EGX posts best close since Morsi’s ouster after Amer devalues EGP, hints at “more flexible” exchange rate policy.

TL;DR

CBE devalues EGP to 8.85 / USD, adopts “flexible” exchange rate policy. (Speed Round)

IMF delegation visits Cairo for currency talks, setting-off talk of assistance package –sources. (Speed Round)

Domty IPO is 5.5x oversubscribed on the institutional tranche, priced at top end of the offer range. (Speed Round)

Apache, Shell produce unconventional gas from Western Desert by June. (Speed Round)

Economic Committee approves bill streamlining licensing for industrial projects. (Speed Round)

Egypt negotiates with KSA on amending petroleum supply agreement. (Diplomacy + Foreign Trade)

EGAS increases gas imports to 1 bcf daily. (Energy)

German, Turkish airlines complete security checks at Sharm airport to resume flights. (Tourism)

By the Numbers

WHAT WE’RE TRACKING TODAY

Foreign Minister Sameh Shoukry is in Moscow today for meetings with Russia’s State Duma chairman, the minister of foreign affairs, the minister of trade and industry, as well as the deputy prime minister. On the agenda: The return of Russian tourists to Egypt, the Daba’a nuclear plant, and deepening economic ties.

Egypt will sign today a final agreement for a USD 100 mn loan from the Kuwait Fund for Arab Economic Development to finance the South Helwan power plant, International Cooperation Minister Sahar Nasr tells Al Mal. The minister is also expected to sign a second agreement to finance the developments of the Abu El Reesh hospital.

The U.S. Federal Reserve’s Federal Open Market Committee meets today and tomorrow, with the Fed chair set to hold a press conference tomorrow evening our time. Economists don’t seem to expect the Fed to tinker with interest rates: 70% of economists polled by the Financial Times and 76% of those surveyed by the Wall Street Journal say it’s unlikely the Fed will raise rates before its 14-15 June policy meeting.

WHAT WE’RE TRACKING THIS WEEK

We’ll be keeping an eye on the Central Bank of Egypt’s Monetary Policy Committee’s meeting this coming Thursday to consider interest rates.

Also on Thursday: SODIC is holding its FY2015 earnings conference call on Thursday, 17 March at 4:00pm CLT. Tap here for the official invitation for call (pdf).

ON THE HORIZON

AmCham is holding its Women in Business: The Key to Economic Growth summit on 22 March. The conference will also announce the regional winners of the fourth AmCham MENA Council Women Awards. You can register for the summit here.

The Africa CEO Forum, Sofitel Abidjan Hotel Ivoire, Abidjan, Ivory Coast is taking place from 21-22 March.

Microfinance Egypt follows right after from 23-24 March at the Nile Ritz-Carlton, Cairo on how microfinance institutions can navigate a new operating environment.

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SPEED ROUND

EGP devalued by 14.5%: The CBE sold USD 198 mn in an exceptional USD 200 mn auction yesterday at a rate of EGP 8.85 to the USD — EGP 1.12 above the spot rate of EGP 7.73, Reuters reported. Banks have begun selling USD at EGP 8.95 to the USD. The EGX rallied in response, rising 6.70% in yesterday’s trading — making it yesterday’s top gainer globally as it posted the steepest one-day rise since the revolution against then-President Mohamed Morsi. “Foreign investors, who have been largely absent from the market this year, have started in recent days to show more interest in Egyptian shares,” Reuters says. One Cairo-based trader believes “the bottleneck has finally been relieved and we expect the [stock] market to rally after trading sideways since the start of the year.” CEO of Mashreq Capital in Dubai told Bloomberg “particularly from the bond side, this gets the devaluation issue out of the way, which had been hanging over our heads for a long time … Now that we have this, it could potentially open up Egypt for us again.” Reuters’ final wrap-up on a tumultuous day is here.

…Egypt will adopt a “more flexible exchange rate” policy, a CBE statement reads (Arabic). The new policy will achieve “exchange-rate levels that reflect the strength and real value of the local currency in a short period of time,” according to Bloomberg’s translation of the statement. The CBE expects its decisions to bring the exchange rate to levels that reflect the strength and true value of the EGP in a short period of time, noting that the central bank remains on target to bring its level of reserves to USD 25 bn by the end of 2016. It also believes that the decisions will help increase the supply of goods domestically and will not affect the price level of basic goods. An unnamed source at the CBE told Al Masry Al Youm: “We are implementing a flotation using the same scenario as 2003.” CBE Governor Tarek Amer said in a TV interview with Ibrahim Eissa that the central bank would only consider allowing the pound to float once reserves reach the USD 25-30 bn level.

