{"id":573420,"date":"2020-08-05T04:02:21","date_gmt":"2020-08-05T04:02:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=573420"},"modified":"2025-12-16T09:08:00","modified_gmt":"2025-12-16T09:08:00","slug":"global-tourism-and-remittance-slumps-will-bite","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/global-tourism-and-remittance-slumps-will-bite\/","title":{"rendered":"Global tourism and remittance slumps will bite"},"content":{"rendered":"<section id=\"573422\" 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=\"573422\">\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\/08\/05\/what-were-tracking-on-5-august-2020\/\">\r\n                            What we\u2019re tracking on 5 August 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\/08\/05\/what-were-tracking-on-5-august-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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The blast (<a href=\"https:\/\/twitter.com\/RexChapman\/status\/1290740219092914177\">watch, runtime: 0:55<\/a>) was apparently caused by nearly 3k tonnes of ammonium nitrate, which Lebanese President Michel Aoun said were stored for six years at the port without proper safety measures.<\/p><p><strong>Authorities have yet to confirm whether the explosion was an attack or an accident.<\/strong> There were also initial rumors that a separate explosion had targeted former Lebanese Prime Minister Saad Al Hariri. President Abdel Fattah El Sisi <a href=\"https:\/\/bit.ly\/31hTOJj\">extended his condolences<\/a> yesterday to Lebanon and the victims of the explosion.<\/p><p><strong>The story is front-page news around the world this morning:<\/strong> <a href=\"https:\/\/www.reuters.com\/article\/us-lebanon-security-blast\/massive-blast-rips-through-beirut-killing-78-and-injuring-thousands-idUSKCN25021M\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-08-04\/explosion-heard-near-downtown-beirut-lebanon?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/efb1426f-a80f-4b38-99c1-67a7a0823c4a\">Financial Times<\/a> | <a href=\"https:\/\/www.nytimes.com\/2020\/08\/04\/world\/middleeast\/beirut-explosion-blast.html?action=click&amp;module=Top%20Stories&amp;pgtype=Homepage\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/middle_east\/major-explosion-rocks-beirut\/2020\/08\/04\/53ff4dd6-d666-11ea-a788-2ce86ce81129_story.html\">Washington Post<\/a> | <a href=\"https:\/\/edition.cnn.com\/middleeast\/live-news\/lebanon-beirut-explosion-live-updates-dle-intl\/h_807745bc6eb3500beaa53f9b4ec63db9\">CNN<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/live\/2020\/aug\/04\/beirut-explosion-huge-blast-port-lebanon-capital\">the Guardian<\/a>.<\/p><p><strong>The news couldn\u2019t have come at a worse time: <\/strong><strong>Lebanon was already buckling under the<\/strong> <strong>weight of political and economic turmoil<\/strong>, and is continuing to grapple with its covid-19 outbreak. The IMF looks likely to agree to a bailout that would give Lebanon only <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-28\/imf-bailout-may-be-half-what-lebanon-sought-when-aid-talks-began\">half of what the country needs<\/a> amid an \u201caccelerating economic collapse\u201d and the country\u2019s foreign minister <a href=\"https:\/\/www.thenational.ae\/world\/mena\/lebanon-s-foreign-minister-nassif-hitti-resigns-1.1058197\">resigned on Monday<\/a>, saying he \u201ccould not continue given the poor performance of the government.\u201d<\/p><hr class=\"grey-line\"><p><strong>PMI data for Egypt<\/strong>, Saudi Arabia and the UAE is due this morning at around 6:15am CLT. The gauge is a proxy for how the economy is holding up amid strains caused by covid-19, including the pandemic-induced hit to tourism. Non-oil private sector business <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad826519-d107-4f0a-9f17-cdc6706e481b\">activity in Egypt started to stabilize in June after a nasty plunge in May<\/a> on the back of lockdown measures imposed by the Madbouly government to stem the spread of covid.<\/p><p>Key news triggers coming up in the week ahead:<\/p><ul>\n<li><strong>Foreign reserves figures for July<\/strong> should be out early next week.<\/li>\n<li><strong>Inflation data for July<\/strong> will land on or about, Monday, 10 August.<\/li>\n<li><strong>Senate elections will take place in Egypt on 11-12 August<\/strong>, while expats will vote on 9-10 August.<\/li>\n<li><strong>The Central Bank of Egypt will meet to review interest rates<\/strong> on Thursday, 13 August.