Monday, 21 June 2021

Egypt’s vaccine rollout is gaining speed even before locally made jab rolls out

TL;DR

WHAT WE’RE TRACKING TODAY

Happy first day of summer, everyone, and welcome to the longest day of the year. It’s a brisk news morning here in Egypt even if things are a bit sleepy abroad, so let’s jump right in:

WHAT’S HAPPENING TODAY-

Greek PM Kyriakos Mitsotakis is in Cairo today for talks with President Abdel Fattah El Sisi, and Prime Minister Moustafa Madbouly, Greek media reported yesterday.

It’s shaping up to be a rocky day in the global markets: Asian markets fell heavily this morning on the first trading day of the week as concerns that the Federal Reserve may hike rates in 2023 continue to send tremors through global stocks. The Nikkei was seeing the biggest losses ahead of dispatch, down 3.5%, with Taiwan and Australia also heavily in the red. This follows heavy losses in Europe and the US last week, as investors reacted to the news that the Federal Reserve may look to unwind its bond-buying programme and raise rates in response to the strengthening US recovery and rising inflation. Stock markets across Europe and the US are expected to fall when trading begins later today.

Here at home, the EGX held up comparatively well, closing down just 0.7% yesterday on moderate volumes.

No single story has captured the attention of the global press on this fine morning:

  • The ‘new’ US economy: The New York Times and the Washington Post are both spotlighting the changed economic realities wrought on the US by the pandemic.
  • HK crackdown: Reuters leads with the news that Hong Kong authorities are closing down a pro-democracy newspaper owned by jailed businessman Jimmy Lai.
  • Canada’s not ready to open yet: Bloomberg reports that Canada is refusing to open its border with the US until 75% of its citizens are fully vaccinated.

** CATCH UP QUICK on the top stories from yesterday’s edition of EnterprisePM:

  • e-Finance looks at potential fintech acquisitions as planned IPO approaches: The state-owned firm is looking at businesses licensed to provide financial services such as e-payments, ins. and microfinance, and is planning an expansion into Africa using the proceeds from its upcoming IPO.
  • Compass Capital makes MTO on ANFI: Private equity firm Compass Capital has submitted a mandatory tender offer to acquire up to 100% of Alexandria National Company for Financial Investments (ANFI) for EGP 5.72 per share.
  • SCA says it finally has a good compensation offer: The Suez Canal Authority (SCA) has received a “suitable” compensation offer from the owners of the Ever Given, as a hearing by the Ismailia Economic Court was postponed to 4 July to give both sides more time to negotiate.

WHAT’S HAPPENING THIS WEEK-

The 2020-2021 CIB PSA World Tour Finals get started in Cairo tomorrow. The squash tournament will run through Saturday, 27 June.

Your morning commute is about to get a bit better: School’s out for public school students this week, who will attend the last day of the 2020-2021 academic year on Thursday, 24 June.

The African Development Bank’s annual meeting takes place this week (virtually, of course), running 23-25 June

A TIP OF THE HAT THIS MORNING TO our good friends at CIB and EFG Hermes, who are in line to potentially take home some hardware from the African Banker awards, which are to be announced during the AfDB meeting. CIB is up for African bank of the year and sustainable bank of the year, while EFG is among the finalists for the investment bank nod and a financial inclusion award. Banque Misr could also take home a gong as a finalist in the investment bank category and joins EFG as a finalist for a number of transaction-specific awards. You can see the full list of finalists here.

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*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.

In today’s issue: The Higher Education Ministry ran a comparison between the status of higher education in Egypt in 2014 and 2021 – and boy, do these numbers tell a story. Hint: all stats point upwards, with more students, universities, faculties, faculty members, published academic papers and university hospitals.

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COVID WATCH

Egypt’s vaccine rollout seems to be accelerating: Some 4 mn people have now received at least one dose of a covid-19 vaccine, an unnamed senior health official told El Watan yesterday. That’s up by around 1.5 mn from the beginning of the month and almost 2 mn from late May. The country began its vaccination campaign with frontline medical staff in late January for frontline medical staff and before rolling it out to the general public in March.

By our math, that’s probably around 7% of all folks who are eligible to be jabbed, which in Egypt is defined as citizens and other residents age 18 and over.

