Sunday, 18 October 2020

Egypt’s sovereign green bonds listed on LSE


What We’re Tracking Today

Good morning, friends, and welcome to a new workweek. If you’re not WFH, you may want to hit the road a little bit early this morning because traffic is going to suck. Why, you ask? Because the new academic year started yesterday at public and national schools under the cover of what’s being billed in the domestic press as “tight precautionary” measures to curb covid-19 (here and here). Students at public universities also returned to the classroom yesterday, cabinet said in a statement.

Continuing with the public service announcements: “Rainy” season begins around mid-week, with the North Coast and parts of the Delta expected to see rainfall on Tuesday and Wednesday, supervisor of the Irrigation Ministry’s forecast center Iman Sayed told El Hekaya’s Amr Adib yesterday (watch, runtime: 4:14).

You can expect the weather to cool in Cairo as we slide into the best time of year in which to live in our fair city. Expect temperatures in the 28-32°C range for the next two weeks. Our favorite weather app tells us to expect a high today of 32°C with a 40% chance of a light sprinkle on Wednesday and Friday.

Also likely to snarl traffic this morning: Our newly-elected Senate is sitting for its inaugural session today. We have more on the upper chamber of parliament’s agenda in Last Night’s Talk Shows, below.

It’s election week: Voters are heading to the polls to elect a new House of Representatives. The multi-stage process kicks off when expat voters cast ballots on Wednesday. The first wave of voters at home will go to polling stations this coming Saturday (24 October).

Don’t know where or when you’re supposed to vote? Head to the National Elections Commission’s website and put in your national ID number:

In the House today: Changes to the Bankruptcy Act that would give creditors more power to decide the future of bankrupt businesses are up for discussion at today’s meeting of the House Legislative Committee, according to Al Mal. The amendments were greenlit by the cabinet last summer. The draft as it stands would also allow debtors to request bankruptcy protection.

Invest in education: The Education Ministry will launch today the second phase of the public-private partnership (PPP) program to build 1k schools through 2030, cabinet said in a statement. The government plans to invite companies to bid for prequalification to build 98 language schools that target middle-income households by offering high-quality education at a lower price point than private schools. The PPP model enables the private sector to build and operate schools on government-allocated land for a period of up to 30 years, before transferring ownership to the Education Ministry. We looked at the framework and where things stand with the program in a previous edition of our education vertical, Blackboard.

Egypt might host the CAF Champions League final on 6 November, unless the final match is an all-Moroccan affair, in which case it will be held in Casablanca, the Confederation of African Football said in a statement on Friday. The semi-final leg of the championship kicked off yesterday in Casablanca, where Al Ahly defeated Wydad Casablanca. Meanwhile, Zamalek is going head-to-head with Raja Casablanca tonight at 9pm CLT.

FROM THE DUMPSTER FIRE (aka: our social): The man who has for decades photographed every metal or hard rock band that matters is in Egypt. Check out Ross Halfin’s moody shots of the Giza Pyramids and Edfu on the IG (tell us they don’t look like something out of the 19th century) and then stick around on his feed for concert, promo, BTS and documentary work on everything from Metallica to Soundgarden.

Need another distraction? Twitter thinks this Cairo chicken place needs to rebrand, but we simply wonder whether the unfortunately-named FEDCOC is an investor. Meanwhile, this is how bridges used to be made — the gloriously romantic Charles Bridge in Prague, in this particular case.


Squash champions Ali Farag and Nour El Sherbini won the men’s and women’s CIB Egyptian Squash Open championship titles after beating compatriots Tarek Momen and Nouran Gohar in the final match yesterday, according to PSA World Tour.

The Health Ministry reported 138 new covid-19 infections yesterday, up from 126 the day before. Egypt has now disclosed a total of 105,297 confirmed cases of covid-19. The ministry also reported 10 new deaths, bringing the country’s total death toll to 6,109. We now have a total of 98,157 confirmed cases that have fully recovered.

