The central bank has scrapped the cap on dollar deposits and withdrawals for individuals

TL;DR

CBE scraps cap on USD withdrawals, deposits for individuals + issues new regulations for M&A financing (Speed Round)

PM gives some MPs a sneak peek of government plan + House agrees on bylaws. (Speed Round, Egypt Politics + Economics)

Thomas Cook extends ban on Sharm flights to October. (Speed Round)

Morocco’s Attijariwafa Bank to bid for Barclay’s Egyptian operations. (Speed Round)

Egypt, UAE offer most promising returns over next three years – EFG survey. (Speed Round)

Uber says it operates legally in Egypt, taxis hold more protests. (Speed Round)

Mobinil now officially Orange, will rely on parent to supply it with FX. (Speed Round)

Italcementi says not pulling out of Egypt, but FX crunch persists. (Manufacturing)

Gov’t to issue EUR-denominated CDs to Egyptian expats. (Egypt Politics + Economics)

WHAT WE’RE TRACKING TODAY

The International School of Choueifat is threatening to exit Egypt, according to remarks attributed to SABIS Educational Services President Carl Bistany. Bistany reportedly said options under consideration include freezing investments in Egypt and possibly exiting altogether in response to the Education Ministry’s move to place the school under administrative and financial supervision. The school’s legal counsel denied any wrongdoing and said the tuition fee increase was in accordance with ministerial regulations, Al Mal writes. He added that the school is filing legal complaints challenging the ministry’s decision.

President Abdel Fattah El Sisi may be heading to Saudi Arabia today, government sources told Al Mal. The source only stated that he will meet with King Salman to discuss cooperation on “multiple levels.”

The EFG Hermes One on One comes to a close today. We have some coverage of results from a real-time survey the company conducted at the keynote debate on the opening day.

** Enterprise is off tomorrow. We take occasional publishing holidays during the course of the year, and tomorrow will be one of them, giving our team a chance to catch up on sleep (and finish traveling) at the end of a reasonably slow news week. Both the GCC and the Egypt editions will be off; we’ll be back on Sunday morning at the usual time.

ON THE HORIZON

The US Federal Reserve’s Federal Open Market Committee meets between 15-16 March. The Fed chair will hold a press conference after the gathering

Wamda’s Mix N’ Mentor Cairo 2016 – Marketplace Edition, will take place at The Greek Campus, Cairo on 17 March. Register here.

** DO YOU WANT TO READ OUR GCC EDITION? **

We recently launched the beta version of our Enterprise GCC edition, and are now publishing Sunday-Thursday at 3 am UTC/ GMT (7 am UAE, 6 am KSA, 5 am Cairo), give or take a few minutes. We’re in beta, after all. You can sign up via this link and may view the Enterprise GCC site online at gcc.enterprise.press. Comments, suggestions and criticisms are always welcome at editorial@enterprisemea.com.

LAST NIGHT’S TALK SHOWS

Our talk show roundup is on hiatus this week, back next week.

SPEED ROUND

The CBE has issued new regulations for M&A financing (and they’re kinda, sorta looking at you, OTMT): Banks are required to have a “board-approved policy” regarding M&A financing, according to the new CBE directives, with assessments showing that the acquirer or the merged entity will have sufficient cashflows to repay the borrowed amounts. The CBE is also requiring that acquired companies undergo a sufficient due-diligence process and that financial statements be analyzed in accordance with Egyptian Accounting Standards or IFRS. If the acquirer is a strategic investor operating in the same business as the acquired company, then banks are required to increase the risk weighting to 200% — and to 400% if the acquirer is a private equity or venture capital firm or if it is essentially an SPV created to complete the transaction. Overall, the CBE is barring banks from directing more than 2.5% of their loan portfolio to M&A activities, from providing any single client or its relating entity more than 0.5% of its loan portfolio for M&As, and also capping the amount banks can provide for a single M&A agreement to 50% of the acquisition’s value. The new amendments apply to agreements that involve acquiring 50% or more of a company.

