PM — Don’t pamper the youngsters in the office

TL;DR

Farid steps in as interim FRA boss. (The Big Story Today)
What do printing and packaging manufacturers think of the state’s privatization plan? (Inside Industry)
Single-stock ETFs aren’t sitting well with investment advisers. (For Your Commute)
A rumor(ed ancestral connection) in St. Petersburg. (On the Tube Tonight)
It’s a busy day in the football world. (Sports)
Casa Talia’s international menu has something for everyone. (Eat This Tonight)
Why do we struggle to own up to our mistakes? (Under the Lamplight)

???? WHAT WE’RE TRACKING TONIGHT

Good afternoon, ladies and gentlemen. We’re easing gently into this new workweek with a comparatively calm news cycle today.

THE BIG STORY TODAY

Farid is stepping into Omran’s shoes at the FRA: EGX boss Mohamed Farid has been tapped as acting head of the Financial Regulatory Authority (FRA) for one year, effective today, according to an EGX statement. Farid is taking over the position from Mohamed Omran, who has been at the FRA’s helm for the past five years and was given a one-year extension on his term in office on 8 August 2021. Prime Minister Moustafa Madbouly is expected to announce Farid’s successor as the head of the bourse soon, the newspaper reports.

THE BIG STORY ABROAD

It’s a mixed bag of nuts and bolts in the international business press this afternoon, as is often the case on Sundays. Reuters’ front page leads with China and Taiwan carrying out military drills in close proximity to each other in the wake of US House Speaker Nancy Pelosi’s visit to Taiwan last week, while the Wall Street Journal is squarely focused on the US’ tax and climate bill, which is expected to be passed today. Elsewhere, Turkey’s FX reserves got a shot in the arm thanks to transfers from Russian nuclear player Rosatom to a subsidiary in Turkey, Bloomberg reports.

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

Introducing the SEIC: Saudi Arabia’s sovereign wealth fund has set up a company to manage its investments in Egypt as it prepares to deploy bns of USD in the country in the coming months.
Egypt’s current account deficit widened more than 2% to USD 5.79 bn in 3Q 2021-2022, as capital outflows and surging commodity prices put pressure on the country’s external position.
Another EBRD loan to NBK Egypt? The European Bank of Reconstruction and Development is considering providing a USD 40 mn senior unsecured loan to the National Bank of Kuwait Egypt for on-lending to MSMEs.

enterprise

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: With the government continuing its consultations on its state ownership policy document, the printing and packaging industry had its turn late last month to discuss the government’s privatization plans for the industry. We look at the biggest issues facing the industry today, and what stakeholders see as viable solutions for these hurdles moving forward.

???? CIRCLE YOUR CALENDAR-

Inflation data for July should land on Wednesday, 10 August.

Ghazl El Mahalla IPO: The retail portion of Ghazl El Mahalla’s mini-IPO will wrap next Sunday, 14 August.

MNHD shareholders have the final word on SODIC takeover bid: Madinet Nasr Housing and Development will hold a general assembly meeting on Tuesday, 16 August, to decide whether to allow SODIC to conduct due diligence ahead of a potential takeover.

Interest rates: The Central Bank of Egypt will meet to discuss interest rates next Thursday, 18 August.

National Dialogue: The board of trustees overseeing the National Dialogue will hold its next meeting on 27 August. On the agenda: Choosing the rapporteurs for all of the committees and subcommittees of the social, political and economic tracks, and preparing the agenda and topics of discussion for the dialogue.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit a high of 39°C tomorrow during the day before falling to 26°C at night, our favorite weather app tells us.

???? FOR YOUR COMMUTE

Single-stock ETFs launched last month, and investment advisers are already wary, calling them a “recipe for disaster,” Bloomberg reports. A single-stock ETF tracks the performance of one particular stock as opposed to following the highs and lows of an index with traditional ETFs, and delivers the factor of each stock’s performance (which can be, for example, the inverse of the performance — the ETF rises when the stock falls — or double the percent change). Because it tracks a single stock, the gain or loss is tied to the performance of that single company, making it substantially riskier in a volatile market, analysts and regulators say. Single-stock ETFs also aren’t necessarily reflective of the stocks’ real performance, as their performance is tracked on a day-to-day basis, creating a misleading base effect. Returns over a longer period of time might be significantly lower than investors expect, especially in a fluctuating market, SEC Commissioner Caroline Crenshaw tells Bloomberg. The worry now is that their potential high gains in a turbulent market might drive an increase in speculative investing by amateur retail investors in these risky assets.

