{"id":568399,"date":"2020-12-29T03:48:38","date_gmt":"2020-12-29T03:48:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=568399"},"modified":"2025-12-16T06:19:19","modified_gmt":"2025-12-16T06:19:19","slug":"sinopharm-jab-gets-okay-plus-the-year-in-startups-macro","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/sinopharm-jab-gets-okay-plus-the-year-in-startups-macro\/","title":{"rendered":"Sinopharm Jab gets Okay. Plus: The year in startups + macro."},"content":{"rendered":"<section id=\"568401\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"568401\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">What We're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-were-tracking-on-29-december-2020\/\">\r\n                            What we\u2019re tracking on 29 December 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-were-tracking-on-29-december-2020\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-were-tracking-on-29-december-2020\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-were-tracking-on-29-december-2020\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=What we\u2019re tracking on 29 December 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-were-tracking-on-29-december-2020\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-were-tracking-on-29-december-2020\/&title=What we\u2019re tracking on 29 December 2020\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=What+we%E2%80%99re+tracking+on+29+December+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F29%2Fwhat-were-tracking-on-29-december-2020%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-were-tracking-on-29-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568401\" class=\"content-area-description single-story post-568401 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-automotive-directive tag-enterpriseam tag-rania-al-mashat tag-tax tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>End-of-year news slowdown? What news slowdown? <\/strong>In what is traditionally the slowest period for news outside of the month of August, we have another packed news day for you today.<\/p><p><strong>The big story at home and abroad:<\/strong> Corna, Corona and still more corona. Have we mentioned there are just three days left until 2021? Yeah, yeah, we know \u2014 we\u2019re gonna be the same people on 1 January as we are today. But still, it\u2019s a mental barrier we want to break.<\/p><p><strong>PSA #1- Look for fog on highways into and out of Cairo <\/strong>today and for the rest of the week, particularly out in October and on the Cairo-Alex Desert Highway, <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/photos\/a.825570437621323\/1818645034980520\/\">the national weather service<\/a> is warning. There\u2019s also a chance of light showers in coastal areas and in the capital city on Friday. (Our favourite weather app puts the odds of a sprinkly at just 20%, so don\u2019t hold your breath on that front.)<\/p><p><strong>PSA #2- We have yet to hear from the CBE on whether Thursday will be a bank holiday. <\/strong>Banks with December-January fiscal years are typically shuttered on 1 January to close their books, but this year New Year\u2019s falls on a Friday. If banks close, the EGX will follow suit.<\/p><p><strong>SMART POLICY- The central bank has extended its ban on transaction fees for <\/strong><strong>withdrawals from ATMs <\/strong>outside your bank\u2019s network until 30 June 2021, the CBE said <a href=\"https:\/\/ent.news\/2020\/12\/%D9%83%D8%AA%D8%A7%D8%A8-%D8%AF%D9%88%D8%B1%D9%8A-%D8%A8%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE-28-%D8%AF%D9%8A%D8%B3%D9%85%D8%A8%D8%B1-2020-%D8%A8%D8%B4%D8%A3%D9%86-%D9%85%D8%AF-%D9%81%D8%AA%D8%B1%D8%A9-%D8%A7%D9%84%D8%A7%D8%B9%D9%81%D8%A7%D8%A1-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D9%85%D9%88%D9%84%D8%A7%D8%AA-%D9%88-%D8%A7%D9%84%D8%B1%D8%B3%D9%88%D9%85-%D8%B9%D9%84%D9%8A-%D8%A7%D9%84%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%81%D9%8A%D8%A9.pdf\">in a statement (pdf)<\/a> on Monday. <strong>EGP-denominated bank transfers will also be exempt<\/strong> from transaction fees until mid-next year, as well fees on contactless payment cards, mobile wallets and e-payments.<\/p><p><strong>Pity the poor bank shareholders: <\/strong>That\u2019s a lot of fee and commission income up in smoke, but look at it this way: Once you train them to use ATMs\u2026<\/p><p><strong>More from our TBR pile:<\/strong><\/p><ul>\n<li>Score one for the couch potatoes: <strong><a href=\"https:\/\/www.wsj.com\/articles\/a-caveman-would-never-do-crossfit-why-theres-nothing-natural-about-exercise-11609171200?mod=hp_featst_pos3\">There\u2019s nothing natural about exercise<\/a><\/strong>, the WSJ notes in its promo for Harvard evolutionary biologist Daniel E. Lieberman\u2019s forthcoming <a href=\"https:\/\/www.amazon.com\/Exercised-Something-Evolved-Healthy-Rewarding-ebook\/dp\/B082H3ZH44\">Exercised: Why something we never evolved to do is healthy and rewarding<\/a>. The book is out 5 January and we\u2019ve got it on pre-order.<\/li>\n<li><strong><a href=\"https:\/\/www.thecut.com\/2018\/10\/an-argument-for-going-to-bed-super-early.html?utm_source=instagram&amp;utm_medium=social_acct&amp;utm_campaign=nym&amp;utm_content=nym&amp;utm_term=curalate_like2buy_K7xsY9mK__257bdfef-6f26-4852-8d76-bcc38d761f0b\">The best time to go to bed is 8:45pm<\/a><\/strong>, writes New York magazine in a nice, short piece. Sounds about right to us, but our schedule is \u2026 weird.<\/li>\n<li><strong><a href=\"https:\/\/www.wsj.com\/articles\/consumer-brands-bet-working-from-home-is-here-to-stay-11609065000?mod=hp_lead_pos11\">Consumer brands think working from home is here to stay<\/a><\/strong> \u2014 it\u2019s why everyone from coffee companies to makers of paper towels are \u201cinvesting in factories, new products aimed at remote workers post-pandemic,\u201d the Journal suggests. Is there a similar trend you\u2019re working on in Egypt?<\/li>\n<\/ul><p><strong>WATCH THIS SPACE-<\/strong><\/p><p><strong>Is the\u201dautomotive directive\u201d coming back?<\/strong> The Madbouly Cabinet appears to be formulating (or reformulating, if you\u2019ve been keeping count) a strategy to make locally-assembled cars more competitive for export markets, according to<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1818888611622829\">a cabinet statement<\/a>. While the statement lacked detail on what strategies the government is exploring, it did note that the Trade Ministry was exploring <strong>a series of new incentives for the auto industry. <\/strong><\/p><p><strong>Foreign automakers have the ear of gov\u2019t, so unlikely:<\/strong> This is starting to sound eerily similar to conversations we\u2019ve been hearing five years ago on the <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/16\/government-finishes-draft-car-manufacturing-customs-tax-incentives-program\/\">so-called \u201cautomotive directive,\u201d<\/a> especially when the statement says the ministry is studying proposals by an unnamed foreign automaker. It was these players, who benefit from fully-assembled, imported cars being sold at zero-customs domestically, who lobbied to kill the automotive directive.<\/p><p><strong>This could be related of course to our natgas transition plan: <\/strong>The automotive industry could be getting a boost from a fund the government is mulling to encourage local manufacturing, especially automotive components and vehicle assembly, Trade Minister Nevine Gamea <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/278ac151-570c-42ea-a0e5-f06df461e23f\">said earlier this month<\/a>. The fund is linked with the launch of the government\u2019s campaign to convert existing vehicles to natural gas engines, which will kick off at the start of 2021.<\/p><p class=\"web-image\"><a href=\"https:\/\/bloom.bg\/34QlrvT\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/mashat-bloomberg-1600.png?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>Gov\u2019t will show the private sector lots of love in 2021:<\/strong> That\u2019s our paraphrase of International Cooperation Minister Rania Al Mashat\u2019s sit-down yesterday with Bloomberg TV (<a href=\"https:\/\/bloom.bg\/34QlrvT\">watch, runtime: 10:52<\/a>). Engagement will be based around ESG principles, Al Mashat said, adding that green growth and environmental initiatives have recently become a top priority, \u201cwhich aligns global and national priorities, and in return reinforces Egypt\u2019s commitment to deepen its engagement with the private sector to encourage innovation and growth.\u201d Al Mashat also recapped the ministry\u2019s 2020 annual report, the highlights of which you can catch <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2a51f446-bf01-4240-9ce5-8bad2a7089bc\">here<\/a>.