NOVEMBER 2020

VOLUME 37 | ISSUE 11

Inside 26 6 Editors Note Spendthrifts Is the 2021 Juke a perfect 8 Viewpoint first car? Reviewing the all-new Nissan Juke across the capital.

Cover Design: 40 Nessim N. Hanna Travel A trip to one of oldest, yet largely forgotten holiday hotspots. 22 Renaissance on the Plateau The near completion of Egypt s most ambitious and 46 high-profile touristic project. Travelling during a pandemic A firsthand account of what it is like to travel outside Egypt 36 with COVID-19 restrictions At a Glance in place. Building Violations Reconciliation 10 38 New Homes Market Watch Window of opportunity? An Egyptian Black Swan Those shopping for a new apartment have never had more choices. 18 Special Coverage Decision 2020 A look at the economic policies of both U.S. The Chamber candidates running for presidency. 50 Events 58 Exclusive offers 60 Media Lite © Copyright Business Monthly 2020. All rights reserved. No part of this An irreverent glance magazine may be reproduced without the prior written consent of the at the press. editor. The opinions expressed in Business Monthly do not necessarily reflect the views of the American Chamber of Commerce in Egypt.

4• Business Monthly - NOVEMBER 2020

Editor’s Note

Director of Publications & Research Khaled F. Sewelam

Acting Managing Editor Tamer Hafez

Preparing for the holidays Contributing Editor Kate Durham

his year has been unexpectedly tiresome. In the beginning, the economic Consulting Editor outlook was bright in both Egypt and the world. However, it lasted a few Bertil G. Peterson months before an unprecedented rainstorm shut-down the country as the T Writers nation s infrastructure failed to deal with the resulting floods. Then COVID-19 hit Ola Noureldin and the rest is history. Adam Skaria Throughout the following months, stress levels were through the roof. And while some of that stress has lessened since September, we face the specter of a second Senior Art Director Nessim N. Hanna wave of COVID-19 infections and what that might entail. As the year winds down, the hope is that the upcoming holiday season will allow all Senior Graphic Designer of us to take a breather or treat ourselves to something special in preparation for 2021. Emy Emile For us at Business Monthly, planning ahead has always been key. That is why we have prepared this special Holiday Guide issue early to give you -- our readers -- ample Graphic Designer Verina Maher time to prepare. For those who refuse to let COVID-19 disrupt plans to travel abroad, Adam Skaria Advertising & Business Development Director Amany Kassem shares his experience flying to London. His insights will prove invaluable in preparing to travel during a pandemic. Advertising Specialist For those who prefer to stay home, there is a photo essay of Ras El Bar. While Mona Hassan many may dismiss it in favor of high-profile destinations, visitors to Ras El Bar will Farah Diab see something truly surprising. Meanwhile, for those like me who celebrate the holiday season by buying something Advertising & Ad Traffic Coordinator Rowan Maamoun expensive, we have articles highlighting the latest cars including a road test of the all-new Nissan Juke, smartphones and accessories that have arrived in Egypt. To buy Photographers everything else, there also is a sidebar on the newest shopping malls set to open in the Soha El Gabi area. Said Abdelmessih

For grander and more ambitious plans, we have a section on the latest real estate Production Supervisor developments in new cities, plus a basic guide to how homes are furnished abroad. Hany Elias There is special coverage from the Giza Plateau project, which promises to become a tourist beacon for anyone interested in pharaonic history. When it might Market Watch Analyst realize its full potential amid the pandemic is something no one can know. Amr Hussein Elalfy

Finally, if you re looking for a serious dose of news check out our story on what to Chamber News Contacts expect from U.S. President Donald Trump and rival Joe Biden. Nada Abdalla, Azza Sherif, The results may be known by the time you read this, but understanding the Susanne Winkler promises that each is putting out there could prove invaluable to understanding where the United States is heading in the coming four years. Enjoy! TAMER HAFEZ Acting Managing Editor

U.S. address: 2101 L Street, NW Suite 800 • Washington, D.C. 20037 Please forward your comments or suggestions to the Egypt editorial office: Business Monthly American Chamber of Commerce in Egypt 33 Soliman Abaza Street, Dokki 12311 • Cairo • Egypt Tel: (20-2) 3338-1050 • Fax: (20-2) 3338-0850 E-mail: [email protected] www.amcham.org.eg/bmonthly

@BusinessMonthlyEg @BusinessMonthly @BusinessMonthly

6• Business Monthly - NOVEMBER 2020 8IBUJTJUUIBUESJWFTTPNFPOFUPHSFBUOFTT  5PUBLFPOUIFVOLOPXO WFOUVSFJOUPUIF VOTFFOBOEEBSFBMM 5IJTJTUIFTQJSJUUIBU HBWFCJSUIUP56%03 BTQJSJUDBSSJFE GPSXBSE CZ FWFSZ XPNBO BOE NBO XIP XFBST UIJT XBUDI 8JUIPVU JU  UIFSF JT OP TUPSZ  OP MFHFOE BOE OP WJDUPSZ 5IJT JT UIF TQJSJU UIBU ESJWFT -BEZ (BHB FWFSZ TJOHMF EBZ5IJTJTUIFTQJSJUFNCPEJFE CZFWFSZ56%038BUDI4PNF BSFCPSOUPGPMMPX0UIFSTBSF CPSOUPEBSF

$*5:45"34."--)&-*010-*4̊5˧˩˭˥˧˧ˮˮ ˥˦˧˭˧ˬ˥˭˭ˮˮ +8."33*055 .*3"(&$*5:̊5˧˩˦˦˦˩˩˩ ˥˦˧ˬ˦˦˦ˮ˧ˬ˧ )&"%0''*$&&-/0;)"&-(&%*%"̊5˧˫˧˥˥˥˥˥ ˦˧˧ˬ˩˭ˮˮ˨˫ 888'&-01"5&&31"-"$&$0.̊'&-01"5&&3!'&-01"5&&31"-"$&$0. 56%0330:"- Viewpoint

Approaching a century of Egypt-U.S. relations with an eye to strengthening their strategic partnership

n two years, Egypt and the United States will celebrate a AmChams from across the region. A few weeks ago, a century of diplomatic relations first established in 1922. memorandum of understanding was signed between AmCham Since then, both countries have enjoyed a strategic Cyprus, AmCham Egypt and AmCham Greece to promote partnership based on friendship, a mutually rewarding trade, investment and general business and economic relations interestI in business and economic opportunities, and a among their memberships and the United States. commitment to the continuous advancement of the bilateral Equally important, the people of Egypt and the United States commercial, trade and investment relationship. This share a common interest with roots dating back many decades, partnership is valued by corporates and governments on both which is manifested in a wide range of educational, sides as a step toward creating freer trade and increasing developmental, and cultural establishments that continue to investment flow as well as promoting prosperity, peace, stability grow and impact society. These include The American University and regional security. in Cairo 1919, Schutz American School 1924, Cairo American Over the years, more than 1,300 U.S. corporates have been College 1945, Binational Fulbright Commission in Egypt active in Egypts economy in a diversified portfolio of businesses, 1949, Amideast Egypt 1951, American Research Center in industries and sectors including oil and gas exploration and Egypt 1951 and Ford Foundation 1959, which are collectively production, energy, healthcare, agriculture, education and providing a solid and invaluable foundation for friendship and training, financial services, manufacturing, construction, cooperation between Egypt and the United States. telecommunications and information technology, as well as the Moving forward, one key and viable platform to further tourism and hospitality industry. With significant and long- expand, diversify and strengthen the collaboration is standing investments and businesses in Egypt, many of these undoubtedly an effectively crafted free trade agreement corporates have had rewarding and healthy collaborations with between Egypt and the U.S., especially in light of the U.S. their Egyptian counterparts, working diligently and consistently Prosper Africa initiative given Egypts strategic geographic to foster a vibrant, agile, competitive business and investment location and access to the markets across Africa through environment. As a result, Egypt remains one of the largest U.S. multiple regional and international trade agreements. A free direct investment recipients, and the U.S. is one of Egypts trade agreement could yield rewarding benefits for both nations: largest trade partners in Africa and the Middle East. It would offer significant economic benefits to U.S. businesses as Several organizations established through a collaboration well as boost economic reform in Egypt by attracting foreign between both countries continue to serve as leading platforms direct investment, improving efficiency, enhancing domestic for promoting dialogue between the business community and reform implementation and generating much-needed job policymakers in Egypt and the United States. Among them are opportunities. the United States Agency for International Development 1978 The Egypt-U.S. strategic partnership remains strong and with programs supporting various sectors including education, promises in the years ahead more significant dividends and health and economic growth; the U.S.-Egypt Business Council prospects for both countries, bolstered by their shared vision and its counterpart the Egypt-U.S. Business Council 1979; the and shared values. Their timely dialogue is continuously American Chamber of Commerce in Egypt 1983; and more strengthened by adapting to the business communities needs on recently the Egyptian American Enterprise Fund 2013 both sides of the Atlantic while at the same time creating supporting and helping to strengthen the private sector. incentives and enticing opportunities that promote Moreover, to reflect Egypts strategic role in the region, entrepreneurship, creativity and innovation. AmCham Egypt is proud to continue to serve as the Secretariat for the AmCham MENA Regional Council, comprising 11 Next month, another viewpoint… SHERIF KAMEL President, AmCham Egypt

8• Business Monthly - NOVEMBER 2020

New Homes

WINDOW OF OPPORTUNITY Following in the footsteps of its predecessors, the current administration has ambitious plans to ? build new cities. This years Cityscape real estate conference showcased options for both existing and potential homeowners.

By Tamer Hafez

iving on less than 10 percent Housing landscape Resilient demand of Egypt s land was never Real estate developers have continued Uncertain economic prospects due to sustainable with a current building new properties because of the COVID-19 should make asking poten- population of 100 million, fast-growing population and sustainable tial homeowners to invest millions of accordingL to CAPMAS and growing by economic growth rates. Egypt s GDP pounds in an apartment a challenging 2 million a year. -Given that the entire grew 4.7 percent in 2009 as other task. Nonetheless, some experts see population lives on only 5 to 7 percent economies were shrinking after the 2008 Egypt and other MENA countries as of the country s land, it is essential that global financial crisis. This year, the promising. -The MENA region looks new land is developed to absorb World Bank forecasts Egyptian GDP set for a measured, yet optimistic real increased demand for housing,* growth of 3.5 percent, while the global estate industry recovery,* noted a Darwish Hassanein, CEO of SECON, economy as a whole shrinks 5.2 percent. Cityscape Global survey published in Another important factor is most September. told Oxford Business Group OBG. Egyptians look to purchase a property During the first half of 2020, accord- New cities on the northwest coast rather than rent. -Buying is seen as the ing to the survey, nearly half of the -are a step in the right direction,* most effective way to invest your hard- respondents saw -signs of recovery with- noted Hassanein. -The same plans are earned cash,* wrote Yahia Shawkat in in 12 to 24 months.* Meanwhile, just considered for the south and east of his book -Egypt s Housing Crisis,* pub- under a third expect to return to growth Egypt as well as the Canal axis, lished in October. -The construction within a year. That recovery includes including Sinai and the new adminis- sector is one of the largest industries in retail and commercial investments as trative capital.* Egypt today, employing millions.* well. -High-tech infrastructure, com- The government promises to build 20 Over the decades, the government mercial and residential mixed-use com- greenfield metropolises and develop 23 realized the potential of expanding real plexes, and a flexible approach to work existing ones. Within 10 years, estate developments across all cate- environments ... are among the factors Hassanein predicts at least a fifth of gories. That prompted it to move from that will ensure growth,* the survey said. Egypt s area will be inhabited. catering solely to low-income housing to One potential challenge facing the Meanwhile, Cairo is witnessing a middle-income and high-end homes, regional real estate market, according to Downtown facelift, reopening the door starting with the Il Monte Galala pro- 86 percent of respondents, is that for- to private development of residential ject close to Ain Sokhna city. eign direct investment FDI in the sec- and mixed-use properties. In 2015, the government expanded its tor -remains a key growth factor,* with -Egypt has been living a real estate vision to planning and building new the money mainly coming from Gulf development renaissance for the past integrated cities, such as the New Cooperation Council and Levant coun- six years, led by a presidentially dictated Administrative Capital and New tries, along with China. -Despite the vision,* said Safaa Lewis, editor-in-chief Alamein City. Private developers would challenging situation created by the of Alaqaria newspaper, a real estate pub- do the majority of the construction global pandemic, 42 percent of real lication, in September. However, with the goal of attracting homeowners estate professionals have still pegged experts say the government and Central and businesses away from major estab- the MENA region for real estate Bank could do more. lished cities. growth,* noted the Cityscape survey.

10•Business Monthly - NOVEMBER 2020 New Homes

Business Monthly - NOVEMBER 2020 •11 New Homes

A new capital Meanwhile, private developers are The “West Coast” constructing stand-alone apartment In Egypt, a prime location for home- Arguably a more ambitious plan is mak- buildings and gated complexes, includ- owners is the New Administrative ing the Mediterranean coast from ing Talaat Moustafa Group Celia, Misr Capital. The project, launched in early to Libya a year-round desti- Italia Il Bosco and Finisci, Castle 2015 to house 6.5 million people, nation. Most real estate in this area con- Developments Landmark and Equity promises to be the country s new top- sists of summer homes and 28 hotels. Of The WaterWay New Capital. City tier residential destination. The Green them, nine have four- or five-star rat- Edge is building Al Maqsed for the New River, which will run the length of the ings, according to Booking.com, with Urban Communities Authority. In total, city, comprises the city s residential and there are 33 gated complexes in the New the top facilities mostly catering to retail backbone, while the tallest tower Administrative Capital, offering every- charter flights from abroad. Locals can in Africa and a public space larger than thing from studio apartments under 100 only make hotel reservations online. Central Park in New York City are two square meters to stand-alone villas with The government, however, wants to of the landmarks. massive gardens and other amenities. attract permanent residents holding The New Administrative Capital has More opportunities for developers down year-round jobs, led by New attracted private real estate firms that exist as some phase one plots are still Alamein City, which aims for 2 million believe the city s image, plans and prox- available. -We have priced plots in the residents. -It will be the capital of the imity to the Suez Canal make it an ideal remaining 4,500 feddans and are mar- western Mediterranean coastline,* said location for fun and work. keting them to developers,* Magdy Osama Abdel Ghany, head of the New So far, the government-owned New Amin, chairperson of the Real Estate Alamein City Authority, to Alaqaria in Administrative Capital Real Estate Sector at Administrative Capital for September. The new metropolis will Development Co. has contracted six Urban Development Co, told Alaqaria extend from in the east private sector developers, including in September. -The plot sizes range to El Dabaa to the west, where the gov- Arab Contractors, Hassan Allam Sons from one to 100 feddans.* He noted ernment builds Egypt s first nuclear and Orascom Construction. The only some plots are in prime locations over- power plant. foreign developer is China State looking the Green River. -The plots City planners divide New Alamein Construction Engineering Corp. available can be used to develop residen- into three regions. The first is the CSCEC, which will build the financial tial and mixed-use stand-alone buildings touristic zone, which will likely expand and business districts. or gated complexes.* on existing developments to the north

