Tuesday, 1 June 2021

Setting the record straight: Maait says no eurobond this month — and Juhayna doesn’t expect to be delisted

TL;DR

WHAT WE’RE TRACKING TONIGHT

Good afternoon, friends, and welcome to the “setting the record straight” issue. We have lots and lots of news this afternoon, so let’s jump straight in.

HERE AT HOME: The Finance Ministry has denied a report that it has a eurobond issuance in the pipeline for execution this month. In a similar vein, reports of Juhayna’s imminent delisting are greatly exaggerated (if you’ll allow us to borrow from Mr. Twain). JUFO has been moved to the D-list of companies that are in violation of listing requirements, but a company official says it hopes to remedy the situation before the end of June. We have chapter and verse on both stories in this afternoon’s Speed Round, below.

HAPPENING NOW- President Abdel Fattah El Sisi is inviting Palestinian President Mahmoud Abbas and leaders of other Palestinian “factions” (read: Hamas) to Cairo for unity talks, Youm7 reported just before we hit “send” on this aftenroon’s issue.

THE BIG STORY ABROAD- “The Market” is starting to get really edgy about inflation after the rate hit 2% in May, the first time since 2018 that inflation has topped the European Central Bank’s target, the Financial Times reports. Across the pond, that comes as “some investors are preparing for wild swings in financial markets, worried that inflation, and the Federal Reserve’s pledge to let it rise, will lead to a more volatile world, the Wall Street Journal adds. It all has Bloomberg asking whether policymakers are really ready to manage the economy boom they’ve created through the rapid doling out of stimulus funds.

ALSO HAPPENING NOW- OPEC+, a cartel of OPEC and other “oil producing partners” are meeting today to set output targets. They’re widely expected to “reiterate their decision to gradually increase output,” CNBC reports.

KEEP YOUR EYE ON- A new pandemic? It’s admittedly really (really) early to talk about another pandemic, but: A Chinese man has been confirmed as the first case of human infection with the new H10N3 strain of bird flu after being diagnosed last Friday, Reuters reports, citing a statement by China's National Health Commission. The statement did not detail how the 41-year-old man contracted the virus, but said that H10N3 was a mild virus strain and the risk of it spreading on a large scale was very low. The last recorded cases of humans contracting bird flu were in 2016 and 2017 when the H7N9 strain killed around 300 people.

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

  • You can go for coffee at 9:01pm tonight if you want with the easing of “lockdown” measures. Daily cases have fallen below 1k for the first time since late April, leading the Madbouly government to start talking about the peak of the third wave having passed.
  • PHD has new CEOs: Real estate developer Palm Hills has appointed former CI Capital co-CEOs Hazem Badran and Tarek Tantawy as its new co-CEOs.
  • Can cement be “green?” Suez Cement isn’t alone in thinking so.

MARKET NEWS- EFG Hermes topped the EGX’s brokerage rankings in May with a market share of 23%, according to the monthly league table (pdf). EFG, which had traditionally dominated the rankings in past years, returned to the top spot in April after a spell in which brokerages catering to retail investors gobbled up market share. Rounding out the top five: CI Capital (6.1%) Mubasher (5%) Beltone (4.8%) and Pharos (4.7%).

🗓 CIRCLE YOUR CALENDAR-

The FIG World Challenge Cup in Artistic Gymnastics for men and women will kick off in Egypt on Thursday and run until Sunday.

🚙 FOR YOUR COMMUTE-

The European Union will unveil Wednesday plans for the rollout of an EU-wide digital wallet that will allow citizens to access private and public services online, according to the Financial Times. Users of the digital wallet will be able to access governmental websites, pay utility bills, and store official documents such as their driver’s license, in a bid by the EU to increase digital literacy in the wake of covid-19. The digital wallet is expected to be fully operational in around a year, though usage will not be mandatory.

High-end properties in Dubai priced at or above USD 1 mn might lose 2% of their value this year, making Dubai one of only two locations on a Knight Frank prime cities list to experience declining property values in 2021. Overall home prices in Dubai are also expected to see a 2-3% decline next year, continuing a trend that began with a 2008 supply-demand imbalance that “over the next few years, looks set to persist,” Faisal Durrani, head of Middle East Research at Knight Frank, told Bloomberg.

