Thursday, 11 February 2021

EnterprisePM — Taaleem to offer 49% of its shares in EGX debut + EV assembly could start as early as July



Good afternoon, everyone, and welcome to a busy newsday on which to close the weekend. We hope you’ve had an awesome day — and that you can unplug from the hurly burly this weekend.

THE BIG STORY here at home today: CI Capital is going to market with the first IPO of 2021 as it offers up to 49% of education outfit Taaleem. We have chapter and verse in Speed Round, below.

THE BIG STORY in global business news right now: Microsoft wants to pin Pinterest and made a direct approach to the hobbyist-favored social media platform, the Financial Times reports in an exclusive. Pinterest isn’t yet willing to put a ring on it, signalling instead that it prefers to remain a privately held company. Pinterest has probably seen its (private market) value skyrocket to 600% during the pandemic and is now worth about USD 51 bn.

Microsoft has big appetite for M&A and has been awfully good with its picks, snapping up developer favourite Github (USD 7.5 bn) and business-focused social network LinkedIn (USD 26.2 bn) before making a failed run last year at TikTok.

ALSO: High-profile former Republicans are in talks to create an anti-Trump breakaway political party, claiming that the GOP is unwilling to stand up to former President Donald Trump, people involved in the discussions told Reuters. The group includes veterans of the Reagan, Bush I, Bush II and Trump administrations.

YOUR STATUTORILY REQUIRED afternoon covid update: The idea of a vaccination passport is gaining momentum, with Israel and Greece driving the conversation. With two-thirds of Israelis having received at least one of the two vaccination shots they need, the country wants to let its citizens travel to Greece and a handful of other “tourist-hungry” destinations, Bloomberg reports. Israel has already reached a pact with Greece where they’ll recognize each other’s vaccination records. Portugal is down with the idea, the global airline lobby IATA is testing a mobile app called Travel Pass, with the UAE’s Etihad Airways likely an early adopter.

Oh, and plenty of Americans don’t want to get a jab: One in three respondents to an AP survey said they definitely or probably won’t line up to take a covid-19 vaccination.

HAPPENING RIGHT NOW- Foreign Minister Sameh Shoukry is in Athens today for a meeting to discuss the situation in the EastMed, the Egyptian Foreign Ministry said on Twitter. The meetings brought together the foreign ministers of Egypt, Greece, Cyprus, France, Saudi Arabia, Bahrain and the UAE. Shoukry reportedly held talks with his Saudi and Bahraini counterparts on the sidelines of the meetings. The FM also had a separate sit-down with his Cypriot counterpart.

CATCH UP QUICK- The top stories from this morning’s edition of EnterprisePM:

  • We’re expecting two large orders of covid vaccines to arrive by the end of the month even as new daily case reports continue to rise. Cabinet spokesperson Nader Saad called last night for citizens to respect social distancing and masking rules. We have the latest in Speed Round, below.
  • We seem to be entering a new commodities “supercycle” 12 years after the last one ended. Post-covid economic growth and the transition to green energy could drive appetite for agricultural produce, metals and oil.
  • Car owners are getting incentives to scrap their clunkers and instead slide behind the wheel of a dual fuel vehicle after cabinet signed off on a range of incentives for private vehicle owners, taxi drivers and owners of microbuses. The Sisi administration hopes to replace 1.8 mn cars with vehicles that can run on natural gas.

*** You’re reading Issue #5 of EnterprisePM, our afternoon briefing on what’s going on in Egypt and emerging markets — and your guide to where you may want to spend your time and money tonight. You can subscribe to Enterprise by hitting the link in the nice green box below:


  • Tomorrow is the deadline for folks to reach a settlement with the Tax Authority on overdue income, value-added, or real estate taxes without all the late fees.
  • Students have until Monday to apply for admission to private university using the government’s new online application site. Results will be out on Saturday, 20 February.
  • Wednesday will see some very cool friends of ours gather for a MENA-focused VC discussion headlined Investor Perspectives from New York to North Africa, hosted by the Columbia Entrepreneurs Organization.

PSA- Sunday is Valentine’s Day. Our dislike of this particular Hallmark Holiday notwithstanding, it might be time to make reservations if you’re among the folk who have cancelled covid and are comfortable dining out.