The CBE has eliminated caps on USD withdrawals and deposits for individuals, according to a CBE statement. Withdrawals and deposits were previously capped at USD 10k daily and USD 50k monthly. The restrictions on companies are still in place. Reuters has coverage in English. Bankers and investors welcomed the move: Banque Misr Chairman Mohamed Al Etreby said it should result in new inflows of hard currency into the system, while NBE board member Hussein El Refa’y said it will boost confidence in the local economy, Al Mal reports. Head of the Importers Division of the Federation of Egyptian Chambers of Commerce Hamdy El Naggar also lauded the decision and urged the CBE to remove all deposit caps, in an interview with Al Mal.

Lifting deposit caps completely was among the policies suggested by the Federation of Egyptian Industries (FEI) at its meeting this past Monday. Investors can find a way to come up with USD as long as deposit caps are lifted, said FEI head Mohamed El Sewedy. El Sewedy added that the FEI requested an official sit down with CBE governor Tarek Amer and Prime Minister Sherif Ismail to go over its recommendation. According to the FEI’s analysis, pegging the EGP to the USD has benefited the US at the expense of the Egyptian economy. Relying on the CNY and the EUR might prove more beneficial in the long term, especially considering the EU is Egypt’s biggest trading partner and most of its imports originate from China. This multi-currency approach, akin to the currency arrangement with Russia, would help attract tourism and facilitate trade, said FEI board member Mohamed Al Bahy.

Allianz’s Mohamed El Erian has reportedly warned Egypt’s Coordination Council against floating the EGP without thinking through economic and FX policies to cushion the blow, a source tells Al Masry Al Youm. Among the measures he’s suggesting: pegging the EGP to a currency basket and dropping the USD. The paper recommends continued import restrictions and raising interest rates on EGP borrowing, according to AMAY’s source. The Coordination Council is the venue through which cabinet and the central bank coordinate fiscal, monetary and exchange rate policy.

Thomas Cook extends booking ban on Sharm El Sheikh until 31 October 2016, Reuters reports. The ban was set to end on May 25. Flights were suspended in November 2015 following the Metrojet crash. Tourism Minister Hisham Zaazou stated that he would meet with representatives from the company at the International Tourism Bourse taking place in Berlin to discuss the reasons behind the decision, the head of the Tourism Development Authority Samy Mahmoud told Al Mal. The decision will exacerbate the lack of UK tourists, “which he had hoped would return in May after Easyjet decided to resume flights,” said Mahmoud.

Attijariwafa Bank, Morocco’s largest bank by assets, plans to bid for Barclay’s Egyptian operations, a senior executive told Reuters on Tuesday. “Egypt we will look at and we already signaled that to Barclays,” Attijariwafa Bank General Manager Ismail Douiri said in an interview on the sidelines of an event in Dubai. The equity size of Barclays’ Egyptian unit is around USD 400 mn, sources familiar with the sale said. Barclays announced last week that it would sell its 62% stake in Barclays Africa Group over the next two to three years and drop its separate operations in Egypt and Zimbabwe. Attijariwafa Bank has been eyeing an expansion into Egypt for several years, reaching final stages in the bid for BNP Paribas’ Egyptian retail business, which was sold to Dubai bank Emirates NBD in 2013, Douiri said.

Let me have Barclays, Naguib Sawiris asks the CBE: “I am willing to buy Barclays-Egypt if the CBE lets me,” Naguib Sawiris said at the American Chamber of Commerce, noting that CBE regulations do not allow citizens to acquire banks, according to Al Mal. He also said he has his eye on an electronic brokerage firm following the merger of Beltone Financial and CI Capital. Abroad, Sawiris says he is earmarking EUR 50 mn to set up a bank in Luxembourg specialising in SME services. He told reporters he already submitted an application to establish it, but provided no further details. Al Ahram reports, however, that he’s buying a bank in Luxembourg, adding that he plans to open a branch of the bank in Egypt. Sawiris has long sought to acquire or build a commercial bank in Egypt and has been consistently turned down by the central bank.

Sawiris doesn’t seem terribly impressed by CBE Governor Tarek Amer’s approach to FX policy, calling it outdated, ineffective, and part of an old-guard mentality of central banking, Al Borsa reports. He was especially critical of Amer’s insistence on artificially holding the official exchange rate at below EGP 8, without consideration for supply and demand.