Don’t pamper the juniors: A pandemic-fueled change in younger staffers’ behavior in the workplace has given rise to a general sense of indifference among young employees, the Financial Times writes. Young workers at the workplace are increasingly choosing to work remotely during client visits and being heedless during important internal meetings online, among other issues that have cropped up as a result of long stretches of isolation. Generational researcher Eliza Filby suggests the best way for employers to handle younger staffers is to ensure that they are well-trained but put their foot down on some demands: “You’re not actually helping them through life” by indulging their every whim, she says.

Netflix is amping its gaming presence — but for who? The biggest streaming platform in the world is aiming to double its gaming portfolio by year end to reach 50 games, but so far its gaming endeavors have failed to draw in users, CNBC writes. Of Netflix’s 221 mn subscribers, less than 1% — 1.7 mn users — have been playing the games daily. Netflix’s dive into mobile games comes as the service struggles to keep users, the streaming platform lost more than 1 mn subscribers q-o-q in 2Q 2022 and announced job cuts as rivals gain ground. The company currently offers games based on its series Stranger Things and adaptations of classics like solitaire.

This publication is proudly sponsored by

???? ENTERPRISE RECOMMENDS

???? ON THE TUBE TONIGHT-
(all times CLT)

Who are the descendants of Russia’s last imperial dynasty? The Romanoffs is an anthology drama created by Mad Men producer Matthew Weiner. Each of the season’s eight one-hour standalone episodes features a descendant — or at least believes they are a descendant — of the Romanovs, the last royal family to rule Russia until the Russian Revolution in 1917. The episodes take place across three continents, with the first episode of the series set in a glamorous Parisian apartment that is home to Anushka, a French aristocrat and alleged great-great-granddaughter of Grand Duke Alexi. Anastasia’s nephew and heir Greg (played by Aaron Eakheart), and his girlfriend manage a hotel but have their eyes set on inheriting the impressive apartment, at some point his girlfriend casually floats the idea of killing Anushka, who, despite struggling with health issues, remains in good shape. The episode focuses on Anushka’s relationship with her new in-home caregiver Hajar, a young muslim girl that Anushka is terribly racist and cruel to initially. The one-season show, which premiered in 2018, starts on a strong note, with the first two episodes definitely being our favorites.

⚽ PSA- Don’t forget to sign up for the Enterprise Fantasy League via this link, or by using this code: 8o4sut.

English Premier League: The last three matches in the league’s first round are being played today, with two of them ongoing as we dispatch: Manchester United v Brighton, and Leicester City v Brentford.

West Ham will play Manchester City later tonight at 5:30pm.

The Egyptian Premier League: Al Ahly faces a difficult confrontation against Al Ittihad at 9pm. The Red Devils need to come out on top to reduce the difference with Zamalek and Pyramids, while Al Ittihad needs the victory to widen the gap between it and the relegation zone.

Arab Cup for U-20: Egypt faces Saudi Arabia in the cup final at 6:30pm. Egypt is participating in the cup’s final for the first time, while Saudi Arabia is the title defender.

Friendlies: Barcelona faces Mexico’s Pumas Onam in the Joan Gamper Cup friendly at 8pm. Yes, the match is scheduled for today, not Saturday, as we incorrectly indicated in last Thursday's issue.

Juventus also plays Atletico Madrid at 6 pm and Roma faces Shakhtar Donetsk at 8:45pm.

???? EAT THIS TONIGHT-

With its broad international cuisine menu, Casa Talia offers an array of options for every meal of the day. The restaurant, which is in Arkan Plaza’s new extension, boasts an extensive selection of international dishes.The breakfast menu has a plethora of options regardless of whether you prefer to start your day off with a savory dish (with egg dishes ranging from shakshuka to truffle scrambled eggs) or sweet treat. Craving a sandwich? You can’t go wrong with an Italian Panuozzo (a pizza and sandwich hybrid) or Chinese chicken bao served in a homemade steamed bun. The lunch/dinner menu has a wide selection of chicken, meat and fish mains as well as pizza, pastas, salads, and soups.

???? OUT AND ABOUT-
(all times CLT)

Egyptian rock band Headstock is performing tonight at 8pm at El Sawy Culturewheel in Zamalek.

Sign up for a seven-minute slot at Room New Cairo’s Open Mic night to show off your musical, comedic, or poetic flair, or just sit back and enjoy the show at 8pm.

???? UNDER THE LAMPLIGHT-

Mistakes Were Made (but not by me) is an insightful read on why it is so hard for us to own up to our mistakes and why we tend to rationalize our behavior instead. Social psychologists Carol Tavris and Elliot Aronson dive into how the brain is wired for self-justification. They point to how humans attempt to “calm the cognitive dissonance that jars our feelings of self-worth” when we make a mistake, by unconsciously creating false narratives that relieve us of responsibility, leading to the restored belief that we are right. “Most people, when directly confronted with proof that they are wrong, do not change their point of view or course of action but justify it even more tenaciously. Politicians, of course, offer the most visible, and often tragic, examples of this practice.” Based on years of research, they lay out the ways in which we can begin admitting when we’re wrong.

