Tuesday, 2 March 2021

EnterpriseAM — Our IPO pipeline is heating up with Macro Pharma



Happy hump day, ladies and gentlemen. Get through today and it’s a downhill slide to the weekend.

THE BIG STORY AT HOME is the addition of a brand-new IPO to our pipeline this year, with Macro Group Pharma releasing its intention to float overnight. Macro is getting its ducks in a row to become the second IPO on the EGX in 2021. We have chapter and verse in the news well, below.

THE BIG STORY INTERNATIONALLY? There’s no single piece of news driving the conversation abroad, but the S&P 500 logging its best day since June yesterday is getting ink from the Wall Street Journal, Reuters, and the Financial Times.

*** CATCH UP QUICK with the biggest stories from yesterday’s edition of EnterprisePM:

  • Jumia is planning to expand its food delivery service in Egypt;
  • Major tech companies have handed the ICT Ministry a list of proposals for the executive regulations of the recently-ratified Data Protection Act;
  • Emerging market assets took a hit toward the end of February.

Dubai suffers worst expat exodus in GCC: The emirate’s population — more than 90% of which is foreign workers — dropped by 8.4% last year as covid-19 induced economic upheaval forced expats to leave the country, S&P Global Ratings said yesterday (pdf). This is a more dramatic shift than the average 4% population decrease experienced in the Gulf. Real estate, tourism, and retail will likely continue to suffer for the next 1-2 years, S&P said, despite the government introducing measures to attract foreigners that included the easing of citizenship rules and allowing full foreign ownership of companies for the first time.


The EFG Hermes Virtual Investor Conference kicked off yesterday and will run until next Tuesday, 9 March. The conference is headlined as “Frontier Emerging Markets Regaining Momentum” and brings together executives from 197 companies and more than 700 investors from 253 global institutions to exchange insights on the current state of frontier and emerging markets, EFG Hermes said in a press release (pdf).

The Aswan Forum for Peace and Development also kicked off yesterday and runs until this Friday, 5 March under the title “Shaping Africa’s new normal: Recovering stronger, rebuilding better.”

Learn how sukuks work at a British Egyptian Business Association webinar today at noon CLT. Speakers include Sarwa Capital CFO Ayman Elsawy, Misr Capital Investment co-CEO and Managing Director Khalil El Bawab, director of HSBC’s MENA & Turkey Capital Markets Mohammad Ali Taufeeq, Dreny & Partners founding partner Moataz El Dreny, and Colliers International Country Director Karim Helal. Tap or click here to register.

Egypt will host the 2022 International Shooting Sport Federation (ISSF) World Cup next March, cabinet said in a statement yesterday. The 2021 ISFF Shotgun World Cup, which ends this coming Friday, 5 March, is currently underway here in Egypt.

Key data points in the coming days and weeks:

  • PMI figures for February will land tomorrow at 6:15am CLT.
  • Foreign reserves figures should be out at the end of the week.
  • Inflation data will drop on Wednesday, 10 March.
  • The Central Bank of Egypt will discuss interest rates on Thursday, 18 March.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.


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Beijing’s vaccine diplomacy is good news for Egypt

China is sending us a second gift shipment of another 300k Sinopharm vaccines “soon,” China’s ambassador to Cairo said at a virtual presser yesterday, according to Al Masry Al Youm. We received Beijing’s first shipment of 300k jabs last week. The two batches together mean that 300k individuals in Egypt will get the Chinese vaccine.

The announcement comes less than two days after the Health Ministry allowed the elderly and individuals with chronic conditions to begin registering for a vaccine, with citizens, foreign residents, diplomats, and refugees alike included among those who will be eligible for jabs.

The international community needs to work to bring more vaccines in a more equitable manner to African countries to help them combat the pandemic, President Abdel Fattah El Sisi said in his address at the Aswan Forum for Peace and Development yesterday (watch, runtime: 8:37)

The Health Ministry reported 586 new covid-19 infections yesterday, down from 595 the day before. Egypt has now disclosed a total of 183,010 confirmed cases of covid-19. The ministry also reported 48 new deaths, bringing the country’s total death toll to 10,736.

A proposal for an EU-wide vaccination passport will be put forward by the European Commission this month, President Ursula von der Leyen told German lawmakers Monday, according to Reuters. EU leaders last week agreed that a vaccine passport scheme was “necessary,” but were unable to find consensus over how it should be implemented.