Things are looking increasingly grim in Europe: The case count in European countries has skyrocketed in past weeks, surpassing peaks seen during the first wave in the spring. Deaths are now rising, too, with a combined 4,316 deaths across Spain, France, the UK, Italy and Germany in the first two weeks of October, Axios writes. The WHO’s Europe Director Hans Kluge said that if the current trajectory holds, the fatality rate will be four or five times higher in January than it was during the peak of the first wave in April.

Pfizer will apply for US regulatory approval for its covid-19 vaccine during the third week of November should tests confirm that it’s safe and effective, the CEO of the US pharma giant said on Friday.

SPACs are going from strength to strength: The amount of money raised by special-purpose acquisition companies (aka SPACs / blank-check companies) in the US this year has reached a record USD 51.3 bn, the Financial Times reports, citing Refinitiv data. Blank-check firms have now raised more year-to-date in 2020 than they had over the previous decade, and account for almost half of the USD 111.6 bn raised via initial public offerings so far this year. The WSJ is freaking out over the fact that everyone from Shaq to a company that publishes a certain magazine with a bunny-ears logo is getting in on the Spac craze. Don’t have a clue what we’re talking about? Read our explainer on SPACs here.

Two of Wall Street’s biggest players are sending contrasting signals on emerging markets: Goldman Sachs is advising investors to buy big into high-yielding EM sovereign debt during the final months of 2020, arguing that governments in developing countries are more insulated from a slowdown in global growth than high-yielding US corporates, Barron’s says. BlackRock kingpin Larry Fink said the opposite on Friday, describing himself as “bearish on the emerging world” during an online event hosted by the Institute of International Finance, Reuters reports.

How long before BAE and Barclays show up in the MSCI EM index? We’re being slightly tongue-in-cheek here (though Bank of America would tell you that Brexit has effectively turned the GBP into an EM currency) but Moody’s isn’t exactly expressing confidence in the UK economy. The ratings agency downgraded the UK’s credit rating to Aa3 on Friday, citing expectations for “meaningfully weaker” growth and “diminished” stability of the country’s executive and legislative institutions, the Financial Times reports.

The economic malaise hasn’t persuaded Boris Johnson to compromise over Brexit: The UK PM threatened to quit trade and security talks unless Brussels adopts a “fundamental change of approach,” raising the spectre of a disorderly exit from the EU when the transition period ends on 1 January, the Guardian reports.

It’s arguably worse on the other side of the Atlantic where investors see the US as out-EMing the UK: Next month’s US election are being treated as the single worst risk event in the history of the VIX while investors, rather than seeking the traditional safety of US treasuries, are diversifying into EM assets. These are just two signs that investors are now treating the US as an emerging market “where weak political institutions and polarized societies increase the risk of instability around elections,” political economist and Columbia University adjunct professor Mark Rosenberg writes for Foreign Policy.


Is a breakthrough in the three-year dispute with Qatar in the offing? Saudi Foreign Minister Prince Faisal bin Farhan said there is a “path toward” addressing Saudi Arabia, the UAE, Bahrain, and Egypt’s “legitimate security concerns” on Qatar in the “relatively near future” following a meeting with US Secretary of State Mike Pompeo, Bloomberg reports.

ALSO WORTH KNOWING- Struggling producer Dana Gas got a USD 90 mn lifeline that will allow the company (which produces in Egypt and was reportedly looking to sell its assets here) to avoid a third restructuring, Reuters reports. And Boeing may be allowed to fly its 737 Max again before the end of the year.


You can take your corporate security blanket with you when you build your own company. That’s the lesson Ashraf Sabry proved with Fawry, the company he has spent more than a decade building into the household name in payments. After struggling with bankruptcy early on, Fawry serves 29 mn customers and processes bns worth of payments every day.

Tap or click here to listen to how Fawry was built with 100% Egyptian tech talent: Our website | Apple Podcast | Google Podcast | Anghami | Omny. We’re also available on Spotify, but only for non-MENA accounts. Subscribe to Making It on your podcatcher of choice here.