12•Business Monthly - NOVEMBER 2020 New Homes

of Alexandria-Marsa Matrouh Highway. Abdel Khalik Ibrahim, the technical Al Youm in October the domestic real The second region south of the highway aide to the Ministry of Housing, told estate market remains underdeveloped. will have residential, retail and commer- the media in October, that all three Shoukry, however, said developers cial buildings highlighted by 15 42-story buildings infrastructure work will be have seen their sales stumble this year. skyscrapers, with deliveries starting completed by the end of this year. Instead of dropping prices, though, next June. The third is the World War II Meanwhile, development work to almost all have offered more extended Italian soldiers memorial and surround- convert the Ain el Sira, Al Fostat and installment plans over 10 years with a ing area. Magra el Oyoun neighborhoods into minimal down payment. -That is The new metropolis will include cultural and tourism hubs is expected to because of the pandemic and the eco- hotels, a city center, airport, university, attract high-end residential invest- nomic hurt that resulted from lock- and cultural and entertainment centers. ments, according to Ibrahim. All three downs, rather than a real drop in New Alamein also will have offices of all neighborhoods, currently informal set- demand,* he noted. ministries to manage government ser- tlements, would be rebuilt to become vices. commercial centers with a historical fla- Abdel Ghany said retail and service vor. -It is a four-year plan, costing EGP Overcoming barriers Shoukry believes interest rates are too businesses will provide jobs to locals. 6 billion,* he said, adding that craft and high for many potential homeowners, There also will be an industrial zone of 4.5 jewelry shops are a priority along with adding that financing real estate through million square meters 1.7 square miles. restaurants and cafes. There would also banks requires many documents, which According to Abdel Ghany, 2.5 million be a walkway in Magra el Oyoun is an obstacle. square meters already have been sold. extending between 50 and 100 meters. -There must be a strong digital plat- So far, few private developers have Lastly, the government is looking to form for all projects under development invested in New Alamein. City Edge develop several Nile islands into high- and details about completed ones,* he will market the skyscrapers and down- end residential, touristic and commer- said. Shoukry stressed that blockchain town area, while the government will cial hubs. Infrastructure work has yet to technology is vital to digitize the entire handle all residential investments. begin. market from construction through reg- For those wanting to buy a summer istration with the government, noting home, albeit with more accessible ser- that such a system also would attract vices, Ras El Hikma is another targeted Protected market In November 2016, Orascom foreign buyers. region along the western Mediterranean Development Holding CEO Samih Despite experts wanting more resolu- coast. It extends from Sidi Abdel Sawiris told AmCham Egypt that a real tions and actions from the government Rahman to Bagoush. Its administration estate bubble was growing in the coun- and Central Bank to promote buying is split between New Alamein City and try and it would burst. Four years later, property, real estate fore- Marsa Matrouh and is expected to his prediction has yet to come true. casts for 2021 remain mainly attract tourism investments. -Talk of a bubble in the sector is -robust,* wrote Fitch

mistaken, as there is real demand Solutions in its Real Cairo, redesigned in the market,* Khalid Bahig, vice Estate Report Q3 2020. Not to be outdone by new cities, Cairo president and CEO of Coldwell Because Egypt s popula- is witnessing several changes that open Banker New Homes, told OBG. tion will increase 50 per- the door to new buying opportunities. -There are more than 300,000 cent by 2050, the report The government is focusing on marriages each year, for instance. said, that boom will be -a Downtown and the surrounding his- Real prices are much lower in key variable in consumer toric areas. The project with the most Egypt relative to those in other demand and future media exposure is Maspero Triangle, a countries in the region.* population trends, 20,510-square-meter plot behind the Tarek Shoukry, head of the which would dictate National TV and Radio Building. The Chamber of Real Estate state spending masterplan involves three residential Development in the Federation of requirements n and commercial towers with 1,000 Egyptian Industries, told Al Masry apartments. Two will be 16-stories-high while the third will be 10 floors, with retail shops and cafes on the ground level. Parking will be underground and on the first floor.

Business Monthly - NOVEMBER 2020 •13 New Homes

LIVE IT UP with home UPGRADES

Bored living with the same old furniture? International interior designers share their thoughts on the latest furnishing trends.

By Tamer Hafez

or busy career-focused individuals, students and even top executives, the notion of spending significant time relaxing at home used to be far-fetched. Upgrading living Fareas was seldom a priority. Then, the COVID-19 pandemic made working from home the new normal, and nighttime curfews closed restaurants and cafes. -Homes are evolving from places to bond with family, sleep, relax, cook and eat, and pursue pastimes to being offices, classrooms, conference rooms and mini-diners,* Kavitha Rao, country commercial manager at Ikea in India, told The Economic Times in October. -Consumers ... have opened their minds and pockets to moving beyond the basic.*

14•Business Monthly - NOVEMBER 2020 New Homes

Business Monthly - NOVEMBER 2020 •15 New Homes

First steps -While workspaces become less formal their kitchen countertops,* noted and closets increasingly important, more Hilary Matt, of Hilary Matt Interiors, According to Tamara Kelly, a shopping and more clients are opting to take back to Ideal Homes. editor at Ideal Homes, a specialized wasted space in their home offices,* portal, changing furniture every time wrote Lisa Adams, CEO of LA Closet there is a new trend is not easy. Furnishing a new house Design, on her company s website. -A Thankfully, furnishing trends don t Furniture and accessory textures and closet can easily be combined with an change every season or even every year. colors should complement walls, how- office since both spaces can disappear -Take the Nordic trend ... It has been ever, there shouldn t be more than behind doors when not in use. A flexible with us for years now and yet contin- three textures or colors in one room, workspace and fashion-forward decor ues to surprise and delight,* said Kelly. said Decorilla, adding the decor help blend these two functions seamless- -But there also are key colors that should be layered and contrasting. ly into a space that is both inspiring and become the big thing for decorating -What this means is if you ve wanted productive.* to paint your kitchen cabinets a bold homes.* Once a homeowner decides to move blue ... or introduce loud tiles, now is forward with remodeling, a 2020 Color palette your chance. The trick is to lean into report by Technavaio cites the impor- After mapping out the new look, the moderation by contrasting with solid, tance of augmented reality AR and next step is to have trendy colors and timeless choices for balance.* virtual reality VR programs, many of textures. The latest color palette is -Performance fabrics that with- them free for Android and Apple -earth tones,* according to the Decorilla stand abuse are a must  they have smartphones. Those two tools can list. That includes olive green, yellow changed the way we live by making help homeowners see what their ochre and burnt orange, which exude every room functional for the entire homes would look like. -The integra- warmth. Laura Umansky, founder and family,* wrote designer Lonni Pau in a tion of various technologies such as CEO of Laura U Interior Design, noted blog on Williams Homes. -They could AR/VR by vendors has helped cus- on her website that homeowners could be used in the messiest of family tomers make smart purchase deci- opt for some drama in one room by mix- rooms, but also in luxurious living and sions,* said the report, using Ikea s VR ing high contrast colors. dining rooms, while maintaining a application as a prime example. -The Another trendy option is floral wall- fashionable aesthetic.* application also allows users to input paper. -Our clients are gravitating Electrical appliances should be fully dimensions of rooms, then select toward fresh interpretations of floral integrated into the furniture, said items from the company s catalog,* patterns,* said Caroline Rafferty, owner Karen Williams, of St. Charles, New the report noted. and CEO of Caroline Rafferty Interiors, York. -It conveys a minimal, seamless as reported by Yahoo! News in June. and sleek look while still offering a Such prints usually are found in a bath- sense of design,* she wrote in a blog The right spaces room, which Bailey Austin, founder of on HealthTech Arena. Linda Hayslett, Whether moving into a new place or Bailey Austin Design, believes is an founder of L.H. Designs, emphasized upgrading an existing living quarters, it is excellent place to experiment. that real plants must be visible while important to consider creating multi- Another option is a bold monochro- using natural light to create a sense of functional spaces. -With households matic palette. -Monochromatic does warmth. -Going green with nice, real experiencing remote working and learn- not have to be pale. Colors like cobalt indoor plants help give personality and ing, multifunctional spaces have become blue, Kelly green or even aubergine can another layer to spaces,* she wrote on one of the most relevant interior design evoke monochromatic design in a dar- social media. trends,* noted interior-design house ing way that s full of personality and ele- -When it comes to designing your Decorilla. gance,* said Jonathan Rachman, CEO house to create a home, there s more One prime example is merging kitchen and founder of Decorist, on his than meets the eye,* wrote Kelly of and dining areas. -The kitchen regularly Pinterest account. Meanwhile, dark- Ideal Homes, in August. -Pulling a ends up being the hangout area of our painted doors are in vogue, Courtney room together and transforming the homes,* Jenny Dina Kirschner, founder Fertitta, founder of Courtney Hill features to make it functional yet styl- of JDK Interiors, told Elle Decor, a spe- Interiors, told Ideal Homes. ish is not often an easy task ... there cialized portal. -I designed a kitchen Terrazzo flooring is also trendy for are so many elements to consider.* island with a natural stone countertop 2020. -Terrazzo is not just for airports -Everyone has the potential to that drops down to dining table height anymore,* said design studio owner design their own home,* said Vanessa via a cantilevered piece of matching Elizabeth Stuar on social media Arbuthnott, an interior designer, to stone. It not only looks beautiful, but it accounts. Its diverse colors and odd Ideal Homes, a specialized portal. -Yo u provides for more comfortable seating,* shapes allow designers to create end- are in control ... Taking trends into Other examples include annexing a less patterns. Also trending is faux account is worthwhile, but always put playroom to another space, such as a marble. -We are going to see a big your own personal spin on something kitchen, kids bedroom or work area. shift of people using faux marbles on to make it special.*n

16•Business Monthly - NOVEMBER 2020 New Homes

Business Monthly - NOVEMBER 2020 •17 Special Coverage

DECISION 2020

The world looks on with bated breath as incumbent Donald Trump vies with Democratic challenger Joe Biden for the U.S. presidency, with the election hinging on America’s beleaguered yet recovering economy. By Adam Skaria

mericans went to the polls November 3 in the most The International Monetary Fund predicts U.S. economic contentious election in recent memory, one that has output *will drop 8 percent this year after sluggish 2.3 percent inflamed animosity on both sides of the political GDP growth last year,, according to an October report from spectrum. As a longtime, critical political and eco- Investopedia. However, Trump is adamant that once the virus is nomicA ally, the Egyptian government and business should keep a contained, the economy will rebound rapidly. close eye on the promises of the victor. The United States should be prepared for *18 months of It seemed like a whirlwind first term for enigmatic rolling lockdowns as parts of the economy open and close,, President Donald Trump, largely due to his effusive and con- said Federal Reserve Bank of Minneapolis CEO and presi- frontational leadership style but also to the economic reper- dent Neel Kashkari, which does not bode well for Trump's cussions of the pandemic. New York Times columnist David rapid recovery dreams. Leonhardt noted in late October that the United States has The U.S. economy shrank more than 34.3 percent in the sec- four percent of the world's population, but 22 percent of ond quarter of 2020 for its sharpest decline since the financial confirmed COVID-19 deaths. crisis of 2008. Some 22 million jobs were lost as a result of coun- According to an August poll by Pew Research Center, 79 trywide lockdowns. An August report from Marketwatch said percent of registered voters say the economy is *very important, America has *regained 42 percent of the 22 million jobs lost dur- to them, followed by healthcare 68 percent. ing the pandemic., Michael J. Boskin, professor of economics at Stanford According to the Federal Reserve's Beige Book report in University and a senior fellow at the Hoover Institution, believes October, *economic activity continued to increase across all dis- that *barring a major unforeseen catastrophe, U.S. economic tricts, with the pace of growth characterized as slight to modest performance will play the decisive role in the election. If the in most. Changes in activity varied greatly by sector, though economy remains strong … Trump stands a good chance of a sec- manufacturing activity and employment generally increased at ond term,, he wrote in the Guardian last October. To echo an a moderate pace., Lael Brainard, a member of the Fed's Board of oft-heard Americanism during election years, the republic will Governors, noted that failure to deliver additional fiscal aid once again be voting with their wallets. remained the biggest downside risk.

Economy a priority Biden time? Polling on election issues consistently has the economy topping Democratic candidate Joseph Biden and his party contend the list of voter priorities. A Gallup poll in mid-October showed Trump's gross mishandling of the pandemic *compounded its nearly nine in 10 registered voters consider the candidates' posi- impact on an economy that was inequitable to begin with and tions on the economy *extremely, 44 percent or *very, 45 per- that it should be reimagined rather than rebuilt,, wrote Shannon cent important. K. Crawford for ABC News in September.

18•Business Monthly - NOVEMBER 2020 Special Coverage

Biden's seven-point plan *includes a nationwide mask man- Cast as a marked departure from Trump's brinkmanship and date, more testing, ramping up PPE personal protective *America First, doctrine, Biden's *Made in America, plan aims equipment production, establishing a renewable fund for state to bolster the country's position in the global economy by and local governments, investing $25 billion in a vaccine man- *investing at home in innovation and the middle classes first., ufacturing and distribution plan and fixing the country s rela- According to an article he wrote in Foreign Affairs, Biden tionship with the World Health Organization WHO,, believes *the best way to confront China on intellectual prop- reported Deborah D'Souza for Investopedia. erty and technology transfers is by forming a coalition with The economic vision outlined on Biden's website calls for allies and partners, not through unilateral tariffs., *reversing the excesses of the Trump tax cuts for corporations; Biden also proposes a 10-year, $1.3 trillion infrastructure reducing incentives for tax havens, evasion, and outsourcing; initiative to move the United States to net-zero green- ensuring corporations pay their fair share; closing other loop- house gas emissions and create jobs to expand the middle holes in our tax code that reward wealth, not work; and ending class. The plan includes $400 billion for clean energy subsidies for fossil fuels., research and innovation, $100 billion to modernize Biden wants to raise the top income tax rate to 39.6 percent schools, $50 billion to repair roads, bridges and highways from 37 percent and the top corporate income tax rate to 28 in his first year in office, $20 billion for rural broadband percent from 21 percent. If elected, he plans to remove the infrastructure and $10 billion for transit projects in high- $400,000 earnings limit on Social Security taxes, tax capital poverty areas, according to his campaign webpage. gains and dividends at ordinary rates for those with annual The former vice president supports raising the mini- incomes of more than $1 million, and impose a 15 percent min- mum wage to $15 to *create millions of middle-class jobs,, imum tax on book incomes of large companies. The tax rate on according to his website. To help manufacturing he plans profits earned by foreign subsidiaries of U.S. firms would dou- to quadruple funding for the Manufacturing Extension ble to 21 percent. Partnership and provide According to the Tax Policy Center, a joint venture of the tax credits for Urban Institute and Brookings Institution, Biden s tax propos- als would increase revenue by $4 trillion between 2021 and 2030. An estimated 93 percent of the additional tax revenue would come from the top 20 percent of household income.