…Was parking EGP in certificates of deposits paying 12.5% a waste, then? Probably. With that in mind, National Bank of Egypt (NBE) and Banque Misr have reportedly issued three-year certificates that carry a 15% interest rate annually payable on a quarterly basis. The catch: You can only buy those CDs if you give up the amount in USD, which will then be converted to EGP and invested in the CDs — and the offer is valid for only two months, according to Al Shorouk and Al Ahram.

…For foreign investors, NBE is offering “contracts that allow foreign buyers of Egyptian debt to hedge their currency risk,” Bloomberg reported. NBE is offering USD call options to investors buying treasury bills denominated in EGP. “It’s a total hedge … The foreign currency call option guarantees the foreign exchange exit, including the price and the value of the principal plus the interest coupon,” NBE’s head of treasury and capital markets said.

International media are giving the story plenty of ink, with the Wall Street Journal (paywall) largely positive on the move — and suggesting that the short-term inflationary impact of the hike will prompt a tightening of monetary policy. The piece quotes Capital Economics’ Jason Tuvey as saying he now expects the central bank’s Monetary Policy Committee will hike rates 100 basis points when it meets on Thursday. Meanwhile, the Financial Times’ Lex column (paywall) yesterday called the devaluation “sensible” and said the CBE has to “build on this gesture.” Lex writes that “Egypt’s political revolution is history. The country now needs an economic one,” saying the CBE needs to follow through with a rate hike on Thursday.

Business has largely welcomed yesterday’s moves. The Federation of Egyptian Industries praised the devaluation in a statement, predicting it would stabilize the Egyptian market and attract investors. The devaluation and auction will facilitate imports, encourage and expand exports, stabilize domestic production and deliver a blow to the black market. Looking ahead, the WSJ quotes head of Investment for MENA Equities at Franklin Templeton Investments Salah Shamma as saying the “EGP is likely to weaken further in the near term as the CBE manages upcoming FX auctions to close the gap with the black market. The Financial Times (paywall) quotes EFG Hermes strategist Simon Kitchen as saying that “People will now want to see if it is the beginning of a series of reforms that can drive economic growth rather than a temporary move to reduce pressure.” Meanwhile, CI Capital appears to be taking a cautious approach, with its head of equities Karim Khadr recommending that a number of economic reform policies be adopted to encourage capital inflows, Al Borsa reports. He states that Egypt may have to reach out to the IMF for a loan to drive capital inflows and boost reserves ahead of the targeted USD 25 bn mark.

Speaking of which: An IMF delegation reportedly made a visit to Cairo last week to consult on exchange rate and monetary policies, several high-ranking bank sources, among them a central bank official, told Reuters’ Arabic service. The meeting has been quite hush-hush, leading economists to speculate about the timing of the visit, due to the recent devaluation, and whether Egypt may need to resort to an IMF loan. While the central bank declined to comment when questioned by Reuters, a member of the Cabinet economic group said the visit was just “routine.” At issue here: Amer needs liquidity, and he’s only going to access it through more aid (largely from the Gulf) or unlock it with an IMF package. The latter would demand approval from the House of Representatives, and we have about two and a half months before the House goes on summer recess just as we enter peak demand season for the USD. Demand for USD rises in summertime with energy expenditures, holiday travel and savings for fall tuition payments.

Among the dissenting voices: The Importers Division of the Cairo Chamber of Commerce, whose head Ahmed Sheeha described the move as catastrophic and a license to currency speculators to drive up the exchange rate. The 13% devaluation coupled with a sales tax will drive the price of imports up 35-40%, he said, calling the current Cabinet economic group “the worst to ever run the country” and claiming it makes decisions haphazardly, Al Shorouk reports.

The draft budget for the next fiscal year is reportedly being returned to the government for some retooling after the CBE’s move to devalue the currency, with sources telling Daily News Egypt that the Finance Ministry sent the budget to parliament in early March. The budget draft has not been reviewed by MPs yet, according to DNE. The Finance Ministry is targeting a deficit of 10.5% for next year, but the devaluation is expected to aggravate the deficit to over 11.5%, a ministry source tells the paper.

