{"id":568545,"date":"2020-11-15T04:08:06","date_gmt":"2020-11-15T04:08:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=568545"},"modified":"2025-12-16T06:23:40","modified_gmt":"2025-12-16T06:23:40","slug":"surprise-rate-cut-everything-you-need-to-know-about-the-new-e-invoicing-system","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/surprise-rate-cut-everything-you-need-to-know-about-the-new-e-invoicing-system\/","title":{"rendered":"Surprise rate cut + everything you need to know about the new e-invoicing system"},"content":{"rendered":"<section id=\"568547\" 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=\"568547\">\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\/11\/15\/what-were-tracking-on-15-november-2020\/\">\r\n                            What we\u2019re tracking on 15 November 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\/11\/15\/what-were-tracking-on-15-november-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(); 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So, uhm \u2026 you like the status quo? You\u2019d like a few more years of this [redacted]?<\/p><p><strong>The whole point of there being a vaccine is that we all take it \u2014 and, as a result, get to do <\/strong><strong>nice things again. <\/strong>Like go out for dinner with our families. Catch a play, concert or movie. Travel. <em>See elderly and at-risk family members.<\/em><\/p><p><strong>We\u2019re not the only ones worried about this. <\/strong>US coronavirus expert <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-11-15\/fauci-says-pfizer-vaccine-s-trial-success-may-boost-acceptance?srnd=premium-middle-east\">Anthony Fauci is also<\/a><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-11-15\/fauci-says-pfizer-vaccine-s-trial-success-may-boost-acceptance?srnd=premium-middle-east\">concerned<\/a>, saying \u201cWhat I would hope is that even though there\u2019s a degree of skepticism about vaccines in general, that when the general public sees how effective this vaccine is, we might see a turnaround of the attitude toward vaccination.\u201d<\/p><p><strong>Look, folks, you may well not have a choice. <\/strong>Taking the vaccine will likely be required of anyone who wants to travel to most any country \u2014 and of kids to enrol in school. Y\u2019all are really smart people. Don\u2019t go all anti-vaxxer on us, okay?<\/p><p><strong>Let\u2019s not debate whether to take an eventual vaccine \u2014 but rather who should get access <\/strong><strong>to it first<\/strong>, as a very smart friend of ours suggested yesterday. Front-line workers including MDs, nurses and hospital staff should be at the front of the line, followed by the elderly and folks with underlying conditions.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>The first phase of the Tax Authority\u2019s new e-invoicing system will be up and <\/strong><strong>running <\/strong><strong>today<\/strong>, with 134 companies to begin logging their invoices electronically to the Finance Ministry\u2019s platform, <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/release13-11-2020.aspx\">the Finance Ministry said<\/a>. Companies in the pilot program include multinationals Nestl\u00e9, Procter &amp; Gamble, Oracle, and Coca Cola, as well as local heavyweights Elsewedy Electric, Ezz Steel, Raya, and MM Group.<\/p><p><strong>How will this work? <\/strong>These 134 companies must obtain an e-signature (E-Seal) using the steps <a href=\"https:\/\/www.itida.gov.eg\/arabic\/Pages\/E-Signature.aspx\">outlined here<\/a> and register an account and their products and services to the Tax Authority\u2019s platform. Using the account, they log all of their invoices on the platform. The authority will then be able to track each transaction back through the customer\u2019s regular tax filings, which will include the invoice.<\/p><p><strong>Why is the ministry doing this?<\/strong> To clamp down on tax evasion and compel companies that have not registered with the Tax Authority to do so, Finance Minister Mohamed Maait tells us.<\/p><p><strong>The ministry hopes to use this to create a white and black list of companies based on <\/strong><strong>their level of compliance with the new system<\/strong>, Maait tells us. White-listed companies could see fewer tax audits compared to black-listed companies. This will help the ministry focus its enforcement on black-listed, non-compliant companies, he added.<\/p><p><strong>It\u2019s coming to B2C transactions, too: <\/strong>The platform currently only requires e-invoicing for B2B transactions with e-signatures by issuers, but companies will eventually need to issue and submit data on B2C transactions.<\/p><p><strong>Some 340 more companies will be told within the next two weeks that they\u2019re part of the <\/strong><strong>second phase<\/strong> of the rollout, Mohamed Keshk, who heads an internal audit department at the Tax Authority\u2019s large taxpayers\u2019 division told us. The phase should be rolled out in February 2021, we noted <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7a240b8-9dd8-48a5-a4c9-556f4c280f5b\">last month<\/a>. Preparations are under way to have all large taxpayers on board by May 2021, he said.<\/p><p><strong>So, what\u2019s the timeline? <\/strong>All B2B transactions are expected to be accounted for on the system by 30 June 2021, the ministry yesterday said, and all tax-paying companies will be enrolled by April 2023, Maait told us separately.<\/p><p><strong><a href=\"https:\/\/ent.news\/2020\/8\/%D9%82%D8%B1%D8%A7%D8%B1-386-%D9%84%D8%B3%D9%86%D8%A9-2020-%D8%A8%D8%A7%D9%84%D8%B2%D8%A7%D9%85-134-%D8%B4%D8%B1%D9%83%D8%A9-%D8%A8%D8%A7%D9%84%D9%85%D8%B1%D8%AD%D9%84%D8%A9-%D8%A7%D9%84%D8%A7%D9%88%D9%84%D9%89-%D9%84%D9%84%D9%81%D8%A7%D8%AA%D9%88%D8%B1%D8%A9.pdf\">Tap\/click here (pdf)<\/a><\/strong><strong> for the full list of phase-one companies<\/strong> <a href=\"https:\/\/www.incometax.gov.eg\/pdf\/e-invoice\/Taxpayers%20Introductory%20Guide.pdf\">or here (pdf)<\/a> for a detailed guide of how the system works.