Business Monthly - NOVEMBER 2020 •19 Special Coverage

investing in communities that experienced mass layoffs. Trump's signature legislative achievement, the Tax Cuts Due to the health crisis, he has proposed getting all 50 and Jobs Act, passed in 2017 without a single Democratic states to adopt short-time compensation programs that are vote, and he pledged an extension of it and another tax cut fully and permanently funded by the federal government. if elected. *The data, according to Treasury Secretary Steven He promised to reform the temporary visa programs and Mnuchin, show the tax cuts were effective,, wrote Andrew increase employment-based green cards from 140,000 each Keshner and Katie Marriner in September for year, and forgive student debt for low-income and middle- Marketwatch. class individuals graduates of public institutions, historically This growth' has been evidenced in the fact that job loss- black colleges and universities and private, underfunded es from COVID-19 are already *close to half recovered and minority-serving institutions. stocks are back to near record highs,, wrote Heather Long in The Washington Post in September. *Perhaps the best Trump-onomics case Trump can make for improvement since he took office Trump has signaled he wants a $2 trillion infrastructure bill in a is higher wages and a boost in confidence. The average concerted effort to create jobs and boost manufacturing. worker's pay finally grew more than 3 percent a year under Despite creating a record 6.6 million jobs during the first three Trump, and there was a drop in the number of Americans on years of his tenure, according to an October report from news food stamps. Consumer and business confidence also portal The Balance by Kimberley Amadeo, millions were erased jumped after Trump's election and remained high after the by the COVID-19 crisis. GOP tax cuts took effect in 2018., On taxes, Trump *supports enacting additional tax cuts and The Trump agenda for a second term, released in August, the expansion of the opportunity zones' tax break, though he includes creating 10 million jobs in 10 months and establishing 1 gives no estimate of by how much,, according to an October million small businesses. Echoing goals set during his first cam- report by Elena Moore of National Public Radio NPR. A key paign and term in office, *Trump calls for tax credits to business- component of Trump's economic agenda, opportunity zones es making American products. And he says he will continue to were established by the Tax Cuts and Jobs Act of 2017 to give enact fair trade deals that protect American jobs and cut back on tax incentives for investments in impoverished areas. business regulations,, wrote Elena Moore for NPR in October.

20•Business Monthly - NOVEMBER 2020 Special Coverage

*The Trump administration designated China from the Who will it be? outset as our number one adversary,, wrote Robert Wall Street investors were increasingly confident in a Biden Kauffman, professor of public policy at Pepperdine victory, Axios reported in October. Likewise, analysts with University for Breitbart News in October. And there's no Goldman Sachs cheered for a *blue wave,, citing *easier U.S. sign that confronting China about unfair practices regard- fiscal policy, if Democrats control the House, Senate and ing trade and intellectual property will abate. White House. Meanwhile, Moody's Analytics economists Experts maintain Trump has to be careful about angering said Biden's plans for more immigration and free trade Beijing as long as the *overburdened U.S. healthcare system would boost GDP. depends on China for medical supplies,, said D'Souza for In recent months, Wall Street and nearly all of the biggest Investopedia. banks have lined up in support of Biden and running mate On climate change there are further stark differences Kamala Harris, mirroring their support for Democrat between the candidates. Unlike Biden's *$1.7 trillion clean Hillary Clinton in 2016. Harris touted that support in the energy plan,, Trump is a climate change skeptic and strong vice presidential debate in October. But the Trump camp supporter of the fossil fuel industry. He has rolled back envi- remained resolute in the belief that elections are won and ronmental regulations and taken the United States out of lost on Main Street, not Wall Street. the Paris Climate Agreement. Both parties agreed that their hopes for governance rest Lastly, the Trump administration's 2021 budget proposal on their proposed economic plans in the wake of the requests $66.6 billion for the Department of Education, a 7.8 COVID-19 crisis. There is a twist, though. *The economy is percent decrease from 2020. It proposes eliminating the Public very important, but what we're finding is that voters are Service Loan Forgiveness and subsidized loan programs; forgives interpreting the economic situation through a preexisting undergraduate loans after 15 years instead of 20; and lengthens partisan lens,, said Patrick Murray, director of the the repayment period for graduate school debt to 30 years from Monmouth University Polling Institute, to BBC last month. 25, according to Investopedia. The Center for American Graham Wilson, a professor of political science at Boston Progress think tank says Trump s proposal would cut more than University, speaking to the BBC, also noted that partisan $2 billion from education next year alone. identity tends to be the main driver of votes. n

Business Monthly - NOVEMBER 2020 •21 Special Coverage

Renaissance on the GIZA PLATEAU

22•Business Monthly - NOVEMBER 2020 Special Coverage

Egypt gears up for the winter tourist season as it works to revive the site of its most famous pyramids and put the final touches on the world’s largest museum dedicated to a single civilization. By Ola Noureldin

s one of the seven wonders of the ancient world, the Giza Pyramids have fascinated visitors for millennia. But as the coronavirus pandemic laid waste to Egypt's tourism industry and millions of people's livelihoods, the monuments and surrounding area resembled a ghost town. AThis year was supposed to be a blockbuster for tourism. The Grand Egyptian Museum (GEM) was to open after nearly two decades in the making. With the intro- duction of e-visas, the opening of a new airport in Giza and new domestic flights between and , it’s easier than ever to get around the country. In June, the government eliminated the need for tourist visas at some popular destina- tions, and the Cabinet extended the incentive until the end of April 2021 to cover the typically busy winter season. In a bid to revive tourism amid the pandemic, the country is making the Giza plateau more tourist friendly. The goal is to boost traffic to the pyramids from 2.5 million to 8 million visitors annually. The Giza Vision 2020 plan encompasses the development of the pyramids plateau, the Grand Egyptian Museum (GEM), Sphinx Museum and Khufu Avenue along with an 8-kilometer monorail to Sphinx Square in Mohandiseen. The Nazlet El Samman area will be redeveloped and rebranded as Sphinx Village.

Vital site Tourism has long been a pillar of the economy, contributing 11.3 percent to GDP and 19.3 percent of Egypt’s hard currency inflows. It employs 12.6 percent of the workforce, according to the Tourism Development Authority. Giza’s Pyramids have long symbolized Egyptian tourism. However, a 2015 Tourism Ministry poll of visitors found 58 percent felt the pyramid area was not safe, 70 percent said it was unclean and 74 percent cited a lack of clear signage. With that in mind, the government launched a comprehensive plan to overhaul the area. In December 2018, Orascom Pyramids Entertainment, a subsidiary of Orascom Investment Holding, signed an agreement with the Ministry of Tourism for the right to provide facilities and services to visitors for 15 years. “Tourists will arrive in Giza to spend a full day without chaos, exhaustion or distur- bance, not just 50 minutes,” Naguib Sawiris, chairman and CEO of Orascom Investment Holding, told the media. As the plateau's main developer, he said the EGP 301 million ($19 million) project is part of a larger plan to develop this UNESCO World Heritage Site. According to Egypt’s Projects Map, the area’s redevelopment began in January 2009, but was suspended during the 2011 revolution and revived in 2018. “There is a massive missed opportunity to date regarding why the pyramids are not the main attraction,” noted Ashraf Halim, CEO of Orascom Pyramids Entertainment, during the October 20 launch of phase one. It kicked off with operation of the site’s electric buses and the opening of 9 Pyramids Lounge, the first tourist restaurant within the plateau premises.

Routing to views Usually, visitors arrive through “a chaotic, poor neighborhood” near Nazlet El Samman, Halim says. In the new plan, the main entrance will be on Fayoum road, near the GEM. Permit holders and vendors will continue to access the site from the Sphinx

Business Monthly - NOVEMBER 2020 •23 Special Coverage

entrance, while the MENA House Hotel entrance will be used Inside the archaeological area, Orascom Development Egypt only for official visits, he explained. ODE will offer WiFi, guidebooks and a mobile app. The com- Outside the four-square-kilometer visitor center, located at pany also will operate a store in the visitor center offering a col- the main entrance, there will be a parking lot for 1,200 cars and lection of Egyptian handicraft products. Tables and storage units 300 buses. Twelve ticket windows will be open at the center, will be given to vendors, Sawiris explained. including two for visitors with special needs, four for Egyptians, *The objective is to integrate permit holders within the pro- six for foreigners, and three for students. An information center ject. It is not an easy task ... Those people are living in the area, will feature a 150-seat theater. About 18 gift shops will be on-site, what they earn from it is their sole income. It would be unfair along with a caf and restaurant, clinic, cinema and toilets. to tell them to go out,, Halim said at an AmCham event in *A complete overhaul of the transportation modes in the area March. *The change will be gradual and not abrupt. We are not will change the experience of just getting there,, Halim says. here to drive the vendors out of business, to the contrary, we will Visitors will leave their vehicles at the entrance, while camel enhance it., and horse rides will be banned in the archaeological areas. According to the transformation plan, there will be a total of Instead, electric cars and tour buses will pick up visitors every three restaurants and three cafes within the Giza Plateau, the five minutes, Halim noted. Orascom will provide 30 electric first of which 9 Pyramids Lounge opened October 19. The buses by Chinese manufacturer Zhongtong for EGP 5 million lounge is a fusion of mythology, hieroglyphics and hospitality, $318,000 each. overlooking all nine royal tombs. *That measure aims to protect the monuments. It will be 9 Pyramids Lounge is at the southern end of the Giza com- implemented by mid-2021,, said Khaled El Anany, the minister of plex. It is built in a subtle wooden theme, with Bedouin-style pil- tourism and antiquities. Buses will start from the visitor center, lows on the ground, and includes five indoor and outdoor spaces. with stops at Panorama One, Menkaure, Khufu and Khafre sta- Guests are entertained throughout the day in a grand tented tions before arriving at the Sphinx, according to a press statement. area, a relaxing majlis gathering and three courtyard terraces. *Visitors will be able to stop at any spot, explore on foot, take In the near future, a planned complex will comprise two fine- photos, enjoy activities such as camel and horseback riding or dining restaurants, with a large rooftop terrace and a balcony, as cart tours, then take any other bus to their next destination,, El well as a cafe. The complex was repurposed from a workshop Anany noted. Horse and camel ride operators will receive train- area and storage facility built in the 1960s. It is scheduled to ing and be restricted to assigned locations. open early next year. Bus rides will be included in the price of admission. Each bus has 29 seats and an overall capacity of 65 people. All the e-buses A real GEM are air-conditioned with CCTV cameras for monitoring and Next year, GEM is due to open its doors to visitors. It will house LCD screens to display historical information. 50,000 artifacts, including all the possessions of the Golden

24•Business Monthly - NOVEMBER 2020 Special Coverage

Pharaoh, King Tutankhamun. The world's largest museum ded- icated to one civilization is about to get even bigger. On October 19, the Ministry of Tourism and Antiquities revealed a large cache of unopened sarcophagi in Saqqara. El Enany said the find amounted to dozens of coffins that have been sealed since ancient times. Stored in three newly discov- ered burial shafts, the sarcophagi may date back more than 2,500 years. *Colored and gilded statues were also found in the tombs,, a government press release said. Officials believe the coffins contain senior statesmen and priests from the 26th dynasty, which ruled Egypt from 664 B.C. to 525 B.C. On October 3, archaeologists opened another sealed, 2,600-year-old sarcophagus. Lifting the lid, researchers discov- ered a mummy wrapped in ornate burial linen. The cloth's 20 feet high and weigh 13 tons, will be the last pieces placed on inscriptions and colorful designs remained intact, according to a the Great Stairs of the museum. statement. Tayyeb Abbas, director of archaeological affairs at the muse- *Saqqara is home to a number of extravagant tombs, including um, said the transferred items include 54 artifacts from the King one of the region's first pyramids, the Step Pyramid of Djoser. Tutankhamun collection, including jewelry and gold necklaces But the site has sustained damage over the centuries, with loot- as well as a gilded wood statue of Tutankhamun wearing a ers and unauthorized excavations exacting a heavy toll a fact Hedjet Upper Egypt's White Crown while standing with his that makes the coffins' pristine state of preservation particularly left foot forward on a rectangular base placed on the back of a impressive,, Amanda Kooser wrote for CNET in September. leopard. The coffins will be displayed at the GEM across from 30 Eissa Zeidan, head of the restoration affairs and transfer of sealed coffins unearthed in Luxor last October. antiquities department at the museum, said Tutankhamun-relat- About 2,000 artifacts of various sizes from the Egyptian ed artifacts were sent to a wood restoration factory and inorgan- Museum in Tahrir Square, Tell el-Yahudiya Mound of the Jews ic antiquities restoration factory, where specialists will restore and the Giza Pyramid complex are among the distinctive items them in time for the opening of the museum. to be on display at the museum. Zahi Hawass, archaeologist and former minister of antiqui- Atef Meftah, general director of the GEM, said in a ties, described the GEM as *the most important global cultural September 19 statement that 54,000 artifacts had been trans- project of the 21st century, the greatest and largest museum in ferred to the new museum, including two pink granite columns the world. Its interior design and the display of antiquities will belonging to King Ramses II. The columns, which are six meters be dazzling for the tourists., n

Business Monthly - NOVEMBER 2020 •25 Spendthrifts Is the 2021 JUKE A PERFECT FIRST CAR?

Fresh graduates or those who just got their drivers license want their first car to be flashy, modern, powerful, and a looker. Their parents want a sensible and safe vehicle. Could the all-new Nissan Juke be the answer?

By Tamer Hafez

n 2011, Nissan had a brilliant idea. It created a tiny SUV, unloading heavy bags difficult, but it@s a compromise I would using the same platform as the Micra, Note and Cube. It accept. Iwas less practical than conventional SUVs, with a sloping roofline, limited rear seat space and a small trunk, creating the Test drive subcompact SUV class. As with most new cars, assessing handling and performance is The first-generation Juke is a common sight on Egypts roads, subjective and most likely influenced by previously owned surprising since locals have traditionally preferred conventional vehicles. It also depends on the new car@s target audience and large-boot sedans and practical SUVs. what its creators designed it to be. The all-new model landed in Egypt a few months ago. This The Juke is a car for millennials and those young at heart. The time, it aims to attract a youthful audience with more design sporty bucket seats are large enough to firmly hold most body quirks inside and out, and added performance. Could it be as shapes in place. The steering wheel@s thin rim is reminiscent of attractive, fast and in tune with the times as its predecessor… old hot hatchbacks; think Golf GTI from the 80s and 90s. It without breaking the bank? could have been smaller, but after a day@s worth of driving it didn@t bother me. In & out Start the turbocharged, three-cylinder 1,000-cc engine, and The all-new 2021 design is unmistakably Juke with its two there is a small yet noticeable judder, which quickly disappears headlight clusters. And while the first generation wasnt for when the engine idles. The side mirrors are large, and I found everyone, this new one has a more coherent and edgier design. the rearview satisfactory for everyday use. The top-spec car comes with 19-inch tires, which As I set off, my focus was on those 19-inch alloys with their complements the athletic, sporty design. Thankfully, Nissan small tire sidewalls. When I saw them, I expected the Juke retained the hidden rear door handles from the first generation, would crash into every pothole in Cairo. Surprisingly, the ride asserting its coupe look, and introduced a 7double-bubble7 roof. was fine. You feel the suspension and car move when driving on Inside, owners can choose from Alcantara, or an orange or a bumpy road, but very little vibration filters into the cabin. white leather trim on the dashboard and seats. That option is on Despite the engine only producing 115 horsepower and 200 the top-of-the-line model only. I prefer the colored-leather Nm, yet the car is fairly nippy. Gear changes are fairly instant option, as I felt the cabin was otherwise too dark. The interior thanks to the seven-speed dual-clutch gearbox, which has a good also features piano black trim, funky Bose Personal Plus track record in Egypt in the Renault Kadjar. In a straight line, I speakers integrated into the headrest with chrome and orange chickened out at 165 km/h due to traffic. As expected tire roar accents, and sporty bucket seats. and wind noise were present past 140 km/h, but it wasnt Rear legroom and headroom are miles better than the first intrusive. generation. Still, at 1.9 meters I would be uncomfortable after a One surprise was the car, with its 17.2-cm ground clearance, 25 kilometer journey. remained relatively flat in fast, flowing bends. The steering The trunk has also grown noticeably to 422 liters, up from 354. weight gave me the confidence to push. Predictably, there was It is enough for a family of three to go on a holiday for a few days. no feedback from the steering, like all cars with electric power However, the loading lip is relatively high making loading and steering. Yet I generally enjoyed how it drove.

