Could the Egyptian economy overtake Canada by 2050? PwC thinks so.

Get ready to meet your new cabinet on Sunday, 12 February, Prime Minister Sherif Ismail told Ahram Gate. That trumps an earlier report citing sources at the pro-government Support Egypt Coalition as confirming the date. Elsewhere, Al Shorouk suggests that President Abdel Fattah El Sisi rejected last Thursday at least five of the 10 potential ministers nominated by Prime Minister Sherif Ismail.

The Donald gets some love from Egypt: The Foreign Affairs Ministry praised how US President Donald Trump is handling the media after The White House released a list of 78 terrorist attacks, including nine in Egypt, it believes went “unreported.” Trump has said the media in many cases “doesn’t want to report on” terrorism. According to a White House official, the international list was sent out to prove the point “that these terrorists attacks are so pervasive at this point that they do not spark the wall-to-wall coverage they once did,” Politico says. Trump trolls media, media rises to bait: Witness the New York Times’ exhaustive “Our Articles on the Attacks Trump Says the Media Didn’t Cover.” (More on this in Egypt in the News.)

The ministry says the White House’s stance is in line with Egypt’s and follows the calls to for a complete, coordinated, and non-selective strategy to combat terrorism. Spokesperson Ahmed Abu Zeid attacked the media further, saying the Egyptian state often found itself accused of negligence or complicity after it suffered from terrorist attacks including the Metrojet flight crash or the attack on the Coptic Cathedral. Russia’s TASS pounced on Abou Zeid’s remarks, highlighting that the Foreign Affairs Ministry has referred to the Metrojet plane crash “officially” as an “act of terror.”

It’s not exactly reciprocity, but Ittihadiya doubtless appreciates that the White House is mulling whether to designate the Ikhwan as a terrorist organization. The New York Times seems preoccupied less with right-wing staple Breitbart being “alarmed” at the Ikhwan than it is with the notion that designating the organization as terrorist would “create a legal justification to crack down on Muslim charities, mosques and other groups in the United States.” The Ikhwan has bedeviled top Trump advisor Stephen Bannon for at least a decade, the Washington Post reports. The New York Times has the full story.

Biggest equity advisory mandate in history: “Moelis & Co has been chosen as the sole independent advisor for the planned initial public offering of Saudi Aramco … scoring the New York boutique investment bank the biggest equity advisory mandate in history,” the Financial Times (paywall) reports. Other banks are still in the running to underwrite the offering, the paper reports. Moelis edged out Rothschild and Lazard as well as Goldman Sachs and HSBC for the mandate. Moelis’ mandate includes advisory on selection of underwriters and execution of the IPO, the Wall Street Journal reports.

We love Moelis’ story and figure there must be a lesson or two for Egypt here given what we’re going through right now. The firm was founded by “old-fashioned dealmaker” Ken Moelis smack in the middle of the global financial crisis back in 2007. “Ken Moelis admits that launching a boutique investment bank in the middle of a global financial crisis was not the most obvious move for a banker trying his hand at being an entrepreneur for the first time. The bank enjoyed a dazzling growth rate as it hired about 200 staff in less than two years … Critics predicted it would struggle to find new clients … Instead, Moelis rapidly became emblematic of a bespoke kind of merchant banking … That means concentrating on advisory services rather than additional offerings, such as financing.” Read the rest of the FT’s profile of Moelis in its Monday Interview here.

And at the intersection of Trump and Wall Street: Dealbook founder and CNBC host Andrew Ross-Sorkin (also executive producer of the amazing Bn’s, which returns a week from Sunday) tells us that Baupost Group boss Seth Klarman, “the most successful and influential investor you have probably never heard of,” has quietly penned “the most sought-after reading material on Wall Street” — namely the notion that “exuberant investors have focused on the potential benefits of stimulative tax cuts [under the Trump administration] while mostly ignoring the risks from America-first protectionism and the erection of new trade barriers.” Boston-based Klarman is often tipped as “the next Warren Buffet”; his fund has about USD 30 bn in AUM. The full letter has yet to leak, but Zero Hedge and Benzinga have excerpts.