📺 ON THE TUBE TONIGHT-

Netflix is out with a biopic on football star Roberto Baggio, documenting the Italian footballer’s rise to fame and the challenges throughout his career. Baggio started off at Vicenza and Fiorentina before a controversial move to Juventus for GBP 8 mn, which was a record transfer fee at the time. Baggio played for Italy in 56 matches and holds the record for most goals scored in World Cup Tournaments for Italy, alongside Paolo Rossi and Christian Vieri. You can check out Baggio: The Divine Ponytail or read up on the footballers story on RadioX.

☕ DRINK THIS TONIGHT-

Seven Fortunes is the most recent coffee place making a bang in Egypt. Their Spanish lattes and cold brews come in an aesthetically pleasing glass container that prove that branding can sometimes add to taste — not that the coffee needs any help in terms of flavor. Seven Fortunes also has all the coffee essentials — from beans to coffee makers — for those of you wishing to take home a dose of liquid happiness. We also love their snacks, especially their thanksgiving turkey sandwich. You can find them at Waterway, The Drive, and Lakeview in New Cairo, Palm Hills, Arkan, and Walk of Cairo in Sheikh Zayed, as well as at Hacienda White, Seashell, and Marassi in the North Coast.

💡 UNDER THE LAMPLIGHT-

Creating a trustworthy brand could make or break a business, especially in a world where cynicism tends to undermine new ventures. In Trustworthy, author Margot Bloomstein proposes that bridging the trust gap has to do with granting clients and audiences more control over the brand by utilizing content and design strategies. Looking at diverse organizations such as Airbnb, Zoom, the FBI, TED, and The New York Times, Bloomstein examines how they managed to build trust through imagery, editorial style, storytelling, and retail design. The book is a great read for copywriters, designers, creative directors, and CMOs, or anyone else who would like to harness the power of marketing.


🌤 TOMORROW’S WEATHER- Expect daytime highs of 35°C and nighttime lows of 19°C tomorrow, our favorite weather app tells us.

SPEED ROUND: FACT CHECK

FinMin will not be selling USD 2-3 bn in eurobonds this month

FACT CHECK- The Finance Ministry has denied a CNBC Arabia report that it is planning a fresh sale of eurobonds soon. The report had quoted banking sources saying that ministry officials are in talks with debt investors to raise between USD 2-3 bn on the international debt market before the state’s current fiscal year, which draws to a close on 30 June. The sources claimed the sale would come in two tranches with medium- and long-term maturities, and would be completed in the next two weeks — or by the end of June at the latest.

The problem is: It’s not true, says Finance Minister Mohamed Maait, who told us this afternoon that he does not plan to tap the global debt market before the end of this fiscal year.

That’s consistent with his previous position: Maait had previously ruled out new eurobond sales until after the end of he state’s current fiscal year. The state budget gives the government license to borrow up to USD 7 bn through international debt instruments, and the ministry has only used a little over half in the ongoing fiscal year when it sold USD 3.75 bn in USD-denominated eurobonds last February to plug in the fiscal deficit.

SPEED ROUND: CAPITAL MARKETS

Juhayna isn’t facing imminent delisting

HOLD YOUR HORSES- Dairy giant Juhayna is not facing imminent delisting despite being set to move tomorrow to the “D-list” of naughty companies thanks to a delay in the disclosure of its FY2020 financials. The EGX said this morning it would move JUFO and a handful of other companies to the D-list if it did not submit audited financials by today — the bourse’s final deadline for companies to report their FY2020 results. The EGX had issued a warning to companies who had not yet submitted last year’s financials on 25 May that they would be placed on the list if they did not submit them by 1 June.

Orascom Investment Holding and El Wadi Touristic Investment both made the deadline by filing financials today.

What does it mean to go on the D-list? Investors will no longer be allowed to buy Juhayna shares on margin, and they won’t be on the list of stocks in which same-day trading is permitted. The shares would also face a 5% up-or-down limit instead of the 10% band in which they’re presently allowed to trade. “A company would generally sit on the D-list for a very, very long time before the EGX would start delisting procedures against them,” a veteran market observer told us.

When does JUFO plan to file its financials? “We’ve been one of the most compliant companies on the EGX and have never been fined since our IPO,” Investor Relations Director Khaled Daader told us this afternoon. “This is unfortunate, but it’s a short-term thing. We have two auditors: KPMG and Grant Thornton. One is more or less finished with its review and the other has asked for a final two-week extension, which would take us until mid-June. We’re hopeful we will be able to meet that deadline.” If it does, JUFO would then go before an EGX committee that meets each week and be bumped back to the “A” list.