26•Business Monthly - NOVEMBER 2020 Spendthrifts

The three driving modes change the cars character The 2021 Juke starts at EGP 348,500 for the Accenta to EGP significant, particularly with the throttle response. For me, 379,500 for the Tekna Perso, with the dual-tone interior. the lazy throttle response in ECO kills the car as it solely In many ways, the Juke is a unique car in the local market. It@s focuses on saving fuel. It makes sense when you need to not only the shape and the reasonable price, but Nissan Egypt is stretch every kilometer from the 46-liter fuel tank. Standard wholly owned by Nissan Motor Corp., which should mean that mode, with its middle-ground throttle response, works best spare parts will always be available. when navigating crowded highways and Cairo@s streets. Sport In conclusion, the 2021 Juke is a significantly better car than mode@s snappy throttle response is for hurtling down your its predecessor. That should translate to more local success. favorite stretch of road. Time will tell. n Details matter on cars like the Juke. In almost all new cars, unlocking the door opens the side mirrors, which I find illogical and annoying because I may just be getting something from the vehicle. In the Juke, the side mirrors open when I start the engine, which makes more sense. However, when locking the doors, the mirrors automatically close. Because there are no separate storage spaces in the center console for a mobile and wallet. I had to choose one or the other. Or squeeze them next to each other. Lastly, the keys black plastic and chrome-plated buttons don@t match the car@s sporty, youthful look.

Worth buying? The 2021 Juke has all the safety features of its European counterpart. That includes six airbags, various traction control systems and a five-star Euro NCAP safety score MThe highest possible for passenger cars in EuropeEuropeL. For parents bubuyingying the Juke for their kids, thethe engine is notnot overpowered, whichwhich meansmeans novice driversdrivers can easilyeasily exploreexplore itsits limits.

Business Monthlyy - NOVEMBERNOVEMBER 2020 •27 Spendthrifts

YOUR In preparation for 2021, many dealerships are introducing all-new or heavily revised models to capitalize on a market that grew 23 percent in the first eight months of the year.

NEXT Compiled by Tamer Hafez CAR

Passenger cars in Egypt are a status symbol like no other. They are seen not only as an indication of wealth but of education and culture. The cars featured below are some of the best and most advanced in the world. They also all offer something that makes them stand out among the competition. More importantly, they are either all-new vehicles or sport a new engine for 2021. In many ways, they are cars any executive would be proud to own.

Disclaimer: The cars listed below are some, but not all, of 2021s high-end models that have new designs or power units, with publicly announced price tags.

28•Business Monthly - NOVEMBER 2020 Spendthrifts

Mercedes-Benz Mercedes-Benz Egypt was perhaps the busiest dealership in the past few months. It launched the facelifted E-Class in three trim levels. The entry-level is the E200 Avantgarde MEGP 1.36 millionL, followed by the E300 AMG MEGP 1.6 millionL and E300 Exclusive MEGP 1.62 millionL. Each model has a range of custom and optional extras that bump up the price. Also available is the E200 Coupe MEGP 1.45 millionL and E200 AMG Cabrio MEGP 1.57 millionL.

The E200 and E300 share the same engine and gearbox, though the latter model produces more power and torque. The local dealership also introduced the all-new 2021 GLA-Class, an SUV built on the A-Class chassis. The GLA 200 runs from EGP 795,000 to EGP 860,000. Even though its name may hint at a 2,000-cubic-centimeter engine, it is actually a turbocharged 1,400-cc power plant.

New to the Egyptian market is the G500, featuring a 4,000 cubic centimeters engine producing 422 horsepower. It retails for a cool EGP 3.4 million.

Mercedes lineup in Egypt has seen almost all models receive mild updates throughout 2020. The C-Class gets two model options in the C200 MEGP 970,000L and C300 MEGP 1.1 million to EGP 1.275 millionL. Both have turbocharged 2,000 cubic centimeters engines but with different horsepower and torque figures.

Business Monthly - NOVEMBER 2020 •29 Spendthrifts

BMW Bavarian Auto Group MBAGL focused its attention on flagship models, introducing faster versions of the X5 and X6 SUVs. Now called X5 M50i MEGP 2.1 millionL and X6 M50i MEGP 2.22 millionL, both come with a twin- turbocharged 4,400-cc engine producing 530 horsepower as well as 21-inch alloy wheels.

The other model is the facelifted BMW 520i MEGP 1.048 millionL with a turbocharged 1,600-cc engine. Meanwhile, BAG will discontinue the 850i Coupe MEGP 2.65 millionL and 850i Cabrio MEGP 2.9 millionL. Instead, the 2021 coupe version M850 MEGP 2.99 millionL will have M-Performance parts. new-bmw-8-series-coupe?language=en Meanwhile, several of their models received a mild refresh for 2021.

Audi The third German carmaker in Egypt has updated the Q3 Sportback with a turbocharged 2,000 cubic centimeters engine producing 190 horsepower. It comes in one version, costing just over EGP 1 million.

Also, the A5 Sportback received a refresh, also featuring a 2,000 cubic centimeters engine producing 265 horsepower. It retails for EGP 960,000. Similarly, the A4 received a facelift for 2021, costing between EGP 820,000 to 880,000. Lastly, the Audi Q7 SUV has a slightly different design for 2021. It costs between EGP 1.55 million and EGP 1.89 million.

30•Business Monthly - NOVEMBER 2020 Spendthrifts

Skoda The first surprise is Skoda is entering the performance sedan class with the Superb Sportline Performance. It has a turbocharged 2,000-cc motor producing 280 horsepower 2 the same as the Alfa Romeo Super Plus and more than any BMW 3-series or Mercedes C-Class. Acceleration from 0 to 100 km/h M62 miles per hourL takes 5.8 seconds, thanks to a full-time all-wheel-drive system and dual-clutch transmission. The cars price is EGP 830,000.

Earlier in the year, Skoda also launched several less expensive models such as the Kamiq MEGP 370,000 to EGP 440,000L and the Scala MEGP 355,000 to EGP 420,000L. As we went to press, the local dealership announced the eighth generation Octavia. Its engines range from a normally aspirated 1,600 cubic centimeters to a turbocharged 2,000 cubic centimeters. Prices will likely range from EGP 400,000 to EGP 650,000. The dealership has opened the door for reservations, but no word on delivery dates.

Other options Perhaps the biggest surprise was the introduction of the Land Rover Defender. It is the P300 model with a turbocharged 2,000 cubic centimeters engine producing 300 horsepower. It retails for nearly EGP 1.6 million.

Other offerings address a wider audience, such as the SEAT Tarraco, a seven-seat SUV. It ranges in price from EGP 535,000 to EGP 665,000. Additionally, the smaller Ateca received a facelift. It now sells between EGP 420,000 and EGP 550,000. Lastly, the Alfa Romeo Giulietta Veloce with 240 horsepower. It features a touchscreen infotainment system and costs EGP 525,000. n

Business Monthly - NOVEMBER 2020 •31 Spendthrifts

Tech treats for the HOLIDAYS Nowadays, the easiest way to find a special giftgift is to springsprspring forf the latest and greatest electronic gadgets. Heres what is availablee in thethe locallocal market.market Compiledd byby TamerT Hafez

32•Business Monthly - NOVEMBER 2020 Spendthrifts

Is bigger better? Since the first tablet MiPadL hit the market, this category of devices has promised significantly more versatility with larger screens that combine the best of small laptops and the touch interface and ease of smartphones. Recently, Apple launched the iPad 8. It has the same hardware as the iPhone XS from two years ago and continues to have a unique iOS, whichhich adds more versatility to the newspapnewspaper-likespaper-like 3:4 aspect ratio, suitable for writwriting, reading and browsing the internetinternet.rnet. Android tablets, onn theth other hand, use the same operatioperatingerating ssystemystem and manufacturermanufacturerss skins as ttheirheir smartphone siblinsiblings.gs. Most hhaveave a 16:10 aspect ratio suited to wwidescreenidescreen HD and full HD vvideos.ideos. The latest and most potenpotentt iinn EEgyptgypt is the SamsunSamsungg Tab S7,S7, sold via Dubai Phone and B.Tech, A smart[er] phone retails for EGP 16,500 M$1,051L, while for EGP 16,000. Apple has had a busy few months, the Ultra sells for EGP 21,100. Online Huawei has released a pair of tablets, ending with the launch of the iPhone 12, platforms such as Souq often have running a basic version of Android iPhone 12 mini, iPhone 12 Pro and lower prices. without Google services. The mid-tier iPhoneiPh 12 Pro Max. Huawei also launched its P40 Series, MatePad costs EGP 5,740 at B.Tech and ThThee iPhone 12 familys hardware with prices ranging from EGP 16,270 EGP 5,550 on Souq, while the flagship makes it measurablym faster with 5G to EGP 16,999 for the Pro model, MMatePad ProL costs EGP 12,000 on the capability, ststurdierstuurdi Mup to 44X better drop depending on color, from Souq. latters platform only. performancperformance,e,3 aaccordingccc or to AppleL and However, Huawei smartphones no Much like their smartphone siblings, ofoffersfers moremore scscreenreen sizes.sizi es. Most affordable longer support Google Mobile the argument for and against each one is the iPhone mini, startistartingrting ata $100 more Services. That means none of Googles holds. It would be prudent to give each a than the iPhone 11. HowHowever,Howeve none of the apps, including Maps, Gmail and Play try. Major factors that put off potential models come withh a chargingcha brick or Store, operate on the phones. There buyers are usually the tablet dimensions, headphones. are workarounds, however, so try a weight and weight distribution. The iPhonene 12 aand 12 Pro are now cheap model for a few months before available forfor pre-order.pr Prices start investing in the P40 flagship. Accessories from EGPGP 19,60019,6 for the former and Meanwhile, Samsungs cooperation Smartwatches are an extension of EGP 2323,900,900 for the latter. agreement with Microsoft aims to smartphones via Bluetooth or SIM card. On tthehe Android side, Samsung seamlessly link PCs with Samsung The only question has always been recrecentlyecently launched the Galaxy Note 20 devices. It also introduced new finding the right design, quality, and how SeSSeries.rie Samsung used plastic for the technology on the 2020 phones to much one is willing to pay. NoNote 20s body, while the previous better integrate and share content For Apple users, there is the Apple versions featured glass panels. The with other Samsung devices. That Watch Series 6, which measures the screens on both new models are larger should bridge the deficit with Apple, amount of oxygen in blood using infrared than their 2019 predecessors, and which develops and manufactures all and four new colors. The Apple Watch Samsung has discontinued last years its hardware and software in-house, costs EGP 8,900 from Tradeline, but at Note 10 series. The Galaxy Note 20 making integration a breeze. press time was out of stock. It is available

Business Monthly - NOVEMBER 2020 •33 Spendthrifts

on Souq starting at EGP 9,000 in two Samsung or square Apple Watch. It sells also have active noise cancellation, as do shades and on Jumia starting at EGP for EGP 2,000 on Souq and Noon Apple’s AirPods. Meanwhile, one 10,000. The downside is that it only eCommerce platforms and 2B Egypt. Samsung device can connect to more works on Apple’s devices. Another accessory whose popularity is than one set of Galaxy Buds Live, Looking more like a conventional growing is wireless earbuds. Apple sells allowing a group of friends to listen to the timepiece, the Samsung Galaxy Watch3 its AirPods Pro with sensors that same song simultaneously. They retail for has a SIM card slot, extending its range automatically switch between Apple EGP 3,810 from Samsung Egypt and beyond Bluetooth’s limit of 10 meters. devices actively in use, for example, Jumia, and EGP 3,000 from Souq and Users also can create personalized watch switching automatically from the iPad to Noon. faces using photos in the gallery and link the iPhone when a call comes in. It also Like the Watch Fit, Huawei’s Freebuds directly to Samsung’s smart TV to play pauses the music or video player if users Pro can work on any Android or iOS over 120 pre-recorded exercise videos. It remove their earbuds from their ears. device. However, they are not yet also can sync with iPhones, but some AirPods Pro comes with surround sound available in Egypt. features may not work correctly. It sells in technology that adapts to head Egypt for EGP 8,000 via Samsung’s movements. They sell in Egypt for EGP Still love that PC dealership and EGP 7,000 on Souq. 6,000 from Tradeline and EGP 4,000 Aside from Apple’s laptops, which range With a focus on exercise and sports, from Souq. from EGP 17,000 for a base Macbook the plastic Huawei Watch Fit can link Samsung has launched its Galaxy Buds Air to EGP 58,000 for the 16-inch- with Android and iOS devices via Live, a new design that allows them to screen Macbook Pro, there haven’t been Huawei’s Health app. That means its nestle entirely within the ear’s curve with many options for a high-end machine. functionality is the same on any no stalks or protrusions. Users can That is, until now. smartphone. The rectangular shape control one music app, such as Spotify, In the past few months, several ultra- makes for easier scrolling than the round using the buds’ soft-touch controls. They slim, long-battery-life laptops hit the local market. The first was the Honor MagicBook. It features 12-hour battery standby time, fast charging via the same port used in smartphones (USB-C), a front-facing camera that pops up from the keyboard when in use, a full-HD screen, and a fingerprint reader. At its thickest point, it is 16.9 millimeters (0.66 inches) and weighs around 1.5 kilograms (3.3 pounds). The 15.6-inch screen model costs EGP 13,500, though Honor Egypt promises to soon offer the 14-inch screen version. HP sells the Pavilion X360, which, as the name suggests, allows users to rotate the screen 360 degrees, making it a tablet. It is heavier than a conventional tablet (1.6 kilograms) but has a bigger (14 inches) screen. Its standout feature is a 1 terabyte (1,000 GB) hard disk. It sells in Egypt via 2B Egypt for EGP 17,000. The ASUS Zenbook 14 features a touchscreen in place of a trackpad, which controls apps such as Gmail and Google Drive. ASUS calls it ScreenPad 2.0. That makes the laptop more versatile than most. It weighs 1.26 kilograms, making it lighter than most other laptops in the local market. The ASUS Zenbook 14 is available from e-commerce platforms, such as Noon, for EGP 19,000. n

34•Business Monthly - NOVEMBER 2020 Spendthrifts

NEW MALLS For everything else Despite shopping malls have been appearing almost everywhere in Cairos suburbs the past few years, and more are coming to the affluent New Cairo district, middle-class Sheikh Zayed and 6 October City. In the western part of the capital is Izar Plaza in the middle of the residential area south of 6 October City Central Axis road, facing Hyper One mall. Al Fairouz Hills Development is building this multi-use mall that is expected to open next year. ZED Park, on the west side of Zayed Central Park in Sheikh Zayed, is one of a handful of developments built by Naguib Sawiriss Ora Developers. The mall is part of a mixed-use complex called ZED Towers. Other developments in that part of town include Palm Hills Westland Blvd. at the intersection of Dahshur road and 6 October Central Axis Corridor overlooking Juhayna Square. Kazan Plaza is another shopping mall under construction -- developed by International Engineering Consultancy Co. which is behind the Mall of Arabia. On the other side of town, New Cairo has also seen several new commercial malls sprout out. The first is 1-Ninety Mall, development by Landmark Sabbour. As its name suggests, it overlooks Road 90. Another one is Park Mall at Porto New Cairo that faces the AUC campus. The facility has been open for nearly a year. There is Kidzapp, a facility where children play under adult supervision so their parents can enjoy shopping to the fullest. n

Business Monthly - NOVEMBER 2020 •35 At a Glance

In Partnership with

COVID-19 IMPACT ON INCOME & SPENDING: CAPMAS SURVEY RESULTS

In June 2020, the Central Agency for Public Mobilization and Statistics (CAPMAS) issued a report assessing the impact of COVID-19 on Egyptian households till the end of May. Below are the main highlights.