The talk of the day in the airwaves last night was the Administrative Control Authority’s (ACA) raid on over 60 public hospitals nationwide last night after reportedly discovering “major violations.” Yahduth fi Masr’s Sherif Amer said that the ACA — the nation’s top anti-corruption watchdog — had found expired meds being sold at hospitals. We expect Health Minister Ahmed Rady to be sweating as his name has come up numerous as a potential cut from the cabinet’s next lineup. Over in the Magical Realm of Oz, where Al Ahram is headquartered, the raid was downplayed as simply a sudden mass inspection of 64 hospitals that revealed that everything was running smoothly.

Pro tip: When the nice people from the ACA show up, nothing is “running smoothly.” This is a government agency that is itself above corruption and knows how to get stuff done — one of the few of which private-sector CEOs speak about in uniformly positive (if off-the-record) terms.

Al Hayah Al Youm’s Lobna Assal spoke with Tourism Minister Yehia Rashed on the role of the Supreme Tourism Council as the primary policy-making body on tourism and its recent policy decisions (which we note in the Speed Round). Rashed said that the first meeting of the council, which held yesterday, looked into electronic visas. The first phase of their implementation will be completed by May. The council will also look to implement a minimum charge at hotels. “We also talked about the role of private-sector tourism companies in setting policy for the sector,” he said (watch, runtime: 12:44).

Private and international schools must not raise tuition fees without prior approval from the Education Ministry, said senior ministry official Reda Hegazy (watch, runtime: 6:21). Fee increases are capped at 7% annually, he added. This increasing harsh rhetoric jives with policy statements made over the past few weeks, which signal that the government is stepping up its efforts to curb inflation in private schools. Look for more on this front in the days and weeks ahead.

Assal also spoke with Manpower Minister Mohamed Safaan about a drive to recruit labour from Upper Egypt to work on national projects (watch, runtime: 4:23).

Kol Youm’s Amr Adib spoke with Foreign Ministry spokesperson Ahmed Abou Zaid about TASS’ not-so-eureka moment on his statements regarding the Metrojet crash in 2015. “My statements were taken out of context,” said Abou Zaid, adding that he was only applauding the latest Trump’s statement on overlooked terrorist acts worldwide (watch, runtime: 3:41). He added that he would send a clarification to TASS.

Adib then spoke on the government’s drive to reduce customs on cars belonging to Egyptian expatriates with MP Ghada Agamy (you can catch more details on this in Automotive + Transportation). Agamy appears to miss the point of the move entirely, stating that the bill currently being drafted by the government would be primarily helpful to expats, who like her when she was living the UAE, faced difficulties getting her car back. Since she clearly doesn’t read Enterprise, we’ll remind her that this is all about expats depositing their USD at home. She added that the Immigration Ministry has passed the bill over to the Finance Ministry (watch, runtime: 9:13).

Hona Al Assema’s Lamees Al Hadidi interviewed Sico Technologies chairman Mohamed Salem who discussed the company’s progress in manufacturing the first Egypt-made smart phone. He said that the phone would be out this September. Sico Technologies is already assembling consumer electronics Egypt for export to Saudi Arabia, Kuwait, UAE and Oman. He spoke about the company’s partnership with China’s ZTE (brokered by the CIT Ministry last February), stating that the Chinese company was enthusiastic about investing in Egypt because of the export advantages in Egypt and low production costs after the EGP float (watch, runtime: 22:15).

Can Egypt’s economy really surpass Canada’s by 2050? Yes, says PwC: Emerging economies could be twice the size of developed markets by 2050, growing to make up almost 50% of world GDP, according to a PricewaterhouseCoopers report (paywall) which is receiving wide coverage. “By 2050, emerging economies such as Mexico and Indonesia are likely to be larger than the UK and France, while Pakistan and Egypt could overtake Italy and Canada,” the report notes, according to the Financial Post, which views the suggestion as “brave” and “incredulous.” The results, which are based on gross domestic product purchasing power parity (PPP) terms, also project that India will replace the United States as the world’s second largest economy after China by 2050, reports. PwC expects the E-7 emerging markets of Brazil, China, India, Indonesia, Mexico, Russia and Turkey to grow at an average rate of almost 3.5% over the next 34 years. The E-7 is projected to account for about 50% of world GDP by 2050, up from a current 37%. The report cautions that this will be contingent on “[implementing] structural reforms to improve macroeconomic stability, diversify their economies away from undue reliance on natural resources (where this is currently the case), and develop more efficient political and legal institutions.”

