Thursday, 3 February 2022

PM — All eyes on the Pharaohs at Afcon tonight

TL;DR

???? WHAT WE’RE TRACKING TONIGHT

Happy Thursday, wonderful people. It’s a busy afternoon as we hurtle towards the weekend (and the nearest TV to watch the Pharaohs at the Afcon semi-finals today).

It’s interest rate day at home + in the eurozone: Analysts participating in our regular rate poll don’t see incoming rate hikes in the US and rising inflation at home as being enough to prompt the Central Bank of Egypt’s (CBE) monetary policy committee to hike interest rates when it meets late this afternoon. Our poll participants tell us they see the policy rate being left unchanged at 8.25% for the next six weeks. Our real interest rate, the highest in the world, leaves Egypt well-positioned to withstand the initial phase of the Fed’s tightening cycle while inflation remains easily within the central bank’s target range.

The CBE meets right as the European Central Bank (ECB) and Bank of England (BoE) wrap up their own policy meetings — each with different outcomes. In the UK, the BoE agreed to a 25 bps rate hike as it looks to rein in its own inflation figures, which the central bank expects to hit 7% in the coming months as a result of low unemployment and higher energy prices. The ECB has decided to leave its key interest rates unchanged, which will remain the case “until it sees inflation reaching 2% well ahead of the end of its projection horizon and durably for the rest of the projection horizon,” the bank said. The meeting came against a backdrop of higher-than-expected inflation on the back of soaring energy and food prices.

THE BIG STORIES TODAY-

#1- Macro Group Pharma has priced its IPO at EGP 4.85 per share, according to a statement (pdf) out earlier today. The company’s final price announcement is at the lower end of the EGP 4.85-5.55 range on which sole global coordinator EFG Hermes had previously guided. Shareholders are offering up to 45.8% of the company for sale (c.264.5 mn shares) in the IPO, with the subscription to the retail offering set to close on Monday, 7 February.

The company expects its shares to begin trading on the EGX “on or around” next Thursday, 10 February, under the ticker MCRO.CA.

#2- Business activity contracts at a faster pace in January: Activity in Egypt’s non-oil private sector contracted for a 14th consecutive month in January, with data signaling a “solid and faster deterioration” last month, according to IHS Markit’s Purchasing Managers’ Index (PMI) survey (pdf). The decline was driven primarily by “weak demand” leading to lower new orders and output levels, which respondents linked to input inflation and supply chain snags. Our PMI reading fell to 47.9 in January — its lowest since April 2021 and below the 48.2 series average.

^^ We’ll have more on these stories and others in Sunday’s edition of EnterpriseAM.

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

  • 10 state IPOs this year? The Madbouly government wants to sell shares in up to ten state-owned companies on the EGX this year, Finance Minister Mohamed Maait said yesterday.
  • Multilateral lender Africa Finance Corporation is looking to partially bankroll our monorail and high-speed train projects with a USD 250 mn facility, CIO Sameh Shenouda said.
  • FRA loosens license requirements for credit rating agencies: The Financial Regulatory Authority has scrapped a requirement for credit rating agencies to be at least 10% owned by international firms in a move meant to increase the number of local credit-rating firms and boost our non-banking financial sector.

HAPPENING NOW- President Abdel Fattah El Sisi is heading to China to attend the Beijing Winter Olympics opening ceremony, which takes place tomorrow, according to an Ittihadiya statement. The trip will also see El Sisi sit down with Chinese President Xi Jinping to discuss bilateral relations as well as regional and international issues of mutual interest.

The Games kick off tomorrow against a backdrop of boycotts and lockdowns. A number of heads of states are boycotting the games over the country’s human rights record. Covid-19 has also been weighing on the games in more ways than one, including athletes forced to sit out after testing positive.

THE BIG STORY ABROAD- It’s a toss-up between the latest in Ukraine and Meta’s disappointing 4Q2021 financials. Neither story has advanced much since we last wrote to you this morning: The New York Times tries to decode Russian President Vladimir Putin’s thought process to guess whether his tactics are successful, while Reuters notes that Moscow is dispatching 30k troops to Belarus for “military exercises” after US President Joe Biden ordered nearly 3k troops to Poland and Romania. Meanwhile, the Wall Street Journal and the Financial Times are each looking at the market fallout from Facebook’s parent company’s weak earnings.