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>BORING, BUT REALLY IMPORTANT<\/strong><strong>-<\/strong><\/p><p><strong>The Finance Ministry wants to remind everyone that it\u2019s launching the pilot phase of its <\/strong><strong>u<\/strong><strong>nified tax platform on 1 January.<\/strong> The launch, which will see some 11k of Egypt\u2019s largest taxpayers begin filing taxes through the electronic platform, will be accompanied by a series of workshops where Tax Authority officials will explain to these companies how to use the system and what the benefits are, authority head Reda Abdel Kader <a href=\"https:\/\/bit.ly\/34PDNgd\">told the press<\/a> on Monday.<\/p><p><strong>What is happening?<\/strong> The new system, which was made possible through the recently-passed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b157b40b-45d7-455d-9b8f-a52f21851d0e\">Unified Tax Act<\/a>, integrates some 64 previously-separate tax services into a single core taxation system. The platform will allow users to file returns and pay taxes, register as taxpayers, enquire about electronic payments, and settle unpaid taxes. The authority will also be able to issue fines for late payment and monitor taxpayer accounts.<\/p><p><strong>This is different from the e-invoicing system<\/strong> \u2014 a platform that allows companies to log their invoices electronically to the Finance Ministry\u2019s database. Large taxpayers that don\u2019t sign on to this system by 1 July 2021 will risk <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61c78b1b-ec60-46e8-9760-c995c81f34b9\">losing benefits and see government services and businesses dry up<\/a>, the ministry warned on Sunday.<\/p><p><strong>For a primer on Unified tax platform<\/strong>, click <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48e0d573-1690-4010-b404-18b22ca18587\">here<\/a>. To catch up on the<strong> e-invoicing system<\/strong>, check <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99a6ca73-945a-43a8-9bb3-70e01e484a6c\">here<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive-directive\/\">Automotive Directive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rania-al-mashat\/\">Rania Al Mashat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568402\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"568402\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/568402\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568402\" class=\"content-area-description single-story post-568402 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/SOMA-ENTERPRISE-FAM-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568403\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"568403\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/sinopharm-jab-gets-okay\/\">\r\n                            Sinopharm jab gets \u2018okay\u2019                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/sinopharm-jab-gets-okay\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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A working group at the Egyptian Meds Authority held its final review meeting yesterday and an official announcement is expected today, she added. Egypt had been receiving shipments of the Sinopharm jab <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/321a98a8-0c82-4162-a6cf-38d0e75c3bae\">over the past few weeks<\/a>, after it had been cleared by UAE regulators, but questions arose earlier this week over potential supply chain delays out of China.<\/p>\n<p><strong>This would pave the way for the government to announce a detailed distribution plan <\/strong><strong>next week<\/strong>, Zayed tells the channel. The Health Ministry is setting up an operations room to oversee the rollout of the vaccine, a cabinet statement <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/622d16ad-1483-4584-a029-fc8d986c56a6\">said last week<\/a>.<\/p>\n<p><strong>It\u2019s still unclear how many people will be covered in the first phase of the rollout<\/strong> after Cabinet Spokesperson Nader Saad said Sunday night that kinks in Sinopharm\u2019s supply chain would see us get the full 500k initial doses later than expected.<\/p>\n<p><strong>Egypt is still building its war chest of covid vaccines. <\/strong>We\u2019re in in talks with AstraZeneca and Pfizer, Saad said, and hope to get about 20 mn doses of a vaccine from Gavi, the global vaccine alliance, some time in May 2021. Also important: We\u2019re in talks to obtain local manufacturing at Vacsera\u2019s highly regarded facilities. (You can catch more of Saad\u2019s remarks <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fb3e0427-bd80-406a-8dd1-d3bcf482c7a7\">here<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66724a50-27e6-41fe-a59a-1f073481f1c0\">here<\/a>.)<\/p>\n<p><strong>The approval of the jab was all over the airwaves <\/strong>last night, with Ala Mas\u2019ouleety\u2019s Ahmed Moussa beating the drum particularly hard <a href=\"https:\/\/www.youtube.com\/watch?v=886LsE0M6Wk\">(watch, runtime: 3:00)<\/a>.<\/p>\n<p><strong>The current covid wave could peak in the third week of January<\/strong>, a top government scientist told Kelma Akhira\u2019s Lamees El Hadidi last night, adding that Sinopharm is not the only vaccine the government is now studying <a href=\"https:\/\/www.youtube.com\/watch?v=QmimN771YJI&t=102s\">(watch, runtime: 7:59)<\/a>.<\/p>\n<p><strong>CASE COUNT- <\/strong><strong>This <\/strong><strong>comes as the <\/strong><strong><a href=\"https:\/\/bit.ly\/34PBYQH\">Health Ministry<\/a><\/strong> <strong>reported 1,359 new covid-19 infections <\/strong><strong>yesterday<\/strong>, up from 1,226 the day before. The ministry also reported 61 new deaths, bringing the country\u2019s total death toll to 7466. Egypt has now disclosed a total of 133,900 confirmed cases of covid-19.<\/p>\n<p><strong>And the reality on the ground is that these numbers are higher,<\/strong> Zayed said, adding that this happens everywhere and that inaccurate real time data is a reality of the pandemic. <strong>December and January typically see the highest number of respiratory disease-related deaths in Egypt<\/strong> due to their prevalence and people staying at home more due to the cold weather, which makes it difficult to log.<\/p>\n<p><strong>WATCH- <\/strong>You can catch Zayed\u2019s full interview here (<a href=\"https:\/\/www.youtube.com\/watch?v=kh_o1XftIno\">watch, runtime: 8:09<\/a>).<\/p>\n<p><strong>NOT A BAD IDEA- Manufacturers want to run their own vaccination programs for <\/strong><strong>workers. <\/strong>The Association of Industrial Investors is petitioning the Madbouly government to allow private companies to import the vaccine on their own dime and vaccinate their employees, the association\u2019s head Sobhy Nasr told the <a href=\"https:\/\/bit.ly\/2WO43n0\">local press<\/a> yesterday. The proposal reportedly received the endorsement of the Federation for Investors Associations as well.<\/p>\n<p><strong>Saudi Arabia\u2019s vaccine rollout has begun<\/strong> with the first round targeting individuals with obesity and multiple underlying health conditions such as high blood pressure, diabetes and heart disease. We know two people who got the call yesterday after registering online for the jab.<\/p>\n<p><strong>ALSO YESTERDAY- A law to regulate clinical research was ratified by President Abdel <\/strong><strong>Fattah El Sisi<\/strong>, <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2200042\">Al Masry Al Youm<\/a>reports. The law is being widely touted in the local press as possibly playing a role in expediting the roll out of vaccines by setting up clinical trial testing procedures and frameworks that allow for safe testing on humans.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hala-zayed\/\">Hala Zayed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health-ministry\/\">Health Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sinopharm\/\">Sinopharm<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568405\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"568405\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">DISPUTE WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/neos-got-nothing-on-us\/\">\r\n                            Neo\u2019s got nothing on us                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/neos-got-nothing-on-us\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/neos-got-nothing-on-us\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/neos-got-nothing-on-us\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Neo\u2019s got nothing on us&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/neos-got-nothing-on-us\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/neos-got-nothing-on-us\/&title=Neo\u2019s got nothing on us\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Neo%E2%80%99s+got+nothing+on+us+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F29%2Fneos-got-nothing-on-us%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/neos-got-nothing-on-us\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/478.