Thursday, 17 February 2022

PM — Crypto rethinks its footprint



Good afternoon, wonderful people. It’s the end of a week that passed in excruciatingly slow fashion, despite being chock-full of news to keep us on our toes.


Cement production quotas bring Spegyco back from zombie status: Saad El Din Group has restarted operations at the Spanish Egyptian Cement factory (Spegyco) after a three- year hiatus, the group’s media spokesperson told Enterprise, confirming reports from the local press. The factory had been taken offline when the cement industry was facing a severe supply glut, but production quotas the government introduced last year factored into the group’s decision to bring it back online, CEO Mohamed Saad El Din said.

^^We’ll have more on this and other stories in Sunday’s EnterpriseAM.

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

  • Lots of energy news from Egyps: Apache Egypt expects to spend more than USD 3.5 bn in Egypt over the next five years, Vice President & General Manager David Chi said yesterday. Separately, Egypt will be receiving newly announced additional natural gas exports from Israel via a new route through Jordan, rather than the Arish-Ashkelon pipeline that Israel usually uses to ship gas to Egypt.
  • Gov’t still mulling wheat hedging: The government is still studying potentially hedging wheat, Prime Minister Moustafa Madbouly said yesterday, confirming a statement from Supply Minister Ali El Moselhy earlier this week that “uncertainties” in the global wheat market could require us to start hedging the commodity.
  • We have more details on the CBE’s new import rules: Imports of goods worth up to USD 5k (or the equivalent in any other foreign currency) will be exempt from the Central Bank of Egypt’s decision requiring importers to get letters of credit (L/Cs) for their purchases, the Federation of Egyptian Banks said. The decision will also exempt imports of certain goods, including meds, wheat, and tea.


The G20 nations’ finance ministers and central bank governors are gathered for their first meeting of the year in Jakarta, which wraps up tomorrow. The meetings included a discussion on tax transparency in Asia.

President Abdel Fattah El Sisi is attending the two-day EU-AU summit which kicked off in Belgium today. El Sisi met with President of the European Commission Ursula von der Leyen earlier today on the sidelines of the summit to discuss cooperating with the EU on renewable energy and fighting terrorism and extremism, according to an Ittihadiya statement. El Sisi is also meeting with Belgian Prime Minister Alexander De Croo to talk diplomatic relations and regional issues.


UKRAINE WATCH- Russia and Ukraine are pointing fingers at each other on reported shelling in eastern Ukraine, with Kiev blaming Russia-backed separatists for the strikes, which damaged a kindergarten. The Kremlin, meanwhile, alleged that “the first strike came from the Ukrainian side.” The story is on the front pages of the New York Times, Financial Times, and Reuters, among others.

The Ukraine tensions factored into Turkey’s central bank deciding to keep interest rates on hold today, despite inflation spiraling. The Turkish central bank’s Monetary Policy Committee cited “uncertainty” from the omicron variant and “geopolitical risks [maintaining] the downside risks to global economic activity.” The situation in Ukraine is particularly relevant to Turkey, as it depends on FX revenue from Russian and Ukrainian tourists, while an open conflict between Kiev and Moscow would leave Ankara exposed to higher oil and gas prices, the Wall Street Journal notes. Bloomberg also has the story.


The Nebu Expo for Gold and Jewelry 2022 kicks off this Saturday, 19 February and wraps on Monday, 21 February.

A call for tech startups: The Information Technology Industry Development Agency (ITIDA) and US-based VC firm Plug and Play have launched an incubator and accelerator program for digital transformation-focused startups in partnership with our friends at USAID. The newly launched “Smart Cities” innovation hub will select 20-30 Egypt-based companies for its inaugural three-month program, which starts in March. Startups can apply here before applications close on 28 February.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Expect daytime highs of 20-21°C over the weekend and nighttime lows of 10°C, our favorite weather app tells us.


The EU's data protection watchdog is calling for a ban on Israeli NSO Group’s spyware tool, Pegasus, over its “unprecedented level of intrusiveness,” reports Reuters. Pegasus had previously been at the center of a huge scandal after NSO helped foreign governments hack the mobile phones of heads of state, diplomats and military chiefs. Since then, NSO has seen pushback from the likes of Apple due to the spyware group targeting and attacking its users.

