EnterpriseAM — Abu Auf’s parent company eyes IPO of up to 49% in 2Q2022

We don’t literally ring a bell around here every time a company announces it will IPO on the Egyptian Exchange, but that doesn’t mean we’re not doing it in our heads. So welcome to the folks at Abu Auf parent company AUF, which said yesterday it would offer up to 49% of the company for sale in a market debut expected in 2Q2022. We have chapter and verse in this morning’s Speed Round, below.

The Abu Auf news is a great way to bid farewell to Q3, which comes to an end at COB tomorrow. Anyone else both delighted to see the back of 2021 (given it’s 2020 with better clothing and new lipstick) and amazed it has passed so fast?

THE BIG STORY THIS MORNING is not in Egypt, but abroad as market watchers take stock of yesterday’s carnage on Wall Street. The bears are looking for signs that their dreams have (at last) come true, while the bulls are churning out pablum designed to reassure each other that their crazy-long ride really isn’t coming to an end.

US shares had their worst day yesterday since May as the S&P 500 shed 2%, with the Financial Times suggesting that “the prospect of the world’s leading central banks moving more aggressively to stamp out inflation rattled financial markets on Tuesday.” We have the scoop in this morning’s Planet Finance, below.

How are markets doing this morning? Not great. Major indexes across Asia are in the red, with the Nikkei down 2.5%, Shanghai off 1.2% and the Hang Seng also in the red. The Kospi is down nearly 2.0%. Futures suggest a mixed open in Europe later this morning — and that traders on Wall Street may try to stage a comeback, with the Nasdaq, S&P and Dow all looking to start the day lightly in the green.

Don’t worry, bears: US lawmakers will give you plenty to chew over in the days to come, with Treasury Secretary Janet Yellen telling Congress yesterday that the US risks running out of money by 18 October if politicians don’t raise or suspend the federal government’s borrowing limit. The story is getting plenty of coverage on the front pages of the Wall Street Journal and the Financial Times and also leads the front page of the New York Times.

“A dangerous man”: US Senator Elizabeth Warren’s broadside against US Federal Reserve Chairman Jerome Powell yesterday hardly cheered the traders — needless to say, the Fed boss is more their cup of tea than is Warren. Warren said Powell was “a dangerous man to head up the Fed” ahead of his potential reappointment for a second term, citing Powell’s track record on financial regulation as the reason why she won’t be supporting his renomination. Powell faced unusually tough questioning on the Hill yesterday, Reuters notes.

MEANWHILE- How to solve the China Evergrande problem? Step #1: Find a big rug. The cash-strapped company — simultaneously billed as China’s largest real estate developer, the world’s most-indebted company and the potential trigger of Beijing’s “Lehman moment” — is about to sell a USD 1.5 bn minority stake it owns in a Chinese bank to a state-owned company. The Wall Street Journal interprets this as “an indication that authorities in the country are moving to contain the fallout from the property giant’s financial difficulties.” But that doesn’t mean that foreign bondholders, who are mulling next steps after Evergrande missed an interest payment, are going to see a penny of the proceeds from the sale, Reuters writes: The USD 1.5 bn transaction is designed to minimize Evergrande’s impact on a big Chinese bank.

** IN CASE YOU MISSED IT — catch up quick on the top stories from yesterday’s edition of EnterprisePM:

• Good covid news: Egypt inched up slightly in Bloomberg’s Covid Resilience ranking to #36 from the 53 countries included, compared to at #39 last month.
• Hedge funds and private equity investment in football: Investors are piling into football clubs, calculating how lucrative matches are for them.
• Meet our analyst of the week: Lina Hesham, investment analyst at Azimut Egypt Asset Management.

HAPPENING TODAY-

White House National Security adviser Jake Sullivan is in Cairo today for talks with Egyptian officials, a spokesperson for the National Security Council said in a statement yesterday. On the agenda: Egypt’s role promoting “security and prosperity” between Palestinians and Israel, upcoming elections in Libya, and security in the Horn of Africa. Israeli Prime Minister Naftali Bennett travelled to Sharm El Sheikh earlier this month for talks with President Abdel Fattah El Sisi. Bennett’s national security adviser will meet with Sullivan on 5 October, the statement said.

