Thursday, 14 April 2022

PM — Have you heard enough jingles this Ramadan?

TL;DR

???? WHAT WE’RE TRACKING TONIGHT

We made it to the weekend, friends, and we’re being rewarded with yet another big news day to really feel like we’ve earned some rest.

THE BIG STORY TODAY

First Abu Dhabi Bank (FAB) has withdrawn its bid to acquire a controlling stake in EFG Hermes, the premier financial services corporation in frontier emerging markets, the Emirati bank said in a statement. FAB’s withdrawal came due to “ongoing global market uncertainty and volatile macro-economic conditions,” according to the Emirati lender, which stressed the strategic importance of Egypt as a market.

EFG Hermes’ shares closed down nearly 20% at EGP 15.46 after a trading day that saw circuit breakers triggered twice in one session when the corporation’s shares slid 10%, according to an EGX news bulletin.

^^We’ll have more on this story and others in tomorrow morning’s edition of EnterpriseAM.

THE BIG STORIES ABROAD

It’s one of those rare days when the global press has big stories outside of the Russia-Ukraine war:

#1- Tesla CEO Elon Musk wants Twitter. All of it. After snapping up a 9.2% stake in the platform earlier this month for around USD 2.89, Musk now wants to acquire the entire social media company, submitting a non-binding proposal to buy Twitter for around USD 41 bn, according to a regulatory filing. Musk is offering USD 54.20 per share — a 38% premium over Twitter’s closing price on 1 April, according to Reuters. The story is leading the conversation in the Financial Times, the Wall Street Journal, and others.

#2- New York police have arrested a suspect in this week’s shooting in the city’s subway, ending a nearly 30-hour-long manhunt, the Wall Street Journal reported. Alleged attacker Frank James, 62, was taken into custody last night in lower Manhattan, close to the scene of Tuesday’s attack which injured 23 people during morning commute rush. James will be charged with committing an act of terror on mass transit, and faces life imprisonment, according to federal prosecutors.


CORRECTION + APOLOGY- In the Wednesday edition of EnterpriseAM, we erroneously reported that the government was exploring the possibility of purchasing wheat outside the established tender system. The story incorrectly reported remarks attributed to Mr. Sherif Bassili, the chairman of the Egyptian Holding Company for Silos and Storage. Mr. Bassili spoke with Enterprise on background only and we misconstrued his remarks. We have retracted the story, which no longer appears on our website, and apologize to Mr. Bassili.

SMART POLICY- The Madbouly government is working hard to rebuild wheat stocks, including through increasing its purchase from the domestic harvest and, just yesterday, by purchasing 350k tons of wheat from France, Russia, and Bulgaria in its first successful tender since war broke out in Europe’s breadbasket


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

  • Egypt to increase LNG exports to Europe with Eni: The Italian energy firm yesterday signed an agreement in Cairo with the state-owned Egyptian Natural Gas Holding Company (EGAS) designed to “maximize” Egyptian LNG exports to Europe and boost Eni’s gas production here.
  • State grain buyer the General Authority for Supply Commodities (GASC) bought 350k tons of wheat from France, Russia, and Bulgaria in its first successful tender since war broke out in Europe’s breadbasket. The average price (accounting for freight) stood at nearly USD 490 per ton — the highest in nearly six years, and up by around half what GASC paid in its last international purchase in mid-February. GASC and the Mabdouly cabinet are working overtime to shore up reserves after the global market was upended by the war in Ukraine.
  • Abu Dhabi sovereign fund confirms blockbuster EGX stake buys + Could Abu Auf be next in line for ADX investment? Abu Dhabi wealth fund ADQ has confirmed its acquisition of stakes in five EGX-listed companies — CIB, Fawry, Abu Qir Fertilizers, Alexandria Container & Cargo Handling, and Mopco — this week, for around USD 1.8 bn. Separately, Agthia, the ADQ food subsidiary that acquired Ismailia, is in talks with Abu Auf’s parent company AUF on a potential stake sale.

NEXT WEEK-

Early pensions ahead of Eid: The government will disburse pensions for retired public sector workers early this month, on 22 April, ahead of Eid El Fitr and Coptic Easter, the National Authority for Social Ins. announced yesterday.