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568406\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/neos-got-nothing-on-us\/478-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/478.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"478.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/478.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/478.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568405\" class=\"content-area-description single-story post-568405 post type-post status-publish format-standard has-post-thumbnail hentry category-dispute-watch tag-dispute-watch tag-enterpriseam tag-mopco wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Canadian fertilizer producer Nutrien has sold its entire 26% stake in <\/strong><strong>state-owned Misr Fertilizers Production Company (Mopco)<\/strong> in a USD 540 mn transaction, according to regulatory by<a href=\"https:\/\/ent.news\/2020\/12\/%D9%85%D9%88%D8%A8%D9%83%D9%88-%D8%A8%D8%B9%D8%AF-%D8%A7%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0-%D8%A7%D8%AC%D8%B1%D9%8A%D9%88%D9%85-28-12-2020.pdf\">both companies (pdf)<\/a> yesterday. Mopco bought some 59.57 mn shares at a price of EGP 2.9 bn, according to the filings. It is unclear if the payment was made in USD, as Nutrien had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a46977b6-eb32-492f-acde-ac660c7b93a9\">said last week<\/a>.<\/p>\n<p><strong>Nutrien = Agrium<\/strong>, for readers who hadn\u2019t caught the rebranding of the Canadian outfit after it merged <a href=\"https:\/\/www.nutrien.com\/investors\/news-releases\/2018-agrium-and-potashcorp-merger-completed-forming-nutrien-leader-global\">with the very inventively named Potash Corp. in January 2018<\/a>. The Agrium case was a perennial thorn in the side of Egyptian governments looking to drum up FDI after <a href=\"https:\/\/fr.reuters.com\/article\/agrium-egypt-idUKL567177220080805\">very loud public opposition in 2008<\/a> to the construction of a fertilizers plant on the Mediterranean coast near Damietta forced the government to back out of a JV to build the USD 1.4 bn EAgrium nitrogen fertilizer plant. For the better part of a decade, local communities tagging a proposed investment as \u201cAgrium\u201d was a powerful epithet.<\/p>\n<p><strong>The sale came as part of a settlement agreement that would see Nutrien drop a USD 140 mn arbitration case filed against Mopco<\/strong> subsidiary the Egyptian Nitrogen Products Company (ENPC) in the International Court of Arbitration last year. Nutrien predecessor Agrium was seeking damages for what it said was ENPC\u2019s failure to stick to a marketing agreement. The agreement is being widely touted by the <a href=\"https:\/\/bit.ly\/2KyfRHB\">oil and finance ministries<\/a> as a success in protecting the interests of foreign investors.<\/p>\n<p><strong>Advisers<\/strong>: Sarie Eldin and Partners acted as legal advisers to the Finance Ministry on the sale.<\/p>\n<p><strong>New arbitration commission behind the settlement: <\/strong>While the oil and finance ministries helped broker it, the settlement came under the supervision of the technical committee of the Supreme Commission for Arbitration and International Disputes, which is headed by Deputy Justice Minister for Arbitration and International Disputes Judge Moustafa El Bahabety. The Madbouly Cabinet had granted the commission significant supervisory powers over government contracts and agreements <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7626ca3e-5916-40d1-b95d-87da6b792742\">last month<\/a>, while granting it the authority to handle all of Egypt\u2019s arbitration cases. The move was made as a means for the government to streamline its handling of international arbitration cases and stave off future and potentially damaging arbitration suits.<\/p>\n<p><strong>Under its new authority, all government contracts must receive its final approval and sign offs. <\/strong>The commission also has the power to appoint legal representatives and sign off on all arbitration fees. The commission had previously existed as an advisory role, but would now hold sign off powers.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dispute-watch\/\">dispute watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mopco\/\">Mopco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568407\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"568407\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/a-usd-2-bn-zombie-project-revived\/\">\r\n                            A USD 2 bn zombie project revived?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/a-usd-2-bn-zombie-project-revived\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/a-usd-2-bn-zombie-project-revived\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/a-usd-2-bn-zombie-project-revived\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=A USD 2 bn zombie project revived?&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/a-usd-2-bn-zombie-project-revived\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/a-usd-2-bn-zombie-project-revived\/&title=A USD 2 bn zombie project revived?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=A+USD+2+bn+zombie+project+revived%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F29%2Fa-usd-2-bn-zombie-project-revived%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/a-usd-2-bn-zombie-project-revived\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568407\" class=\"content-area-description single-story post-568407 post type-post status-publish format-standard hentry category-investment-watch tag-enterpriseam tag-fdi tag-investment-watch tag-renewable-energy tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Enara Energy has signed an agreement with Chinese PV solar panel maker Chint Electric<\/strong> to partner on developing a sand-to-cell PV panel factory in Egypt, Enara\u2019s head of project development Mohamed Adel reportedly told the <a href=\"https:\/\/alborsaanews.com\/2020\/12\/28\/1409417\">local press<\/a>. Adel provides no detail on the project, its size or costs. Enara and Chint representatives had reportedly met with Military Production Minister Mohamed Ahmed Morsi <a href=\"https:\/\/dailynewsegypt.com\/2020\/11\/02\/egypt-china-discuss-cooperation-on-sand-to-cell-manufacturing\/\">last month<\/a> to discuss moving forward with the project.<\/p>\n<p><strong>It seems likely this is the Armed Forces\u2019 USD 2 bn integrated solar panel factory<\/strong>, talks for which had broken down a little <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/09\/talks-on-armed-forces-usd-2-bn-integrated-solar-panel-factory-stall-on-disagreements-with-chinese-partner\/\">over two years now<\/a>. Negotiations between the Military Production Ministry and China\u2019s Golden Concord Group (GCL) over the factory had halted after GCL wanted the ministry to sign an offtake agreement to purchase the factory\u2019s full output.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568408\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"568408\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/568408\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568408\" class=\"content-area-description single-story post-568408 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/Sodic-Karmell-Amina-Khalil-16.12.20-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568409\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"568409\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/\">\r\n                            TMG, Sarwa, and CIRA makes three                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=TMG, Sarwa, and CIRA makes three&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/&title=TMG, Sarwa, and CIRA makes three\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=TMG%2C+Sarwa%2C+and+CIRA+makes+three+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F29%2Ftmg-sarwa-and-cira-makes-three%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/tmg-sarwa-and-cira-makes-three\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568409\" class=\"content-area-description single-story post-568409 post type-post status-publish format-standard hentry category-debt-watch tag-cira-education tag-debt-watch tag-enterpriseam tag-financial-regulatory-authority tag-mohamed-omran tag-securitization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>The Financial Regulatory Authority (FRA) has signed off on EGX-listed private education <\/strong><strong>outfit CIRA\u2019s EGP 600 mn sukuk issuance<\/strong>, FRA chief Mohamed Omran announced in <a href=\"https:\/\/ent.news\/2020\/12\/FRA-Cira-statement.pdf\">a statement yesterday (pdf)<\/a>. Proceeds from the offering will fund CIRA\u2019s expansion plans in K-12 and higher education. The sukuks will carry a tenor of 84 months and the offering will be open to private institutional and high-net-worth investors, Omran noted in the statement. The sukuk will be backed by four of CIRA\u2019s K-12 schools, the company noted in a bourse filing <a href=\"https:\/\/ent.news\/2020\/12\/Cira-sukuk-sale-Dec-2020.pdf\">last week<\/a>.