You’ll be paying more for electricity in July.

TL;DR

Negotiations to import natural gas from Israel could resume soon. (Speed Round)

Moody’s: Plans to float 20% stake in Banque du Caire are credit positive. (Speed Round)

New electricity prices for consumers to take effect 1 July, Electricity Ministry. (Speed Round)

Colliers International opens Egypt office. (Speed Round)

MENA M&A activity down in 1Q2016. (Speed Round)

Siemens awarded ENR railway modernisation project. (Speed Round)

Egypt to sign 25 MoUs during French president visit. (Diplomacy + Foreign Trade)

Egypt to meet with World Bank reps to talk USD 500 mn financing for Upper Egypt. (Diplomacy + Foreign Trade)

GPC contacts domestic banks for EGP 2 bn facility. (Energy)

By the Numbers

WHAT WE’RE TRACKING TODAY

The Purchasing Managers’ Indexes for Egypt, Saudi Arabia and the United Arab Emirates will be out today by 7:30am CLT. You can find them here when they appear.

The one Central Bank of Egypt FX auction takes place today, providing the CBE with the only ‘non-exceptional’ window of the week to allow further devaluation, should it be in the cards.

There’s chatter about Italy recalling its ambassador for consultations, but we’re not sure how much to make of it. Egyptian officials said yesterday they would not meet with their Italian counterparts in Rome today to discuss the investigation into the murder of Giulio Regeni, with judicial sources telling Reuters the trip would instead be postponed to Thursday and Friday. They gave no reason for the delay. According to Al Mal, Italian newspaper Corriere Della Sera had written that the Italian government had given Egypt until today to reveal “the truth about Regeni” or it may ‘acquiesce’ to demands for the recall of its ambassador. But a search of Corriere Della Sera’s website turns only this story from yesterday, which makes no such claim and presents the facts of the delay with remarkable sangfroid. Despite Egypt opting out of today’s planned meeting, the Italian government will go ahead and present its position on the case in a parliamentary statement today, the Guardian reports.

Did you miss our coverage of the “Panama Files” yesterday? Bloomberg has got your back, with a solid take on reaction to the leak of mns of documents tying the rich, the famous and the infamous to offshore shell companies. The news service also has a good primer worth checking out (as does the New York Times)  if you’re late to the game. Reuters is reporting that prosecutors around the world are opening probes, and Icelanders are demanding their prime minister resign amid allegations he benefitted from an offshore account. The Panama Papers are here online, and include documents apparently involving several figures from the GCC and the Arab World (make sure to toggle between their “Country leaders” and “Politicians / public officials” tabs).

WHAT WE’RE TRACKING THIS WEEK

The Cityscape Egypt conference is taking place on 7-10 April (Thursday-Sunday) at the Cairo International Convention Centre.

Saudi Arabia’s King Salman will visit Cairo on Thursday for talks with senior Egyptian officials including President Abdel Fattah El Sisi. Chatter in the local press is that we can expect to hear announcements of new Saudi companies investing in manufacturing, agriculture, tourism, and real estate.

ON THE HORIZON

Bavarian delegation coming to town: The German-Arab Chamber of Industry and Commerce are expecting a delegation of businessmen from Bavaria between 9-13 April, according to chamber CEO Rainer Herret.

Orascom Development Holding expects to announce its FY2015 results on 14 April after which it will hold an analyst call at 1:30 pm CLT, according to a statement. Participating: New CEO Khaled Bichara, CFO Eskandar Tooma, and Chief Hotels Officer Abdelhamid Abouyoussef.

Egypt has been officially invited to the 13th Organization of Islamic Cooperation summittaking place 10-15 April in Istanbul, Turkey.

The ITIDA market intelligence workshop series ‘Digital Transformation and New Models of Innovation,’ takes place on Sunday, 10 April at the ITIDA Main Hall, Cairo.