As of yesterday, 8.4 mn people had registered to receive a vaccine, the source said. At the end of last month, the ministry was seeing on average 300k registrations a day, a marked improvement after starting out at just 20k per day.

The government is aiming to vaccinate 40% of the population by the end of the year, with an eye to inoculating at least 20% of all citizens before August.

State-owned vaccine maker Vacsera’s second manufacturing facility in Sixth of October City is set to become the largest in the Middle East and Africa and will churn out 3 mn doses of Sinovac’s covid-19 vaccine a day when up and running, Health Minister Hala Zayed said at a site tour yesterday. The minister did not mention when production would start at the plant.

We might soon be manufacturing a European vaccine on our shores, according to Health Ministry spokesperson Khaled Megahed, who told Extra News in a phone-in last night that Egypt will contract with an undisclosed European company in the coming weeks to locally produce its jab through the state-owned vaccine maker (watch, runtime: 9:58).

The first batch of Made-in-Egypt Sinovac jabs could be done this week. Zayed said last week that the first shots would be produced “within days” and would be subject to tests ahead of bring distributed to clinics around the country in August. The ministry expects to manufacture as many as 40 mn Sinovac jabs before the end of the year.

Egypt is set to receive 25 mn doses of Johnson & Johnson’s single-shot vaccine, as part of the 300 mn doses provided to Africa by the African Union, presidential health advisor Mohamed Awad Tag El Din said on eXtra News on Friday (watch, runtime 8:21). The head of Egypt’s medical procurement body said last month that Egypt would receive 20 mn J&J shots through the AU, and that 4 mn of them should arrive within 4Q2021.

The Health Ministry reported 532 new covid-19 infections yesterday, down from 566 the day before. Egypt has now disclosed a total of 277,288 confirmed cases of covid-19. The ministry also reported 30 new deaths, bringing the country’s total death toll to 15,859.

IN INTERNATIONAL COVID NEWS-

The highly-transmissible delta variant is threatening a new resurgence of the virus in the EU after becoming the dominant strain in Portugal, writes the Financial Times. Clusters of the delta variant — first identified in India — are now appearing in Germany, France and Spain, and EU officials are growing concerned that its spread threatens to derail the bloc’s progress at clamping down on its outbreak.

INVESTMENT WATCH

USD 20 bn Saudi investment drive + more from China

KSA is planning serious investment in Egypt: Saudi Arabia could invest as much as USD 20 bn in Egypt over the next five years, Egyptian-Saudi Joint Business Council Chairman Bandar Al Ameri told Akhbar El Youm, saying the drive could bring total investments here from the kingdom and its companies to USD 50 bn. As many as 6,280 Saudi companies are currently operating in Egypt, he said, describing Egypt as a key market for Saudi investors.

One Saudi company that’s going big: Sharbatly Group aims to invest some USD 2.5 bn in several ventures in Egypt over the next five years.

This comes a week after the business council met in Cairo. There were no major announcements made following the talks, beyond the potential for a Saudi mining company to get involved in Egypt’s mining sector, new logistics centers for date exports, and agreements to “cooperate” further in a number of sectors.

Saudi Arabia isn’t our only Gulf ally stepping up investment here: The UAE is one of the biggest contributors of FDI to the Egyptian economy and in the past few years the Emirati public and private sectors alike have been buying into Egypt in a big way as the country looks to increase its investment in Egypt to USD 14 bn by the middle of the decade. In 2019, the Sovereign Fund of Egypt and ADQ agreed to set up a new platform to channel USD 20 bn of investment between the two countries, a pact that just two months later saw the Abu Dhabi sovereign fund agree to invest in four companies owned by the National Investment Bank. In 2021, Emirati real estate player Aldar Properties has announced its intention to acquire a majority stake in SODIC — one of Egypt’s largest property developers — while First Abu Dhabi Bank snapped up Bank Audi Egypt.

IN OTHER INVESTMENT NEWS-

HSBC has provided USD 20 bn in finance to Chinese clients investing in Egyptian infrastructure projects, the bank’s Egypt CEO and deputy chair Todd Wilcox told Asharq Business, without specifying over what period of time the money was lent. Both Chinese and British investors are showing particular interest in the Egyptian market, he said, without providing further details.