Enterprise+: Last Night’s Talk Shows

Unfolding last night: Information Minister Osama Heikal appears to be in a war of words with the nation’s talking heads and other media figures after suggesting that the majority of those aged below 35 in the country no longer watches television and instead relies on other media for their daily dose of news. Al Tasea Masa’an’s Wael Ebrashy went on a lengthy tirade, accusing Heikal of falling short in addressing issues facing the country’s media landscape (watch, runtime 16:52). Youm7 honcho Khaled Salah also took to Twitter (the irony of which is not lost on us in this context) to criticize Heikal for “sitting back and watching” the situation. The minister issued a statement suggesting that media personalities are acting on unspecified “orders” to launch a campaign against him.

Also from Planet Media: Egyptian media outlets have until 24 November to comply with licensing regulations set by the Supreme Council for Media Regulation under the 2018 Press and Media Act, according to a statement. Under the regs, all outlets are also required to pay EGP 50k-250k for a five-year license, we noted when the law was passing through the House of Representatives.

The start of the new academic year at public and national schools and universities also got some airtime yesterday. Each of Egypt’s 60k schools has its own schedule and policies to implement the new hybrid model, but parents can phone into a ministry call center to lodge complaints and concerns regarding schools, Education Minister Tarek Shawki told El Hekaya’s Amr Adib. The minister also chatted with Adib about tuition fees at public schools, which he noted parents can pay in two or four installments (watch, runtime: 10:18).

The ministry has a video recapping what the new academic year will look like under the new model that will see students learning the core curriculum primarily through state-owned educational channel “Madrasetna” and several other platforms (watch, runtime: 2:32). A new one-stop shop platform that brings together a range of services including educational channels, an e-library, and an e-lesson and private tutoring platforms is also available for students now, Shawki said, according to Al Masry Al Youm.

Special low-cost internet packages will also be available for university students to access educational platforms within days, Higher Education Minister Khaled Abdel Ghaffar told Kelma Akhira’s Lamees El Hadidi (watch, runtime: 11:51).

Members of the Senate will begin today’s inaugural session by electing a secretary general and two undersecretaries for the chamber, acting SecGen Mahmoud Etman told Al Hayah Al Youm’s Lobna Assal. The session will be aired live on television, Etman said (watch, runtime: 6:49).

Foreign Minister Sameh Shoukry signing an MoU for political consultations with his Spanish counterpart was on the agenda for Lobna Assal (watch, runtime: 6:11), who had a chat with Egypt’s Ambassador to Spain, Omar Selim, for his two cents (watch, runtime: 4:38) and Masaa DMC’s Eman El Hosary (watch, runtime: 1:29).

Speed Round

Egypt’s five-year sovereign green bonds are now listed on the London Stock Exchange (LSE), the exchange said in a statement on Thursday. The USD 750 mn issuance — the first of its kind in the MENA region — was almost 5x oversubscribed, fetching more than USD 3.8 bn in bids for the bonds, which carry a 5.2% yield. “The success of the inaugural transaction highlights Egypt’s commitment to building a sustainable future and paves the way for many more issuers in the region to follow this example,” Denzil Jenkins, Interim CEO of London Stock Exchange said. Egypt’s paper will be traded on the Sustainable Bonds Market along with 240 bonds from issuers in over 60 countries

The offering also improves Egypt’s environmental rating and increases the confidence of foreign investors in the Egyptian economy, Finance Minister Mohamed Maait said. The inaugural issuance also comes as part of the government’s debt diversification strategy, which entails a shift towards longer-term debt, that the government hopes will constitute some 52% of borrowing by June 2022.

Proceeds from the offering will be used to finance the development of Egypt’s USD 1.9 bn portfolio of green projects, including renewable energy, clean transport, sustainable water and wastewater management, and pollution reduction and control. The World Bank is consulting the government on how to best spend these proceeds.

GREEN IS BIG NOW- Egypt and the UK will work together to set a partnership agenda on climate issues, and “promote adaptability, resilience and a green and resilient recovery from covid-19” ahead of the 2021 UN Climate Conference, which will be hosted by the UK, James Cleverly MP, minister of state for the Middle East and North Africa, said.