<\/p>\n<p><strong>This brings the total number of corporate sukuks offered this year to EGP 5.1 bn<\/strong>, Omran said. CIRA\u2019s offering will be the third issuance of corporate sukuk in Egypt, following <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef7701a0-d587-43d5-83be-5cd65ef90328\">Talaat Moustafa Group\u2019s EGP 2 bn<\/a> offering in April and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/638cf2dd-260a-4ffc-b6bd-7dced92a6222\">Sarwa Capital\u2019s EGP 2.5 bn<\/a> sale in November, Omran emphasized. While CIRA has yet to comment, Omran\u2019s statement and CIRA\u2019s own initial closing timetable of the 27 December would indicate that we should expect an announcement on the sale this week.<\/p>\n<p><strong>EGP 10 bn in corporate sukuks are expected to be on offer in 2021<\/strong>, Omran added, echoing statements by other FRA officials <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7781d265-be69-4137-85d1-85116a1c32d3\">last month<\/a>. We\u2019re hearing of a potential EGP 2.5 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/638cf2dd-260a-4ffc-b6bd-7dced92a6222\">Amer Group issuance in 1Q2021<\/a>. The Sarwa-managed offering could be Egypt\u2019s first hybrid sukuk issuance with a mix of ijara and mudaraba bonds on offer. We\u2019ve also heard that an unnamed financial services company is working on a EGP 500 mn mudaraba sukuk issuance, and that an agriculture company is looking at a EGP 250 mn \u201cistizraa\u201d issuance. Both are reportedly eyeing a 1Q2021 date.<\/p>\n<p><strong>Advisors: <\/strong>EFG Hermes Investment Banking is sole financial advisor, lead arranger and bookrunner for the transaction, while EFG Hermes Sukuk Co. will be the issuer for the EGP-denominated sukuk. Ahli United Bank, Suez Canal Bank and Banque du Caire are underwriters. Prime Capital as independent financial advisor. Zulficar & Partners is providing counsel, and Meris will provide the credit rating.<\/p>\n<p><strong>ON THE SECURITIZATION FRONT- TMG appears to be edging ahead with the issuance of EGP 885 mn in securitized bonds<\/strong>, according to<a href=\"https:\/\/ent.news\/2020\/12\/%D8%B7%D9%84%D8%B9%D8%AA-%D9%85%D8%B5%D8%B7%D9%81%D9%89-%D8%A8%D9%8A%D8%A7%D9%86-28-12-2020.pdf\">a company bourse filing (pdf)<\/a> yesterday. The disclosure simply notes that such an issuance is in-line with its business practices, so more of a non-denial than an actual confirmation. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37eb4e75-9888-4252-aeab-820c065334aa\">Earlier this week<\/a>, reports had emerged that TMG subsidiary Al Rehab Securitization was planning the issuance with EFG Hermes acting as financial advisor and managing the issuance, while two other unnamed banks will also play a role.<\/p>\n<p><strong>TMG is also in talks with banks for a EGP 1.2 bn loan<\/strong> to fund projects in the New Administrative Capital, the statement says.<\/p>\n<p><strong>ALSO IN DEBT- The European Bank for Reconstruction and Development<\/strong> is reportedly interested in funding as much as 50% of the 6th of October drydock, sources close to the matter <a href=\"https:\/\/bit.ly\/2JpFhGA\">tell Al Mal<\/a>.<\/p>\n<p><strong>Want to catch up on what happened with debt in 2020<\/strong>, read our Year in Review on the subject <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/322b1f8e-fc8d-442f-957c-c66632dfe443\">here<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-omran\/\">Mohamed Omran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568410\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                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data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568411\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"568411\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Enterprise+: Last Night\u2019s Talk Shows<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/last-nights-talk-shows-on-29-december-2020\/\">\r\n                            Last Night\u2019s Talk Shows on 29 December 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n            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  <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/last-nights-talk-shows-on-29-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/481.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568412\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/last-nights-talk-shows-on-29-december-2020\/481-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/481.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"481.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/481.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/481.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568411\" class=\"content-area-description single-story post-568411 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-retail wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>A quick and dirty rundown on talkshows for you wonderful people <\/strong>as we push past this mid-week hump and look forward to a very quiet New Year\u2019s Eve:<\/p>\n<p><strong>The Order of Covid with Clouds, Banners, Crossed Swords and Diamonds goes to: <\/strong>Khaled Kassem, spokesperson for the Local Development Ministry, who found the energy to make the (telephonic) rounds of last night\u2019s talk shows despite being home sick with the \u2018rona. Highlights:<\/p>\n<ul>\n<li><strong>Some 11.6k shops, malls and cafes have been fined <\/strong>after inspectors found them in violation of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3019f4c-6803-4c38-a95f-5dfdeaf7a35b\">new winter-summer opening hours<\/a>.<\/li>\n<li><strong>Cairo, naturally enough, headed the list of \u201cviolators\u201d<\/strong> with exactly 2,821 sanctions having been handed out.<\/li>\n<li><strong>There was also some muttering about a forthcoming statement on \u201cviolations\u201d and \u201cshisha\u201d in shuttered cafes<\/strong>, but we tuned out \u2014 we haven\u2019t spent years getting off tobacco to imagine, once more, the sweet sting of shisha going down our windpipes\u2026<\/li>\n<\/ul>\n<p><strong>Catch Kassem chatting with Lamees<\/strong> <a href=\"https:\/\/www.youtube.com\/watch?v=VnwC99ZPgGs\">(watch: runtime: 7:35)<\/a> or Al Hayah Al Youm\u2019s Lobna Assal <a href=\"https:\/\/www.youtube.com\/watch?v=rQWxRb6a10c\">(watch, runtime: 7:58)<\/a>.<\/p>\n<p><strong>Don\u2019t worry: If the bubble fails, our covid invincibility shield will do the trick: <\/strong>Egypt is ready for any emergency during the 2021 Mens\u2019 Handball World Championship, Youth and Sports Minister Ashraf Sobhy told the gentleman who hosts Ala Mas\u2019ouleety <a href=\"https:\/\/www.youtube.com\/watch?v=_VHYlUIUS5A\">(watch, runtime: 12:20)<\/a>. Apparently the ministry isn\u2019t listening to Lamees\u2019 better half: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fb3e0427-bd80-406a-8dd1-d3bcf482c7a7\">As we noted yesterday<\/a>, Amr Adib hit the nail on the head when he suggested the <a href=\"https:\/\/www.handballegypt2021.com\/\">Men\u2019s Handball World Championship 2021<\/a> should take place without spectators \u2014 NBA-style bubble system or not \u2014 when it is hosted in cities across Egypt from 13-31 January. (Then again, maybe we need not worry \u2014 who watches handball?)