No IMF loan talks yet, El Garhy says, suggesting Egypt will tap global bond markets in first half of 2016-17

TL;DR

1. Egypt has not begun IMF loan talks, will float international bond offering in first half of FY2016-17 –El Garhy
2. French president to sign 21 agreements during visit to Cairo today
3. Raya Holding to IPO part of its call center business, use funds to expand
4. OTMT, EFSA battle it out on CI Capital acquisition
5. “Several thousand” protest return of islands to Saudi Arabia
6. Prosecutor says Metrojet crash may be criminal; Putin: No agreement to restore flights without joint inspections
7. Eni drills third Zohr gas well, CEO says production by end-2017
8. Mitsubishi Heavy Industries meets with president, trade minister to talk investments
9. By the Numbers

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** A QUICK NOTE BEFORE WE GET UNDERWAY **

We’ve run into some technical issues this morning, the result of which is that individual stories in today’s edition are not “shareable.” Our apologies for the inconvenience. We’ll be back in our normal format tomorrow.

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WHAT WE’RE TRACKING TODAY

French President François Hollande is expected in Cairo today, Ahram Online reports. Hollande will be accompanied on the two-day visit by a trade delegation of around 60 and two ministers. Hollande is expected to visit the House of Representatives during a session slated to discuss the government’s program. Aside from EUR 1 bn in arms sales, some 21 agreements are expected to be signed, including: a EUR 62 mn agreement signed by the National Authority for Tunnels with a French consortium (presumably Thales-Alstom-Colas Rail); an transaction between AXA Engineering Ins. and Alstom; an agreement between AccorHotels Group and Yassin Holding to develop a Novotel hotel in Nasr City; and a EGP 187 mn import pact with cement manufacturer Vicat Group signed by the Sinai Cement Company and the Arish Cement Company. A further 17 memoranda of understanding are due to be signed, including eight on renewable energy, three on logistics and transportation, and two aid packages, including EUR 80 mn to connecting homes with gas, Al Borsa reports.

German Minister for Economic Affairs and Energy Sigmar Gabriel also kicks off a two-day visit to Cairo at the head of a delegation of representatives from 100 German companies and financial institutions.

Around 40 AmCham investors will be in the Washington today for its thirty-first door knock mission, which aims to improve trade and investment ties between the two nations, Al Ahram reports. The delegation includes representatives of companies in the energy, banking, agrifoods, and petrochemicals industries who will meet with of Congress and officials from the U.S. State Department, among others.

Iran is not expected to attend talks in Doha today between OPEC and non-OPEC member countries about freezing levels of oil output, two sources familiar with the situation tell Reuters. Iran’s oil minister was not scheduled to attend, but was due to send Iran OPEC Governor Hossein ‎Kazempour Ardebili, oil ministry news agency Shana reported on Friday. Ardebili, it turns out, will not be attending. Iran’s crude shipments are up by more than 600k barrels a day this month, according to Bloomberg, further pressuring the market. Our GCC edition has a primer on the talks in this morning’s edition.

WHAT WE’RE TRACKING THIS WEEK

Parliament will vote on the Ismail government’s agenda on Wednesday, said Speaker of the House Ali Abdel Al, Al Masry Al Youm reports, suggesting that sessions held today and tomorrow would discuss the plan further.