The World Bank + IMF’s spring meetings are taking place in Washington next Monday, 18 April, and will run until Saturday, 23 April.

???? CIRCLE YOUR CALENDAR-

Higher Education Minister Khaled Abdel Ghaffar will address AmCham’s Pre-Annual General Meeting and Iftar which will be held on Monday, 18 April from 6-8pm at The Nile Ritz Carlton. Abdel Ghaffar will give a talk titled “Bolstering Investments in Egypt’s Healthcare and Pharma sectors: Vision and Strategic Priorities.”

Consoleya is hosting an investors’ talk and sohour with Cairo Angels next Sunday, 17 April at 9pm. The event will begin with a Fireside Chat on e-commerce, featuring former Jumia CCO François D’hautefort, with Cairo Angels Founder Hossam Allam as moderator, with a sohour and networking session for investors following the talk. You can register for the event here.

Companies have less than a week to file their first quarterly ESG compliance report: Listed firms and non-bank financial services companies need to submit their first quarterly ESG report by 20 April, the Financial Regulatory Authority (FRA) announced last week. The regulator is making it mandatory for corporates to publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements, starting 2023. Reach out to Moustafa Taalab at InkankIR, our parent company, if you need some help.

Further afield, Egypt will host the Asian Infrastructure Investment Bank’s Annual Meeting of the Board of Governors in 2023, Finance Minister Mohamed Maait and execs at the Asian Infrastructure Investment Bank agreed during a meeting, according to a cabinet statement. The move comes as Egypt aims to bolster multilateral cooperation between Asia and Africa and become a regional logistics hub for transport and energy.

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

☀️ TOMORROW’S WEATHER- Enjoy this weekend’s weather before a heatwave hits on Sunday: Expect a daytime high of 29°C on Friday and 32°C on Saturday with overnight lows of 14-20°C, our favorite weather app tells us. On Sunday, we’re hitting 42°C during the day in a brief heatwave that will dissipate by Monday.

???? FOR YOUR COMMUTE

Pay transparency causes women to compete with other women: When salaries are disclosed in a workplace, women often take for granted that they will be paid less than their male peers and instead focus on being paid equally with their women counterparts, the European Commission found in a study picked up by Bloomberg. The study comes as the EU is set to introduce a trailblazing legislation that aims to close the gender pay gap by taking steps such as requiring companies with at least 50 employees to disclose data on pay. However, the findings of the study could change the mechanism with which the legislation aims to change things as pay transparency may not be enough.

What to do instead? A more effective way to tackle the gender pay gap is to give women more feedback on their performance and increase their self-esteem so that they feel more encouraged to ask for raises and promotions, said co-author Ginevra Marandola, an economist at the Italian Ministry of Economy and Finance.

Other interesting findings: Men tend to put in less extra effort in an organization with more women bosses, while women work better under other women managers.


This discovery of fossils could push back the timeline of life on our planet back by more than 300 mn years: Scientists might have discovered the oldest fossils on Earth in Canada, which date back at least 3.75 bn years and possibly even 4.2 bn years, writes Vice. The fossils were originally discovered in 2017 by Dominic Papineau, an associate professor at University College London. Since then, Papineau and his colleagues have been running tests on the fossils and the recent findings published in Science Advance show that the earliest known organisms are barely younger than Earth itself. They also suggest that there’s a diverse microbial ecosystem that could be existing on other planets as well. The findings “push back the clock for the origin of life and to search specifically for these kinds of things on other planets,” Papineau explained.

Just because you’re a criminal organization, doesn’t mean that you can’t create a strong corporate culture. Case in point: Conti — a ransomware group with 350 members who collectively have made some USD 2.7 bn in crypto in only two years. The cybercrime group provides monthly salaries for workers and conducts performance reviews and training sessions to help them grow within the organization, writes CNBC, citing leaked documents. Meanwhile, negotiators who help with ransoms receive commissions ranging from 0.5% to 1%. They also have an employee referral program where employees can receive bonuses for referring other talents — as well as an “employee of the month,” who is given a bonus equal to half their salary.