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The international institutional offering of top Egyptian cheesemaker Domty has been priced at EGP 9.20 per share, a source close to the company tells us. That’s at the top end of the indicative range on which the company guided in a 3 March statement. The international offering ran into strong investor appetite — it was 5.5x oversubscribed, having generated demand north of EGP 5.6 bn. The ongoing retail offering in Egypt will also be priced at EGP 9.20 per share and is due to close on Thursday, 17 March (that’s St. Patrick’s Day, for those of you keeping track at home). We’re told trading in Domty shares will start on Tuesday, 22 March under the ticker DOMT. Domty is offering 110.25 mn existing ordinary shares to international institutional investors and 12.25 mn shares in an Egyptian retail offering. Selling shareholders including the Damaty family and Yehia Bin Laden will meanwhile subscribe to a closed offering at EGP 9.20 per share, subsequent to which they will inject EGP 300 mn into the company to fuel its growth. EFG Hermes Investment Banking is sole global coordinator and bookrunner, Baker & McKenzie is international counsel, and Matouk Bassiouny is local counsel.

Apache and Shell will begin producing unconventional gas from the Western Desert by the end of June, Bloomberg reported. Apache Egypt Region Vice President and General Manager Thomas Maher said the two companies will start drilling Egypt’s first unconventional gas well in a pilot project by the end of this month and “will drill two additional wells before talking with the government about full development of the field using horizontal drilling and fracking.” Shell holds a 52% stake in the project and is its operator and Apache controls the rest. The operations are at the Northeast Abu Gharadig concession, of which EGPC has a 50% stake.

ITB Berlin was a disappointment, Pickalbatros Hotels CEO Kamel Abou Aly told Al Shorouk. This is first time in 24 years Abou Aly failed to finalise any agreements, he said. The situation will improve once the government contracts an international firm to implement new airport security measures, not just to oversee them, Abou said, alluding to the agreement reached with Control Risks. Egypt’s display at ITB Berlin was also criticised by others as “very ordinary” and not representing anything new or innovative, the newspaper reports.

The Ministerial Economic Committee gave preliminary approval to a bill that would streamline licensing for industrial projects, including amending Law 453 issued in 1954, which has since been unrevised, Amwal Al Ghad reports. The bill will also define medium, small, and micro industrial projects. The bill adopts a new method for licensing factories classified as non-dangerous, which includes written notification to the commercial register and the respective administrative authority, followed by an inspection. In case of a discrepancy, the company will be given a three-month period, renewable once, to correct their legal standing. This system does not apply to areas where industrial projects are banned. The licensing prerequisites will be decided by a committee in the Industrial Development Authority formed by order from the prime minister. The bill will also introduce accreditation offices from the private sector.

In a surprise move, Russian President Vladimir Putin ordered his military to start withdrawing the “main part” of its forces in Syria starting Tuesday, according to an official statement from the Kremlin. The Russian intervention has largely completed its objectives, the BBC quotes Putin as saying. The statement mentions that a timeline for the pullback has been decided upon, but gives no further details. Russia is expected to keep their air base in the Middle Eastern country, according to the report.

THE MACRO PICTURE

Egypt’s devaluation has put currency pegs back in the spotlight, according to the Financial Times (paywall). Pressure on commodity prices last year forced Kazakhstan and Azerbaijan to abandon their currency pegs, while closer to home, Saudi Arabia, Bahrain, and Oman are seen as vulnerable to devaluation. “Countries with weak fundamentals will have a much harder time keeping pegs in place,” said Piotr Matys, emerging market foreign exchange strategist at Rabobank, pointing to Kazakhstan, Nigeria, Venezuela, and Argentina. One country with a currency showing early signs of stability after devaluation is Russia. But “no one dares to challenge President Putin, and he got away with [devaluation] fairly unscathed, but I don’t think other politicians would escape protests,” said Matys.

It’s a big week for central banks. The Bank of Japan announces its latest monetary policy decisions tomorrow, with analysts expecting no change after the January move to lower rates into the negative. On Wednesday, the Federal Reserve holds its policy meeting, with economists largely expecting rates to be maintained, according to the FT (paywall). On Thursday, the Bank of England and the Swiss National Bank unveil their latest policy decisions — and the Central Bank of Egypt’s Monetary Policy Committee will also meet.

While US stocks were cautious ahead of the Fed meetings, European equities were bolstered by the European Central Bank stimulus measures and Chinese stocks rallied after the new head of the securities regulator indicated that he would continue to prop up the equity market. Japan stocks also climbed to the highest in a month as the central bank began reviewing monetary policy. Emerging market stocks rose to a 2016 high as Egypt entered a bull market, rallying the most since June 2013. Investors also added USD 1.67 bn to US ETFs that buy emerging market stocks and bonds last week.