China is taking the lead on some of our biggest ongoing infrastructure projects: China has become a vital partner for Egypt in delivering some of Egypt’s most important infrastructure projects, and has been one of the Suez Canal Economic Zone’s biggest investors. State Construction Engineering Company (CSCEC), the world’s largest construction outfit by revenue, is taking on the USD 3 bn contract to construct the new capital’s business district, while two Chinese construction firms were named in the consortium that was last year put in charge of building the USD 9 bn high-speed rail link between New Alamein and Ain Sokhna.

ECONOMY

Hawks at the Fed? Egypt shouldn’t sweat it.

The EGP will hold up better than most other emerging-market currencies in the event of tightening at the Federal Reserve, given its attractive real interest rates, an analyst at Fidelity International tells Bloomberg. The currency, along with the Ghanaian cedi, have an “enormous” advantage over their peers in terms of real yields — and will likely remain more attractive to foreign investors should a more hawkish Fed provoke outflows from the EM asset class, they said.

We saw this towards the end of last week, when the Fed indicated it could raise interest rates sooner than expected. While the announcement triggered a hefty sell-off of EM currencies, the EGP held firm (pdf), even strengthening a little against the greenback despite the USD seeing one of its biggest weekly gains this year.

EM debt didn’t have a good week: Local-currency bonds saw their worst week of outflows since March 2020 last week, as the pick up in US yields and the greenback caused investors to unwind their carry trade positions, Bloomberg says.

But analysts are optimistic that EM currencies will hold firm against tightening in the US as central banks in developing countries also move to raise rates in response to escalating inflation. Brazil, Russia, the Czech Republic, South Africa and Hungary — all countries that have either hiked rates or are forecast to soon — have held onto their quarterly gains, and while this was paused by the strengthening of the USD last week, EM currencies will resume their climb when the greenback fades. “Emerging-market central banks are set to begin raising interest rates well before the Fed,” said one economist. “Over the summer, lower volatility may induce investors to put on seasonal carry trades again to the benefit of higher yielding emerging-market currencies.”

DEBT WATCH

CIRA in loan talks for new tech uni

Private sector education outfit CIRA is in talks with a syndicate of international banks to obtain financing for its planned applied tech university, CEO Mohamed El Kalla told Hapi Journal. The company is negotiating with three banks for a credit facility that would cover 40-50% of the EGP 2 bn project, he said.

About the uni: The tech university is expected to open its doors in the 2022-2023 academic year, under an agreement signed last week with Saxony International School (SIS), a German private-sector education provider. The institute will launch at CIRA’s Badr University, before being rolled out to other locations around the country.

Who’s in the syndicate? El Kalla didn’t disclose which international banks CIRA is in talks with. The company said last week that the National Bank of Egypt’s investment arm, Al Ahly Capital, would finance part of the project.

Also in the pipeline: CIRA is planning to invest up to EGP 500 mn to set up four language schools in Qena, New Assiut, New Rashid and El Alamein by 2022, El Kalla said.

HEALTHCARE

Private healthcare providers to receive support from IFC

IFC to advise private health firms on patient care: The International Finance Corporation (IFC) has launched a three-year advisory program that aims to help at least 100 private-sector healthcare providers improve patient care, the corporation said in a press release (pdf) yesterday. The statement didn’t put a monetary value on the program. Working with the Dutch government, the IFC will advise medical facilities across the country on how to improve patient safety and quality assurance to ensure they deliver high-quality care. The release singles out Cairo, Port Said, Ismailia, Sinai, Aswan, Luxor, Matrouh, and Qena and notes that IFC has invested more than USD 310 mn in Egypt’s healthcare system since 2007.

DIPLOMACY

Re: GERD

Sudan wants the UN Security Council to put a stop to Ethiopia’s plans to fill the GERD: Sudan has requested that the UN Security Council consider imposing sanctions on Ethiopia over the Grand Ethiopian Renaissance Dam (GERD), Sudanese Foreign Minister Mariam Al-Sadiq told Al-Hadath News (watch, runtime: 22:01). In a letter to the council, Sudan addressed the social, economic, and political impact of the dam on downstream countries, and called for the UN to step in and prevent Addis Ababa from continuing to fill the dam in the coming weeks.