We know all of this because of a revenge plot within the organization: The FBI have managed to collect leaked documents from the Russian organization, getting more information about its size, leadership, business operations, and even the source code of its ransomware. This came after a Ukrainian individual in the organization began to leak information on Twitter in response to Conti supporting Russia’s actions during the war.

???? ENTERPRISE RECOMMENDS

???? ON THE TUBE TONIGHT-

(all times CLT)

Rania w Sakina brings back the story of the infamous female duo in a modern lens: Actresses Mai Omar and Ruby play Rania and Sakina, the former of which inherits her late father’s fortune after his death, including a large corporation. Rania is accused of having a mental disorder, which her family uses to get their hands on some of her wealth. However, she soon meets Sakina — a hard-on-her-luck fugitive who knows how to respond when people play dirty. Together, the two women try to prove their reputation and innocence through a series of adventures and dramatic chase scenes. You can watch Rania w Sakina on Shahid.

We’re sliding into a football-packed weekend, with matches on offer in the Premier League, Serie A, La Liga, CAF Champions League, and our own local league.

BUT FIRST– UEFA Europa League quarter finals are on tonight, with Atalanta vs RB Leipzig at 6:45 pm, and three games at 9pm: Barcelona v Eintracht Frankfurt, Olympique Lyonnais v West Ham United, and Rangers v Sporting Braga.

Also playing today in the Egyptian Premier League: Talae’ El Geish v Enppi, Mokawloon Al Arab v Misr Lel Makassa, and National Bank v Al Alexandria’s Al Ittihad. All games will kick off at 9:30pm.

On Friday, there are several games in leagues across Europe, with Real Sociedad clashing with Real Betis at 9pm in La Liga, and Spezia v Inter Milan + AC Milan v Genoa in the Serie A. Both games will be played at 9pm.

Moving to Africa, the CAF Champions League is about to get more exciting as the first leg of its quarter finals begins today on Friday with Algeria’s ES Sétif and ES Tunis taking it to the field at 11pm.

It’s going to be a busy Saturday, with the Premier League seeing four games: Tottenham Hotspur v Brighton at 1:30pm, Manchester United v Norwich City at 4pm, Southampton v Arsenal at 4pm, and Watford v Brentford at 4pm.

We’re not forgetting Manchester City v Liverpool in the FA Cup semi-final clash on Saturday at 4:30pm.

In Spain, Elche will play against Mallorca at 2pm, Deportivo Alavés against Rayo Vallecano at 4:15pm, Valencia v Osasuna at 6:30pm and Getafe v Villarreal at 9pm.

We’re up for six games in the Serie A: Cagliari v Sassuolo at 12:30 pm, Sampdoria v Salernitana at 2:30 pm, Udinese v Empoli at 2:30 pm, Fiorentina v Venezia at 4:30 pm, Juventus v Bologna at 6:30 pm and Lazio v Torino at 8:45 pm.

Back to CAF Champions League, as our own Al Ahly goes head to head against Raja Casablanca at 10pm, with two other games: Petro Atletico v Mamelodi Sundowns at 6pm, and CR Belouizdad v Wydad Casablanca at 11pm.

???? EAT THIS TONIGHT-

Mix up your Ramadan sweets with Beyond Frosting’s signature creations: The Instagram bakery takes Egyptian flavors associated with Ramadan and gives them a new life, without making it too out of the ordinary. We were drooling over the new choux a la creme flavors, including shay belaban and white chocolate, shay belaban and dark chocolate, and sobya. They also offer a sticky date and walnut tart and a basbousa cake infused with citrus that will wow everyone at your next Ramadan gathering. If you want more of the traditional route, you’ll find a variety of cakes, cookies, and brownies to satisfy your sweet tooth.

???? OUT AND ABOUT-

(all times CLT)

Go experience some storytelling at Naiem Marionette Show with four unique characters Marwan, Folan, Zizi and Mr Safiha at Dawar Arts today at 8:30 pm.

If you’re in the mood for a mix of jazz, head to Room Art Space in Garden City for the tunes of trumpet player and composer Tarek Raouf and his ensemble at 9pm tonight.

