Thursday, 22 September 2022

PM — Are you buying local?

TL;DR

🔎 WHAT WE’RE TRACKING TONIGHT

Good afternoon, ladies and gentlemen, and welcome to the end of the week. Today is all about interest rates and monetary policy, both here at home and abroad. Several central banks enacted interest rate changes today, just hours before our own Central Bank of Egypt’s Monetary Policy Committee is set to review interest rates.

*** BUT FIRST- Tell us how your purchasing patterns have shifted over the past few months, amid import restrictions that have led many to report difficulties finding or keeping up with the costs of imported goods. Are you shifting more towards locally produced goods? What do you think of the pricing and quality of local alternatives? Take this quick survey and give us your thoughts — we’ll bring you the results in an upcoming Inside Industry story.

ALSO- IN MEMORIAM: Egyptian actor Hisham Selim has passed away at the age of 64, after a battle with cancer, Youm7 reported. Selim’s decades-spanning career began when he was a teenager. His first film appearance was in the iconic 70s films Embratoreyet Meem and Awdat Al Ibn Aldal. He played numerous, memorable roles in the 90s.

THE BIG STORY TODAY AT HOME AND ABROAD

It’s a big day for monetary policy both here in Egypt and on the global stage.

Some countries are sailing upwind with decisions to maintain or cut their benchmark rates, defying a global tightening wave: The Bank of Japan maintained (pdf) a negative interest rate (-0.1%) and vowed to continue to do so in order to boost economic growth. Following the decision, Japan intervened in the foreign exchange market, buying up JPY for the first time since 1998, in an effort to support the weakened currency, Reuters reports. The move caused the USD to drop more than 2% to about JPY 141.15 after previously trading more than 1% higher on the BOJ’s decision. The USD was pushed higher this year as a result of a hawkish US Federal Reserve kicking off an aggressive monetary tightening cycle this year, causing the value of the JPY to decline by almost 20%, reaching 24-year lows. Meanwhile, Turkey lowered (pdf) its benchmark rate by 1% to register 12%, maintaining that it expects the “disinflation process to start on the back of measures taken and decisively implemented for strengthening sustainable price and financial stability along with the resolution of the ongoing regional conflict.”

Not defying expectations: Switzerland’s national bank took its interest rate out of a decade-long negative territory with a 75 bps hike to register 0.5%, citing slower global growth and higher inflation, and signaled that it could intervene in FX markets, according to a statement (pdf). The Swiss National Bank is “willing to be active in the foreign exchange market as necessary,” the statement reads. Similarly, the Bank of England raised (pdf) its benchmark rate by 0.5% to register 2.25%, a high it has never hit since 2008.

The Central Bank of Egypt is due to sit down later today, with all eyes on whether the Monetary Policy Committee will go through with its third rate hike this year. As inflation rises and the EGP continues to weaken, seven out of eight analysts and economists we surveyed are expecting them to hike rates. The MPC is meeting under the direction of Hassan Abdalla, who took over as acting governor last month following Tarek Amer's unexpected resignation one day before the prior rate meeting.

Today’s decision is about more than just interest rates and could give indications on the future of the EGP, Mohamed Abu Basha, head of macroeconomic research at EFG Hermes told Bloomberg. “The market will be looking for clues about broader monetary policy directions and any hints about the central bank’s future moves,” he said, adding that a 100 bps hike seems “warranted.”


Also getting lots of ink in the international press: Russia arrested more than 1.3k protesters in anti-mobilization demonstrations, following president Vladimir Putin’s order yesterday to draft the country’s 300k-strong reserve for the first time since WWII, the Guardian reported, citing a Russian human rights watchdog. Organizing and participating in protests is punishable by up to 15 years in prison under Russian law. The decision saw demand for one-way flights out of Russia rise and prices skyrocket. France24, Reuters, and The Washington Post are also taking note.


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

  • The outlook for Egypt’s IPO and M&A pipelines, according to EFG Hermes investment banking boss: IPO activity could return in 2Q and 3Q 2023, while momentum from record M&A activity in 2022 could carry through to 2023, EFG Hermes Co-Head of Investment Banking for Egypt told Enterprise.
  • Things are not looking up for the Tawasol Holdings-LimeVest consortium’s bid to acquire Alex Medical, as a fair value study from Andersen adds weight to the board’s suggestion that the bid undervalues the company.
  • SODIC is no longer interested in acquiring MNHD: SODIC has called off its takeover bid for Madinet Nasr Housing and Development and is currently reviewing other alternatives.