The US government thinks it wants to create killer robots: “The United States should not agree to ban the use or development of autonomous weapons powered by artificial intelligence software, a government-appointed panel said in a draft report for Congress,” claiming that there is a “moral imperative” to see whether “autonomous weapons are expected to make fewer mistakes than humans do in battle, leading to reduced casualties or skirmishes caused by target misidentification.”

How could that ever go wrong? Go read Gregg Hurwitz’s chilling Prodigal Son, the latest in his Orphan X series, where the villain this time around is an AI scientist cooking up nasty weapons for the US military. Thriller hyperbole aside, it’s a thoughtful exploration about what it means to separate moral responsibility from the use of violence.

PSA- Violent video games probably won’t turn your kids into psychopaths, but that doesn’t mean that you shouldn’t be tech-proofing your kid. No app is really, truly kid safe.

SIGN OF THE TIMES- A global shortage in chips is putting pressure on everything from cars to the PS5: Demand for electronic chips rose more than 5% last year as people scrambled to buy personal computers in the early days of the pandemic and later began buying gaming consoles and other electronics, reports CNBC. With expected to grow another 8% this year, chip-reliant companies are struggling to lock in supply. The US-China trade war also dealt a hit to the industry as the US last year barred its businesses from dealing with the largest chip manufacturer in China, SMIC.

It’s not a stock bubble over in the US of A. No siree: “I am not saying sell everything. I am simply begging you to exercise some discipline and sell something because nobody ever got hurt taking a profit,” CNBC screamer Jim Cramer said yesterday.

We miss Paris just as much as we miss Rome. If you’re in the same boat, go read Mona Lisa is alone, but still smiling. The dispatch from Paris tackles how the Louvre is running a restoration and cleanup while the crowds are away, and it’s packed with gorgeous images.

Forget about Pharaoh’s (or Montezuma’s) revenge: What you eat — and how your digestive system breaks it down — has almost everything to do with whether you get diabetes, rheumatoid arthritis and perhaps even Alzheimer’s disease. We’ll be talking more about all of this in the weeks to come, but start by reading Microbial ecosystems in the mouth and gut are linked to many ills in the Economist.

Lesson #319 on How to be a [Redacted] Leader: We have an update on Lesson #318 from earlier this week: The head of KPMG in the UK has “stepped aside” while the firm investigates remarks he allegedly made on a webinar that leaked to the Financial Times. Bill Michael reportedly told staff to “stop moaning” and “stop playing the victim card” when they questioned him about potential cuts to pay, bonuses and pensions.

The red palm weevil is the instrument for this meditation on Israel’s improving relations with the Arab world. Read: The new alliance shaping the Middle East is against a tiny bug.


Al Ahly will play Brazil’s Palmeiras for the bronze in the FIFA Club World Cup today at 5pm CLT. The third-place playoff will be missing Hussein El Shahat and Mahmoud Kahraba, both suspended for violating covid-19 measures after they were seen shaking hands with former Al Ahly star Mohamed Aboutrika, who was in the stands for an earlier match, reports King Fut.

The FA Cup has two matches for you tonight: Wolves will be facing Southampton at 7:30pm CLT (h/t our friend Maurice F.), while Barnsley and Chelsea will hit the field at 10pm CLT. Yesterday’s matches saw Manchester City beat Swansea 3-1, Leicester City down Brighton 1-0, Sheffield United edge past Bristol City 1-0, and Everton take Tottenham 5-4.

Serie A and La Liga will pick up tomorrow while the English Premier League has matches starting Saturday.


SAHEL TO CAIRO #1- A growing number of Sahel foot startups are making it big in Cairo. The latest is Takosan (Instagram), a healthy and delicious fusion of Mexican and Japanese culinary traditions. We know, we know — it sounds weird, but it’s fantastic. Offering tacos, poké bowls and sushi burritos, Takosan was a beachside favorite last summer that has since opened two locations in the GCA, including New Cairo (Waterway) and Zayed (Palm Hills). Their signature dish is the You’re Hard to Please Poké, made with steamed rice, cubes of salmon, marinated tuna, wakame salad, shredded carrots and panko (a fancy Japanese name for breadcrumbs). You can also create your own poke bowl from a variety of excellent-quality ingredients. Not into veggies and seafood, they also have duck, chicken, and pulled beef soft-shell tacos. And yes, they deliver — contacts in their bio.

