good pick, adding that they are less impacted by domestic concerns over covid and consumption since clients are often based in western markets.

#2- Inflation concerns are still present with nearly half of those interviewed expressing worry about the impact of rising prices on their bottom lines. The manager of Australia’s sovereign fund warns that high inflation could be “very, very damaging” for returns; likewise, Norway’s huge USD 1.3 tn wealth fund is expecting inflation to hit its bonds and stocks, seeing no solution other than to “sit through it.”

#3- Hedge funds are back: After a so-called dismal decade for managed funds, investors are throwing it back to 2009 and getting excited about hedge funds again. Hedge funds live for drama: more turmoil in the markets means more chances for managers to exploit macro and event-driven trends. “For the first time in six years we’re positive on alternatives, with hedge funds being one of them,” said the CIO of one private bank that commands USD 300 bn.

(Hedge funds, you ask? Yup. They’re back in vogue again — and the guys who will charge you “2 and 20” are so in-demand after a decade in the wilderness, they might just turn away your cash if you’re not ready to write a big enough ticket. Go read: Hedge funds are hot again. Good luck finding one that’ll take your money.)

#4- Technology and sustainability are words on everyone’s lips: Sometimes those two poles pull in opposite directions, as seen with Norway’s sovereign fund, where plans to sell down some assets over ESG and regulatory concerns appear to have come into conflict with the desire to keep a foothold in Chinese tech. Elsewhere, supply chain tech, cell phone towers, digitization, e-commerce, cyber-security, renewable energy and ESG stocks were among the sectors tipped for strong growth.

CALENDAR

24 August-5 September (Tuesday-Sunday): Tokyo 2020 Paralympics.

September: Delegation of Russian companies to visit Russian Industrial Zone.

1-3 September (Wednesday-Friday): Digi Sign Africa, Cairo International Convention Centre, Cairo, Egypt.

3-5 September (Friday-Sunday): The World Karate Federation will hold the third competition of the 2021 Karate 1-Premier League in Cairo.

4 September (Saturday): The first Egypt-Cyprus Intergovernmental Summit is taking place in Cairo.

5 September (Sunday): The updated date for EGX listed companies to institute the new mechanism for calculating closing share prices. The deadline was previously 2 September.

5-7 September (Sunday-Tuesday): The Arab Security Conference, The Nile Ritz-Carlton, Cairo, Egypt.

7-8 September (Tuesday-Wednesday): Euromoney Conferences will host the GlobalCapital Sustainable and Responsible Capital Markets Forum 2021, featuring Vice Minister of Finance Minister Ahmed Kouchouk.

8-9 September (Wednesday-Thursday): Egypt-International Cooperation Forum (ICF), Cairo

7-9 September (Tuesday-Thursday): Egy Health Expo, Al Manara International Conference, Cairo, Egypt.

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

11-12 September (Saturday-Sunday): International Conferences on Economics and Social Sciences, Cairo

12 September (Sunday): International schools begin 2021-2022 academic year

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

13-21 September (Monday-Tuesday): 76th session of the general assembly, New York

15 September (Wednesday): The CFO Leadership & Strategy Summit is taking place in Egypt.

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

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

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

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

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

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

30 September: Closing of 2021’s first oil and gas tender in the Gulf of Suez, Western Desert, and the Mediterranean.

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

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

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

1 October (Friday): Expo 2020 Dubai opens.

1 October (Friday): State-owned companies and government service bodies selling goods and services to customers that have not yet signed on to the e-invoicing platform will suffer a host of penalties, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.

6 October (Wednesday): Armed Forces Day.

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

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

11-17 October (Monday-Sunday): IMF + World Bank Annual Meetings.

12-14 October (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

18 October (Monday): Prophet’s Birthday.

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

24-28 October (Sunday-Thursday) Cairo Water Week, Cairo, Egypt.

27-28 October (Wednesday-Thursday) Intelligent Cities Exhibition & Conference, Royal Maxim Palace Kempinski, Cairo, Egypt.

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

30 October – 4 November (Saturday-Thursday): The first edition of Race The Legends, Egypt.

November: The French-Egyptian Business Forum is set to take place in the Suez Canal Economic Zone.

November: Egypt will host another round of talks to reach a potential Egyptian-Eurasian trade agreement, which can significantly contribute to increasing the volume of Egyptian exports to the Russia-led bloc that includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.

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

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

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

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

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

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

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

12-14 December (Sunday-Tuesday): Food Africa Cairo trade exhibition, Egypt International Exhibition Center, Cairo, Egypt.

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

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

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

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

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

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

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

May 2022: Investment in Logistics Conference, Cairo, Egypt

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

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

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

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.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.