El Sisi holds course in first economic interview of 2017

President Abdel Fattah El Sisi spoke on the economy yesterday in a sit-down with state-owned media.

It’s definitely the Finance Ministry’s week in the sun between Amr El Garhy’s presser yesterday (and his interview with Lamees El Hadidy last night), the kickoff of the eurobond roadshow tomorrow and a visit from the IMF. We have more in Speed Round.

Tiran, Sanafir verdict today: The Supreme Administrative Court’s final ruling on the transfer of the Red Sea islands of Tiran and Sanafir to Saudi Arabia is expected today, according to Al Wafd. The government is appealing an Administrative Court verdict that deemed the agreement void.

Four days until President Trump. The Donald will take the oath of office on Friday. Meanwhile, we’re at “that stage” in reviewing the Obama years: No less than the New York Times is leading its digital homepage at time of writing with “What Michelle Obama Wore and Why It Mattered.”

Meanwhile: The US president-elect is giving the Davos set heartburn, and it’s difficult not to smile about that. The FT’s Gideon Rachman, who ended his report from the World Economic Forum last year noting, “It is possible — if still unlikely — that when the WEF gathers this time next year, Mr Trump will be US president and the UK will have voted to leave the EU.” It has come to pass — and Xi Jinping is set to be the star of the show. If you plan to spare more than five minutes of your time to care about the WEF, read Rachman’s “Political upheaval casts cloud over Davos.” The gathering in Davos gets underway tomorrow, and you can check out the full (ridiculously long) agenda here. Put a gun to our head and we’d probably watch some or all of the following sessions:

• The future of finance (Tuesday, 9:30am CLT)
• The future of the Arab economies (Tarek Kabil looks set to speak, though we can’t understand why the blockchain guy qualifies to join the panel) (Wednesday, 2:00pm CLT)
• Global banking outlook (Thursday, 12 noon CLT)
• Protectionism: Back to the future? (At just the moment when we’re getting serious about exporting from Egypt) (Thursday, 7:00pm CLT)

There are what appear to be conflicting reports on the status of the Investment Law by Al Mal. The paper quotes General Authority for Free Zones and Investments CEO Mohamed Khodeir as saying the law would be presented to the House next week following its review by the Egyptian Council of State. It is also reporting that the House Economy Committee will begin discussing the law today and will continue to do so until the end of the week. Assuming both are true (and Al Mal’s editors are still on Christmas break from 2003), the House may be reviewing the publicly released draft of the act while waiting for sign-off from Maglis El Dowla.

Egypt could be one of the top mining destinations in the world, but it needs to reform its mining policies. Dump the oil and gas production sharing model — it does not suit the mining investment model, says Mark Campbell, president and CEO of Aton Resources. Instead, Campbell believes, Egypt should resort to the “transparent model” of a tax and royalty regime. Also important is thinking beyond just producing gold, issuing exploration concession areas designated for multiple minerals because, until the land is methodically explored, it’s anyone’s guess as to what might be found. Tap here to read Campbell’s full piece, written exclusively for Enterprise.

Editor’s note: This section of Enterprise gives space to contrarian views on contemporary issues — or pieces that bring to light topics that aren’t on the community’s mind, but should be. As usual: Views expressed are those of the author, not necessarily of Enterprise. RT ≠ endorsement. Et cetera, etc, ad nauseam… If you have an idea for an op-ed, drop us a pitch (or a draft submission of 500-1,000 words) at patrick@enterprisemea.com. Our editorial staff will work with you to refine any piece we choose to run with.

On ONTV’s Kol Youm, Amr Adib is interpreting President Abdel Fattah El Sisi’s interview with state-owned papers as foreshadowing price controls. “It feels like a plan is in the works to impose a cap on profit margins” he said (watch, runtime 10:51). The president said that the EGP should begin strengthening in six months’ time, according to Al Akhbar Editor in-Chief Yasser Rizk (watch, runtime 14:40). (We have more on El Sisi’s interview in Speed Round, below.)

Finance Minister Amr El Garhy made the rounds with the talk shows last night to build on momentum created by his presser earlier in the day (details on the later are in Speed Round, below).