Beltone Private Equity is rebranding as BPE Partners: BPE Partners Co-Founder and Chairman Hazem Barakat says “the name BPE Partners is also a reaffirmation of our basic investment thesis which remains committed to unlocking value in companies through partnerships that will contribute to the growth of the Egyptian economy,” according to a press release. BPE Partners’ current investments include Total Egypt, the second-largest private downstream energy operator in Egypt with c.230 retail service stations, lubricants, commercial and industrial operations, as well as aviation, bunkering, CNG, LPG, and logistics services. BPE Partners was not party of the OTMT takeover of Beltone Financial and has a separate shareholding structure.

Orange Egypt will rely on its parent company to help supply it with FX liquidity in light of dwindling international roaming revenues resulting from falling tourists, assured Orange Egypt CEO Yves Gauthier, speaking at Mobinil’s official rebranding to Orange yesterday. The official announcement also followed the opening of the first “Orange Smart Store” in Egypt at Nile City Towers. The rebranding will help Orange launch a series of digital services aimed at businesses in Egypt with the hopes of capturing a larger market share, said Orange CEO Stéphane Richard, who attended the rebranding. The coming period will see the company list 20% of its shares in the EGX in addition to expanding its investments, he added. The two also met with Prime Minister Sherif Ismail where they discussed the company’s strategy in Egypt, Al Mal reports.

The EFG Hermes One on One MENA Investor Consensus: Egypt and the UAE will offer the best returns on investments over the next three years, according to a real-time survey of more than 500 institutional investors and listed MENA companies conducted at the EFG Hermes One on One Conference in Dubai (tap here to see a pdf of the official charts, here for a summary of the debate and poll findings). 455 investors from 117 regionally listed companies took part in the survey, which came as a feature of a headline debate on whether “MENA can escape the boom and bust cycle of oil.” Respondents said consumer retail and healthcare stocks would perform best in 2016, and 83% expect corporate earnings to contract this year. Other highlights of the survey include:

• 51% of participants feel that regional security will be the biggest risk to MENA equities markets over the next three years, while 20% believe the instability in the energy market will be the biggest challenge.
• China’s debt burden was overwhelmingly voted as the biggest global economic risk in 2015 with 80% of respondents in agreement.
• 29% feel that the US would be the one region to invest in over the next three years, with 25% voting in favor of Africa, 20% for Asia, 18% for MENA, and only 8% favoring Europe.
• The most attractive asset class: stocks, which garnered 46%, followed by gold (20%), currencies (16%), commodity goods (13%), and bonds (6%).
• All respondents expected movement in the official USD-EGP rate in 2016, with 36% saying it would hit EGP 10, 34% EGP 9, and 29% EGP 11.
• When will Brent Crude next reach USD 100? Nearly half (46%) replied “Not in my lifetime,” with 42% saying by 2025 and 12% by 2018.

Speaking of EFG Hermes, sources told Al Mal that the firm will be running Abraaj’s IPO of Cleopatra Hospital on the EGX. The sources added that the IPO is already underway. EFG is was the sole global coordinator and bookrunner for Domty’s ongoing offering.

EFG Hermes’ Awad misquoted: EFG Hermes Group CEO Karim Awad was misquoted in a piece in Al Masry Al Youm yesterday. Awad said in part of a wider-ranging interview that the projects EFG Hermes had been marketing for last year’s EEDC are yet to be funded. He made no remarks about EEDC as a whole. We noted the story yesterday, and AMAY has since corrected it.

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Uber is operating legally in Egypt, according to its domestic representative. The company uses UberX services in Egypt, relying on drivers sourced from domestic registered limousine and rental offices. The registered rental service providers have valid commercial licenses and tax IDs and pay the necessary taxes accordingly, Al Mal said. Uber is also planning on expanding beyond Cairo and Alexandria in Egypt and is already commissioning 2,000 new drivers each month, according to Al Shorouk.

