Jimmy Kimmel’s “movie reviewer” is Egyptian

TL;DR

• Al-Araby: Egypt still needs Gulf assistance
• Campaign spending limits approved
• Moves: New blood at EFG Hermes Asset Management, and exits at Emaar Misr
• Dimian threatens Finance Ministry employees who protest Civil Service Law
• Jimmy Kimmel’s “movie reviewer” is Egyptian

WHAT WE’RE TRACKING THIS WEEK

The Emirates NBD / Markit Economics Purchasing Managers’ Index for Egypt will drop tomorrow (Tuesday, 4 August). PMIs or Saudi Arabia and the UAE will be out the same day.

Thursday is a national holiday as Egypt celebrates the inauguration of the New Suez Canal.

Also expected this week: A schedule for elections to the House of Representatives is due to be released, and a draft of the executive regulations for the Civil Service Act is also expected.

LAST NIGHT’S TALK SHOWS

Sunday’s television programs were focused on hyping the pending opening of the Suez Canal Axis and superficial analysis of the bilateral talks between Egypt and the United States. Amr Adeeb and Lamees El Hadidy remain in deep storage until their expected re-appearance on Thursday to help cover the Canal’s opening ceremony, leaving viewers with their co-hosts Khaled Abu Bakr and Magdy El Galad, respectively.

Khaled Abu Bakr on Al Qahera Al Youm heaped praise upon President Abdel Fattah El Sisi, saying that the “Sisi phenomenon” should be studied, and remarked on the president’s ability to win the hearts and minds of Egyptians, even from his days as Defense Minister.

On CBC Egypt, Magdy El Galad split his show between building enormous expectations for the new Suez Canal Axis and coverage of the Egypt-US strategic dialogue. Galad received call-ins from MFA spokesperson Badr Abdel Atty, as well as Dr. Abdel Monem Said Aly, former president of Al Ahram Center for Political and Strategic Studies in Cairo and the founding director of the Arab Gulf States Institute in D.C. When asked by Galad if there were any political movements in the United States that were sympathetic to the Egyptian position, Said replied that Republicans have been generally more supportive to the Egyptian regime compared to the Obama administration.

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SPEED ROUND

Egypt still needs aid money from the Gulf, said Planning Minister Ashraf Al-Araby. The minister stated that USD 6 bn out of the 12.5 bn pledged at the EEDC in March has been received in the form of deposits, adding that he is exploring ways to receive the remaining aid funds. These likely may include direct investment funds or through development funds. He also spoke on the USD 500 mn in aid from Oman, stating that Egypt has formed a joint committee with them to explore mechanisms for transferring the deposits. On the domestic front, Al Araby stated that the National Investment Bank will cancel an EGP 10 bn loan to the Railways Authority in an attempt to untangle the web of financial commitments between government bodies. (Read in Arabic)

President El-Sisi has issued a decree amending the Rights and Privileges of Parliamentarians Act, which set limits for campaign spending by parliamentary candidates, announced Transitional Justice Minister Ibrahim El Heneidy. Spending for a 15 candidate bloc will be limited to EGP 2.5 mn (with an additional EGP 1 mn in financing in the event of a runoff), while the cap for a 45 candidate bloc would be EGP 7.5 mn, with an additional EGP 3 mn in spending permitted in the event of a runoff election. The decree also defines the allocation of seats, with 448 seats on an individual candidate basis and 120 seats in a closed list system. The president retains the right to appoint 5% of the 568 seats. Heneidy added that this will conclude the executive branch’s role in the election, with all other duties falling under the purview of the Higher Elections Committee, Al Ahram reports. Meanwhile, DNE reports that the “Supreme Electoral Commission (SEC) opened on Saturday the application process for international and local media outlets and NGOs to observe the upcoming parliamentary elections.”

The United States will continue to provide aid to the Egyptian armed forces, said US Secretary of State John Kerry during his opening statement at the bilateral strategic dialogue held in Cairo on Sunday, adding that Washington is eager to strengthening relations with Egypt. Kerry condemned the 01 July terrorist attacks on Sheikh Zuweid and stated that the US will continue to help train the Egyptian army. Foreign Minister Sameh Shoukry expressed his hope that the talks would help lead to breakthroughs in regional issues including Yemen, Syria and the Palestinian-Israeli crisis. America’s VOA noted that U.S. assistant secretary for democracy and human rights Tom Malinowski met with members of civil society and political parties on the sidelines of the talks. Egypt and the United States issued a joint statement on the talks, which may be viewed here.