Texas is waging its own data security battle against Meta’s Facebook: The state of Texas is suing Meta over Facebook’s photo tagging system, alleging that the technology obtained biometric data from mns of Texans without their permission, according to a press release from Attorney General Ken Paxton. Facebook has been storing biometric identifiers such as a retina or iris scan, fingerprint, voiceprint, or record of hand or face geometry through the technology — a violation of the Texas Capture or Use of Biometric Identifier (CUBI) Act, Paxton said. The suit seeks USD 25k in civil penalties for each CUBI violation and an additional USD 10k per violation of the Texas Deceptive Trade Practices Act. This would ring up the total to hundreds of bns of USD, the Wall Street Journal and The Verge note. Facebook discontinued the use of the tech back in November and has said the claims are “without merit.”

Meanwhile, Google plans to stop cross-app tracking on Android through its Privacy Sandbox. The move threatens to upend traditional digital advertising businesses which relied on tracking behavior and data from several applications to introduce targeted ads (ahem, Facebook…), reports the Wall Street Journal. To avoid throwing the entire advertising market into a bend, Google will put off the implementation of the decision for two years and work with the industry to develop alternative methods of advertising.

As optimism abounds that the end of the pandemic is in sight, countries are still divided on their restrictions and covid policies, the Washington Post says. Some countries, including the UK and Denmark, have scrapped some of their strictest measures, while several US states are pulling back face mask requirements. On the flipside, others such as Hong Kong, which is now battling a surge in omicron cases, are still imposing strict restrictions including limiting public gatherings to two people. Moderna CEO Stephane Bancel believes the pandemic will soon taper down, telling CNBC that there’s an 80% chance the virus will evolve into increasingly less virulent mutations, bringing us closer to an endemic scenario.



(all times CLT)

Criminal drama miniseries Landscapers promises to keep viewers on their toes as it narrates the real-life story of British murderous couple Susan and Christopher Edwards. Co-produced by Sky and HBO, the four-episode series stars Olivia Coliman (Susan) and David Thewlis (Christopher) in one of their best acting performances as it follows the quiet couple convicted in 2014 of killing Susan’s parents and burying their bodies in the back garden. They conceal the death for 15 years, moving to France to escape their past — which is out of their nature as a devoted and quiet couple. The secret unravels after Christopher confesses to his stepmother, who reports the case to the police. The couple return to the UK to turn themselves in and defend their case, arguing that the murder followed a lifetime of emotional abuse, while the police sees the couple as opportunists who covered up the death to continue receiving pension payouts.

Barcelona will make its Europa League debut in the knockout round play-offs against Napoli at Camp Nou in the first leg at 7:45pm, with several other clashes including Germany’s Borussia Dortmund and Scotland’s Rangers. Four other games — Porto v Lazio, Leipzig v Real Sociedad, Atalanta v Olympiacos, and Sevilla v Dinamo Zagreb — all kick off at 10pm.

In the Egyptian Premier League today, Port Said’s Al-Masry will face Ceramica Cleopatra at 5:30pm.

But all eyes over the weekend will shift to Egypt’s red devils Al Ahly, which will go head to head in its first game at the Africa Champions League’s group stages with Sudan’s Al-Hilal on Friday in Sudan at 3pm.

Zamalek will play its second game in the African tournament against Angola’s Sagrada Esperanca in Angola at 6pm on Saturday. The Egyptian club ranks second behind Morocco’s Wydad Casablanca in its group with one point after a 2-2 draw with Angola’s Petro Atletico.

It’s also an exciting Friday for the European leagues, with La Liga seeing Elche v Rayo Vallecano at 10pm. Over in Serie A, the Torino derby between Juventus and Torino begins at 9:45pm. In Ligue 1, Lille will play against Metz at 10pm, while the Bundesliga will see Mainz v Leverkusen at 9:30pm.

Football lovers will be in for a treat for the Premier League, which will see Week 26 fixtures kicking off between West Ham and Newcastle at 2:30pm and another six games at 5pm. The most interesting match is perhaps Liverpool v Norwich City, with the Reds looking to squeeze leading Manchester City while Norwich aims to escape relegation. The 5pm fixtures also include Chelsea v Crystal Palace, Arsenal v Brentford, Aston Villa v Watford, and Brighton v Burnley. Saturday will also see Manchester City clashing with Tottenham at 7:30pm.

In La Liga, Real Madrid will play against Deportivo Alaves on Saturday at 10pm to regain the title, while Villarreal will play against Granada at 3pm. Atletico Madrid, who went home with the league title last year and currently ranks fifth in the league, will play against Osasuna at 5:15pm. Getafe v Cadiz also kicks off at 7:30pm.


Your favorite woodfired pizza and bar chain Olivo is opening its second Sheikh Zayed branch with a new outdoor space in Palm Hills that embodies the brand’s shifting ambiance. Olivo is transforming its image, whose Zamalek, New Cairo, and Arkan branches are known for a more cozy and quiet atmosphere. Don’t miss their Quattro Formaggi and Napolitana pizzas, which never fail to satisfy, or give your taste buds a treat with a burger on a buttery brioche, or their delicious caprese salad. While you’re at it, pair your food with one of their Instagrammable cocktails — and don’t forget their gooey Nutella Pizza with marshmallows.