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SPEED ROUND
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Egypt has not yet opened talks for International Monetary Fund facility, Reuters quotes Finance Minister Amr El Garhy as saying on Saturday on the sidelines of the spring World Bank and IMF meetings. Added El Garhy: “If there are institutions which are prepared to deal with us in the context of this government programme that we have put forward, then we have no problem with that.” The World Bank said it would provide the first USD 1 bn tranche of a USD 3 bn loan to Egypt after parliament approves the government plan, particularly the value-added tax, we reported on Wednesday. El Garhy also said Egypt would consider returning to the debt market with a USD-denominated bond in the first half of FY2016-17. “This will depend on the state of the market, the pricing, and the timing for which we would need this type of funding,” he said. He expects the economy to grow between 4.0-4.2% during the current fiscal year, with an increase in foreign direct investment. Masood Ahmed, director of the IMF’s Middle East and Central Asia Department, said Egypt needs USD 12 bn per year in funding, regardless of the source, according to Daily News Egypt. He was also somewhat less optimistic on the growth front, sticking to his institution’s 3.0-3.5% forecast. And while Ahmed noted he approves of the CBE’s move to devalue the currency, he said a more flexible exchange rate would be more effective than a fixed rate. Youm7 is carrying the statements in Arabic.

Chris Jarvis, head of the IMF’s mission to Egypt and Advisor at the International Monetary Fund’s Middle East and Central Asia Department, told journalists during the meetings that Egypt is currently facing economic challenges that can be addressed if it follows through on policy reform, according to SIS. Jarvis said the government should increase exports, reduce imports, and improve tourism and Suez Canal revenue, with the Suez Canal being a project he has “a good feeling about … in the long term, although it has not yielded the expected revenues so far,” DNE reports. He urged the government to continue cutting fuel subsidies, which affects expenditures on health and education, adding that subsidies in their current form don’t benefit the people they were intended to help. As for the VAT, Jarvis said anxiety over the issue can addressed if the government improves the “atmosphere of competition in the consumer goods sector through regulating monopolies and improving business.”

Also in Washington: El Garhy also discussed signing an MoU with the Organisation for Economic Co-operation and Development (OECD) to provide knowhow and technical support to the ministry and the Tax Authority to combat tax evasion by local firms doing business abroad, Al Mal reports. The meetings with the OECD discussed the prospect of further MoUs that would help the Tax Authority draw up legislation in line with global standards and assist in the effective exchange of tax-related information.

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Beltone Financial is shopping for a “foreign” acquisition target, Beltone’s Ahmed Salem told Al Mal. The acquisition of a non-Egyptian investment bank is part of the expansion strategy and does not replace the planned acquisition of CI Capital, he added. Salem explained that if the CI Capital transaction winds up becoming a broken deal, Beltone will look for another local investment bank to acquire, adding that the company is moving forward with its EGP 23 mn acquisition of Arab Finance (which, as we have previously noted, is essentially a related-party transaction). The story gives no suggestion of the geography to which Belton is looking for an acquisition, but our money would be on Dubai.

…Regarding the CI Capital agreement: Beltone Financial has extended its offer to acquire CIB’s CI Capital by 14 days to Thursday, 28 April, Beltone IR Manager Osama Rashad told Al Ahram after EFSA delayed its approval of the agreement. Beltone will pursue its acquisition of CI Capital despite delays in regulatory approval, its deputy managing director Ahmed Salem told Reuters on Thursday. According to Reuters, “Egyptian Financial Supervisory Authority (EFSA) chief Sherif Sami said on Wednesday the latest delay involved settlement of a court case by CI Capital shareholders who don’t want to sell. Sami said Sawiris would also have to resolve a violation of pre-existing pledges to the EFSA.”

Does the CI Capital acquisition hinge on a technicality? The violation mentioned in the Egyptian Financial Supervisory Authority’s notice that it was delaying its sign-off on the OTMT-Beltone acquisition of CI Capital goes back to 2012 during the demerger of the OTMT, EFSA head Sherif Samy later clarified. Weather Capital, OTMT’s majority shareholder in 2012, allegedly violated regulations by not acquiring a controlling interest in OTMT directly but through a subsidiary, said Samy, adding that the majority shareholder is now OTMT Acquisitions, which owns a 51.7% stake in OTMT. In that case, OTMT Acquisitions would be OTMT’s majority shareholder be the party obliged to make a mandatory tender offer, according to Samy. OTMT fired back, stating that it had disclosed its ownership since the restructuring back in 2012, adding in a statement to investors on Wednesday that the restructuring — the first of its kind in Egypt — complied with regulations and received EFSA approval. The statement reads in part: “There has not been any change in the ownership of the majority shareholder of OTMT since the ownership of the shares has been transferred to them by Weather Capital S.P.1, which is indirectly owned by Vimplecom. Such a transfer has been disclosed at the beginning of the year 2012.”