Across the pond, the J&J vaccine may pose a bit of an optics problem for the Biden administration. While the single-shot jab has clear logistical benefits that make it a top contender to be rolled out in low-income communities predominantly inhabited by racial minorities, its efficacy at preventing moderate to severe illness from covid-19 is lower than that of the Moderna and Pfizer/BioNTech vaccines, leading some to see that they are getting a “substandard product.” The Washington Post has more.


Our IPO pipeline is heating up

Macro Group Pharma said overnight that it intends to to pull the trigger on an initial public offering of its shares on the EGX in late 1Q2021 or early 2Q2021, signalling our long IPO drought is coming to an end.

What’s Macro Group? Founded in 2005, Macro is now among Egypt’s largest and fastest-growing cosmeceutical players. The company recorded a 23.1% overall market share in 2020 with a portfolio of 124 high-margin SKUs, with 79 new SKUs in the pipeline to be rolled out between 1Q2021 and 2Q2023. Macro manufactures its products at its Badr City facility. The company uses a prescription-based, consumer-centric model that relies on physicians “as the main drivers of business,” in addition to distributing its products through some 60k pharmacies. Macro also exports its products to markets in the Middle East and Africa, and could later see wider regional expansion.

How big is the sale? The offering will see up to 49% of Macro on offer as shareholder Leo 1 sells 282.9 mn ordinary shares in a secondary sale, meaning existing shareholders will offer part or all of their stakes to the public, and no new shares will be offered. The sale will include offerings to both institutional investors in Egypt and abroad, as well as retail investors here at home.

Who’s selling? Expect to see indirect shareholders Enverson International Company, MEA Healthcare Partners, and Macro co-founder Ahmed El Nayeb among those selling down their positions in Macro through Leo 1, in which they each hold indirect stakes. Leo 1 is a special-purpose investment vehicle that holds 99.9% of Macro.

The financials: Macro has a revenue CAGR of 34% (for 431 mn in 2020) and an EBITDA CAGR of 92% between 2018-2020. The company’s bottom line also registered a 98% CAGR during that time.

Advisors: CI Capital and Renaissance Capital are joint global coordinators and joint bookrunners. White & Case is international and (with MHR & Partners) local counsel, while Dechert LLP and Zaki Hashem & Partners are counsels to the joint global coordinators and bookrunners. Inktank is investor relations advisor.

Macro’s IPO will be instrumental in sustaining the momentum on the EGX after a long, hard drought. Taaleem Management Services is also in the market and could close its transaction before the end of 1Q2021. No company has listed on the EGX since Emerald in early 2020, and Egypt has not seen an international-quality IPO since 2019, when Rameda and fintech darling Fawry went to market. Ebtikar is also set to IPO later this year, with its EGX debut expected in 2H2021.

Want more? Read the company’s ITF (pdf) here.

Correction: The original version of this story published on incorrectly identified the company as having net profit of EGP 431 mn in 2020. That figure refers to its revenues in the same year. We have also amended language to make clear that Macro’s shareholders are offering “up to 49%” of the company’s shares.


Ibnsina to tap healthcare fintech with new company

Ibnsina Pharma is making another play for the tech space, announcing in an EGX filing (pdf) yesterday that it has set up a new EGP 300 mn company to invest in fintech firms focused on the healthcare sector. The company declined to disclose which types of fintech it wants to invest in when approached for comment by Enterprise.

Take two: This comes three months after Ibnsina bailed on its attempted acquisition of a 75% stake in 3elagi Tech under threat of a lawsuit by the Pharmacists’ Syndicate, which mounted a campaign against the company’s attempt to sell products directly to consumers via the 3elagi app.

Ibnsina is looking beyond pharma: The new company will also look to invest in pharma- and non-pharma logistics companies, IR Manager Mohamed Shawky told us.


Also riding the covid-fueled fintech wave: Mashreq Bank Egypt logged a 53% rise in the number of customers using its digital services since the start of the covid-19 pandemic, Executive Vice President Haitham Hammad told the local press. The bank saw its volume of digital transactions surge 373% and the number of people making payment almost double.