Human rights will also be part of the conversation: Sullivan will “affirm the importance of human rights in the context of the overall strategic relationship” today, the statement said. The visit comes a few weeks after the Biden administration said it would hold back a portion of Egypt’s annual military aid until the Sisi administration acts to improve the nation’s human rights record. Since then, the president has announced a new human rights strategy and charges have been dropped against another four NGOs accused of receiving illicit foreign funding — one of the conditions attached to the aid named by a US official earlier this month.

Sullivan’s visit comes as part of a Middle East tour that earlier this week took him to Saudi Arabia and the UAE. He yesterday met with Saudi Crown Prince Mohamed bin Salman and other senior Saudi officials to discuss the ongoing war in Yemen, Reuters reports.

ALSO TODAY-

Conference season resumes today with ITIDA’s DevOpsDays Cairo 2021.

The Cairo International Fair opens tomorrow at the Cairo International Conference Center, running through 8 October.

The Egypt Projects 2021 construction expo also opens tomorrow at the Egypt International Exhibition Center and wraps on Saturday, 2 October.

Dubai’s Expo 2020 starts Friday, 1 October. The event, which takes place somewhere on the planet once every five years, runs for six months and will be open seven days a week. You can learn more here.

ALSO HAPPENING THIS WEEK-

Winter retail opening hours in effect from Thursday: Shops and malls will close one hour earlier at 10pm (11pm on Thursdays, Fridays and national holidays) while cafes and restaurants will shutter at midnight rather than 1am. As during the summer, essential services such as grocery stores, supermarkets and pharmacies are exempt from the rules and can open and close their doors when they want.

CIRCLE YOUR CALENDAR-

PSA #1- Next week is a short work week. You can expect to have a three-day weekend 7-9 October in observance of Armed Forces Day, which is on 6 October. Folks whose workdays are tied to banks and the market can expect confirmation from the Central Bank of Egypt and EGX early next week.

PSA #2- We’re probably also looking at a long weekend starting Thursday, 21 October in observance of the Prophet’s Birthday, which is formally Monday, 18 October.

PSA #3- Your commute is going to get worse at the end of next week. Public schools are back in session for the fall term on Saturday, 9 October.

We’re inching closer to the end of 3Q2021 and the beginning of another month. Here are some of the key dates coming up in October:

• MPs and senators are returning from recess to start the new legislative session: The House of Representatives will reconvene on Saturday, 2 October and the Senate will be back in Session Tuesday, 5 October.
• PMI: September’s purchasing managers’ indexes for Egypt, Saudi Arabia and the UAE will land on Tuesday, 5 October.
• Foreign reserves: September’s foreign reserves figures will be out sometime during the first week of October.
• Inflation: Inflation figures for September will be released on Sunday, 10 October.
• IMF + World Bank meetings: The IMF and the World Bank will hold their annual meetings during the week beginning 11 October.
• Interest rates: The Central Bank of Egypt will meet to review interest rates on Thursday, 28 October.
• A little further out: The Middle East Angel Investment Network is hosting its Angel Oasis in El Gouna on 27-29 October, with separate pricing for in-person and virtual attendance.

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

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development and as well as social infrastructure such as health and education.

In today’s issue: The world’s largest water treatment plant opened earlier this week in Egypt. In this week’s project profile, we take a look at the Bahr El Baqar wastewater plant, which will process 5 mn cubic meters of water every day and help irrigate 475k feddans of reclaimed agricultural land.

Healthy food brand Abu Auf’s parent company AUF plans to make its EGX debut in 2Q2022, the company said in a statement (pdf) yesterday. AUF has appointed EFG Hermes to quarterback the transaction.

The company could offer up to 49% of its shares on the EGX, Mohamed Mahgoub, managing partner at private equity firm TCV, which holds a significant minority stake in AUF, told us. AUF plans to use the proceeds to finance regional growth, Mahgoub said.

Abu Auf in Egypt: The company currently has 180 branches in Egypt and more than 1k warehouses, distributed among 10 governorates. The company has recently expanded into coffee, saying it has opened a production facility to serve both domestic and export demand.