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Raya Holding, the telecom and IT group that today more closely resembles a private equity firm, is planning to float a stake in its call center business, Raya Contact Center, this year to fund overseas expansion and increase foreign currency revenue. CEO Medhat Khalil said the company could offer 30% of Raya Contact Center and “the group is seeking to boost operations in the United Arab Emirates and Poland while considering a new base in Morocco to serve French-speaking markets,” he told Bloomberg. “We want to hedge against country risk and the availability of foreign currency,” Khalil added, noting he aims to generate half of the group’s revenue from markets outside Egypt within three years.

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Two months after President Abdel Fattah El Sisi said in a speech that Metrojet Flight 9268 was downed by terrorism, Prosecutor General Nabil Sadek said on Thursday he had referred the case to State Security prosecutors to look into suspicions that criminal activity brought it down. Investigators suspect foul play was involved in the crash.

Also on Thursday, Russian President Vladimir Putin said Russia has not yet reached an agreement on airport security procedures with Egypt. The Russian leader’s remarks came during his “marathon” call-in TV show “The Direct Line with Vladimir Putin,” Russian state news agency TASS reported on Thursday. “For resuming flights to Egypt, there is a need to find the way of checking passengers, luggage and food onboard jointly with the country’s authorities to ensure security of Russians,” TASS reported him as saying.

…In reply to Putin’s comments, Egypt’s Civil Aviation Ministry spokesperson rushed to tell state-owned Sputnik, in a piece titled ‘Egypt runs for help to Russia to boost security amid tense relations,’ “We did our part on the security requirements, and we are awaiting for the Russian security team to visit Egypt with an inspection. It is in the hands of the Russian side, to set a date for such a visit.” Take your time there, folks. No rush whatsoever.

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Eni has completed drilling the third gas well at its giant offshore Zohr gas field in Egypt, a senior official from Eni told Daily News Egypt on Saturday. Initial estimations of the third deepwater well are larger than the first and the second, with estimated reserves of 30 tn cubic feet. The official added that Eni will start drilling the fourth gas well in the Shorouk concession next week, which it will complete within 40 days. The news follows a statement from Eni CEO Claudio Descalzi on Friday that reiterated the company’s focus on on starting production at Zohr by end-2017, according to Reuters. Descalzi said Eni was moving fast on the project although there were some challenges. “We have already started the civil work. It is challenging but we are focused,” Descalzi said.

Prosecutors in Cairo opened an investigation on Saturday into several protesters arrested on Friday in demonstrations calling for the fall of the regime after a government decision to hand over the Red Sea islands of Tiran and Sanafir to Saudi Arabia, Ahram Online reports. Security forces detained a total of 119 protesters at several demonstrations, according to security officials, after crowds estimated to be several thousand strong took to the streets, Reuters writes. Security forces began firing tear gas at protesters on Friday to disperse a demonstration in Cairo, which Reuters says was “one of the clearest signs that Sisi no longer enjoys unquestioning support.” On Friday, President Abdel Fattah El Sisi said he “doesn’t worry about attempts from the outside to destroy Egypt,” but instead is concerned about attempts from inside the country. “There’s a hellish scheme [from within] that some may not pay attention to,” El Sisi said while opening the El-Galala Mountain tourist site on the Red Sea, Ahram Online reports. On Thursday, the Interior Ministry urged citizens not to protest, saying they were an “attempt to violate legitimacy” and that they would  “take all necessary and decisive legal measures to preserve security and stability,” according to an emailed statement. The US is closely monitoring the situation, according to a White House spokesperson.