55.7% 26.2% 73.5% 48.2%

Reported less working Have become Reported a Expect lower income days/ hours unemployed decline in income over the next 3 months

LOWER SPENDING ON HIGHER SPENDING ON % of families who reported lower spending on each item % of families who reported higher spending on each item

Sanitizers (67.0%) & Masks/ Transportation (33.2%) Gloves (46.5%)

School Fees (30.8%) Sugar (16.3%)

Clothes (27.2%) Edible Oils (8.3%)

Meat (25.7%) & Chicken (22.8%) Rice (7.0%)

Fruits (14.5%) Internet (5.6%)

COMPENSATING FOR LOST INCOME

Shifting to cheaper food items 92.5% Consuming less meat & chicken 89.8% Borrowing from family or friends 50.1% Decreasing food portions 36.0% Owing money to food sellers 28.2% Borrowing money to buy food 25.7% Eating lower number of meals 19.8% Charity & donations to buy food 16.0% Using savings 15.4% Lower spending on non-food items 14.9%

Source: Central Agency for Public Mobilization and Statistics (CAPMAS).

36• Business Monthly - NOVEMBER 2020 At a Glance

HOW HAS THE SITUATION CHANGED SINCE MAY? September 2020 Update

More recently, in October, CAPMAS issued a press release assessing the impact of COVID-19 on Egyptian households until September 2020 based on an updated survey. In this section, we compare the results to the earlier version of the survey. Overall, the survey and its update show a change in spending patterns by the household pointing to a pressure on households’ incomes even though conditions have relatively improved in September.

EXPECTING A DECLINE IN CHANGE IN EMPLOYMENT STATUS INCOME OVER NEXT 3 MONTHS BORROWING FROM FAMILY OR FRIENDS

May-20 Sep-20 May-20 Sep-20 May-20 Sep-20

61.9% 54.9% 48.3% 31.9% 50.1% 50.0%

In September, fewer people reported a Households are relatively more optimistic Similar to May, around half of the change in employment status (either a about their income over the next 3 surveyed households reported borrowing decline in working hours or having become 1.2months1.1 compared to May. 1.9 0.6 from family or friends when their income unemployed) compared to May. does not meet their needs.

LOWER CONSUMPTION OF MEAT & RELYING ON CHARITY LOWER CONSUMPTION OF FRUITS CHICKEN

May-20 Sep-20 May-20 Sep-20 May-20 Sep-20

17.3% 13.7% 14.5% 5.0% 22.8% 14.4%

13.7% of surveyed households said they 5% of surveyed households reported lower 14.4% of surveyed households reported relied on charity to make ends meet, spending on fruits, compared to 14.5% in lower spending on meat & chicken, compared to 17.3% in May. May. compared to 22.8% in May.

HIGHER SPENDING ON RICE COMPENSATING FOR LOST INCOME OFFICIAL UNEMPLOYMENT RATE

May-20 Sep-20 MAR-20 JUN-20 4.5% 8.5%

7.0% 2.0% 21.9% 16.2%*

2.0% of surveyed households reported Most families reported shifting to cheaper It is worth noting that the official higher spending on rice, compared to 7.0% food items and decreasing consumption of unemployment rate had increased from in May. meat, chicken & fish to compensate for 7.7% in March 2020 to 9.6% in June due to lost income. the COVID-19 pandemic and the containment measures thereof.

*Decline in female unemployment rate is due to a number of females who lost their ability or willingness to search for a job and were therefore excluded from the labour force, according to CAPMAS. Source: Central Agency for Public Mobilization and Statistics (CAPMAS).

Business Monthly - NOVEMBER 2020 •37 MARKET WATCH Stock Analysis Egyptian black swan hat Nassim Nicholas Taleb referred to as the black 57 percent and 53 percent, respectively, after the state per- swan theory in his book was not meant for the de- mitted poultry exports. Suez Canal Bank 'CANA(, a small- Wveloped world only. His concept was universal; in- cap institution, saw its stock jump 50 percent after it deed, black swans happen from time to time in Egypt. The continued to divest non-core investments. Tagging along, January 2011 Revolution was an unexpected event of magnitude Export Development Bank of Egypt 'EXPA( jumped 22 per- and consequence. Another black swan event took place in cor- cent as investors continue to anticipate the removal of the porate Egypt with the surprise discharge of CIBs 'COMI( banks foreign ownership limits. Meanwhile, Misr Chemical chairman and managing director at the request of the Central Industries 'MICH( was also a star performer, up 45 percent Bank of Egypt 'CBE(. While the new banking law grants the over the same period on strong demand for its coronavirus- CBE such powers, the speed and the manner by which this was related products. done reverberated throughout the Egyptian Exchange. After all, Elsewhere, Egyptian Iron & Steel 'IRON( jumped 35 percent, CIB  the countrys largest private bank  is the markets even though the company has been reporting losses. The poten- largest company by market cap. Its stock accounts for 40 per- tial spinoff of IRON into two separate entities led some inves- cent of the markets main EGX 30 index. When CIB sneezes, tors to believe the companys hidden value could finally be the market catches a cold. unlocked. Meanwhile, contrarian investors were well compen- That said, the impact of this black swan occurred after the sated after Misr Hotels 'MHOT( jumped 30.5 percent, with the end of our analysis time frame. The period from September 15 slow recovery in tourism. Also, delivering solid growth were to October 15 saw the EGX 30 add 2.7 percent to 11,322.71, while Oriental Weavers Carpet 'ORWE( and GB Auto 'AUTO(, add- EGX 70 EWI rose 6 percent to 1,983.72. On a year-to-date ing 17.5 percent and 16 percent, respectively. basis, the former is still down 19 percent, while the latter is up Last but not least, Fawry 'FWRY(  the high-flying e-pay- 57 percent 'up a staggering 136 percent off its mid-March low(. ment platform  saw its stock stabilize, up just less than 5 per- Meanwhile, advances outnumbered declines by a ratio of 3 to 1. cent. MM Group 'MTIE(, which is home to two of Fawrys Topping the gainers list were small-cap stocks Mansour competitors 'Masary and Bee(, outperformed it, as its stock Poultry 'MPCO( and Egypt Poultry 'EPCO(, which jumped prices increased 9 percent.

Misr Chemical Industries (MICH)

11.25 11.17 Last year, many investors overlooked shares of Misr 11.09 11.1 Chemical Industries 'MICH(. This year, however, the 11 10.35

story was different. The company, which produces caus- 10.01 9.89 tic soda and chlorine, was in a sweet spot. On one hand, 9.41 9.47 the government cut electricity prices, which are a big 9.26 9.46 part of operating costs(. On the other, demand soared 9.24 8.65 for key company products against the backdrop of the 8.32 8.24 COVID-19 pandemic. During the period, the stock 8.12 jumped almost 45 percent, from EGP 7.67 to EGP 11.10, 7.64 7.57 with 10.72 million shares changing hands worth nearly 7.48 7.55

EGP 100 million. 10/2/20 9/16/20 9/18/20 9/20/20 9/22/20 9/24/20 9/26/20 9/28/20 9/30/20 10/4/20 10/6/20 10/8/20 10/10/20 10/12/20 10/14/2010/16/20

38• Business Monthly - NOVEMBER 2020 Capital Markets

Egyptian price indices - EGX 30

11397.65 11360.37 11333.91

11326.98 11322.71 11291.81

11146.18 11088.2 11071.46 11050.89 11051.3

10979.44 10987.19 10963.01 11007.69 10969.32 10969.94 10989.27 10910.37 10911.44 10902.22

9/16/20 9/18/20 9/20/20 9/22/20 9/24/20 9/26/20 9/28/20 9/30/20 10/2/20 10/4/20 10/6/20 10/8/20 10/10/20 10/12/20 10/14/20 10/16/20

Egyptian price indices - EGX 70

2024.61 2021.76 2022.76 2021.77 2014.27 2009.75 2022.93 2006.1 2006.62 1994.97 2003.37 2000.45 1992.76

1983.72 1972.64 1970.52 1972.66

1958.79 1962.18

1935.6

1910.09

9/16/20 9/18/20 9/20/20 9/22/20 9/24/20 9/26/20 9/28/20 9/30/20 10/2/20 10/4/20 10/6/20 10/8/20 10/10/20 10/12/20 10/14/20 10/16/20

Egyptian price indices - NileX

1057.9 1050.97 1048.2 1049.56

1041.51 1033.64 1023.38 1042.84 1025.81 1028.51 1013.18 1018.5 1016.86

992.08 964.88 977.84

967.24 941.14 937.31 923.51 909.85

9/16/20 9/18/20 9/20/20 9/22/20 9/24/20 9/26/20 9/28/20 9/30/20 10/2/20 10/4/20 10/6/20 10/8/20 10/10/20 10/12/20 10/14/20 10/16/20

Business Monthly - NOVEMBER 2020 •39 Travel

RAS ELBAR

Like only a handful of cities around the world, and is the only one in Egypt, Ras El Bar waterfront lies at the intersections of the river Nile and the .

Photos By: Soha El Gabi

40• Business Monthly - NOVEMBER 2020 Travel

Business Monthly - NOVEMBER 2020 •41 Travel

Untouched by time: Ras El Bar’s peer neighbourhood tells stories of this city’s history and culture.

42• Business Monthly - NOVEMBER 2020 Travel

Ras El Bar gives visitors the option to go swimming or stroll along the corniche of either the Nile or Mediterranean

Business Monthly - NOVEMBER 2020 •43 Travel

Ras El Bar’s iconic lighthouse has plenty of history.

44• Business Monthly - NOVEMBER 2020 Travel

Steigenberger Hotel El Lessan is not only the only five-star hotel in the city, its view is unlike any other, overlooking the Nile, Mediterranean, and Ras El Bar iconic Light House.

Business Monthly - NOVEMBER 2020 •45 Travel

46• Business Monthly - NOVEMBER 2020 Travel

TRAVELING during

a pandemicFlying these days is certainly not what it used to be, but surprisingly that doesnt mean its all that bad.

By Adam Skaria

he morning flight from Cairo to Londons Heathrow and statements guaranteeing visitors will respect COVID-19 Airport is one of the most traveled routes on protocol. The forms go to relevant authorities, in this case the EgyptAirs schedule. Although not without its British Home Office and Border Police. The purpose is to inconveniences, traveling during the COVID-19 ensure visitors abide by social distancing policy, namely the Tpandemic might actually not be the worst time to fly, especially mandatory 14-day quarantine not counting the day of arrival to a quarantine-free destination. In fact, it may be an opportune as incoming passengers are subject to spot checks and visits time to do so. by police and other authorities during their stay. My partner and I took the 9:10 a.m. flight out of Cairo The airport was pleasantly empty in stark contrast to my usual International Airport at the end of October. While we were hes- experiences in major airports. Instead of the normal taxing hus- itant about making the journey during the beginning stages of tle and bustle, stress-inducing throngs of hurried and disheveled what seems like a second wave of COVID-19 enveloping most passengers, and endless queuing both on and off the plane, we of Europe  the U.K. had the continents third-highest number were treated to a smooth and enjoyable experience. of cases more than 854,000 as of October 25  the experience Customer service from staff and airport personnel was was neither as hectic nor precarious as we anticipated when we markedly improved as they were noticeably attentive and, more made reservations a month prior. importantly, professionally thorough. We surmised this was It was a stroke of luck when the airline moved our initial book- most likely because they also were enjoying the benefits of fewer ing from 5:30 pm to a more convenient morning flight, which people traveling. We also observed there were fewer families was understandably more expensive, though not by much. traveling. The majority of the passengers we saw looked like Airline tickets can be a steal these days, as we managed to pay business travelers, couples and tourists. less than $1,000 roundtrip for two economy seats, compared to An ironic moment during the routine security check at the more than $1,500 last year. gate before boarding had one of the security attendants con- The booking change was the first evidence of how air travel is fiscate two bottles of hand sanitizer. He explained the sanitiz- different. More importantly, it exemplified just how hard the er, although being less than the limit of 100 milliliters for pandemic has hit the global airline industry as carriers consoli- cabin liquids, contained alcohol, which is not permitted even date underbooked flights to cut costs. I couldnt help but wonder in small amounts. how such a practice, however financially sensible, might adverse- As we boarded the flight, we gathered from the rapid proces- ly affect the mandatory social distancing requirement. sion of the line from the gate into the jet tube that the aircraft While masks are compulsory, wearing one for nine hours was would barely be at half capacity. This was possibly the most con- not as suffocating as I had imagined. Perhaps this was largely due venient benefit of flying during COVID-19 and one we relished. to the cold air circulation common in airports and cabins of We started with a pair of boisterous children sitting in the row planes at high altitudes. There was ample evidence of coron- behind us, but there was plenty of space to change seats. This avirus measures undertaken by Egypts airport authority, with would almost certainly have been impossible before the pan- sanitizer stations, social distancing floor stickers and PPE-use in demic. In all, boarding and disembarking from the flight had abundance throughout the terminal. none of the typical clamor or idle waiting. Before flying to the U.K., and most countries in Europe, EgyptAir offers all passengers a complimentary sanitary pack passengers are required to fill out a locator form with such with face masks, hand sanitizer, wet wipes, and plastic gloves in information as their address during their visit, travel itinerary a convenient zipper bag, which we found perfectly doubled as a

