Monday, 10 January 2022

AM — Nafeza trial for air freight coming in Jan

TL;DR

WHAT WE’RE TRACKING TODAY

Good morning, friends, and welcome to a pleasantly brisk news morning. Brace yourselves for a possible sand storm — and do everyone a favor: Wear a mask for the next little while if you’re doing face-to-face meetings. Anecdotal evidence suggests it is getting a bit hairy on the covid-19 front. We have more on both stories in this section, below.

It’s inflation day: The Central Bank of Egypt (CBE) and Capmas will release inflation figures for December later today. Annual urban inflation slowed for the second month running in November, dipping to its lowest since July as pressure on food prices continued to ease.

What now? With an unfavorable base effect heading into 2022, don’t be surprised to see inflation rise in the coming months, particularly if global commodity prices continue their upwards trajectory. Analysts were split over the medium-term outlook following the central bank’s final policy meeting last year, with Capital Economics forecasting below-target range inflation by the middle of 2022, while HC Securities expects it to average 8% through the year. The CBE is targeting inflation of 7% (±2%) by 4Q2022.

The World Youth Forum gets underway in Sharm El Sheikh today. The forum will run for four days, wrapping on Thursday, 13 January. Palestinian President Mahmoud Abbas arrived in Sharm yesterday for a meeting with President Abdel Fattah El Sisi ahead of his participation in the forum, Palestinian news agency WAFA reported. Jordan’s Crown Prince Hussein is also set to attend, according to MENA.

SMART POLICY- You may soon be able to renew your car license on-the-go. Around 40 tech-equipped mobile traffic vans will soon be roaming the country to issue licenses and inspect vehicles, under a protocol the Planning Ministry signed with traffic authorities yesterday.

PSA- There is a chance of high winds and a dust storm today, according to the national weather service. Our favorite weather app is forecasting a high today of 18°C in the capital city.


Journalist Wael Elebrashy has died at age 58 due to complications caused by covid-19, Masaa DMC (watch, runtime: 1:24) and Al Hayah Al Youm (watch, runtime: 6:54) reported. The veteran reporter spent decades in the industry, writing for Rose El Youssef newspaper and presenting several talk shows. News of Elebrashy’s death came on the same day that Tahani El Gibali, Egypt’s first female judge, passed away, also due to complications from covid-19.

Local and international media are reporting this morning that Foreign Minister Sameh Shoukry has contracted covid-19. Al Masry Al Youm and Masrawy are reporting that the minister is not suffering severe symptoms and is currently working remotely, citing sources familiar with the matter. Bloomberg Asharq and Sputnik are also reporting the story.

If the report about Shoukry is confirmed, he would be the latest of a number of public figures to have contracted the virus in recent days, including talk show hosts Lamees El Hadidi and Amr Adib and at least eight players and staff members of the Egyptian national football team.

The Health Ministry reported 912 new covid-19 infections yesterday, up from 830 the day before. Egypt has now disclosed a total of 392,857 confirmed cases of covid-19. The ministry also reported 26 new deaths, bringing the country’s total death toll to 21,964.


THE BIG STORIES ABROAD- Little sign of compromise as the US and Russia gear up for high-stakes talks in Geneva: US, Russia and Nato officials are going into today’s talks, nominally aimed at reducing tensions over Ukraine, by ramping up the rhetoric and downplaying the chances of a breakthrough. Russia said it would refuse to compromise under pressure from Washington, US Secretary of State Anthony Blinken accused Moscow of holding “a gun to the head” of Ukraine, while Nato chief Jens Stoltenberg threatened “a new armed conflict in Europe” if Moscow refuses to play ball. The build-up to the talks is getting coverage in the Financial Times, Reuters and the Associated Press, among others.

The UAE is on track to see growth double to 4.2% in 2022, according to its central bank’s quarterly economic review (pdf), as its economy rebounds from the pandemic. The bank’s forecast came in higher than the IMF’s prediction of 3% GDP growth for the year. The strong forecast comes as the UAE’s non-oil private sector registered another month of solid growth in December, thanks partially to Expo 2020 and easing travel restrictions, according to the latest PMI survey (pdf).

ALSO- Turkey sells more USD: Turkey’s central bank sold a record amount of USD from its reserves to support its state gas company Botas in December, adding to what looked like aggressive intervention to prop up its crashing currency, Bloomberg reported.