(all times CLT)

Gypsum Gallery is opening today their latest exhibition, How To Build a City with Two Nails and a Wire. The dual artist exhibition looks at the form and function of structures born of a culture of improvised troubleshooting in the shifting cityscape of Cairo. The exhibit will feature wall sculpture by Bassem Yousri and drawings and sculpture by Ahmed Badry.

The Greek Campus is hosting workshop and discussion event Upgrade Your Mentality tomorrow, to help participants to be more effective.

The Cocoon Carnival is taking place on Saturday featuring an open mic, a mini market, trivia, performances, and workshops, and a VRS exhibition coupled with a VR experience. The carnival is perfect for families and will take place at the L'Immeuble Building in downtown.

Join the Gudran art walking tour by Qahraweya on Saturday. The tour will take you on a journey through the contemporary art scene of Downtown Cairo. It will also include a mini collage workshop conducted by Tram Alwan and an authentic Egyptian/Syrian dinner served by Dawar Kitchen.


Yalla NFT is a new mother-and-son podcast exploring the world of NFTs, crypto, and Web3: The Egyptian CEO of AI company Affectiva, Rana El Kaliouby, launched a podcast with her 13-year-old son Adam Amin to explore what this emerging world entails and to give diverse voices in the space a platform. The idea for the podcast emerged after Adam gave his mother an NFT as a Christmas present last year, El Kaliouby retells in an Instagram post. The duo plan to tag-team interviews with experts, with the first episode featuring Richard Dulude, a co-founder and partner at Boston-based Underscore VC. Dulude leads the firm's investments in the areas such as blockchain, AI/machine learning, and mixed reality, discussing where he believes the intersection between AI and Web3 will be (listen, runtime: 28:53).


Reimagining regret as a positive force: New York Times bestselling author Daniel H. Pink focuses on regret in his latest book The Power of Regret. The book has made waves since its release, named by Newsweek and Goodreads as a must-read in 2022. Pink acknowledges regret as a quintessential human emotion, and instead of finding ways to slay the beast, people should look it in the eye and learn from it, he argues. The author uses his usual mix of anecdotes and social psychology to show how regret can be used to make better decisions and increase your performance. For the purpose of this book, Pink conducted the so-called World Regret Survey — which has collected responses from more than 15k people in 105 countries — to identify the four core regrets that are universally experienced. The Power of Regret shows that if thought of correctly, regret can help you drive a more positive future. The New York Times is out with a review.


EARNINGS WATCH- Al Baraka Bank reported EGP 1.25 bn in net income in 2021, down 10% y-o-y, according to the bank’s financial statement (pdf). Al Baraka’s net interest income came in at EGP 2.76 bn, up 12% y-o-y.


The EGX30 fell 0.3% at today’s close on turnover of EGP 587 mn (43.2% below the 90-day average). Local investors were net buyers. The index is down 3.5% YTD.

In the green: Ibnsina Pharma (+2.3%), e-Finance (+2.0%) and Orascom Development Egypt (+1.7%).

In the red: MM Group (-1.6%), Heliopolis Housing (-1.5%) and TMG Holding (-1.4%).



Crypto is on the rise — and so is scrutiny of its carbon footprint: In the space of a decade, cryptocurrencies have gone from a niche cause for rebel techies to a firm feature of global finance, and now boast a total market valuation of nearly USD 2 tn. But with increased uptake of crypto mining and trading comes increased scrutiny — not least on the environmental front.

Crypto mining is super energy-intensive. It took a tiny amount of electricity to mine a single BTC when the cryptocurrency launched in 2009, meaning you could do it from home on your computer, essentially without charge. Now, mining one BTC takes the equivalent of nine years’ worth of electricity spent for an average American household, or USD 12.5k, according to the New York Times. That’s why today’s crypto mining is only feasible on an industrial scale, in massive warehouses where hundreds of sophisticated, energy-guzzling computers work around the clock. Global mining for BTC (which accounts for 42.5% of all crypto by value) now consumes around 91 terawatt-hours (TWh) a year — accounting for almost 0.5% of worldwide electricity consumption.

The energy needed to mine BTC has risen with its popularity: In a nutshell, computers mine BTC by racing to solve complex mathematical problems to validate BTC trades. They gain new BTC in return, in a model known as proof-of-work (PoW). But as more computers engage in mining, those mathematical problems become increasingly difficult to solve — and the computers become more and more powerful to compete. In this sense, BTC’s sustainability problem is “baked in”: It’s fundamental to how BTC maintains scarcity and protects its value.