We’re not far from seeing Egypt’s first ever corporate green bond issuance: The European Bank for Reconstruction and Development, the French Development Agency’s Proparco, and the International Finance Corporation (IFC) are all considering participating in CIB’s upcoming maiden green bond issuance, Al Mal reports, citing unnamed sources. Investors are doing due diligence ahead of the offering, which was originally slated to take place this month. Heba Abdellatif, CIB’s head of debt capital markets, told us in June that the first tranche will see the IFC invest USD 50-65 mn in the five-year bonds. If successful, the IFC will bring its investment up to USD 100 mn in another tranche.

M&A WATCH- The Emirates’ ADQ Holding could buy Amoun Pharma for USD 700 mn: Abu Dhabi’s sovereign wealth fund ADQ is eyeing Bausch Health’s unit in Egypt, Amoun Pharma, ahead of a potential acquisition with a price tag that could be north of USD 700 mn, Bloomberg reports, citing people familiar with the matter. The two parties have not yet worked out the details of the transaction, and Amoun is also on the market for other buyers, the sources said. Bausch — back when it was called Valeant — acquired Amoun in 2015 for USD 800 mn in addition to contingency payments. Amoun was said at the time to be Egypt’s largest local pharma producer and produces a range of human and veterinary medicines including antibiotics, analgesics and antihistamines.

The USD 136 bn fund has been on an acquisition spree in the past few months: It bought a 22% stake in the Middle East’s largest courier Aramex, took a USD 2.1 bn indirect stake in Abu Dhabi National Oil Co’s gas pipelines alongside the Abu Dhabi Pension Fund, and is in talks to grab a slice of agricultural trader Louis Dreyfus. In Egypt, sources told Al Mal last week that the fund has submitted an offer to buy a majority stake in Atyab, the frozen meats and poultry company, for EGP 3–3.2 bn; EFG Hermes is reportedly acting as financial advisor for the transaction.


M&A WATCH- Egyptians Housing and Development offloads stake in Odin Investment for EGP 75 mn: Egyptians Housing and Development has sold its entire 21.28% stake in Odin Investment at EGP 3.38/share in a EGP 74.81 mn transaction, the company said in an EGX filing (pdf). Odin Capital Group, which bought the shares, has now increased its stake in the company to 47.77% from 26.48%, it said in a separate filing (pdf). Sigma Capital Securities brokered the transaction.

A plan for reconstructing both companies: The transaction is designed to restructure the group by separating real estate investment from financial investment, Odin Investments CEO Hashem El Sayed told Enterprise. Odin Capital Group will now control the group’s financial investments while Egyptians Housing and Development will take real estate, he said. Odin Capital and Egyptian Housing are subsidiaries of Odin Investments.

DEBT WATCH- City Edge plans to issue EGP 600 mn in securitized bonds in 2Q2021, CEO Mohamed Makkawy told Al Mal. The securities will be backed by 200 units the company has sold in its Etapa project in Sheikh Zayed, he said, adding that the proceeds from the offering will be used to buy more land plots for new projects. The 77-feddan Etapa compound contains 493 residential units, and the company is seeking almost EGP 1.8 bn in loans to construct a hotel and a number of administrative and commercial projects, Makkawy said.

The Dabaa nuclear power plant is expected to generate returns worth 4x the amount spent on its construction, Alexander Voronkov, CEO of Rosatom’s Middle East unit, said in an interview with state news agency MENA. According to Voronkov, the project could make Egypt “one of the leading” countries in peaceful nuclear power once it’s fully complete (a point expected around FY2028-2029). Rosatom, the Russian nuclear giant building the 4.8 GW plant, is currently preparing the site for construction through subsidiary and contractor Atomstroyexport. Several leading Egyptian companies are also working at the site, which is located 184 km west of Alexandria. Construction permits for the reactors are expected to be issued in 1H2021 by the Nuclear and Radiological Regulatory Authority (ENRRA), we noted in August.

Rosatom is bidding for another nuclear power plant in Saudi Arabia, the press cites Voronkov as having announced during the interview. Egypt’s Dabaa plant will be the first by Rosatom in the region, followed by a project in Turkey the Russian energy company won licenses for late last year.