Net foreign assets continue rising

Net foreign assets in Egypt’s banking sector inched up 4.1% m-o-m in January to reach USD 17.85 bn, up from USD 17.15 bn at the end of December, according to central bank data picked up by Al Mal. Net foreign assets have been recovering steadily since they nosedived 45% m-o-m in March 2020, when the beginning of the pandemic prompted investors to pull a record USD 83 bn from EMs that month alone. Foreign holdings of Egyptian debt have also surged back to exceed their pre-covid peak, rising to USD 29 bn last month.


China is all over gov’t microbus natgas plans

Another Chinese auto firm signs up for gov’t natgas transition plan: General Misr, the local agent of China’s Joylong Automobile minibus brand, intends to start by early 2022 producing some 3k vehicles with dual-fuel engines, a company source who asked to remain unnamed told Enterprise. This move comes as part of the government’s plan to have some 15k minibuses running on natgas. The Chinese company has agreed to have one of its vehicle models locally assembled in Egypt, and will choose between four local factories owned by the Arab Organization for Industrialization, Egyptian German Automotive, Aboul Fotouh Automotive and JAC Egypt Chairman Mahmoud Mokhtar.

Then there’s Foton: TVD — a joint venture between GB Auto and El Ghalban Auto — will start locally assembling Foton minibuses that run on natgas by the end of this year, GB Auto IR Manager Marina Kamal told Enterprise, without specifying how many vehicles the company will manufacture.

And Brilliance Auto and Jinbei? Chinese car firms Brilliance Auto and Jinbei were said to be in talks to participate in the microbus conversion program last year but little has been heard of since.

Background: The scheme is part of an ambitious EGP multi-bn government plan announced earlier this year to replace as many as 240k microbuses, and convert up to 147k to run on natural gas, and to offer incentives to private vehicle owners to do the same. Toyota struck an agreement with the Arab Organization for Industrialization in 2019 to manufacture 240k nat-gas minibuses, and agreed last year to convert its entire 100k microbus fleet in Egypt in the coming four to six years.


It’s back to the drawing board

Amendments to the Real Estate Registry Act are now suspended for at least two years under directives from President Abdel Fattah El Sisi, according to an Ittihadiya statement. The two-year freeze is meant to allow time for public consultations on the legislation and the introduction of an alternative to the controversial 2.5% tax on the quick sale or disposition value of real estate assets.

In the meantime, properties that get registered at the Real Estate Registry will be subject to a reduced fixed registration fee, which will be determined based on the size and type of property, El Sisi said.

What now? Cabinet will now prepare a draft bill for this interim period that would set the fees and other procedures, Justice Minister Omar Marwan told Ala Mas’ouleety’s Ahmed Moussa. Property owners with “older” contracts (the exact definition of which will also be specified in the forthcoming bill) will be able to register their properties if they want to during this two-year period and pay the fixed fee, which Marwan said will be affordable to all (watch, runtime: 16:10). This bill will be expedited and must be sent to the House of Representatives before Saturday, 6 March, when the original amendments to the Act were due to come into effect, Marwan told Kelma Akhira’s Lamees El Hadidi (watch, runtime: 2:49).

The Real Estate Registry Act will also be amended again over the course of the next two years, Marwan told Lamees. It has not yet been decided whether the 2.5% tax will be lowered in the reworked bill, and this remains an issue for the Finance Ministry to decide (watch, runtime: 2:10).

Background: Changes to the Real Estate Registry Act were meant to expedite registry procedures and better regulate registry offices. Under the amendments, property owners were required to visit a local ma’moreya and a judge to validate property sale and purchase agreements before heading down to the Real Estate Registry. Properties would only get access to basic utility infrastructure after being registered, but would not retroactively cut off utility access for properties already connected to the infrastructure.

WATCH THIS SPACE- The House Housing Committee and House Local Administration Committee are teaming up to look at the new proposed building and planning criteria for Egyptian cities, Masrawy reports. Prime Minister Moustafa Madbouly had presented the proposed construction regulations to House committees last month, saying at the time that the regulations cover everything from building height, ratios, and usage to urban coordination and hoops builders need to jump through before they can start construction.

Also getting House approval yesterday:

  • Legislation governing the purview of the Central Agency for Organization and Administration (CAOA), according to Youm7. The amended law, which received committee-level approval last month, allows the agency to propose and make recommendations on draft legislation affecting public sector workers, approve bylaws, and monitor the distribution of skills and expertise among government entities. CAOA is responsible for working on administrative reforms, developing the quality of civil services, and ensuring government bodies are fulfilling their mandates.
  • A law to simplify the process of electing members of the Federation of Egyptian Industries passed a plenary session vote after previously getting approval from the House Industry Committee.