MOVES- EFG Hermes appoints industry veteran Sadiq Hussain to head business development at its asset management division: EFG Hermes has appointed industry veteran Sadek Hussain to head up business development at its Asset Management Division, according to an emailed release. Hussain comes to EFG joins EFG Hermes from J.P. Morgan Securities in Dubai, where he worked for the last eight years as Head of MENA Equities and Global Frontier Markets. The 25-year industry veteran has held a number of top-tier positions at some of the leading investment banks and financial institutions in the world including Bank of America Merrill Lynch, and ING Barings. Hussain assumed his duties on Sunday in Dubai reporting to Division Head Amr Seif.

… Emaar Misr announced the resignation of two senior executives on Sunday: Chief Development Officer Walid El-Hindi and Chief Investment Officer Ahmed Fathallah, with the statement reading that they were leaving to “pursue other opportunities.” (Read the EGX disclosure in English or Arabic)

The petroleum ministry has outlined six key projects to the development of a national network for petroleum-derived products worth EGP 2.6 bn, according to sources within the EGPC. Al Malreports that these projects include seven liquefied petroleum gas (LPG) storage tanks, a series of LPG facilities, pipelines and transport networks connecting 10 governorates ranging from Alexandria in the north to Aswan in the south.

The Cairo Criminal Court has postponed the verdict in the retrial of the three Al Jazeera English journalists Mohamed Fahmy, Baher Mohamed, and Peter Greste to 29 August, BBC Arabic reports. The three have faced charges of spreading false reports and colluding with a terrorist organization, which they have emphatically denied in a trial and subsequent retrial that has caused international uproar against Egypt. This comes as Foreign Minister Sameh Shoukry claimed on Sunday that “there are no journalists imprisoned in Egypt for plying their work,” adding that Egypt does not constrain freedom of expression and that all journalists detained were taken for their alleged links to terror groups, Reuters Arabic reports.

The names of the nine winning consortiums in the Maspero Triangle Urban Redevelopment Project have been announced by Urban Renewal & Informal Settlements minister Laila Iskander. The consortiums consist of Egyptian companies and foreign partners hailing from Jordan, Germany, Italy, the US, and Japan. These include Dar El Imran-Studio 5 (Egyptian-Jordanian), Foster & Partners (Egyptian-American), and Dar El Handasa-Parkins (Egyptian-American).  The project is one of the largest urban redevelopment and informal settlement developments projects in Cairo and Egypt. (Read in Arabic)

Banque Misr is in the midst of negotiations with two international banks for a USD 200 mn loan, which will be used to shore up hard currency supplies and aid in the financing of a number of development projects. Sources speaking to Al Mal have stated that the bank is entering separate negotiations with the banks (whose identities have not been revealed) each aimed at receiving USD 100 mn.  

Parliament treasury official referred to Prosecutor General’s Office over unaccounted-for funds: According to Youm7, an official responsible for the parliament treasury was referred to the prosecutor general by the Minister of Transitional Justice and National Reconciliation Ibrahim El Heneidy, following the discovery by treasury Secretary General Khaled Alsadr that EGP 5.3 mn of the parliamentary budget is allegedly unaccounted for.

Finance Minister Hany Kadry Dimian has threatened to call for the arrest of ministry employees who participate in a 10 August protest against the Civil Service Act, accusing demonstrators of being Ikhwan, reports Al Borsa. For their part, protestors complain that Civil Service act unjustly lowers their salary and fails to consider rising inflation. Several independent unions have agreed to participate in the 10 August protest.

Hill International finishes renovation work at Nile Ritz-Carlton Hotel: U.S. Hill International announced on Thursday that it had finished renovation work that began in 2011 on the Nile Ritz-Carlton Hotel overlooking Tahrir Square at a cost of c.EGP 1 bn, according to Regional Manager Waleed Abdel-Fatttah. The hotel was inaugurated on Thursday by investment minister Ashraf Salman along with planning and international cooperation minister Ashraf El-Araby and other officials. The 327-room and 52-suite hotel will open to visitors in September 2015. (Read)

Reaffirming his intention to halt the spread of tuktuks, Cairo governor Galal Mostafa Elsaed revealed that various security bodies would intensify patrols of the governorate’s Eastern region in search of the outlawed three-wheelers. Violators will face serious penalties, threatened the governor. (Read)