The general optimism on the economy continues as Egypt’s economy should bottom out and start improving in FY2016-17, according to a report by BNP Paribas. “Several factors will undoubtedly have a positive macroeconomic impact, including the floating pound, improvements in foreign currency liquidity, the accelerated pace of fiscal reforms, and the start-up of production at the Zohr gas field. Yet the public and external accounts will continue to show deficits in the medium term, and the authorities will have to deal with growing social pressures at a time of high inflation. Only the return to strong growth (notably via job-rich investments in non-energy sectors) will enable the Egyptian economy to pull out of a 5-year slump,” the report says. BNP Paribas expects economic growth to hit 3.8% in 2016-17 and accelerate to 4.5% in 2017-18.

This comes as foreign inflows have continued to gain steam since the EGP float, with foreign holdings of T-bills growing to USD 1.53 bn in January, up from USD 552 mn in December, and from USD 111 mn, the CBE said, according to Al Borsa. This is the highest level it has been since 2011, according to a CBE statement picked by Al Shorouk. “Investors were testing the waters in November and December with small investments. Now we’re seeing relatively bigger tickets,” EFG Hermes’ Mohamed Abu Basha tells Bloomberg, which notes that “remittances from Egyptians working abroad are surging and foreigners bought more than USD 250 mn in local assets on Sunday alone.” Foreign holdings in Egyptian debt remain very low, suggesting there is “plenty of potential for more inflows,” Abu Basha said. This confidence was heightened by the successful USD 4 bn eurobond issue and comes as Egypt’s FX reserves can now cover 5.7 months’ worth of imports after rising USD 2.1 bn to USD 26.4 bn in January, Central Bank Assistant Sub-Governor Rami Aboul Naga said on Tuesday.

On a related note, Aboul Naga told Reuters that Egypt has paid its USD 630 mn financial obligation in January to Eni to develop the Zohr. This should put a dent in the USD 3.5 bn in arrears owed to foreign IOCs.

Egypt’s banks have grown their combined net profits 60% year-on-year to EGP 56 bn in 2016, said CBE Deputy Governor Gamal Negm in an email statement on Tuesday. The sector’s capital adequacy ratios scored 14.9% for the year, he said, adding that industry liquidity is ample.

Elsewhere, the CBE has launched an initiative to provide affordable financing for the tourism industry, urging banks to make funds available for hotel renovations and the overhaul of the tourism industry’s fleet of cars, buses and other vehicles, Al Masry Al Youm reported. Banks will offer combined funding of EGP 5 bn in loans at rates of no more than 10% for up to 10-years. Companies dipping into the financing will need to commit to sourcing 75% of the building materials used in renovations from domestic producers. The CBE says banks will cover up to 75% of the cost of any individual project.

e-Visas are back on the table: The Supreme Tourism Council, led by President Abdel Fattah El Sisi, agreed during its first meeting held yesterday to introduce electronic visas and “facilitate visas for Arab citizens” to stimulate the tourism industry, according to an emailed statement. Deregulation of the airlines industry could also be in the cards as the statement makes mention of studying open skies, which would effectively strip protection presently enjoyed by EgyptAir by giving other countries more overflight and landing options. The council is also reportedly mulling setting minimum industry prices. According to Al Borsa, electronic visas will be launched within three months, with the Tourism Ministry working in tandem with the CIT, defense, foreign affairs, and interior ministries.

Orascom Hotels & Development (OHD) has selected EFG Hermes to act financial adviser on the sale of its financial services subsidiary Tamweel Financial Holdings, said OHD CEO Khaled Bichara, who provided no further detail on the transaction, Al Borsa. He added that the company has had to shutter four of the seven hotels it owns in Taba on account of low occupancy.

Capitalists beware. Parliament and the Consumer Protection Agency (CPA) are getting awfully close: A number of MPs have come out strongly in favor of strengthening the CPA through the amendments to the Consumer Protection Act. House Economics Committee chair MP Ali El Moselhy and MP Ashraf Amara, who introduced the legislation, have both said that the CPA’s budget, staff and operations have been increased significantly in the new law to allow it to perform its job more effectively. This follows statements last week that the Economics Committee approved granting the CPA powers of arrest. No one has publicly come out yet to confirm that provisions in the law would allow the government to implement measures such as price controls, something CPA head Atef Yacoub and MPs have called for. The thought of MPs teaming up with the organization behind the Smiley Face initiative leaves us expecting base, anti-capitalist populism that would make Nasser blush.