Background: The EGX had set up the D-list of stocks in August of last year as part of a compliance grading system for listed companies. Offenders usually land on the list for repeated violations of EGX compliance rules and could face potential delisting if they remain on the list.

SPEED ROUND: M&A WATCH

IDH actively looking for M&A targets outside Egypt

Consumer healthcare giant Integrated Diagnostics Holdings (IDH) is actively screening for targets that would allow it to expand into new African, Asian and Middle Eastern markets, a senior company official told us today, without specifying a timeline or naming countries. The LSE-listed outfit, which recently came home to the EGX, aims to expand geographically “through selective acquisition of entities with proven market value outside Egypt,” the official said. It’s also aiming to strengthen its network with new, branded medical services that complement its existing pathology and radiology offerings.

IDH will also open 30-35 new branches in Egypt this year, the official added. That’s on par with or just ahead of the pace at which it added new branches last year: IDH had 429 branches in Egypt at the end of 2020 and a market share of more than 50% through its Al Borg and Al Mokhtabar brands, according to its FY2020 earnings (pdf). It opened 30 new branches in Egypt last year despite covid-19, giving it a total of 481 branches across Egypt, Jordan, Sudan and Nigeria as of 31 December 2020.

A rosy outlook for 2021: IDH, a consistent dividend payer that has guided for very strong EBITDA margins and top line growth since going public in 2015, is promising more of the same this year, Dr. Hend El Sherbini said in a recent interview with Al Mal. The company earlier forecast double-digit revenue growth and a 40% EBITDA margin through the year. The guidance comes after the company saw net income rise 21% to EGP 609 mn in 2020 from EGP 505 mn the previous year and a 19% y-o-y increase in revenues.

The company’s growth plans are supported by a USD 45 mn, eight-year facility IDH obtained in late May from the International Finance Corporation to finance its growth plans in promising emerging markets while also expanding its services in Egypt and Jordan.

IDH now has a market capitalization of over EGP 10 bn after the debut of 5% (or 30 mn shares) of its existing 600 mn shares on the Egyptian Exchange on 20 May. Some 27 mn shares were sold to new institutional investors via two block trade transactions.

INVESTMENT WATCH-

Spinneys Egypt is planning to invest some EGP 150 mn in three new retail locations — one each in 6 October, Heliopolis and New Cairo — during 2H2021, adding to its roster of 16 locations across the country, CEO Mohanad Adly told Al Mal. The company had postponed expansion plans slated for 2020 due to the covid-19 pandemic, but has since resumed construction on the new branches. The retailer is also considering establishing branches in New Alamein City or the New Administrative Capital, Adly said.

SPEED ROUND: STARTUP WATCH

zVendo closes seven-figure pre-series “A”

Egyptian e-commerce platform zVendo has raised a seven-figure USD pre-series “A” round with participation from local manufacturer Mobica as well as Gratus Holding, a vehicle owned in part by Bishoy Azmy, the CEO of Dubai-based ASGC Construction. The e-commerce SaaS solutions provider bills itself as a platform that lets “retailers build and manage their online and offline business through online stores, mobile apps and point-of-sale applications,” making it possible for users to sell online without needing to hire a software developer.

The company will use the proceeds to “add more capabilities to the platform” including “integration points for shipping and payments and for regional expansion in the GCC,” CEO and co-founder Tarek Bakry said in a statement (pdf).

Advisors: zVendo is represented by Venture, a department of Shahid Law Firm headed by Rehan El-Bashary.

Background: The company raised in March 2021 a six-figure USD seed round led by EFG EV Fintech with participation from a group of angel investors. The three-year-old company expanded this year into UAE and Saudi Arabia.