???? GO WITH THE FLOW

What do printing and packaging manufacturers think of the state’s privatization plan? As part of its state ownership policy document, the government is currently looking to sell up to 78% of its assets in the printing and packaging industry as it aims to transform these factories into more lucrative investment avenues for foriegn investors. Stakeholders in the printing and packaging industry gathered the week before last to share their thoughts on what the sector needs and to lay out recommendations on how to bring the private sector on board.

The takeaway: Our sources tell us that the industry wants to see continued state involvement to help support the industry, which is reeling from record high production costs and outdated manufacturing processes.

A refresher on the state’s privatization drive: Every Sunday and Tuesday, workshops are held as part of a series of public consultations over the policy document — which lays out privatization plans on specific industries. These come as the government seeks to widen private sector involvement in the economy over the next three years, and aims to draw new investments worth some USD 40 bn over the next four by selling stakes in state-owned assets to local and international investors.You can refresh your memory of what went down with automotive and engineering players, the pharma industry, and FMCG players in our previous editions of Inside Industry.

What does the printing industry currently look like? Some 5k companies are registered with the Federation of Egyptian Industries’ printing and packaging division, division head Ahmed Gaber told Enterprise. Of those, some 100 companies are specialized in printing and publishing books, while the rest are focused on manufacturing food and pharma packaging.

It seems clear that the sector still needs some government support to grow: There are some serious challenges currently facing our domestic printing and packaging industry, chief among them is increasing costs of production, which has recently seen the cost of paper skyrocket from EGP 12k to EGP 30k per ton, says Gaber. To overcome this, the government still needs to play an active role in supporting manufacturers through developing more export markets and helping older companies modernize their industrial processes, Gaber explained. Bringing in newer technologies that can help make the production of packaging more efficient would also help, he adds.

Public-private partnerships could be the first step towards a solution for some of the problems the industry is grappling with at the moment, says Gaber. Only once private sector players have been given the green light to enter the sector alongside the government — and successfully brought in more large-scale investments — should the government start to consider selling its assets, Gaber said.

Export markets could be the way forward: Most factories are eagerly waiting to jump at a chance to export their products to African and Gulf countries, where Gaber says there is high demand. Existing demand from these regions should help encourage troubleshooting the roadblocks standing in the sector’s way, he says.

There’s a crucial chance for growth here: Despite the challenges facing the industry, import substitution might become an unanticipated source of growth. Take the rising cost of importing paper for instance: There could be significant long-term benefits to the industry if some publicly-owned companies were to step in and develop a local alternative, Gaber tells us. Already, certain food manufacturers have reached out to the Printing Chamber to request packaging alternatives to imported packaging like TetraPak.

But some level of state involvement would still be required to get there: The most effective means to overcoming these serious challenges and seeing substantive growth in the sector take hold will have to come through increased government investment in the industry, Ahmed Ibrahim, a member of the printing and packaging division’s board of directors, tells us. This is because public investment would encourage private sector players to allocate more capital to the industry, he explains. The government’s role in the industry is crucial and would be difficult for the private sector to fill on its own, especially when it comes to producing the machinery and providing the spare parts required for industrial-scale printing, says Mohamed Abdel Moneim, a representative for publishing house Sama.

And speaking of state involvement: Public enterprises want to see looser regs: Government-owned enterprises are finding that they are increasingly constrained by rules and regulations that are keeping them from attracting new investments and putting them at an unfair disadvantage to private sector factories in the industry. Evening out the playing field between public and private sector players in the field though tax policy reform, more localized e-paper production, and offering some more incentives, would be the best way forward, Amiria Press Board Chairman Ashraf Imam said.

Incentives are already in the picture: The recently approved amendments to the VAT Act exempts the paper industry and its associated inputs from the 14% tax in order to offer local paper mills a competitive advantage over imported materials.

Other solutions include turning to alternative materials: More investment into growing Eucalyptus trees — which are used in the production of paper and packaging materials — could help reduce the industry’s reliance on imports and draw down some of the skyrocketing costs of raw materials. But such an initiative would also require more state support, Gamal Al-Saudi, Chairman of the Board of Directors of the Egyptian Paper Manufacturing Company and Head of the Paper Division of the Federation of Industries said. An ideal scenario would be one where the government invests in Eucalyptus while the private sector buys in and uses these materials in printing, publishing and packaging processes, according to Al-Saudi.

As well as clamping down on unlicensed factories: Unlicensed factories are also among the many forces exerting pressure on the printing and packaging industry, says Gaber. As the cost of going legit rises, unlicensed players or those who are registered with the incorrect department within the Federation of Egyptian industries are putting licensed companies who are already struggling at an unfair disadvantage.

