Tuesday, 5 June 2018

House could pass budget today after signing off on pay bumps for bureaucrats, pensioners


What We’re Tracking Today

It’s a relatively quiet morning in Egypt and and around the world. The four global business most relevant to your day include:

#1 — Cerberus Capital Management is offering USD 125 mn for Abraaj’s private equity business, the Wall Street Journal reports. The firm’s execs reportedly hope the bid “brings stability while [Abraaj] works out financial obligations with creditors,” the newspaper reports. Abraaj held a meeting in Dubai yesterday with creditors, investors and others, saying in a news release (not available on its website as of this morning) that a sale was discussed, but stopping short of mentioning New York-based Cerberus. Cerberus has “gained the edge over Colony NorthStar, which had earlier held talks with Abraaj about buying its fund management business,” the Journal adds. (You can check out Cerberus’ Bloomberg page here; its website was down at dispatch time.)

#2 — Apple announced a pile of new software features for Mac and iOS yesterday, but no new hardware and (as expected) no ‘tentpole’ features for iOS as it focuses on stability, speed, parental controls and smartphone addiction. Mac lovers, in particular, will be waking to a smile this morning. We like FaceTime conferences with up to 32 people for iOS and the very cool dark mode and ‘quick look’ features for macOS. The betas are out for developers now; normals will get access when the new software rolls out this fall, along with new versions of watchOS and tvOS. Last night’s event in California is front-page news across the global business press:

True iSheep can explore all the new features or watch the keynote video (runtime: 2:16:10) on Apple’s WWDC homepage here.

#3 — Starbucks boss Howard Schultz is stepping down amid speculation he is mulling a bid for the White House in 2020. The chain expanded from 11 stores in 1987 to more than 28k outlets in 77 countries under his leadership. “For some time now, I have been deeply concerned about our country — the growing division at home and our standing in the world,” he told the New York Times in an interview yesterday. The story is front-page news globally, with Politico, the FT and the WSJ all giving it prominent play. (Trigger warning for the politically sane among us: You can expect our local tin-foil-hat brigade will link arms with its international compatriots and focus on Schultz’s dastardly (and long-debunked) love of our neighbors to the east.)

#4 — Microsoft has indeed bought coding platform Github in a USD 7.5 bn transaction that has spawned all manner of bad headlines (“Microsoft Gits Github”) and that leaves Github’s founders with more Microsoft shares than the company’s current CEO. The WSJ has more.

Closer to home: The second phase of official trade union elections gets underway today, Manpower Minister Mohamed Saafan announced, Al Mal reports. The first phase of voting had kicked off last month, marking the first trade union elections in 12 years. The voting comes six months after the contentious Labor Unions Act — which has been widely criticized by international organizations — made its way through Parliament.

Jordanian PM resigns as austerity protests continue to escalate: Protests in Jordan against proposed tax increases and austerity measures culminated in the resignation of Prime Minister Hani Mulki yesterday, BBC reports. Jordan’s King Abdullah had demanded Mulki’s resignation yesterday and has reportedly tapped the country’s education minister to form a new government. President Abdel Fattah El Sisi spoke to King Abdullah on the phone yesterday to discuss unspecified issues of mutual interest, according to an Ittihadiya statement.

Saudi Arabia began issuing driver’s licenses to women yesterday, three weeks ahead of a scheduled plan to allow women to get behind the wheel of a car, Bloomberg reports. Ten women became the first in Saudi to receive licenses. The licenses were handed out with little fanfare, with very little media present. Bloomberg notes that several women activists who have called for the right to drive have been arrested in recent weeks on charges of being foreign collaborators.

Your Ramadan rundown for today:

Bank hours run 09:30 am to 01:30 pm for customers and from 09:00 am to 02:00 pm for employees.

The EGX is running shorter trading hours. The trading session kicks off at 10:00 am, but closes at 1:30 pm. Tap or click here for the full schedule.

So, when do we eat? For those of us observing, Maghrib is at 6:54 pm CLT today. You’ll have until 3:09 am tomorrow to finish your sohour.

The latest addition to our TBR pile is legendary investigative journalist Seymour Hersh’s memoir, Reporter, set to be released today. Hersh will be most familiar to the majority of our readers for breaking the news of the Abu Ghraib torture and prisoner abuse scandal in Iraq and the My Lai massacre in Vietnam. The New York Times had an interview with the grumpiest man in journalism yesterday to mark the publication of the book.