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A MESSAGE FROM PHAROS HOLDING

Pharos re-initiates coverage of CIB with a ‘Hold’ recommendation

We re-initiate coverage on CIB with a Hold recommendation post the significant rally in the share price in 2014 (56.9%), 2015 YTD (15.0%) and the surge in the current P/B multiple to roughly 70% higher than its 1999-2014 cycle average. Based on analysis of macro data, the surge in CIB’s balance sheet size and profitability metrics in 2013, 2014 and Q1-15 was predominantly driven by the exceptional monetary and FX policies executed since late 2012 / early 2013. Still, the shift to the high-margin retail business is providing a solid hedge to profitability. Management’s agility is a source of comfort, as evidenced by the steady shift to the underpenetrated and high-margin retail credit business. The bank’s retail credit market share rose from 3.0% in 2009 to 5.8% by end Q1-15. Securing Citigroup-Egypt’s retail portfolio in mid 2015 compliments the organic growth in this business line, as per management’s guidance. Click here to read more on why we’re recommending a Hold on CIB.
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EGYPT IN THE NEWS

Egypt in the Arabic press: London-based Al-Quds Al-Arabi, helmed by Palestinian expatriates, published an article that breaks down the “attacks” by the Egyptian media on Saudi Arabia in the past weeks, hinting at strained relations between the two countries following the death of King Abdullah in January. The article focuses on famed Egyptian journalist Mohamed Hassanein Heikal’s recent comments where he downplayed the power of the Gulf states and hailed Iran,Turkey and Egypt instead. Further statements by Al Ahram editor-in chief Mohamed Abdel-Hadi, journalist Ibrahim Eissa and talk show host Youssef El Husseiny are presented where they criticize Saudi Arabia for welcoming a Hamas leader, accuse it of funding Daesh andplacing its own interests before those of the Syrian people, respectively. The article further claims that all of the above is in deep contrast to perceived neutral/positive statements by the Egyptian media towards Iran, especially after its landmark nuclear agreement. (Read)

BBC’s Orla Guerin reports from Cairo on allegations from human rights activists about the increase in enforced disappearances in Egypt. The report sheds light on the disappearances of Esraa Al Tawil and Islam Ateeto, who activists and relatives believe have been detained by state security. Guerin claims,”Human rights activists say both Islamists and Liberals have been snatched from the streets, as Egypt returns to all-out repression.” (Watch Enforced disappearances on the rise in Egypt, activists say on BBC, running time: 2:58)

WORTH READING

Despite being written before the Egypt-US strategic dialogue which took place on Sunday, the brief policy analysis written by Eric Trager and Eitan Sayag for the Washington Institute manages to effectively sum up today’s diplomatic event: the talks are mainly for optics, but also represent an important reaffirmation of ties between the two countries after their deterioration following Morsi’s ouster. (Read Resumption of U.S.-Egypt Strategic Dialogue).

WORTH WATCHING

On Saturday, the following video was the third-most watched on Youtube in Egypt among all ages and the most-widely watched among ages 25-34. The video, from Al Hayah television network, features host Ahmed Rajab attempting to get a televised confession, or some sort of statement, from 20-year old Marco Abdel Messih, one of six defendants handed down a death sentence in absentia for allegedly storming the Ghad al-Thawra party headquarters in February 2013.

Rajab: Marco, you don’t want to talk, do you?

Abdel Messih: With you, no.

Rajab: Not with me. Why?

Abdel Messih: I don’t like you.

Rajab: You don’t like me? Thanks a lot.

Abdel Messih: I don’t even know you, but you look annoying.

(Watch in Arabic, running time: 1:35)

Rajab then launches, as members of the Egyptian media are wont, into a moral lecture on Abdel Messih, and how his rejection in speaking to Rajab over his annoying appearance indicates the suspect’s lack of culture. Rajab goes on to say that he doesn’t care what Abdel Messih says because he’s going to be executed, and doesn’t understand anything, and wasn’t raised well.

Here, however, are the incontrovertible facts: You, Ahmed Rajab, are in fact annoying. As for the Egyptian public, which Rajab deems himself capable and qualified to lecture, the majority of the comments on the video support the alleged criminal, affirming that Rajab is annoying. Rajab has called on the people of Egypt to set aside rule of law and judge a suspected defendant of his guilt in a court of public opinion based solely on a judgment in absentia without the benefit of a retrial or legal representation.