…Unsurprisingly, the protests made it to the international press, with the New York Times quoting Khaled Dawoud, spokesman for a coalition of opposition political parties, as saying: “It’s not just about the islands … It’s about the overall performance of President Sisi, the way he treats us, the unilateral decisions, the arrests of young men and women.” The BBC, the Financial Times, and the Wall Street Journal also have coverage.

Meanwhile, the House of Representatives will form a fact-finding committee to study the treaty officially transferring control of the islands to Saudi Arabia and the detailed documents and evidence used by the presidency in taking the decision one the Office of the Presidency officially submits them, said Deputy Speaker of the House Suleiman Wahdan. He added that it was up to parliament to decide whether ratifying the treaty would require a national referendum, Al Masry Al Youm reports. Opposition to the treaty rang from the halls of the House as well, with some MPs calling for similar pressure by the legislative body that shut down the Civil Service Act.

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THE MACRO PICTURE

Finance finance ministers and central bank governors from the G20 leading economies praised signs of “sunshine” in parts of the global economy “but their main focus at the spring meetings of the International Monetary Fund was on the chill winds threatening to blow growth off course after a turbulent start to the year,” the Financial Times (paywall) reports. They warned that low interest rates alone were not the solution to stability, but also cited “weak productivity, the lack of further firepower from monetary policy, China’s difficulties in rebalancing its economy, strains in oil exporters, disorderly capital flows, a continued impasse in talks over lending conditions to Greece and Britain’s potential exit from the EU,” as other factors pulling the global economy down. “Growth remains modest and uneven, and downside risks and uncertainties to the global outlook persist against the backdrop of continued financial volatility, challenges faced by commodity exporters and low inflation,” the G20 communiqué said.

Global oil markets will “move close to balance” as early as the second half of this year as production outside OPEC, especially US shale, drops and prices remain low, said the International Energy Agency. However, it sees little impact on supplies if a production freeze deal is struck at today’s meeting in Doha.

Is China on the road to recovery? China’s GDP rose 6.7% in the first quarter, in line with the median expectation of economists surveyed by Bloomberg. The People’s Bank of China reported on credit growth in the economy in March, with an expansion of aggregate financing to USD 360.7 bn — far exceeding expectations. The expansion caused real estate investment in March to increase, with the value of homes sold jumping 71% y-o-y — the biggest since at least 2015.

EGYPT IN THE NEWS

Hepatitis C treatment for under USD 300 “coming soon,” The Guardian says: Cheaper hepatitis C treatment was tested in Egypt as an NGO “has teamed up with the Egypt’s Pharco … to bring a combination treatment of two hepatitis C tablets, ravidasvir and sofosbuvir, to countries that cannot afford to pay the high prices charged by … Gilead, AbbVie and Merck.”

Aside from the plethora of stories coming out of the Israeli press this weekend about Passover and Egypt’s (ancient, historic) role in it, The Times of Israel reports that Israel is holding negotiations with Hamas through Egypt and the UN, said Yisrael Beytenu leader Avigdor Lieberman on Saturday, and accused the government of “buying quiet” from the Palestinian terror group that rules the Gaza Strip. Meanwhile the JPost picked up on a court ruling on Wednesday that a lawsuit seeking to expel Iran’s ambassador to Cairo and shutter the Iranian embassy would be passed to the State Lawsuit Authority. “The lawsuit, filed by a lawyer named Youssef Matani, targets Egypt’s President Abdel Fattah al-Sisi and the Egyptian Foreign Minister Sameh Shoukry, as well as the Iranian ambassador to Cairo.”

DIPLOMACY + FOREIGN TRADE

US House of Representatives Speaker Paul Ryan backs continuing USD 1.3 bn in military aid to Egypt, Reuters says, but noted “that its human rights record makes it ‘more difficult’ to support the Cairo government.” Ryan claims he told President Abdel Fattah El Sisi: “You make it more difficult for us to be supportive of you when you have so many human rights violations.” He added that it is “too soon” to weigh in on the “Marshall Plan” proposals floating around.