???? Feeling creative? Sweet tooth overpowering your urge to chow down on tacos? Try this stunning dark chocolate pudding from NYT Cooking. It comes together in just 20 minutes, but you’ll want to leave it in the refrigerator for about four hours to set. Use 70% dark chocolate from Gourmet and pour individual servings into tea cups (or lots of little espresso cups).

Tip: Fill the cups to the brim and cover each one in plastic wrap before you put them in the refrigerator — doing so will prevent the pudding from developing that nasty “skin” on the top.


You can check out The Violin Project with Amr Darwish today at 9pm CLT. Darwish and his band will be playing a collection of Arabic songs, with a twist. Venue: The Room Art Space in Garden City (Google Maps).

The opening ceremony of AUC’s exhibition “Robert Colescott – The Cairo Years'' is tonight at 7:30pm CLT at the Tahrir Cultural Center (Google Maps). The exhibit is in celebration of Black History month and will run until 31 March.

Egyptian Pink Floyd cover band AndrOmidA is playing at Sakia Culture Wheel (Google Maps) tomorrow at 8pm CLT. Their setlist includes Pink Floyd favorites, among them all three parts of Another Brick in the Wall, Comfortably Numb, and High Hopes. You can book your ticket here.


Got young kids? We’ve got your back. The Guardian is out with a list of “10 children’s books that will take kids on a journey” which sounds especially nice as covid-19 keeps them at home and needing stimulation. A personal childhood favorite of ours we found on the list: “From the Mixed-Up Case Files of Mrs Basil E Frankweiler” by EL Konigsburg.

???? YOUR WEEKEND WEATHER- It’s shaping up to be a beautiful weekend. Look for a mix of sun and cloud Friday (daytime high: 25°C) and Saturday (22*C).

NEXT WEEK- Look for a cold front to move in on Monday, sending temperatures into the low-to-mid teens well into next weekend, according to the long-range forecast. THere’s a chance of heavy winds on Wednesday (16°C) and Thursday (14°C). You’ll want to bundle up at night, because the lows will be in the single digits.


Taaleem to offer 49% of its shares in EGX debut

Taaleem Management Services is about to break our IPO drought after it announced overnight its intention to make an initial public offering of its shares on the EGX some time in 1Q2021.

How big is the transaction? Some 49% of Taaleem will be up for grabs as Sphinx Obelisk, a special-purpose vehicle, offloads some 347.7 mn ordinary shares in a secondary sale, which will include offerings to both institutional investors in Egypt and abroad as well as retail investors here at home.

Who’s selling? Expect that CI Capital is among those selling down its position through Sphinx. We have previously reported that CI Capital, acting as a merchant bank for the first time, and a group of co-investors acquired a 60% stake in Taaleem in 2019 from Thebes Education Management Holdings in an EGP 1.2 bn transaction. Co-investors at the time included StonePine ACE Fund, a JV between StonePine Capital and ACE. Ahmed Badreldin’s RMBV is also a shareholder, having partnered with Taaleem founder Seddik Afifi in 2015. Badreldin is also vice-chairman at Taaleem.

What’s a secondary sale? It means no new shares will be offered — this is existing shareholders offering part or all of their stakes to the public.

What’s Taaleem? It owns and operates Nahda University, which has campuses in Beni Suef and Cairo and bills itself as the largest private university in Upper Egypt with nearly 6.3k students enrolled this academic year and capacity to nearly double that figure. Nahda offers programs including medicine, physiotherapy, pharmacy, dentistry, engineering and computer science, among others, and is one of just five private medical schools in Egypt. The company is now seeking regulatory approvals to build Badya University in partnership with Palm Hills in West Cairo.

Why does this matter? A couple of things: If successful, the transaction will break the IPO drought through which we’ve suffered these past couple of years. There hasn’t been an international-quality IPO in Egypt since 2019 when Rameda and fintech darling Fawry went to market. They were the only two IPOs of the year after Hassan Allam and Carbon Holding pulled hotly anticipated transactions.

And it’s heartening to see another education company about to join CIRA on the exchange — for all the talk about healthcare, fintech and education being the “sectors of the future,” dealflow on and off the exchange has been concentrated on the first two rather.

How’s Taaleem performing? The company has a three-year revenue CAGR of 28% and a three-year EBITDA CAGR of 37%, having posted revenues of EGP 450 mn in FY2019-2020. The company’s EGP 144 mn bottom line that year was good for a 32% margin.