<\/p><hr class=\"grey-line\"><p><strong>The recently-approved Customs Act comes into effect today <\/strong>after President Abdel Fattah El Sisi signed the bill into law over the weekend, reports <a href=\"https:\/\/bit.ly\/36Cai1K\">Al Mal<\/a>. The act \u2014 a long-awaited overhaul of customs law that allows for expedited clearance \u2014 received a final nod from the House of Representatives in August. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff816b7c-7eaf-4b1f-ac4c-be6ec4df8325\">You can find details on what to expect from the act here<\/a>.<\/p><p><strong>The National Elections Authority will announce the results of the second stage of <\/strong><strong>the parliamentary elections today at 4pm <\/strong>at a press conference at the TV Building in Maspero, <a href=\"https:\/\/bit.ly\/2UpxTNm\">Al Mal<\/a> reports. The second round covered 13 of Egypt\u2019s governorates, including Greater Cairo, Qalyubia, Menoufia, Dakahlia, Gharbiyah, Kafr El Sheikh, and Sharqiyah, and took place on 4-8 November. The run-off is scheduled for 5-7 December for those voting from abroad, and 7-8 December for local voters.<\/p><hr class=\"grey-line\"><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/36FJDkJ\">reported<\/a><\/strong><strong> 228 new covid-19 infections yesterday<\/strong>, up from 224 cases <a href=\"https:\/\/bit.ly\/32Lg1Rz\">on<\/a><a href=\"https:\/\/bit.ly\/32Lg1Rz\">Friday<\/a> and 214 cases <a href=\"https:\/\/bit.ly\/3nmICEL\">on Thursday<\/a>. Egypt has now disclosed a total of 110,547 confirmed cases of covid-19. The ministry also reported 13 new deaths, bringing the country\u2019s total death toll to 6,442. We now have a total of 100,946 confirmed cases that have fully recovered.<\/p><p><strong>Egypt is <\/strong><strong>encouraging more countries to allow inbound tourism <\/strong>in light of the strict precautionary measures the government has put in place at tourism hotspots, Assistant Foreign Minister for European Affairs Badr Abdel Aty <a href=\"https:\/\/bit.ly\/2UEUy8J\">said during a meeting<\/a> with the ambassadors of several European countries. Some European nations \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e137376-523e-45fe-befe-99146ba08e2d\">such as the UK<\/a> \u2014 have prevented people from travelling abroad for non-business purposes to try and contain the second wave of the virus.<\/p><p><strong>Egypt holds its collective breath after football star Mohamed Salah twice tested <\/strong><strong>positive for covid-19<\/strong>. Salah is showing no symptoms and is currently in isolation in Cairo, according to an <a href=\"https:\/\/bit.ly\/38M0NzB\">Egyptian Football Association statement<\/a>. The rest of the Egyptian national squad tested negative for the virus after they all came into contact with Salah when he trained with them <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/6\/52\/393454\/Sports\/National-Teams\/Salah,-Elneny-and-Trezeguet-to-join-Egypt-camp-Tue.aspx\">on Tuesday<\/a> ahead of the Africa Cup of Nations match against Togo that took place yesterday, the Pharaohs said in <a href=\"https:\/\/twitter.com\/Pharaohs\/status\/1327271559283826689\">a Tweet<\/a><strong>. <\/strong><strong>The story is receiving widespread coverage in the foreign press: <\/strong><a href=\"https:\/\/apnews.com\/article\/mohamed-salah-international-soccer-togo-health-cairo-4baf9d8754e1b4cb49ff8cd6ed5e26c1\">Associated Press<\/a> | <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN27T265\">Reuters<\/a> | <a href=\"https:\/\/www.telegraph.co.uk\/football\/2020\/11\/13\/mohamed-salah-has-coronavirus-adding-liverpools-problems\/\">The Telegraph<\/a> | <a href=\"https:\/\/www.skysports.com\/football\/news\/12010\/12132489\/mohamed-salah-liverpool-forward-a-doubt-for-leicester-clash-after-second-test-confirms-covid-19\">Sky Sports<\/a> | <a href=\"https:\/\/www.bbc.com\/sport\/football\/54935734\">BBC<\/a> | <a href=\"https:\/\/www.theguardian.com\/football\/2020\/nov\/13\/fresh-blow-for-liverpool-as-mohamed-salah-tests-positive-for-covid-19\">The Guardian<\/a>.<\/p><p><strong>The US continues to break the global daily record of new covid-19 cases,<\/strong> <strong>reporting 184k new cases on Friday<\/strong>, up from 153k on Thursday, according to <a href=\"https:\/\/coronavirus.jhu.edu\/map.html\">Johns Hopkins University\u2019s<\/a> tally. Deaths, which have not yet risen relative to the surge of cases, rose to the highest level in 10 days on Friday, but remain more than 1k under the record set in April.<\/p><p class=\"web-image stand-out-borderless\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/Mesca-Beach-Nov.3-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>Pfizer breakthrough triggers record inflows into equities:<\/strong> Investors plowed USD 44.5 bn into global equity funds after Pfizer announced its covid-19 vaccine breakthrough last Monday in what was the biggest week of inflows in decades. Data provider EPFR said it was the biggest week since it began collecting data more than two decades ago, while <strong>Bank of America claimed that it was the best week ever<\/strong>. <a href=\"https:\/\/www.ft.com\/content\/91cb3990-7ace-41f0-9939-d7fe8d0cab02\">The Financial Times<\/a> and <a href=\"https:\/\/www.marketwatch.com\/story\/pfizer-vaccine-news-sparks-44-5-billion-flood-into-the-stock-marketits-biggest-weekly-inflow-ever-says-bofa-11605287707?mod=home-page\">MarketWatch<\/a> have the story.<\/p><p><strong>US stocks were volatile towards the end of the week<\/strong>: Investors <a href=\"https:\/\/www.wsj.com\/articles\/global-stock-markets-dow-update-11-12-2020-11605176013\">sold off stocks across the board<\/a> and bought into safe haven assets on Thursday, as the surge in covid-19 cases in the US continued and talk of new lockdowns increased, only to <a href=\"https:\/\/ca.finance.yahoo.com\/news\/asia-stocks-set-u-lower-220431195.html\">recover on Friday<\/a> leading the S&amp;P 500 and the small-cap Russell 200 rallied to close at record highs, and the Dow to climb to pre-covid levels.<\/p><p><strong>We should prepare for more volatility ahead<\/strong>, according to several equity analysts, who say that the sharp escalation of cases in the US may soon drown out the post-Pfizer euphoria. \u201cMarkets are reacting to this realization that we are going to get through the pandemic, but it is probably going to get worse before it gets better,\u201d Patrick Leary, chief market strategist and senior trader with Incapital, wrote in a note. \u201cThis is why we see large risk-on moves followed by corrections.