***
ARE YOU BASED IN THE GCC? Enterprise: The GCC Edition is now in beta, 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.
***

SPEED ROUND

New electricity prices for homes to take effect 1 July –Electricity Ministry: The Electricity Ministry will raise electricity prices starting in July as summer high season gets underway, Al Borsa reports. While the ministry plans to eliminate electricity subsidies by 2019, it will continue allocate EGP 9 bn to support low-income households, said ministry spokesperson Mohammed Yamani. Al Borsa has a rundown of the new tariffs in some detail.

Negotiations to import natural gas from Israel will resume “soon,” an unnamed source tells Al Shorouk. The Egyptian government asked the private sector and BG Group to freeze negotiations with the Israeli side after an arbitration ruling granted the Israel Electric Corporation and East Mediterranean Gas USD 1.8 bn in compensation for the interruption of Egyptian gas exports to Israel. Egypt has the chance to use its liquefaction facilities and resell some of the gas internationally. The source adds that the government should allow the private sector to engage with the international market and buy natural gas directly. This does not mean the government should withdraw from the sector entirely, but rather focus its efforts on subsidising the least well off and to regulate the market. If it’s all common sense to those of us in the business community, it’s notable nonetheless for appearing in the mainstream press, suggesting there’s movement on this front politically.

Plans to float a 20% stake in government-owned Banque Du Caire via IPO are credit positive, according to Moody’s, as any such move would “increase Banque du Caire’s low capital buffers, improve its market access for raising more equity and debt and increase reporting transparency and timeliness, an issue for government-owned Egyptian banks,” according to an emailed statement. The IPO will also increase Banque du Caire’s low capital levels, which is a “key weakness for government-owned Egyptian banks.” The ratings agency estimates that if shares are offered at the current book value, the bank’s public offering would raise EGP 1.4 bn, or around 2% of total assets.

The Egyptian Financial Supervisory Authority (EFSA) issued new regulations governing non-rated bonds — securities that have not received a credit rating, Amwal Al Ghad reports. These regulations stipulate that the bond issuer have paid up and issued capital of no less than EGP 1 mn; the value of the securities must not exceed the issuer’s assets; and only financial institutions would be allowed to purchase the instruments. Non-rated and covered bonds have been heavily promoted by EFSA head Sherif Samy since June of last year as a means to expand financing options, especially for SMEs. As we noted back in January, the Capital Markets Act was amended to allow for the issuance of both forms of securities.

Net foreign reserves inched up USD 27 mn in March to USD 16.6 bn, Al Mal, citing Central Bank of Egypt figures (it’s the very top line of the center column of the website’s home page).

Siemens awarded ENR railway modernisation project: Siemens was awarded a contract to “modernize 260 km of railway network in Egypt with advanced technology for signaling, level-crossings and communications” by Egyptian National Railways (ENR). “The routes between Benha and Port Said to the north east and Zagazig and Abu Kebir in the north of Cairo, will have their mechanical interlocking systems replaced with modern, centrally controlled electronic systems from Siemens.” Siemens says the upgrades will allow the railways’ maximum speed to be increased to 160 km/h from 140 km/h for passenger trains and freight services and expects routes to be commissioned in 2020. The value of the contract was not given. (Read)

Tourist arrivals fall 45.9% y-o-y in February -CAPMAS: Tourism arrivals in Egypt fell 45.9% y-o-y in February, according to the latest figures from the state statistics agency. A total of 346.5k tourists arrived in February compared to 640k in same month last year. The report attributes the decline mainly to fewer Russian tourists visiting Egypt. Western Europe made up 35.6% of all arrivals, with Germany comprising 38.5% of Western Europeans. Saudi Arabia was the top Arab tourism exporter with 25.8% of total inbound tourism.