Saudi Ambassador to Cairo Ahmed Qattan threatened to take legal action against any person attempting to harm Saudi-Egyptian relations, according to a statement from the embassy. Qattan denied the validity of documents circulated that claim Saudi Arabia gave a number of “special gifts” to Egyptian officials. Pre-revolutionary presidential candidate turned-dissident Ayman Nour claimed to have uncovered documents showing Egyptian officials were given lavish gifts, including Rolex watches, from Saudi Arabia.

Brits training state Egyptian officials on how to manage mega-projects: Representatives from the ministries of finance, planning, transport, and housing that are working on national mega projects are attending a training course in the UK hosted by the UK Treasury, according to a Finance Ministry statement. The course will teach them how to manage and finance large-scale infrastructure projects.

ENERGY

First Siemens gas turbine arrives at Beni Suef power plant
Siemens’ first 460-ton gas turbine has cleared the Ababya Port in Suez and should arrive in Beni Suef governorate today to be installed at the Beni Suef Power plant. The turbine has a maximum capacity of 4800 MW and will be installed by Siemens engineers. (Read in Arabic)

Egyptian Electricity Holding Company asks for EGP 15 bn loans
A subsidiary of the Egyptian Electricity Holding Company is announced it is seeking an EGP 5 bn facility to pay off debt to the General Petroleum Corporation hours after a consortium of 10 banks said they would extend a EGP 10 bn loan to the Oil Ministry. The loan, to repaid over eight years, will be used to build three power stations, one of them to supply the new administrative capital, which will produce a combined 14.4k MW with hardware supplied by Siemens.

Elite Environment Energy signs recycling agreement with army, PM forms committee to speed up recycling projects
Egyptian recycling firm Elite Environment Energy will sign an agreement to provide the armed forces with EGP 200 mn worth of recycling hardware through 2017 for four recycling factories. Prime Minister Sherif Ismail has also created a committee comprised of representatives from the ministries of environment, agriculture, irrigation, and local development to sign off on land plots for recycling projects. Environment Minister Khaled Fahmy said the ministry has received 30 license requests from recycling projects, of which 15 have so far been approved.

** Further reading in Energy: what it takes to become a small-scale solar panel producer in Egypt
Enough capital, know-how, resilience, and a high tolerance for bureaucracy is what it takes to begin micro-producing solar panels, according to Wamda’s Sara Aggour’s profile of Tiba Solar. The idea to set up Tiba Solar started in 2013 but, thanks to bureaucratic hurdles, only saw the light of day last August and began production in December. It is yet to obtain a full operational licence from the Industrial Development Authority.

INFRASTRUCTURE

Cemex provides material needed to pave Egypt’s first concrete highway
Cemex has contributed 130k cubic meters of concrete for the Cairo-Suez highway, which is set to become the first to be paved with concrete in Egypt. The stretch of road is approximately 35 km in length. The company says concrete paving offers advantages over asphalt including “greater durability, higher tolerance, better visibility especially at night, superior resistance to severe weather, lower periodic maintenance and higher road safety.” (Read)

BASIC MATERIALS + COMMODITIES

Imported wheat to be transported from the Alexandria Port via rail, Hanafy says
Imported wheat received at the Port of Alexandria will be transported to the rest of governorates via rail, Supply Minister Khaled Hanafy said. Imported raw sugar will be moved through river barges, he added. Hanafy says the government’s plan to increase the reliance on moving wheat, oils, and sugar using the Nile will reduce transport costs, thus reducing the final purchase price. (Read in Arabic)