🗓 CIRCLE YOUR CALENDAR-

Our friends at HSBC are hosting an energy transition webinar series next Tuesday-Thursday, 27-29 September. The series will look at the “latest climate analysis in relation to the global energy market and transition to net zero” in six different sessions covering energy security, what is required to ensure the success of COP27, financing and investment needs for the energy transition, and the scaling up of renewables in the region, among other topics. You can register for the series here.

WANT MORE on the region’s energy transition? Catch this op-ed in EnterpriseAM by HSBC’s Group Head, Center of Sustainable Finance and Head of Climate Change Middle East, North Africa and Turkey, Zoe Knight on to the capital that’s needed to help drive that shift.

A Spanish business delegation will be in town next Tuesday and Wednesday (27-28 September) for the Egypt-Spain Multilateral Partnership Forum, organized by the Spanish Institute for Export and Investment, according to a press release (pdf). The two-day conference will include seminars and panel discussions on trade and investment in transport, energy, and water with Egyptian ministers and representatives from government bodies, alongside officials from international financing institutions and Spanish Secretary of State for Trade Xiana Méndez Bértolo. The agenda for the conference is available here (pdf).

☀️ TOMORROW’S WEATHER- It’s going to be a relatively warm weekend: We’re looking at highs of 35°C and 34°C tomorrow and Saturday, with lows of 24°C and 23°C, according to our favorite weather app.

***

WE’RE LOOKING FOR A SMART, TALENTED HEAD OF PEOPLE to help us develop and deliver a comprehensive people strategy to help grow Enterprise and our sister company, Inktank Communications. Attracting and retaining top talent is the lifeblood of our business — are you the right person to help us do it?

WHO YOU ARE- Our Head of People is responsible for aligning HR practices with business objectives and works alongside some very smart people, including our C-level and leadership teams, to design and develop HR strategies and monitor their effectiveness. Candidates should have at least 10 years of experience in human resources, with extensive knowledge of key HR disciplines including performance and talent. We are looking for someone who isn’t afraid to challenge, innovate, experiment, and move at a fast pace — not to mention creating some very cool new things to drive people engagement and improve a high-performance culture.

INTERESTED IN APPLYING? To apply for the Head of People, drop us a line at jobs@enterprisemea.com and mention “Noha” in your subject line — she’s our outgoing Head of People and the first person who’s going to be reading your application. Please send a solid cover letter telling us a bit about who you are and why you’re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.
***

enterprise

🚙 FOR YOUR COMMUTE

The best business schools worldwide in 2022-2023, according to Bloomberg: Stanford University once again topped Bloomberg Businessweek’s ranking of 117 MBA programs, with the highest score both in the US and across all other geographies covered in the ranking. The ranking assesses MBA programs on compensation and employment data, as well as more than 18k surveys from students, alumni, and recruiters. You can find the full ranking here.

In the US, University of Chicago (Booth) and Harvard Business School tied for second place, but scored below IMD, which topped the Europe ranking. Booth and HBS outperformed IMD on most metrics, including compensation and entrepreneurship, but scored lower on learning. The US universities also scored relatively low on diversity (62.9% for Chicago and 67.6% for Harvard), but the Europe ranking does not include this metric. Insead and IESE Business School came in second and third, respectively, in the Europe ranking.

Where MBA grads tend to work: The orthodox routes of consulting, tech, and finance continue to be the most-sought after careers among MBA graduates, partly by virtue of them being high-paying. There has also been a noticeable emerging interest in careers aligned with global trends of climate change, impact investment and sustainability, schools reported in their survey.


Trade is eternal as empires come and go: A shipwreck dating back 1,200 years was discovered off the coast of Israel with artifacts on deck suggesting the ship had docked in Egypt, Cyprus, maybe Turkey and the North African coast, Reuters reports. The ship was loaded with Mediterranean cargo and is thought to have originally been 25 meters long. The ancient ship is thought to have been sailing in an era where the Islamic rule was scoring successes in the region at the expense of the retreating Christinan Byzantine Empire, meaning the shifting of Empires did not stop the region’s trade with the West. This contradicts popular belief that “commerce almost stopped,” the dig’s director told Reuters.