A story that will give every parent the chills: This profile of a school shooter in the Wall Street Journal, which looks at “what turns a teen into a killer.”



A word from our sponsor: CIB and its thousands of employee shareholders are committed to making a difference in Egypt as the nation’s leading private-sector bank (watch; runtime: 0:31). Every day, CIB and its staff put capital to work, growing the economy by helping manufacturers, exporters and small businesses expand and create jobs.


On The Horizon

Who will manage the Grand Egyptian Museum? Egypt will announce on Sunday the details of the prequalification stage of the tender for the management of the Grand Egyptian Museum (GEM), according to the Investment Ministry (pdf). Antiquities Minister Khaled Anany said a couple of months back that the ministry expects to drum up significant interest. The USD 1 bn museum is set to be completed in December this year, but will hold a soft opening to visitors in the next few months.

Saudi Arabia could be upgraded to MSCI emerging markets status this month.

The central bank’s monetary policy committee will meet on 28 June to review interest rates. With the meeting happening just days before the start of a new state fiscal year (and the subsidy cuts it will surely bring), conventional wisdom so far sees the committee leaving interest rates on hold.

Do you have an idea for a tech-enabled business that could make agriculture in Egypt more efficient? The World Bank may have seed funding, access to mentorship, and an accelerator / incubator program for you through its “DigitalAG4Egypt” program. The deadline for submissions is 1 July. Tap or click here for more information.

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The House of Representatives has started signing off on a basket of measures that will see bns in new spending flow to public servants, low income earners and the poor as part of a drive to shore up the social safety net ahead of the new fiscal year. The next budget will include subsidy cuts that will translate into rising power and fuel prices. Analysts expect this to temporarily drive up inflation, which had eased to 13.1% in April from 13.3% the month before. Just keep it all in context, folks: Inflation was running at north of 30% in May of last year.

House signs off on salary, pension increases worth more than EGP 60 bn: Parliament’s general assembly approved yesterday two special salary increases for civil servants and increased spending on pensions, Al Masry Al Youm reports.

Pay rises for civil servants: All state employees will be given a special raise ranging from EGP 140-160 a month, based on their pay grades. In additional to their annual raises, state employees not covered by the Civil Service Act will be awarded an exceptional hardship raise of 10% on their base salaries, with the minimum increase set at EGP 65. Parliament also decided to add EGP 40 to all civil servants’ base salaries after haggling with Finance Minsiter Amr El Garhy, according to the newspaper. El Garhy reminded everyone that every EGP 10 increase in the size of this social net, will increase costs to the state budget of nearly EGP 3.5-4 bn.

Cops and soldiers are getting pay bumps, too: The House’s Defense and National Security Committee approved a 15% rise in military and police pensions with the start of the new fiscal year, mirroring the raise for civil servants, Al Shorouk reports.

Pensions also look set to rise, with most pensioners getting a 15% bump and the minimum monthly pension climbing to EGP 750 from EGP 500. Social Solidarity Minister Ghada Wali has sent proposals for the Finance Ministry on how the pension increases should work out in practice, according to Al Shorouk. The House Manpower Committee had approved on Sunday the 15% pension hike and new monthly minimum pension.

Raises and pension increases combined will cost state coffers around EGP 60 bn, Prime Minister Sherif Ismail told reporters yesterday.

House Budget Committee signs off on raising income tax exemption threshold: The House of Representatives’ Budget Committee also gave businesses (who in Egypt remit employee income taxes as wage taxes to the state) a small break yesterday, raising the basic personal exemption from income tax to EGP 8,000 from EGP 6,500 previously, according to Finance Minister Amr El Garhy.

BUDGET WATCH- Will parliament pass the FY2018-19 budget today ? The House of Representatives is expected to pass the FY2018-19 budget today (uncharacteristically early) after the general assembly wrapped up yesterday its discussion of the Budget Committee’s report, according to Ahram Gate. Health and education both received additional earmarks to fund initiatives including the new K-12 educational system and the Universal Healthcare Act, both of which are expected to launch later this year. You can tap or click here for our budget refresher.