<\/p>\n<p><strong>Yo, Zamalek \u2014 you got your water back yet? <\/strong>Cairo Water Company chief Mostafa El-Shimi says so, telling Ala Mas'ouleety's Ahmed Moussa that a key water line damaged during the Metro buildout has been fixed <a href=\"https:\/\/www.youtube.com\/watch?v=tWLBDvSgkhs\">(watch, runtime: 4:09)<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568413\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568414\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"568414\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/egypt-in-the-news-on-29-december-2020-crickets\/\">\r\n                            Egypt in the News on 29 December 2020: Crickets\u2026                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/egypt-in-the-news-on-29-december-2020-crickets\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/egypt-in-the-news-on-29-december-2020-crickets\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/egypt-in-the-news-on-29-december-2020-crickets\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt in the News on 29 December 2020: Crickets\u2026&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/egypt-in-the-news-on-29-december-2020-crickets\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/egypt-in-the-news-on-29-december-2020-crickets\/&title=Egypt in the News on 29 December 2020: Crickets\u2026\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News+on+29+December+2020%3A+Crickets%E2%80%A6+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F12%2F29%2Fegypt-in-the-news-on-29-december-2020-crickets%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/egypt-in-the-news-on-29-december-2020-crickets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568414\" class=\"content-area-description single-story post-568414 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-covid-19 tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>One place the end-of-year news slowdown is real: Egypt in the international press<\/strong>, where it\u2019s largely crickets. Egypt gets a walk-on role in <strong><a href=\"https:\/\/www.nytimes.com\/2020\/12\/28\/opinion\/developing-economies-covid.html\">Which developing economies will rise after the pandemic?<\/a><\/strong> by Morgan Stanley\u2019s Ruchir Sharma. The otherwise fairly unremarkable piece notes us as having mounted pretty successful covid responses alongside Saudi Arabia, the UAE and Indonesia.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568415\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"568415\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">YEAR IN REVIEW: STARTUPS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/\">\r\n                            Many tech startups won big in 2020 \u2014 thanks to covid                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/many-tech-startups-won-big-in-2020-thanks-to-covid\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Ceilings on contactless transactions have doubled since the start of the pandemic. Between the beginning of the outbreak and June, e-commerce sales in Egypt shot up 80%, while 15% of businesses in Egypt reported more online sales now than before the pandemic.<\/p>\n<p><strong>Meanwhile, the number of mobile wallets in Egypt has jumped at least 17% to 14.4 mn <\/strong><strong>between March and October<\/strong> as the pandemic boosted digital payments, as the number of e-payment cards in use also rose 7% in the first six months of 2020, rising to 39.6 mn from 36.7 mn at the end of December.<\/p>\n<p><strong>All that led to <\/strong><strong>ICT becoming Egypt\u2019s fastest growing sector in FY2019-2020 seeing 15.2% <\/strong><strong>y-o-y growth<\/strong>, according to a <a href=\"http:\/\/bit.ly\/3rs4oK5\">CIT Ministry statement<\/a>. With an output of EGP 108 bn, compared to EGP 93.5 bn in FY2018-2019, the sector\u2019s contribution to Egypt's GDP was approximately 4.4% in FY2019-2020, up from 3.8% in FY2018-2019. Investments in the sector rose 35% y-o-y to EGP 48.1 bn, up from EGP 35.4 bn, while exports increased 13% to EGP 4.1 bn from EGP 3.6 bn.<\/p>\n<p><strong>Our internal trackers count 49 investments in Egyptian startups in 2020<\/strong>, a nearly 50% increase from 33 in 2019. Most of the arm-twisting in negotiations and due diligence took place in the first nine months of the year: Startups announced they had raised funds every month in 2020, but fall was prime time to announce your big raise.<\/p>\n<p><strong>Egypt\u2019s startups raised well over USD 100 mn this year <\/strong>compared to over USD 88 mn last year, according to our data. Note that these numbers are \u2014 at best \u2014 approximations. The modal answer to the question \u201cHow much did you raise?\u201d was \u201cmore than USD 100k\u201d or \u201csix figures USD\u201d both this year and last. Fifteen startups reported having raised \u201cmore than USD 100k\u201d and four said they had raised \u201cmore than USD 1 mn.\u201d<\/p>\n<p><strong>Setting aside clear outliers, the average transaction raised about 2x this year compared <\/strong><strong>to last. <\/strong>Of those who disclosed a precise figure (not \u201cmore than 100k\u201d), the average raised this year per transaction was USD 2.38 mn, up from USD 1.12 mn in 2019.<\/p>\n<p><strong>Local investors took the lead this year, with only 53% of investments in local startups <\/strong><strong>having international involvement. <\/strong>Last year, 82% of all transactions announced involved a non-Egyptian investor at some level. That reflects a rising number of early-stage investments made by angels (individually or in groups) as well as the growing confidence of Egyptian VCs, one local VC told us. Also playing a part, he says: \u201cGlobal players didn\u2019t travel as much in 2020 for obvious reasons, and they had their own problems at home.\u201d<\/p>\n<p><strong>Egyptian VCs also provided bridge finance in some cases until companies closed their <\/strong><strong>next round<\/strong>, a partner at a top VC outfit told us. \u201cA number of the international players were initially cautious, but they came in eventually when they saw how the companies were performing, so we provided bridge finance to keep them going.\u201d<\/p>\n<p><strong>Fintech and e-commerce were the hot sectors this year<\/strong> at 12 and 11 transactions apiece, followed by six investments in a mix of tech-related firms. Last year, investments were more evenly divided across personal services (five transactions), followed by education, fintech, healthcare, and transportation \/ logistics with four each.<\/p>\n<p><strong>Half of all announcements in 2020 avoided specifying which \u201cround\u201d a startup was <\/strong><strong>raising. <\/strong>Eight companies said they had raised seed rounds, four announced pre-seed rounds, five announced series \u201cA\u201ds and four announced pre-A rounds. Angel, pre-B, series \u201cB\u201d and series \u201cD\u201d made up the rest at one each, and many of the unspecified rounds look to us like seed, angel or otherwise very early stage fundraising.<\/p>\n<p><strong>A watershed year: <\/strong>We generally enjoy talking with partners at venture capital firms, who tend to be bright (intellectually) and sunny (in disposition). The year just ended was a watershed for many of them: While their portfolio companies sailed through earlier macro headwinds such as the float of the EGP \u2014 it helps to be a super-young business with USD-backed investors and LCY costs \u2014 the pandemic was the first acid test for many of them.<\/p>\n<p><strong>In terms of operational performance, the winners this year were predictable: <\/strong>Digital transactions, efficiency plays, and any form of marketplace that allowed e-commerce, payments and matching did phenomenally well in 2020, insiders agree.<\/p>\n<p><strong>The losers: <\/strong>Travel and any marketplace that facilitated physical interactions (think personal services such as home cleaning and face-to-face education).<\/p>\n<p><strong>In numbers: \u201cThe winners did 2x their expected budget for 2020,\u201d <\/strong>one of the country\u2019s top venture capital partners told us, \u201c<strong>and those that crashed did 0-50% of projections.\u201d <\/strong>The top beneficiaries are growing double-digits every quarter.<\/p>\n<p><strong>May and June were particularly tough months for VCs and startup founders alike <\/strong>as businesses were either scrambling to staff up \u2014 or to learn, for the first time, how to handle salary cuts and firing.<\/p>\n<p><strong>WHAT TO LOOK FOR IN 2021- <\/strong>Fintech bros will be everywhere. Covid telescoped three years of digitalization into three months \u2014 and the Sisi administration\u2019s financial inclusion drive just added fuel to the fire. Expect to see lots of interest in providing financial services enabled by tech, as well as infrastructure plays (think: Fawry) and embedded fintech (taking what you know about a market and using it to make a buck facilitating access to financial services).<\/p>\n<p><strong>Also: Marketplaces.<\/strong> We\u2019re a nation of >100 mn, and if there\u2019s one thing we love, it\u2019s to eat \u2014 followed closely by shopping. You do the math.<\/p>\n<p><strong>The big play in 2021: Jockeying to see who is going to become the first \u201cchallenger\u201d <\/strong><strong>bank <\/strong>(provided, of course, the Central Bank of Egypt ever lets that happen).