<\/li>\n<\/ul><p><strong>Gov\u2019t to hold talks on opening domestic natgas market to private sector: <\/strong>The Gas Market Regulatory Authority will soon begin discussing rules that will allow private sector companies to trade and transport natural gas in the domestic market, <a href=\"https:\/\/bit.ly\/3i2fIan\">Al Mal<\/a> reports, citing a senior government official.<\/p><hr class=\"grey-line\"><p><strong>Two things you may want to know about this morning:<\/strong><\/p><p><strong>1- The wonderful Dame Minouche Shafik has been <\/strong><strong><a href=\"https:\/\/www.lse.ac.uk\/News\/Latest-news-from-LSE\/2020\/g-July-20\/Minouche-Shafik-nominated-for-peerage\">named<\/a><\/strong><strong> a member of the House of<\/strong> <strong>Lords <\/strong>as a \u201ccrossbench peer\u201d who sits without a declared political affiliation. Born in Egypt, Shafik leads the London School of Economics, was the youngest-ever vice president of the World Bank, and was a top candidate to head the Bank of England, where she was previously deputy governor. You can <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/25\/our-exclusive-sit-down-with-dame-nemat-minouche-shafik\/\">learn a bit more about Minouche<\/a> in our quick sit-down with her in March of last year.<\/p><p><strong>2- Listed companies, brace yourselves for even more pointed questions<\/strong> from fund managers after a scandal at a UK retailer brought home the point that <strong>\u201cpseudo-scientific scoring systems are no substitute for thorough, time-consuming research\u201d on ESG<\/strong>, Sarah O\u2019Connor writes in the <a href=\"https:\/\/www.ft.com\/content\/48e02694-a54c-4cec-9af6-ada8b4955e20\">Financial Times<\/a>. Legwork and a deep reading of the local press are among the tools she recommends.<\/p><hr class=\"grey-line\"><p><strong>COVID-19 IN EGYPT-<\/strong><\/p><p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/39VVa0a\">confirmed<\/a><\/strong><strong> 24 new deaths from covid-19 yesterday<\/strong>, bringing the country\u2019s total death toll to 4,912. Egypt has now disclosed a total of 94,752 confirmed cases of covid-19, after the ministry reported <strong>just 112 new infections yesterday \u2014 the lowest number since 19 April<\/strong>. We now have a total of 94,752 confirmed cases that have since tested negative for the virus after being hospitalized or isolated, of whom 45,569 have fully recovered.<\/p><p><strong>MAF sees 747% surge in online demand for groceries in Egypt since January:<\/strong> Carrefour\u2019s online demand for groceries from has been \u201csoaring\u201d in the Middle East since covid-19 hit, Majid Al Futtaim CEO Alain Bejjani told CNBC, adding that he expects the trend to continue post-pandemic (<a href=\"https:\/\/www.cnbc.com\/2020\/08\/04\/online-grocery-sales-soaring-in-the-middle-east-trend-may-continue.html\">watch, runtime: 03:03<\/a>). Saudi Arabia saw the biggest demand increase, surging 917% in the first six months of the year, while Egypt saw a 747% surge and UAE was up 257%. Average demand increase in the region was between 200% to 220%, he said.<\/p><p><strong>ON THE GLOBAL FRONT-<\/strong><\/p><p><strong>We better hope that people start taking to the skies for their vacations soon<\/strong>, because \u2014 if <a href=\"https:\/\/www.ft.com\/content\/2ddda9de-cd76-4969-a9dd-ce314fb6d38e\">FT columnist Rana Faroohar is correct<\/a> \u2014 the longer global tourism is in the crater the more likely it will cascade through the global economy, impacting everything from restaurants and real estate to manufacturing and finance.<\/p><p><strong>The pandemic has led to the largest disruption of education in history<\/strong>, with over 1 bn students affected across more than 160 countries and at least 40 mn children having missed out on their pre-school year, UN Secretary-General Antonio Guterres said yesterday, according to the <a href=\"https:\/\/www.nytimes.com\/aponline\/2020\/08\/04\/world\/ap-un-virus-outbreak-education-impact.html\">Associated Press<\/a>. He warned that we now face \u201ca generational catastrophe that could waste untold human potential, undermine decades of progress, and exacerbate entrenched inequalities.