Mining authority hears complaints, says “Toz.” Officials from the Egyptian Mineral Resources Authority (EMRA) have admitted that the terms of its gold exploration tender are scaring away investors. But before you see this as the first step to progress, hear them out. EMRA officials tell Al Shorouk that investors simply refused the terms altogether without fully taking the time to understand the terms. The production sharing agreement, which sees EMRA take a 5% royalty, is applied successfully throughout the world, the source added. As we noted last month, mining executives, including Aton Resources’ CEO Mark Campbell and Thani Stratex Resources CEO David Hall, have come out very strongly against the terms. These criticisms were met by indifference from EMRA, whose head Omar Taima has taken a take it or leave it approach. Campbell wrote extensively on the law in an exclusive column for Enterprise last month.

MOVES- The Egyptian Resorts Company (ERC) has appointed Ahmed Saad El Din Abu Hendia as non-executive Chairman, ERC said in a statement.

EARNINGS WATCH- Palm Hills Development reported an 8% y-o-y rise in net profit after tax and minority interest to EGP 640 mn in FY2016 from EGP 590 mn in FY2015, the company said in a statement. Revenues grew 55% y-o-y to EGP 5.631 bn in FY2016 compared to EGP 3.642 bn in FY2015.

NCBIS in danger of being shut down? The Education Ministry has reportedly ordered New Cairo British International School (NCBIS) shuttered starting next year, Egypt Independent claims. The report says “the institution has no license and the students are not officially registered” adding that the suspension will be enforced starting from the next school year. NCBIS denied the report when contacted by Egypt Independent and said “the school will be working normally and there is no problem.” The story has yet to cross over into the Arabic press. Elsewhere, the board of the school — which was recently named “governing body of the year” at a London awards ceremony for British international schools — has reportedly moved to curb benefits of long-term staff, suggesting they have effectively been “localized” by virtue of their long tenure.

The prosecutor general’s office has summoned retired footballer Mohamed Aboutrika, along with 1,501 other individuals placed on a terror watchlist, for questioning over allegations they funded the outlawed Muslim Brotherhood, Al Masry Al Youm reports.

Chatter about the African Cup of Nations is dying down in the international press’ coverage of Egypt, making way for the Foreign Ministry’s statement praising Trump’s media critique to take the stage.

Reuters’ pickup provides just enough to get the main point across, while AFP delves into the issue enough to remind us twice that Trump failed to produce any evidence to support his claims. The newswire produced its own list of terror incidents Egypt has witnessed. The French newswire also highlights the fact that Egypt-US relations are beginning to improve under Trump’s administration. Meanwhile, the Washington Post notes that spokesman Ahmed Abu Zeid’s statement “appears to be the only official reaction to the White House’s list” as other countries reacted mostly with confusion about the criteria considered when compiling the list.

Alleged Louvre attacker Abdullah Reda El Hamahmy told French investigators that his motives for the attack were to damage paintings in the Louvre museum and “avenge” the Syrian people. He also confirmed his identity to investigators after initially refusing to cooperate, Reuters reports. The Egyptian national’s custody was temporarily lifted after his health condition “sharply deteriorated,” according to a Washington Post pickup of an AP story.

Meanwhile, “Egyptians are turning out in droves” to watch El-Armoty in the Line of Fire, a comedy movie that mocks Daesh and the ideology of terror, according to Al-Monitor.

The EGP will likely rebound in the long run, but its recovery will be slow given pent-up demand for USD, writes Brenden Meighen for the Carnegie Endowment for International Peace. Meighan sees the rebound as conditional on domestic businesses being able to ramp up production import substitutes while lower relative cost of production attracts new investment in export-oriented businesses. While the prospects for Egypt’s long-term economic growth are promising, there are downside risks including the US Fed tightening monetary policy, he says, and a stubborn backlog of companies waiting for USD.

What is on Mahmoud Mohieldin’s mind? If you, like us, remember Dr. Mahmoud with a significant measure of fondness and have wondered what he’s up to in the US, look no further The private sector needs to take on “a broader, more integrated role in the development agenda” in order to achieve the Sustainable Development Goals, World Bank SVP and former Investment Minister Mahmoud Mohieldin writes in Project Syndicate along with Svetlana Klimenko. The goals, which include ending poverty, improving global health, ensuring universal education, and mitigating climate change by 2030, are bound to be costly and governments will not be able to cover the costs entirely. “The private sector can become a financier, shifting [tns of USD] of capital toward developing economies. And it can play an important role as an implementer, translating profits into sustained economic growth, social inclusion, and environmental protection… This trend toward sustainable investment will undoubtedly accelerate. But, even without the agreement, the appeal of such investments stands: evidence indicates that integration of ESG considerations – when implemented intelligently and measured and reported transparently – could help investments outperform expectations, for both companies and investors,” Mohieldin and Klimenko write.