\u201d (<a href=\"https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/latest-news-headlines\/us-stocks-set-for-volatility-cycles-as-virus-surges-compete-with-vaccine-news-61285159\">S&amp;P Global<\/a>)<\/p><hr class=\"grey-line\"><p><strong>The world\u2019s largest trade agreement will be signed by Asia-Pacific leaders today<\/strong> after almost a decade of negotiations, <a href=\"https:\/\/www.bbc.com\/news\/business-54899254\">the BBC<\/a> reports. The 15 signatories to the Regional Comprehensive Economic Partnership (RCEP) include the 10 Association of Southeast Asian Nations (Asean) countries plus China, Japan, South Korea, Australia and New Zealand. Together, they account for 29% of global GDP and almost a third of the world\u2019s population.<\/p><p><strong>Poor countries could be allowed to apply for debt write-offs and negotiate better <\/strong><strong>lending conditions <\/strong>under a new framework agreed by the G20 group and the Paris Club of creditor countries, according to <a href=\"https:\/\/www.ft.com\/content\/a7b160fe-784c-48e9-b959-4c2174d37c91\">the Financial Times<\/a>. The new rules, which build on the debt freeze agreed earlier this year, aim to help low-income countries, which often have per capita GNI short of USD 1k, avoid running into long-term debt problems by ensuring lenders negotiate the same terms with debtors.<\/p><p><strong>It\u2019s too little too late for Zambia<\/strong>, which is on the brink of becoming the first African country to default on its debt payments since the onset of the covid-19 pandemic, the <a href=\"https:\/\/www.ft.com\/content\/fc82cf3f-be77-4380-9e44-401ca3bf4ed5\">Financial Times<\/a> reports. The country\u2019s bondholders rejected its request for a six-month freeze on payments, setting it up to miss a payment on USD 3 bn of bonds and sending it into default.<\/p><p><strong>Libya has scheduled its parliamentary and presidential elections for<\/strong><strong> 24 <\/strong><strong>December 2021<\/strong>, reports <a href=\"https:\/\/www.reuters.com\/article\/us-libya-security\/libya-talks-set-december-2021-date-for-elections-idUSKBN27T2R3\">Reuters<\/a>. Libya\u2019s rival factions, the Government of National Accord and the Libyan National Army, had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c64b1f9-f489-4563-ab33-86d9b6f42c9d\">previously anticipated<\/a> that the elections could take place in mid-2020.<\/p><p><strong>It\u2019s a bad morning for: Terrorists. Israel appears to have assassinated Abu Muhammad Al <\/strong><strong>Masri, Al Qaeda\u2019s number two<\/strong>, on a Tehran street. <a href=\"https:\/\/www.nytimes.com\/2020\/11\/13\/world\/middleeast\/al-masri-abdullah-qaeda-dead.html\">The New York Times<\/a> has the story, which reads like a spy thriller. Meanwhile Twitter is rife with (still entirely unconformed) speculation that <a href=\"https:\/\/twitter.com\/hxhassan\/status\/1327310792383983616?s=12\">Al Qaeda boss Ayman Al Zawahiri died of natural causes<\/a> some two months ago.<\/p><hr class=\"grey-line\"><p><strong>PSA #1- Working out can help you keep cancer at bay<\/strong> by supercharging the immune system\u2019s ability to target and kill cancer cells, <a href=\"https:\/\/www.nytimes.com\/2020\/11\/11\/well\/move\/how-exercise-might-affect-immunity-to-lower-cancer-risk.html?referringSource=articleShare\">the New York Times<\/a> writes.<\/p><p><strong>PSA #2-<\/strong> Egyptian non-profit <a href=\"https:\/\/www.nahdetelmahrousa.org\/\">Nahdet El Mahrousa<\/a>, in partnership with <a href=\"https:\/\/www.facebook.com\/CleantechArabia\/\">Cleantech Arabia<\/a> and <a href=\"https:\/\/www.hivos.org\/\">Hivos<\/a>, has launched a growth acceleration program targeting green businesses. Entrants will receive a EGP 250k non-equity investment, mentorships, consultations and other forms of business support. You can find out more about the program <a href=\"https:\/\/ent.news\/2020\/11\/GW-Info-Pack.pdf\">here (pdf)<\/a> and get the application form <a href=\"https:\/\/www.emailmeform.com\/builder\/emf\/GW2020\/GW2020\">here<\/a>. Application deadline: 21 November 2020.<\/p><p class=\"web-image\"><a href=\"https:\/\/bit.ly\/32BrUJL\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/Ali-ElFakarany-Arqam-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>Meet Egypt\u2019s football data guru: <\/strong>Ali ElFakharany started Arqam FC in 2017 to provide data analytics services to Egyptian football teams. Arqam\u2019s data collection center caught the eye of UK-based Statsbomb, which in 2019 acquired Arqam in a share swap that kept Ali and his team on board. Today, the company serves 42 European and US football teams including clubs from the English Premier League, the Bundesliga, and MLS, ElFakharany told us on this week\u2019s episode of Making It.<\/p><p><strong>You already have a <\/strong><strong><a href=\"https:\/\/apple.co\/3pk5Ayg\">podcast player<\/a><\/strong><strong> on your iPhone<\/strong>, or you can listen to the episode through <a href=\"https:\/\/bit.ly\/32BrUJL\">our website<\/a> (no download required). We\u2019re also on <a href=\"https:\/\/bit.ly\/3ncXBB5\">Google Podcasts<\/a> | <a href=\"https:\/\/bit.ly\/38yVBik\">Anghami<\/a> | <a href=\"https:\/\/bit.ly\/36tXAlB\">Omny<\/a>. Making It is on <a href=\"https:\/\/spoti.fi\/318pZMZ\">Spotify<\/a>, but only for non-MENA accounts.