LEGISLATION WATCH- A new state agency will be in charge of Egypt’s waste management challenges after President Abdel Fattah El Sisi signed into law a bill that would regulate the industry, Environment Minister Yasmine Fouad said in a statement. The new legislation, approved by the House of Representative in August, grants the authority regulatory oversight over the waste management sector and puts it in charge of creating a national strategy to improve waste disposal and recycling. The bill also includes investment incentives as well as other measures to encourage garbage collectors, small companies, private contractors, and recycling centers to join the formal economy.

Plugging the legislative gap could help market the sector: Private players in the waste management industry have been calling for government incentives to make the industry viable for outside investment, as an absence of a nationwide collection infrastructure and a market that is no longer conducive to the byproducts of recycling have been hindering investments for decades.

We took a deep dive into the problems facing the sector earlier this year: Tap/click here for more information.

IN OTHER NEWS from the industry- The Military Production Ministry signed a cooperation protocol with Egypt’s Green Tech and Bahrain’s Oak Holdings to establish a company to build and operate waste-to-energy plants, according to a ministry statement.

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The Macro Picture

Foreign debt is leaving emerging markets more vulnerable to shocks than ever before: Widening private debt, rapid monetary expansion and low-cost lending have left emerging markets with a much larger challenge in piecing together an economic recovery from covid-19 than they did during the global financial crisis, according to a new study by the Economic Research Forum (ERF), which suggests the problem lies in the volatility of taking on foreign currency denominated debt and underdeveloped domestic financial markets.

Rigid lending terms place EMs in a bind when external shocks arise: Corporate bonds, which constitute the bulk of FX-denominated bond issuance in EMs, are at high risk of default during a crisis and are not subject to restructuring, Sarah El-Khishin and Mahmoud Mohieldin, the authors of the report, argue. Similarly, sovereign bond issuances, which middle and low income EMs are more likely to opt for given their underdeveloped financial markets, are just as risky because of restrictions on restructuring.

Long-term monetary expansion and cheap private sector lending has paved the way for corporate bond issuances and speculative financial activity to thrive in EMs. These policies, designed for short-term use, are being deployed as long-term growth strategies and have led to a situation that is “disturbing the connection between financial markets and real sector performance during the crisis.”

The solution? Emerging markets need to find the right balance between short-term external finance and more conservative growth targets. This would mean possibly forgoing medium-term growth by reining in loose monetary policies introduced during the pandemic, which the authors call “highly alarming.” More flexible exchange rates could also be deployed to shore up against external shocks and short-term speculative activity. As for our lenders, some “breathing room” like granting a moratorium on debt and promoting more options for restructuring could help protect against debt crises.

Egypt in the News

Topping coverage of Egypt in the foreign press: A CNN report claiming the FBI investigated whether an unnamed Egyptian state bank backed a USD 10 mn donation Donald Trump made to his own 2016 election campaign, in what would be a contravention of the US’ campaign finance law. The bureau investigated the case for three years but ultimately closed it this summer without filing charges.

GERD is also in the spotlight as the Washington Post looks at how Egyptians and Ethiopians feel about the dam and the current state of play in the high-stakes negotiations.

Elsewhere: National Geographic has a historical account of Egypt’s last pharaoh — allegedly Cleopatra and Julius Caesar’s child — who was murdered at age 17, ending Ptolemaic rule in Egypt. The cancellation of Moroccan singer Saad Lamjarred’s planned concert in Egypt following social media outcry over numerous allegations of [redacted] assault reflects “a growing resolve to speak out,” Reuters says. The newswire also profiles Egyptian tailor Ashgan El Abhar, who created a clothing line for individuals with disabilities.

Worth Watching

Does this conflict of interest explain the long history of auditing scandals at the Big Four accountancy firms? A string of scandals and auditing failures at KPMG, Deloitte, PwC and EY — AKA the “Big Four” accountancy firms — has prompted a UK financial watchdog to finally close a regulatory flaw that may be tempting firms to overlook certain indiscrepancies in their clients’ accounts, CNBC says (watch, runtime: 07:54). While stopping short of ordering a full break-up of the companies, the UK regulator has told them to separate their auditing arms from their other units by the end of 2024.