Advisors: CI Capital is sole global coordinator and joint bookrunner while Renaissance Capital and First Abu Dhabi Bank are joint bookrunners. Matouk Bassiouny & Hennawy are domestic counsel to Taaleem and Norton Rose Fulbright are doing international duties. White & Case is local and international counsel to the joint bookrunners.

Need more? Check out the company’s ITF (pdf) and press release (pdf).

IN OTHER NEWS OF CI CAPITAL- The Financial Regulatory Authority (FRA) has given its seal of approval for Banque Misr to proceed with its MTO to raise its stake in CI Capital to up to 90% from the 24.7% it holds today. The MTO targets 653 mn shares at EGP 4.70 apiece (a small premium to its opening price this morning), which could give the transaction a potential value of EGP 3 bn. The FRA announced the details of the MTO in a statement to the EGX (pdf) today. CICH shares closed up 0.9% today at EGP 4.55 apiece.


Score one for EVs in Egypt

EV assembly in Egypt could begin as early as July: State-owned El Nasr Automotive plans to begin assembling electric vehicles in Egypt some time in July, which is when it plans to complete setting up its assembly lines, El Nasr managing director Hany El Kholy tells the local press. The company is going to begin importing equipment for four assembly lines from China soon, which will come at a cost of EGP 1bn, El Kholy added. El Nasr had signed two contracts last month with China’s Dongfeng to locally assemble EVs as well as to rehabilitate a mothballed El Nasr plant.

At full capacity, the plant is expected to assemble 53k EVs per annum, he said. First phase production will see 25k EVs sold in Egypt, with 55% of the components being sourced domestically, with the rest coming from China. The company plans to fund 70% of the development of the production line (estimated to cost EGP 2 bn) with backing from CIB, the National Bank of Egypt, Banque Misr, and QNB Al Ahli, he notes.

El Nasr is planning to release its E70 passenger car model EVs some time in 1Q2022. The company is planning to develop a consumer line of E70 cars, which will cost around EGP 390k, and a line for taxis and commercial use, which will cost up to EGP 350k, El Kholy said.

Will we be ready to drive EVs by then? Development of infrastructure and charging stations is already under way. Infinity Solar subsidiary Infinity-E is planning to install EGP 300 mn worth of electric car charging docks over the next three years. Infinity Egypt now has a total of 130 charging points in operation at 40 charging locations on major roads in or near Cairo, Hurghada, Alexandria and Ain Sokhna. The company plans to add Sharm El Sheikh this year and already has points of presence in the capital city at Wataneya’s ChillOut filling stations, in compounds by Sodic and New Giza, as well as major shopping centers including Almaza City Centre and New Cairo’s Downtown Mall.


Egypt was Africa’s most-active destination for VCs last year

Egypt was the #1 destination for venture capital last year when measured by the number of transactions announced, global venture capital outfit Partech said this afternoon in its annual report on VC funding for African startups (pdf). Egyptian startups accounted for nearly a quarter of all transactions on the continent in 2020, with 86 having been announced, up 83% from the previous year.

Nigeria and Kenya edged us out by total value of equity raised. Companies in Nigeria raised USD 307 mn and Kenyan outfits USD 305 mn against USD 259 mn by Egyptian companies. Egypt was, however, the fastest-growing market by total value in the top four, narrowing the gap with the top two. Partech said Egypt’s performance was thanks to “the strength of its ecosystem driven by high quality entrepreneurs and increased activity from regional MENA funds.”

Top industries: Egyptian companies accounted for 28% of all equity invested in fintech (second only to Nigeria with 38%) and nabbed about 50% of all funding for African logistics, mobility and edutech companies.

Only four countries are really competitive in the race for VC funding: Nigeria, Kenya, Egypt and South Africa each attracted well over 2x the value of funding landed by companies in Ghana last year. And Ghana? Companies there raised nearly 10x more than their nearest challenger.

Woman-founded startups accounted for 13% of all rounds raised last year, down 4 percentage points from the previous year, and for 14% of all equity raised.

Fintech accounted for 25% of total equity raised continent-wide in 2020, followed by agritech and then logistics and mobility. Off-grid technology companies and healthcare-focused tech outfits rounded out the top five.