Business Monthly - NOVEMBER 2020 •47 Travel

case for our Kindle digital book reader. While the journey was passport control via an automated turnstile. It was only after comfortable, there was no coffee or tea and no blankets or pil- using this convenient automated facility that we realized we did- lows. Meals were contained in plastic boxes, presumably another nt need to submit our passenger locator forms. COVID-19 preventative effort. Instead of taking a taxi or Uber, we opted for the Heathrow Somewhat amusing were the intermittent announcements Express subway train. Our destination required no change of delivered before takeoff and landing advising passengers to lines and the obvious lack of human traffic made it more conve- maintain social distancing guidelines, despite the fact we nient. The underground was equally sparse, a far cry from could not conceivably do so given the proximity of passengers Londons usually packed subway system. We could not spot any- in narrow isles. Interestingly, our original seats placed us next one not wearing a mask or some form of face covering, reflecting to another passenger despite many empty rows scattered a palpable sense of obedience and compliance among Londoners throughout the plane. Entering Heathrow Airport, we realized it was a desolate shell due to the severity of the pandemic in the city. of its former self with empty and shuttered stores, a scant num- It goes without saying that COVID-19 has undoubtedly ber of passengers, and walls and floor replete with coronavirus caused a lot of harm and disruption, however, the pandemic has public service messaging. We couldnt complain much because surprisingly and ironically all but eliminated many of the incon- walking through the airport was a breeze. Since we both possess veniences that air travel normally involves. All told, if you need biometric-enabled passports, this allowed us to transit through to get somewhere abroad, it may not be the worst time to fly. n

48• Business Monthly - NOVEMBER 2020 CHAMBER NEWS

PRESIDENT VICE PRESIDENT, LEGAL AFFAIRS Sherif Kamel,The American University in Cairo Girgis Abd El Shahid, Shahid Law Firm PAST PRESIDENT EXECUTIVE VICE PRESIDENTS TREASURER Tarek Zakaria Tawfik, Cairo Poultry Group Kamel Saleh, Saleh, Barsoum & Abdel Aziz – Deloitte Jeff Wedgwood, Apache Egypt Companies BOARD Dalia Wahba, CID Consulting ADVISOR TO THE BOARD MEMBERS OF THE BOARD Hisham A. Fahmy VICE PRESIDENT, MEMBERSHIP Seif ElDin ElSadek, Agrocorp For Agriculture Investment OF GOVERNORS Amr Allam, H.A. Construction (H.A.C.) Sherif El Kholy, ACTIS CHIEF EXECUTIVE OFFICER Soha Ali, J.P. Morgan Chase Bank Sylvia Menassa VICE PRESIDENT, PROGRAMS Omar A. Mohanna, CHUBB Insurance Egypt Khaled Abu Bakr, TAQA Arabia Zaidun Jawdat, Bechtel Overseas Corporation

Healthcare Non-Banking Financial Institutions COMMITTEE Chair: Ahmed Ezzeldin, CEO, Cleopatra Hospital Group Co-Chairs: Amr Abou El Azm, Chairman and CEO, Tamweely Microfinance Co-Chairs: Ahmed Khalil, Senior Director Government Affairs & Policy, Hassan Hussein, Chairman, El Taamir Mortgage Finance – Aloula North Africa, Johnson & Johnson - Janssen Mounir Nakhla, CEO, Tasaheel Microfinance Co. LEADERS Tamer Said, General Manager Clinical Care Solutions – Africa, General Tarek Azmy, Managing Director and Board Member, Corporate Leasing Company Egypt 2020 – 2021 Electric (GE) Healthcare Oil & Gas HR (Talent Management) Chair: Amr Abou Eita, Chairman and Managing Director, ExxonMobil Egypt Agriculture and Food Security Chair: Emad Nasr, Human Resources Director, Lecico Egypt Co-Chairs: Colby Fuser, Vice President - Egypt and Libya, Halliburton Co-Chairs: Ahmet Ertürk, CEO, Soyven Co-Chairs: Ahmed Farid, HR Manager- MENA, Shell Egypt Karim Badawi, Egypt & East Mediterranean Region Managing Director, Hatem El Ezzawy, Managing Director, PICO Agriculture Maisa Galal, Human Resources Director, Nissan Motor Egypt Schlumberger Mohamed Ayman Korra, Chairman & CEO, Consukorra Nagla Kinawi, HR Director, Vodafone Egypt Telecommunications Karim El Dessouky, Vice President and General Manager, Bechtel Khaled Kacem, Chairman, Shell Egypt Mohsen ElBeltagy, Vice President, The Egyptian International Co. for Land Reclamation (Belco) Industry & Trade Pharmaceuticals Co-Chairs: Alaa Hashim, Board Member, Giza Seeds and Herbs Chair: Yousri Nawar, Country Manager, Pfizer Biopharmaceutical Egypt Banking Ashraf Bakry, Managing Director, Unilever Mashreq Co-Chairs: Christelle Saghbini, Chairman & Managing Director, Egypt Chair: Ahmed Issa, Chief Executive Officer, Consumer Banking, Commercial Mohamed Shelbaya, CEO & Chairman, PepsiCo & Sudan, Sanofi International Bank (CIB) Tamer Hamed, Senior Vice President, P&G North Africa Ramy Koussa, Managing Director, MSD Egypt Co-Chairs: Akef El Maghraby, Vice Chairman, Banque Misr Riad Armanious, CEO, EVA Pharma Insurance Mohamed Abdel Kader, Citi Country Officer, Citibank Power Chair: Alaa El Zoheiry, Managing Director, gig-Egypt Chair: Khaled Hashem, President-North Africa, Honeywell Egypt Corporate Impact & Sustainability (CIS) Co-Chairs: Ayman Kandeel, Chief Executive Officer, AXA Egypt Co-Chairs: Mr. Ahmed Ramadan, Chief Executive Officer, Power Generation Chair: Randa Aboul Hosn, Resident Representative, UNDP Elena Butarova, Chairperson, MetLife Engineering and Services Company (PGESCo) Co-Chairs: Mireille Nessim, CEO, Takatof Association for Development Sherif El Ghatrifi, CEO, Medmark Insurance Brokerage Mai Abdelhalim, Executive Director, GE International Operation Sarah El Battouty, Chairman – Principal Architect, ECOnsult Samy AbdelKader, Managing Director, TAQA Power Shereen Shaheen, Public Affairs and Communications Director, Coca-Cola International Cooperation Wael Hamdy, Senior Vice President, Elsewedy Electric Atlantic Industries Chair: Walid Labadi, Country Manager, IFC International Finance Corporation  Co-Chairs: Denys Denya, Executive Vice President, African Export-Import Bank Real Estate Chair: Mohamed Abdalla, Chairman, Coldwell Banker Affiliates of Middle Customs & Taxation Khalid Hamza, Deputy Head of Egypt, the European Bank for Reconstruction and Development (EBRD) East & Greater Africa Chair: Hassan Hegazi, Chairman and Managing Director, Master Trading Co-Chairs: Ahmed Shalaby, President & CEO, Tatweer Masr Co-Chairs: Hossam Nasr, Tax Partner, Allied for Accounting and Auditing - Magued Sherif, Managing Director, Six of October Development and Ernst & Young Investment and Capital Market Investment (SODIC) Roba Ali, Regulatory Affairs and Government Relations Manager, L'Oreal Egypt Co-Chairs: Hazem Badran, Co-CEO, CI Capital Holding Hossam Abou Mousa, Partner, ACTIS Transport and Logistics Digital Transformation Karim Awad, CEO and Board Member, EFG Hermes Holdings t Chair: Marwan El Sammak, Board Member, Worms Alexandria Cargo Services Co-Chairs: Hoda Mansour, Managing Director, SAP Omar El Labban, Director & Head of Investor Relations, BPE Partners Co-Chairs: Abir Leheta, Chairman & CEO, Egyptian Transport & Commercial Services Co., SAE Khaled Abdel Kader, CEO, KlayyTech Ahmed El Fangary, Country Manager, DHL Express Reem Asaad, Vice President, Middle East & Africa, Cisco Legal Affairs Alfred Assil, CEO, Menarail Transport Consultants Wael Abdoush, General Manager, IBM Chair: Ahmed Abou Ali, Partner, Hassouna & Abou Ali Law Offices Tarek Fahmy, Chairman/CEO, Mediterranean Shipping Company G Co-Chairs: Mohamed Serry, Managing Partner, Serry Law Office Education for Competitiveness Said Hanafi, Partner, MHR & Partners in Association with White & Case Travel and Tourism Co-Chairs: Deena Boraie, Vice President for Student Life, The American Co-Chairs: Haitham Nassar, General Manager – Hilton Pyramids Golf University in Cairo Marketing J Resort, Hilton Worldwide Hashem El Dandarawy, Chairman, Team 4 Security Chair: Ahmed Rady, General Manager, Coca-Cola Atlantic Industries Karim El Menabawy, President, Emeco Travel Mohamed El Kalla, Managing Director, Cairo for Investment and Real Co-Chairs:Dina Aly, Managing Director and Co-Founder, Matter Moataz Sedky, General Manager, Travcoholidays, Travco International Holding Nelly El Kateb, VIP Account Manager, ASTRA Travel Estate Development Nermeen Bedeir, Chief Client Officer - Kantar Insights, TNS Sherifa Issa, Senior Director of Marketing, Four Seasons Hotels and Resorts Egypt Shahinaz Ahmed, Country Director, Amideast Egypt Sarah Ibrahim, Marketing and Corporate Relations Director, Attijariwafa Bank Women in Business Entrepreneurship & Innovation (EIC) Mining and Mineral Wealth Chair: Manal Hussein, Chairwoman, New City Developments Co-Chairs: Ayman Ismail, Founding Director, AUC Venture Lab Co-Chairs: Mostafa El Gabaly, Managing Director, Abo Zaabel Fertil- Co-Chairs: Ghada Fouad, Director of Corporate Affairs, MARS Ç Moataz Kotb, Managing Director, CultArk izers & Chemicals Co. Nahla Kamel, Head of Corporate Affairs, Nestlé Egypt Mohamed Rahmy, Managing Director, Endeavor Egypt Muhammed Zaher, CEO, Real Mining Services Passant Fouad, Head of External Communication, Juhayna Food Industries Co. Events

INTERNATIONAL COOPERATION Egypt, Greece, Cyprus sign MoU to create better business and investment environments. ;We advocate on behalf of businesses as their voice for a more favorable business envi- ronment, promoting trade and fostering socially respon- sible ecosystems as well as working with the govern- ment,< he said. Kamel said the MoU would benefit interregional trade and business relations with the United States. He stressed the MoU0s importance in fos- tering innovation and entre- preneurship. Myron Brilliant, executive vice president and head of in- ternational affairs at the U.S. Chamber of Commerce, Promoting stronger economic and trade ties and prosperity praised the drive and coordination among all three signing in the Eastern Mediterranian region, Greece, Egypt and Cy- countries. He said it complements the U.S. Chamber0s work prus signed a memorandum of understanding MoU on Au- with Congress and administration officials to promote sta- gust 21 to increase cooperation. bility in the area. ;Regardless of who wins the upcoming In attendance were board members and presidents of the election, there is no doubting the importance of the Eastern American Chambers of Commerce of the three countries, the Mediterranean region to the United States,< he said. ;There head of the U.S. Chamber of Commerce, and U.S. ambassadors. is no question it is critical, critical to the U.S.< Nikolaos Bakatselos, president of AmCham Greece, high- lighted the historical importance of the Eastern Mediterranean Ambassadors’ views region as a major transportation route and described the MoU Jonathan Cohen, U.S. Ambassador to Egypt, stressed the strong as the next step after signing the Trilateral Cooperation Agree- relations between AmCham Egypt and the U.S. Embassy, which ment in 2012 and creating the EastMed Gas Forum in 2019. It led to Egypt becoming America0s largest trade partner in Africa. aims to bolster further ;partnership and cooperation, promoting Meanwhile, the United States is the third-largest investor in deeper and broader ties among our countries,< said Bakatselos. Egypt, according to Cohen. ;We believe that a strong, empow- He said the MoU would increase cooperation on energy, ered private sector can generate jobs and deliver economic transportation, manufacturing, financial services, and technol- growth, development and prosperity,< he said. ;This MoU and ogy. ;It could serve as a model for cross-border development far the EastMed Gas Forum underscore the private sector0s vital beyond the region,< he said. role in the region going forward.< Harry Kakoullis, president of AmCham Cyprus, said the U.S. Ambassador to Greece Geoffrey Pyatt said the MoU MoU would allow ;open communication channels, sharing of would ;aim to position the U.S. in this new era of great power market information, exploiting business opportunities, and or- competition in the EastMed region.< He also encouraged more ganizing business delegations to participating countries.< countries, via their respective AmChams, to sign similar MoUs. The MoU will benefit AmCham members and the business ;Such MoUs strengthen regional visions, he stressed. ;If coun- community at large in all three countries, he said, adding, ;We tries invest in similar collaborations, they all win.< can organize meetings, conferences, exhibitions, seminars and In conclusion, Judith Garber, U.S. ambassador to Cyprus, said workshops in all participating countries and the United States.< America is continuously promoting such agreements. ;The va- Sherif Kamel, president of AmCham Egypt, emphasized how riety of regional formats demonstrate how we can work together AmChams represent the business communities in their nations to promote greater stability in the region,< she said. n