Saudi businessman Sheikh Saleh Kamel criticised the Egyptian government’s initiatives to promote investment, saying the actions taken were merely amendments to existing legislation that ended up hurting the economy. Egypt needs a “legislative revolution” he said and pointed to the unified investment law promoted at the EEDC last year and which is yet to be enacted, Al Borsa reports. Egypt also needs extensive investments in infrastructure and logistics, Kamel said, complaining that a commute from Cairo Airport to the Remaya Square west of the city takes him more than double the time it does to fly from Jeddah to Cairo. He added that investors are not looking for handouts, but clarity and legislation regulating the investment environment. Kamel’s remarks come ahead of King Salman’s expected visit this coming Thursday.

Colliers International opens Egypt office: Colliers International has opened its Egypt office to “provide real estate advisory services to real estate developers, users, owners and investors across the country,” according to a company statement. Colliers says the new office is established in response to Egypt’s “long-term growth potential” and “builds on the firm’s work in Egypt over the last decade.” EMEA CEO Chris McLemon notes that “there is an increasing interest in Egypt from global investors, developers and operators looking for the right market entry strategy.” Colliers International Egypt’s operations will be overseen by MENA CEO John D Davis and regional directors Ian Albert and Stuart Gissing.

MENA M&A transactions decline in value in Q1 2016; Kuwait leads the region in aggregate value: M&A activity targeting firms based in the MENA region is off to a slow start this year compared to 4Q2015, according to a statement on Monday by Zephyr, an M&A database published by Bureau van Dijk. USD 6.9 bn were invested across 163 agreements in 1Q2016, compared to USD 10.2 bn in 161 agreements in 4Q2015. Value has declined against a slight increase in volume. Only two transactions broke the USD 1 bn barrier this quarter, with the top transaction worth USD 2.029 bn in the form of an 11% stake sale in Kuwait-based Al Safat Energy Holding Company by Danah Al Safat Foodstuff Company. The second-largest transaction was a USD 1.02 bn acquisition of Moroccan Holcim Maroc by Lafarge Ciments. Kuwait reported transactions worth USD 2.6 bn in aggregate, followed by Morocco with USD 1.0 bn. About 65% of all MENA M&A transactions by volume in 1Q2016 were in the GCC, with 65 transactions worth a combined USD 4.6 bn.

Sameh Seif El Yazal passed away yesterday at the age of 70 after a battle with cancer, Al Mal reports. The former intelligence officer became a high-profile commentator and analyst on security issues before before himself entering politics, rising to national prominence last year as he founded the pro-Sisi Support Egypt coalition to run for seats in the House of Representatives. Ahram Online’s obituary is here.

CORRECTION: French Foreign Minister Jean-Marc Ayrault said in March that France would not “automatically” recognise a Palestinian state if an international conference to revive the peace process were to fail. It was former prime minister Laurent Fabius who threatened in January to “recognise a Palestinian state” if peace talks failed. H/t Mostafa A.

THE MACRO PICTURE

When China catches a cold… “It is likely that China’s spillovers to global financial markets will increase considerably in the next few years,” according to a chapter of the upcoming Global Financial Stability Report released before next week’s IMF and World Bank meetings. And we’re only just feeling the beginning of it, as China’s “financial links with the rest of the global economy increase,” according to the FT (paywall). “China’s financial integration with the rest of the world is expected to accelerate, and its financial influence abroad will likely catch up with its economic prowess,” the economists wrote.

EGYPT IN THE NEWS

Egypt had a walk-on role to play in a Bloomberg piece on the impact on Eni of the shutdown of Europe’s largest onshore oil field after alleged illicit waste disposal at a nearby treatment plant. The shuttering is expected to have a negligible impact on earnings because “Italy often allows operations to resume during probes,” said Giuseppe Rebuzzini, an analyst at Fidentiis Equities SV SA. “Investors are currently more focused on Eni’s strategy in relation to gas discoveries in Egypt and Mozambique,” according to Natixis SA.