How does this solve the problem? Many accountancy firms offer their clients both auditing and consultancy services. Current rules allow them to begin consultancy work with the company immediately after an auditing contract ends, making it less likely to challenge a client if it threatens future lucrative contracts. The big four told CNBC that they have since taken steps to enhance audit governance and separate operations.

Diplomacy + Foreign Trade

Topping coverage on the foreign trade front: Egypt’s non-oil exports declined by just 3.5% y-o-y in 9M2020, totaling c. USD 18.15 bn compared to USD 18.8 bn in 9M2019, according to a General Organization for Export and Import Control (GOEIC) report picked up by Al Mal. Figures indicate that exporters have begun to see improved trading conditions, with non-oil exports rising 4% y-o-y in September to USD 2.15 bn and seven export councils reporting increased export values.

In other trade and investment news:

  • The trade ministry has cut tariffs on steel billets to 13% from 16% as it phases protective tariffs over a three-year period. The tariffs were controversial among iron and steel manufacturers, who sought redress in court;
  • Some 70 French companies attended a seminar on investing in Egypt post-covid, according to a Planning Ministry statement;
  • The Egyptian Federation of Investors Association is pushing investment in Africa.

Shoukry’s EU-focused weekend: Spain’s Arancha González Laya was in Cairo this weekend for talks with Foreign Minister Sameh Shoukry that included a joint presser (watch, runtime: 28:30). Laya also met President Abdel Fattah El Sisi. Shoukry also spoke this weekend with his German,


Egypt’s Sabbour, SIDC sign infrastructure contract for Ain Sokhna industrial park

Sabbour Consulting has signed a contract with the Suez Industrial Development Company (SIDC) to complete the development of infrastructure works at the first phase of the SIDC Industrial Park in Ain Sokhna, according to a statement carried by Hapi Journal. The park looks set to be home to both heavy industry and small and medium-scale manufacturing.

Health + Education

Siemens Energy inaugurates training academy and service center at SCZone

Siemens Energy inaugurated a training academy and service center on Thursday in Ain Sokhna at the Suez Canal Economic Zone, the company said in a statement. The service center combines a repair center, a tooling center and a spare-parts warehouse, along with the Egyptian German Technical Academy, which will serve as a hub for vocational training. The company also inked a letter of intent with the Egyptian Electricity Holding Company and the Egyptian Maintenance Company establishing a joint venture at the services center that will enable remote support for power plant outages.

ElSewedy Education allocated 50 feddans in Assiut for education project

ElSewedy Education has been allocated a 50-feddan land plot in Assiut by the New Urban Communities Authority (NUCA) for an education project, authority head Gehan Ammar told Hapi Journal. ElSewedy Education submitted the request in August, but is still deciding between implementing the project in Assiut or Minya.


Four companies submit bids to develop Giza Pyramids sound and light show

One European company and three local firms have submitted bids in the Sound and Light Cinema Company’s (SLCC) tender to develop and manage the sound and light show at the Giza Pyramids since it was launched two weeks ago, Masrawy reports. The deadline to submit bids is 5 November.

Real Estate + Housing

TMG wants to partner with NUCA to develop 5k feddans in Capital Gardens City

Talaat Moustafa Group is in negotiations to partner with the New Urban Communities Authority to develop 5k feddans in the new administrative capital’s Capital Gardens City, the local press reports, citing unnamed sources.

Automotive + Transportation

Decision on Mitsubishi Metro Line 4 bid coming within one month

The Transport Ministry will this month make a decision on Mitsubishi’s offer to supply 23 trains for Metro Line 4, the local press reports, citing unnamed sources. The EGP 300 mn bid submitted by the Japanese conglomerate at the beginning of the year would be part-financed by a USD 1.2 bn loan from the Japanese International Cooperation Agency, which is being used to construct the line. Line 4 will extend over 19 km and 17 stations from Sixth of October City through to El Malek El Saleh station on Line 1 to Amr bin Al-Aas station, linking Cairo, Giza and Sixth of October.