This is the latest attempt by Egypt and Sudan to rally international support against the GERD: An emergency Arab League meeting called by the two countries last week led to Arab states calling on the Security Council to hold an urgent session to discuss the dispute. Egypt also appealed to the council earlier this month to take action against Ethiopia.

IN OTHER DIPLO NEWS-

The spate of meetings with Libyan officials continued yesterday when President Abdel Fattah El Sisi met the country’s FM, Najla Mangoush, in Cairo for talks. This comes a few days after Foreign Minister Sameh Shoukry held talks with Mangoush, and Egyptian intelligence chief Abbas Kamel flew to Libya for talks with the country’s interim prime minister. Mangoush, who has made the withdrawal of foreign fighters from Libyan territory one of her top priorities, drew the ire of Turkey last month, which refuses to withdraw forces it deployed to the country during the recent civil war.

El Sisi also held talks with Malaysian Foreign Minister Hishammuddin Hussein yesterday, who called for strengthening economic ties and expressed interest in Egypt’s national projects, Ittihadiya said in a statement.

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LAST NIGHT’S TALK SHOWS

Headlining the talk shows last night: Arab League Secretary-General Ahmed Aboul Gheit, who gave an extended interview to Ala Mas’ouleety’s Ahmed Moussa about the dispute over the Grand Ethiopian Renaissance Dam (GERD). The two talked about the Arab League’s recent call for the UN Security Council to intervene, other international efforts to pressure Ethiopia to re-enter negotiations, and what could happen if Addis Ababa goes ahead and continues filling the dam without an agreement. You can watch the full interview here (watch, runtime: 27:13).

The ball is now in the international community’s court: The EU and the UN should have by now realized the enormity of the GERD dispute, and should start taking firm steps to resolve the impasse in case the African Union fails to achieve a breakthrough in negotiations (watch, runtime: 6:30).

What will happen if Ethiopia proceeds with GERD’s second filling in the upcoming weeks? Destabilization of the Horn of Africa, according to Aboul Gheit, who described the move as “very dangerous” (watch, runtime: 3:23). He claimed that all 11 countries on the Horn of Africa back Egypt and Sudan’s position on the GERD and said that Arab countries will continue pushing for a resolution that pressures Ethiopia to return to the negotiating table.

EGYPT IN THE NEWS

The latest development in the Ever Given saga is getting the most attention in the foreign press this morning: Reuters and the Associated Press are covering the new offer made by the ship’s owners to compensate the Suez Canal Authority for the six-day blockage of the canal in March.

In other maritime news: The wonders of the sunken city of Heracleion off the coast of Alexandria is getting more ink in the Greek Reporter, while the National highlights a new “aquatic car” (read: glorified jet ski) on the North Coast.

Also making headlines:

  • The matchmaking profession lives on in Egypt, where many families still resort to this traditional way of finding a spouse for their children (Xinhua)
  • A 2.6k year old stone slab erected by pharaoh Apries was discovered by an Egyptian farmer in Ismailia while tilling his land (Live Science)

ALSO ON OUR RADAR

Egypt has taken five NGOs off its travel ban list after a court acquitted them yesterday of receiving illicit foreign funding, bringing the total number of acquitted organizations to 63. Separate verdicts have been issued in the 2011 NGOs case that involved more than 160 organizations, the latest of which were against 18 NGOs but were dropped last month due to insufficient evidence.

Two female TikTok influencers were yesterday handed six- and 10-year jail sentences after being found guilty of inciting debauchery and human trafficking by the Cairo Criminal Court. The women were also handed fines of EGP 10k each.

PLANET FINANCE

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Plans for a digital EUR has got another endorsement from a European Central Bank (ECB) official: Speaking to the Financial Times, ECB executive board member Fabio Panetta moved to assuage concerns about consumer privacy, claiming that a centrally-regulated digital EUR would safeguard the bloc from threats posed by other cryptocurrencies.

A decision may be imminent on whether to launch a digital EUR by 2025: The currency may already have the support of ECB chief Chrstine Lagarde, who said earlier this year (watch, runtime: 3:35) that the central bank could go ahead with a launch by the middle of the decade. Policymakers will decide in the middle of the year on whether to go ahead with the project, she told Bloomberg, without providing more detail on when a decision could be made.