Just when you think the only thing good about our Egyptian talk show shenanigans is that they’re largely hidden from the prying eyes of the foreign press, the BBC picks up on another one of TV host Gaber El Qarmouty’s antics. This time, the host appeared on air covered in utility bills (run time, 15:19) to emphasise rising prices. “I do not want to incite against the state, but I must say there is a crisis regarding the electricity bills, we’re really feeling the pinch.” And while well meaning, we can’t help but be reminded of this.

Mona Eltahawy pens a piece for the New York Times entitled “False News From the Sisi State” that points yet another finger at the crackdown on those who openly oppose the Sisi administration.

WORTH READING

Researchers edit out HIV from genome of human cells and prevent re-infection: The results of a remarkable study published today were previewed in the science press a week ago, whereby a team at Temple University in Philadelphia, headed by lead researcher Kamel Khalili, have successfully used ‘gene-editor’ tool CRISPR to remove HIV from the human genome in human cells, Science Daily reported.

WORTH WATCHING

On Egyptian Netflix? Just about nothing. Unless you count B movies from the late 1990s and early 2000s, bad documentaries and near-cult ‘hits.’ How thin is Netflix here? “Chasing Amy” appears as an independent film, a comedy, a drama, a romantic comedy, an independent romance and a romantic drama. If only Apple would introduce its long-rumored streaming service…

DIPLOMACY + FOREIGN TRADE

Israel approved on Sunday the appointment of David Govrin as ambassador to Cairo, replacing Haim Koren, who has served in the position since September 2014, the Jerusalem Post reports. Govrin was most recently the director of the Foreign Ministry’s Jordan and North Africa Department and had previously served at the embassy in Cairo.

Egypt expects to sign 25 MoUs during French President Francois Hollande’s visit this month, said International Cooperation Minister Sahar Nasr, Al Mal reports. The MoUs are in the fields of renewable energy, electricity, and transportation projects, specifically the fifth and sixth Metro lines, she added.

International Cooperation Minister Sahar Nasr met with representatives from the World Bank to discuss arrangements for the Upper Egypt development program with suggested financing of USD 500 mn, Al Borsa reports. The program aims to boost domestic economy through developing industrial zones, providing incentives for the private sector, providing basic infrastructure, as well as strengthening the role of IT and communication.

The Sudanese Foreign Ministry is expected to issue a statement this morning announcing the release Egyptian students who had been detained, Egyptian Foreign Ministry spokesman Ahmed Abu Zeid said on Monday, AMAY reports.

ENERGY

GPC contacts domestic banks for EGP 2 bn loan
The General Petroleum Company (GPC) has contacted domestic banks for an EGP 2 bn loan to finance its E&P projects, sources tell Al Mal. GPC has requested to receive around 70% of the facility in USD, the source added. Among those it’s looking to tap: National Bank of Egypt, CIB, the Arab African International Bank, and QNB. GPC’s strategy for FY2015-16 includes EGP 1.6 bn in E&P projects, EGP 40 mn earmarked for upgrades and overhauls, and EGP 15 mn in safety-related projects. (Read in Arabic)

Electricity Ministry signs contracts for three transformer stations in Giza, Cairo
The Electricity Ministry will sign contracts to construct three transformer statins in Imbaba, Al Mostathamreen, and Hadbat Al Ahram with a capacity of 66kV each and worth a total of EGP 600 mn to cope with increased usage during the summer months, Al Mal reports. Alstom take the Al Mosthathmereen project in Cairo for EUR 24 mn; an Egyptian-Chinese consortium led by AVIC will handle the Imbaba project in Giza for EUR 22.3; and EGEMAC will build the Hadabat Al Ahram project for EGP 198 mn. The project will take 6-8 months to complete on an EPC-plus-financing basis.