…Uber also announced yesterday the launch of its Economic Empowerment Program, “intended to provide wider members of the community, including youth and women, with the resources, education and training to eventually become Uber partner-drivers, entrepreneurs and small business owners.” According to the press release, the program includes an MoU signed with Education for Employment Egypt and with BPE Partners’ managed investment vehicle Arabiya for Investments and its subsidiaries.

Meanwhile, hundreds of white taxi drivers staged another protest in Moustafa Mahmoud Square in Mohandiseen against ride-hailing apps Careem and Uber and deliberately blocked traffic by parking around 500 cabs along main streets off the square. The land transportation workers union attended the protest in solidarity with taxi drivers, with its leader Amr Shahata insisting that the services are illegal, Al Mal reports.

Protesting taxi drivers are completely misguided, says David Plouffe, Uber’s Senior VP of Policy and Strategy and former campaign manager for President Obama’s 2008 campaign. He stated that taxi companies and owners within many of Uber’s markets have been misleading drivers into believing their livelihoods are being jeopardized by Uber, while the opposite is true. Uber could help create an additional and flexible avenue of income for these taxi drivers who otherwise would be bound to taxi companies, said Plouffe at a talk hosted by AUC Venture Labs, which was kind enough to invite us to attend on Monday.

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Prime Minister Sherif Ismail appears to have given House representatives from Alexandria a sneak preview of the government’s national program at a meeting yesterday. Establishing a social safety net and providing for the needs of the poor topped the government’s agenda, Ismail told MPs, according to Al Mal. “There will be no decisions taken until this is guaranteed.” On the macro front, the government will focus on cutting the budget deficit, saying that we only have EGP 164 bn to spend on infrastructure development and providing health and education services. The government will remain steadfast with its import restriction policies and policies to support exports. The coming period will see more land development and tourism development and increased investors. On the development front, the PM spoke of the Sinai development plan, an infrastructure development plan for the Western Desert, and further developments in East Port Said. Other key policies mentioned include:

• Boosting the performance of industry in three months, especially steel, which has been operating at 20% capacity.
• Reorganizing the healthcare sector around the Universal Health Ins. Act, which will see the government spend EGP 90-100 bn on providing universal healthcare.
• Allowing the private sector to develop and manage medium-income schools.

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Was your internet was running slow yesterday (well, slower than usual)? It would appear a malfunction at the “global telecom device” at noon on Tuesday was behind the poor service quality nationwide, a source from Telecom Egypt (TE) tells Al Borsa. The malfunction has been fixed, the source adds. In typical TE fashion, the source downplayed the issue, saying service was disrupted for only two hours. Our service was cutting out intermittently until 11 PM, almost nine hours after the issue was apparently resolved. Another job well done, TE.

But that may be the least of TE’s worries: TE employees across Egypt staged protests on Monday denouncing low bonus payments despite record profits and demanding social security and healthcare, Al Mal reports. Hundreds of workers protesting at TE’s headquarters prevented CEO Osama Yassin from being able to get into his office after he threatened to prosecute them all. The protests intensified yesterday and prompted Yassin to call an emergency meeting of the board of directors, which will be held today, to discuss ways to resolve the issue, a source told Al Mal.

MOVES- Standard Chartered has appointed Dima Jardaneh as the new head of economic research for the Middle East and North Africa, Pakistan, and Turkey, according to a press release. Jardaneh has over 12 years of experience as an economist and joins the research team from EFG Hermes, where she was the GCC economist.

The UN is questioning the legality of an agreement sketched out by Turkey and the EU that would see Turkey take back all refugees who leave Turkey’s shores for Europe in the future on the condition that one legitimate Syrian refugee is resettled in Europe for every Syrian returned to Turkey, Reuters reports. The UNHCR issued an official statement expressing its concern, with Vincent Cochetel, UNHCR’s Regional Refugee Coordinator for the Refugee Crisis in Europe, saying in a press briefing in Geneva that “an agreement that would be tantamount to a blanket return to a third country is not consistent with European law, not consistent with international law.”