PSA #1- Need to renew your visa to Amreeka? The US is now allowing visa renewals for anybody whose visa has expired within the past 48 months (four years), with an option to request an interview waiver. US Ambassador Jonathan Cohen lays out all the steps in this video guide (watch, runtime: 2:37).

PSA #2- Today is the deadline to submit applications for the US Embassy’s Cultural Property Agreement Implementation initiative that would help Egypt protect cultural property from looting, theft, and illicit trafficking. The guidelines state that concept notes must be sent in today at the latest, while shortlisted applicants will need to submit full applications by 4 May. Each project will receive USD 50-100k, with around USD 500k earmarked for the entire program.

The US embassy is also inviting women to apply to join Fortune Global Women's Mentoring Program which will take place from 8-28 May 2022. The program aims to bring emerging women leaders from around the world to the US to meet and learn from the Fortune Most Powerful Women, which includes executives from Accenture, Johnson & Johnson, and Aetna. The deadline to apply for the program is next Tuesday, 8 February. You can begin your application by signing up here.

???? CIRCLE YOUR CALENDAR-

Key news triggers to keep your eye on in the first days of this new month:

  • Foreign reserves figures for January should be out from the Central Bank of Egypt within the next few days.
  • Inflation: Inflation figures for January will be released next Thursday, 10 February.

☀️ TOMORROW’S WEATHER- We might be in for some rain this weekend: Both Friday and Saturday have high chances of rain and daytime highs of 17°C, our favorite weather app tells us. The mercury will fall to 9-10°C at night.

???? FOR YOUR COMMUTE

Does AI make the hiring process less biased? The use of artificial intelligence (AI) in decision making has long made regulators wary, but proponents of the technology are now saying that AI could be a solution to the so-called Great Resignation, says the Wall Street Journal. Many businesses have turned to AI to “bulk up their recruitment muscle,” saying the technology aids in removing human biases from the process by focusing on skills as opposed to charisma.

Detractors, however, argue that AI actually magnifies biases and the human touch is still necessary in HR departments. For example, Amazon scrapped an algorithm in 2018 after it was found to be discriminatory against women. While we’re not yet ready to completely revert to AI for the hiring process, using the tool could be effective in carrying out some parts of the process, such as shortlisting suitable candidates.

The gaming industry is seeing a flurry of consolidation activity, as Sony acquired Halo / Destiny game maker Bungie for USD 3.6 bn earlier this week, Bungie announced in a press release. The Bungie acquisition comes after Microsoft announced the largest-ever gaming acquisition in its planned USD 68.7 bn allcash purchase of leading games publisher Activision — a takeover that is now under review from the Federal Trade Commission, according to the Wall Street Journal. Together with Take-Two’s USD 12.7 bn acquisition of FarmVille creator Zynga, the three transactions — which are expected to be finalized this year — are worth a combined USD 85 bn. Global gaming is on the rise, increasing by an estimated 46% in 2020, and MENA is one of its fastest-growing markets. Read more about the gaming boom in MENA here.

Our hopes that covid could become endemic might be shattered: The ‘R’ number for covid-19, which indicates how many people will catch a disease from an infected person, has risen to over three due to omicron, while endemic viruses usually have an R number of one, suggesting that the virus will continue to be an epidemic, rising rapidly over periods of days to weeks, Raina MacIntyre, a professor of global biosecurity at the University of New South Wales, told CNBC. Covid-19 will “keep causing epidemic waves, driven by waning vaccine immunity, new variants that escape vaccine protection, unvaccinated pockets, births and migration,” MacIntrye said. This goes against theories from scientists who previously suggested covid-19 might become endemic in the coming months — meaning it will be less of a determining factor in our lives as it becomes less transmissible and leads to fewer hospitalizations and fatalities.

???? ENTERPRISE RECOMMENDS

A documentary about a dating app conman + Egypt is up in Afcon’s semi-finals today +

???? ON THE TUBE TONIGHT-

(all times CLT)

A true story of a conman on a dating app… and the women who sought revenge: Netflix’s The Tinder Swindler tells the true story of Shimon Hayut, a man who pretended to be a Russian-Israeli diamond tycoon on the world’s most popular dating app, Tinder. Hayut went by Simon Leviev, taking Scandinavian women on extravagant dates and jet-setter destinations before scamming them with stunts such as saying he doesn’t have access to his financial accounts — or pretending to be kidnapped and asking for ransom. When Hayut’s antics first became public, through an article in the Norwegian press, it was the women who were called gold-diggers, or worse. However, it also banded them together to try and retrieve the mns he swindled from them. The Guardian is out with a review.