INFRASTRUCTURE

Government approves EGP 4.5 bn sanitation project in Abu Rawash
The Cabinet economic group has approved an EGP 4.5 bn sanitation project in Abu Rawash that will be built on a PPP basis. The project aims to solve the contamination issue in the Al Hawary Canal, as well as increase the irrigation-friendly water by 1.6 mn cubic metres daily, the committee stated. We’re reading the piece as an oblique reference to the wastewater treatment plant that Orascom Construction has been pursuing. (Read in Arabic)

El Masreya Co. for Engineering Works extending EGP 60 mn infrastructure grid in Sixth of October
The El Masreya Co. for Engineering Works has begun extending infrastructure into the northern expansions of Sixth of October city at a total cost of EGP 60 mn, company Chairman Mohamed Suleiman told Al Borsa. The project is expected to be completed within four months, he added, and is part of a wider plan by the New Urban Communities Authority to extend infrastructure into 30.6k feddans in new cities at a total cost of around EGP 9 bn. (Read in Arabic)

Carrefour to open new branch in Marsa Matrouh
Carrefour signed an MoU with Marsa Matrouh Governor Alaa Abu Zeid on Monday to open a new branch in Marsa Matrouh City, Al Mal reports, as the company forges ahead with its expansion strategy in Egypt. (Read in Arabic)

BASIC MATERIALS + COMMODITIES

Sugar importers flooding the market, destroying local production, food industries syndicate claims
Importers are dumping sugar into the domestic market in excess quantities, killing off domestic producers, the head of the Food Industries Syndicate tells Al Ahram. Egypt only needs to import 600k tonnes of sugar annually, but importers are bringing in significantly larger quantities. This is threatening to put Upper Egypt sugar refineries out of business. The refineries there have borrowed EGP 2.5 bn in overdrafts and are unable to repay them, the syndicate says, as production stocks continue to pile up in warehouses. (Read in Arabic)

Mineral Resources Authority to announce winners of mining concession in two weeks
The Mineral Resources Authority plans to announce the winners of mining exploration and extraction concessions that will be put up for auction last year in two weeks, after reviewing their technical and financial offers, said the authority’s head Amr Toeima. At least 35 companies have applied for the auction, whose concessions include glass sands, quartz, zinc, and lead from across Egypt. (Read in Arabic)

MANUFACTURING

288 industrial projects currently under construction in Abu Rawash
There are 288 industrial projects currently under construction in Abu Rawash with a combined investment value of around EGP 1.5 bn, said Giza Governor Kamal El Daly. The Abu Rawash industrial zone houses a total of 450 projects with an investment value of EGP 9 bn, he adds, noting that around 1,068 feddans are yet to be issued for investment. (Read in Arabic)

International Cooperation Ministry signs three agreements to support small, micro enterprises
International Cooperation Minister Sahar Nasr signed three MoU on Monday with the Al Wadi Al Gadeed Governorate, the Social Fund for Development (SFD), and Masr Al Kheir subsidiary Ard Al Khair worth EGP 34 mn. The funding is for programs to develop SMEs in the industrial, agricultural, and livestock sectors, Al Mal reports. The EGP 34 mn is the first disbursement from a USD 200 mn Saudi grant. Nasr added that the SFD will participate with the Al Wadi Al Gadeed governorate under the first and second MoUs to establish 450 small-sized projects for local graduating youth and 100 livestock projects throughout the governorate in collaboration with the Ard El Kheir organization. (Read in Arabic)

AUTOMOTIVE + TRANSPORTATION

Aviation Minister in talks with UK ambassador to resume flights to Sharm
Aviation Minister Sherif Fathi met with UK Ambassador to Egypt John Casson on Monday to discuss ways of revitalizing British tourism in Sharm El Sheikh, Al Mal reports. Fathi and Casson agreed to enhanced cooperation efforts, particularly in the field of airport security. (Read in Arabic)