China will become the first major power to issue a digital currency, forging ahead with its plans to roll out a digital RMB. The Chinese government has conducted trials in several cities, and last week introduced thousands of ATMs in Beijing allowing people to exchange hard currency for its digital equivalent. After first voicing skepticism, US policymakers are now working on a prototype greenback while the Bank of England is holding consultations on the creation of a digital


It’s not just oil prices that are rebounding: Natural gas prices are at their highest going into the summer since 2017 as post-lockdown energy demand surges, the Wall Street Journal reports. Natgas futures ended Friday at USD 3.215 per mmbtu, up 96% from a year ago and the highest summer price in four years. Prices are expected to rise further later this year as winter approaches in the Northern Hemisphere.

This is still a lot lower than where Egypt would like them: Egypt requires natural gas prices to be between USD 5.00-5.50 / mmbtu to break even.

Saudi Arabia is going to create one of the world’s largest pension funds: Saudi Arabia will merge two state-run pension and ins. funds into a new entity with more than USD 250 bn in AUM as part of the kingdom’s plans to diversify away from oil and grow its assets to over USD 1 tn by 2025, a senior official tells Bloomberg. The government wants the fund to be one of the top 10 pension funds in the world, and will be close to the tenth-largest: the New York State Common Retirement which holds USD 255 bn in assets.

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Buy 15.60

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USD 35,583

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THE CLOSING BELL-

The EGX30 fell 0.7% at today’s close on turnover of EGP 1.35 bn (4% above the 90-day average). Foreign investors were net sellers. The index is down 9.7% YTD.

In the green: Ezz Steel (+4.0%), Qalaa Holdings (+2.0%) and Oriental Weavers (+1.5%).

In the red: Eastern Company (-3.6%), Fawry (-2.9%) and Orascom Investment Holding (-2.4%).

AROUND THE WORLD

Progress at Iran nuclear talks: There have been signs of progress negotiations between Iran and world powers to restore the 2015 nuclear agreement, diplomats told the Associated Press yesterday.

Israel’s not happy, of course: Israel’s new PM Naftali Bennett has warned the US and other nations seeking to rekindle the Iran nuclear agreement to “wake up” after conservative hardliner Ebrahim Raissi won the country’s presidential election at the weekend.

West African countries have pushed plans to adopt a common regional currency to 2027, after having had their original 2020 launch date delayed due to covid-19, according to Bloomberg. The 15 countries that make up the Ecowas trading bloc have had plans to launch the ‘eco’ for more than 20 years, and it is hoped a common currency will promote regional trade and economic growth.

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BY THE NUMBERS- How Egypt's higher education has grown in the last seven years: Earlier this month, the Higher Education Ministry ran a comparison of the state of higher education in 2021 versus where it was back in 2014.

And boy, do those numbers tell a story: All the stats are pointing upwards, with more students, universities, faculties, faculty members, published academic papers and university hospitals. Also significant is the fact that public and private sector spending has been growing in tandem. And while supply doesn’t always keep up with demand — particularly in the outlying governorates (a story we will explore another day) — what we see here is robust sector growth on all sides, reflecting both population and GDP growth. Let’s dive into the numbers.

In total, 3 mn students are enrolled in Egypt, which is 30.4% higher than the 2.3 mn seven years ago. Postgraduate students jumped to 430k, up 11.7% from 385k in 2014.

Some 1,150 students were sent to study abroad in 2021, either via student exchange programs or postgraduate governmental scholarships. This is more than double the number sent in 2014. Unesco data last year showed that, in total, the number of Egyptians who study overseas has almost quadrupled over the past two decades, growing from 8.8k in 2000 to 34.9k in 2017-2018. The government has made reversing this trend a priority which it is addressing through its internationalization strategy. This includes regulations issued two years ago mandating universities launch new faculties to form academic partnerships with foreign universities that rank higher than Egypt’s highest ranking academic institution.

But more students are coming in than are going out: There are 87k international students currently enrolled in Egypt’s public and private universities, almost quadrupling from 22k in 2014.