Tomorrow, Downtown’s art-house cinema Zawya will be hosting Zawya Shorts IV, screening short films by Egyptian directors or ones based in Egypt. All screenings, beginning 8pm, during the four-day event will be followed by a Q&A with the directors.

Singer Shahira Kamel will perform her original tracks, which include Dokki Ya Mazzika, at Room in Garden City, with special appearances on stage from Dalia Farid Fadel, Nesma Herky, and Sherif Abd Al Maguid. The event starts at 9pm.

Get involved on Saturday in a Trivia Night hosted by Room in Garden City at 9pm, where you’ll compete among a group in several quizzes and games extending from music to math to others.

???? EARS TO THE GROUND-

#ABtalks is an Arab celebrity interview show that doesn’t shy away from the hard questions: Emirati entrepreneur and interviewer Anas Bukhash hosts one-on-one conversations with big names across the region, whether they’re actors/actresses, musicians, athletes, or influencers. We’re not sure what it is about Bukhash, but he manages to open conversations and discussions that the guests probably wouldn’t discuss anywhere else. It’s a bit like a mini-therapy session, discussing everything from fears, hopes, dreams, disappointments, and mistakes to bigger philosophical issues. The guests open up and show a candid and vulnerable side that makes you understand the people you see on screens a bit better. We enjoyed the episodes with Mona Zaki and Amir Eid which really allowed them to explore their beliefs and identities versus how society sees them.

You can enjoy #ABtalks in a number of ways: The show has full episodes you can watch on YouTube and Netflix or you can listen to it in audio form on Anghami.

???? UNDER THE LAMPLIGHT-

enterprise

WHAT’S NEXT- Mythbusters on starting your own business: The E-Myth Revisited by Michael E. Gerber delves into how a successful business could be obstructed by habitual assumptions, predictions, and technical expertise. The small business advisory guru outlines for business enthusiasts the life trajectory of a business, starting from the first entrepreneurial baby steps to the harsh reality of the middle point, to a mature perspective as an established entrepreneur. The author also spends some time making the often-missed contrast between working on your business and working in your business.

???? GO WITH THE FLOW

The EGX30 fell 1.6% at today’s close on turnover of EGP 996 mn (4.6% above the 90-day average). Regional investors were net buyers. The index is down 10.6% YTD.

In the green: CIRA (+10.3%), Fawry (+2.7%) and Cleopatra Hospital (+2.4%).

In the red: EFG Hermes (-20.0%), AMOC (-9.1%) and Sidi Kerir Petrochem (-6.5%).

???? TELEVISION

Go ahead and skip the ad breaks: It’s that time of year where video advertisements haunt our dreams and force us to reckon with our binge-watching habits. Whether we like it or not, ads have become a staple of Ramadan in Egypt and an unavoidable menace if you’ve been on the internet at any point in the past two weeks.

But wait: We kinda love (some) Ramadan ads, too. Holy month ads are admittedly a little different than your run of the mill fare. Many of the country’s best creative minds are enlisted to create intricate (and expensive) productions that have, on occasion, had the power to move us. Here’s this year’s roundup of the ads that stuck out to us the most.

Etisalat is all about love at first sight: Ahmed Ezz and Lebanese actress Carmen Bsaibes play an assortment of characters who keep on meeting and falling in love at first sight in this year’s ad from our friends at Etisalat. Their pairing is inevitable — they are drawn together, no matter how different each of their lives might have played out, kind of like a reverse Sliding Doors (watch, runtime: 1:51).

Orange has come out with an impressive, theatrical celebration of springtime Ramadan this year: Firm faves Mona Zaki, Dina El Sherbini, and Nelly Karim come together for Orange’s cheerful 2022 campaign. Shot largely outdoors — and featuring scores of colorful decorations and intricate flower arrangements — the ad has the trio sing and dance along with a huge cast of performers. The vibe is wholesome and feels reminiscent of 1950s musicals (watch, runtime: 2:02).