Malaysian car brand Proton to send delegation to Egypt to study large scale manufacturing project
Malaysia’s Proton is preparing to send a delegation to Cairo at the beginning of April to discuss launching a large-scale car-manufacturing project in Egypt starting with 100k cars annually, according to Egyptian ambassador to Kuala Lumpur Salah Elwassimy, DNE reports. Proton is looking to take advantage of Egypt’s location as a gateway to Africa. With the so-called “automotive directive” remaining in limbo (the directive would give tax incentives to domestic manufacturers), industry types fear the visit will come to nothing, the newspaper says, citing an unnamed source from the Chamber of Engineering Industries. (Read)

Egyptian British Company for Automobile Manufacturing cuts production 70% due to USD shortage
The Egyptian British Company for Automobile Manufacturing (EBAM) is cutting production 70% due to a continued USD shortage. EBAM domestically manufactures Zemex pick-up vehicles, except the engines that come from Japan’s Isuzu. The USD shortage has limited production to around 35 vehicles per month, while the production lines are actually capable of assembling 140 vehicles per month, Vice Chairman Mohamed Desouky said. (Read)

BANKING + FINANCE

EMAC Constructions seeks to relist in September
Real estate developer EMAC plans to apply to relist on the EGX’s main index in September, said its chairman Sameh Sa’dawy. The company had been delisted back in August over issues with the fair value of its stock. The company plans to raise through investors  EGP 72 mn in capital inflows, which it will channel toward funding the development of its EGP 240 mn project in Marsa Matrouh. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

Saudi-UAE consortium inks final agreement to develop industrial logistics zone in Gulf of Suez this week
A Saudi-UAE consortium will ink the final agreement to develop an industrial logistics zone over an area of 6 km in the Gulf of Suez with the SCZone next week, according to authority spokesperson Nasser Fouad. The project was delayed due to disagreements following a decision by SCZone affiliate Major Development Company to increase the price of land 40%   to EGP 7 per metre from EGP 5. The project is expected to invest USD 300 mn in infrastructure and attract USD 3 bn from 120 factories, consortium spokesperson Ahmed Sabri Darwish was previously quoted as saying. (Read in Arabic)

EGP 13 bn cost of developing unsafe informal housing areas, says Housing Minister
The cost of developing “unsafe” informal housing areas, which house over 120k people, is estimated at around EGP 13 bn, said Housing Minister Mostafa Madbouly. The ministry is not looking to simply rebuild the homes, but provide improved the lives of the inhabitants. (Read in Arabic)

LEGISLATION + POLICY

Industry Ministry issues regulations on manganese exports, reshuffle Agriculture Export Council
Industry and Trade Minister Tarek Kabil issued regulations that set the percentage of pure manganese allowed for manganese ore exports at 35%. He also formed a supervisory committee made up of the Customs Authority and the General Organization for Export and Import Control to monitor manganese exports. Kabil also issued an order to reshuffle members of the Agriculture Export Council. The move comes  at a time of rising rice prices, floundering rice import tenders, a ban on rice exports, and reported artificial shortages. The council has been the primary advisor to the government on rice policy.

LAW

Zaki Hashem & Partners tasked with setting up legal framework for Amlak sovereign wealth fund
The government has appointed the law firm of Zaki Hashem & Partners law to handle the formation of the Amlak sovereign wealth fund, which will be used to shore up government investments in infrastructure. Government sources tell Al Borsa that the fund’s issued capital has yet to be settled on by the fund’s primary shareholders, the Finance Ministry, National Investment Bank, and the General Authority for Investments and Free Zones, but expect it to exceed EGP 10 bn. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Administrative reform pillar under heavy scrutiny by House subcommittee
The House subcommittee on administrative reform tore into the national agenda and raised tough issues during an inquiry with the ministers of planning and of local development. Policy makers are shackled by 55,000 pieces of legislation that hinder the government’s functions, said Planning Minister Ashraf Al Araby when he was called before the subcommittee. The amended Civil Service Act is with the House Manpower Committee once again for review, he added, assuring MPs that their bureaucrat constituents will not see their salaries reduced as a result of the law. He got into a contentious debate over which government body would be subject to the law, a particularly unpopular part of the original bill. Al Araby acknowledged that Egypt is ranked 94 out of 177 countries in terms of corruption, adding that the cabinet did not turn a blind eye to Hisham Geneina’s report on the matter. The subcommittee also questioned Local Development Minister Ahmed Zaki on the Local Administration Act. He defended the continued appointment of military and police officers as governors. (Read in Arabic)