The problem is not solely to do with Ahmed Rajab, but involves a broad swathe of the Egyptian media, with broadcasted confessions having become a staple of Egyptian television. We’ve noted this issue before in Enterprise back in January regarding the airing of televised confessions during the Matariya unrest. Airing such confessions is in direct contravention of Articles 14 (2) and (3g) of the International Covenant on Civil and Political Rights, which Egypt has both signed and ratified. The practice of televised confessions needs to end and all who continue to participate must be shunned, and as our longtime readers know, our patience and our vitriol are without limit.

ENERGY

Egypt seeks import agreement with Saudi for petroleum products
Al Shorouk | 01 Aug 2015
The Egyptian government has delivered a proposal to the Saudi delegation headed by Prince Mohamed Bin Salman, calling for a new trade agreement which would see Egypt import petroleum products from the Kingdom with lax and extended payment terms. According to sources, the Saudi government will study the proposal and reply shortly. This comes as Egypt seeks to boost its supply of petroleum products for the current fiscal year, a move which saw it sign a USD 9 bn agreement with UAE-based ADNOC, with a fixed-interest payment plan extended over several years. (Read in Arabic)

Bidding for importing gas through second FSRU ended on Sunday
Youm7 | 01 Aug 2015
Bidding for the right to import gas through the planned second FSRU, which is capable of feeding 500 mn cubic ft of gas per day into the national distribution grid, closed on Sunday, 02 August, according to the spokesperson for the Ministry of Petroleum. (Read in Arabic)

Upcoming investments by Magawish Petroleum in Hurghada
Al Mal | 02 Aug 2015
Magapetco – Magawish for Petroleum plans to invest EGP 70 mn in its concessions in the Hurghada region during the current fiscal year, announced company chairman, Hamdy Hanafi. He added that the company will undergo a comprehensive maintenance plan across all its operations, which as it stands now has produced 22 mn barrels of oil since its operations started in 1995.  (Read in Arabic)

General Electric to supply D200 steam turbines
Al Mal | 02 Aug 2015
General Electric intends to import the advanced D200 steam turbine to increase the capacity of the West Damietta and Assiut power plants from 750 MW to 2.25 GW using the combined cycle system. The move comes as part of the strategic initiative to increase the efficiency of power generating units in Egypt without using any additional fuel. (Read in Arabic)

EGP 16 bn in petroleum product imports in FY 2015/16
Amwal Al Ghad | 02 August 2015
The government aims to import 28.6 mn tons of crude oil, LNG, and petroleum products in FY 2015/16 worth EGP 16 bn, according to Minister of Planning Ashraf El Araby. The social and economic development plan involves importing around 7.79 mn tons of LNG at USD 3.55 bn and 6.37 mn tons of crude oil at USD 3.51 bn, El Araby added, highlighting the importance of continued assistance from the Gulf in all its forms. (Read in Arabic)

INFRASTRUCTURE

National Roads Project to be completed by December
Al Shorouk | 02 Aug 2015
The National Roads Project will be completed by December this year, according to sources from the Ministry of Transportation. The construction has been divided into three phases so the ministry can complete the project before the coming year, the sources added. The project, which was scheduled to be completed this August, has been delayed due to settlements over land ownership. (Read in Arabic)

BASIC MATERIALS & COMMODITIES

Ministry of Agriculture’s research budget reduced by 60%
Al Masry Al Youm | 02 Aug 2015
The Ministry of Agriculture’s research budget is expected to decrease by more than 60%, according to a source speaking to Al Masry Al Youm. The land reclamation research budget went down from a staggering EGP 243 mn to just EGP 200k, in addition to the cancellation of 15 research projects under the Agricultural Research Center and 12 research programs under the Desert Research Center. The veterinary services budget declined from EGP 40 mn to EGP 21 mn, which negatively affects the production of vaccines for nearly 9 mn cattle. Further, the General Authority for Fish Resources Development’s (GAFRD) budget fell from EGP 160 mn to EGP 120 mn. (Read in Arabic)

ASEC reduces semi annual losses to EGP 7 mn
EGX disclosure | 02 Aug 2015
ASEC company for Mining announced their consolidated financial statement for the period between 01 January 2015 and 30 June 2015, posting a net loss of EGP 7.454 mn. The same financial statement from the year before showed a net loss of EGP 18.8 mn. Meanwhile, the standalone financial statement for the period between 01 January 2015 and 30 June 2015 showed a net profit of EGP 14.67 mn. (Read the disclosures forconsolidated and standalone results)