Lamees El Hadidy had a lengthy phone interview with El Garhy on last night’s Hona Al Assema, covering everything from the IMF loan to the eurobond roadshow and the VAT. On the IMF agreement, El Garhy said that the details of the agreement will be disclosed on Wednesday. The Fund will also be conducting its review of the government’s economic reform program between the end of February and early March and the minister expects the second USD 1.25 bn tranche of the loan to follow. El Garhy did not confirm whether an IMF team was coming this week to discuss progress on tax reform. Speaking of which, the minister puts tax revenues in 1HFY2016-17 at EGP 155 bn of the EGP 220 bn total revenues he announced at the presser (watch, runtime 13:49).

In a call-in to ‘Ala Al Hawa Masr, El Garhy disputed the characterization of the IMF facility as a loan in the conventional sense of the word. The funding is a three-year facility to support a reform agenda, he stressed. Semantics and spin are the order of the day when one deals with the highly active imagination of the public. His call-in also stressed the importance of subsidy cuts to the reform agenda, which he described as a five-year plan launched when President Abdel Fattah El Sisi became president (watch; runtime: 10:42).

MBC’s Sherif Amer spent most of his episode of Yahduth Fi Masr talking to the governors of Minya, Fayoum, Gharbiya, Behaira, Sharqiya, Damietta, and Ismailia about the main challenges they face in their provinces. Topping the list: Sanitation and water infrastructure. Fayoum governor Gamal Samy said 70% of the population of his governorate lack access to proper sanitation facilities.
Infrastructure issues in Upper Egypt was also the topic of choice for Lobna Assal,spoke with Electricity Ministry Spokesperson Ayman Hamza on Al Hayah Al Youm. Hamza said electrical services in Upper Egypt are back to normal after hourlong cuts in some areas earlier in the week. (watch, runtime 4:43).

Assal also spoke to Agriculture Ministry spokesperson Hamed Abdel Dayem about the increase in fertilizer prices. Abdel Dayem promised the government would be looking at the prices it pays farmers (watch, runtime 2:46).

President Abdel Fattah El Sisi spoke about the economy yesterday in his first extended interview of the year with state-owned newspapers. While addressing the investing communities at times in the interview, the president’s intended audience was the average “working man and woman,” whom he thanked for accepting the economic reforms and for whom he expressed sympathy. He promised them that the government will always have their back, saying “we will not allow the greedy to prey on the people.”

On this point, the president outlined what he sees as one of the state’s primary roles in the economy: To provide goods and services to the poor “without being motivated by profit.” The state will ensure that subsidized goods will be available for eligible beneficiaries and monitor prices so they do not get out of control. El Sisi was quick to stress, however, that this does not mean a return of socialism.

Praise for reform program: President El Sisi praised progress on the government’s economic reform agenda, which he described as “crucial” to fixing the “stunted” economy. The president blamed the nation’s longstanding problems on what he called the introduction of a form of unbridled capitalism and an atmosphere that permitted exclusively the seeking profits. That, he said, is what has prompted the introduction of an economic reform agenda. The president also praised the float of the EGP, which he noted had helped attract investment to the country. He included the draft Investment Act as one of the key policies that will strengthen the economy, describing it as a “fundamental shift” in addressing investor’s needs. Ahead of the eurobond roadshow this week, the president said that Egypt has its sovereign debt under control and is measured when seeking loans. El Sisi had this message to investors: You are welcome here, and we will guarantee that your legal and property rights won’t be trampled.

As with most of his interviews on the economy, the president continued to defend the country’s reliance on national projects. He reserved particular praise for the New Administrative Capital and the development of new urban centers as both major sources of revenue for the state and as a means to absorb the population boom. He gave a tally on progress of some of the government’s economic projects including the development of meds and infant formula factories.

On the Armed Forces’ role in the economy, El Sisi told the papers that defense spending from the state budget over the past three years had been next to nothing. The Armed Forces are active in the economy to sustain themselves and minimize their burden on state coffers.

It is definitely the Finance Ministry’s week in the spotlight. We learned yesterday that Egypt expects foreigners to buy as much as USD 10-11 bn of local debt, but, as expected, the eurobond issuance will all begin with a roadshow this week in which Egypt will be looking to raise USD 2-2.5 bn, as reported by Bloomberg. The majority of the eurobonds will come with five- and ten-year maturities but “a small portion” will carry a 30-year tenor. “Getting to [USD 10 bn] will happen gradually and with reassurance that the measures of the economic reform programme are happening gradually and in a sound manner … The more people see that we are achieving good results in our reform programme, the more they will be interested in investing so it is possible, within a year, to reach those levels [of USD 10-11 bn],” El Garhy said. The minister had said he was targeting USD 6 bn in eurobond sales in 2017 and the government will not limit itself to USD-denominated borrowing, but that it could also include yen- and yuan-denominated bonds (so it is a good time to brush up on your knowledge of Samurai and Panda bonds).