<\/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\/ali-elfakharany\/\">Ali ElFakharany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arqamfc\/\">ArqamFC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digitization\/\">digitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-ministry\/\">Foreign Ministry<\/a>\n      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href=\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/15\/mo-salah-contracting-covid-19-tops-the-agenda-on-the-late-night-talk-shows\/\">\r\n                            Mo Salah contracting covid-19 tops the agenda on the late night talk shows                        <\/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\/11\/15\/mo-salah-contracting-covid-19-tops-the-agenda-on-the-late-night-talk-shows\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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<li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Mo+Salah+contracting+covid-19+tops+the+agenda+on+the+late+night+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F11%2F15%2Fmo-salah-contracting-covid-19-tops-the-agenda-on-the-late-night-talk-shows%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\/11\/15\/mo-salah-contracting-covid-19-tops-the-agenda-on-the-late-night-talk-shows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568549\" class=\"content-area-description single-story post-568549 post type-post status-publish format-standard hentry category-enterprise-last-nights-talk-shows tag-ancient-egypt tag-archaeology tag-covid-19 tag-enterprise-last-nights-talk-shows tag-enterpriseam tag-health tag-history tag-mohamed-salah tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The nation\u2019s talking heads had Mo Salah on the brain last night<\/strong>, after it was revealed at the weekend that the star had tested positive for covid-19. Guests also provided an update on the disease nationwide while the tourism minister and the head of the Supreme Council for Antiquities dropped in to discuss the recent archaeological find at Saqqara.<\/p>\n<p><strong>Mo Salah catches covid-19:<\/strong> Kelma Akhira\u2019s Lamees El Hadidi phoned Amr El Ganainy, the head of the Egyptian Football Association (EFA), who assured viewers that Liverpool forward Mohamed Salah is currently asymptomatic. He said the Health Ministry and Liverpool are keeping tabs on the situation, and that the club has contacted him to advise on UK protocols upon his return <a href=\"https:\/\/www.youtube.com\/watch?v=Qdn75TCvQu4\">(watch, runtime: 9:20)<\/a>. Al Hayah Al Youm\u2019s Mohamed Sherdy <a href=\"https:\/\/www.youtube.com\/watch?v=NvKnjDAn4Mw\">(watch, runtime: 9:58)<\/a> and Ala Mas\u2019ouleety\u2019s Ahmed Moussa also spoke with El Ganainy <a href=\"https:\/\/www.youtube.com\/watch?v=ZPKqEYRdUMQ\">(watch, runtime: 12:19)<\/a>.<\/p>\n<p><strong>Covid-19 update: <\/strong>Masaa DMC\u2019s Eman El Hosary phoned Adel Khattab, professor of chest diseases at Ain Shams University, who said that the virus is spreading rapidly across the country, but with patients exhibiting milder symptoms that are only differentiated from the seasonal flu by the loss of taste and smell <a href=\"https:\/\/www.youtube.com\/watch?v=agb5UHsAClU&t=443s\">(watch, runtime: 13:41)<\/a>. El Hekaya\u2019s Amr Adib also spoke with Hossam Hosni, the head of the Health Ministry\u2019s covid-19 committee, who said that the numbers of new cases could easily rise the next two months should citizens neglect precautions <a href=\"https:\/\/www.youtube.com\/watch?v=wuBzGTf1AOE\">(watch, runtime: 1:10)<\/a>. Sherdy also interviewed Hosni, who said that there are some 800 people working daily to receive citizens\u2019 calls on the 105 hotline. He reiterated the need for increased vigilance during the winter season, and said that the ministry is constantly updating the protocols as necessary, with serious cases now divided into severe and critical <a href=\"https:\/\/www.youtube.com\/watch?v=wdiIUZXNsgg&t=435s\">(watch, runtime: 47:47)<\/a>.<\/p>\n<p><strong>New archeological discovery at Saqqara: <\/strong>Sherdy also phoned Mostafa Waziri, the secretary-general of the Supreme Council for Antiquities, who announced the discovery of new sarcophagi in Saqqara, bringing the number of newly discovered coffins in the area to 160 since last October. He said a formal announcement would be made soon, and that the archaeological team is searching the area for the workshop where the sarcophagi were designed. The new sarcophagi will be distributed to four museums including the Grand Egyptian Museum, the National Museum of Egyptian Civilization, Tahrir Museum, and the Administrative Capital Museum <a href=\"https:\/\/www.youtube.com\/watch?v=xoKgMBGlrGY&t=121s\">(watch, runtime: 9:21)<\/a>. Moussa also covered the news <a href=\"https:\/\/www.youtube.com\/watch?v=1QYAW4PW0vE\">(watch, runtime: 5:19)<\/a>.<\/p>\n<p><strong>Discoveries important for Egypt\u2019s tourism recovery -El Enany: <\/strong>Moussa phoned Tourism and Antiquities Minister Khaled El Enany, who said that these archaeological discoveries attract tourists from Egypt\u2019s key markets such as Germany, France and Italy. Egypt is currently attracting some 3k tourists per day, and this hasn\u2019t been affected by the return of lockdowns in Europe, since tourism didn\u2019t recover properly from the first wave, he said. El Enany said that <strong>the ministry is planning for a New Year's Eve party at the pyramids<\/strong>, but that this depends on the covid-19 situation in Egypt. He pointed out that the precautionary measures for hotels will not change during New Years Eve and that no one will enter Egypt without a negative PCR test <a href=\"https:\/\/www.youtube.com\/watch?v=pmCIrIBXb-0\">(watch, runtime: 10:34)<\/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\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaeology\/\">archaeology<\/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\/enterprise-last-nights-talk-shows\/\">Enterprise+: Last Night\u2019s Talk Shows<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health\/\">health<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/history\/\">History<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-salah\/\">Mohamed Salah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"568550\" 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=\"568550\">\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\">Speed Round<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/15\/central-bank-of-egypt-makes-shock-50-bps-rate-cut\/\">\r\n                            Central Bank of Egypt makes shock 50 bps rate cut                        <\/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\/11\/15\/central-bank-of-egypt-makes-shock-50-bps-rate-cut\/\" 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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The CBE\u2019s overnight deposit rate now stands at 8.25% and the lending rate is 9.25%, while the main operation and discount rates are 8.75%. The decision \u2014 which comes as inflation remains low despite a slight uptick in October \u2014 follows a surprise 50 bps cut following a meeting <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/383b8b99-dd6d-46df-b2dd-f2c241ea039f\">in September<\/a>. The CBE has now shaved 400 bps over three interest rate cuts since the beginning of the year. <strong>The rate cut was largely a surprise<\/strong>, as only Pharos\u2019 Radwa El Swaify and Arqaam Capital\u2019s Noaman Khalid predicted the move in our poll of eight leading economists <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/70edd6ec-97e3-4897-a1a8-7d1a447555b3\">last week<\/a>.