Some 20 rabbis were arrested in front of Trump Tower in New York City yesterday for protesting The Donald’s Muslim ban. The New York Times has the details. The plural of mensch is menschen, right?

Bassem Youssef corrals white liberals: Political orphan and late night comedy refugee Bassem Youssef is up to his usual shenanigans on his show Democracy Handbook (urgh). Still fresh off his high from his inflated role in toppling Morsi, Youssef has now taken on Trump, and from the looks of it, the latter might win reelection in four years. If this show proves anything, it’s that the real unsung heroes of Albernameg were the writers. Their absence is clearly evident. He does get brownie points for this skit (runtime: 1:10) in which he trains Bernie Sander supporters to take on Trump, as we have yet to see a brown man corral white people so well.

Foreign Minister Sameh Shoukry is in Jordan to meet with Jordanian King Abdullah II and his counterpart Ayman Al-Safadi and Prime Minister Hany Mulki, Ahram Online reported. Shoukry is set to discuss preparations for the Arab League Summit, regional issues, particularly the Israeli-Palestinian conflict.

MIDOR has raised its daily refining capacity by 15% to 115k bbl in January 2017, an unnamed official at the company told Reuters. The increase is attributed to the USD 20 mn first phase of the company’s expansion plan, he added. The second phase begins in 2H2017 to raise the daily capacity to 160k bbl, the official said. The Oil Ministry has reportedly hinted last week that it is looking at using excess capacity at MIDOR to refine imported Iraqi crude.

The Egyptian Electricity Transmission Company has contracted the Egyptian German Electrical Manufacturing Company (EGEMAC) to supply machinery for two transformer stations in Sharm El Sheikh and Hurghada at a total cost of EGP 350 mn, EGEMAC Chairman Medhat Ramadan told Al Borsa. The project will be completed within 12 months, he added. The company is also building two other transformer stations in Tanta and Sharkia at a total cost of EGP 160 mn, said Ramadan.

The Armed Forces have scrapped a project that would have seen the construction of two railway tunnels under the Suez Canal due to the rising cost of digging the tunnels, Kamel El Wazeer, the head of the Armed Forces Engineering Authority, told Al Mal. According to El Wazeer, each kilometer dug for the tunnels would cost approximately EGP 1 bn, bringing the total cost to more than EGP 8 bn. The authority is now studying, with preliminary approval from President Abdel Fattah El Sisi, the possibility of salvaging an abandoned railway bridge on top of the old Suez Canal and moving it away from the canal altogether, which would reduce the cost of the project.

The House of Representatives committee formed to investigate last year’s wheat scandal (it’s still around) is objecting to the use of agriculture cooperatives to collect this season’s wheat harvest, said committee member Yasser Omar. He tells Al Borsa that these coops are not equipped to receive the wheat, which will lead to siphoning. Supply Minister Mohamed Ali El Sheikh had stated previously that farmer coops will be used in this year’s collection. Furthermore, the committee is not yet done horse-trading and haggling with the government over the price. The government had announced that it would be buying wheat at the international price of EGP 700 per ardib, plus a EGP 50 premium. The committee is pushing for that premium to be raised to EGP 100.

The Central Agency for Public Mobilization and Statistics (CAPMAS) published a report suggesting climate change will have a direct impact on domestic harvest, Al Masry Al Youm reported. A rise in one degree Celsius will reduce annual production of wheat from 9 mn tonnes to 8.3 mn tonnes between 2014-15 and 2024-25, the report says. The wheat harvest will decrease further to 7.9 mn tonnes if the temperature goes up by two degrees. Rice production will drop from 5.8 mn tonnes to 4.3 mn tonnes if temperatures rises by one degree and fall to 4.2 mn tonnes if they rise by two degrees during the same period, the report suggests.

Kuwait’s Grand Real Estate Projects company has begun developing a housing project in Six of October over an area of 892 feddans, Chairman Ahmed Badr tells Al Borsa. The investment cost of the first phase is EGP 1.5 bn, he added. Grand Real Estate is also in negotiations with three companies to develop real estate and tourism projects in New Cairo, Six of October, and the North Coast, he added.