FinMin holds fast on oil price projection at USD 67/bbl in the FY2018-19 budget: The Finance Ministry appears set to keep its projected average oil price in next year’s budget at USD 67/bbl, Finance Minister Amr El Garhy told the House on Monday, according to Al Mal. He noted that while oil prices had recently surged above the USD 80/bbl mark, prices have recently cooled. Egypt’s oil agreements with Saudi Arabia and Russia will help keep supply and price in Egypt stable, he added. A government document obtained by Ahram Online suggests that the government has been importing the black stuff at a price of USD 75/bbl. Parliament had been so concerned of the impact this rise would have on next year’s budget it debated whether to to set aside more funds in case the government overshoots its deficit target for the year.

This comes as hedge funds are reportedly scaling back their wager on higher oil prices as OPEC and Russia discuss raising production ahead of their meeting on 22 June, the FT reports. Bloomberg is already teasing it as possibly “OPEC’s worst meeting ever, part 2.”

Egypt’s new budget can sustain global oil prices as high as USD 80/bbl, EFG Hermes’ Mohamed Abu Basha suggests in a research note to clients yesterday. While higher oil prices do pose a “temporary downside risk to economic growth” by adding to inflationary pressure and, in turn, affecting the recovery in consumption, Egypt’s strong fundamentals and policies will see it through, according to Abu Basha. He explains that average oil prices of USD 75-80/bbl would weigh the current account deficit down by as little as 0.8%, which would still allow Egypt to pursue fiscal improvements (such as a narrower budget deficit of 8.4% of GDP and a primary surplus of 2%).

Nonetheless, inflationary risk is clearly skewed to the upside, warned Abu Basha. These risks would be especially pronounced if the higher oil prices continue to 2019. “Such uncertainty clearly poses the risk of a relatively extended interruption of the easing cycle, possibly well into 2019,” he added. In the short-term, this risk would depend on how much the government decides to raise fuel prices to cushion the budget deficit against high oil prices, possibly driving inflation to 14-15% in 2H2018.

LEGISLATION WATCH- Draft social welfare act with Finance Ministry for review. A draft of a new proposed Social Welfare Act is now with the Finance Ministry for review, Social Solidarity Minister Ghada Wali said yesterday. The law would amend the social welfare and pensions systems, guarantee the right to unemployment benefits, and establish a new pension fund. The law will require Cabinet approval before being referred to the Council of State (Maglis El Dawla) for review, and the House of Representatives for final sign-off. Wali had said back in March that she expected the law to pass the House by the end of June.

Net foreign currency reserves were broadly stable at USD 44.14 bn in May compared with USD 44.03 bn in April, the central bank announced yesterday. Reserves, which began to climb after Egypt signed a USD 12 bn extended fund facility with the IMF, are at their highest level ever.

Canada’s Aton Resources has moved one step closer to obtaining an exploitation license on its Hamama West gold concession, the company announced in a press release. The Toronto Stock Exchange-listed firm submitted a study by Wardell Armstrong International on the concession to the Egyptian Mineral Resources Authority, a crucial step in its application to obtain the 20-year license. Aton had said in late November last year that it planned to submit the declaration of commerciality, only the second in the modern history of the Egyptian gold mining industry after Centamin.

Just don’t expect a new gold rush until there is regulatory reform: Gold miners continue to push the Egyptian Mineral Resources Authority to change to a tax and royalty system from the current production-sharing regime. As we understand it, Wood Mackenzie is advising the government on reform of the sector, with fresh investment in the industry pending the overhaul. Aton Resources CEO Mark Campbell, writing exclusively for Enterprise last year, noted that, “Egypt could be one of the top mining jurisdictions in the world, but it badly needs to reform its mining policies to attract more companies to invest in developing its mineral resources.” You can read Campbell’s full opinion piece here.

MNHD seeks EGP 1 bn loan from CIB to fund Taj City infrastructure development: Madinet Nasr Housing and Development (MNHD) will be seeking a EGP 1 bn medium-term loan from CIB to fund the development of a T-Zone and infrastructure at its Taj City project. The company’s board of directors signed off on the facility yesterday, the company said in a regulatory filing picked up by Al Mal. MNHD management is currently in talks with SODIC about a potential merger between the two real estate developers.

Misr Insurance Holding told to seek professional help with portfolio restructuring: Public Enterprises Minister Khaled Badawy wants Misr Insurance Holding to seek some professional help, ordering it to seek an investment bank or asset manager to help it restructure its investment portfolio. Badawy also reportedly urged the company to expand the scope of its investments to companies outside Egypt at a meeting with its newly constituted board of directors. The meeting comes as Misr Insurance prepares to list shares on the EGX as part of the state privatization program.