Covid bit, though: Total equity funding for startups in Africa was down 29% year on year at USD 1.4 bn even as the total number of transactions was up 44% to 359. In total, Partech says 347 startups raised money last year. Partech only counts data from African startups and includes just equity rounds worth more than USD 200k.


School teachers are next in line for jabs, says Cabinet

COVID WATCH- It’s good news for our teachers: Teachers and university professors will likely be prioritized when distribution of the upcoming large-scale deliveries of vaccine begins rolling out, Cabinet spokesperson Nader Saad told Alaa Mas’oulity’s Ahmed Moussa last night (watch: runtime: 3:23:30). This isn’t just a matter of ensuring the safety of our education providers, but is also recommended policy globally, says Saad. The move syncs up with WHO guidelines, which classify teachers and professors as essential workers, he added. As we noted this morning, Saad had announced that these deliveries will include the first batch from a 5-8 mn dose order placed through the WHO’s Covax program, the majority of which will likely be the Oxford / AstraZeneca jab. The first big delivery is expected in the second half of February.

PSA- Spring term will not be cancelled this year: Cabinet has zero intention of cancelling (or even postponing) the spring semester, the Madbouly government said in a statement. Documents attributed to the Cabinet circulating online are fake, and Saad reminded the public that the covid-19 committee will meet early next week to decide how the next term will look (watch: runtime: 3:23:30).


OIH demerger begins…

The EGX30 was flat at today’s close on turnover of EGP 1.56 bn (8.5% above the 90-day average). Local investors were net buyers. The index is up 6.46% YTD. (Yes, we know, it was really up 0.01% today. But that’s flat.)

In the green: GB Auto (+3.4%), Palm Hills (+2.9%) and Ibn Sina (+1.0%).

In the red: Ezz Steel (-2.5%), MM Group (-1.4%) and ElSewedy Electric (-1.2%).

THE SPINOFF OF ORASCOM FINANCIAL HOLDINGS from Orascom Investment Holding (OIH) dominated activities in the market today. Share ownership transfers of subsidiaries have begun, including Beltone Financial and Sarwa Capital. Shares of OIH were suspended today while this activity was going on, according to a regulatory filing (pdf) by OIH.

M&A WATCH- Other big news to hit the market today is Maridive Oil & Services officially receiving an offer from the Jeddah-based Al Subaie Investment Group to acquire 100% of its subsidiary Maridive Offshore Projects for USD 48 mn, Maridive said in a disclosure (pdf). Trading on shares of the company were suspended for a time to account for the announcement.


  • The UAE’s Dana Gas saw a net loss of USD 376 mn in FY2020, down from a net profit of USD 157 mn in FY2019, the company said in a statement today (pdf). Of course the struggling outfit blamed Egypt, saying that it had a non-cash impairment of USD 244 mn from the sale of its Egyptian assets. Its CEO was in Bloomberg TV to talk through the losses (watch, runtime: 4:43).


Covid’s not going away soon. Here’s how to cope.

How to come to terms with the reality that we’re in this COVID thing for the long haul? We have two suggestions, for starters:

#1- Meditate. We’re not exactly Zen masters, but if there was ever a need for grounding and acceptance, it’s now. Meditation is really easier than you think, even for the A-type personalities among us. There are tons of apps out there to help you get started. Our favorite is Headspace. Co-founded by former Buddhist monk, Andy Puddicombe (he’s also the soothing voice on the app), Headspace is great for beginners who don’t have much time to devote to a meditation practice. We like it because it’s easy to follow and offers specific meditation courses for practical things like finding acceptance, dealing with financial stress, overcoming anxiety, and getting better sleep. Each session is around 10 minutes (longer sessions are also available) so its super easy to stick to a daily routine of mindfulness.

Not ready to drop USD 70 for a one-year sub? You can get the flavor of it on a new Netflix animated series, the Headspace Guide to Meditation. The end of each half-hour episode is a short, guided meditation.

Want to know more about Headspace as a business? Check out this episode of one of our favorite podcasts: How I Built This with Guy Raz.

Go to (or dream of going to) the desert: One of the few places you can visit with minimal risk in the middle of a pandemic is the desert, where the fresh air and open sky can help you to clear your head. From the nearby Western Desert to harder-to-reach locales like Siwa, Egypt’s breathtaking desert landscapes are among the best in the world. Siwa Oasis was recently featured in the New York Times’ 52 places to love in a dark year. This year’s 52 Places focused on inspirational destinations that are off the beaten track, reminding us that the world is still full of hidden treasures to explore. Read it and dream.