SPEED ROUND: WORTH KNOWING

Other stories worth knowing about this afternoon:

  • Raya Trade is offering consumer finance (pdf) to residents of compounds that use the Lyve community management and access app. The partnership will initially focus on the North Coast in time for the summer season, before expanding to Cairo and Giza. Some 120k households use Lyve to manage access to services at more than 100 compounds.
  • Hassan Allam Holding has moved to Microsoft Cloud, migrating thousands of its more than 35k employees to Office 365 and adopting Azure Sentinel, among other services (pdf).
  • Cairo-based matchmaking app Hawaya now claims a total of 4 mn users after expanding to 12 countries including Saudi Arabia, Kuwait, the UAE, France and Germany, among others. The company claims to have made possible some “18k love stories” to date (pdf).
  • The AUC School of Business is launching an executive education program focused on trade with Africa in partnership with the Ministry of Foreign Affairs. Details here (pdf).
  • We’re known iSheep, but if we had to buy a Windows machine, it would probably be a Dell. And if pushed, an XPS. So if we were Windows people, we would be looking forward to the launch of the well-reviewed XPS 15 and XPS 17 TGL models in Egypt and the wider region this month (pdf).

GO WITH THE FLOW

Meet our analyst of the week: Banque Misr’s Eman Negm

OUR ANALYST OF THE WEEK- Eman Negm, economic strategy manager at Banque Misr (Linkedin).

My name is Eman Negm and I’m the economic strategy manager at Banque Misr. I worked in academia for eight years as an assistant lecturer teaching economics at Modern Sciences and Arts University (MSA). I then decided I wanted to apply the theory I had learned to the practical world, so I joined the research team at Prime Holding. I worked there for eight years and I was very lucky to meet Aboubakr Emam who was the head of research there at the time, and I moved with him to Sigma Capital for a year. I then moved to my current position at Banque Misr which was an entirely new experience and sector to me, but I loved the challenge it posed.

My work sees me set the strategy for the bank for the next five years. We’re trying to compete at the global level as opposed to just with the local banks. Our strategy reflects that by focusing on issues such as green finance and financial inclusion. We look at what services we need to offer our clients, what firms we could acquire to further our reach, and how to internally digitalize our processes to be more efficient. I think the last one is probably the most difficult, as a lot of people already have an established way of doing things, and don’t want to shake up the status quo. On a day to day basis, my job entails monitoring peers, tracking our status on the strategy, and writing reports.

The process we go through to put together a strategy is quite comprehensive. We first conduct market research and look at competitors locally and globally. When we find new trends or products we’re interested in, we see how other people executed them and how we can apply it in Banque Misr. We also check if it's in line with Central Bank of Egypt regulations and whether the sector we’re looking at is interested. We then meet with sector heads to set an objective and execution plan.

The pandemic has put a big dent in our strategy for the coming years. All the numbers changed [laughs]. From interest rates, to sectors being impacted differently, we had to set new KPIs and financials. Even the HR strategy completely adjusted to account for work from home and online training sessions.

One of our main goals in the next period is to make Egypt a gateway to Africa. The bank is aiming to expand across the country and continent. It doesn’t have to be a physical presence, our digitalization strategy allows us to expand through digital channels through which we will offer some of our services in different countries.

I think this year is better than 2020, but we’re still far from a full recovery. Smart policies and initiatives from the government and the CBE helped the country somewhat absorb the negative impacts of the pandemic, but we still need time to get back on track to pre-covid forecasted growth for many firms and sectors.

The thing I’m most proud of at work is putting together my team. They’re all eager to learn and dedicated to the job. It’s been great to see them grow and excel. I love to see how knowledgeable they’ve become about everything from global news to economics, and see them implement their knowledge through our work.

There are many digital initiatives the team has been spearheading, such as launching digital branches, as well as instant and express loans for SMEs. If I had to take it further and list what’s still missing and what I’d like to see in the sector nationwide, I think we need to take more steps to develop blockchain, derivatives trading, and contactless cards.

I’m always very excited for any initiative that supports inclusivity. For example, we’re launching products targeting and being tailored to suit SMEs and women to allow for easier access to financing, which in turn helps bolster the economy. The country needs all sectors to be contributing to its growth, not just a single entity or area.

As a working mother, I’ve been doing my job from home since the beginning of the pandemic. It’s been very hard to manage work and online schooling simultaneously. I want my life back [laughs]. I’m very grateful to my boss Wassim El-Metwally who was very understanding of the situation and gave me the leeway to work from home.

The last great thing I watched is the Ramadan show Khali Balak Min Zizi. My six-year-old daughter is very similar to Zizi and Tito and the TV show helped me change the way I approach and understand her. It was a milestone for me and I’ve since been trying to give her more attention and be calmer with her.