Banking + Finance

Amer subsidiary borrows EGP 450 mn from Ahli United Bank for Porto Heliopolis project

Amer Group subsidiary Delmar For Touristic Development signed a loan contract with Ahli United Bank for EGP 450 mn on Wednesday to finance the Porto Heliopolis project, the company said in an EGX filing (pdf). The project is the first integrated residential compound in the Heliopolis area, and is situated on 27k sqm directly overlooking El Thawra Street.

On Your Way Out

Netflix will release “Secrets of the Saqqara Tomb,” a documentary film covering the unearthing of a tomb at the Saqqara archeological site on 28 October. The documentary follows a team of local archaeologists who piece together one of Egypt’s significant archaeological finds: a 4,400-year-old tomb belonging to Wahtye, a high-ranking priest who served during Egypt’s Fifth Dynasty under King Neferirkare. Watch the trailer here: (watch, runtime: 02:13).

The Market Yesterday

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EGP / USD CBE market average: Buy 15.64 | Sell 15.74
EGP / USD at CIB: Buy 15.63 | Sell 15.73
EGP / USD at NBE: Buy 15.65 | Sell 15.75

EGX30 (Thursday): 11,323 (-0.1%)
Turnover: EGP 1.1 bn (2% below the 90-day average)
EGX 30 year-to-date: -18.9%

THE MARKET ON THURSDAY: The EGX30 ended Thursday’s session down 0.1%. CIB, the index’s heaviest constituent, ended up 0.2%. EGX30’s top performing constituents were Elsewedy Electric up 2.9%, Juhayna up 2.9%, and Orascom Development Egypt up 2.0%. Thursday’s worst performing stocks were Madinet Nasr Housing down 4.5%, Egypt Iron & Steel down 2.7% and Sidi Kerir Petrochemicals down 1.9%. The market turnover was EGP 1.1 bn, and domestic investors were the sole net sellers.

Foreigners: Net Long | EGP +36.6 mn
Regional: Net Long | EGP +30.1 mn
Domestic: Net Short | EGP -66.6 mn

Retail: 78.2% of total trades | 79.8% of buyers | 76.5% of sellers
Institutions: 21.8% of total trades | 20.2% of buyers | 23.5% of sellers

WTI: USD 40.88 (-0.20%)
Brent: USD 42.93 (-0.53%)

Natural Gas: (Nymex, futures prices) USD 2.77 MMBtu (-0.07%, November 2020 contract)
Gold: USD 1,906.40 / troy ounce (-0.13%)

TASI: 8,553.79 (-0.45%) (YTD: +1.96%)
ADX: 4,554.37 (-0.41%) (YTD: -10.27%)
DFM: 2,194.63 (-1.06%) (YTD: -20.62%)
KSE Premier Market: 6,377.45 (-0.33%)
QE: 9,999.46 (-0.27) (YTD: -4.09%)
MSM: 3,593.63 (-0.01%) (YTD: -9.73%)
BB: 1,477.84 (+0.08%) (YTD: -8.22%)

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12-18 October (Monday-Sunday): 2020 Virtual Annual Meetings of the International Monetary Fund and the World Bank Group.

18 October (Sunday): The newly-elected Senate will hold its inaugural session.

18 October (Sunday): A court will hold a postponed hearing to look into an unpaid claims lawsuit by Syria’s Antradous against Mansour Amer’s Amer Group and Porto Group.

18-22 October (Sunday-Thursday): The annual Cairo Water Week event — which will be semi- virtual this year — will be held under the slogan “Water Security for Peace and Development in Arid Regions”

21-23 October (Wednesday-Friday): Polls open to international voters for first round of Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.

23-31 October (Friday-Saturday): El Gouna Film Festival, El Gouna, Egypt.

24-25 October (Saturday – Sunday) Polls open for first round of Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.

29 October (Thursday): Prophet Mohamed’s birthday (TBC), national holiday.

End of October: Last chance to settle building code violations for illegal buildings.