Getting wide coverage in the US press: A fire in a New York apartment building has killed at least 19 people, including nine children. The cause? A space heater, it seems. The story is everywhere from the Washington Post and New York Times to the Wall Street Journal.

MARKET WATCH- US earnings season kicks off this week, giving investors their first insight into how companies performed in the final quarter of 2021, the Wall Street Journal reports. Analysts expect the financial industry to post record annual earnings, which will be put to the test later this week when JPMorgan Chase, Citigroup, and Wells Fargo declare earnings. Delta Air Lines will post its results on Thursday, providing an indication of how the travel industry responded to omicron and the tightening of border restrictions.

REMINDER- We still have six weeks to wait for Egyptian companies to report 4Q earnings, which should start rolling in around the beginning of March. EGX-listed companies have 90 days from the end of their fiscal year to report their full-year results.

THE MARKETS TODAY- Asian shares are down in early trading this morning. Shares in Shanghai, South Korea and Australia are in the red and the Nikkei is treading water as traders await inflation data out of the US this week. Shares in the US and Europe are on course to open lower according to the futures markets.

CIRCLE YOUR CALENDAR-

First interest day of 2022 next month: The Central Bank of Egypt (CBE)’s monetary policy committee will hold its first policy meeting of 2022 on Thursday, 3 February.

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

enterprise

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.

In today’s issue: Egypt’s academic research landscape has been improving in recent years, with our academics making more significant contributions to research. The push to improve our research output has also received policy backing. Today, we look at the current landscape for academic research.

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Endless discovery above and below.

CUSTOMS

Nafeza trials for air freight landing in Jan

ACI for air freight trials start this month ahead of planned April launch: The Customs Authority will in January begin a three-month trial extending its Advance Cargo Information (ACI) system to air freight, ahead of a full launch planned for April, a source familiar with the matter told Enterprise, confirming a report from Al Shorouk.

Early take-off? Meetings with customs agents and air freight firms are ongoing to discuss how to implement the digital cargo tracking system — which was originally introduced for maritime shipments — for air freight. The Finance Ministry began looking into adapting ACI for airborne cargo last year, Khaled Nassef, technology advisor for Egyptian Company for E-commerce Technology (MTS) — which set up the ACI system — told Enterprise in December. Those studies were expected to be completed sometime during the first quarter of this year, he said at the time.

The challenge: Planes go fast. Turnaround time for planes on runways is significantly shorter than for ships at port, with repercussions for how the airborne ACI system would be run, Nassef told us last month.

The move would digitize another big chunk of our logistics industry: Air freight makes up around 30% of Egypt’s cargo movement, according to our source.

What’s ACI? It’s a World Customs Organization (WCO) protocol that provides real-time information on shipments of incoming goods to shipping lines, port operators and governments. ACI is a key part of the Finance Ministry’s digital customs system known as Nafeza, which went live in October. All maritime importers must be registered to Nafeza, through which they file shipping paperwork and cargo data. As of December, north of 85% of active importers (around 24k companies) were looped into the system. The plan is to fully digitize all customs-related procedures — including the banking side of things — by June, Nassef previously told us.

For more on ACI and Nafeza, head to our in-depth explainer here.

STARTUP WATCH

MNT-Halan wants to tap new markets in 2022

MNT-Halan is looking at cross-border expansion this year, with plans to tap markets where “there are large unbanked populations that need serving,” CEO and co-founder Mounir Nakhla told the Banker magazine. The fintech firm — which last year raised USD 120 mn in what remains the region’s largest-ever fintech round — is looking at “several” countries in Africa and elsewhere, according to Nakhla.

The firm could also look to grow its service menu in Egypt in the short-term to include cards and supply chain financing, Nakhla said. The company currently offers buy-now-pay-later (BNPL) loans, microfinance solutions, P2P transfers, bill payments, and remittances through its recently-launched core banking system, Neuron.

The new banking software is off to a solid start: “The current monthly throughput via Neuron [the company’s in-house core banking software] is over USD 125 mn,” Nakhla said, including USD 15 mn processed on the consumer-facing app. “One of our most successful use cases is P2P transfers, which have been gaining tremendous traction, with double and sometimes triple month-on-month growth rates.”