It’s the big night for Egypt at Afcon: Egyptian football fans’ (and even non-fans) eyes and hearts are on the Olympic Stadium in the Cameroonian city of Douala today which will host the Afcon semi-final match between Cameroon and Egypt at 9pm. The Pharaohs historically come out on top in confrontations with Cameroon, but the last meeting between the two teams ended with the victory of the opposing side in the 2017 Africa Final.

The victors of tonight’s match will face Senegal, who last night trumped Burkina Faso, scoring three goals in the last 20 minutes of the game to Burkina Faso’s one consolation goal near the very end. Sadio Mane claimed Senegal’s final goal — he’ll now be gearing up to face fellow Liverpool teammate Mohamed Salah on the pitch tonight.

(Mane earned the final goal for Senegal, not Cameroon, as we mistakenly said this morning. H/t to Maurice F. for the note.)


The opening of the FIFA Club World Cup takes place today with the UAE Al Jazira match with Tahiti's Pirae at 6:30pm. The tournament is hosted by Abu Dhabi, with the participation of Egypt’s Al Ahly, England’s Chelsea, Saudi’s Al Hilal, Brazil’s Palmeiras, Mexico’s Monterrey as well UAE’s Al Jazeera and Tahiti’s Pirae.

Al Ahly plays its first match against Monterrey at 6:30pm on Saturday. You can watch the match via the Abu Dhabi Sports Channel application, which is broadcasting Al Ahly’s matches in Egypt without charge.

Copa Del Ray: Real Madrid will face Athletic Bilbao at 10:30pm following a match between Real Sociedad and Real Betis at 9pm. The victor of the first match qualifies for the semi-finals to face Valencia, who beat Cadiz 2-1 yesterday. The victor of the second match will meet with Rayo Vallecano, who beat Real Mallorca 1-0.

Manchester United plays Middlesbrough in the fourth round of the English League Cup tomorrow at 10pm.

The cup continues on Saturday as well. The most important matches that we intend to follow: Chelsea vs. Plymouth Argyle (2:30pm), Manchester City vs. Fulham (5pm), and Tonttenham vs. Brighton at 10pm.

Did you miss the European leagues? The Spanish, French, and German leagues return tomorrow with a match each: Getafe will play against Levante at 10pm, Marseille competes against Angers at 10pm, and earlier at 9:30pm Hertha Berlin will face Bochum.

La Liga continues on Saturday: Elche hosts Deportivo Alaves at 3pm, Real Mallorca meets Cadiz at 5:15pm, and Celta Vigo meets Rayo Vallecano at 7:30pm. The day will end with Osasuna playing against Sevilla at 10pm.

Matches to note: In Germany, we recommend the Bayern Munich match against Leipzig at 7:30pm on Saturday. In Italy, do not miss the derby between Inter and Milan at 7pm. In France, Monaco meets Lyon at 10pm.

The English Premier League also returns on Saturday: Set your watches to 8pm which is when the Burnley-Watford match begins.


The transfer market closed on Tuesday after a busy last week: Mo Salah has a new teammate after Liverpool signed winger Luis Diaz from Porto in an almost USD 50 mn transaction. A direct and dynamic attacker, the 25-year-old showed amazing form in the Portuguese Primiera Liga team this season, scoring 14 and assisting five, writes CNN.

Meanwhile, Barcelona made big additions to the team, signing Pierre-Emerick Aubameyang and Adama Traore. Aubameyang joined the La Liga team on a freetransfer from Arsenal after his contract with the club was terminated earlier this week. Traore comes to Barcelona on loan from Wolverhampton Wanderers until the end of the season.

Christian Eriksen joined Brentford on a freetransfer, seven months after suffering a cardiac arrest at Euro 2020. The incident was the reason the midfielder left his former team Inter Milan as the rules don’t allow players to have implantable cardioverter-defibrillator (ICD) devices fitted.

The January window’s most expensive signing went to new Juventus frontman Dusan Vlahovic — signed from Serie A rival Fiorentina for a USD 77.8 mn fee with an additional USD 10.7 mn in potential add-ons.