ELSEWHERE IN LEGISLATION- Amendments to the Traffic Act are now the law of the land after receiving presidential approval yesterday, Youm7 reports. The amendments introduce new registration fees on vehicles to fund the rollout of the government’s planned smart transport system. You can find a run-down of the fees here.



Hani Nassef named M&A partner at Helmy, Hamza & Partners

Hani Nassef (LinkedIn) has joined Helmy, Hamza & Partners as an M&A partner, the law firm said in a statement (pdf) yesterday. Nassef has over 16 years of M&A experience in Egypt and MENA and joins the Baker McKenzie member firm from Eversheds Sutherland’s Dubai office where he had been a corporate practice partner for almost five years.


Ibnsina Pharma’s net income tumbled 71% y-o-y in 4Q2020 to EGP 24.2 mn, down from EGP 83.2 mn in 4Q2019, the pharma distributor said in its annual earnings statement (pdf). The drop comes despite net revenues rising 6.6% y-o-y during the quarter to EGP 4.9 bn. On a full-year basis, Ibnsina saw a 32% y-o-y drop in net income to EGP 225 from EGP 329 mn a year earlier, while its top line rose 12.5% y-o-y to EGP 18.7 bn from EGP 16.6 bn.

The outlook is brighter: “We are confident that the market has used 2020 to build the experience necessary to cope successfully with covid-related disruptions, and that Ibnsina Pharma will leverage the anticipated rebound in sales in FY2021,” said co-CEO Omar Abdel Gawwad.

Egypt Kuwait Holding’s (EKH) attributable net income fell 11% y-o-y to USD 27.0 mn in 4Q2020, down from USD 30.3 mn in 4Q2019. EKH’s 4Q2020 top line came in at USD 146.6 mn, compared to USD 149.5 mn in 4Q2019. On a full-year basis, the company recorded attributable net income of USD 116.3 mn compared to USD 115.6 mn in 2019, according to an earnings release (pdf). EKH’s top line rose 7% y-o-y to record USD 603.3 mn in FY2020, compared to 563.6 in FY2019, which Chairman Moataz Al-Alfi said was a result of the company’s diversification strategy and the strength of its portfolio. Management were able to introduce measures that helped boost cost control/optimization and improve operational efficiency across its fertilizer and petrochemicals segments, bolstering the company’s margins in 2020.

Looking ahead: EKH will capitalize on the energy segment’s growing market to expand the Group’s client portfolio and aims to leverage capacities to identify significant value generating ventures from the Egyptian government’s compressed natural gas (CNG) expansion initiative. EKH will “maintain a conservative approach” on commodities despite international consensus that we’re entering a commodities supercycle on the back of market recovery as the covid-19 vaccine is rolled out.

Palm Hills Development’s net income fell 35% in 4Q2020 to EGP 228 mn from EGP 349 mn in 4Q2019, it said in its earnings statement (pdf). Revenues during the quarter fell 36% y-o-y to EGP 1.7 bn, despite new sales picking up during the last three months of the year.

Al Baraka Bank Egypt reported EGP 1.26 bn in net income in 2020, up from EGP 1.07 bn in 2019, according to an EGX disclosure (pdf).

Domty recorded EGP 52.9 mn in net income in 4Q2020, up 35% y-o-y from EGP 39.1 mn in the same period the previous year, according to its earnings release (pdf). Revenues during the quarter rose 26% y-o-y to EGP 815.7 mn, from EGP 646.9 mn in 4Q2019. On a full-year basis, Domty’s net income came in at EGP 158 mn, up from EGP 156.2 mn in the previous year, while revenues rose to EGP 3 bn from EGP 2.67 bn in 2019.


To nobody’s surprise, President Abdel Fattah El Sisi’s decision to freeze the implementation of the Real Estate Registry Act amendments for two years was far and away the biggest talking point on the airwaves last night. We have more details on the decree in Legislation Watch, above.

El Sisi’s decision was lauded by Kelma Akhira’s Lamees El Hadidi (watch, runtime: 7:10), El Hekaya’s Amr Adib (watch, runtime: 2:38), and Ala Mas’ouleety’s Ahmed Moussa (watch, runtime: 2:25).