INVESTMENT WATCH- Trade Minister to inaugurate three new Unionaire factories in three weeks: Trade and Industry Minister Tarek Kabil is expected within the coming weeks to inaugurate three new Unionaire Group factories worth a collective USD 100 mn, according to a ministry statement. The factories in Six October City — which will produce an annual 750k television screens, 500k refrigerators, and 300k washing machines in their first phase of operation — are being partially financed through Egyptian-Saudi investments, with Unionaire contributing around EGP 1.5 bn to the project, according to Chairman Mohamed Fathy.

Kabil is also expected to break ground soon on Unionaire’s EGP 1 bn export-focused industrial complex, which will produce heavy-duty electric appliances, such as air conditioners, refrigerators, and washing machines, as the company looks to expand its presence in the Egyptian market and the region. Sources had said last year that the 80,000 sqm area would be complete by July 2019.

Egypt, World Bank sign agreement to launch USD 600 mn second phase of rural sanitation project: Egypt signed yesterday an agreement with the World Bank to begin implementing the second USD 600 mn phase of the WB-funded rural sanitation project, according to an Investment Ministry statement. The second phase, which will be financed by the World Bank and the Asian Infrastructure Investment Bank, will extend sanitation services to villages in Damietta, Gharbiya, and Menoufia that currently discharge untreated sewage into the Al Salam Canal. Egypt and the World Bank had signed on to begin the first USD 550 mn phase of the project back in 2015.

No shakeup of governors … for now: President Abdel Fattah has decided to keep the nation’s governors in place for the time being pending a wider shuffle, according to a presidential decree published in the Official Gazette yesterday. It is unclear when the new appointments are anticipated. The Local Administration Act stipulates that governors and their deputies resign from their posts at the beginning of a new presidential term. El Sisi officially began his second presidential term on Saturday.

MOVES- Former Canary Wharf executive hired by Saudi gov’t for Red Sea tourism component of NEOM. The Saudi government appointed John Pagano (LinkedIn) as CEO for its new joint stock Red Sea Development Company (RSDC), according to Asharq Al-Awsat. The company will oversee the tourism projects KSA plans develop on its side of the Red Sea Coast as part of a joint mega-city and business zone with Egypt, otherwise known as the Robot Utopia of NEOM.

 Mo Salah made the final lineup of Egypt’s World Cup squad, according to the Egyptian Football Association (EFA). Salah appears to be showing positive signs of recovery from his shoulder injury. The story is being widely picked up by the foreign press, with the Associated Press noting that the Liverpool top scorer “almost single-handedly led Egypt to its first World Cup since 1990.” In other football news yesterday, national team coach Hector Cuper was recently declared the highest paid among Africa’s World Cup coaches this year, coming in at number 11 out of 32 World Cup-bound managers on a pay list released by the Daily Mirror.

CORRECTION- In last week’s story on internet subscribers in Egypt reaching 40 mn in FY2017-18, we mistakenly noted that mobile internet users were down to 100.2 mn. It was total SIM cards in circulation that had dipped slightly to 100.2 mn. The story has been corrected on our website.


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Egypt in the News

Qatar smackdown anniversary is the only Egypt non-football related coverage: Beyond coverage of Egypt’s World Cup preparation, the only Egypt-related story gaining traction in the foreign press is its part in the year-long boycott of Qatar. There’s nothing particularly noteworthy in the coverage aside from Saudi Arabia’s threat this week to launch a military attack on Qatar if it installed anti-aircraft defenses. Saudi Arabia’s King Salman has threatened to take military action if Qatar installs a Russian air defence system in a letter to French President Emmanuel Macron, according to a piece by Le Monde newspaper picked up in Haaretz. The AP has a refresher on the war of words, while the UAE’s National is running a piece from the editorial board on how the GCC countries and Egypt are resolute in their demands.