DEBT WATCH

Premium Card has its eye on the securitization market again

Premium Card is looking to tap the securitized bond market again this year with a two-tranche, EGP 500 mn issuance, in the final round of a securitization program it launched in 2020, Al Mal quoted Managing Director Osama Farid as saying.

Premium Card’s securitization program was initially slated to total EGP 2 bn, but has been reduced “under pressure of several factors,” Farid was quoted as saying, without providing further details. The program has seen six issuances worth a combined EGP 1.05 bn so far, including an EGP 170 mn short-term securitized bond sale consisting of a single 10-month tranche that closed last week.

Egyptian issuers have sold EGP 6.9 bn worth of securitized bonds since the start of 2021, by our count, while a total of 19 securitized bond issuances with a combined value of EGP 15.8 bn went to market last year.

Also in the pipeline: Cairo Housing and Development’s maiden issuance to the tune of EGP 146 mn, while its sister companies are slated to take a EGP 190 mn issuance to market after receiving regulatory approval.

EDUCATION

MENA’s first Finnish-British school is coming to SODIC East

SODIC East to see MENA’s first Finnish-British school: Upmarket real estate developer SODIC has signed an agreement to set up a Finnish-British school in its SODIC East project with Finnish British Consortium for Investment (FBC) and Finnish Global Education Solutions (FGES), SODIC announced in a press release (pdf).

The school is slated to begin operating in 2023, following the planned launch of the first phases of SODIC’s East Cairo mixed-use development this year.

About the school: The English-language Finnish British School (FBS) will teach the British curriculum and IB, using the Finnish system of holistic, phenomenon-based learning (where students learn through interdisciplinary projects rather than subject by subject). The “sports-focused” school will be associated with Finland’s Espoo International School for exchange programs and mentorship on implementing the IB curriculum. The principals will be Finnish, while the teaching staff will be international.

The project comes as part of Finland’s education diplomacy: FGES was launched with support of the Finnish education ministry as part of the country’s drive to export its education system, according to the statement. The school will be run under the supervision of a Finnish government body linked to its education ministry. The agreement with SODIC was inked in Helsinki in the presence of Egypt’s ambassador to Finland and Finland’s dedicated education ambassador. The signing coincided with Education Minister Tarek Shawki’s first visit to Finland, where he met with FGES representatives, the press release said.

More to come? FBC aims to establish six Finnish-British schools and an international university in Egypt over the next decade, at an initial investment cost of EGP 1.2 bn, CEO Karim El Safty said.

This is the first big announcement out of Sodic since Aldar Properties and Abu Dhabi sovereign wealth fund ADQ in December acquired 85.5% of the company in an all-cash, EGP 6.1 bn transaction. SODIC shareholders will vote on the company’s new board of directors at an extraordinary general meeting on Sunday, 16 January.

MOVES

State-owned Misr Fertilizers Production Company (Mopco) has appointed Ibrahim Mahgoub as its new chairman and managing director to replace Hesham Nour El Din (LinkedIn), effective immediately, the company announced in an EGX disclosure (pdf). The decision was made at a board of directors’ meeting last Wednesday.

Mopco is in the chute to tap the EGX before the end of the current fiscal year, Al Borsa cited Public Enterprises Minister Hisham Tawfik as saying in November.

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LAST NIGHT’S TALK SHOWS

Another Amr Adib / Lamees-less night meant another quiet night on the airwaves. Both El Hekaya and Kelma Akhira are home for the duration after the couple contracted covid-19 over the weekend.

The World Youth Forum got attention: Preparations for the event — which starts today in Sharm El Sheikh — received coverage from Al Hayah Al Youm (watch, runtime: 2:35) and Masaa DMC (watch, runtime: 36:26), which featured an interview with South Sinai governor Khaled Fouda.

ALSO ON OUR RADAR

Morocco, Egypt resolve auto import disagreement -Moroccan media: Morocco and Egypt have reached an agreement to exempt Renault cars produced in Tangiers from import fees, Moroccan outlet Hespress reported Industry and Trade Minister Ryad Mezzour as saying during a parliamentary session in Rabat. Following negotiations, the imported cars will be exempt from all customs duties as per the Agadir agreement, Mezzour said – resolving “a major point of contention” in the trade liberalization agreement between the two sides, according to Hespress. Mezzour added that our customs authorities are also set to accept certificates issued by a Moroccan government body assuring quality control in the country’s companies and factories.