November: Egypt will host simultaneously the International Capital Market Association’s emerging market, and Africa and Middle East meetings.

November: An Egyptian-Russian ministerial committee will meet to discuss trade and investment in Moscow.

2 November: Former Civil Aviation Minister Ahmed Shafik faces retrial at Cairo Court of Appeals in the so-called Aviation Ministry corruption case.

4-5 November (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.

4-6 November (Wednesday-Friday): Polls open to international voters for first round of Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.

4-7 November (Wednesday-Saturday): Cityscape Egypt Expo, International Exhibition Center, Cairo

7-8 November (Saturday-Sunday): Polls open for first round of Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.

12 November (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

15 November (Sunday): Egyptian Tax Authority’s online intro seminar on new electronic invoice system for first tranche of companies transitioning to e-filing program.

19-28 November (Thursday-Sunday): Cairo International Film Festival, Cairo Opera House, Egypt.

22-25 November (Sunday-Wednesday): Cairo ICT 2020, Egypt International Exhibition Center, Nasr City, Cairo.

23-24 November (Monday-Tuesday): Reruns for Parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.

30 November (Monday): Final results will be announced for Parliamentary elections held in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.

December: The 110th regular session of the Egyptian-Iraqi Joint Higher Committee will be held under the chairmanship of the prime ministers of the two countries.

December: IMF delegation visits Egypt in first of two reviews ahead of disbursement of second tranche of USD 5.2 bn SBA.

1 December (Tuesday): The IMF will conduct a first review of targets set under the USD 5.2 bn standby loan approved in June (proposed date).

5 December (Saturday): A court will hold a postponed hearing to look into an appeal by Syria’s Anataradous against an arbitration ruling in favor of Amer Group and Amer Syria.

7-8 December (Monday-Tuesday): Reruns for Parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.

9-10 December (Wednesday-Thursday): BiznEx, the international business expo in Egypt, venue TBD.

14 December (Monday): Final results will be announced for Parliamentary elections held in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.

15-16 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.

24 December (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

25 December (Friday): Western Christmas.

1 January 2021 (Friday): New Year’s Day, national holiday.

7 January 2021 (Thursday): Coptic Christmas, national holiday.

13-31 January (Wednesday-Sunday): Egypt will host the 2021 Men’s Handball World Championship at the Giza Pyramids.

25 January 2021 (Monday): 25 January revolution anniversary / Police Day.

25-29 January 2021 (Monday-Friday): The World Economic Forum’s “Davos Dialogues” will take place virtually.

26-28 January (Tuesday-Thursday): Future Investment Initiative, Riyadh, Saudi Arabia.

28 January 2021 (Thursday): National holiday in observance of 25 January revolution anniversary / Police Day.

4 February 2021 (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

6-18 February (Saturday-Thursday): Mid-year school break.

18 March 2021 (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

12 April 2021 (Monday): First day of Ramadan (TBC).

25 April 2021 (Sunday): Sinai Liberation Day.

29 April 2021 (Thursday): National holiday in observance of Sinai Liberation Day.

29 April 2021 (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

3 May 2021 (Monday): Sham El Nessim.

6 May 2021 (Thursday): National holiday in observance of Sham El Nessim.

12-15 May 2021 (Wednesday-Saturday): Eid El Fitr (TBC).

18-21 May 2021 (Tuesday-Friday): The World Economic Forum’s annual meeting will be held under the theme of “The Great Reset” in Lucerne-Bürgenstock, Switzerland

31 May-2 June 2021 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, Nasr City, Cairo.

1 June 2021 (Tuesday): The IMF will conduct a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).

10 June 2021 (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

24 June 2021 (Thursday): End of the 2020-2021 academic year.

26-29 June 2021 (Saturday-Tuesday): The Big 5 Construct Egypt, Cairo International Convention Center

22 July 2021 (Thursday): The CBE’s Monetary Policy Committee will meet to review interest rates.

30 July-3 August 2021 (Thursday-Monday): Eid Al Adha, national holiday (TBC).

1 October 2021-31 March 2022 (Friday-Thursday): Postponed Expo 2020 Dubai.

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