???? EAT THIS TONIGHT-

Ramen and pho… need we say more? Don is a new addition to 5A by The Waterway, featuring authentic Asian dishes that had us drooling. If you like comfort food in the form of a bowl of ramen, look no further as Don brings heaping noodle dishes to the table with a myriad of toppings such as chicken, beef, eggs, and vegetables. We recommend the beef miso ramen or the chicken teriyaki noodles. If that wasn’t enough to tempt you, they also serve Vietnamese pho, a dish we rarely find in Egypt. Bao buns and poke are other must-tries at the new joint while you can also go for main dishes such as their golden curry salmon plate.

???? OUT AND ABOUT-

(all times CLT)

It’s opening night of VRS: The Exhibition at L’Immeuble Building at 6pm. Over 30 exhibiting artists showcasing a range of work inspired by musical sets from previous virtual reality audio-visual experience.

TAM Gallery’s Cairo Art Fair VII is making its way to East Cairo, opening its doors at their new exhibition space at Marakez’s District 5. The exhibition will open on Friday and run until 5 March.

Skateboarding competition Red Bull Mind the Gap 2.0 is kicking off tomorrow at 12:30pm at the Nile Courts Football Pitches. We’ve seen skaters all over Zamalek get ready for the competition these past few weeks, with only 30 skaters to be chosen while judges include Germany’s Jost Arens and Egypt’s Yehia “O” Osama.

???? EARS TO THE GROUND-

BBC’s new audio program 1922: The Birth of Now looks at events and objects from “the crucial year for modernism”: Host Matthew Sweet looks at the eventful year of 1922, known for ushering in the modernist era through a number of discoveries and technological developments. Episodes of the program are short and sweet, giving listeners bite-sized history lessons through research and interviews. Topics include the first aircraft carrier, the first vampire film, Louis Armstrong’s move to Chicago, and important literature that came out during the year. One of the episodes focuses on the discovery of the tomb of Tutankhamun and the subsequent swell of Egyptomania, influencing diverse aspects of global culture from dance to music to architecture (watch, runtime: 13:45).

???? UNDER THE LAMPLIGHT-

enterprise

WHAT’S NEXT- How businesses can build the future, according to the brains behind PayPal: Zero to One by Peter Thiel and Blake Masters focuses on how startups can build new things… and be successful doing it. Thiel started PayPal in 1998, led it as CEO, and took it public in 2002 while Masters is the COO of Thiel Capital. With technology moving at such a fast pace, businesses who create the same products or offer existing services won’t be able to keep up in the market. Instead, businesses should seek innovation and target niche markets to grow their business. Thiel argues that learning to ask the questions that lead you to find value in unexpected places is one of the most important steps to find the gap that your business will fill.

???? GO WITH THE FLOW

Market roundup on 3 February

The EGX30 fell 0.5% at today’s close on turnover of EGP 656 mn (39.5% below the 90-day average). Regional investors were net sellers. The index is down 2.6% YTD.

In the green: GB Auto (+2.0%), Qalaa Holdings (+1.7%) and Credit Agricole (+1.1%).

In the red: Madinet Nasr Housing (-4.1%), Sidi Kerir Petrochem (-2.1%) and e-Finance (-2.1%).

???? CALENDAR

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 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.

9 January – 6 February (Sunday-Sunday): 2021 Africa Cup of Nations, Cameroon.

Second half of January: Egypt will host the Egyptian-Bahraini Joint Committee.

Second half of January: Regulations for installing EV charging stations will be published.

27 January-7 February (Thursday-Monday): Cairo International Book Fair, Egypt International Exhibition Center.

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 this month.

February: Suez canal transit fees set to increase 6%, exempting cruise ships and LNG carriers.

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.

3 February (Thursday): European Central Bank monetary policy meeting.

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

3 February (Thursday): January PMI figures for Egypt, Saudi Arabia, and the UAE will be released.

3 February (Thursday): Deadline to send in concept notes for Cultural Property Agreement Implementation projects to the US Embassy in Cairo.

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

11 February (Friday): Deadline for Anghami SPAC merger.

11-13 February (Friday-Sunday) FIBA Intercontinental Cup, Cairo.

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

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.

15 February (Tuesday): The Industrial Development Authority’s deadline for receiving offers from companies for licenses to manufacture steel products.

15 February (Tuesday): Orange Ventures’ deadline to receive applications from seed-stage fintech startups.

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.

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- 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.

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.

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

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.

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

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.

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.

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.

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.

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

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

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

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

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.

**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.

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