Egypt’s budget deficit shrank to 5.1% of GDP in the first half of FY2016-17, registering EGP 174 bn,down from 6.1% of GDP a year earlier, Finance Ministry Amr El Garhy announced at a press conference yesterday, according to a report by Al Masry Al Youm. Revenues grew to 14.5% of GDP, coming in at EGP 220 bn from EGP 192 bn last year. The government also plans to phase out fuel subsidies over the coming five years and is expected to have clear figures for energy and fuel subsidies as part of the IMF agreement, he added, Al Mal reports. On the revenue side, El Garhy expects the executive regulations of the value-added tax (VAT) law to be ready within two weeks, saying tax revenues were affected by the transition from a general sales tax to VAT as taxpayers were given an extra three months to submit their returns.

…El Garhy also announced that Egypt overshot the IMF’s target for the primary deficit, which was 20% lower, according to Al Mal. Overall, the government is targeting a budget deficit of 10.1% of GDP in FY2016-17, down from the 11.5% of GDP recorded at the end of last fiscal year, Al Shorouk says.

Sneak peek at IMF agreement: The minister lifted the veil on a corner of the IMF financing agreement, which will apparently see the state’s payroll outlay fall to 6.8% of GDP from last year’s 7.8% and tax revenue rising to 13.8% of GDP from 12.6% last year, Al Borsa reported. The IMF loan carries a 1.5-1.75% interest rate; each of the three tranches carries a separate 10-year repayment period with a 4.5-year grace period, said El Garhy. The agreement also includes commitments to restructuring fuel and energy subsidies within 3-5 years while simultaneously expanding social protection programs and low income housing, he said — both previously well-known provisions.

However much the learned folks in the House may prefer otherwise, Amr El Garhy didn’t say yesterday he is raising taxes. An AFP story created some confusion on El Face and Tweeter yesterday with a piece on the presser that opened with the lede “Egypt will make further ‘significant’ cuts to energy subsidies, raise taxes and seek more international financing…” The taxes bit also made it into online headlines. The problem: As the story makes clear, El Garhy was making reference to the 1 ppt hike in the value-added tax to 14% in July from the introductory rate of 13%. Not a new tax, folks: That’s exactly how the law was written.

Separately, El Garhy also announced the Finance Ministry will be fixing the customs USD exchange rate throughout February rather than letting the rate move freely each day. He said the rate will be set each month using the reference rate set in previous months, according to Al Borsa. Federation of Egyptian Industries chief Mohamed El Sewedy commended the decision, saying that it will help stabilize commodity prices in the local market, Al Borsa reported.

Disaster averted: An EgyptAir Airbus A300-600 cargo freighter narrowly avoided a mid-air collision with an Air France Airbus A320-200 over Belgium on New Year’s Day. According to The Aviation Herald, the EgyptAir flight MSX-541 was instructed three times to climb and maintain a certain altitude but told to stop as the Air France flight approached. However, the aircraft continued to climb above the specified altitude, putting it on a converging trajectory with the Air France flight, which then had to quickly increase its altitude to avoid a mid-air collision. Belgium’s Air Accident Investigation Unit rated the occurrence a serious incident.

M&A Watch: Solid Capital says it bid for CI Capital stake. Sources at Solid Capital, a newcomer to the industry that has won extensive coverage from Al Borsa and Al Mal, tell the domestic press the outfit has made an EGP 142.5 mn bid to acquire a 15% stake in CI Capital. The same story claims Banque Misr may be providing acquisition finance. Our friends close to the transaction tell us that as of yesterday, they were in receipt of no such bid. The only confirmed bid of which we are aware is the sale and purchase agreement CIB had inked in early December with a group of Egyptian and Gulf investors for 71.94% of CI Capital’s shares for a combined value EGP 683.4 mn. Suggestions Solid Capital was looking to bid first emerged back in December.