<\/p>\n<p><strong>The rationale: support economic activity while inflation is still muted. <\/strong>\u201cThe reduction \u2026 provides appropriate support to economic activity, while remaining consistent with price stability,\u201d the CBE said. Egypt\u2019s economy grew 3.6% in FY2019-2020, which ended in June 2020, down from 5.6% in FY2018-2019. The slowdown was concentrated in 4Q2019-20, during which the economy contracted 1.7% due to partial lockdown measures, said the CBE. Consumption picked up in the following quarter, but it \u201cwas not enough to offset the combined contraction in investments and to a lesser extent in net exports,\u201d the central bank added. Key indicators for the second quarter of the year, meanwhile, \u201ccontinue to show gradual signs of recovery,\u201d the central bank said.<\/p>\n<p><strong>The cut came despite October\u2019s slight uptick in inflation: <\/strong>Annual urban inflation edged up to 4.5% <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ba3c0ab-cba6-4ed1-94f1-10368c5f8e54\">in October<\/a>, from 3.7% <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f3b6ca2c-4abd-438e-90bc-691dfe2bea84\">in September<\/a> and 3.4% in August, but still remains near historic-lows. <strong>The CBE now expects inflation to fall below the lower end of its 6-12% target <\/strong>range in 4Q2020. And because the path for current policy rates remains a function of medium-term inflation expectations rather than current inflation outturns, the MPC decided to cut key policy rates by 50 basis points, the central bank said.<\/p>\n<p><strong>Rate cut impact on Egypt\u2019s carry trade will be minimal: <\/strong>Even after the rate cut, Egypt maintains the world\u2019s highest real interest rate and offers carry trade returns second only to Argentina, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-11-12\/world-beating-rate-leaves-egypt-with-options-decision-day-guide?sref=mmeFTDW1\">Bloomberg data shows<\/a>. \u201cThe magnitude and pace of monetary easing have [also] been very gradual to preserve foreign interest in local debt instruments in light of volatile global growth dynamics,\u201d Pharos\u2019 El Swaify told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-11-12\/egypt-cuts-rates-for-second-time-in-boost-for-virus-hit-economy?sref=mmeFTDW1\">Bloomberg<\/a>. Foreign holdings of EGP-denominated sovereign debt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3337ffd0-2efd-4abc-bc91-2adad57554aa\">more than doubled<\/a> to USD 21.1 bn as of mid-October from USD 10.4 bn in May following a strong recovery from a global market panic in the spring caused by the coronavirus pandemic.<\/p>\n<p><strong>The rate cut will help set up corporate borrowing in 2021 to support growth. <\/strong>Most corporations will not take on major new debt at the end of a fiscal year, meaning we could see an uptick in demand for debt to finance CAPEX in the new year at companies that are hitting production ceilings. Egypt\u2019s non-oil private sector <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be089ca9-c71c-4933-b9ea-257fde17bc78\">grew in October<\/a> at its strongest rate since December 2014, with the purchasing managers\u2019 index gauge showing that demand is holding up amid looser covid-19 restrictions. With liquidity being a main issue, the rate cut could therefore prove very helpful.<\/p>\n<p><strong>Curbing the EGP:<\/strong> Policymakers may have had one eye on the currency, which has been strengthening against the USD in recent days, James Swasnton, MENA economist at Capital Economics, wrote in a note. The EGP is currently up by 3% against the USD year-to-date, and is looking \u201cincreasingly overvalued,\u201d he wrote.<\/p>\n<p><strong>Further monetary easing this year? It\u2019s too early to say, <\/strong>El Swaify tells us. \u201cWe see the CBE possibly taking a breather in its final meeting,\u201d which falls on 24 December, but we have to wait and see how local inflation dynamics play out, changes in USD inflows, and any covid-19 or global growth trends, she adds.<\/p>\n<p><strong>And in the longer term?<\/strong> Renaissance Capital sees another 200-300 bps of rate cuts in 2021 as being sufficient to stimulate investment and attract foreign direct investment into the manufacturing sector in 2022, global chief economist Charles Robertson wrote in a note. These cuts will likely bring the EGP back down to 16.5-17 against the greenback, he said.<\/p>\n<p><em>Corrected on 15 November 2020<br \/>\n<\/em><em>Egypt's economy contracted 1.7% in 4Q2019-2020, not 3Q2019-2020.<\/em><\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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\/speed-round\/\">SPEED ROUND<\/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=\"568565\" 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=\"568565\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/15\/egypt-in-the-news-on-15-november-2020\/\">\r\n                            Egypt in the News on 15 November 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\/11\/15\/egypt-in-the-news-on-15-november-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(); 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Five Americans, a French and a Czech citizen were among the deceased while another American peacekeeper who was also on board the helicopter was badly injured. The crash is not being treated as an attack, with both the MFO and the <a href=\"https:\/\/bit.ly\/3nnNN7p\">Egyptian Foreign Ministry<\/a> saying that initial evidence points to a mechanical malfunction being to blame. A full investigation into the cause of the crash is under way.