Also on the airwaves last night:

  • Certain articles of the draft Personal Status Act are detrimental to women’s rights in Egypt and undermine the rest of the bill that would have a positive effect (Lamees El Hadidi on Kelma Akhira | watch, runtime: 4:42).
  • The African Union has taken significant strides in improving infrastructure connectivity across the continent, including a recent agreement to set up a single electricity market in Africa, Commissioner for Infrastructure and Energy Amani Abou Zeid said. (Lobna Assal on Al Hayah Al Youm | watch, runtime: 4:39)
  • The investigation into the Fairmont [redacted] case is ongoing and the Prosecutor General has asked anybody who has the full video of the incident to come forward to help move the case along, the victim’s lawyer Mohamed Hammouda said. (Amr Adib on El Hekaya | watch, runtime: 4:02)
  • Ahmed Aboul Gheit is widely expected to be confirmed as the Arab League’s Secretary General for a second term today, pundit El Azab El Tayeb Taher said. (Lamees El Hadidi on Kelma Akhira | watch, runtime: 10:27)


It’s quiet enough in the foreign press to hear a pin drop, with Egypt only getting passing mention in a couple of stories.


Sales by private sector pharma players in Egypt grew 14% y-o-y in January to hit EGP 6.75 bn, Souq Al Dawaa reports, citing unnamed sources. Sales volumes in the year to January were up 5.2%, reaching EGP 81.3 bn. Novartis topped January's bestseller list, followed by Amoun, Sanofi, GlaxoSmithKline, Eva Pharma, Pfizer, Eipico, and Pharco.

Other things we’re keeping an eye on this morning:

  • Baltic tour operator Novaturas Group is doubling the number of weekly flights to Egypt to four starting this month due to increased demand. Flights will be coming from the Lithuanian and Estonian capitals, Vilnius and Tallinn.
  • Egygab Developments has purchased 83k sqm of land from Madinet Nasr for Housing and Development on which it will establish an EGP 2 bn residential project.
  • Egyptian agricultural exports increased by 5% y-o-y since the start of 2021, totaling almost 1 mn tonnes.
  • Kadmar Shipping will begin operating a shipping line between Alexandria and Russia to transport Egyptian agricultural crops.


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Turkey is the new pin-up for emerging markets: The Turkish economy grew at a faster rate than all its G20 peers except China in the final quarter of 2020, thanks to a pick-up in consumer spending, according to Bloomberg. The country recorded a growth rate of 5.9%, propelled by lower borrowing rates. The growth comes despite the lira tumbling 20% and inflation remaining in the double digits through 2020.

A shortage of shipping containers is leaving Chinese goods in the lurch: Covid-19 related supply chain disruptions that have caused rising freight rates and increased shipping times are threatening to derail China’s double digit export growth, the Financial Times reports. Lockdown restrictions in Europe and the US as well as staffing issues in destination ports have delayed shipping schedules by weeks at a time, leaving containers stranded en route back to Asia, driving up prices of goods, and threatening the existence of smaller businesses. Though new containers are being produced to fill the demand, their prohibitive price (about USD 6.2k per container) means we’re likely to see some Chinese businesses turn to land routes through Vietnam and Russia to deliver their products.

The SPAC craze reached new heights in February, with a record high of USD 109 bn-worth of transactions signed by 50 blank-check companies, the Financial Times reports, citing Refinitiv data. The flurry of transactions included the USD 24 bn SPAC-enabled IPO of Lucid, an EV manufacturer backed by Saudi Arabia’s sovereign wealth fund. While it’s still unclear whether the SPAC-oriented trading frenzy means we’re looking at a bubble, “the asset class has proven to be a solution to private companies looking to go public,” head of SPAC equity capital markets at Bank of America Warren Fixmer said.




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USD 49,499.78


The EGX30 was flat yesterday on turnover of EGP 1.34 bn (7.9% below the 90-day average). Foreign investors were net buyers. The index is up 6.23% YTD.

In the green: Pioneers Holding (+3.7%), Sodic (+3.3%) and Madinet Nasr Housing (+2.9%).

In the red: Orascom Development Egypt (-3.5%), Heliopolis Housing (-3.1%) and Fawry (-2.2%).

It’s a sea of red for Asian markets in early trading this morning and futures suggest that markets in the US will also open in the red.