M&A watch: Naguib likes mining now. The Naguib Sawiris-backed Endeavour Mining Corporation is studying a merger with Acacia Mining that would create a company with a combined market value of USD 3.8 bn, making up one of the largest precious metal-mining groups in Africa, Bloomberg reports. “Acacia confirms that it is in preliminary discussions regarding a possible combination with Endeavour … A further announcement will be made when appropriate,” the company said in the statement. The agreement could be structured as a reverse takeover, with Acacia acquiring Endeavour and the combined company keeping its London listing, the source added. Combined, the companies would be among the top five African gold miners by market value and ounces produced, according to data compiled by Bloomberg.

What were the best sellers in 2016? Al Borsa has compiled a list of the 10 best-selling cars in 2016. It says the 1.5L Nissan Sunny topped the list at 11,186 vehicles sold, closely followed by the 1.6L Hyundai Verna and the 1.6L Hyundai Tucson. Five of the top 10 vehicles are distributed by publicly traded GB Auto.

Hotels in Cairo, Alexandria to see revenue increases –Colliers: Hotels in Cairo and Alexandria are some of the “hot spots” Colliers International expects to increase their revenue per available room from December 2016 to February 2017, according to Colliers’ MENA Hotel Forecast. Cairo hotels’ average daily rate is set to average USD 143, up 8%, and Alexandria’s USD 66, up 6%, with respective occupancy rate forecasts of 59% and 68% during the three-month period. Colliers says Cairo’s performance has been growing from the low base of 1Q2016 and that profitability levels are set to strengthen. Hotels in Cairo, Alexandria, Sharm El Sheikh, and Hurghada all saw their Guest Experience Index, a measure of guests’ perception of a property’s quality, improve by 2-3% as of November.

Despite the currency shortage and tourism that failed to recover in 2016, the government is on the right track with much-needed reform to push growth towards its potential, CPI Financial writes in what reads like a summary of a research note. Egypt’s fiscal and monetary policy are expected to tighten in 2017, and while “this will no doubt put pressure on growth, though we expect this pressure will be more than offset by an increase in foreign investment, exports and tourism,” NBK said. The float should boost competitiveness of the exports and tourism sectors, while a cheaper EGP will encourage the return of foreign investors. Authorities will be tempted to limit the tightening of fiscal and monetary policy to minimize potential severe short-term economic and social impact. However, the massive fiscal and investment support currently pledged to Egypt by the IMF and others is largely conditional on the progress of reforms.

The Agriculture Ministry has raised the price of subsidized fertilizer to EGP 2,959 per tonne from EGP 2,000, a 48% price hike, Ahram Gate reported. The decision was based on an average FX rate of EGP 16.3 per USD and takes into account increases in production costs. Fertilizer manufacturers had refused to sell to the Agriculture Ministry until prices were adjusted and were instead seeking export sales, Al Mal reported. Evergrow Fertilizers are looking to boost exports to USD 100 mn this year from USD 43 mn in 2016, Chairman Mohamed El Kheshen said. The whole sector added 40% in exports from this time last year, said El Kheshen, who also heads the fertilizer division at the Federation of Egyptian Chambers of Commerce.

Farmers, the beneficiaries of the subsidies, are at an uproar, going so far as to threaten to stop selling wheat to the General Authority for Supply Commodities, Al Mal reports. Growers are also demanding the price of wheat this season be raised, saying the increase in the cost of fertilizers will raise their growing costs 50% in the next harvest.

In related news, the government’s High Committee on Sugar (not to be confused with the sugar high committee) has reportedly agreed to raise the price paid to beet farmers to EGP 400 per tonne from EGP 275 per tonne this season, according to Al Mal. The move is designed to increase domestic supplies of sugar in view of the shortage that gripped the nation late last year.

Wait, is it 2012? Did we just wake up in Morsi-land? A bunch of TV channels (including ONTV and CBC) and a number of media buyers (including Promomedia and MediaLine) have sat down to work together an “purify” the airwaves of “harmful” ad content, Al Borsa. Whether that sentiment is real or this is a sign that a cartel is being built: There are no words.