<\/p>\n<p><strong>The sleeper plays of 2021: <\/strong>Agriculture, healthcare and the windows created by the government\u2019s move away from conventional petrol-powered engines.<\/p>\n<p><strong>Also: Look for international VCs to make moves on Egypt<\/strong>, with one local VC noting that funds in the UAE in particular are being priced out of Saudi Arabia and so are redoubling efforts to get a piece of the action in Omm El Donia.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/year-in-review-startups\/\">YEAR IN REVIEW: STARTUPS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568417\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"568417\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Year In Review: Macro<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/2020-the-year-the-sky-fell-but-then-didnt\/\">\r\n                            2020: The year the sky fell \u2014 but then didn\u2019t                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/2020-the-year-the-sky-fell-but-then-didnt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Unprecedented movements in international capital flows, selloffs and the biggest oil crash in decades would go on to define the first half of the year. But despite a crumbling world trade order that marked the coming of the Trump administration, central bankers across the world (with memories of 2008 firmly on their mind) took a unified monetary policy stance and unleashed a wave of historic stimulus packages.<\/p>\n<p><strong>Keep calm, and invest on: <\/strong>Not only did this reverse selloffs and spark an IPO boom, but it served to spur a wave of sovereign and corporate debt, and the emergence of new vehicles such as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6ab3251-641a-4e2c-aa00-6b8486d10c68\">SPACs<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8eef3c40-2b12-4e25-a16b-fb8ee9063438\">PIPEs<\/a>. But perhaps the year\u2019s most enduring legacy, is how it finally got investors thinking seriously about the climate and ESGs in general. That or the mother of all debt bubbles.<\/p>\n<p><strong>Just how bad did it get before we were staring into the abyss?<\/strong> The financial markets entered full-on crash mode in March as investors sold anything and everything that wasn\u2019t the greenback and USTs, with equity markets seeing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/341dc537-d6da-4d26-a595-634209f91f7b\">historic daily plunges<\/a>, corporate bond yields spiking, and the volatility index reaching Chernobyl levels.<\/p>\n<p><strong>Emerging economies were treated to the mother of all sell-offs as investors pulled a monthly record of <\/strong><strong><a href=\"https:\/\/www.nasdaq.com\/articles\/emerging-markets-bonds-stocks-lose-%2483.3-bln-in-march-suffer-sudden-stop-iif-2020-04-01\">USD 83.3 bn in March<\/a><\/strong><strong>.<\/strong> The US and Europe, the countries worst hit by the initial wave, saw truly staggering falls in economic output, private sector activity, and employment. Forecasting in April a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2ecf97e-8c74-428f-843c-0559f5b1540f\">3% contraction in global output<\/a> (then <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b47a22c-5356-4ebb-8019-0d038f5afd7f\">4.9%<\/a> in June, then <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/307c82aa-8655-4348-9cdd-bc0c68450f60\">4.4%<\/a> in October), the IMF \u2014 long the arbiter of structural adjustments and debt sustainability \u2014 was begging governments to do anything and everything they could to soften the economic blow of the \u201cGreat Lockdown.\u201d<\/p>\n<p><strong>Turbulence in the oil markets defined life across much of the Middle East:<\/strong> Oil exporters in the Gulf found themselves faced with not only the pandemic but the historic crash in international oil prices, which threatened to do serious damage to their petro economies and public finances alike. To plug the gaps, governments resorted to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-06-03\/austerity-experiment-in-oil-rich-gulf-may-falter-post-crisis?sref=mmeFTDW1\">austerity measures<\/a> and record debt issuance.<\/p>\n<p><strong>Next year probably isn\u2019t going to offer much respite to the Middle East\u2019s oil exporters<\/strong>, whose public finances <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19333500-fde0-4059-a0dc-72a16f48b823\">are expected to come under further pressure<\/a> as the pandemic continues to suppress oil demand. After a huge year of debt sales in the Gulf, <a href=\"https:\/\/www.reuters.com\/article\/mideast-debt-idUSL4N2IB2IC\">Deutsche Bank expects<\/a> even more in 2021 with USD 107-110 bn of issuance.<\/p>\n<p><strong>Remember those illuminati members conspiracy theorists love to hate? You know, central bankers? Consider sending yours a New Year\u2019s card this year: <\/strong>That the financial system didn\u2019t suffer a heart attack is due to the world\u2019s central banks, whose swift actions only served to strengthen the idea that in modern day policymaking the monetary supersedes the fiscal. To maintain flows of liquidity into the system and prop up asset prices, the world\u2019s four systemic central banks \u2014 the US Fed, the European Central Bank, the Bank of Japan and the Bank of England \u2014 bought <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-09\/central-banks-step-up-5-6-trillion-bond-binge-despite-doubts?sref=mmeFTDW1\">more than USD 6 tn of bonds<\/a> this year alone. The Federal Reserve slashed rates to zero and reintroduced the <a href=\"https:\/\/seekingalpha.com\/article\/4336631-feds-alphabet-soup-explained\">alphabet soup of crisis-era emergency programs<\/a>, which saw it purchase USTs, commercial paper, assets from mutual funds, and for the first time investment grade corporate debt and bond ETFs.<\/p>\n<p><strong>2020 was the year that some EM central banks finally threw caution to the wind<\/strong> and resorted to buying government bonds. <a href=\"https:\/\/www.economist.com\/finance-and-economics\/2020\/10\/29\/emerging-markets-experiments-with-qe-have-not-turned-out-too-badly\">At least 18 central banks<\/a> purchased assets this year, either because interest rates were already on the floor or to finance government spending, and \u2014 so far \u2014 economists\u2019 warnings of fiscal irresponsibility and uncontrollable inflation have not come to pass. Developing countries were able to keep bond yields down without undermining their currencies, proving that quantitative easing can be an additional tool in the EM central bank\u2019s toolkit going forward, providing the program and the bank are credible.<\/p>\n<p><strong>Pandemic who?<\/strong> The waves of monetary and fiscal stimulus unleashed during those first months of the outbreak helped investors to forget about the dire state of the economy. Global stocks roared back to record levels, capital <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2424c1da-321e-4645-8d24-db683d7d695d\">poured back into emerging markets<\/a>, and junk bond yields <a href=\"https:\/\/wolfstreet.com\/2020\/12\/04\/nobodys-worried-about-nothin-junk-bond-yields-hit-record-low\/\">fell to record lows<\/a>. It ended up being a <a href=\"https:\/\/finance.yahoo.com\/video\/ipo-2020-record-beat-levels-153021062.html\">record year for IPOs<\/a> and <a href=\"https:\/\/www.ft.com\/content\/a59c2a9d-5e0b-4cbc-b69e-a138de76a776\">corporate issuance<\/a> while bns were thrown at <a href=\"https:\/\/www.barrons.com\/articles\/more-celebrities-are-involved-in-spacs-investors-should-be-wary-51607689813\">celebrity-owned SPACs<\/a>. Meanwhile, sovereign and corporate debt levels have soared this year, and <a href=\"https:\/\/www.reuters.com\/article\/us-global-debt-idUSKBN27Y239\">according to the Institute of International Finance<\/a> will reach an eye-watering USD 277 tn by the end of the year.<\/p>\n<p><strong>But will all this debt come home to roost?<\/strong> Fiscal stimulus measures and spending programs by governments and a surge in corporate bond issuance will leave the global economy more leveraged than ever by the time the virus has finally been neutralized, when the inevitable questions of how to restore stability to state finances and resuscitate the raft of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df94ffdc-41c5-458c-862b-808e9b0b9734\">newly-zombified companies<\/a> will arise. With USD 15 tn in new debt issued in the first nine months of 2020 alone, global debt-to-GDP hit 365%, with developed economies surging to 432% from 380% at the end of 2019 and emerging markets hitting 250%.