The UAE’s first ambassador to Israel arrived in Tel Aviv for a three-day visit Monday, heralding a new step in the normalization of relations between the two countries formalized by the signing of the Abraham Accords last year, Reuters reports. UAE ambassador Mohamed Al Khaja said he would be scouting for a suitable location for the country’s embassy. Israel opened its first embassy in the UAE in Abu Dhabi last January.

Also worth knowing this morning:

  • Yemen is getting less than half of its usual aid package from the UK this year, with the kingdom set to send GBP 87 mn instead of GBP 214 mn, citing disruptions from the pandemic. The decision was met with outrage given the threat of famine and death facing mns of people in Yemen.
  • Former French president Nicolas Sarkozy was convicted yesterday for corruption and influence-peddling, but plans to appeal his three- year prison sentence, France24 reported.

IN DIPLOMACY: General Intelligence chief Abbas Kamel talked combating terrorism in Africa during a visit to Chad yesterday, the local press reported.


Mortada Mansour and the rest of the Zamalek FC board got another cold shoulder from the Administrative Court in their bid to overturn a decision to suspend the board and Mansour as chairman, Ahram Gate reports. The suspension followed allegations that the club had committed financial violations.


March: Potential visit to Cairo by Russian President Vladimir Putin.

1-5 March (Monday-Friday): Aswan Forum for Peace and Development will take place virtually.

1-9 March (Monday-Tuesday): EFG Hermes Virtual Investor Conference.

2 March (Tuesday): The British Egyptian Business Association (BEBA) is holding a virtual webinar on sukuk works.

8 March (Monday): The IDC Future of Work Egypt conference will be held virtually featuring experts from Egypt and Jordan.

9-11 March (Tuesday-Thursday): EduGate 2021 – Enter The Future conference, Kempinski Royal Maxim Hotel, Cairo, Egypt.

11-13 March (Thursday-Saturday): Cairo Fashion & Tex trade show, Cairo International Convention Centre, Cairo, Egypt

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

23 March (Tuesday): The second edition of the Egypt Retail Summit takes place at the Nile Ritz Carlton hotel.

25-27 March (Thursday-Saturday): The Real Gate real estate exhibition, Egyptian International Exhibition Center, Cairo.

31 March (Wednesday): Deadline to visit the moroor and get an RFID sticker affixed to your car’s windshield — or run afoul of the Traffic Police.

1-3 April (Thursday-Saturday): HVAC-R Egypt Expo.

8-10 April (Thursday-Saturday): The TriFactory’s Endurance Festival at Somabay.

13 April (Monday): First day of Ramadan (TBC).

25 April (Sunday): Sinai Liberation Day.

29 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC),

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

1 May (Saturday): Labor Day (national holiday).

2 May (Sunday): Easter Sunday.

3 May (Monday): Sham El Nessim.

13-15 May (Thursday-Saturday): Eid El Fitr (TBC).

25-28 May (Tuesday-Friday): The World Economic Forum annual meeting, Singapore.

1 June (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).

7 June-9 June (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.

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

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

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

30 June (Wednesday): 30 June Revolution Day.

1 July: (Thursday): National holiday in observance of 30 June Revolution.

30 June- 15 July: National Book Fair.

1 July (Thursday): Large taxpayers that have not yet signed on on to the e-invoicing platform will suffer a host of penalties, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.

19 July (Monday): Arafat Day (national holiday).

20-23 July (Tuesday-Friday): Eid Al Adha (national holiday)

23 July (Friday): Revolution Day (national holiday).

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

9 August (Monday): Islamic New Year.

12 August (Thursday): National holiday in observance of the Islamic New Year.

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

30 September-2 October (Thursday-Saturday): Egypt Projects 2021 expo, Egypt International Exhibition Center, Cairo, Egypt.

1 October (Friday): Expo 2020 Dubai opens.

6 October (Wednesday): Armed Forces Day.

7 October (Thursday): National holiday in observance of Armed Forces Day.

18 October (Monday): Prophet’s Birthday.

21 October (Thursday): National holiday in observance of the Prophet’s Birthday.

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

1-12 November (Monday-Friday): 2021 United Nations Climate Change Conference (COP26), Glasgow, United Kingdom.

13-17 December: United Nations Convention against Corruption, Sharm El Sheikh, Egypt.

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

27 June – 3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.

Note to readers: Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish below between the actual holiday and its observance.

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