50• Business Monthly - NOVEMBER 2020 Events

SPECIAL BRIEFING AND DISCUSSION Examining Egypt’s COVID-19 strategy

For several months, Egypt0s COVID-19 infection rate has been falling, bucking trends in the United States and Europe. Mohamed Tag El Din, the president0s health and protection adviser, speaking to AmCham on October 26, cited many fac- tors for the decline, including government foresight, suffi- cient resources and a young population. 262520 Tag El Din noted that once the Egyptian government heard about the COVID-19 outbreak in China, the pres- ident ordered a plane to pick up all Egyptians who wanted to return. ;We isolated them in a special facility in Marsa Matrouh, and they only left when they tested negative for the disease,< he said. When local cases started appearing, the Health Ministry ordered their quarantine. ;We also isolated all those who came into direct contact with those patients,< said Tag El Din. The first case was a foreigner in Luxor. As cases increased, government hospitals modified their fa- cilities to accommodate incoming patients. ;Some hospitals were entirely isolation hospitals, others dedicated some of the facility0s resources to isolation,< said Tag El Din. ;By June, we had 31,115 cases. Some had no symptoms, others mild symp- toms, a portion with cold and flu-like symptoms, and a small number of cases were severe.< Eventually, government hospitals ran out of intensive care units ICUs. ;We converted student hostels to isolation The silver lining of the COVID-19 pandemic is that it wards for mild COVID-19 cases,< said Tag El Din, while those opened investors0 eyes to Egypt0s potential in the healthcare with severe symptoms remained hospitalized.< sector. ;We have a large healthcare system that supports more Eventually, the number of new confirmed cases fell. Mean- than 100 million locals, 7 million immigrants and 10 million while, fatalities were low, while 90 percent of those infected ex-pats who returned to be treated in Egypt,< said Tag El Din. recovered. Another factor that should attract more investment to the Tag El Din attributes that to several factors. The first is that sector is the president and government were focused on up- Egypt has an unusually high number of specialized fever and dating this vital sector even before the pandemic. ;The pres- chest hospitals. ;I don0t think any other country has 77 chest ident allocated EGP 100 billion $6.4 million before the and fever hospitals,< he said. ;Keeping them open is benefit- pandemic to upgrade Egypt0s healthcare system in general,< said ing us today.< That also meant that a relatively large portion Tag El Din. ;Additionally, we are building a national healthcare of doctors had been trained to handle acute respiratory cases. system and a new national healthcare insurance plan.< ;Currently, all university hospitals have intensive respiratory Such investments would be crucial as pharmaceutical com- care units, many of the specialized hospitals have them, and panies face shortages in importing medicines and compo- even some private-sector hospitals,< said Tag El Din. nents. ;Many governments have halted export of medicines Another factor that kept the virus from uncontrollably or pharmaceutical materials in response to the pandemic,< spreading is the locally developed medication protocol, he said Tag El Din. Accordingly, local companies working in said, which simultaneously treats several symptoms. ;We have healthcare must diversify their supply chains. ;That opens the special protocols for mild, average and severe cases,< said Tag door for investments in design and construction of medical El Din. ;As a result, we see fewer cases, fewer symptomatic facilities, training healthcare workers, sourcing and inventory cases and fewer severe cases that require a ventilator.< management, personal and professional protective gear, care Finally, 60 percent of Egypt0s population is under the age delivery and reimbursement mechanisms,< he explained. of 40, he said, and the most severe symptoms usually appear Tag El Din concluded by saying the COVID-19 pandemic in older people. will remain a priority for 18 to 24 months. n

Business Monthly - NOVEMBER 2020 •51 Events

SPECIAL BRIEFING AND DISCUSSION Egypt’s COVID-19 Education Strategy ;It is an enormous challenge to get things done on the ground for such a large ecosystem,< said Tarek Shawki, min- ister of education and technical education, during a Sep- tember 22 webinar. ;Our student population is around 23.5 million, with 1.4 million teachers and school administrators.< The system from KG 1 to grade 12 thanawya ama, has many ;inherited problems,< said Shawki. ;However, we have achieved a lot in the past two years.< Meanwhile, the COVID-19 pandemic created a different set of challenges and opportunities that would have gone unnoticed in a nor- mal academic year, he said. Shawki said the ministry was moving on several fronts. Since September 2018, it has been deploying a new system called Education 2.0 for students from KG 1 to grade 3. The second front was digitizing education for high school stu- dents grades 10 to 12. ;We use technology to deliver the cur- ricula,< said Shawki. ;We already dispersed 1.8 million tablets, which students use to study and sit for exams.< That required introduction of open-book exams. ;We faced a lot of resist- ance when it launched,< he said. ;But we managed it.< The ministry also secured funds to upgrade public schools, making them more digitally connected. ;We invested in net- working all 2,500 high schools,< said Shawki. ;All have servers, Wi-Fi, optic fiber networks and smart screens.< The ministry also trained teachers in the latest educational methods and technologies, and set the groundwork for dig- ital exams. It also contributed to the Knowledge Bank, an online portal offering free academic material. ;We did that before COVID-19 hit,< said Shawki. In March, the ministry0s first step was to build a parallel system after the government locked down the economy. ;We developed an online study-at-home system in seven days, which was a massive achievement given that every lesson in every subject in every year group was now available online,< said Shawki. The ministry also developed a Q&A platform where students could ask questions and only teachers certi- fied by the Education Ministry would answer. To accommodate more than 23 million students, the mini- stry managed 2 million virtual classrooms and has connected 1 million teachers with 1 million parents. ;It is a massive op- nate private lessons,< he said. ;The teacher would get 80 per- eration to put every public school on that digital platform, cent of the revenue, while the school gets 20 percent. The he said< key is that we oversee those platforms and pricing.< Planning for the next academic year, Shawki aims to bring In anticipation of a possible lockdown of schools, Shawki all 12 million students in grades nine to 12 online. ;That will is working on a third education ecosystem where 10 ded- require an innovative approach to the one we used with high icated TV channels would air all lessons in all subjects from school students. We couldn0t just buy and equip 12 million grades four to 12. ;That is the only way to ensure that every tablets at once,< he explained. The minister also is developing student can learn, regardless of what happens to the school pay platforms where teachers can sit with smaller groups of in the short term,< said Shawki. ;That is a massive project, children for after-school help. ;That platform aims to elimi- but we can make it happen.< n

52• Business Monthly - NOVEMBER 2020 Events

BANKING Egypt and the world’s post-COVID-19 economy On September 29, AmCham0s Banking Committee, in co- operation with UBS, hosted a webinar titled ;The Future of the Global Economy and Emerging Markets: Egypt Post- Covid-19.< Guest speakers included UBS executives Paul recovers,< said Bolliger. That is in line with Donovan0s view Donovan, chief economist at UBS Global Wealth Manage- that during the first few months of the lockdown, ;people ment, and Michael Bolliger, chief investment officer for were forced to save money,< so as lockdown regulations emerging markets and global wealth management. The webinar analyzed the global economy0s future, espe- eased we saw a boost in consumer spending. Donovan lik- cially emerging markets, with Egypt as a case study. The dis- ened it to ;turning a light switch off and then on, the gov- cussion outlined the impact of the pandemic on the ernment said stay at home0 then they said go and spend economy and addressed the government0s role, people0s be- money.0 This is not a central bank crisis; this is about gov- havior, concerns and hopes for the future. ernments shutting economies down and it0s up to govern- ;The virus itself, COVID-19, doesn0t matter economically, ments to repair that damage with fiscal policy.< It0s not important in economic terms. It is fear of the virus Bolliger is optimistic about economic recovery in Egypt that does the economic damage. So fear, not the virus itself, and elsewhere. ;People are less stressed. Several countries is what we need to focus on,< said Donovan. He added that are developing vaccines. There is better infrastructure and insufficient data, underestimating the speed of recovery and know-how, and there is a huge appetite from international fear levels hurt the global economy. investors to invest in countries like Egypt. There seems to ;As the pressure of COVID-19 eases, the economy gradually be light at the end of the tunnel.< n

TRAVEL AND TOURISM Giza Plateau gets a makeover

The Giza Plateau is one of the most famous historical sites in visitor0s center. The center will have an exhibition hall and shops, the world. It includes the Giza Pyramids and Sphinx, tombs, restaurants, a cinema, mobile toilets and a first-aid center. five smaller pyramids,and other monuments. On October 14, Orascom Investment Holding also will operate eco-friendly Orascom Investment Holding invited the AmCham Travel and electric buses, which will stop at various stations around the site. Tourism Committee to visit the Giza Plateau. Hamed Afifi, The plan also includes training for artisans, camel and horse chief operations officer of Pyramids Entertainment gave a pres- owners, and photographers to upgrade their skills in dealing entation about the project0s facilities and status. with visitors. New horse carts will replace outdated ones to im- With more than 2.5 million visitors every year, the Supreme Council of Antiquities has signed a deal with Orascom Invest- prove the experience. ment Holding granting the company the right to provide and Orascom Investment Holding also will provide on-site operate Giza Plateau facilities. The company is responsible for professional photographers, and the company has launched marketing and promotion, parking areas around the site and the its first restaurant in the area. n

Business Monthly - NOVEMBER 2020 •53 Events

OIL & GAS Oil & Gas post-pandemic ;For decades, the oil and gas sectors saw many chal- lenges. Since 2104, we have started to regain stability,< Osama Mobarez, undersecretary at the Ministry of Petro- leum and Mineral Resources, told AmCham Egypt members on October 5. To sustain that success, the ministry launched the oil and East and Africa,< said Matthew Zais, of the Office of Inter- gas modernization project. ;It is a transformational program national Affairs at the U.S. Department of Energy. to achieve sustainability of projects and supply chains, re- Zais added that U.S. oil and gas companies see Egypt as a form the sector0s structure and HR, and change how we do favorable investment destination, citing various agreements business to increase the sector0s potential and contribution and MoUs signed this year. to GDP.< David Chi, Apache Egypt0s regional vice president and The project aims to improve safety, innovation, transpar- general manager, stressed that local operations weren0t se- ency, ethics and efficiency. To achieve those targets, the verely affected by COVID-19. ;We are now Apache0s most ministry is attracting upstream investments, making struc- active region,< he said. ;We will continue to inject capital tural reforms, improving HR management, increasing down- investments, but at a slower rate due to low international stream and upstream performance and energy efficiency, and prices and demand.< embracing digital transformation. To ensure operational continuity, Chi is working with the Meanwhile, the U.S. Department of Energy sees opportu- government to ;manage the health of employees and the nities. ;Oil and gas companies continue to play a significant business during this downturn.< He is optimistic about po- role around the world in highlighting the positive opportu- tential growth opportunities, saying, ;When there is a crisis, nities in Egypt … to become an energy hub for the Middle there is an opportunity.< n

SPECIAL BRIEFING AND DISCUSSION Rethinking organizations in post-COVID-19 era ;In a world full of wicked problems, we don0t need popular an- Citing a study of 500 swers, we need wise answers. So as we move in this complicated global CEOs, Watkins world, we have to unlock the wisdom of the crowd,< said Alan said the majority empha- Watkins in a webinar series titled ;Rethinking Organizations in size commercial per- a Post COVID-19 World< held Sept. 13, 23, and 30. Watkins is formance and market founder and CEO of U.K.-based Complete Coherence, which leadership while neglecting people0s leadership WE and per- provides transformational coaching and development for sonal performance I. ;In businesses, the acceleration comes leaders, teams, and organizations more in the I and WE0 than it does in the IT, however, busi- Watkins discussed the prevalence of ;wicked problems,< nesses are too busy with shortterm targets.< which he described as being super complicated. COVID-19 is Watkin fears that many organizations have little time to make a prime example of a wicked problem, and all organizations radical changes. His solution to wicked problems, prioritizing worldwide struggle to develop in the context of a pandemic. individual leadership and personal performance is rapid change He emphasized that the pandemic gave birth to collaborative and diversity. ;The smartest person in any organization is every- communities. Watkins suggested that organization leaders must one,< he said. ;So as we move in this complicated world, we have ;change the game not game the change.< In addition to ;who to unlock the wisdom of the crowd.< This is largely down to his we are as human beings I, the way we relate to each other belief that ;If we are able to include more people and have di- WE and every aspect of how we do business IT,< he said. verse opinions, only then can we have wiser answers.< n

54• Business Monthly - NOVEMBER 2020 Events

WOMEN IN BUSINESS Remote working boosts productivity On Sept. 24, AmCham0s Women in Business Committee, in co- operation with the International Finance Corp. IFC, hosted a panel of experts on Remote and Flexible Working Policies During C0VID-19 and Beyond.< Guest speakers included Ellen The shift in business models had no impact on productiv- Maynes, operations officer, Gender and Economic Inclusion ity, according to Khalil. However, he concluded the company Group of the IFC; Mohamed Khalil, country HR business part- prefers ;a hybrid model where people can work remotely ner, Nestl Egypt; and Abdel Moneim Elsaid, HR consultant. The webinar analyzed the dramatic shift to remote work and come to the office< because it values human interaction. as a result of COVID-19, outlining the benefits and con- Maynes also cited drawbacks, saying the biggest concern was cerns of employees and employers, with an emphasis on the blurring the line between home and work, forcing them to impact on women. be constantly available. Speakers addressed the business benefits of remote work, Different types of remote and flexible systems were ad- with Maynes saying it boosts productivity, enhances morale dressed, in addition to steps for designing a work policy to and reduces absenteeism. Elsaid also emphasized the posi- effectively execute remote work. Communication between tive impact of work flexibility, specifically on female empow- employee and employer was deemed vital to the success of erment in the labor force. ;A glass ceiling was introduced by men to create barriers to women0s entry into senior leader- flexible work, according to Maynes. ship to preserve the status of men,< said Elsaid. ;This glass In conclusion, the positive impact of the now widely ceiling signifies the prevalent notion that employees must adopted flexible/remote working policy has largely improved be physically present at work.< productivity and encouraged workforce participation. n

BE SEEN BY

EGYPT’S BUSINESS ELITE! Book your advertising spot in the 2020-2021 Annual AmCham Membership Directory, used by more than 1,900 executives and decision makers throughout the year.

For further information: Tel: 202 3333-6900 - 202 3333-6915 Mail: [email protected]

Business Monthly - NOVEMBER 2020 •55 NEW MEMBERS

Academic/Educational/Research Affiliate Members & Development (R&D) Academic/Educational/Research & Development (R&D) Arab Academy for Management, Ayman Ismail Banking and Financial Sciences Abdul Latif Jameel Endowed Chair of Mostafa Hodieb President Entrepreneurship & AUC VenturesLab Director, The American University in Cairo Address: 8 El Fawakeh Street (beside Mos-s- tafa Mahmoud Square), Mohandessin Food & Beverages Tel: 16375 Membership Type Nada Amer Website: www.aambfs.org Not-for-Profit General Counsel, Unilever Mashreq

Real Estate Ayman Khalifa Diplomatic Missions Vice Chairman, Porto Developments

Japan International Cooperation Agency (JICA) Changes Yoshifumi Omura Change in Membership Company Chief Representative Mohamed Abdallah Address: World Trade Center 6F, 1191 Chief Executive Officer, Vodafone Corniche El Nile, Ramlet Boulak Egypt Telecommunications, SAE Tel: (20-2) 2574-8240/241 Category: General • Sector: Information Technology Membership Type Fax: (20-2) 2574-8243 Public & Abdalla El Nockrashy Website: jica.go.jp Diplomatic CEO, Capital Group Properties Category: Associate Resident • Sector: Real Estate

Sarah El Tabakh Information Technology Chief Marketing & Communication Officer, Porto Developments KlayyTech Category: Affiliate • Sector: Real Estate Khaled Abdel Kader Chief Executive Officer Change in Member’s Category

Elwy Mohamed Taymour Address: Smart Village, B19, Chairman and CEO, Pharos Holding Cairo-Alexandria Desert Road, for Financial Investments City, Giza Membership Type Category: General • Sector: Financial Sector General Yasmine Mohamed Farid Khamis Chairman, Oriental Weavers Co. Category: General • Sector: Textiles

Change in Company’s Info: Real Estate Fine Hygienic Holding/ AlBardi Paper Mill Fax: (20-2) 3833-0747 The Waterway Developments Hossam ElKabir CEO For any change to contact information, Address: 31 Street 90 North, White by please contact the Membership Services the Waterway, Fifth Settlment, New Cairoro Department at the Chamber’s office Tel: (20-2) 16515 Membership Type Tel: (20-2) 3333-6900, ext. 0016 Website: Associate Fax: (20-2) 3336-1050 www.thewaterwaydevelopments.com Resident E-mail: [email protected]