Deutsche Hospitality has signed hotel management contracts with the Taba Tourism Development Company and the Tourism Urbanization Company to manage the Taba Hotel & Nelson Village in Taba and the Cairo Pyramids Hotel in Giza under the Steigenberger Hotels and Resorts brand, Hospitality Net reported. The hotels will undergo extensive renovations until the end of the year, Deutsche Hospitality CEO Puneet Chhatwal said.

Marsa Matrouh’s governor has signed three agreements worth EGP 2 bn to establish tourist resorts spanning between 10 and 100 feddans, Al Borsa reported. The report provides no further details of the resorts or the investors behind them.

Global Telecom Holding (GTH)’s EGM has approved cancelling the GDR program and expects it to be effective around 8 March, according to a statement. GTH had announced its plans to cancel GDRs and issue a share buy-back in January.

Ride-hailing app Careem revamped its products by introducing Go and Go+, with the Go service replacing the Engezny and Economy services, which have a larger number of lower-end cars, and Go+ replacing the higher-end Business option. The base fare for a Go ride is EGP 4.50, with each km traveled costing EGP 1.80 and each hour of waiting time costing EGP 32. Go+ has a base fare of EGP 6, with each km costing EGP 2.1 and a charge of EGP 42 per hour of waiting time, Al Borsa reports. Careem Egypt boss Wael Fakharany said at a press conference for the launch that Careem is planning on raising its number of drivers in Egypt to 200k from 50k by the end of the year, Al Mal reported.

An Immigration Ministry-led committee is looking to develop a strategy to reduce customs on cars belonging to Egyptian expatriates upon their return to Egypt in exchange for a USD deposit, Al Borsa reports. The committee has settled on custom breaks of 5-50% depending on the make and model of the car, said government sources. It has also settled on ending requiring expats to prove they were the initial owners of the vehicle. To benefit, expatriates must have spent at least one year abroad and only one car per family will be eligible for the benefits, said Immigration Minister Nabila Makram. It has yet to be decided whether to restrict the deposits solely to the CBE or to open it up to state-owned banks, government sources added. The initiative was first announced back in September, with reports that it may include providing incentives to expats to purchase locally assembled cars in USD.

Hyundai was the top-selling passenger car brand in 2016, with 38,300 vehicles sold, giving it a 27% market share, Al Borsa says, citing an AMIC report. GB Auto is the sold authorized assembler and distributor of Hyundai in Egypt.

Banque Misr has tasked the Abu Dhabi International Bank (ADIB) with promoting a USD 150 mn Islamic finance facility from a syndicate of GCC lenders, Reuters reported. We had earlier reported that Banque Misr was looking to bring in USD 1.5 bn in funding to finance projects requiring foreign currencies.

Ethiopian Airlines said it is unable to repatriate around USD 220 mn held in local currency in Nigeria, Egypt and some other African states because of foreign exchange shortages, Reuters reported. “This also meant cash held in the local currencies was losing value, he said.”

The Federation of Egyptian Industries’ (FEI) electrical equipment and cables division is calling on Prime Minister Sherif Ismail to revise government contracts and hike prices by 30% as soon as possible, saying factories are suffering as they continue to supply their products under pre-float prices, Al Mal reports division head Atef Abdel Moneim said. Several industries called for the renegotiation of government contracts following the EGP float in November, and the Ismail cabinet formed a committee to look into the matter.

As many as 4,500 Misr Spinning and Weaving employees across six factories are striking to demand an increase in their food stipends and the retroactive disbursal of a 10% increase in their social allowance from 2012, one of the striking workers told Al Mal. The workers are also demanding that the company approve delayed promotions and vowed to escalate to a full strike across the company’s 18 factories if their demands are not met. Workers at an Americana factory are also holding a strike after the company’s management decided to lay off 500 workers, the newspaper reports.

Egypt was invited as a guest of honor to the Tourisma 2017 international expo on archaeology in Florence, Italy on 17-19 February, ANSAMed reported. “Our purpose is to target an important segment of reference in the country, mainly archaeology connoisseurs and travelers who love the ancient world,” director of the Egyptian tourism agency in Italy Emad Fathy said.

Waiters at Keif café in Heliopolis are alleged to have stabbed to death a 24-year-old man after getting into an argument over the bill after the Afcon final match on Sunday, Egypt Independent reports.