Abu Auf abroad: The company has been exporting its products to major global markets including England, Belgium, Germany and the Netherlands. It has also been exporting to Saudi Arabia, Kuwait and the UAE, as well as Libya and Palestine.

IN THE MARKET NOW- Meanwhile, IPO watchers are keeping a close eye on the IPO of state-owned fintech platform and payments infrastructure player e-Finance, which is in the market now.

The EGX is trying to get more companies to list on the bourse, recently amending listing rules to make it easier for larger firms to go public in Egypt. Companies no longer need to offer a 25% stake and can instead sell shares equal to the 1% of the exchange’s freefloat market cap.

OC, Hassan Allam in talks with SFE for desalination projects -sources: Orascom Construction and Hassan Allam Holding are in early talks with the Sovereign Fund of Egypt (SFE) for contracts to build several new desalination plants, unnamed sources told Al Mal. Enterprise was unable to get comment from the parties involved to confirm the news.

The wealth fund is looking for local and international partners to build 17 new desalination plants at a total sticker price of about USD 2.5 bn, SFE head Ayman Soliman told Bloomberg last month. The SFE would take a minority stake in each of the 17 plants alongside its private sector partners, he said, without revealing how much the fund would contribute to the projects. Expect contractors to be responsible for bringing financing for the plants.

This is part of the Sisi administration’s drive to enhance water security by stepping up investment in desalination capacity. Egypt is spending some EGP 134 bn through 2050 to build desalination plants that would give us 6.4 mn cubic meters of potable water per day. The 17 plants will produce a combined 2.8 mn cbm/d of water by 2025, Soliman said. The news comes as Egypt grapples with the prospect of a water shortage thanks to both climate change and the impact of the Grand Ethiopian Renaissance Dam.

This comes only one day after Egypt inaugurated the world’s largest wastewater treatment plant, the Bahr El Baqar wastewater treatment plant, which will treat around 5.6 mn cbm/d of water, which then will be used to irrigate agricultural land in Sinai. We have more on this in this week’s Hardhat feature, below.

OTHER INFRASTRUCTURE NEWS-

India, Pakistan and the Arabian Gulf will now be receiving 2Africa coverage, making it the largest subsea cable in the world. The 2Africa subsea cable being installed by a consortium of global telecoms firms comprised of China Mobile International, Facebook, MTN GlobalConnect, Orange, STC, Telecom Egypt, Vodafone and WIOCC will soon see new segments added that will extend to the Arabian Gulf, India, and Pakistan, according to a press release. The group’s most recent announcement sets the full length of the subsea cable to 45k-km, up from last month’s announcement that the 37k-km spanning cable would see new connections extended to the Seychelles, the Comoros, Angola and Nigeria.

Government employees who remain unvaccinated in two months time will be banned from entering their workplaces, according to a circular seen by Enterprise yesterday. The directive, sent by Prime Minister Mostafa Madbouly to government ministries, will require unvaccinated employees to either take PCR tests every 72 hours or receive a vaccine to be admitted into government buildings.

The government expects the decision to allow it to vaccinate all 4.5 mn civil servants before the end of November, Sky News Arabia reports.

The Health Ministry reported 718 new covid-19 infections yesterday, up from 702 the day before. Egypt has now disclosed a total of 303,045 confirmed cases of covid-19. The ministry also reported 39 new deaths, bringing the country’s total death toll to 17,263.

The daily death tally has grown quickly in recent days: In the past 10 days the number of deaths reported by the ministry has more than doubled, and has more than quadrupled since the beginning of the month. The ministry was reporting single-figure daily deaths at the end of August.

Deaths and cases will climb further in the days ahead given the coming colder weather, the return of children to schools, and a failure to follow precautionary measures, Mohamed El Nady, a member of the government’s covid-19 committee, told Kelma Akhira’s Lamees El Hadidy last night (watch, runtime: 12:04), calling the recent rise in deaths “worrying.”

Italian tourists are now allowed to travel to Sharm El Sheikh and Marsa Alam without needing to quarantine at either end of their trip, the country’s health ministry said on Tuesday as it launched an experimental “covid-free tourist corridors” policy.