On Deadline

Tough economic reforms would meet less popular resistance if the government seemed to be more cautious in its spending, Emad El Din Hussein says in a column for Al Shorouk. Hussein argues that people who are faced with prices hikes are wont to nitpick at the government’s expenditures, and are likely to feel like they’ve been given the short end of the stick if they see that the government is spending on unnecessary items such as official motorcades or issuing bonuses to employees of indebted public companies. He suggests that the government should make it clear to the public that its belt-tightening measures do not only apply to the citizenry and that austerity measures are being implemented on all levels. Al Masry Al Youm’s Dina Abdel Fattah also urges the government to focus on improving basic services such as health, education, and transportation in parallel with raising prices as a means of selling the benefits of reforms.

Worth Reading

The embrace of authoritarianism is an expected reflex reaction to the cruelty of free markets. At least that’s what Brandeis University professor Robert Kuttner postulates in his book, “Can Democracy Survive Global Capitalism?” Caleb Crain writes for the New Yorker. Kuttner’s argument is grounded in Hungarian intellectual Karl Polanyi’s theory from the 1930s that essentially argues that capital markets can be “cruel” and inflict enough pain on workers to push them towards embracing fascism in hopes of cutting out the negative elements of capitalism.

Choosing fascism? “In Polanyi’s opinion, whenever the profit-making impulse becomes deadlocked with the need to shield people from its harmful side effects, voters are tempted by the ‘fascist solution’: reconcile profit and security by forfeiting civic freedom.” While contemporary politics are similar to those of Polanyi’s time in some aspects, Kuttner says “today’s political impasse is different from that of the nineteen-thirties. It is being caused not by a stalemate between leftist governments and a reactionary business sector but by leftists in government who have reneged on their principles.” This distress, Kuttner says, is setting the stage for renewed vulnerability to the fascist solution.


SDX starts drilling new appraisal well at South Disouq

SDX Energy announced on Monday (pdf) that it started drilling works on the SD-4X appraisal well at its South Disouq concession. The well — the first of two planned appraisal wells in the company’s 2018 drilling campaign at South Disouq — will take up to 30 days to drill.

Basic Materials + Commodities

Egypt’s cotton exports rise 181.6% y-o-y in 2Q2017-18

Egypt’s cotton exports rose 181.6% y-o-y in 2Q2017-18 to 379,700 qintars, up from 134,800 qintars during the same period last year, according to CAPMAS figures cited by Al Shorouk.

Health + Education

International Eye Hospital plans to set up three facilities in Egypt and abroad

The International Eye Hospital is planning to establish two facilities abroad in the coming period in addition to opening a satellite facility in Giza, Chairman Beshr Kenawy said, Al Mal reports. Kenawy did not provide any details on the expected investment value of the planned expansions or where the international facilities will be established.


Pyramisa Hotels plans to readdress Agri Ministry to build EGP 500 mn resort

Pyramisa is planning to resurrect a EGP 500 mn touristic resort by Egypt’s new Grand Egyptian Museum in Giza, which authorities had refused to license last year claiming the company was looking to build on agricultural land, Chairman Magdy Azab tells Al Mal. The company plans to self-finance the project and is currently studying partnership opportunities with an unnamed real estate developer.

On Your Way Out

FAO launches USD 2.3 mn fruit, vegetable waste reduction program: The Food and Agriculture Organization (FAO) has launched a USD 2.3 mn project in Egypt and Tunisia to cut down on the spoilage and waste of vulnerable crops such as tomatoes and grapes, FAO’s representative in Egypt Hussein Gadain says. The program, which is funded by the Italian Agency for Development Cooperation, includes training sessions for farmers to help them reduce their crop losses.

Perhaps it’s the spirit of Ramadan, but we couldn’t help but share with you this rare moment of genuine empathy between man and dog. 37-year-old Mohamed Wardany shot this image last April in the midst of the buzzing annual Sayeda Zeinab Mouled and it has since gone viral on social media, the photographer told Enterprise.

The Market Yesterday

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EGP / USD CBE market average: Buy 17.85 | Sell 17.95
Buy 17.84 | Sell 17.94
EGP / USD at NBE: Buy 17.8 | Sell 17.9

EGX30 (Monday): 16,404 (-1.6%)
Turnover: EGP 924 mn (18% BELOW the 90-day average)
EGX 30 year-to-date: +9.2%

THE MARKET ON MONDAY: The EGX30 ended Monday’s session down 1.6%. CIB, the index heaviest constituent ended down 0.7%. EGX30’s top performing constituents were Abu Qir Fertilizers up 3.5%, Abu Dhabi Islamic Bank up 0.9% and GB Auto up 0.4%. Yesterday’s worst performing stocks were TMG Holding down 7.1%, Emaar Misr down 3.8%, and Heliopolis Housing down 3.7%. The market turnover was EGP 924 mn, and foreign investors were the sole net sellers.