The last great thing I read was The Seven Habits of Highly Effective People. However, one of my favorite books is The Secret; it really changed the way I see things. Now I try to remember that if I truly believe something will happen, chances are it just might. The effectiveness of this kind of thought has been proven to me time and time again.

When I’m not working I like to do arts and crafts. I like upcycling things, especially through decoupage or painting. Me and the kids have upcycled clothes, furniture, and basically anything we can find. Overall, most of my time is spent with my kids.


MARKET ROUNDUP-

The EGX30 fell 0.7% at today’s close on turnover of EGP 1.53 bn (14.9% below the 90-day average). Foreign investors were net sellers. The index is down 5.6% YTD.

In the green: Orascom Financial Holding (+5.2%), Export Development Bank (+3.6%) and EFG Hermes (+0.9%).

In the red: Ibnsina Pharma (-6.3%), GB Auto (-2.9%) and Pioneers Holding (-2.6%).

WORTH READING

Is manipulating the weather an answer to water scarcity?

To combat water scarcity some countries are looking to the sky: As Ethiopia prepares to resume filling the Grand Ethiopian Renaissance Dam during its rainy season in July and August, the country’s prime minister earlier this year announced that his government had turned to an increasingly popular technology to speed up the process. Weather modification techniques used to artificially trigger rain, otherwise known as cloud seeding, will be deployed to assist the country’s hydropower generation abilities, Abiy Ahmed said in April, in reference to the GERD. And with little over a month before the rains start, this week a senior official at the country’s meteorological authority said that 10 agencies had begun cloud seeding.

Cloud seeding- a primer: The science behind cloud seeding isn't actually new, and has been around since the 1940s, thanks to the work of atmospheric scientist Bernard Vonnegut (yes, author Kurt Vonnegut’s older brother). Vonnegut was the first to discover that you could manipulate clouds into precipitation by sprinkling them with a little silver iodide. To do this on a larger scale, scientists fix containers full of the chemical compound to the wings of planes which, once in the air, are able to release it into cloud formations. The silver iodide triggers water vapor to more quickly freeze before it eventually melts and falls to the ground in the form of rain or snow.

Cloud seeding may be facilitating Egypt’s greatest existential threat — but it could also help us: Countries concerned about the future prospects for droughts and water insecurity have increasingly been turning to cloud seeding technology. While the process is far from widespread, recent studies have suggested that seeding is effective in increasing rainfall, thereby helping curb short term water scarcity, and several countries around the world are beginning to take it seriously.

China plans to take cloud seeding to a whole new level: The Chinese government has long been one of cloud seeding’s biggest supporters, and has the world’s largest seeding system. It’s now planning a dramatic expansion of its program, pledging at the end of 2020 to expand it to cover 5.5 mn sq km — 1.5x the size of India. Beijing spent more than USD 1.3 bn on weather modification programs between 2012 and 2017.

And our Gulf neighbors are funding a project that could change how we think about cloud seeding: The UAE’s Rain Enhancement Research Program (RERP) has been experimenting with cloud seeding since 2019, and claims it is capable of increasing rainfall by some 10-15% — and in some rare cases by up to 30%. Now, scientists are preparing to pilot an experimental technique to create rain: a team of researchers from the UK’s University of Reading will soon launch a fleet of custom drones into the sky above Dubai to shoot electrical charges into the atmosphere. The theory is that electrically-charged droplets are more likely to grow in size, and thus are less likely to evaporate before they reach the ground.

But the UAE may have already felt the effects of overreach: At the end of 2019, the country experienced huge downpours that left roads, homes and the Dubai Mall underwater. Eight cloud-seeding operations completed by the RERP a few weeks prior may have had something to do with it, Wired suggests.

Parts of the US are looking to seed clouds to stave off droughts: A number of desperate states in the US west where droughts are increasingly becoming the norm are now considering turning to the technology to ease the stress on water supplies. Idaho has already been at it for years, spending upwards of USD 3 mn annually on cloud seeding since 2003 to increase water flowing through its hydroelectric dams.

Egypt has growing concerns about water security: Backed into a corner by climate change and the threat of the GERD cutting off vital supplies of Nile water, Egypt is searching for solutions. So far, policymakers have focused on reducing waste via new, more efficient irrigation techniques, finding new sources of water — primarily via desalination — and reusing water by building more treatment plants.