Italians will be permitted to catch some winter sun in the Red Sea resort towns — as well as the Maldives, Seychelles, Mauritius, Dominican Republic and Aruba — provided they have a “Green Pass” proving covid immunity through vaccination or prior infection and stick to what the health ministry called “controlled tourist itineraries.” Tourists must also undergo PCR testing prior to their arrival and departure.

Egypt is one of very few exceptions to Italy’s strict travel quarantine rules: Italians who visit any other destination outside of the EU must quarantine on their return.

Group of MPs to fight EGX capital gains tax: A small group of MPs will draft legislation aiming to postpone for another year the reintroduction of a capital gains tax on EGX transactions, which is slated for January 2022, Masrawy reports. The group of 20 lawmakers, led by businessman and deputy chair of the House of Representatives’ industry committee Mohamed El Sallab, claims that the proposed 10% tax on stock market transactions could deal a fatal blow to trading on the Egyptian bourse. They say the EGX is still recovering from the impact of the pandemic and are calling for an “expanded dialogue” with the EGX and the House Economic Committee to find an alternative solution.

Mohamed Maait last week confirmed that it would come into force on 1 January, meaning from 2022 Egypt-domiciled equity investors will start paying a 10% tax on their net portfolio earnings. Domestic investors — who presently account for the bulk of turnover on the EGX — will be the only ones on the hook for the tax after the ministry decided to exempt non-residents.

MPs are suggesting alternatives to the CGT: One is suggesting that the government levy a development fee on market transactions instead, while another wants to replace it with a stamp tax. They have yet to make clear how their alternative taxes would be more palatable to local investors than what Maait is pushing through.

Expect debate on the tax as early as next week: Six of the MPs said they would call on Maait to discuss postponing the tax or replacing it with a development levy when the Senate reconvenes on 5 October. The House, meanwhile, is set to reconvene on Saturday.

Is the tax sapping trading on the EGX? MPs say traders welcomed the tax by sparking a sell-off last week on the EGX, with Rep. Mohamed Taha Al Khouli (Fayoum) saying shares shed some EGP 27 bn in value in the two days following the announcement. Meanwhile, El Sallab said that the recent volatility proved the need for a dialogue between the ministry and the bourse before implementation, adding that the new levy needs to be applied clearly and transparently in order to avoid hindering investment.

The securities industry is pushing back, with lobby group Egyptian Capital Market Association (ECMA) saying last week that now isn’t the time to introduce a capital gains tax. The group, like the MPs, pointed to the fragility of the EGX’s ongoing recovery.

Egypt’s benchmark EGX30 index is down 3.7% YTD after a brief stint in positive territory, while regional competitors for global capital are all handily in the green: ADX is up 54% YTD, the Saudi Tadawul is ahead more than 30% for the year and the Dubai bourse has gained 14%. Trading volumes have been reasonable in 2021 (by the standards of recent years), but have been dominated by retail investors (first and foremost), followed by local institutions. Foreign investors are yet to return to the EGX.

The CGT isn’t the only thing driving selling right now: It’s likely that both retail investors and domestic institutions are liquidating positions so they have capital to sink into e-Finance’s IPO, says Cairo Capital Securities analyst Adham Gamal Eldin. As we’ve previously reported, the state-owned fintech player is in the market now and has said it will pull the trigger on its IPO this fall. That suggests it could make its debut as early as this month. Gamal Eldin sees a bit more selling left to come before the EGX30 stabilizes at 10,300.

Global volatility also played its part last week: Last week’s EGX sell-off coincided with a sell-off in global stocks and a turn towards safer assets, triggered by events in China and concerns that the US Federal Reserve could move to taper its stimulus later this year.

GlobalCorp could have the first tranche of a EGP 3-3.5 bn securitized bond issuance ready by the end of the year, Al Mal reports. The non-bank lender is planning to sell EGP 1.1 bn of securities in 4Q2021, its CEO and managing director, Hatem Samir, told the newspaper. The issuance would come as part of a larger securitized bond program worth an estimated EGP 3 – 3.5 bn set to be completed by 2023, he said. The company is currently waiting on a MERIS credit rating ahead of its first issuance later this year.