<\/p>\n<p><strong>INVESTOR NIRVANA- How investors finally caught on to climate: <\/strong>Say what you want about its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c729aa7-72ef-48bb-a2dd-c4861be43eef\">unhealthy influence<\/a> over global capital markets, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d6b9161-e11f-43f3-97f2-d5d7f48ae6c7\">BlackRock\u2019s coming out in favor<\/a> of green-led finance was somewhat of a watershed moment for those who want the global investor class to start thinking a little more about the environmental impacts when pulling the trigger on an investment. 2020 was certainly the year that investors began to take climate risk seriously. Records were smashed as investors <a href=\"https:\/\/www.ftadviser.com\/investments\/2020\/11\/05\/esg-inflows-quadruple-in-2020\/\">plowed USD 7.1 bn into ESG funds<\/a> in the first nine months of the year \u2014 almost four times more than inflows seen in the equivalent period in 2019. And the amount of assets under management in responsible funds <a href=\"https:\/\/www.cnbc.com\/2020\/08\/11\/coronavirus-esg-and-sustainable-funds-surpass-1-trillion-for-the-first-time.html\">topped USD 1 tn<\/a> for the first time ever.<\/p>\n<p><strong>There are a couple of caveats though:<\/strong> Firstly, though these figures might seem big, investments in ESG funds <a href=\"https:\/\/www.ftadviser.com\/investments\/2020\/11\/05\/esg-inflows-quadruple-in-2020\/\">make up just 3%<\/a> of total AUM. Secondly, whether these record inflows indicate a genuine shift in investor sentiment, or are a product of the central bank-fuelled \u2018buy everything\u2019 post-April market melt-up, remains to be seen. And lastly: we cannot understate the difference between statements and actions. Despite Larry Fink\u2019s encouraging rhetoric in January, <a href=\"https:\/\/www.ft.com\/content\/7a80f33b-a0ed-4dea-b2d3-ce56381f4084\">his company\u2019s decisions<\/a> this year relegate them, for the moment at least, to mere virtue signalling. Whether the ESG trend continues into 2021 will depend, in part, on whether the titans of global finance match their words with actions.<\/p>\n<p><strong>2021 in EM and FM Land:<\/strong> Investment, fiscal outlooks and policy turns in emerging markets will hinge on the trajectory of the pandemic and the rollout of vaccines \u2014 and right now no-one knows how this is going to play out. Analysts are split on how long the late-year rally can continue for into next year: <a href=\"https:\/\/www.ft.com\/content\/e12a1eee-2571-4ae5-bc91-cc17ee7f40d0\">some<\/a> predict a huge year of inflows but <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-18\/bearish-bets-lurk-beneath-emerging-market-veneer-of-confidence?sref=mmeFTDW1\">Societe Generale and HSBC<\/a> have warned that uncertainties over vaccine distribution, the economic recovery and surging debt will make for another volatile 12 months. The more adventurous central banks <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-15\/year-of-pain-sets-stage-for-2021-s-top-10-emerging-market-themes?sref=mmeFTDW1\">will likely come under pressure<\/a> to reverse their bond-buying programs if global vaccine rollout is smooth, but after a swathe of credit downgrades this year, mounting debts will continue to pose problems and some countries will continue to dance with default.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bank-of-japan\/\">bank of japan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/european-central-bank\/\">European Central Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monetary-policy\/\">monetary policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pandemic\/\">pandemic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/year-in-review-macro\/\">YEAR IN REVIEW: MACRO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568419\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"568419\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Making It<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/making-it-season-two-how-did-the-business-community-react-to-covid\/\">\r\n                            Making It Season Two: How did the business community react to Covid                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/making-it-season-two-how-did-the-business-community-react-to-covid\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"568420\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/making-it-season-two-how-did-the-business-community-react-to-covid\/484-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/484.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"484.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/484.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/484.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568419\" class=\"content-area-description single-story post-568419 post type-post status-publish format-standard has-post-thumbnail hentry category-making-it tag-algebra-ventures tag-cira-education tag-enterpriseam tag-entrepreneurship tag-hoda-mansour tag-laila-sedky tag-making-it tag-mohamed-el-kalla tag-omar-hagrass tag-podcast tag-sahar-salama tag-sap tag-tanmeyah tag-tarek-assaad tag-tpay tag-trella wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>How did the business community react to Covid-19? <\/strong>In season two of Making It, we spoke to the founders and CEOs of great businesses in Egypt about how they\u2019ve reacted and adapted to the Covid-19 pandemic. Lockdowns forced many sectors to a complete standstill, while others were pushed into an accelerated growth plan. Guests in season two cover industries directly impacted by the pandemic, like education and logistics, as well as sectors that have seen exponential growth, like digital infrastructure and fintech.<\/p>\n<p><strong>Not sure if you want to commit to a full episode?<\/strong> Try these short trailers \u2014 scroll down and use the player in the black bar at the bottom of the page.<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/bit.ly\/3mCKclg\">How 30k students shifted to e-learning<\/a><\/strong>, with CIRA CEO Mohamed El Kalla<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/3rjmNsD\">How to survive food trends<\/a><\/strong>, with NOLA co-founders Laila and Adel Sedky<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/3mB4kUz\">Starting private microfinance<\/a><\/strong>, with Tanmeyah Managing Director Amro Abouesh<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/2KHncnJ\">Putting Egypt on the mobile commerce map<\/a><\/strong>, with TPay Mobile CEO Sahar Salama<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/2WBA3dX\">What is a successful tech startup?<\/a><\/strong> with Tarek Assad and Karim Hussein of Algebra Ventures<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/3rjmQVl\">Creating a digital safety net for businesses<\/a><\/strong>, with SAP Egypt Managing Director Hoda Mansour<\/li>\n<li><strong><a href=\"https:\/\/bit.ly\/38s2VdU\">The evolution of the supply chain<\/a><\/strong>, with Trella CEO Omar Hagrass<\/li>\n<\/ul>\n<p><strong>You can also listen on<\/strong> <a href=\"https:\/\/apple.co\/3ndREnW\">Apple Podcasts<\/a> | <a href=\"https:\/\/bit.ly\/3gKkvh5\">Google Podcasts<\/a> | <a href=\"https:\/\/bit.ly\/2BAv321\">Omny<\/a> | <a href=\"https:\/\/bit.ly\/2W8klGV\">Anghami<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/algebra-ventures\/\">Algebra Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/entrepreneurship\/\">entrepreneurship<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hoda-mansour\/\">Hoda Mansour<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/laila-sedky\/\">laila sedky<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/making-it\/\">Making It<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-el-kalla\/\">Mohamed El Kalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/omar-hagrass\/\">Omar Hagrass<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/podcast\/\">podcast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sahar-salama\/\">Sahar Salama<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sap\/\">SAP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tanmeyah\/\">Tanmeyah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-assaad\/\">Tarek Assaad<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tpay\/\">TPay<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trella\/\">Trella<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568421\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"568421\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-the-markets-are-doing-on-29-december-2020\/\">\r\n                            What the markets are doing on 29 December 2020                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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   <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/what-the-markets-are-doing-on-29-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568421\" class=\"content-area-description single-story post-568421 post type-post status-publish format-standard hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>The EGX30 rose 0.7% yesterday<\/strong> on turnover of EGP 979 mn (27.5% below the 90-day average). Foreign investors were net sellers. The index is down 23.7% YTD.