CORRECTION- The agreement set to be signed by the Electricity Ministry and a consortium including Toyota, Orascom Construction, and GDF Suez (Engie) to build a 250 MW wind farm in the Gulf of Suez dictates that the government will buy the output for USD 0.047 per kWh for 25 years, according to the head of the feed-in-tariff unit at the ministry. The purchase prices mentioned in yesterday’s issue were incorrect. H/t Loutfi L.

THE MACRO PICTURE

The world is facing a “risk of economic derailment” if immediate steps are not taken to boost demand, the IMF says as Chinese exports fell in CNY terms by the most on record, the FT (paywall) reports. Exports dropped 25.4% y-o-y in USD terms, compared to the 14.5% drop economists were expecting. “Now is the time to decisively support economic activity and put the global economy on a sounder footing,” the IMF’s David Lipton said. But some are pushing back against doom-and-gloom mongers, with former chief economist of the IMF Olivier Blanchard calling for a reality check. “The probability of another 2008 [financial crisis] is inconceivable.”

The dismal trade data seemed to send stocks into a tizzy, with Europe shares coming off a five-week high and banks and commodity producers leading the drop in the Standard & Poor’s 500 Index. Meanwhile, iron ore dropped as Goldman Sachs warned the commodity rally isn’t all it’s cracked up to be. “Higher prices are much harder to sustain in a supply-driven market since supply is primed to return with higher prices,” analysts wrote in the report. “But this lesson will likely only be learned through false starts.”

More news on negative rates: Japan’s 10-year yield fell to an all-time low of -0.12%, meaning almost three quarter of Japanese government bonds now offer yields at or below zero. The Japanese 30-year saw its yield plunge 22 basis points to a record-low 0.468% while the 40-year yield is now lower than the US 12-month yield.

EGYPT IN THE NEWS

The FX crunch’s impact on imports is the topic of a feature piece coming out of Reuters this morning. Policies announced in recent months were imposed hastily, many in the business community feel, with plans to cut imports by a quarter this year doing more harm than good, others feel. “The policy of import substitution was popular during the period of decolonisation … It’s one of those policies that looks good on paper but doesn’t work,” said Timothy Kaldas, a fellow at the Tahrir Institute for Middle East Policy.

Kaldas also penned a primer of sorts on Egypt’s economic hurdles in a piece for the Tahrir Institute for Middle East Policy. Egypt, he says, faces the “unenviable” task of balancing dwindling FX reserves, inflationary pressures taking a toll on purchasing power, and an overvalued EGP. “As the government tries to balance competing demands, the situation threatens to spin out of control,” he writes.

In the wake of the Interior Ministry pinning the assassination of chief prosecutor Hisham Barakat on Hamas and the Muslim Brotherhood, Time has a piece entitled Why Almost No One Believes Egypt’s Security Services. “The Interior Ministry’s credibility is perceived internationally at an all-time low, particularly given widespread reporting around the death and torture of an Italian student in Cairo, as well as forced disappearances—which will damage any efforts they make to blame any party,” said H.A. Hellyer, Arab affairs scholar at the Atlantic Council in Washington and the Royal United Services Institute in London.

DIPLOMACY + FOREIGN TRADE

The government has begun early preparations for French President Francois Hollande’s visit to Egypt between 18-19 April, Al Masry Al Youm reports. International Cooperation Minister Sahar Nasr met earlier this week with French Ambassador to Egypt Andre Baran and French Development Agency Egypt Director Stephanie Lanfranchi ahead of the visit to discuss MoUs in the transportation, energy, infrastructure, and training sectors. (Read in Arabic)

Prime Minister Sherif Ismail met with Greek Infrastructure Minister Christos Spirtzis, who promised to accompany representatives from Greek companies to explore investment opportunities in communications, rail, electricity, water, and infrastructure and establish joint trade and tourism companies between the two countries. (Read in Arabic)

President Abdel Fattah El Sisi met with Singapore’s Deputy Prime Minister & Coordinating Minister for National Security Teo Chee Hean yesterday, with Teo saying private companies in Singapore have studied the Egyptian market and concluded that its “business and investment opportunities are promising and lucrative,” according to an Ittihadiya statement. Egypt is keen to strengthen various areas of cooperation, particularly in the development and management of ports. Teo added that the president of Singapore looks forward to visiting Egypt this year.