Going green will be a key challenge for the industry as it looks to take crypto mainstream for payments. Take the case of Tesla: After briefly accepting BTC for transactions last year, Elon Musk was forced to backtrack on environmental concerns. He has since said that Tesla will only begin accepting BTC again once miners transition to cleaner energy.

Why not power mining from renewables? We do, in part. Around 39% of all crypto mining is powered by renewables, according to a 2021 study (pdf) by Cambridge University researchers, and efforts are being made to increase that. The Crypto Climate Accord (CCA), a private sector-led initiative inspired by the Paris Agreement, aims to eliminate carbon emissions from crypto and blockchain by 2030.

Another option: scrap BTC-style mining altogether: BTC competitor Ethereum is planning to transition away from PoW mining by June of this year. Its new proof-of-stake (PoS) model works kind of like a lottery: Ethereum owners stake some of their currency for a chance to become validators, and their computers are then picked by the system at random to validate transactions. This will remove the competitive problem-solving element, eliminating the need for ever more powerful processors — and ultimately reducing electricity consumption for mining by 99%.

Or, ramp up second layer transactions. Second layer platforms such as Lightning Network and Raiden process payments on another level that is outside of but still connected to the blockchain, making them faster and more energy efficient. Transactions are then documented on the energy-intensive main network.

There are some wackier ideas, too: El Salvador, which was the world’s first country to adopt BTC as an official currency in September, has ambitions to build the world’s first ecologically circular BTC City, powered by a volcano.


1Q2022: Launch of the Egyptian Commodities Exchange.

1Q2022: Swvl acquisition of Viapool expected to close.

1Q2022: Waste collection startup Bekia plans to expand to the UAE and Saudi Arabia.

1Q2022: Rameda Pharma will begin selling its generic version of Merck’s oral antiviral covid-19 med.

1Q2022: Pharos Energy’s sale of a 55% stake in El Fayum, Beni Suef concessions to IPR Energy Group subsidiary IPR Lake Qarun expected to close.

Early 2022: Results to be announced for the second round of the state’s gold and precious metals auction.

1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.

1H2022: e-Finance’s digital healthcare service platform, eHealth, will launch its services.

1H2022: The government will respond to private companies’ bids to build desalination plants.

1H2022: Egypt’s second corporate green bond issuance expected to be announced.

1H2022: The Transport Ministry to sign a memorandum of understanding with Abu Dhabi Ports to set up a transport route across the Nile to transport products from Al Canal’s Minya sugar factory.

January-February 2022: Construction work on the Abu Qir metro upgrade will begin.

February: Hassan Allam Construction’s new construction firm established with Russia’s Titan-2 to handle construction work on the Dabaa nuclear power plant begins its operations.

February: Ghazl El Mahalla shares will begin trading on the EGX.

Mid-February: End of grace period to comply with new minimum wage for firms who sent in exemption requests.

Mid-February: A Hungarian delegation will arrive in Egypt for talks over a potential investment in an industrial area in the SCZone.

4-20 February (Friday-Sunday): 2022 Winter Olympics, Beijing.

14-19 February (Monday- Saturday): An art exhibition created by marginalized children will be held at Townhouse Gallery. The event is organized by the Sawiris Foundation for Social Development, AlexBank, Townhouse Gallery, Al Ismaelia for Real Estate Investment, and Ubuntu Art Gallery.

17-18 February (Thursday-Friday): G20 Meeting of Finance Ministers and Central Bank Governors, Jakarta.

19 February (Saturday): Public universities begin the second term of the 2021-2022 academic year.

19-21 February (Saturday-Monday): Nebu Expo for Gold and Jewelry 2022.

21 February (Monday): Hearing at Cairo Economic Court (pdf) on FRA lawsuits filed against Speed Medical.

22 February (Tuesday): The Egyptian National Railway is holding a forum to gauge public interest in its plans to delegate the management and operations of freight transport to the private sector.

22-24 February (Tuesday-Thursday): Investment Forum, General Authority For Investments (GAFI) Main Office, Nasr City.

26 February (Saturday): Speed Medical will elect a new board during ordinary general assembly (pdf).

27 February (Sunday): British-Egyptian Business Association (BEBA) green finance event with Finance Minister Mohamed Maait, Semiramis Intercontinental, Cairo

28 February (Monday): Applications close for the incubator and accelerator program run by Information Technology Industry Development Agency (ITIDA), US-based VC firm Plug and Play, and USAID.