\u201d<\/p><p><strong>GLOBAL MACRO-<\/strong><\/p><p><strong>Global remittances could fall by more than USD 100 bn this year<\/strong> under a worst-case scenario outlined by economists at the Asian Development Bank. Writing in <a href=\"https:\/\/blogs.adb.org\/blog\/tracking-covid-19-s-devastating-toll-asia-s-remittances\">a blog post<\/a> on Monday, James Villafuerte and Aiko Kikkawa Takenaka forecast a USD 108.6 bn drop in remittance flows in 2020 if the pandemic rumbles on throughout the year \u2014 an 18.3% drop from pre-covid expectations. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1caf2c84-825a-44dc-84e0-19e619e882ed\">Egypt got a boost from rising remittances<\/a> in the third quarter of the state\u2019s last fiscal year, but analysts expect figures will show Egyptians working abroad will have collectively sent back less money from March 2020 onward as economies the world over slowed down. Job losses in the GCC will present particular challenges to our economy, where remittances are one of the top sources of foreign exchange.<\/p><p><strong>Gold prices broke the USD 2k \/ oz threshold on Tuesday after US lawmakers seemed <\/strong><strong>closer to agreeing on a new covid-19 stimulus package<\/strong>, <a href=\"https:\/\/www.reuters.com\/article\/us-global-markets\/gold-soars-past-2000-gold-up-on-stimulus-plan-idUSKCN24Z2U4?il=0\">Reuters reports<\/a>. \u201cThe rally is understandable given that investors are looking for a broader range of risk-mitigating assets now that yields on government bonds are so low,\u201d markets sage Mohamed El-Erian said.<\/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\/8\/somabay-aug1-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a>Allow yourself the chance to recharge your inner batteries. Change your focus, energy, and take control. Reconnect with your inner self and let the renovation begin.<\/p><p><strong>AND THE REST OF THE WORLD- <\/strong><\/p><p><strong>The FT thinks that Egypt\u2019s candidate to lead the World Trade Organization lacks \u201cheft.\u201d <\/strong>The salmon-coloured paper zeroed in on candidates put forward by Nigeria and Kenya as the global trade body ambles toward the appointment of a new chief. The story names Nigeria\u2019s Ngozi Okonjo-Iweala and Kenya\u2019s Amina Mohamed as the \u201cfavourites\u201d for the job of secretary-general as the current boss steps down next month. Among the six candidates, \u201cEgypt\u2019s Hamid Mamdouh is <a href=\"https:\/\/www.ft.com\/content\/f4830e2b-df7b-474a-8104-6336992ca193\">regarded by most observers as having insufficient political heft<\/a>,\u201d writes the FT, which <a href=\"https:\/\/www.ft.com\/content\/7a6bba84-9277-4ce7-b996-073f90116cde\">previously dismissed Mamdouh as too much of a \u201ctechnocrat.\u201d<\/a><\/p><p><strong>Chinese state media aren\u2019t mincing words over Trump\u2019s TikTok \u201csmash and grab\u201d:<\/strong> Chinese state media have called out a potential TikTok sale to Microsoft as \u201copen robbery,\u201d hinting that Beijing could seek retaliatory action against the US if an agreement is signed, <a href=\"https:\/\/www.cnbc.com\/2020\/08\/04\/tiktok-microsoft-deal-state-media-says-china-could-retaliate.html\">CNBC<\/a> reports. \u201cChina will by no means accept the \u2018theft\u2019 of a Chinese technology company, and it has plenty of ways to respond if the administration carries out its planned smash and grab,\u201d read an op-ed in state-backed newspaper China Daily, which stopped short of suggesting how Beijing might hit back.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development and as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue:<\/strong> Our dive into the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c91b2be4-e5fb-4204-a703-765a565b8b37\">El Sisi administration\u2019s plan<\/a> to fast-track the replacement of traditional gasoline-fired car engines with dual-fuel engines that primarily use natural gas continues this week with a look at the final node of the plan: the supply of dual-engine vehicles. For that, we turn our attention to the automotive industry, which has to supply them. We also explore alternatives to natgas, such EVs, and give our final verdict on the plan\u2019s feasibility.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi\/\">Abu Dhabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/antonio-guterres\/\">Antonio Guterres<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carrefour\/\">Carrefour<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of 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night.