MANUFACTURING

Solb Misr incurs EGP 1.48 bn in losses over two years over energy supply
Amwal Al Ghad | 02 Aug 2015
Steel group Solb Misr lost around EGP 1.48 bn over the course of two years due to gas shortages and power cuts, according to Solb Misr President Gamal El Garhy. The steel factories are working at 25% output capacity, he added, due to a continued shortage of gas and electricity on the market, in addition to a shortage of foreign currency required to purchase materials. (Read in Arabic)

HEALTH & EDUCATION

Al Rehab City to open five pre-university educational facilities
Al Borsa | 02 August 2015
Talaat Moustafa Group Holding (TMGH) will establish five educational facilities, covering various pre-university educational stages, as per TMG’s goal to contribute to Egypt’s investment in human resources, said Sherif Ghoneim, chairman of the Rehab City Association for educational and cultural activities and community development. TMG is a leading real estate developer in Egypt with a vision of “community development through establishing self-sustained residential city and community complexes” that offers cultural, educational, medical, recreational and sports facilities as part of a package offer for their customers.(Read in Arabic)

MKCL considers expanding into Kuwait and UAE
Al Mal | 02 Aug 2015
IT solutions, services and training firm MKCL Arabia is studying expanding its activities into Kuwait and Dubai, said MKCL Arabia Egypt manager Magdy Abdel Sattar, highlighting that his company already has a strong presence in Saudi Arabia. MKCL Arabia Egypt recently inked contracts with the Ministry of Education to train 15,000 teachers to use computers in a teaching capacity as part of the MKCL’s International Certificate in Information Technology program. (Read in Arabic)

REAL ESTATE & HOUSING

Housing ministry allocates 14.3 feddans for housing development
Al Borsa | 02 Aug 2015
Housing Minister Moustafa Madbouly issued an order to parcel out 14.3 feddans of land along the Fayoum Oases / Sixth of October highway, which will be allocated for a social housing development by the Arab Company for Projects and Urban Development (ACPUD). The order forbids ACPUD from marketing the project until it receives permission from NUCA and is also forbidden from selling undeveloped land. (Read in Arabic)

Housing Ministry and Social Solidarity Ministry come to aid of small industry investors
Al Borsa | 02 Aug 2015
Licensing for small industries investors will be paid in installments and be accounted for on the basis of construction, following an agreement reached between the housing and social solidarity ministries. Licensing will take place on the condition that the business owner provides a letter of guarantee from a licensed bank, with the letter being effective for the duration of the payment period. The Ministries of Housing and Social Solidarity have been coordinating in order to remove any obstacles faced by investors, especially regarding social insurance. (Read in Arabic)

Cairo Governorate to provide 260 housing units to Duwaiqa residents
Amwal Al Ghad | 02 August 2015
The Cairo Governorate announced on 2 August that it will provide 260 housing units to 480 Duwaiqa residents relocated due to danger of their homes collapsing, Cairo Governor Galal Saeed said. Saeed announced that the Cairo Governorate will complete the construction of 13k housing units in Al-Asmara area for informal settlement inhabitants to meet the government goal of eliminating informal settlements in three years. (Read in Arabic)

BANKING & FINANCE

Payfort launches installment service in Egypt
Daily News Egypt | 02 Aug 2015
The Middle East’s leading online payment service provider Payfort has launched an installment service to enable pay-via installment options to its customers in Egypt, Saudi Arabia and the United Arab Emirates. The service will be available in Egypt through Mashreq Bank, in the UAE through Emirates NBD, Mashreq Bank, and Abu Dhabi Commercial Bank (ADCB), and in Saudi Arabia through the Saudi British Bank (SABB), National Commercial Bank (NCB) and Saudi Hollandi Bank. (Read)

Banque du Caire’s technological upgrade to improve services to customers
Al Mal | 02 Aug 2015
Banque du Caire will release a series of technological upgrades that should allow the bank to improve the services its provides to its customers, said IT Chief Khalid Hamad. In the coming weeks, Banque du Caire customers should have the ability to transfer funds between accounts  via cellular phone, explained Hamad. Additionally, the bank is in talks with Telecom Egypt to upgrade its current network by installing fiber optic chords. Doing so, will improve communication between the bank’s various, reducing the amount of time it takes for employees to fulfill customers’ demands. Lastly, the bank has plans to increase its number of ATMs across the country. The overall cost of these aforementioned upgrades is EGP 200 mn. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