Advisors: Misr Capital and CIB are acting financial advisors for the offering while Dreny & Partners are legal counsel.

GlobalCorp provides structured leasing products and other financial and advisory services to companies across several sectors including real estate, transport and health. Earlier this year the company said it would double its lending portfolio to EGP 6 bn in 2021 and ramp up its factoring and leasing services to companies in the construction, health, food and education sectors.

Background: GlobalCorp was set up in 2015 by local and foreign institutions including Ezdehar (60% shareholders) and Sanad (30%) — and who also announced earlier this year that they were looking to exit the company after hitting their target ROI. CEO Samir holds the 10% stake not owned by the latter two funds. GlobalCorp’s largest shareholder, Ezdehar, counts the European Bank for Reconstruction and Development (EBRD), the European Investment Bank, and the development finance arms of the UK and the Netherlands, among its limited partners. LPs also include the Sawiris family’s Gemini Holding.

IN OTHER NON-BANK LENDING NEWS-

Premium Card ups its consumer credit lines: Consumer finance outfit Premium Card plans to extend EGP 400 mn worth of credit facilities to its customers in the fourth quarter of this year, and EGP 1.7 bn in 2022, having already offered EGP 1 bn in credit so far in 2021, Hapi Journal reports.

The weekend seems to have started early, with a quiet night for yesterday’s talk shows.

People who have built buildings on state land next to the Nile without a permit will not be able to reconcile with the government, Irrigation Ministry Spokesperson Mohamed Ghanem said in a phone call with Kelma Akhira’s Lamees El Hadidi (watch, runtime: 8:59). Buildings and agricultural infrastructure built on waterways were not eligible for the government’s recent reconciliation drive.

So what happens? All cases will be referred directly to the military prosecution, and those who illegally encroach on the Nile will pay to demolish the structures out of their own pockets. The same laws apply for infringements on agricultural lands, while reconciliation and legalization is only possible for building infringements on private property, Local Development Ministry Spokesperson Khaled Qassem told El Hadidi in a separate phone interview (watch, runtime: 8:08).

Around 64k of a total 120k buildings that encroach on the riverbank have been removed since the launch of the campaign in 2015, Ghanem said, adding that the remainder can be removed within six months if more effort is made. As for the campaign to remove land encroachments, Qassem said that the current stage aims to remove some 16k buildings nationwide.

Women will begin work in Egypt’s Public Prosecution and State Council starting 2 October, Justice Minister Omar Marwan said in a phone call with Sherif Amer’s Yahduth Fi Misr (watch, runtime: 5:49). Eleven female judges have transferred to the Public Prosecution at the rank of chief prosecutor and general attorney, while tens of female members of the judiciary have moved to the State Council, according to Marwan. He added that civil suits can now be filed remotely online in seven governorates, while lawsuits can be updated remotely nationwide.

Human rights dominates the conversation on Egypt in the international press this morning: Reuters and the BBC are reporting on the opening of the trial of Patrick Zaki, an Egyptian student and human rights activist who has been held in pre-trial detention since February last year on charges of “fake news.” Zaki pleaded not guilty and asked to be released during a hearing earlier this month. The judge yesterday adjourned the case until 7 December to allow the defence to review case files. Meanwhile, Human Rights Watch is urging the UN Human Rights Council to secure UN monitoring and reporting of the Egyptian government's “pervasive abuses.”

Citi to finance power projects? Citibank could provide financing for renewable energy, desalination, and green hydrogen projects in Egypt, the Electricity Ministry said yesterday following a meeting between Minister Mohamed Shaker and a senior bank official.

NBE to open branch in Saudi: The Saudi cabinet has granted a license to the National Bank of Egypt (NBE) to open a branch in the kingdom.

Brazil’s VP pays a visit: President Abdel Fattah El Sisi yesterday met with Brazilian Vice President Hamilton Mourão, according to an Ittihadiya statement. The pair discussed strengthening bilateral relations in security and trade, and encouraging Brazilian investment and tourism to Egypt. They also touched on regional issues including the Israeli-Palestinian conflict, developments in Libya and Tunisia, and the ongoing dispute over the Grand Ethiopian Renaissance Dam (GERD).