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573425\" 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=\"573425\">\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\/08\/05\/egypts-tourism-losses-could-top-2-of-gdp-this-year-imf-says\/\">\r\n                            Egypt\u2019s tourism losses could top 2% of GDP this year, IMF says      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data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/18.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"18.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/18.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/18.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573425\" class=\"content-area-description single-story post-573425 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round tag-economy tag-enterpriseam tag-external-sector tag-speed-round tag-tourism 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-01\"><\/a> <strong>Egypt could lose out on tourism revenues worth more than 2% of its GDP this<\/strong><strong> year due to global travel restrictions<\/strong>, the International Monetary Fund (IMF) said in its 2020 <a href=\"https:\/\/www.imf.org\/en\/Publications\/ESR\/Issues\/2020\/07\/28\/2020-external-sector-report\">External Sector Report<\/a>. The forecast is based on a scenario laid out in a UN World Tourism Organization (UNWTO) study in which all travel restrictions are gradually lifted as of September, which would still see 2020 tourism receipts fall 73% y-o-y. The IMF says pandemic-induced tourism losses will likely be incurred mostly by \u201clarge net tourism exporters,\u201d including Egypt, Costa Rica, Greece, Morocco, New Zealand, Portugal, Spain, Sri Lanka, Thailand, and Turkey. Tourism revenues, meanwhile, fell 11.2% y-o-y during the quarter to its lowest level in any three-month period over the past two years, Central Bank of Egypt data released <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1caf2c84-825a-44dc-84e0-19e619e882ed\">last month<\/a> showed.<\/p>\n<p><strong>What\u2019s the \u201cexternal sector\u201d? <\/strong>In basic terms, the parts of a nation\u2019s economy that interact with the economies of other countries. Think tourism and remittances, for example.<\/p>\n<p><strong>Don\u2019t expect next year to be brilliant: <\/strong>\u201cAlthough uncertainty is high, the effects on tourism may persist to some extent in 2021 and beyond,\u201d says the IMF, citing a UNWTO survey expecting tourism demand to start recovering only in 2021.<\/p>\n<p><strong>Remittances will also take a beating in 2020: <\/strong>Quoting forecasts of an average 20% drop in the global flows of worker remittances in 2020, the IMF warns of \u201csignificant hardship\u201d for remittance-reliant households and small businesses. <strong>This will be particularly pronounced for Egypt<\/strong> and other countries in which remittances are a large part of the economy. Remittance flows into Egypt \u2014 and other economies including Pakistan, Guatemala, the Philippines, and Sri Lanka \u2014 account for more than 5% of GDP. Remittances are vulnerable to the covid-19 crisis as migrant workers are both more exposed to the unemployment and wage loss risk and work excessively in hard-hit sectors such as food and hospitality, retail, and tourism, the fund said.<\/p>\n<p><strong>Remittances are forecast to \u201conly partially\u201d rebound by 5% in 2021<\/strong>, the fund added. Tourism receipts and remittances, two key sources of foreign currency for Egypt, came under increased pressure earlier during the pandemic \u2014 dragging down the central bank\u2019s foreign currency reserves for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c885a8d1-9772-4b40-b60d-b789bc0d7a53\">three months straight<\/a>.<\/p>\n<p><strong>Other key takeaways from the report: <\/strong><\/p>\n<ul>\n<li>Egypt and Turkey are among the countries witnessing a <strong>\u201csignificant decline\u201d in FX reserves due<\/strong>, in some cases, to currency \u201cdepreciation pressures\u201d;<\/li>\n<li><strong>Global trade is forecast to shrink by 12%<\/strong> in 2020 in a scenario that can be likened to what was witnessed during the global financial crisis;<\/li>\n<li>Global current account deficits and surpluses are forecast to narrow by 0.3% or of global GDP in 2020. Deficits and surpluses stood at just below 3% of GDP in 2019;<\/li>\n<li><strong>2021 may not see a recovery <\/strong>across the board in the external sector;<\/li>\n<li><strong>Policymakers should engage in collective reform<\/strong> action to reduce global external imbalances once the pandemic abates, while continuing to focus on short-term economic \u201clifelines\u201d to promote recovery.