What’s the Agadir agreement? Moroccan-produced cars are exempt from import duties under the trade pact, which was signed by Egypt, Morocco, Jordan, and Tunisia in 2004.

PLANET FINANCE

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The oil market started the year with gusto: Prices surged past the USD 80 / barrel mark last week as the omicron variant did little to dent demand, Bloomberg reports. Contrary to predictions of a burgeoning oversupply problem, supply constraints amid freezing weather in North America pushed a fresh rally in prices, apparently validating OPEC’s recent decision to stick to planned output increases of 400k bbl/d next month. Strategists say the market is set to remain bullish, potentially helping drive inflation.

But while oil is on a tear, the same can’t be said for bonds. Treasuries had their worst ever start to a year last week: German yields threatened to turn positive and UK debt saw selloffs, Bloomberg reports, as the markets repriced ahead of expected rate hikes from central banks across the board. Investors are set to keep a sharp eye on central bank moves as volatility rocks the debt markets.

The meme stock-maker becomes the meme stock? Reddit has hired Goldman Sachs and Morgan Stanley to work on its IPO, which could hit the Nasdaq in March, sources familiar with the matter tell Bloomberg. The social media company, whose message boards fuelled the 2021 retail trading craze, could be worth up to USD 15 bn, the people said.

Down

EGX30

11,979

-0.5% (YTD: +0.3%)

None

USD (CBE)

Buy 15.66

Sell 15.76

None

USD at CIB

Buy 15.66

Sell 15.76

None

Interest rates CBE

8.25% deposit

9.25% lending

Up

Tadawul

11,560

+1.1% (YTD: +2.5%)

Down

ADX

8,379

-0.2% (YTD: -1.3%)

Up

DFM

3,220

+0.8% (YTD: +0.7%)

Down

S&P 500

4,677

-0.4% (YTD: -1.9%)

Up

FTSE 100

7,485

+0.5% (YTD: +1.4%)

Down

Brent crude

USD 81.75

-0.3%

Up

Natural gas (Nymex)

USD 3.92

+2.7%

Up

Gold

USD 1,797

+0.5%

Up

BTC

USD 42,448

+1.0% (as of midnight)

THE CLOSING BELL-

The EGX30 fell 0.5% yesterday on turnover of EGP 484 mn (61.3% below the 90-day average). Regional investors were net buyers. The index is up 0.3% YTD.

In the green: Raya Holding (+6.2%), Aspire Capital (+1.0%) and Eastern Company (+1.0%).

In the red: Palm Hills Development (-2.8%), Rameda (-2.7%) and Abu Qir Fertilizers (-2.6%).

DIPLOMACY

The Egyptian and American navies held a joint exercise in the the Red Sea yesterday, the Armed Forces said in a statement.

The Armed Forces also began a joint exercise with Saudi Arabia, Tabuk 5, which got underway in Saudi, the Armed Forces said in a statement.

blackboard

What does the current academic research landscape look like in Egypt? Over the past several years, academic and scientific research output in Egypt has increasingly become a focus as our universities continue to lag behind international peers on global ranking systems. The Sisi administration has enacted some policies to support research output and innovation, including setting up an innovation fund. Currently, we have about 138k trained researchers in all academic disciplines and ranks across some 26 government-affiliated labs and research facilities throughout the country. Some EGP 4.5 bn have been designated for research grants in the government’s FY2021-2022 budget — marking an improvement from the EGP 3.8 bn allocated in the previous fiscal year.

Major sources of funding: Researchers, who include both PhD candidates and practicing professors, have traditionally relied on funding from the government’s annual budget or through private and foreign funding distributed by the government-affiliated Science, Technology & Innovation Funding Authority (STDF).

And how does that measure up to our peers? World Bank data suggests that Egypt ranks slightly above average in research allocations when compared to some of our international peers with a similar GDP makeup, and some of our regional peers as well. In Chile, for example, public expenditure on research and development accounted for some 0.36% of the country’s GDP, according to the nearest available World Bank and UNESCO figures from 2017, while in Vietnam, spending comprised some 0.53% of GDP. Arab states saw an average spending of 0.63% of GDP allocated towards research in 2017. That same year, Egypt is estimated to have spent 0.68% of its GDP on research and development, outpacing the regional average.