A more nuanced approach for publishing could also come in handy: Overall continued government support for the publishing industry is needed as the sub-sector slumps, Gaber says. But there’s a case for making a distinction between the publishing world and other commercial printing activities. Publishing is a seperate creative industry that needs to be handled differently than the rest of the sector in the state ownership document and really does need more private sector investment, says Dar Al Shorouk General Manager Ahmed Badir. Amending the regulations governing state-owned printing presses could help bolster their ability to attract contracts that would ultimately put them at a level of competition with the private sector.

Your top industrial development stories for the week:

Nokia phones to be locally assembled: Nokia phone manufacturer HMD Global is partnering up with Etisal for Advanced Industries to assemble 1 mn mobile phones in Egypt this year.
Mexican glass manufacturer Vitro plans to expand to Egypt and invest USD 400 mn to build two factories.
The government has inked an MoU with Chinese appliance manufacturer Haier Electric to establish a USD 130 mn industrial complex to produce household appliances.

???? 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.

AUGUST

Late July-14 August: 2Q2022 earnings season.

August: Work to extend the capacity of the Egypt-Sudan electricity interconnection to 600 MW to be completed.

August: Sharm El Sheikh will host the African Sumo Championship.

7 August (Sunday): The government hosts public consultations on its state ownership policy document with pre-K and K12 education players.

9 August (Tuesday): The government hosts public consultations on its state ownership policy document with higher education players.

11 August (Sunday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

14 August (Sunday): Retail portion of Ghazl El Mahalla IPO ends.

14 August (Sunday): The government hosts public consultations on its state ownership policy document with finance and ins. players.

16 August (Tuesday): The government hosts public consultations on its state ownership policy document with wood manufacturers.

16 August (Tuesday): MNHD’s general assembly meeting to decide whether to allow SODIC to go ahead with due diligence on its takeover bid.

18 August (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

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

23 August (Tuesday): The government hosts public consultations on its state ownership policy document with chemical producers.

25 August (Thursday): Second Egypt and UN-led regional climate roundtable ahead of COP27, Bangkok, Thailand.

25 August (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

25-27 August (Thursday-Saturday): Jackson Hole Economic Symposium.

27 August (Saturday): The National Dialogue board of trustees holds its fifth meeting, which will set the agenda for the dialogue and choose rapporteurs for the involved committees.

28 August (Sunday): The government hosts public consultations on its state ownership policy document with mining and petroleum refining players.

30 August (Tuesday): The government hosts public consultations on its state ownership policy document with minerals players.

31 August (Wednesday): Late tax payment deadline.

31 August (Wednesday): Deadline for qualifying companies to submit offers to manage and operate a soon-to-be-established state company for EV charging stations.

31 August (Wednesday): Submission deadline for fall 2022 cycle of EGBank’s Mint Incubator.

SEPTEMBER

September: Naval Power, Egypt’s first naval defense expo

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

September: Egypt will host the second edition of the Egypt-International Cooperation Forum (ICF).

1 September (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

1-2 September (Thursday-Friday): Third Egypt and UN-led regional climate roundtable ahead of COP27, Santiago, Chile.

4 September (Sunday): The government hosts public consultations on its state ownership policy document with electricity players.

6 September (Tuesday): The government hosts public consultations on its state ownership policy document with building and construction players.

6-9 September (Tuesday-Friday): Gate Travel Expo 2022, El Qubba Palace, Cairo.

7-9 September (Wednesday-Friday): African Finance Ministers to meet in Cairo to coordinate an African-led position during COP27.

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

8 September (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.

11 September (Sunday): The government hosts public consultations on its state ownership policy document with accommodation and food services players.

13 September (Tuesday): The government hosts public consultations on its state ownership policy document with sports industry players.

11-13 September (Tuesday-Thursday): Environment and Development Forum (EDF), InterContinental City Stars, Cairo.

15 September (Thursday): The government hosts public consultations on its state ownership policy document with water and sewage utilities players.

15 September (Thursday): Fourth Egypt and UN-led regional climate roundtable ahead of COP27, Beirut, Lebanon.

18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors to register with the Egyptian Securities Federation.

20 September (Tuesday): Fifth Egypt and UN-led regional climate roundtable ahead of COP27, Geneva, Switzerland.

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

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

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

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

OCTOBER

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

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

1 October (Saturday): Use of Nafeza becomes compulsory for air freight.

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

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

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

10-16 October (Monday-Sunday): World Bank and IMF annual meetings chaired by CBE Governor Tarek Amer, Washington, DC.

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

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

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

Late October-14 November: 3Q2022 earnings season.

NOVEMBER

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

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

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.

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.

7 January (Saturday): Coptic Christmas.

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

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.

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.