EGYPT IN THE NEWS

Former Justice Minister Ahmed El Zend’s recent dismissal over “blasphemous” comments is dominating headlines on Egypt in the foreign press this morning, with outlets from CNN, to Gulf News, to the Guardian all carrying the story.

More on Regeni: Italy’s chief prosecutor Giuseppe Pignatone reportedly landed in Egypt yesterday follow up on the investigation into the murder of Italian student Giulio Regeni in the wake of an EU Parliament resolution threatening to quell military aid to Egypt if the country doesn’t step up to the plate on the investigation, the Guardian reports. Egypt’s top prosecutor Nabil Sadek is expected to meet with Pignatone in Egypt, according to Ahram Online.

Human Rights Watch picked up on Egypt’s sentencing of three Christian students from Minya to five years in prison and placing a fourth in a juvenile facility for filming a 32-second video that mocks Daesh beheadings. “These children shouldn’t face prison for expressing themselves, even with an immature joke,” said Nadim Houry, deputy Middle East director. “The continued prosecution of blasphemy cases in Egypt goes against the government’s claim to be promoting a more inclusive vision of religion.”

An unarmoured Israeli army vehicle came under fire along the border with Egypt, reports Times of Israel. There were no injuries in the attack. The IDF is investigating whether the attack was caused by stray gunfire or if it was deliberate, Israeli Channel 2 reports.

IMAGE OF THE DAY

“Artist” El Seed completed an admittedly ambitious mural painted in fragments on the sides of a number of residential buildings in the informal settlement of Zaraeeb, and visible as a cohesive whole when looked upon head on, as pictured here.

Again, while the project is ambitious, and El Seed did secure the permission of the residents, how is this God-awful painting more aesthetically pleasing than the nasty orange and brown paint job the government splashed on the front row of buildings in Manshiet Nasr? How does either endeavor leave the residents better off? More importantly, why are these people’s buildings the canvas for bored young artists and the government? Could such a project be undertaken in Zamalek, or Mohandiseen?

WORTH WATCHING

In light of today’s Image of the Day, we bring to you: Your Art is [redacted]. (Watch, running time: 1:27)

DIPLOMACY + FOREIGN TRADE

Egypt is negotiating with Saudi Arabia on amending the agreement to supply Egypt with petroleum products for five years, said International Cooperation Minister Sahar Nasr. The amendments include reducing the interest rate to 2% from 3% and extending the loan period to three years instead of one, Al Mal reports.

Prime Minister Sherif Ismail met with Belarusian Trade Minister Vladimir Koltovich to discuss increasing bilateral trade and investment opportunities, Ahram reports. The pair discussed the possibility of cooperating in the automotive industry, considering Belarus’s experience in building cars, tractors, and trucks.

The EU is ready to allocate EUR 7.5 mn toward preserving Egypt’s cultural heritage sites, said EU delegation head and Ambassador of the European Union to Egypt James Moran. His statements follow a meeting with the Egyptian antiquities minister that explored cooperation on developing and maintaining antiquities sites, according to Amwal Al Ghad.

World Bank invites supply minister to discuss success of the bread and supply card system: The World Bank has invited Supply Minister Khaled Hanafi to speak on the success of the bread and supply smart card system at a World Bank meeting in May, Al Shorouk reports. The invitation was extended by World Bank economist Gustavo Demarco and follows a six-month study on the supply program by the World Bank, which concluded that the efficiencies it brought to the distribution system has saved the state EGP 11-12 bn. The research team also praised the diversity of products offered under the system and the 75,000 new jobs created as a result.

Hamas has denied that it is interfering in Egyptian internal affairs, its leader Khaled Meshaal said in an interview with France 24 on Monday, AMAY reports. A Hamas delegation is currently on a visit to Egypt to meet with representatives and Egyptian general intelligence officials a week after Egypt accused the group of being involved in the assassination of Public Prosecutor Hisham Barakat.