Shoukry reiterates support for Palestinian cause, two-state solution at Paris summit: Egypt is committed to reaching an inclusive solution to the Israel-Palestine conflict, Foreign Minister Sameh Shoukry said at a Middle East peace conference in Paris, saying Egypt continues to “support the Palestinian people and the Palestinian cause,” Daily News Egypt reports. Al Masry Al Youm has Shoukry’s statement in Arabic. Other delegations present at the summit, which did not include representatives from Palestine or Israel, also “restated their commitment to the two-state solution” and warned both sides against taking “unilateral steps that could jeopardise future negotiations,” according to the BBC.

We’re waiting now for word Turkey is expanding its banana production after the one-time democracy’s parliament voted in favor of a new constitution that gives President Recep Tayyip Erdogan vast powers, BBC reported. Channeling his inner Idi Amin, Erdogan has ensured the document would abolish the post of prime minister, give him power to keep Turkey in an extended state of emergency and allow him the power to “appoint and fire ministers.” A second vote in parliament is due later this week. The proposed constitution will ultimately have to be passed in a referendum.

Meet the best- and worst-performing funds of 2016, per the Financial Times using data from Morningstar. Half of the top 20 losers were health or biotech equities funds, and the biggest losers were a sterling fund and another that made “big bets on a collapse in markets that did not pay off” top the list. An emerging markets fund that lost almost 28% was the third-worst performer. At the head of the class: Funds investing in gold and natural resources, and “five of the top performing funds were Russian equity products.”

It’s a quiet morning for Egypt in the international press, with chatter trending toward the economy as some outlets pick up wire copy from Reuters and Bloomberg on Finance Minister Amr El Garhy’s press conference yesterday.

Perhaps most notably: Aviation experts are sharply downplaying a suggestion made yesterday that an iPhone or iPad could have brought down EgyptAir flight MS804. Placing smartphones on the dashboard of a plane cockpit is “normal” and could not bring down a plane, the experts told French newspaper Euro1.

Meanwhile, Al Jazeera (yes, yes, we know) is picking up where the Associated Press left off, claiming that residents of North Sinai’s Al Arish are accusing the Interior Ministry of the extrajudicial killing of 10 youth. Security officials say the 10 were terrorists killed in a raid on a militant hideout.

Other stories in the international press included:

• Maha El Nabawi writes about how independent Egyptian musicians are using social media to grow for The National.
• Prosecutors have thrown out a case brought against a Muslim mob that allegedly stripped an elderly Coptic woman in Minya last May, saying the case “lacked sufficient evidence,” according to a Fox News pickup of an AP story. The alleged perpetrators are facing other charges related to violence against Christians.
• Gulf News has caught wind of Mawlana (The Preacher), the film based on Ibrahim Eissa’s 2012 novel of the same title, “which demonises the manipulation of religion for political gain [and] has been making waves in the country.”

AMAY’s Abdelnasser Salama asks: Why is nobody addressing the issue of Egyptians investing their money abroad instead of locally? He is incensed by a report from the Dubai Land Department which puts Egyptians as among the UAE’s top property investors in 2016, spending nearly EGP 13 bn on real estate investments. He claims that the sum represents less than 10% of total Egyptian investments abroad. Factors like political stability, economic outlook, red tape, and clear banking and financing regulations make other destinations more attractive for Egyptian investors, Salama urges, urging the state to address the matter with real solutions.

How to hack your memory palace: It turns out brains don’t actually respond to brute force, so flashcards, repetition, and “anxiously putting your hand on your forehead” just doesn’t work, according to a piece put together by Dean Peterson for Vox. We can remember things in context very efficiently, he says, be it visual, emotional, or spatial. By using a mnemonic technique called a “memory palace,” you can hack your brain to combine the mundane task of memorizing random data, with a form of memory that is used instinctively and effortlessly (runtime 04:49).

President Abdel Fattah El Sisi and his Belarusian counterpart Alexander Lukashenko signed an extradition treaty during a meeting on Sunday, AMAY reported. The two countries signed nine other cooperation agreements and MoUs in trade, military production, culture, sports, irrigation and water resources, as well as environmental protection. The two presidents will also launch the Egyptian-Belarusian Business Forum today, which will focus on cooperation in heavy industries, according to Al Mal. 10 ministers and 40 companies from Belarus will be present at the forum, Al Ahram notes.

Egypt and Jordan will be amending 13 cooperation agreements that were signed last year in order to accommodate recent economic developments, International Cooperation Minister Sahar Nasr said during her speech at the 19th Egyptian-Jordanian Business Council meeting, Al Mal reported. These agreements cover cooperation in sectors such as medicine, transport, infrastructure development and air travel.