Can cloud seeding form part of the solution? Weather modification techniques, including cloud seeding, could be effective in reducing the impact of GERD on the Aswan High Dam’s reservoirs, as well as replenishing water lost through evaporation, A 2019 research paper suggests. Cloud seeding directly above the high dam reservoir could be most effective prior to the flood season in July/August, while seeding along the North Coast could be effective during winter months, provided a system of wells and reservoirs is built to capture the excess rain. Fog and dew harvesting is also a technique worth considering in Egypt, though fog collectors must be built to withstand the strong khamasin winds, the paper suggests.

The Egyptian Meteorological Authority made some noise about exploring cloud seeing in 2016, and linked up with a team of German experts to conduct feasibility studies. The feasibility studies were still underway in 2019, the EMA said, but we haven’t heard much on the plan since then.

CALENDAR

3-6 June (Thursday-Monday): Egypt is hosting the FIG World Challenge Cup in Artistic Gymnastics.

7 June (Monday): British Egyptian Business Association hosts an event featuring Oil Minister Tarek El Molla.

14 June (Monday): Egypt Green Economy Forum.

17 June (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

17-20 June (Thursday-Sunday): The International Exhibition of Materials and Technologies for Finishing and Construction (Turnkey Expo), Cairo International Conference Center.

20 June (Sunday): Ismailia Economic Court to hold hearing on Ever Given compensation case.

22-27 June (Tuesday-Sunday): The CIB PSA World Tour Finals for 2020-2021 will take place in Cairo.

24 June (Thursday): End of the 2020-2021 academic year (public schools).

26-29 June (Saturday-Tuesday): The Big 5 Construct Egypt event will take place at the Cairo International Convention Center. The winners of the first Big 5 Egypt Impact Awards will be announced at the event on 27 June.

30 June (Wednesday): The IMF will complete a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).

30 June (Wednesday): 30 June Revolution Day.

30 June- 15 July: National Book Fair.

July + August: Thanaweya Amma exams take place.

1 July: (Thursday): National holiday in observance of 30 June Revolution.

1 July (Thursday): Large taxpayers that have not yet signed on to the e-invoicing platform will suffer a host of penalties, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.

1 July (Thursday): Businesses importing goods at seaports will need to file shipping documents and cargo data digitally to the Advance Cargo Information (ACI) system.

15 June (Saturday): EGX-listed will have to complete filing their financial disclosures for the period ended 31 March.

19 July (Monday): Arafat Day (national holiday).

20-23 July (Tuesday-Friday): Eid Al Adha (national holiday).

23 July (Friday): Revolution Day (national holiday).

2-4 August (Monday-Wednesday): Egypt is hosting the Africa Food Manufacturing exhibition at the Egypt International Exhibition Center.

5 August (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

9 August (Monday): Islamic New Year.

12 August (Thursday): National holiday in observance of the Islamic New Year.

12-15 September (Sunday-Wednesday): Sahara Expo: the 33rd International Agricultural Exhibition for Africa and the Middle East.

16 September (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

30 September-2 October (Thursday-Saturday): Egypt Projects 2021 expo, Egypt International Exhibition Center, Cairo, Egypt.

30 September-8 October (Thursday-Friday): The Cairo International Fair, Cairo International Conference Center, Cairo, Egypt.

1 October (Friday): Expo 2020 Dubai opens.

6 October (Wednesday): Armed Forces Day.

7 October (Thursday): National holiday in observance of Armed Forces Day.

12-14 October (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

18 October (Monday): Prophet’s Birthday.

21 October (Thursday): National holiday in observance of the Prophet’s Birthday.

28 October (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

1-3 November (Monday-Wednesday): Egypt Energy exhibition on power and renewable energy, Egypt International Exhibition Center, Cairo, Egypt.

1-12 November (Monday-Friday): 2021 United Nations Climate Change Conference (COP26), Glasgow, United Kingdom.

29 November-2 December (Monday-Thursday): Egypt Defense Expo.

13-17 December: United Nations Convention against Corruption, Sharm El Sheikh, Egypt.

16 December (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.

1H2022: The World Economic Forum annual meeting, location TBD.

May 2022: Investment in Logistics Conference, Cairo, Egypt.

27 June-3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.

**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 below 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. © 2021 Enterprise Ventures LLC.