56• Business Monthly - NOVEMBER 2020 NEW MEMBERS

New Replacements in Member Companies

Mohamed Hafez Category: Affiliate Amr Mahfouz Category: Associate Resident Senior Vice President, Citibank, Sector: Financial Sector Vice President for Sector: Real Estate NA Egypt Development, New Cairo,

Northcoast and Botanica, Raif Abou-Diab Category: General Managing Director – Egypt, Qatar, & Palm Hills Developments Sector: Information Levant, Hewlett-Packard Egypt, Ltd. Technology Mohamed ElMikawi Category: Associate Resident Sherif Hefni Category: Affiliate Chief Executive Officer - CEO, Sector: Real Estate Partner, Levari Sector: Legal Services City Edge Developments

Mohamed Eltawansy Mona El Gabaly Manager Public Relations and Category: Affiliate Category: Affiliate Corporate Services, The Egyptian Sector: Petroleum Senior Marketing Director, Sector: Real Estate Operating Company for Natural Gas Liquefaction Projects, Palm Hills Developments

SAE (Egyptian LNG) Gamal Fathallah Category: Associate Resident Sector: Real Estate Gordon Beck Category: Affiliate Chairman & CEO Porto Region Finance Manager, Sector: Petroleum Developments Apache Egypt Companies Amr Abu El Eienein Category: General Tamer Mahmoud Chairman and CEO Egyptair Air- Sector: Transportation Beauty & Personal Care Marketing Category: Affiliate Sector: Food & Beverages lines Company, EGYPTAIR Airlines Director, Unilever Mashreq

Mohamed Roshdy Zakaria Category: Affiliate Omar El Halaby Category: Affiliate Chairman & CEO Egyptair Sector: Transportation Chief Business Officer, Capital Sector: Real Estate Group Properties Holding Company, EGYPTAIR Airlines Jobs AMCHAM RECRUITMENT CENTER Code Vacancies Company Name 117787 Head of Information Security The United Bank of Egypt 117784 Consumer Marketing Manager Cleopatra Hospitals group 117750 Electrical Maintenance Manager Kandil Steel 117738 Senior Cloud Engineer SUMMIT 117734 Senior Consultant Protiviti

For more information about these jobs and others, visit: www.amcham.org.eg/recruitment – e-mail: [email protected], Tel: (20-2) 333 88 220 Ext. 1513 - 1514 Fax: (20-2) 333 73 779 Top Tenders TOP TENDERS FROM TAS

Description Client Deadline Bid bond Sectors Specs fees Supply of traction equipment, also of maneuvering & collision handling equip- E.N.R. Egyptian National Railways Authority, the November 26, 450,000 LE Industry ment for traction equipment yards. Purchases & Stores Dept 2020 LE 699 Transport

Revamping of the hospital's third & fourth floor. General Organization for Hospitals & Teaching Insti- November 22, 375,000 LE Construction Projects tutes, Shebin El Kom Teaching Hospital, Shebin El Kom 2020 LE 599 Health Care

Beneficiary Sectors Generating Sectors www.amcham.org.eg/TAS For further information, contact the Business Information Center at AmCham Egypt Tel: (20-2) 3338-1050 – Direct: (20-2) 3761-9641 • Fax: (20-2) 3338-9896 • E-mail: [email protected] Website: www.amcham.org.eg • US Website: www.amcham-egypt.org

Business Monthly - NOVEMBER 2020 •57 EXCLUSIVE OFFERS

Exclusive Offers

CAPITAL MILLERS CAIRO MARRIOTT HOTEL

CML has the pleasure to announce the launch of the first digital office in Egypt for Is pleased to extend its offer of 15% discount on the best available room rates and a project licensing and accreditation, with a special discount of 10% exclusively for the 15% discount on Food and Beverages at all Cairo Marriott outlets (This offer does not American Chamber members. CML provides a full-fledged package of services to help require having a room at the hotel) you get your project licensed. For more information, please visit our 25% discount on laundry during your stay website cml-mea.com or feel free to contact us. - Rate is for Bed and Buffet Breakfast at Omar’s Cafe, subject to availability and prior

reservation, valid at any day of the week. ***Discounts will be granted for AmCham members upon - Rate is subject service charge and taxes. - Offer is valid for the members only and has to be reserved through and used by the presenting their AmCham 2020 membership card*** member for a maximum of two rooms per stay. - Members can only accompany their spouse and children during their stay. -This discount is not applicable for more than 5 pax

For more information, please contact: Aliaa Younes - Chairman ***Discounts will be granted for AmCham members upon Phone: (20-11) 4444-6774 • Email: [email protected] presenting their AmCham 2020 membership card*** Tasneem Rabiee- Business Analyst Phone: (20-10) 1614-8197 • Email: [email protected] Passant Omar- Business Analyst For more information, please contact: Phone: (20-10) 0411-1116 • Email: [email protected] Mai Moenes Phone: (202) 27394647 Ext. 8808 Mobile: (20-12) 0434-0648 Please visit AmCham Cyberlink on http://www.amcham.org.eg/cyberlink Email: [email protected] for more information on AmCham benefits

Please visit AmCham Cyberlink on http://www.amcham.org.eg/cyberlink for more information on AmCham benefits This offer is valid until December 31, 2020 This offer is valid until December 31, 2020

EL KHANAGRY GROUP HILTON WORLDWIDE

Elkhanagry Group offers special discounts for AmCham Members on new: Hilton Worldwide is delighted to offer AmCham Members an exclusive discount on ac- 1- Physical Security Equipment commodation and food & beverages at Ramses Hilton and Hilton WTC. • 8% discount on VMI X-ray scanners for luggage Up to 15% Discount from Hilton Worldwide (Egypt Branch) to AmCham Members on • 7% discount on Garrett Walk-through Metal Detector gates Accommodation and Food & Beverages

2- COVID 19 Protection Products • 7% discount on the contactless access control, face recognition, temperature detec-

tion and attendance device ***Discounts will be granted for AmCham members upon presenting their AmCham 2020 membership card***

***Discounts will be granted for AmCham members upon

presenting their AmCham 2020 membership card*** For more information, please contact:

Ramses Hilton: Basma Zeidan Phone: (20 2) 2577-7444 For more information, please contact: Email: [email protected] 3 Babel Square, Dokki, Giza Hilton WTC: Mohamed Fayez Tel: +202 33353835 / Mob: +202 01200560047 / Fax: +202 33376496 Phone: (20 2) 2577-7444/ 2394-6981 E-mail: [email protected] • Contact Person: Eng. Mohamed Khalil Email: [email protected] Mob: +202 01227738332 • E-mail: [email protected] www.Elkhanagry.com

Please visit AmCham Cyberlink on http://www.amcham.org.eg/cyberlink Please visit AmCham Cyberlink on http://www.amcham.org.eg/cyberlink for more information on AmCham benefits for more information on AmCham benefits

This offer is valid until December 31, 2020 This offer is valid until December 31, 2020

58• Business Monthly - NOVEMBER 2020 EXCLUSIVE OFFERS

Exclusive Offers

CONRAD CAIRO HOTEL EGYPT FOR INFORMATION DISSEMINATION

Is pleased to extend its offer of 20% discount on Food & Beverages in the below restaurants: Egypt for Information Dissemination has the pleasure to offer AmCham Members a - Solana’s unique Friday Brunch 50% discount on the online General Assembly and and Board Meetings support pack- - Kamala, Asian Bar and Dining Restaurant age E-Magles. -Oak Grill Offer details: - Jayda Nile Terrace, on Thursday & Friday Meet with your team online through our GAFI & FRA-accredited Platform E-Magles. - Stage One Bar & Lounge on Weekends This fully automated online service will ensure a healthy workflow that will save your * Discount is not applicable on public holidays, special occasions, Christmas and New time, money and insure transparency to your meeting. Year’s Eve Find out more at www.emagles.com * Discount is not applicable on alcoholic beverages To register: https://emagles.gr8.com/

***Discounts will be granted for AmCham members upon ***Discounts will be granted for AmCham members upon presenting their AmCham 2020 membership card*** presenting their AmCham 2020 membership card***

For more information, please contact: For more information, please contact: Nevine Nader Sherif Reda: Phone: (20-12) 2393-6000, Email: [email protected] Telephone: (20-2) 2580-8481 Mahmoud Hegab: Phone: (20-11) 5077-7726/ (20-10) 0733-4585, Email: [email protected] Email: [email protected] Manal Sherif: Phone: (20-10) 6117-6113, Email: [email protected] Salma Awad: Phone: (20-11) 5382-1706, Email [email protected] Please visit AmCham Cyberlink on http://www.amcham.org.eg/cyberlink for more information on AmCham benefits Please visit AmCham Cyberlink on http://www.amcham.org.eg/cyberlink for more information on AmCham benefits

This offer is valid until December 31, 2020 This offer is valid until December 31, 2020

EGYPTAIR SEMIRAMIS INTERCONTINENTAL HOTEL

Egyptair is pleased to extend the protocol agreement for the year 2020-2021. Semiramis InterContinental Hotel is pleased to extend its offer to AmCham Members on This agreement entitles all AmCham members and their first degree family members to Accommodation, Restaurant & Spa: a special preferential reductions on Egyptair INTERNATIONAL flights ONLY. - Accommodation: Single Room $85*; Double Room $95* * Above room rates are valid till November 27, 2020 Up to 14% Discount over Egyptair’s special fares, depending on the booking class. Renting offices combined with added values starting at: 2% Additional Discount on New York & Washington flights 28,000 EGP for 6 month*, 33,000 EGP for 3 months and 37,000 EGP for 1 month. Book *This deal is applicable on trips from and to Egypt. now to take advantage of: *All discounts are not applicable to Jeddah/ Al Madina during Hajj and Omra season Breakfast for one person per day, 20% discount on food and beverage and 30% dis-

during the months of Ragab, Shaaban & Ramadan. count on laundry until June 30th 2021. Complimentary one day pass (gym and pool) for two persons monthly and fixed park- ing fees of EGP 55 per day. ***Discounts will be granted for AmCham members upon Above rates include breakfast & inclusive the 28.80% service charge & taxes. presenting their AmCham 2020 membership card*** -Restaurants: 20% discount on the below restaurants all weekdays in: Birdcage, The Indian along the Nile, Nile Terrace, Sabaya, Pane Vino and The Grill For more information, please contact: Except Night & Day Friday Brunch, Takeaway -Spa: 15% discount off all Spa treatments. Call Center from mobile numbers: 1717 • land lines numbers: 090070000 Downtown Adly Branch: ***Discounts will be granted for AmCham members upon presenting their AmCham 2020 membership card*** Tel: (20-2) 2390-6078/ 2392-7680 • Fax: (20-2) 2391-1256 Zamalek Club Fence Branch: For more information, please contact: Tel: (20-2) 3347-2027/ 3347-5193/ 3305-1431 • Fax: (20-2) 3346-4501 Rooms Information and reservations: Shobra Branch: • Tel: (20-2) 2206-9071/3/5 Mahmoud Abou Hussein • Office: (20-2) 2798-8000 • Fax: (20-2) 2798-8015 Heliopolis Korba Branch: • Tel: (20-2) 2418-3722 E-mail: [email protected] Contact: Astra Travel • Khadija Mahmoud •Tel: (20-2) 3333-2200 Dinning Information and reservations: F&B reservation desk Office: 2798-8000 - Extension: 1151 Please visit AmCham Cyberlink on http://www.amcham.org.eg/cyberlink for more information on AmCham benefits Please visit AmCham Cyberlink on http://www.amcham.org.eg/cyberlink for more information on AmCham benefits

This offer is valid until June 30, 2021 This offer is valid until December 29, 2020

Business Monthly - NOVEMBER 2020 •59 Media Lite

A Glance At The Press

I didn’t win in this year’s “scariest costume” competition… The winner was dressed as an electricity-bill collector! Al Masry Al Youm, October 29

Media Lite collates a selection of some the most entertaining offbeat and lighthearted news items published in the local press. All opinions and allegations belong solely to the original source publications and no attempt has been made to ascertain their veracity.

El Gouna gone wild a stir of angry social media posts. struggles of protagonists. His first proj- ;Maybe we were all infected, and it is ect was Cairo 678, about the mental Despite World Health Organization rec- gone now,< she said. Sabry made things state of young Egyptian girls sexually ommendations to wear a mask and exer- worse by describing the pandemic as a harassed in public places across the cise social distancing, the Fourth Gouna ;survival of the fittest.< capital. The movie won Best Feature Film Festival went ahead as planned. Nat- On the lighter side, during the opening and Best International Feature at the urally, social media was ablaze with funny Chicago International Film Festival. ceremony of the festival director Mo- yet controversial comments, as well as un- Diab0s second movie, ;Clash,< was a hamed Khedr walked the red carpet car- expected light-hearted situations. real-life account of the clashes between rying his wife0s shoes. While they looked pro- and anti- Muslim Brotherhood Rania Youssef, the star known for Sun- good, apparently they were too uncom- dooq Al Dunya, was optimistic about the protesters in 2013. The film went to fortable to wear, even for a few minutes Cannes Film Festival in 2016 with rave world overcoming the pandemic. while they cleared the photographers. reviews. ;Human beings were born to fight,< she Multiple news outlets Moon Knight will air on Disney+. said ;We fought dinosaurs, the corona is The Hollywood Reporter, October 28 nothing. We will beat it eventually, even Marvel names if we must adjust for awhile.< Clearly, a Egyptian director Roundup for 2020 history lesson should be at the top of her Marvel Studio announced that Egyptian Bassam Abdel Samee has published his priorities. Mohamed Diab will direct the TV series new book, 20200s Scream,< about how Not knowing whether Youssef was jok- ;Moon Knight,< about a Marvel supervil- the world has been dealing with multiple ing or serious, Rania Farid Shawky, daugh- lain turned hero first introduced in crises since the start of the year. ter of screen legend Farid Shawky, comics in 1975. Marc Spector aka Moon It starts with ;COVID-19 Screem,< commented twice on COVID-19 during Knight is a former boxer and ex-Marine then describes how lockdowns left the world in turmoil. He also looks at social the festival. She said the COVID-19 virus who becomes a CIA agent and merce- change in Egypt in 2020. can0t infect Egyptians because we will in- nary with superhero powers from an Egyptian moon god. He creates fictional Abdel Samee also tackles the social fect it first. Later, she stressed, ;We will personas millionaire Steven Grant and implications of Beruit0s port explosion bring corona to the corona virus.< taxi driver Jake Lockley to stay in touch and how the media changed in 2020.. In a stunning blue dress, comments by with the world of crime. The book has been on sale since Yassmine Sabri, who starred in Fursa Choosing Diab should be a good fit November 4. Thanya TV series last Ramadan, caused as his movies focus on the mental Al Masry Al Youm, October 25

60• Business Monthly - NOVEMBER 2020