<\/p>\n<p><strong>What is the MFO? <\/strong>The international force\u2019s mission is to supervise the implementation of the 1979 Egypt-Israel peace treaty. The MFO was established in 1981 \u201cas an alternative\u201d to the envisioned UN force in Sinai. It is funded equally by Egypt, Israel, and the US, with 13 countries contributing troops to the organization.<\/p>\n<p><strong>The story is everywhere:<\/strong> <a href=\"https:\/\/apnews.com\/article\/egypt-peacekeeping-forces-israel-middle-east-7b8ed7e765afc9196ff7b595c7865cbc\">Associated Press<\/a> | <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN27S1Y8\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-11-12\/officials-7-peacekeepers-killed-in-sinai-helicopter-crash\">Bloomberg<\/a> | <a href=\"https:\/\/www.nytimes.com\/2020\/11\/12\/world\/middleeast\/sinai-peacekeepers-crash.html\">The New York Times<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/six-u-s-troops-killed-in-helicopter-crash-near-egypt-11605196180?mod=searchresults_pos1&page=1\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.cnn.com\/2020\/11\/14\/politics\/army-identifies-americans-killed-helicopter-crash-egypt\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.cbsnews.com\/news\/army-identifies-five-american-soldiers-killed-sinai-egypt-helicopter-crash\/\">CBS<\/a> and more.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a><strong> The unveiling of a huge trove of archaeological findings at the Saqqara<\/strong><strong> complex is also <\/strong><strong>getting a lot of digital ink.<\/strong> More than 100 coffins and some 40 statues were <a href=\"https:\/\/bit.ly\/3nvKGdP\">unveiled by the Tourism and Antiquities Ministry<\/a> at a news conference on Saturday. The artifacts date back to 664-332 BC and will be put on display in three museums in Egypt, including the Grand Egyptian Museum, Minister Khaled El Enany said. <a href=\"https:\/\/apnews.com\/article\/egypt-cairo-middle-east-coronavirus-pandemic-e39686f3d2dd1386de294eb4569db23e\">Associated Press<\/a> | <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN27U0K0\">Reuters<\/a> | <a href=\"https:\/\/news.sky.com\/story\/100-ancient-coffins-some-containing-mummies-discovered-in-egyptian-necropolis-12132478\">Sky News<\/a> | <a href=\"https:\/\/www.nbcnews.com\/news\/world\/ancient-mummies-antiquities-unveiled-egypt-over-2-500-years-after-n1247836\">NBC<\/a> | <a href=\"https:\/\/sputniknews.com\/science\/202011131081154476-ancient-egyptian-mummies-finally-spill-their-secrets\/\">Sputnik<\/a> | <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-8949011\/Egyptian-officials-unveil-100-sarcophagi-vast-necropolis-near-Cairo.html\">Daily Mail<\/a>.<\/p>\n<p><strong>A viral video of a man who set himself on fire in Tahrir Square<\/strong> <strong>is getting coverage<\/strong><strong> in the foreign press.<\/strong> <a href=\"https:\/\/africafeeds.com\/2020\/11\/13\/man-sets-himself-ablaze-over-corruption-in-egypt\/\">Reuters<\/a> | <a href=\"https:\/\/arabic.euronews.com\/2020\/11\/13\/egyptian-man-sets-himself-on-fire-in-tahrir-square-cairo\">Euro News Arabic<\/a> | <a href=\"https:\/\/www.al-monitor.com\/pulse\/originals\/2020\/11\/cairo-tahrir-square-fire-self-immolation-egypt-corruption.html\">Al Monitor<\/a> | <a href=\"https:\/\/thearabweekly.com\/self-immolation-tahrir-square-reflects-simmering-anger-egypts-poor\">Arab Weekly<\/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\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/corruption\/\">Corruption<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-in-the-news\/\">Egypt in the News<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/history\/\">History<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tahrir-square\/\">Tahrir Square<\/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=\"568566\" 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=\"568566\">\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\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/15\/diplomacy-foreign-trade-on-15-november-2020\/\">\r\n                            Diplomacy + Foreign Trade on 15 November 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\/11\/15\/diplomacy-foreign-trade-on-15-november-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\/11\/15\/diplomacy-foreign-trade-on-15-november-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\/11\/15\/diplomacy-foreign-trade-on-15-november-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=Diplomacy + Foreign Trade on 15 November 2020&url=https:\/\/enterpriseam.com\/egypt\/2020\/11\/15\/diplomacy-foreign-trade-on-15-november-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\/11\/15\/diplomacy-foreign-trade-on-15-november-2020\/&title=Diplomacy + Foreign Trade on 15 November 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=Diplomacy+%2B+Foreign+Trade+on+15+November+2020+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F11%2F15%2Fdiplomacy-foreign-trade-on-15-november-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\/11\/15\/diplomacy-foreign-trade-on-15-november-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568566\" class=\"content-area-description single-story post-568566 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-alexbank tag-bahrain tag-diplomacy tag-diplomacy-foreign-trade tag-egyptian-armed-forces tag-enterpriseam tag-gerd tag-moustafa-madbouly tag-politics tag-saudi-arabia tag-security tag-smes tag-sudan wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>On the diplomatic front this morning- Madbouly attends Al Khalifa funeral in Bahrain:<\/strong> Prime Minister Moustafa Madbouly was in Bahrain yesterday to attend the funeral of Prime Minister Khalifa bin Salman Al Khalifa, who <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c64b1f9-f489-4563-ab33-86d9b6f42c9d\">passed away on Wednesday<\/a> at the age of 84, cabinet said in <a href=\"https:\/\/bit.ly\/3lyEroX\">a statement<\/a>.