Yasmine Abdel Aziz and Karim Abdel Aziz star in Telecom Egypt’s (WE) colorful generational battle about the changing nature of Ramadan. The actors each play a series of characters that depict the diversity of ways people celebrate Ramadan across generations, with WhatsApp messages replacing phone calls and Lotus qatayef edging out homemade kunafa. The message: Whatever age you are and however you celebrate Ramadan, it should be joyful. A cute concept, with one caveat: The jingle is incredibly annoying — second only to Vodafone’s ad for how frequently it has terrorized us as we scroll YouTube in recent weeks. (Watch, runtime 2:35)

Vodafone’s ad follows the ups and downs of a young couple’s relationship, to the soundtrack of new Hadaba original Elly Bena Hayah. The spot features scenes filmed by the beach, on nights out in Cairo, and long video calls and WhatsApp messages between the young sweethearts. The ad is a sweet albeit scary depiction of how deeply communication services are embedded in the most intimate aspects of our lives. It's a technological feat or dystopian reality, depending on how you look at it (watch, runtime 2:00).

El Esseily and Ruby team up for home appliance company Fresh’s elaborately produced jingle, which seems to suggest that a) not having Fresh home appliances is a dealbreaker for marriage or b) their affection for one another is only matched by their love for white goods (watch, runtime: 1:47).

Banque Misr’s 2022 Ramadan campaign builds on its long-running theme of hope and resilience with an ad that refreshingly features the faces of ordinary people as they go about their daily lives. Sherine Abdel Wahab sings “Ya Maafer” as she jogs across Kobry Tahya Masr, encouraging perseverance and strength in the face of adversity (watch, runtime 1:59).

Amr Diab makes yet another appearance for Egypt Post this year, taking us on a journey across Cairo as he awkwardly runs solo through Al-Azhar tunnel, Wadi Degla, and the Salaheldin Citadel. Much like Banque Misr, Egypt Post’s message is also one of persistence and determination. Our only question is why Amr Diab remains such a persistent and determined presence in our ad scene, having already been the face of a campaign for almost every major company under the sun (watch, runtime 1:57).

???? CALENDAR

OUR CALENDAR NOW 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.

APRIL

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

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

April: A delegation from a major Belgian shipping company will arrive for talks on building an international shipping supply center in Egypt.

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

15 April (Friday): E-receipt system pilot to kick off.

18-24 April (Monday-Sunday): World Bank-IMF Spring Meetings, Washington D.C.

20 April (Wednesday): Deadline for listed companies and NBFIs to submit quarterly ESG reports.

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

21 April (Thursday): EGX-listed Taaleem will hold an extraordinary general assembly to discuss the mechanism to build and own nonprofit and private universities.

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.

30 April (Saturday): Fixed customs exchange rate lifted.

Late April through 15 May: 1Q2022 earnings season

MAY

May: Investment in Logistics Conference, Cairo, Egypt.

1 May (Sunday): Labor Day.

1 May (Sunday): Suez Canal Authority raises tolls for different vessels.

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).

15 May (Sunday): Last day for EGX-listed companies to file 1Q2022 earnings

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

JUNE

5-7 June (Sunday-Tuesday): Africa Health ExCon, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.

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.

30 June (Thursday): Deadline for bids for National Democratic Party HQ redevelopment contract.

JULY

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

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

Early July: Polish President to visit Egypt.

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

1 July (Friday): Official rollout of e-receipt system 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.

AUGUST

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

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

SEPTEMBER

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.

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

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

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

OCTOBER

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

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.

4-6 November: The Autotech auto exhibition kicks off at the Cairo International Exhibition and Convention Center.

7-18 November (Monday-Friday): Egypt will host COP 27 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.

DECEMBER

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

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.

EVENTS WITH NO SET DATE

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.

14 March-30 June: The “Escape to Egypt” exhibition at the Coptic Museum, in celebration of its 112th anniversary.

2Q2022: The Sovereign Fund of Egypt will invest in two companies in the financial inclusion and non-banking financial services sectors.

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

End of 2Q2022: Door for bidding for the contract to redevelop the site of the former National Democratic Party HQ to close.

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.

3Q2022: Ayady’s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release first financing product.

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.

**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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