<\/p><p><strong>In the green: <\/strong>Sidi Kerir Petrochemicals (+5.5%), Ezz Steel (+4.0%) and Egyptian Iron &amp; Steel (+3.2%).<\/p><p><strong>In the red: <\/strong>Sodic (-0.7%), Export Development Bank (-0.2%) and Telecom Egypt (-0.2%).<\/p><p><strong>Asian markets are solidly in the green this morning<\/strong> and futures suggest Europe and Wall Street will follow suit, thanks in part of optimism about a vaccine rollout and <a href=\"https:\/\/www.reuters.com\/article\/us-usa-trump\/u-s-house-approves-2000-coronavirus-aid-checks-sought-by-trump-idUSKBN2920I0\">approval in the US House of Representatives of a new covid aid bill<\/a>. <strong>Stocks jumped to record highs on Wall Street yesterday<\/strong> <a href=\"https:\/\/www.cnbc.com\/2020\/12\/27\/stock-market-futures-open-to-close-news.html\">on news that Trump had signed the bill<\/a>, averting a government shutdown in the process.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,659<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -23.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.67<\/p>\n<\/td>\n<td>\n<p>Sell 15.77<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>8,715.38<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +7.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>5,106.31<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +7.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,514.60<\/p>\n<\/td>\n<td>\n<p>-0.04% (YTD: -4.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,739.89<\/p>\n<\/td>\n<td>\n<p>+1% (YTD: +17.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,502.11<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -12.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 50.89<\/p>\n<\/td>\n<td>\n<p>-0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 2.32<\/p>\n<\/td>\n<td>\n<p>-7.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,879.60<\/p>\n<\/td>\n<td>\n<p>-0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 27,011.58<\/p>\n<\/td>\n<td>\n<p>+0.5%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"568422\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/12\/29\/calendar-on-29-december-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568422\" class=\"content-area-description single-story post-568422 post type-post status-publish format-standard hentry category-calendar tag-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>31 December (Thursday): Egypt-UK post-Brexit trade agreement <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/393664\/Business\/Economy\/EgyptUK-trade-agreement-takes-effect--December-UK-.aspx\">to take effect<\/a>.<\/p>\n<p>31 December (Thursday): <a href=\"https:\/\/bit.ly\/338zJHg\">Deadline<\/a> for car owners to comply with traffic regulations to install a RFID electronic sticker on their cars.<\/p>\n<p>31 December (Thursday): Deadline for EGX-listed companies to comply with regulations requiring at least one member of their boards of directors be a woman.<\/p>\n<p>1 January 2021 (Friday): New Year\u2019s Day, national holiday.<\/p>\n<p>1 January 2021 (Friday): 11k of Egypt\u2019s largest taxpayers begin filing taxes through the electronic <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48e0d573-1690-4010-b404-18b22ca18587\">unified tax platform<\/a>.<\/p>\n<p>January 2021: US Treasury Secretary Steven Mnuchin is <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-12-16\/mnuchin-plans-final-overseas-trip-with-egypt-qatar-on-itinerary?sref=mmeFTDW1\">set to visit Egypt<\/a>.<\/p>\n<p>5 January 2021 (Saturday): The annual GCC summit will be held in Riyadh, Saudi Arabia. The agenda includes potential resolution of the three-year-old spat with Qatar.<\/p>\n<p>7 January 2021 (Thursday): Coptic Christmas, national holiday.<\/p>\n<p>13-31 January (Wednesday-Sunday): Egypt will host the 2021 <a href=\"https:\/\/www.handballegypt2021.com\/\">Men\u2019s Handball World Championship<\/a> in four venues in Alexandria, Cairo, Giza and the New Capital.<\/p>\n<p>Mid-January: <a href=\"https:\/\/alborsaanews.com\/2020\/12\/16\/1406483\">Local expo<\/a> to display natural gas-powered and dual-engine vehicles for Egypt\u2019s car replacement program.<\/p>\n<p>17 January 2021 (Sunday): A court will hold a <a href=\"https:\/\/ent.news\/2020\/11\/%D8%A8%D9%88%D8%B1%D8%AA%D9%88-%D8%A8%D9%8A%D8%A7%D9%86-23-11-2020.pdf\">postponed hearing<\/a> to look into an appeal by Syria\u2019s Anataradous against an arbitration ruling in favor of Amer Group and Amer Syria in case 445 of 2019.<\/p>\n<p>25 January 2021 (Monday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>25-29 January 2021 (Monday-Friday): The World Economic Forum\u2019s \u201cDavos Dialogues\u201d will take place virtually.<\/p>\n<p>26-28 January (Tuesday-Thursday): Future Investment Initiative, Riyadh, Saudi Arabia.<\/p>\n<p>28 January 2021 (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>4 February 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>6-18 February 2021 (Saturday-Thursday): Mid-year school break.<\/p>\n<p>20 February 2021 (Saturday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>18 March 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>1Q2021: The Annual <a href=\"https:\/\/www.egyptautomotive.com\/1168552\">Egypt Automotive Summit<\/a> will be held.<\/p>\n<p>12 April 2021 (Monday): First day of Ramadan (TBC).<\/p>\n<p>25 April 2021 (Sunday): Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): National holiday in observance of Sinai Liberation Day.<\/p>\n<p>29 April 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>3 May 2021 (Monday): Sham El Nessim.<\/p>\n<p>6 May 2021 (Thursday): National holiday in observance of Sham El Nessim.<\/p>\n<p>12-15 May 2021 (Wednesday-Saturday): Eid El Fitr (TBC).<\/p>\n<p>18-21 May 2021 (Tuesday-Friday): The World Economic Forum\u2019s annual meeting will be held under the theme of \u201cThe Great Reset\u201d in Lucerne-B\u00fcrgenstock, Switzerland<\/p>\n<p>31 May-2 June 2021 (Monday-Wednesday): <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>30 May-15 June 2021 (Wednesday-Thursday): <a href=\"https:\/\/bit.ly\/398Prpy\">Cairo International Book Fair<\/a>.<\/p>\n<p>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).<\/p>\n<p>17 June 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24 June 2021 (Thursday): End of the 2020-2021 academic year.<\/p>\n<p>26-29 June 2021 (Saturday-Tuesday): <a href=\"https:\/\/www.thebig5constructegypt.com\/?utm_source=Adestra&utm_medium=email&CID=003D000002UIHn4IAH&utm_campaign=Egyp%5Bt%20postponement%20generic%20exp%20visp&utm_term&utm_content=7014G000001cG3zQAE&CNAME=Enterprise\">The Big 5 Construct Egypt<\/a>, Cairo International Convention Center<\/p>\n<p>30 June- 15 July 2021: National Book Fair.<\/p>\n<p>2H2021: Egypt\u2019s Commodities Exchange (<a href=\"http:\/\/www.egycomex.com\/\">Egycomex<\/a>) will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/448d2768-4310-463e-af98-dcd93cbfd05a\">begin trading<\/a>.<\/p>\n<p>1 July 2021 (Thursday): Large taxpayers that have not yet signed on on to the e-invoicing platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61c78b1b-ec60-46e8-9760-c995c81f34b9\">will suffer a host of penalties<\/a>, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.<\/p>\n<p>30 July-3 August 2021 (Thursday-Monday): Eid Al Adha, national holiday (TBC).<\/p>\n<p>5 August 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>16 September 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>1 October 2021-31: March 2022 (Friday-Thursday): Postponed <a href=\"https:\/\/www.expo2020dubai.com\">Expo 2020 Dubai<\/a>.<\/p>\n<p>28 October 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>13-17 December 2021: <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/396604\/Egypt\/Politics-\/Egypt-to-host-UN-anticorruption-conference-in-.aspx\">United Nations Convention against Corruption<\/a>, Sharm El Sheikh, Egypt.<\/p>\n<p>16 December 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":568400,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-568399","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"9663ad7c-50fc-4ec1-bec4-2fbb7089e3ac","teaser":"","photo_url":"https:\/\/ent.news\/2020\/12\/473.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO 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