👌 ENTERPRISE RECOMMENDS

📺 ON THE TUBE TONIGHT-
(all times CLT)

George Clooney and Julia Roberts bring back the 90s in Ticket to Paradise: Old school romantic comedy fans, this one’s for you. The nostalgic dream team of Julia Roberts and George Clooney, play divorced parents who are on very bad terms. The two are forced to face each for the first time in years, when their daughter Lily (Kaitlyn Dever) surprises them by announcing she plans to marry a local man she just met in Bali. The ex-spouses join forces and head to the Far East to try and stop their daughter from making the same mistake they did 25 years earlier. The story takes place in a lush, tropical setting that makes you feel like you've been whisked away on a luxurious vacation as you watch this story unfold. It's a movie that's all about its big names. On paper, every step of the plot is ludicrously easy to predict, while on screen, it goes down easier than a cappuccino made by Clooney himself. It's as if he and Roberts — with her signature smile and flawless comedic-timing — came together to show us what real A-list movie stars used to be like and how magical they could be (watch trailer, runtime 2:45). The movie is currently showing in theaters across the city.

UEFA Nations League: Five European matches will kick off at 8:45pm tonight: Croatia v Denmark, France v Austria, Belgium v Wales, and Poland v Netherlands.

On Friday: The journey with our new Portuguese coach, Rui Vitoria, begins: The Pharaohs are playing a friendly with Niger at 8pm tomorrow. The match is on the international agenda, so our pro-footballers will be joining, led by Liverpool star Mohamed Salah.

Other friendlies worth keeping an eye on: Brazil v Ghana at 8:30pm, Morocco v Chile at 9pm, Ecuador v Saudi Arabia at 8pm, and Argentina v Honduras at 2am.

In the European Nations League at 8:45pm: Italy v England, Germany v Hungary.

Saturday: UEFA Nations League at 8:45pm: Spain v Switzerland, Czech Republic v Portugal.

Friendlies: Bolivia v Senegal at 7pm.

🏃🏽A more inclusive 2028 Olympic Games: A new obstacle course race is hoping to replace horseback riding in the modern pentathlon, Reuters reports, allowing greater accessibility for athletes worldwide — including Egypt. The new discipline involves athletes running and overcoming obstacles in timed competitions, making it a more universal alternative to the typically costly and logistically challenging sport of horseback riding.

Why the change? The modern pentathlon has typically included fencing, freestyle swimming, equestrian show jumping, pistol shooting, and cross country running. The International Olympic Committee (IOC) dropped the modern pentathlon from an initial list of 28 sports for the 2028 Games, after an incident at last year’s games when a coach struck a horse for not jumping fences. It said the sport would need to meet different criteria by next year to qualify, leaving a potential entrypoint for obstacle course racing.

The new sport is up for a vote soon: The international federation of the sport (UIPM) will vote on the new obstacle course race at its next meet in November before proposing the change to the IOC. “Removing the barriers of riding and having an easily accessible sport like obstacle discipline, it is a very big potential to get Africa into the Games,” Egyptian former world champion and UIPM head of athletes commission Yasser Hefny told the newswire.

🍰 EAT THIS TONIGHT-

Gourmet patisserie D’s Candy Bar offers irresistible mini versions of your favorite desserts. The dessert shop is famous for their mini sablé, which is so dangerously small you can easily finish up a box in one sitting if you’re not careful. The sablé comes in the traditional three flavors: Chocolate, white chocolate, and jam filled. The chocolate — with chocolate ganache filling and a layer on top — is our favorite. Their palmiers (or elephant ears, or whatever you choose to call them) are perfectly flakey with the right amount of crunchy sugar on top. If you don’t have much of a sweet tooth, try their twists, which come in several savory flavors: Paprika, anchovies and cheese, in addition to sweet cinnamon. The shop has branches in Zamalek, Palm Hills in Sheikh Zayed and in Smouha. Their nostalgic monochromatic pink stripe aesthetic, which is reminiscent of old candy striper uniforms, makes the locations difficult to miss. Several of their treats are also available to pick up or order from Gourmet.

🎤 OUT AND ABOUT-
(all times CLT)

DJunkie is spinning pop, hip hop, and R&B hits tonight at 9pm at the Tap West.

Twenty One Pilots tribute band, Skeleton Clique, and The Band are performing at Room Art Space Garden City tonight at 10pm.

Egyptian pop star Hisham Abbas takes the stage for Cairo Jazz Club 610’s upcoming Ma Yatloboho Al Mostame3oon on Friday night at 9pm, and DJunkie plays some feel-good 90s hits.

Head to Cairo Jazz Club on Saturday, where Mazeek will be playing upbeat tunes, then Maram takes the stage for a performance of Sudanese folk music.