ENERGY

EGAS increases gas imports to 1 bcf daily
EGAS has increased the amount of natural gas it imports to 1 bcf daily last week, up from 900 mn, after being granted the necessary liquidity by the Finance Ministry. EGAS pumps 2.7 bcf daily to power stations, 1.2 bcf to residents, gas stations, and small and medium sized factories, and 1 bcf to energy-intensive factories, an official within EGAS told Al Borsa. (Read in Arabic)

210 companies to receive permits to establish renewable energy plants
The Egyptian Electric Utility and Consumer Protection Regulatory Agency issued permits for 210 local and international companies to establish renewable energy projects in Egypt, sources tell Al Mal. Among the companies that received the permits were Beltone Capital Red Sea Ventures for Solar Energy, TAQA Arabia, Alfa Solar, and SunEdison. (Read in Arabic)

Beach Energy will not be hurt by devaluation
The cost of inflation resulting from yesterday’s devaluation will be borne by the end consumer and will not impact oil and gas Beach Energy’s operational costs, said Beach Energy head Samir Abdel Moaty. The move will encourage increased lending to companies in Egypt and boost investor confidence in the local economy. (Read in Arabic)

BASIC MATERIALS + COMMODITIES

GASC targeting to buy 4-4.5 mn tonnes of local wheat in 2016
Egypt’s General Authority for Supply Commodities (GASC) aims to buy 4-4.5 mn tonnes of domestic wheat in 2016, Vice Chairman Mamdouh Abdel Fattah told Reuters. Egypt begins its harvest season in mid-April and typically completes it in July, the newswire says. Al Borsa yesterday quoted Abdel Fattah as saying the figure was 5 mn tons at EGP 420 per ardeb.

MANUFACTURING

Gov’t has started drawing up plans for Furniture City -trade minister
Trade and Industry Minister Tarek Kabil held two meetings yesterday to put together a plan to develop Furniture City in Damietta, Al Masry Al Youm reports. Kabil discussed creating a company to manage the project under the Trade and Industry Ministry, the Damietta governorate, Ayadi Company and the Armed Forces. Studies are expected to be completed by 8 May. Damietta has long been a center of furniture production in Egypt, with Furniture City expected to revive its declining production industry and attract foreign investment. (Read in Arabic)

HEALTH + EDUCATION

Health Ministry denies claims it returned EGP 3.5 bn from its investment plan
The Health Ministry denied claims that it returned the EGP 3.5 bn allocated to it in the state budget to the state treasury, according to ministry spokesperson Khaled Megahed. No allocated sums were cancelled by the Planning Ministry and no additional fees were withdrawn from the Finance Ministry, he added. The Health Ministry’s budget for FY 2015-16 is EGP 4.4 bn, of which EGP 3.7 bn is sourced from the state treasury. (Read in Arabic)

Pharmacies refuse to sell medication at official prices
The Pharmacist Syndicate has refused the Central Administration of Pharmaceutical Affairs’ directive to sell medication at the prices listed on packaging, including old batches of medications that have had their prices increased since their packaging was printed. The Health Ministry claims this is the only method of regulating prices and eliminating monopolies caused by stockpiling old batches. (Read in Arabic)

REAL ESTATE + HOUSING

Abraj Misr contracts Industrial Construction as principal developer on The Gate
Abraj Misr has signed an EGP 1.1 bn agreement with the Industrial Construction and Engineering Company to build The Gate over 24 months, Abraj Misr Chairman Ali Rabie tells Al Borsa. Abraj had contracted Hill International as project supervisor and UAE’s Dimensions as project consultant. The total cost of the project is estimated at around EGP 4.5 bn, said Rabie. (Read in Arabic)

El Giza Contracting targeting EGP 750 mn in new contracts
El Giza General Company for Contracting and Real Estate is targeting EGP 750 mn in new contracts for 2016 and is considering a new major housing development for the year, said its Chairman Mohamed Ezzat El Maayergy, who did not elaborate. He estimated that Tower 18 of his Zahraa Maadi development will be complete in two months and that Tower 19 will be ready by year-end, Al Borsa reports. (Read in Arabic)

Misr Italia launches sale of villas at EGP 800 mn La Nuova Vista community
Properties at Misr Italia Group’s EGP 800 mn La Nuovo Vista development are up for sale with deliveries beginning immediately, said the group’s CEO Mohamed El Assal. The company is offering a lenient financing package for the 131 villas that make up La Nuovo Vista, according to a company statement, Al Shorouk reports. (Read in Arabic)

TOURISM

German, Turkish airlines complete security checks at Sharm El Sheikh airport
German and Turkish airliners have completed follow-up security procedures at Sharm El Sheikh Airport in preparation for resuming flights, airport director Emad Al Balasy said. A German delegation visited both Sharm El Sheikh and Al Hurghada airports to check if necessary security procedures are in place to resume flights. An unnamed security source said a number of other international airline delegations had visited Sharm El Sheikh to ensure safety procedures at the airport met international compliance measures. (Read in Arabic)