Qalaa Holdings platinum sponsor for opening ceremony of New Suez Canal
Youm7 | 01 Aug 2015
Qalaa Holdings will participate as a platinum sponsor in the New Suez Canal opening ceremony. Mashreq, a Qalaa Holdings subsidiary, signed a 25-year concession contract, with the possibility for a 5-year extension, to build a one-of-a-kind fuel bunkering facility and other logistical service in Egypt in the East Port Said port. The project is located over an area of 210,000 m2 strategically near the entrance of the Suez Canal, and presents an example of the government efforts and the private sector’s resources and experience into further developing the Suez Canal into an international services and logistical zone. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Al Dostour party calls for reducing candidates on party lists to 15 instead of 45
Al Shorouk | 02 August 2015
The Al Dostour party expressed its concern over the government ignoring the the party’s suggested amendments to the political rights and parliamentary laws, according to Dostour spokesperson Khaled Dawoud. The party had proposed to reduce the number of candidates on electoral lists to 15 instead of 45 to ease the burden on the resources of political parties during the electoral process. (Read in Arabic)

NATIONAL SECURITY

Ministry of Awqaf calls to brand Al-Azhar Front Scholars as ‘terrorists’: Minister of Religious Endowment Mohamed Mokhtar Gomaa has called for the inclusion of “Al-Azhar Scholars Front” on the state’s list of designated terrorist entities, according to state-run news agency MENA on Friday and as reported byDaily News Egypt. His statement followed the alleged release of a statement on social media calling for protests on 14 August to mark the Rabaa Al-Adaweya and Al-Nahda Square sit-ins dispersal of 2013, however DNE was unable to source such a statement. Gomaa also called the World Federation of Muslim Scholars the terrorist, intellectual wing of the international Organization of the Muslim Brotherhood”.

Wilayat Sina leader killed in shootout in Sheikh Zuweid -Army statement: Selim Suleiman al-Haram, a leader of Daesh Sinai affiliate Wilayat Sina, was killed when the armed forces surrounded his home in Sheikh Zuweid after being told to turn himself on, the army said in a statement on Saturday as reported byReuters. After his refusal to surrender, he reportedly opened fire on troops and tried blowing himself up before troops shot and killed him.

ON YOUR WAY OUT

Three members of Bin Laden’s family killed in plane crash in the UK on Friday: Osama Bin Laden’s stepmother Rajaa Hashim, his sister Sana, her husband and a Jordanian pilot were killed when the family’s private  Embraer Phenom 300 jet crashed into parked cars at Blackbushe airport on Friday, as reported in The Guardian and The Telegraph. Saudi ambassador to the UK Prince Mohammed bin Nawaf al Saud offered his condolences to the Bin Laden family on the embassy’s official Twitter account. The plane had departed from Milan, and the reason for the crash was not immediately clear, especially given that as the Guardian reported, the plane was landing in ideal conditions. This marks the third time that members of bin Laden’s family have died in a plane crash.

Yehya the movie reviewer: Jimmy Kimmel has a regular feature with this Egyptian guy named Yehya “The Egyptian” Mohamed, who speaks English poorly, calls himself a comedian and does “movie reviews” for Kimmel’s show. (Both Kimmel and Yehya pronounce Yehya’s name  as “Ya-Ya”) The video exploitative but despite the joke being on Yehya, he manages to come across as oddly charming. Here is Ya-Ya reviewing the latest Mission Impossible on Jimmy Kimmel Live. (Watch, running time: 2:24) If you enjoyed that, you may also enjoy Yehya’s coverage of the red carpet from the 2013 Grammys, (Watch, running time: 4:16)

BY THE NUMBERS

USD CBE auction (Sunday, 2 August): 7.7301 (unchanged since Sunday, 05 July)
USD parallel market (Sunday, 2 August) 7.88 (unchanged from Sunday, 26 July, Reuters)

EGX30 (Sunday): 8,158.31 (-0.41%)
Turnover: EGP 449.5 mn (4% below the 90-day average)

WTI: USD 46.70 (-0.89%)
Brent: USD 52.21 (0.0%)

TASI: 8,807.2 (-3.2%)
ADX: 4,790.9 (-0.9%)
DFM: 4,104.1 (-0.9%)
KSE Weighted Index: 420.3 (+0.3%)
QE: 11,651.3 (-1.1%)
MSM: 6,555.3 (flat)