Six companies win bids explore for minerals in Eastern Desert, Sinai
Six privately owned firms have won rights to explore for minerals in six locations in the southern part of the Eastern Desert and Sinai, the Mineral Wealth Authority announced. The companies will be prospecting for phosphate and heavy metals, among others. This is the first bid made under the new Mineral Resources Act. (Read in Arabic)

Saudi’s Al Othaim Markets opens two branches in Egypt
Saudi supermarket chain Al Othaim Markets has opened up two branches in Egypt as part of the company’s international expansion strategy, said CEO Yousef Al Garhi. The strategy includes investments of SAR 144 mn to expand into international foodstuff markets by launching four new branches in Egypt. (Read)

Kuwaiti consortium wins 81,100 sqm plot in Damanhour logistics centers
A consortium of Kuwaiti companies won an auction for a 81,100 sqm plot in Damanhour in the Beheira governorate to establish a logistics centre, Supply Minister Khaled Hanafi said on Saturday, Al Shorouk reports. Al Oroba Company for Commercial Chains also clinched a 204,120 sqm plot to establish commercial chains, according to a statement that stopped short of mentioning any further details. (Read in Arabic)

MANUFACTURING

Mitsubishi Heavy Industries meets with president, trade minister to talk investments
President Abdel Fattah El Sisi met with Mitsubishi Heavy Industries to discuss possible investment opportunities in mega projects including the Suez Canal Axis. Mitsubishi’s top management also sat down with Trade and Industry Minister Tarek Kabil to discuss maritime investments, steel, and energy generation from coal, in addition to desalination projects. The company has decided to open a permanent office in Egypt.

HEALTH + EDUCATION

HIV/AIDS meds exempt from sales tax
Medications treating HIV-positive and AIDS patients are exempt from sales tax, Finance Minister Amr El Garhy decreed. This followed complaints from patients who said they were paying customs and taxes on their medications, even though they were donated by a US-based charity. Deputy Finance Minister for treasury affairs Mohamed Maeet called on the Health Ministry to notify his office whenever there is a need to extend exemption to any medical requirement. (Read in Arabic)

REAL ESTATE + HOUSING

Housing Ministry to launch projects in North, South Sinai this month
The Housing Ministry is set to launch a number of projects in North and South Sinai worth EGP 312.5 mn, said head of the Central Agency for Reconstruction Mohammed Nasser, Mubasher reports. The projects include the construction of the Al Karama-El Merayyah road at a cost of EGP 3.4 mn, 45 Bedouin houses worth EGP 7.9 mn, and 360 residential units within the social housing projects in El Arish at a cost of EFP 50 mn. The projects will be inaugurated during Sinai Liberation Day celebration day on 25 April in South Sinai, he said. (Read)

TOURISM

Hainan Airlines to resume flights to Cairo “soon”
China’s Hainan Airlines could resume flights to Cairo soon, a representative at the Chinese embassy in Cairo told Al Masry Al Youm. Hainan Airlines had halted flights to Cairo in 2011. The airline is expected to run three Beijing-Cairo flights a week and possibly add a Shanghai route. (Read in Arabic)

AUTOMOTIVE + TRANSPORTATION

Egyptian Holding Company for Airports and Air Navigation negotiates with airport-maintenance firm
The Egyptian Holding Company for Airports and Air Navigation (EHCAAN) is negotiating with a private Saudi firm to establish a jointly-owned firm to maintain Egyptian airports. The project would be 51%-owned by EHCAAN, said Ismail Aboul Ezz, the holding firm’s chairman, but added that a feasibility study must first be approved by other authorities before talks go further. Aboul Ezz also noted that reports from UK-based security firm Control Risks have “praised” security levels in international airports in Cairo, Marsa Alam, and Sharm el Sheikh. (Read in Arabic)