ENERGY

Electricity Ministry cancels cable tender for Egypt-Saudi electricity interconnection project
The Electricity Ministry has scrapped the tender to install cables in the electricity interconnection project with Saudi Arabia after only three companies applied, a source within the ministry told Al Borsa. The ministry agreed with Saudi Arabia to reissue the tender next month, the source added. The total cost of the interconnection project is estimated at USD 1.6 bn, of which Egypt pays USD 600 mn. (Read in Arabic)

INFRASTRUCTURE

Private sector in 1.5 mn feddan project in April
300k feddans of land will be up for private sector investments in the 1.5 mn feddan project in April, said Irrigation Minister Hussam El Maghazy. The Egyptian Countryside Development Company, which is managing the development, will open offices nationwide to accept offers on land. One a related note, the USD 1.2 bn pledged by the African Development Bank for the 1.5 mn feddan project will be used to study using solar energy to power two of the development mega project’s regions of Al Maghara and Wadi El Gedid, in addition to training officials to implement the project, the minister added. (Read in Arabic)

BASIC MATERIALS + COMMODITIES

Edita begins constructing Sixth of October factory
Edita is spending EGP 160 mn to construct the first phase of its newest factory in Sixth of October. Edita said it has already signed a construction contract for the phase at EGP 116 mn. Buying the 55,500 sqm land plot for the factory cost Edita EGP 54 mn, according to the bourse statement. (Read in Arabic)

MANUFACTURING

Italcementi clarifies statements, says it will not pull out of Egypt
Italcementi says it has no plans to exit Egypt or move its regional hub, clarifies Managing Director Bruno Carre. Bloomberg had quoted Carre as saying the company is considering moving its regional hub if FX shortages persist. Carre said the cement industry’s inputs are sourced locally for the most part, according to Al Ahram. He did acknowledge that the company struggled to repatriate EUR 50 mn in profits.

GLC inaugurates EGP 200 mn paint, chemical factory in Obour
The German Lebanese Industries Co. has inaugurated a paint and chemical factory in Obour with Egyptian-Lebanese investments of over EGP 200 mn, Amwal Al Ghad reports. The factory will generate an annual EGP 700 mn, while its exports will reach USD 3.5 mn by the end of the year. It will also create 400 direct job opportunities, said Egyptian partner Abdullah Helmy. (Read in Arabic)

REAL ESTATE + HOUSING

Only 40 investors apply for land plots issued under one-stop-shop placeholder system, says NUCA
Only 40 investors applied for the 64 land plots issued by the ministries of investment and housing through the one-stop-shop placeholder system, a source within the Housing Ministry told Al Mal. The land plots are in 20 different new cities, the source added, noting that no one applied for land plots in New Cairo. The low turnout is attributed to increased prices, with New Cairo prices up 20%, said the source. Investors are also required to pay a 5% deposit that could be as high as EGP 53 mn for New Cairo, the source adds. The statements run contrary to ones made by Housing Minister Moustafa Madbouly last month that say there was significant demand for the land plots.

Tourism Development Authority expects EGP 1 bn growth once excluded from one-stop-shop policy
The Tourism Development Authority (TDA) expects revenues to increase EGP 1 bn through land plot issuances for investment this fiscal year following Prime Minister Sherif Ismail’s decision to exclude the authority from the Investment Act, under which falls the one-stop-shop system, TDA head Serag El Din Saad told Al Mal. The authority has not issued land plots for almost 12 months, he added, noting that the authority will create a taskforce to address requests by investors directly without referring to the General Authority for Investments. (Read in Arabic)

TOURISM

South Sinai investors criticize government decision to terminate contracts with government hotel tenants
Albatros Group Chairman Kamel Abu Ali criticized the government decision to terminate contracts with investors renting government hotels, calling it a “mistake.” The South Sinai governorate obtained a judicial ruling to terminate contracts with three major investors with the right to use agreements on tourism resorts in the governorate. The investors include Abu Ali and the Albatros Hotel due to delays in rent payment; Mohamed Wagih and the Hammam Moussa resort for neglecting land development clauses; and Moussa Bay resort due to the owner failing to meet payments for the land plot. (Read in Arabic)