If we’re looking at raw data, things appear to be in pretty good shape: Egypt holds the 36th spot for total number of citable documents produced by researchers in the country, with some 253k published papers in the 25 years between 1996 and 2021, according to Scopus Data. When it comes to actual citations, which provide a much better indication of the quality and significance of these papers, Egypt ranks a little lower at 42nd overall with some 3 mn citations over the same period. Medical research papers comprised the single largest category of published papers in 2020 (some 9.2k) but only some 3.1k citations for these documents have been reported thus far.

Things aren't so bad when it comes to regional rankings either: Compared to regional peers, Egypt ranks 5th in terms of citations over the 25 year period, sitting above the likes of Qatar, Jordan, Kuwait and the UAE and below only Israel, Turkey, Iran and Saudi Arabia. In 2020 alone we saw some 38k citations for about 30.7k citable papers produced by Egyptian researchers, putting Egypt in 4th place in the Middle East and 30th overall in terms of citations.

Egyptian university rankings have been rising over the last four years mostly due to increased citations and more industry income. Egypt's universities are among the fastest-rising higher education institutions in the world out of all those tracked and ranked by the Times Higher Education, as we have previously noted, which places extra emphasis on research capabilities. Long-standing public institutions still perform much better than their private sector counterparts when it comes to academic research however.

As for innovation, there’s some evidence to suggest that our outputs are doing relatively well: Egypt ranks 94th out of 132 countries in the UN’s World Intellectual Property Organization’s (WIPO) 2021 Global Innovation Index (pdf), which measures countries’ innovation capabilities. On its own, this seems like a fairly low score, but breaking down the components that make up this ranking shows that when it comes to spending as a share of GDP and researchers’ knowledge and technology outputs, Egypt actually ranks quite well among comparable lower-middle income countries. The report makes note of better than anticipated performance in quality innovations relative to investments in the inputs that should make those innovations possible.

With these key indices in mind, it appears that academic research, particularly in the STEM fields, are performing relatively well compared to our income and regional peers, at least on paper. But there is also a general consensus that there is a significant amount of unfulfilled potential and that Egypt could be performing far better than it currently is in the academic research field.

In next week’s Blackboard, we will explore some of the challenges researchers face while conducting their studies and how a number of bottlenecks may be hindering larger strides from being made in academia.


Your top education stories for the week:

  • The Education Ministry plans to establish 35 new applied technology schools during the 2022-2023 school year, Masrawy reports.
  • More education spending in FY2022-2023: The state budget for next fiscal year is set to ramp up spending on education, primarily through the Decent Life initiative.
  • Applications open for Chinese postgrad scholarships: Mandarin speakers can apply until the end of March for grants to pursue postgraduate studies at 18 Chinese universities, according to a Higher Education Ministry statement.

CALENDAR

1Q2022: Launch of the Egyptian Commodities Exchange.

1Q2022: Swvl acquisition of Viapool expected to close.

1Q2022: Waste collection startup Bekia plans to expand to the UAE and Saudi Arabia.

Early 2022: Results to be announced for the second round of the state’s gold and precious metals auction.

1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.

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

1H2022: e-Finance’s digital healthcare service platform, eHealth, will launch its services.

1H2022: The government will respond to private companies’ bids to build desalination plants.

January: Sovereign Sukuk Act executive regulations expected to be finalized.

January: Tenth of Ramadan dry port tender to be launched.

1-15 January (Saturday-Saturday): Qualified Industrial Zones (QIZ) Joint Committee.

9 January – 6 February (Sunday-Sunday): 2021 Africa Cup of Nations, Cameroon.

10-13 January (Monday-Thursday): World Youth Forum, Sharm El Sheikh.

Second half of January: Egypt will host the Egyptian-Bahraini Joint Committee.

Second half of January: Regulations for installing EV charging stations will be published.

16 January (Sunday): SODIC shareholders will vote on the company’s new board of directors at an extraordinary general meeting.

17-19 January (Monday-Wednesday): World Future Energy Summit, Abu Dhabi.

19 January (Wednesday): EgyptAir will operate an exceptional Casablanca-Cairo flight to bring home Egyptians expats stranded in Morocco following border closures.