<\/p>\n<p><strong>Egypt and Sudan yesterday kicked off joint military exercises<\/strong> that are set to last until 26 November, the Egyptian Armed Forces said in <a href=\"https:\/\/bit.ly\/3kxYhiO\">a statement<\/a>. Units from Egypt\u2019s Air Force and the Sa'ka special forces travelled to the Marwa Air Base in Sudan, where they will run combat and search and rescue drills, the statement said. The exercises come amid heightened tensions in the region as the negotiations over the Grand Ethiopian Renaissance Dam continue to tread water and a military offensive by the Ethiopian government in the restive Tigray region sends refugees fleeing into Sudan.<\/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\/alexbank\/\">Alexbank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bahrain\/\">Bahrain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy-foreign-trade\/\">Diplomacy + Foreign Trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-armed-forces\/\">Egyptian Armed Forces<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/security\/\">security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/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=\"568567\" 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=\"568567\">\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\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/11\/15\/the-market-yesterday-16\/\">\r\n                            The Market Yesterday                        <\/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\/11\/15\/the-market-yesterday-16\/\" 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\/11\/15\/the-market-yesterday-16\/')\">\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\/11\/15\/the-market-yesterday-16\/\">\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=The Market Yesterday&url=https:\/\/enterpriseam.com\/egypt\/2020\/11\/15\/the-market-yesterday-16\/\">\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\/11\/15\/the-market-yesterday-16\/&title=The Market Yesterday\">\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=The+Market+Yesterday+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2020%2F11%2F15%2Fthe-market-yesterday-16%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\/11\/15\/the-market-yesterday-16\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568567\" class=\"content-area-description single-story post-568567 post type-post status-publish format-standard hentry category-the-market-yesterday tag-enterpriseam tag-the-market-yesterday wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight: bold;color: #696969;\">Powered by<\/span><\/p>\n<p><a href=\"https:\/\/pharoslive.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" alt=\"Pharos Holding - https:\/\/pharoslive.com\/\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/pharoslive-logo.png?ssl=1\" style=\"display: inline-block;\" \/><\/a><\/p>\n<p><strong>EGP \/ USD CBE market average: <\/strong>Buy 15.59 | Sell 15.69<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.59 | Sell 15.69<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.60 | Sell 15.70<\/p>\n<p><strong>EGX30<\/strong> (Thursday): 11,017 (+0.2%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.7 bn (51% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -21.1%<\/p>\n<p><strong>THE MARKET ON THURSDAY:<\/strong> The EGX30 ended Thursday\u2019s session up 0.2%. CIB, the index\u2019s heaviest constituent, ended down 0.2. EGX30\u2019s top performing constituents were GB Auto up 7.3%, Dice up 6.2%, and Sidi Kerir Petrochemicals up 3.4%. Thursday\u2019s worst performing stocks were Orascom Development Egypt down 2.8%, TMG Holding down 1.2% and Qalaa Holdings down 1.1%. The market turnover was EGP 1.7 bn, and foreign investors were the sole net buyers.<\/p>\n<p><strong>Foreigners<\/strong>: Net long | EGP +41.0 mn<br \/>\n <strong>Regional<\/strong>: Net short | EGP -1.5 mn<br \/>\n <strong>Domestic<\/strong>: Net short | EGP -39.5 mn<\/p>\n<p><strong>Retail<\/strong>: 72.9% of total trades | 68.8% of buyers | 77.1% of sellers<br \/>\n <strong>Institutions<\/strong>: 27.1% of total trades | 31.2% of buyers | 22.9% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 40.13 (-2.41%)<br \/>\n <strong>Brent:<\/strong> USD 42.78 (-1.72%)<\/p>\n<p><strong>Natural Gas:<\/strong> (Nymex, futures prices) USD 3.00 MMBtu, (+0.64%, December 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 1,886.20 \/ troy ounce (+0.69%)<\/p>\n<p><strong>TASI:<\/strong> 8,434 (-0.17%) (YTD: +0.54%)<br \/>\n <strong>ADX:<\/strong> 4,855 (+0.49%) (YTD: -4.33%)<br \/>\n <strong>DFM:<\/strong> 2,262 (-0.88%) (YTD: -18.15%)<br \/>\n <strong>KSE Premier Market:<\/strong> 6,103 (-0.47%)<br \/>\n <strong>QE:<\/strong> 10,212 (0.92%) (YTD: -2.04%)<br \/>\n <strong>MSM:<\/strong> 3,628 (+0.45%) (YTD: -8.87%)<br \/>\n <strong>BB: <\/strong>1,449 (-0.16%) (YTD: -10.00%)<\/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\/the-market-yesterday\/\">The Market Yesterday<\/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=\"568568\" 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\/11\/15\/568568\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-568568\" class=\"content-area-description single-story post-568568 post type-post status-publish format-standard hentry category-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>November: Egypt <a href=\"http:\/\/gate.ahram.org.eg\/News\/2284801.aspx\">will host simultaneously<\/a> the International Capital Market Association\u2019s emerging market, and Africa and Middle East meetings.<\/p>\n<p>November: An Egyptian-Russian ministerial committee <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/3275672832501495\">will meet<\/a> to discuss trade and investment in Moscow.<\/p>\n<p>10-19 November (Monday-Thursday): A World Bank delegation arrives in Egypt to discuss financing development projects.