<\/li>\n<\/ul>\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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/external-sector\/\">external sector<\/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                            <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=\"573440\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573441\" 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=\"573441\">\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\">Image of the Day<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/correlation-between-consumer-sentiment-and-sp-500-diverges-during-pandemic\/\">\r\n                            Correlation between consumer sentiment and S&#038;P 500 diverges during pandemic                        <\/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\/08\/05\/correlation-between-consumer-sentiment-and-sp-500-diverges-during-pandemic\/\" 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 Federal Reserve has also injected the equity markets with rocket fuel by becoming the buyer-of-last-resort of corporate debt. The central bank has bought bns of USD in corporate bonds and ETFs in an effort to supply liquidity to the private sector and support balance sheets. This has helped to rescue investor confidence in the stock market, encouraging risk on sentiment regardless of underlying fundamentals.<\/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\/apple\/\">Apple<\/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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/facebook\/\">Facebook<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/google\/\">Google<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/image-of-the-day\/\">IMAGE OF THE DAY<\/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\/sp-500\/\">S&amp;P 500<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/technology\/\">technology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/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=\"573443\" 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=\"573443\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/egypt-in-the-news-on-5-august-2020\/\">\r\n                            Egypt in the News on 5 August 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\/08\/05\/egypt-in-the-news-on-5-august-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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 <\/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\/08\/05\/egypt-in-the-news-on-5-august-2020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573443\" class=\"content-area-description single-story post-573443 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-egypt-in-the-news tag-enterpriseam tag-human-rights tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The only thing going on in the foreign press this morning: <strong>Human rights in Egypt and the Middle East<\/strong> have earned some column inches in <a href=\"https:\/\/foreignpolicy.com\/2020\/08\/04\/sisi-mbs-egypt-saudi-arab-dictators-are-learning-to-love-collective-punishment\/\">Foreign Policy<\/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\/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\/human-rights\/\">human rights<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"573444\" 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=\"573444\">\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\">Diplomacy + Foreign Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/diplomacy-foreign-trade-on-5-august-2020-gerd-and-food-exports\/\">\r\n                            Diplomacy + Foreign Trade on 5 August 2020: GERD and food exports                        <\/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\/08\/05\/diplomacy-foreign-trade-on-5-august-2020-gerd-and-food-exports\/\" 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\/08\/05\/diplomacy-foreign-trade-on-5-august-2020-gerd-and-food-exports\/')\">\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\/08\/05\/diplomacy-foreign-trade-on-5-august-2020-gerd-and-food-exports\/\">\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 5 August 2020: GERD and food