Egypt will launch promo campaign at International Tourism Bourse
Egypt will launch a tourism promotional campaign at the International Tourism Bourse in Berlin today. Tourism Minister Hisham Zaazou will meet with a number of German companies and officials, including Air Berlin, to discuss boosting tourism traffic to Egypt and the latest developments in Egypt’s airport security. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Gov’t to issue EUR-denominated CDs to Egyptian expats
The government will issue EUR-denominated certificates targeted at Egyptian expats in Europe, Immigration Minister Nabila Makram said, according to Al Ahram. The CDs will be issued in the “upcoming period” by national banks in accordance with CBE regulations. Separately, Makram added that proceeds from the USD-denominated certificates will be announced 10 days from the date of issuance. (Read in Arabic)

House finally approves bylaws
The House of Representatives finally approved all 442 articles the parliament’s bylaws after a month of debate and deliberations lasting 20 sessions, Al Ahram reports. Articles on forming coalitions were particularly contested, causing many MPs to walk out. Parliament’s delay in approving the bylaws was blamed by many government officials for the holdup in presenting the government program to the House. (Read in Arabic)

MP Kamal Ahmed barred from parliamentary sessions for nine months
MP Kamal Ahmed has been barred from attending sessions at the House of Representatives for nine months after attacking now-former MP Tawfik Okasha with a shoe during session. (Read in Arabic)

ON YOUR WAY OUT

Yesterday was the International Women’s Day. Google Doodle for the day celebrated “the next generation of Doodle-worthy women—the engineers, educators, leaders, movers and shakers of tomorrow.” The Google Doodle is a multilingual video that covered 13 cities from around the world, including Cairo, to ask women to complete the sentence “One day I will…” (run time 01:23)

CIB is distributing an EGP 0.75 per share dividend starting March 24, according to a bourse statement.

Cairo Airport is accepting EGP at retailers, a source at the airport tells Amwal Al Ghad. The source denied rumours on social media that the airport was no longer accepting EGP in shops there. However, the source clarified that purchases from duty free shops are still being charged in USD.

Alexandria public transportation workers ended their citywide strike on Monday after reaching a settlement with the Public Transport Authority, Al Mal reports.

CALENDAR

07-09 March 2016 (Monday-Wednesday): The EFG Hermes 12th Annual One on One Conference 2016, Atlantis, The Palm, Dubai.

13 March 2016 (Sunday): The Design Build Breathe (DBB) Conference by Schaduf, Sofitel El Gezirah Hotel, Cairo.

15-16 March 2016 (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meets. Fed chair will hold press conference.

17 March (Thursday): Wamda’s Mix N’ Mentor Cairo 2016 – Marketplace Edition, The Greek Campus, Cairo. Register here.

21-22 March (Monday-Tuesday): The Africa CEO Forum, Sofitel Abidjan Hotel Ivoire, Abidjan, Ivory Coast.

23-24 March 2016 (Wednesday-Thursday): Microfinance Egypt, Nile Ritz-Carlton, Cairo.

27 March (Sunday): Business News Foundation’s Third Annual Energy Conference: Energy and Sustainable Development, InterContinental Hotel Citystars Cairo. Register here.

29-31 March 2016 (Tuesday-Thursday): Future Rail and Metro Egypt, Cairo.

13-16 April 2016 (Wednesday-Saturday): Cafex, Cairo.

17 April 2016: German economic delegation visits Cairo.

25 April 2016 (Monday): Sinai Liberation Day (national holiday)

26-28 April (Tuesday-Thursday): Arabian Hotel Investment Conference, The Madinat Jumeirah, Dubai.

01 May (Sunday): Easter Holiday / Labour Day (national holiday)

02 May (Monday): Sham El Nessim (national holiday)

02-03 May (Monday-Tuesday): The Middle East Investment Summit 2016, Ritz-Carlton DIFC, Dubai.

06 October (Thursday): Armed Forces Day (national holiday)

27 November 2016 (Sunday): 2016 Cairo ICT Conference