And there are bigger plans afoot: The Supreme Council of Universities announced in 2017 a strategy to increase the total number of foreign students to 200k. The government is reportedly aiming to increase international students’ contribution to the economy to USD 700 mn, from some USD 186 mn in 2017.

Egypt currently boasts 36 private universities and technical colleges that offer apprenticeship programs, up 100% from 18 in 2014, with a more diversified portfolio of faculties. The number of faculties in those universities also doubled to a total of 264, compared to 132 in 2014. Private academies rose 9% between 2014 and 2021, reaching a total of 172.

The number of public universities jumped from 23 to 27 between 2014 and 2021, marking a 17.4% increase. These universities boast 494 faculties, increasing by 26% between 2014 and 2021. There are also 188 programs in public universities, up by almost 60% from 118 in 2014. University hospitals also increased by 30%, reaching 115 in total in 2021.

That’s being reflected in our public spending: The ministry’s budget increased 160% between 2014 and 2021, reaching a total of EGP 65 bn, compared to EGP 25 bn six years ago. The government will invest more in the coming fiscal year, with the state public investment plan aiming to complete the construction of three public universities, setting up 12 new non-profit private universities and operating nine digital ones.

We’re also seeing diversity in what’s being taught in universities: Today, there are several faculties and specializations that cater to the workforce of tomorrow. For instance, you can now study motorsports engineering and computer games development at the European Universities in Egypt (EUE); nuclear power stations engineering at the Egyptian Russian University (ERU); and ethical hacking and cyber security at The Knowledge Hub Universities (TKH).

Case in point: The number of faculties and programs accredited by the National Accreditation and Quality Assurance Authority (NAQAA) jumped 300% to 186 this year, compared to a paltry 46 back in 2014, according to the figures.

More enrolled students means more need for faculty members: Over 126k faculty members and teaching assistants are currently working at universities in Egypt, which is almost 19% more than the 106k in 2014.

And growing programs produce an increasing number of academic papers: The amount of published scientific research papers doubled within six years, reaching 31.7k papers in 2021. The Spain-based SCImago Journal Rank says that the number is even higher, noting over 32k published papers in 2020, with Egypt ranking 30th worldwide. Ultimately, Egypt jumped seven ranks since 2014 in terms of number of published and cited scientific papers between 2014 and 2021. The country ranked 37th in 2014, publishing over 15k papers.

Looking ahead: We can expect more international universities and variety in the types of degrees being offered. On the universities front, four new Canadian universities that had requested to open branches in Egypt as of July 2020 are set to bring in investments reaching EGP 3 bn. Moreover, the ministry has already embedded online learning into some of the new degrees it’s offering in partnership with international universities, Mohamed El Shinnawi, an advisor to the Higher Education Minister, previously told us, and we may be seeing full-on online degrees soon, as Egypt is finalizing its online degree regulations.


Your top education stories for the week:

  • CIRA to launch Egypt’s first applied tech university: Private sector education outfit CIRA will establish Egypt’s first applied tech university by the start of the 2022-2023 academic year.
  • Gov’t to increase edu spending next year: The House of Representatives has voted to increase spending on education to EGP 388.1 bn, as well as additional spending worth EGP 500 mn to fund wage hikes for kindergarten and primary school teachers.
  • Public university students can graduate early: Students can graduate earlier from public universities and local institutions if they complete the credit hours after at least three years of study, under amendments to the executive regulations of Egypt’s Universities Organizing Act.
  • Oil funds education: Some technical schools will have their buildings renovated and curricula developed in Port Said, under a cooperation protocol signed between the oil and education ministries. This comes as part of the Zohr field project’s contribution to community development in the governorate, under an MoU signed between Eni and the Egyptian Natural Gas Holding Company in 2017.
  • The benefits of broadband connectivity: Connecting schools to the internet can give economies with low broadband access a 20% GDP boost, according to an Economist Intelligence Unit (EIU) report (pdf) sponsored by Ericsson.

CALENDAR

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, Cairo International Convention Center, Cairo, Egypt. The Big 5 Egypt Impact Awards will also be taking place 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: The Cairo International Book Fair, Egypt International Exhibition Center.

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.

1 July (Thursday): Deadline for 17 EGX-listed companies to file their 1Q2021 earnings.

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

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.