20 January (Thursday): Kadmar Shipping’s new line transporting agricultural crops between Alexandria and Russia begins its operations.

23 January (Sunday): Deadline for Macro Pharma to IPO on the EGX.

25 January (Tuesday): The IMF will release its World Economic Outlook.

25 January (Tuesday): 25 January revolution anniversary / Police Day.

25-26 January (Tuesday-Wednesday): Federal Reserve interest rate meeting.

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

End of January: The Egyptian-Romanian business forum will take place with the aim of strengthening joint investment relations.

January-February 2022: Construction work on the Abu Qir metro upgrade will begin.

February: Hassan Allam Construction’s new construction firm established with Russia’s Titan-2 to handle construction work on the Dabaa nuclear power plant begins its operations.

February: Ghazl El Mahalla shares will begin trading on the EGX this month.

February: Suez canal transit fees set to increase 6%, exempting cruise ships and LNG carriers.

Mid-February: End of grace period to comply with new minimum wage for firms who sent in exemption requests.

3 February (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

3 February (Thursday): January PMI figures for Egypt, Saudi Arabia, and the UAE will be released.

4-20 February (Friday-Sunday): 2022 Winter Olympics, Beijing.

11 February (Friday): Deadline for Anghami SPAC merger.

11-13 February (Friday-Sunday) FIBA Intercontinental Cup, Cairo.

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

15 February (Tuesday): The Industrial Development Authority’s deadline for receiving offers from companies for licenses to manufacture steel products.

19 February (Saturday): Public universities begin the second term of the 2021-2022 academic year.

End of February: Lebanon to receive gas from Egypt via a pipeline crossing Jordan and Syria.

March: Rollout of the government financial management information system (GFMIS), a suite of electronic tools to automate the government’s financial management processes (pdf) that will replace the existing “closed” financial management system.

March: 4Q2021 earnings season.

March: Deadline for the World Health Organization’s intergovernmental negotiating body to meet to discuss binding treaty on future pandemic cooperation.

March: World Cup playoffs.

March: Target date for Saudi tech firm Brmaja to IPO on the EGX.

9-18 March (Wednesday-Friday): The 55th edition of the Cairo International Fair.

15-16 March (Tuesday-Wednesday): Federal Reserve interest rate meeting.

24 March (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

31 March (Thursday): Deadline for submitting tax returns for individual taxpayers.

31 March (Thursday): Supply Ministry expected to take final decision on bread subsidies by this date.

2 April (Saturday): First day of Ramadan (TBC).

3 April (Sunday): Bidding begins on the Industrial Development Authority’s license to manufacture tobacco products.

4 April (Monday): CDC Group will formally change its name to British International Investment.

22-24 April (Friday-Sunday): World Bank-IMF spring meeting, Washington D.C.

24 April (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).

25 April (Monday): Sham El Nessim.

25 April (Monday): Sinai Liberation Day.

28 April (Thursday): National Holiday in observance of Sham El Nessim.

30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.

Late April – 15 May: 1Q2022 earnings season

May: Investment in Logistics Conference, Cairo, Egypt.

1 May (Sunday): Labor Day.

3-4 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.

5 May (Thursday): National Holiday in observance of Labor Day.

2 May (Monday): Eid El Fitr (TBC).

19 May (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.

15-18 June (Wednesday-Saturday): St. Petersburg International Economic Forum (SPIEF), St. Petersburg.

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

23 June (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

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

30 June (Thursday): June 30 Revolution Day, national holiday.

End of 2Q2022: The Financial Regulatory Authority’s new Ins. Act should be approved.

End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.

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

July: A law governing ins. for seasonal contractors will come into effect.

1 July (Friday): FY 2022-2023 begins.

8 July (Friday): Arafat Day.

9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.

26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.

30 July (Saturday): Islamic New Year.

Late July – 14 August: 2Q2022 earnings season.

18 August (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

September: Egypt will display its first naval exhibition with the title Naval Power.

20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.

22 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

6 October (Thursday): Armed Forces Day, national holiday.

8 October (Saturday): Prophet Muhammad’s birthday, national holiday.

18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.

Late October – 14 November: 3Q2022 earnings season.

1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.

3 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

22 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

End of 2022: e-Aswaaq’s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.

**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 above between the actual holiday and its observance.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

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