👂 EARS TO THE GROUND-

enterprise

WHAT’S NEXT: Bloomberg Crypto, a daily podcast hosted by Bloomberg’s Managing Editor of Crypto Stacy-Marie Ishmael, covers all things related to the conversation around crypto with help from editors and reporters from around the world. A recent episode tackles one of the few remaining sectors of the crypto universe that’s still on the rise: Companies that specialize in finding vulnerabilities in crypto’s software and code. These companies are in demand due to a growing amount of crypto hacks and heists, and an increase in the size of the hacks, with some estimates as high as USD 2 bn in losses caused by these attacks. Bloomberg reporter Olga Kharif and Senior Editor Anna Irrera are guest hosts on the episode and break down the origin of crypto sleuths and why crypto companies are now spending more than ever to audit their codes and ramp up security protection.

💡 UNDER THE LAMPLIGHT-

Philosophy, poetry, and physics collide in Reality Is Not What It Seems: Theoretical physicist Carlo Rovelli gives us a closer look into the mind-boggling nature of our universe. With accessible yet poetic language, Rovelli answers questions he’s been exploring all his life, such as what are the fundamental components of the universe? Do time and space exist? And what is reality, anyway? He explains how our perception of reality has evolved over time and how modern physicists view the universe's structure. Rovelli gives an excellent overview of the “classical” physics of Newton and Maxwell, a brilliant explanation of the physics of the 20th century — including the work of Einstein, Bohr, Heisenberg, Dirac, and others — and a great introduction to the brave new world of 21st-century physics.

🌊 GO WITH THE FLOW

The EGX30 fell 0.2% at today’s close on turnover of EGP 821.18 mn (14% below the 90-day average). Foreign investors were net sellers. The index is down 16.9% YTD.

In the green: Orascom Construction (+5.8%), Eastern Company (+2.6%) and Talaat Moustafa Holding (+1.9%).

In the red: Madinet Nasr Holding (-4.6%), GB Auto (-4.2%) and e-Finance (-2.2%).

📆 CALENDAR

OUR CALENDAR APPEARS in two sections:

  • Events with specific dates or months are right here up top
  • Events happening in a quarter or other range of time with no specific date / month appear at the bottom of the calendar.

SEPTEMBER

September: Central Bank of Egypt’s Innovation and Financial Technology Center to launch incubator for 50 fintech startups.

September: Egyptian-German Joint Economic Committee.

September: A delegation from Germany’s Aldi will visit Egypt to look at potential investments.

September: Government to launch an international promotional campaign for Egyptian tourism.

13-27 September (Tuesday-Tuesday): UN General Assembly, New York.

19-22 September (Monday-Thursday): EFG Hermes One on One Conference, Dubai.

22 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

22 September (Thursday): Deadline to submit prequalification applications for companies interested in submitting a proposal for sea water desalination projects.

25-27 September (Sunday-Tuesday) A delegation of executives at Egyptian real estate companies visit Saudi Arabia to present developers with potential investments in Egypt’s real estate sector.

25-29 September (Sunday-Thursday) FRANEGYPT will hold its first virtual expo on franchises in the country.

26–27 September (Monday-Tuesday): The Africa Women Innovation and Entrepreneurship Forum (AWIEF) at the Cairo Marriott Hotel.

27-28 September (Tuesday-Wednesday): Egypt-Spain Multilateral Partnership Forum, Sofitel Gezira, Cairo, Egypt.

27-29 September (Tuesday-Thursday): Africa Renewables Investment Summit (ARIS), Cape Town, South Africa.

27-29 September (Tuesday-Thursday): HSBC Energy Transition Webinar series.

28-29 September (Wednesday-Thursday): The sixth edition of Arab Pensions and Social Ins. Conference in Sharm El Sheikh.

30 September (Friday): Winter opening hours for shops and restaurants begin.

OCTOBER

October: House of Representatives reconvenes after summer recess

October: Air Sphinx, EgyptAir’s low-cost subsidiary to commence operations.

October: Fuel pricing committee meets to decide quarterly fuel prices.

1 October (Saturday): Start of 2022-2023 public school year.

1 October (Saturday): 2022- 2023 academic year begins for public universities.

4-8 October (Tuesday-Saturday): The Chemical and Fertilizers Export Council of the Trade and Industry Ministry is organizing a trade mission to Kenya.