Foreigners: Net Short | EGP -92.5 mn
Regional: Net Long | EGP +18.3 mn
Domestic: Net Long | EGP +74.1 mn

Retail: 35.2% of total trades | 35.7% of buyers | 34.7% of sellers
Institutions: 64.8% of total trades | 64.3% of buyers | 65.3% of sellers

Foreign: 29.3% of total | 25.5% of buyers | 33.1% of sellers
Regional: 8.4% of total | 9.1% of buyers | 7.6% of sellers
Domestic: 62.3% of total | 65.3% of buyers | 59.3% of sellers

WTI: USD 65.09 (+0.53%)
Brent: USD 75.52 (+0.31%)

Natural Gas (Nymex, futures prices) USD 2.92 MMBtu, (-0.31%, July 2018 contract)
Gold: USD 1,296.20 / troy ounce (-0.08%)

TASI: 8,335.39 (+0.07%) (YTD: +15.35%)
ADX: 4,577.15 (+0.24%) (YTD: +4.06%)
DFM: 3,034.64 (+1.59%) (YTD: -9.95%)
KSE Premier Market: 4,720.34 (+0.22%)
QE: 9,117.39 (+2.09%) (YTD: +6.97%)
MSM: 4,584.95 (-0.37%) (YTD: -10.09%)
BB: 1,265.32 (-0.03%) (YTD: -4.99%)

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14 June (Thursday): 2018 World Cup kickoff match between Russia and Saudi Arabia, Moscow, Russia.

15 June (Friday): Egypt’s first 2018 World Cup match against Uruguay, Yekaterinburg, Russia.

15-17 June (Friday-Sunday): Eid Al Fitr (TBC), national holiday (Look for possible Monday off given the first day falls on a Friday).

19 June (Tuesday): Egypt plays against Russia at 2018 World Cup, St. Petersburg, Russia.

25 June (Monday): Egypt plays against Saudi Arabia at 2018 World Cup, Volgograd, Russia.

28 June (Thursday): CBE’s Monetary Policy Committee meeting.

1 July (Sunday): Application deadline for the DigitalAG4Egypt Challenge.

16 August (Thursday): CBE’s Monetary Policy Committee meeting.

21-25 August (Tuesday-Saturday): Eid Al Adha (TBC), national holiday.

04-05 September (Tuesday-Wednesday): Euromoney Egypt Conference 2018, Cairo.

11 September (Tuesday): Islamic New Year (TBC), national holiday.

24-25 September (Monday-Tuesday): Arqaam Capital MENA Investors Conference 2018, Four Seasons Resorts, Dubai.

24-25 September (Monday-Tuesday): Egypt Water Desalination Forum, venue TBD.

27 September (Thursday): CBE’s Monetary Policy Committee meeting.

06 October (Saturday): Armed Forces Day, national holiday.

23-24 October (Tuesday-Wednesday): Intelligent Cities Exhibition & Conference 2018, Fairmont Towers Heliopolis, Cairo.

15 November (Thursday): CBE’s Monetary Policy Committee meeting.

20 November (Tuesday): Prophet’s Birthday (TBC), national holiday.

22 November (Thursday): US Thanksgiving.

25-28 November (Sunday-Wednesday): 22nd Cairo ICT, Cairo Convention Center, Nasr City, Cairo.

03-05 December (Monday-Wednesday): First Egypt Defense Expo, Egyptian International Exhibition Center, Cairo.

25 December (Tuesday): Western Christmas.

27 December (Thursday): CBE’s Monetary Policy Committee meeting.

01 January 2019 (Tuesday): New Year’s Day, national holiday.

07 January 2019 (Monday): Coptic Christmas.

25 January 2019 (Friday): Police Day, national holiday.

25 April 2019 (Thursday): Sinai Liberation day, national holiday.

28 April 2019 (Sunday): Easter Sunday, national holiday.

29 April 2019 (Monday): Easter Monday, national holiday.

01 May 2019 (Wednesday): Labor Day, national holiday.

06 May 2019 (Monday): First day of Ramadan (TBC).

05-06 June 2019 (Wednesday-Thursday): Eid El Fitr (TBC).

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