exports&url=https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/diplomacy-foreign-trade-on-5-august-2020-gerd-and-food-exports\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n           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         <\/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\/08\/05\/diplomacy-foreign-trade-on-5-august-2020-gerd-and-food-exports\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573444\" class=\"content-area-description single-story post-573444 post type-post status-publish format-standard hentry category-diplomacy-foreign-trade tag-diplomacy tag-diplomacy-foreign-trade tag-edita tag-enterpriseam tag-ethiopia tag-food-security tag-hani-berzi tag-nile-basin tag-trade 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-07\"><\/a> <strong>Egypt and Sudan <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/photos\/a.825570437621323\/1677185099126515\">have walked away<\/a><\/strong><strong> from the latest round of talks on GERD <\/strong>after Ethiopia\u2019s latest proposal dodged mention of a binding dispute resolution mechanism and left out key operating guidelines for the dam. Ethiopia\u2019s proposal came despite the three countries\u2019 representatives agreeing at a meeting <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08e56e49-abfd-49e8-ae4c-11788338c244\">earlier this week<\/a> to focus on the dam\u2019s long-term operation, alongside a timeline to fill GERD\u2019s reservoir.<\/p>\n<p>Meanwhile: <strong>Egypt\u2019s food exports increased 2.2% y-o-y in 1H2020 to reach USD 1.8 bn<\/strong>, said Export Council for Food Industries Head Hani Berzi, according to <a href=\"https:\/\/bit.ly\/3iaonrp\">the local press<\/a>. June saw the best growth rate of the period at 39% y-o-y, with exports reaching USD 337 mn. Food exports represented 14% of Egypt\u2019s total non-oil exports during 1H2020, he said.<\/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\/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\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hani-berzi\/\">Hani Berzi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nile-basin\/\">Nile Basin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"573448\" 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=\"573448\">\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\">The Market Yesterday<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/05\/the-market-yesterday-140\/\">\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\/08\/05\/the-market-yesterday-140\/\" 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\/08\/05\/the-market-yesterday-140\/')\">\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\/08\/05\/the-market-yesterday-140\/\">\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\/08\/05\/the-market-yesterday-140\/\">\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\/08\/05\/the-market-yesterday-140\/&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%2F08%2F05%2Fthe-market-yesterday-140%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\/08\/05\/the-market-yesterday-140\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573448\" class=\"content-area-description single-story post-573448 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><p><strong>EGP \/ USD CBE market average: <\/strong>Buy 15.94 | Sell 16.04<\/p>\n<p> <strong>EGP \/ USD at CIB:<\/strong> Buy 15.93 | Sell 16.04<br \/>\n <strong>EGP \/ USD at NBE: <\/strong>Buy 15.92 | Sell 16.02<\/p>\n<p><strong>EGX30<\/strong> (Tuesday): 10,620 (+0.2%)<br \/>\n <strong>Turnover:<\/strong> EGP 1.1 bn (16% above the 90-day average)<br \/>\n <strong>EGX 30 year-to-date<\/strong>: -23.9%<\/p>\n<p><strong>THE MARKET ON TUESDAY:<\/strong> The EGX30 ended Tuesday\u2019s session up 0.2%. CIB, the index\u2019s heaviest constituent, ended down 1.0%. EGX30\u2019s top performing constituents were Orascom Investment Holding up 9.1%, Dice up 8.3%, and Kima up 4.5%. Yesterday\u2019s worst performing stocks were Credit Agricole down 1.5%, Eastern Co down 1.3% and CIB down 1.0%. The market turnover was EGP 1.1 bn, and foreign investors were the sole net sellers.