Oil Minister Tarek El Molla met with Dana Gas Technical Director Iman Hill to discuss future expansions, Al Shorouk reported. Dana Gas is planning to increase production from the Balsam field by 40 mcf/d through its JV El Wastani Petroleum by drilling two additional production wells in 2H2017.

The Attaqa electrical power station is back online after a two-year hiatus to upgrade the facility, Al Borsa reported. Siemens and Mitsubishi renovated the station for EUR 20 mn, of which EUR 18 mn were sourced from German banks and EGP 40 mn from domestic banks. The station is currently producing at a daily capacity of around 700 MW and should be producing an additional 900 MW within days.

Sphinx Glass is looking to invest USD 150 mn into a new production line in 2017, CEO Mohamed El Khattab told Al Mal. The expansion is dependent on the government reducing the price of natural gas supplied to factories, he added. The government prices natural gas at USD 5 per mmBtu to factories, while competitive regional markets price natural gas at USD 2 per mmBtu, said El Khattab. Natural gas represents 30% of production costs, he added.

The ministers of investment and education have agreed to form a committee to look into the operational framework for international schools with an eye to making them more attractive to investors, Youm7 reported. The committee will evaluate existing regulations and outline new guidelines meant to encourage investments in international schools.

El Sewedy Cement is in talks with a banking consortium for an EGP 4 bn loan to finance expansions in Portland cement manufacturing, unnamed sources told Al Mal. The consortium includes NBE, Banque Misr, Qatar National Bank, and the Arab African International Bank. The loan will be paid back over 10 years with a 2-3 year grace period. South Valley Cement denied earlier reports in Al Mal that it is in talks with banks for an EGP 1 bn loan to finance a new production line, according to Al Borsa.

Qatar National Bank Alahly (QNBA) received the board of director’s nod to increase its authorized capital by EGP 5 bn to EGP 15 bn, Al Borsa reported. The bank will also increase its issued capital by EGP 1.48 bn to EGP 8.9 bn through the issuance of two bonus shares for every 10 shares held, financed through its reserves.

The Egyptian Financial Supervisory Authority (EFSA) is working on developing accounting procedures for tabulating the impact of the float on companies’ books in cooperation with the Egyptian Society for Accountants and Auditors (ESAA), said EFSA chief Sherif Samy. These procedures will allow companies to capitalize the FX differences on borrowings in foreign currencies used to fund fixed assets, Al Borsa reports. These procedures will count FX losses and gains in a company’s income statement, said Samy. EFSA and ESAA are working on procedures for appraising fixed assets.

The Irrigation Ministry appears to have resurrected the long dormant Water Act which will regulate the management of water resources and regulate its distribution, according to Al Shorouk. A draft of the law has been finalized.

Egypt’s Southern Navy fleet command was established to secure complete control over the theater of naval operations in the Red Sea area, Ahmed Eleiba writes in Ahram Online. “Sources say security arrangements in the Red Sea, in tandem with regional security ‎developments, required a stronger Egyptian naval presence along the Red Sea coast not only to ‎facilitate the management of maritime traffic but to strengthen Egypt’s deterrent capacities in the ‎face of the threats in the Red Sea region, especially in the vicinity of Bab Al-Mandeb given the ‎deterioration in the state of security of Yemen.‎” General Talaat Moussa, Chairman of the National Security Studies Department at the Higher ‎Nasser Military Academy, tells Eleiba, “The mission of the fleet … include securing the ‎eastern Egyptian coastline and ensuring the safety and stability of maritime traffic at Bab Al-‎Mandeb and navigation through the Suez Canal.” Moussa says the task has been made more urgent by “the ‎threats that Iran poses via the Houthi movement, its proxy in Yemen.”

Faisal Islamic Bank of Egypt Chairman Mohamed Al Faisal Al Saud passed away on Saturday, the bank said in statement.

MOVES- Heba Wali will be replacing Dr. Nabil El Beblawy as the president of the state-owned vaccine manufacturer Vacsera, Al Borsa reported on Sunday.

Trading of Kuwait’s Al Salam Holding’s Egyptian Depositary Receipts on the EGX is set to start tomorrow, Al Borsa reports. As we previously noted, the company had planned to have 30% of its shares converted to EDRs and traded on the EGX by last July.