Prime minister vows to reform taxation system during summons
Prime Minister Sherif Ismail promised to reform the taxation system, starting with the settlement of open taxation disputes, during his summons by the parliament on Monday. Ismail stated that he ordered the finance minister to restructure the disputes committee and expedite the settlement of open taxation disputes cases. The prime minister also ordered the formation of a committee to set out regulations and conditions governing the settlement of open taxation cases, Amwal Al Ghad reports. (Read in Arabic)

Investment Minister suggests “dialogue” on the Investment Law
There needs to be a “dialogue” on the Investment Law before we can fully implement it, was what Investment Minister Dalia Khorshid told the parliament subcommittee reviewing the economic aspects of the cabinet’s national plan. The Ahram article does not clarify what exactly is meant by “dialogue”. She acknowledged that more needs to be done to simplify red tape for investors, at the hearing where she was grilled on the absence of the one-stop shop policy. She reiterated her previous statements from earlier this week that the ministry is need of restructuring before we can talk about raising investments. Public Sector Minister Ashraf El Sharkawy was also summoned by the subcommittee where he did his best to assure them that public sector workers would retain their jobs and won’t be subject to cuts. So much for the much touted business-minded efficiency restructuring. (Read in Arabic)

ON YOUR WAY OUT

The government has formed a committee in cooperation with the CBE to address investors’ concerns about PPP projects, International Cooperation Minister Sahar Nasr told Al Borsa. The committee, which is concerned with addressing financing issues specifically, is now focusing on addressing issues with the Abu Rawash wastewater treatment project, Nasr added.

Arabian Cement Company reported a 2015 net profit of EGP 289 mn, down 22% y-o-y, while profit before tax hit EGP 339 mn, down 35% y-o-y, according to an emailed company statement. Revenues for the period fell 11% to EGP 2,236 mn compared to EGP 2,499 mn in 2014, due to a decline in prices despite the increase in sales volumes.

Dozens of Nile Cotton Ginning workers went on an open strike on Sunday inside the company’s headquarters in Mahalla to demand that their late salaries be paid, according to DNE. The workers were also protesting cancelled bonuses, vowing to continue striking until demands are met.

Oh, and the House wants to talk about censoring the internet. Again. This time, it’s all about the dangers of El-Face. The notion of that parliament would censor it is about the only thing that would convince the final Facebook holdouts on our staff to open accounts.

CALENDAR

31 March-22 April (Thursday-Friday): The Downtown Contemporary Arts Festival (D-CAF), various locations, Cairo.

04 April 2016: Saudi Arabia’s King Salman visits Cairo.

07-10 April 2016 (Thursday-Sunday): Cityscape Egypt Conference, Cairo International Convention Centre, Cairo

10 April 2016 (Sunday): ITIDA Market Intelligence Workshop Series: Digital Transformation and New Models of Innovation, ITIDA Main Hall, Cairo.

10-15 April 2016 (Sunday-Friday): 13th Organization of Islamic Cooperation summit, Istanbul, Turkey.

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.

16-17 May (Monday-Tuesday): Egyptian-Bahraini committee meets, Cairo.

25-26 May (Wednesday-Thursday): The Middle East and North Africa Solar Conference and Expo MENASOL 2016, Hyatt Regency, Dubai.

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

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

04-06 December 2016 (Sunday-Tuesday): Solar-Tec Conference, Cairo International Convention Centre, Cairo