Mourão also met with Defense Minister Mohamed Zaki, according to an Armed Forces statement. The two discussed strengthening military cooperation.

14-30 September (Tuesday-Thursday): 76th session of the UN General Assembly, New York.

29 September (Wednesday): DevOpsDays Cairo 2021 is being organized by ITIDA and the Software Engineering Competence Center in cooperation with DXC Technology, IBM Egypt and Orange Labs.

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

30 September-8 October (Thursday-Friday): The Cairo International Fair, Cairo International Conference Center, Cairo, Egypt.

30 September (Thursday): Winter opening hours for shops and restaurants begins.

30 September: Closing of 2021’s first oil and gas tender in the Gulf of Suez, Western Desert, and the Mediterranean.

30 September (Thursday): First tranche of overdue subsidy payouts will be handed to eligible exporters.

30 September (Thursday): Direct flights between Egypt and three Libyan airports resume.

October: Romanian President Klaus Iohannis could visit Egypt in mid this month to discuss ways to boost tourism cooperation between the two countries.

1 October (Friday): Businesses importing goods at seaports will need to file shipping documents and cargo data digitally to the Advance Cargo Information (ACI) system.

1 October (Friday): Expo 2020 Dubai opens.

1 October (Friday): Deadline for state-owned companies and government agencies to sign up to e-invoicing platform.

2 October (Saturday): House returns from recess; new legislative session begins.

5 October (Tuesday): Senate returns from recess; new legislative session begins.

6 October (Wednesday): Armed Forces Day.

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

9 October (Saturday): Public schools begin 2021-2022 academic year

11-17 October (Monday-Sunday): IMF + World Bank Annual Meetings.

12-14 October (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

18 October (Monday): Prophet’s Birthday.

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

24-28 October (Sunday-Thursday) Cairo Water Week, Cairo, Egypt.

27-28 October (Wednesday-Thursday) Intelligent Cities Exhibition & Conference, Royal Maxim Palace Kempinski, Cairo, Egypt.

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

28 October (Thursday): Second tranche of overdue subsidy payouts will be handed to eligible exporters.

30 October – 4 November (Saturday-Thursday): The first edition of Race The Legends, Egypt.

November: The French-Egyptian Business Forum is set to take place in the Suez Canal Economic Zone.

November: Egypt will host another round of talks to reach a potential Egyptian-Eurasian trade agreement, which can significantly contribute to increasing the volume of Egyptian exports to the Russia-led bloc that includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.

1-3 November (Monday-Wednesday): Egypt Energy exhibition on power and renewable energy, Egypt International Exhibition Center, Cairo, Egypt.

2-3 November (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.

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

16-17 November (Tuesday-Wednesday): Africa fintech summit, Cairo.

26 November-5 December (Friday-Sunday): The 43rd Cairo International Film Festival.

29 November-2 December (Monday-Thursday): Egypt Defense Expo, Egypt International Exhibition Centre.

7-8 December (Tuesday-Wednesday): North Africa Trade Finance Summit.

8-10 December (Wednesday-Thursday): Global Forum for Higher Education and Scientific Research (GFHS), Cairo, Egypt.

12-14 December (Sunday-Tuesday): Food Africa Cairo trade exhibition, Egypt International Exhibition Center, Cairo, Egypt.

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

14-19 December (Tuesday-Sunday): The Cairo International Festival for Experimental Theater.

14-15 December (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.

15 December (Wednesday): Deadline for joint stock companies and investment companies in Cairo to join e-invoicing platform.

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

14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.

1H2022: The World Economic Forum annual meeting, location TBD.

22-24 April 2022: World Bank-IMF spring meeting, Washington D.C.

May 2022: Investment in Logistics Conference, Cairo, Egypt

16 June 2022 (Thursday): End of 2021-2022 academic year for public schools

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

2H2022: IEF-IGU Ministerial Gas Forum, Egypt. Date + location TBA.

**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.