<\/p>\n<p><strong>Foreigners<\/strong>: Net Short | EGP -203.8 mn<br \/>\n <strong>Regional<\/strong>: Net Long | EGP +25.9 mn<br \/>\n <strong>Domestic<\/strong>: Net Long | EGP +177.9 mn<\/p>\n<p><strong>Retail<\/strong>: 68.2% of total trades | 70.8% of buyers | 65.6% of sellers<br \/>\n <strong>Institutions<\/strong>: 31.8% of total trades | 29.2% of buyers | 34.4% of sellers<\/p>\n<p><strong>WTI:<\/strong> USD 41.61 (+1.46%)<br \/>\n <strong>Brent:<\/strong> USD 44.33 (+0.41%)<\/p>\n<p><strong>Natural Gas<\/strong> (Nymex, futures prices) USD 2.19 MMBtu, (+4.09%, September 2020 contract)<br \/>\n <strong>Gold:<\/strong> USD 2,030.20 \/ troy ounce (+2.21%)<\/p>\n<p><strong>TASI:<\/strong> 7,459.21 (+0.05%) (YTD: -11.09%)<br \/>\n <strong>ADX:<\/strong> 4,318.00 (-0.14%) (YTD: -14.93%)<br \/>\n <strong>DFM:<\/strong> 2,078.79 (+0.65%) (YTD: -24.81%)<br \/>\n <strong>KSE Premier Market:<\/strong> 5,472.07 (+1.05%)<br \/>\n <strong>QE:<\/strong> 9,368.17 (-0.04%) (YTD: -10.14%)<br \/>\n <strong>MSM:<\/strong> 3,568.10 (+0.28%) (YTD: -10.38%)<br \/>\n <strong>BB: <\/strong>1,290.57 (+0.11%) (YTD: -19.85%)<\/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=\"573449\" 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\/08\/05\/573449\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-573449\" class=\"content-area-description single-story post-573449 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>5 August (Wednesday): IHS Markit PMI for Egypt released.<\/p>\n<p>9-10 August (Sunday-Monday): Egyptian expats vote by post in Senate elections.<\/p>\n<p>11-12 August (Tuesday-Wednesday): Senate elections take place.<\/p>\n<p>13 August (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>13-15 August (Thursday-Saturday): RiseUp from Home digital event. Pre-registration available <a href=\"https:\/\/riseupsummit.us10.list-manage.com\/track\/click?u=ad664250c45f81b40bcb342ac&id=4f674c89a2&e=99cb233f8f\">here<\/a>.<\/p>\n<p>16 August (Sunday): House of Representatives reconvenes after a brief recess.<\/p>\n<p>20 August (Thursday): Islamic New Year (TBC), national holiday.<\/p>\n<p>8-9 September (Tuesday-Wednesday): Run-off Senate elections.<\/p>\n<p>12 September (Saturday): Court session for Egyptian Resorts Company lawsuit against The Tourism Development Authority<\/p>\n<p>15 September (Tuesday): 2019-2020 academic year ends for Egyptian universities.<\/p>\n<p>15-16 September (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>20 September (Sunday): A Cairo administrative court is due to issue a ruling in a third-party lawsuit <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=26072020&id=ba514e75-6e4a-46ad-b8d1-bbc17912d90d\">demanding the government block YouTube in Egypt<\/a> for carrying an allegedly sacreligious video. The case is an infamous 2012-vintage lawsuit still wending its way through the courts.<\/p>\n<p>24 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>6 October (Tuesday): Armed Forces Day.<\/p>\n<p>8 October (Thursday): National holiday in observance of Armed Forces Day.<\/p>\n<p>16 September (Wednesday): The last day for the final results of the senate elections to be announced.<\/p>\n<p>17 October (Saturday): 2020-2021 academic year <a href=\"https:\/\/egyptindependent.com\/egypts-academic-year-to-start-october-17-but-decisions-remain-to-be-made\/\">begins<\/a> for K-12 students at state schools and students in <a href=\"https:\/\/bit.ly\/3eRqo9E\">public universities<\/a><\/p>\n<p>23-31 October (Friday-Saturday): <a href=\"http:\/\/elgounafilmfestival.com\/\">El Gouna Film Festival<\/a>, El Gouna, Egypt.<\/p>\n<p>29 October (Thursday): Prophet Mohamed\u2019s birthday (TBC), national holiday.<\/p>\n<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>4-5 November (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate.<\/p>\n<p>12 November (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/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>1 January 2021 (Friday): New Year\u2019s Day, national holiday.<\/p>\n<p>7 January 2021 (Thursday): Coptic Christmas, national holiday.<\/p>\n<p>25 January 2021 (Monday): 25 January revolution anniversary \/ Police Day.<\/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>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 (Monday): Sham El Nessim.<\/p>\n<p>6 May (Thursday): National holiday in observance of Sham El Nessim.<\/p>\n<p>12-15 May (Wednesday-Saturday): Eid El Fitr (TBC).<\/p>\n<p>10 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>22 July (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":573421,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-573420","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"524fbe23-84da-4b4e-bee9-330871d2ea86","teaser":"","photo_url":"https:\/\/ent.news\/2020\/8\/17.jpeg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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