Not ready to head to the desert yourself? Sign up for a trip with Jeep Club Egypt. Coming up: A one-day trip to Qasr El-Sagha (the Golden Fortress) in Fayoum (19 February) and a trek to Siwa (25-28 February, with the option of staying an extra night until Monday 1 March).


From the Annals (remove one “n” if you like) of Customer Service: If you’re a business. A courier, say. Entrusted to deliver someone’s credit card. And you’re days late. And you have a short number. Why would you never (ever) answer it? It makes us wonder:

Is there a sector in this country with worse service than the courier industry? From multinationals (global and Arab-world like) to local outfits, our experience has been uniformly horrible. A reliable exception: DHL, which has yet to disappoint. Could someone (anyone?) please “disrupt” this industry?


February: France’s finance minister, Bruno Le Maire, is set to visit Egypt.

6-20 February (Saturday-Saturday): Mid-year school break (public schools — enjoy the break from bumper-to-bumper traffic).

7-28 February (Sunday-Sunday): The Finance Ministry will receive applications from companies wishing to take part in the second phase of its program for the immediate payout of export subsidy arrears to exporters, minus a 15% fee.

10-11 February (Wednesday-Thursday): Egypt will host an arm of the World Conference on Science Engineering and Technology, Hotel Pavillon Winter, Luxor, Egypt.

12 February (Friday): Deadline to reach a settlement with the Tax Authority on overdue income, value-added, or real estate taxes without all the late fees. Late taxpayers are still eligible for a 50% exemption on interest fees and late penalties until 12 February under a bill passed last year, Tax Authority boss Reda Abdel Kader said.

12-15 February (Friday-Monday): Students will be able to apply for placement at private universities on the Higher Education Ministry’s electronic university admissions site

17 February (Wednesday): MENA x CEO MENA Entrepreneurship & VC Panel: Investor Perspectives from New York to North Africa will be hosted by the Columbia Entrepreneurs Organization.

20 February (Saturday): Final results of applications for private university places will be announced on the Higher Education Ministry’s electronic university admissions site

22-24 February (Monday-Wednesday): Second Arab Land Conference on land management, efficient land use, among other topics.

22 February- 5 March (Monday-Friday) Egypt will host the World Shooting Championship in 6 October’s Shooting Club, with 31 countries set to participate

26 February (Thursday): The Afro Future Summit will take place virtually.

28 February (Sunday) Deadline for businesses, sole traders, and those generating income from sources other than their day job to file wage tax returns through the electronic filing system.

March: Potential visit to Cairo by Russian President Vladimir Putin.

1-5 March (Monday-Friday): Aswan Forum for Peace and Development will take place virtually.

4-6 March (Thursday-Saturday): Cairo Fashion & Tex trade show, Cairo International Convention Centre, Cairo, Egypt

8 March (Monday): The IDC Future of Work Egypt conference will be held virtually featuring experts from Egypt and Jordan.

9-11 March (Tuesday-Thursday): EduGate 2021 – Enter The Future conference, Kempinski Royal Maxim Hotel, Cairo, Egypt.

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

1-3 April (Thursday-Saturday): HVAC-R Egypt Expo.

8-10 April (Thursday-Saturday): The TriFactory’s Endurance Festival at Somabay.

13 April (Monday): First day of Ramadan (TBC).

25 April (Sunday): Sinai Liberation Day.

29 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC),

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

1 May (Saturday): Labor Day (national holiday).

2 May (Sunday): Easter Sunday.

3 May (Monday): Sham El Nessim.

13-15 May (Thursday-Saturday): Eid El Fitr (TBC).

25-28 May (Tuesday-Friday): The World Economic Forum annual meeting, Singapore.

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

7 June-9 June (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.

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

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

26-29 June (Saturday-Tuesday): The Big 5 Construct Egypt, Cairo International Convention Center, Cairo, Egypt.

30 June (Wednesday): 30 June Revolution Day.

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

30 June- 15 July: National Book Fair.

1 July (Thursday): Large taxpayers that have not yet signed on 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.

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

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

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

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.

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.

1 October (Friday): Expo 2020 Dubai opens.

6 October (Wednesday): Armed Forces Day.

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

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.

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

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.

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. © 2022 Enterprise Ventures LLC.

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