Holding Company for Transportation expands investments
The Holding Company for Transportation has submitted a request to the Suez Canal Special Economic Zone for a land plot allocated to the company to develop a new logistics zone, Al Borsa reports. The company has finalized the details of the project with Arab investors acting as partners, according to chairman Mohamed Youssef. The company will also be looking to invest in the logistics zones in Sixth October City offered up by the Transport Ministry, add 200 busses to its fleet, and sell five unused plots in Cairo, Port Said, and Alexandria, said Youssef. (Read in Arabic)

BANKING + FINANCE

Arab Investment Bank will add EGP 500 mn into SME portfolio by the end of 2016
The Arab Investment Bank (AIB) will add EGP 500 mn to its SME portfolio by December 2016, the bank’s head of SME financing Adel Taha told Al Borsa. The AIB SME loan portfolio, valued at EGP 1.5 bn, currently represents 30% of total loans, said Taha. The bank received the CBE’s approval to open 17 small branches throughout the country, he added. (Read in Arabic)

United Bank provides EGP 250 mn financing for Egyptian Electricity Transmission Company
The United Bank has provided EGP 250 mn as part of an EGP 1 bn joint loan led by the Abu Dhabi Islamic Bank to the Egyptian Electricity Transmission Company, deputy Chairman Farag Abdel Hamid told Al Borsa. The bank aims to expand into financing renewable energy projects, added Abdel Hamid. The SME loan portfolio is valued at EGP 1 bn by March 2016, with the bank’s strategy aiming to boost SME financing to 25% of its total credit portfolio, valued at EGP 5.4 bn, he added. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

MAF looking to expand to Egypt, country head tells Khorshid
Majid Al Futtaim (MAF) is planning to expand in Egypt, country head Abdalla El Nockrashy told Investment Minister Dalia Khorshid. The company has engaged in active market research and has plans to increase the number of Carrefour outlets to 55 and open the first Fox Cinema complex in Egypt. El Nockrashy said Egypt still has the capacity to absorb more investment. (Read in Arabic)

LEGISLATION + POLICY

Cabinet endorses bill to expedite industry permits
The cabinet has approved a bill announced last week that cuts red tape on obtaining industry permits and shortens the time to obtain them to 30 days, said Industrial Development Authority head Ismail Gaber. The bill hopes to alleviate the entanglement of seven different government bodies in issuing permits for industrial projects by allowing the IDA to issue all the required licenses, Gaber stated. On another note, Gaber also accused banks of hindering industrial development by requiring all licensing be obtained before issuing loans. He states that requests for permits often take a long time to process, Al Mal reports.

NATIONAL SECURITY

El Sisi meets US Central Command Army General Joseph Votel to talk boosting military cooperation
President Abdel Fattah El Sisi met with the Commander of United States Central Command Army General Joseph Votel to talk boosting military cooperation, according to an Ittihadiya statement. The pair discussed ways to improve military and security cooperation, adding that there is a pressing need to continue international efforts to restore peace and stability and reach political solutions to conflicts in the region.

ON YOUR WAY OUT

BS alert: Egyptian footballer Mohamed Salah has “threatened” to terminate his contract with his club, Roma FC, if the club fans make abusive chants or banners targeted at Egypt because of the Regeni case, Al Masry Al Youm reported, quoting Sputnik, that icon of Russian journalism. Salah’s manager has since denied the remarks.

Planning Minister Ashraf El Araby will head Egypt’s official hajj delegation this year, according to a presidential decree published in the official gazette on Thursday. Does this mean we can assume, with some degree of confidence, that El Araby will remain in his position at least until September?

EGX head Mohamed Omran met with Honeywell CEO David Cote on Thursday. The pair discussed economic development in Egypt and investment opportunities.

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CALENDAR

17-18 April 2016 (Sunday-Monday): German economic delegation visits Cairo.

18 April 2016 (Monday): French President François Hollande visits Cairo.

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

02-03 June (Thursday-Friday): The first annual EBRD Research Symposium on The Economics of the Middle East and North Africa, EBRD headquarters, London, UK.

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 exhibition, Cairo International Convention Centre, Cairo