Hajj program prices will rise in lockstep with EGP / USD devaluation, says Tourism Ministry
The Tourism Ministry plans to increase the price of Hajj packages by 13%, the same rate the EGP devalued against the USD, said head of the tourism agencies department at the ministry Mohamed Shaalan. Hajj prices last year ranged between EGP 51k for the most expensive package and EGP 24k for the economic package. The price increase will set the economic package at EGP 27k. (Read in Arabic)

AUTOMOTIVE + TRANSPORTATION

Transport Ministry to establish authority regulating logistics industry
The Transport Ministry is working on establishing an authority to regulate the logistics industry, the minister’s advisor Mohamed Ali Ibrahim told Al Borsa. Additionally, the ministry wants to amend the legislation granting it the power to regulate the logistics market, adds Ibrahim. The new authority will grant licenses, place standards, and prevent monopolies. (Read in Arabic)

DP World Sokhna begins second phase of container terminal project
DP World Sokhna is beginning the USD 700 mn second phase of the container terminal project in Sokhna. The terminal is expected to be completed by the end of 2017 and has a capacity of 1.5 mn containers, bringing the company’s total capacity up to 2.6 mn. (Read in Arabic)

Careem meets with local development minister
Careem general manager Hadeer Shalaby and the Chairman of Al Tayyar Company Ashraf Sheeha, a leading investor in Careem, met with Local Development Minister Ahmed Zaki Badr on Monday as part of a series of ongoing meeting with ministers to establish a legal framework for ride-hailing services and accommodate disgruntled taxi drivers. Careem reiterated suggestions made at a meeting with Social Solidarity Minister Ghada Waly on Sunday that include providing customer service training and employment opportunities for taxis. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Court renews 45-day prison order on Hassan Malek
The North Cairo Criminal Court renewed a 45-day imprisonment order on businessman and Muslim Brotherhood member Hassan Malek on Monday on charges of endangering national security and sabotaging the economy, Al Masry Al Youm reports. Other charges include conspiring with brotherhood leadership to channel funds to the outlawed organization. (Read in Arabic)

Port of Singapore Authority completes Alexandria Port restructuring in 1Q2016
The Port of Singapore is expected to complete its plan to restructure Alexandria Port’s administration during the first quarter of the year, Transport Minister Saad El Geyoushi said during Monday’s International Maritime Transport and Logistics Conference, Daily News Reports. The restructuring is part of a wider plan to develop Egypt’s ports, the minister said. The cooperation is expected to reduce port expenditures, with the minister saying the 4,000 workers currently employed at Alexandria Port could be reduced to 500. El Geyoushi signed an MoU between his ministry’s maritime transportation sector and the Port of Singapore Authority in November. (Read)

NATIONAL SECURITY

The international security press has picked up on the House of Representatives’ approval of a USD 3.76 bn loan from France to buy weapons and military equipment. Defense News quotes a parliament report that was earlier covered by Youm7’s Parlamany. Egypt’s Defense Ministry reportedly approached the House early this year for approval of the loan, led by Credit Agricole. “These banks will provide a cash loan of EUR 3,375.54 mn, representing 60% of the value of French military equipment that will be delivered to Egypt. The total value of this equipment is estimated at EUR 5,625.9 mn, with Egypt to pay the remaining 40%,” according to the report. The loan has since been guaranteed by Finance Ministry. The House voted overwhelmingly in favor of the loan.

15 Egyptian workers reportedly kidnapped by Daesh in Libya
The Foreign Ministry received reports from a Mahala lawyer that 15 Egyptian workers have been kidnapped by Daesh in Libya. The lawyer is calling for a swift intervention to help release them, Al Masry Al Youm reports. Daesh has reportedly contacted their families and threatened to behead the workers. Egypt’s Ministry of Foreign Affairs has made no statement on the alleged kidnappings. (Read in Arabic)

ON YOUR WAY OUT

Kate McKinnon transforms into Hillary Clinton transforming into Bernie Sanders, last Saturday’s SNL. This video was uploaded on Sunday and has more than 5 mn views. (Watch, running time: 1:52)

CALENDAR

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.

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.

10 May (Tuesday): Business News Foundation’s Third Annual Energy Conference: Energy and Sustainable Development, InterContinental Hotel Citystars Cairo. Register here.

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

27 November 2016 (Sunday): 2016 Cairo ICT Conference Group