<\/p>\n<p>13-15 November (Friday-Sunday): <a href=\"https:\/\/www.mubasher.info\/news\/3709002\/-%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%B4%D8%B1%D9%85-%D8%A7%D9%84%D8%B4%D9%8A%D8%AE-%D8%AA%D8%B3%D8%AA%D8%B6%D9%8A%D9%81-%D9%85%D8%A4%D8%AA%D9%85%D8%B1%D8%A7-%D9%84%D8%A8%D8%AD%D8%AB-%D8%AA%D8%AD%D8%AF%D9%8A%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%B7%D8%A7%D8%B9-%D9%81%D9%8A-%D8%B8%D9%84-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7\/\">A conference on banking in the time of covid<\/a> by the Union of Arab Banks, Sharm El Sheikh, Egypt.<\/p>\n<p>13-20 November (Friday-Friday): <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/5\/33\/391394\/Arts--Culture\/Music\/Egypt-to-launch-Cairo-Jazz-Festival-Friday.aspx\">Cairo Jazz Festival<\/a>.<\/p>\n<p>14 November (Saturday): <a href=\"https:\/\/startupswb.com\/summit\/\">Startups Without Borders Summit<\/a> will be held virtually<\/p>\n<p>15 November (Sunday): Egyptian Tax Authority\u2019s <a href=\"https:\/\/bit.ly\/32UQfK0\">online intro seminar<\/a> on new electronic invoice system for first tranche of companies transitioning to e-filing program.<\/p>\n<p>15 November (Sunday): Results of the second phase of Egypt\u2019s parliamentary elections will be announced.<\/p>\n<p>16 November (Monday): Postponed trial of alleged abuser Ahmed Bassam Zaki, after <a href=\"https:\/\/bit.ly\/3kYY7ll\">he failed to attend<\/a> the previous court date<\/p>\n<p>16 November (Monday): The fifth edition of <a href=\"https:\/\/destinationafrica.vfairs.com\/en\/#home\">Destination Africa<\/a> will be held virtually and will highlight African manufacturers and suppliers of fashion and textiles, among others. The expo will continue for one month.<\/p>\n<p>18 November (Wednesday): The <a href=\"https:\/\/www.comesa.int\/50-million-african-women-speak-platform-50mawsp-national-launches-planned-in-14-member-states\/\">50 Million African Women Speak<\/a> online event will be held, organized by the Egyptian MSME Development Agency and Comesa<\/p>\n<p>19-28 November (Thursday-Sunday): <a href=\"https:\/\/www.ciff.org.eg\/\">Cairo International Film Festival<\/a>, Cairo Opera House, Egypt.<\/p>\n<p>21 November (Saturday): Deadline to install electronic vehicle stickers<\/p>\n<p>22-25 November (Sunday-Wednesday): <a href=\"https:\/\/cairoict.com\/\">Cairo ICT 2020<\/a>, Egypt International Exhibition Center, Nasr City, Cairo.<\/p>\n<p>23-24 November (Monday-Tuesday): Runoffs for parliamentary elections in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>30 November (Monday): Final results will be announced for Parliamentary elections held in Giza, Fayoum, Beni Suef, Minya, Assiut, New Valley, Sohag, Qena, Luxor, Aswan, Red Sea, Alexandria, Beheira, Matrouh.<\/p>\n<p>December (date TBC): <a href=\"https:\/\/www.facebook.com\/ees.egypt\/\">Egypt Economic Summit<\/a>, Cairo, Egypt, <a href=\"https:\/\/bit.ly\/3jhQXXR\">venue TBD<\/a>.<\/p>\n<p>December: Fifth round of Egypt-US Trade and Investment Framework Agreement (TIFA) talks.<\/p>\n<p>December: The 110th regular <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1718744134970611\">session<\/a> of the Egyptian-Iraqi Joint Higher Committee will be held under the chairmanship of the prime ministers of the two countries.<\/p>\n<p>1 December (Tuesday): The IMF will conduct a first review of targets set under the USD 5.2 bn standby loan approved in June (proposed date).<\/p>\n<p>5 December (Saturday): A court will hold <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d8%a8%d9%8a%d8%a7%d9%86%20%d9%82%d8%b6%d9%8a%d8%a9%201%20%d8%b9%d8%a7%d9%85%d8%b1%20%d8%ac%d8%b1%d9%88%d8%a8%2004-10-2020.pdf\">a postponed hearing<\/a> to look into an appeal by Syria\u2019s Anataradous against an <a href=\"https:\/\/www.arabfinance.com\/en\/news\/details\/egypt-companies\/475194\">arbitration ruling<\/a> in favor of Amer Group and Amer Syria.<\/p>\n<p>7 December: Former Civil Aviation Minister Ahmed Shafik faces <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2078662\">trial<\/a> over embezzlement allegations.<\/p>\n<p>7-8 December (Monday-Tuesday): Runoffs for parliamentary elections in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/p>\n<p>9-10 December (Wednesday-Thursday): <a href=\"http:\/\/www.biznexpo.com\/\">BiznEx<\/a>, the international business expo in Egypt, <a href=\"https:\/\/bit.ly\/3kz8vjb\">venue TBD<\/a>.<\/p>\n<p>14 December (Monday): Final results will be announced for Parliamentary elections held in Cairo, Qalyubia, Menofia, Gharbia, Kafr El Sheikh, Sharqia, Damietta, Port Said, Ismailia, Suez, North Sinai and South Sinai.<\/p>\n<p>15 December (Tuesday): House of Representatives reconvenes from recess.<\/p>\n<p>15-16 December (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>24 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>25 December (Friday): Western Christmas.<\/p>\n<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>1Q2021: The Seventh Annual <a href=\"https:\/\/www.egyptautomotive.com\/1168552\">Egypt Automotive Summit<\/a> will be held<\/p>\n<p>1 January 2021 (Friday): New Year\u2019s Day, national holiday.<\/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> at the Giza Pyramids.<\/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 (Saturday-Thursday): Mid-year school break.<\/p>\n<p>18 March 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/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>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>10 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>22 July 2021 (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>30 July-3 August 2021 (Thursday-Monday): Eid Al Adha, national holiday (TBC).<\/p>\n<p>1 October 2021-31 March 2022 (Friday-Thursday): Postponed <a href=\"https:\/\/www.expo2020dubai.com\">Expo 2020 Dubai<\/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","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":568546,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-568545","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"75890ba8-0ff0-42c0-ab51-ab481fcf8024","teaser":"","photo_url":"https:\/\/ent.news\/2020\/11\/16.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Surprise rate cut + everything you need to know about the new e-invoicing system - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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