6 October (Thursday): Armed Forces Day, national holiday.

8 October (Saturday): Prophet Muhammad’s birthday, national holiday.

10 October (Monday): The CEO Women Conference.

10-14 October (Monday-Friday): Gitex Global, Dubai International Convention and Exhibition Centre, Dubai, UAE.

10-16 October (Monday-Sunday): World Bank and IMF annual meetings, Washington, DC.

15 October (Saturday): Cairo Metro will launch a global tender for maintenance work on the power stations and overhead catenary system of Line 1.

16-19 October (Sunday-Wednesday): Cairo Water Week 2022, Nile Ritz Carlton, Cairo.

17 October (Monday): Fifth Egypt and UN-led regional climate roundtable ahead of COP27, Geneva, Switzerland.

27 October (Thursday): European Central Bank monetary policy meeting.

27-30 October (Thursday-Sunday): Cairo ICT, Egypt International Exhibition Center, New Cairo.

Late October-14 November: 3Q2022 earnings season.

Late October: First Abu Dhabi Bank to complete full integration with Bank Audi’s Egyptian operations after merger.

NOVEMBER

1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.

1-2 November (Tuesday-Wednesday): Arab League annual summit, Algiers, Algeria.

3 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

3-5 November (Thursday-Saturday): Egypt Fashion Week.

4-6 November (Friday-Sunday): Autotech auto exhibition, Cairo International Exhibition and Convention Center.

6-18 November (Sunday-Friday): Egypt will host COP27 in Sharm El Sheikh.

7 November (Monday): The inauguration of the first line of the high-speed rail.

7-13 November (Mon-Sun): The International University Sports Federation (FISU) World University Squash Championships, New Giza.

21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.

DECEMBER

3 December (Saturday): Dior Men’s pre-fall collection show in Giza.

13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

13-15 December (Tuesday-Thursday): US-Africa Leaders Summit.

15 December (Thursday): European Central Bank monetary policy meeting.

22 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

December: The Sixth of October dry port will begin operations.

December: Egypt to expand Sudan electricity link capacity to 300 MW.

JANUARY 2023

January: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.

January: Fuel pricing committee meets to decide quarterly fuel prices.

1 January (Sunday): Use of Nafeza becomes compulsory for air freight.

1 January (Sunday): Residential electricity bills are set to rise as per the government’s six-year roadmap (pdf) to restructure electricity prices by 2025.

7 January (Saturday): Coptic Christmas.

24 January-6 February: The 54th Cairo International Book Fair, Egypt International Exhibition Center

25 January (Wednesday): 25 January revolution anniversary / Police Day.

26 January (Thursday): National holiday in observance of 25 January revolution anniversary / Police Day.

FEBRUARY 2023

11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.

13-15 February (Monday-Wednesday): The Egypt Petroleum Show (Egyps), Egypt International Exhibition Center, Cairo.

MARCH 2023

March: 4Q2022 earnings season.

23 March (Wednesday) — First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.

APRIL 2023

17 April (Monday): Sham El Nessim.

22 April (Saturday): Eid El Fitr (TBC).

25 April (Tuesday): Sinai Liberation Day.

27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).

Late April – 15 May: 1Q2023 earnings season.

MAY 2023

1 May (Monday): Labor Day.

4 May (Thursday) National holiday in observance of Labor Day (TBC).

22-26 May (Monday-Friday): Egypt will host the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.

JUNE 2023

19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo debuts at the Egypt International Exhibition Center.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

JULY 2023

18 July (Tuesday): Islamic New Year.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

27 July (Thursday): National holiday in observance of Revolution Day.

Late July-14 August: 2Q2023 earnings season.

SEPTEMBER 2023

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

OCTOBER 2023

6 October (Friday): Armed Forces Day.

Late October-14 November: 3Q2023 earnings season.

EVENTS WITH NO SET DATE

2H 2022: The inauguration of the Grand Egyptian Museum.

2H 2022: IEF-IGU Ministerial Gas Forum, Egypt. Date + location TBA.

2H 2022: The government will have vaccinated 70% of the population.

3Q 2022: Ayady’s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.

3Q 2022: Swvl to close acquisition of Urbvan Mobility.

4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.

4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.

4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings’ Taqa Arabia to launch their fintech company.

End of 2022: Decent Life first phase scheduled for completion.

End of 2022: e-Aswaaq’s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.

2023: Egypt will host the Asian Infrastructure Investment Bank’s Annual Meeting of the Board of Governors in 2023.

1Q 2023: Adnoc Distribution’s acquisition of 50% of TotalEnergies Egypt to close.

**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 above 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.