28 February- 1 March (Monday-Tuesday): The Future of Data Centers Summit.

End of February: Lebanon to receive gas from Egypt via a pipeline crossing Jordan and Syria.

March: Rollout of the government financial management information system (GFMIS), a suite of electronic tools to automate the government’s financial management processes (pdf) that will replace the existing “closed” financial management system.

March: 4Q2021 earnings season.

March: Deadline for the World Health Organization’s intergovernmental negotiating body to meet to discuss binding treaty on future pandemic cooperation.

March: World Cup playoffs.

March: The government hopes to sign a final contract between El Nasr Automotive and a new partner for the local production of electric cars.

March: Target date for Saudi tech firm Brmaja to IPO on the EGX.

March: Egypt to host World Tourism Organization Middle East committee meeting.

March: The Salam – new administrative capital – 10th of Ramadan Light Rail Train (LRT) line will start operating.

3 March (Thursday): Fawry’s extraordinary general assembly (pdf) to vote on EGP 800 mn capital increase.

9-18 March (Wednesday-Friday): The 55th edition of the Cairo International Fair.

15-16 March (Tuesday-Wednesday): Federal Reserve interest rate meeting.

24 March (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

25 March (Friday): Egypt will host Senegal in the first leg of their 2022 FIFA World Cup qualifiers' playoff (TBC).

26 March (Saturday): Egypt-EU World Trade Organization dispute settlement consultations end.

28-29 March (Monday-Tuesday): The Egypt International Mining Show (EIMS 2022) will take place virtually.

28 March (Monday): The second leg of the 2022 FIFA World Cup qualifiers' playoff between Egypt and Senegal (TBC).

31 March (Thursday): Deadline for submitting tax returns for individual taxpayers.

31 March (Thursday): Vodacom purchase of Vodafone Group’s stake in Vodafone Egypt expected to be completed by this date.

31 March (Thursday): Supply Ministry expected to take final decision on bread subsidies by this date.

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

2 April (Saturday): First day of Ramadan (TBC).

3 April (Sunday): Bidding begins on the Industrial Development Authority’s license to manufacture tobacco products.

4 April (Monday): CDC Group will formally change its name to British International Investment.

14 April (Thursday): European Central Bank monetary policy meeting.

Mid-April: Trading on the Egyptian Commodity Exchange to start.

22-24 April (Friday-Sunday): World Bank-IMF spring meeting, Washington D.C.

24 April (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).

25 April (Monday): Sham El Nessim.

25 April (Monday): Sinai Liberation Day.

28 April (Thursday): National Holiday in observance of Sham El Nessim.

30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.

Late April – 15 May: 1Q2022 earnings season

May: Investment in Logistics Conference, Cairo, Egypt.

1 May (Sunday): Labor Day.

3-4 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.

4 May (Wednesday): 3 February (Thursday): Deadline to send in applications for Cultural Property Agreement Implementation projects to the US Embassy in Cairo.

5 May (Thursday): National Holiday in observance of Labor Day.

2 May (Monday): Eid El Fitr (TBC).

19 May (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

9 June (Thursday): European Central Bank monetary policy meeting.

14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.

15-18 June (Wednesday-Saturday): St. Petersburg International Economic Forum (SPIEF), St. Petersburg.

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

23 June (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

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

30 June (Thursday): June 30 Revolution Day, national holiday.

End of 2Q2022: The Financial Regulatory Authority’s new Ins. Act should be approved.

End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.

2H2022: The inauguration of the Grand Egyptian Museum.

2H2022: IEF-IGU Ministerial Gas Forum, Egypt. Date + location TBA.

2H2022: The government will have vaccinated 70% of the population.

July: A law governing ins. for seasonal contractors will come into effect.

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

1 July (Friday): FY 2022-2023 begins.

8 July (Friday): Arafat Day.

9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.

21 July (Thursday): European Central Bank monetary policy meeting.

26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.

30 July (Saturday): Islamic New Year.

Late July – 14 August: 2Q2022 earnings season.

18 August (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

September: Egypt will display its first naval exhibition with the title Naval Power.

September: Central Bank of Egypt’s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.

8 September (Thursday): European Central Bank monetary policy meeting.

20-21 September (Tuesday-Wednesday): Federal Reserve Finterest rate meeting.

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

October: World Bank and IMF annual meetings in Washington, DC

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

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

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

18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

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

Late October – 14 November: 3Q2022 earnings season.

November: Cairo Water Week 2022.

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

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

7-18 November (Monday-Friday): Egypt will host COP27 in Sharm El Sheikh.

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

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

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

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

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

January 2023: 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.

**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; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; 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.