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Tatweer Misr Launches D-Bay, an EGP 7 Billion development on the North Coast

As part of its strategy to increase its geographical Located near 165 km on Alexandria-Matrouh Road in footprint across the country, “Tatweer Misr,” the lead- the Al Dabaa area, the latest development in Tatweer ing Egyptian Real Estate company, announced its Misr’s portfolio features more than 1800 units ranging expansions in the North Coast, following its success from chalets, villas, and serviced apartments. The in the area. The company aims to develop a 200-acre company has also announced that it targets to devel- land in partnership with “Kayan for Real Estate op the project over six years. Development”, under the name of “D-Bay”, on the Mediterranean with initial investments exceeding Shalaby stated that D-Bay is the latest addition to EGP 7 Billon. Tatweer Misr’s journey and is considered an extension of Fouka Bay that established itself as one of the D-Bay aims to increase Tatweer Misr’s overall land most remarkable destinations in the North Coast fol- bank by approximately 845,000 square meters lowing its operations in summer 2020. “Since our (sqm), adding up to more than 5.8 million sqm. The establishment, we were able to develop successful development will overlook the Mediterranean Sea and pioneering projects as a result of extensive with an 800-meter-long shoreline and a lagoon, expertise, teamwork, and a network of business part- where every home is a waterfront home as an exten- ners who enabled us to achieve this reputation,” he sion to Fouka Bay’s unique masterplan design. said. “Therefore, we will continue to work hard and progress, contributing to the economic growth.” “D-Bay brings us a step closer to achieving our ulti- mate vision of developing sustainable, smart, and “Leveraging on previous success, we will continue to happy communities while being geographically wide- collaborate with our partners of success, ensuring spread to ensure that we are offering our clients lux- that Tatweer Misr’s clients experience world-class ury-standard living in diversified locations” stated quality,” added Shalaby. Ahmed Shalaby, President & CEO of Tatweer Misr. He continued, “The new project comes in line with the governmental direction of transforming the Egyptian Tatweer Misr’s portfolio also features various projects North Coast from a summer destination to an all- in diverse locations, all featuring innovative design year-round destination according to the 2052 vision.” concepts and different personas. The projects are IL Monte Galala, located on the Galala mountains, Tatweer Misr also revealed its rebranding during the spanning over 545 acres, Fouka Bay, in Ras El press conference announcing its expansions on the Hikma, North Coast, on 220 acres Bloomfields in North Coast. The new branding marks the beginning Mostakbal City and adjacent to the New of a new era. “Tatweer Misr Creating Destinations” Administrative Capital. symbolizes the journey of Tatweer Misr, starting from being a newly incepted company and progressing The mixed-use project spans over 415 acres, split into a more mature and well-established company into 325 acres for the residential, commercial, and that acts as a significant contributor to the Real administrative area. Meanwhile, we will develop 90 Estate sector and the Egyptian economy as a whole. acres to be an educational zone. Stronger than gravity. THE NEW G500. #Strongerthantime 16362

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Cover Story 8 Editor’s Note 10 Viewpoint 26 Turning a corner In Focus

In-Depth Local and international 22 Pandemic Cover Design: firms are revisiting many imperils working 14 Financing leaves Nessim N. Hanna of their incumbent practices. mother’s careers developers in a ﬁx

A Q&A with Laila El Local developers aim to Refai, IFC’s MENA capitalize on Egypt’s real Gender Ofﬁcer. estate boom.

In Brief 18 Companies can’t ignore ‘she-cession’ 12 A special round up of How are Egypt’s working the latest local news mums balancing work about women. and taking care of their families.

At a Glance American Impact

38 Women economic Protecting and ﬁnanial inclusion 34 America’s economy in Egypt

The Chamber The new administration announced the “Buy American” plan to stimulate 46 Events the economy.

Media Lite Market Watch Highlife 56 An irreverent 40 A good start 42 Revisiting an old favorite glance at the press Rekindling the love for Dahab.

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The Egyptian Company for Electrical Industries (eei) 7HQWKRI5DPDGDQ&LW\,QGXVWULDO=RQH$SORWV 7HO)D[ 0RELOHZZZHHLFRPHJ Editor’s Note

Reinventing Director of Publications & Research Khaled F. Sewelam

Acting Managing Editor the wheel Tamer Hafez

Contributing Editor In my line of work, staying on top of local and international news is vital to ensure Kate Durham

Business Monthly’s content beneﬁts readers. Since the start of the year, the

underlying theme of almost everything I have come across has one common Consulting Editor Bertil G. Peterson thread: Companies want to leverage the power of technology. Last year, they scrambled to digitize operations so employees could work Writers from home and clients could access products and services from anywhere at Ola Noureldin Adam Skaria any time. The shift worked. Executives are talking about their success in maintaining business as usual despite the pandemic. In 2021, almost everyone seems Senior Art Director to have settled into a rhythm, secure in the knowledge that vaccinations will sig- Nessim N. Hanna

niﬁcantly reduce the likelihood of future lockdowns. Senior Graphic Designer I had believed that would be the future of business until technology and Emy Emile evolving customer demands require companies to further develop their products and services. That changed when I heard about a Ramadan TV series called Graphic Designer Verina Maher “COVID-25.” My initial thought was dismissive: It was stupid, unimaginative entertainment. Then I began to think about what a second pandemic might Advertising & Business Development Director look like. What would be required to overcome it? Amany Kassem

Before COVID-19, the notion of forcing all people to stay home, shutting down Business Development Coordinators all but essential businesses, and maintaining that setup for months without Farah Diab society voicing displeasure was unfathomable. Yet it happened. And today, Mariam Amin most governments say severe lockdowns could happen again in the face of Mona Hassan mutations of the virus and new waves of infection.

Merely leveraging technology to keep businesses running may not work. Photographers Karim el Sharnouby Since the first wheel appeared about 5,500 years ago in Mesopotamia, it has Said Abdelmessih changed human life in countless ways. Now might be the time to start thinking about the next “reinvention of the wheel.” The significance of the “next wheel” Production Supervisor Hany Elias may not be universally apparent, but it could influence both businesses and day-to-day life in unimaginable ways. Market Watch Analyst In 2021, businesses in Egypt might have to revisit some aspects of their busi- Amr Hussein Elalfy ness models to survive the next pandemic, whatever it may bring. That would Chamber News Contacts apply to resilient companies that found success in 2020 as well as those that Nada Abdalla, Azza Sherif, barely survived the COVID-19 pandemic. Susanne Winkler 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

@BusinessMonthly Eg @BusinessMonthly @BusinessMonthly

VIEWPOINT

An outlook of the Egypt-U.S. partnership in 2021 and beyond

During the last week of February, the American The market in Egypt, home to more than 100 million Chamber of Commerce in Egypt organized two citizens, offers multiple prospects across a timely events. The first, on February 23, featured the diversified portfolio of economic sectors, industries U.S. Ambassador to Egypt Jonathan Cohen. The and businesses. Some of the most attractive areas second, on February 25, was co-organized with the include but are not limited to transportation, Egypt-U.S. Business Council, featuring and hosted information and communication technologies, by the Prime Minister of Egypt Dr. Mostafa agriculture, manufacturing, healthcare, oil and gas Madbouly. The overarching focus of both events was exploration and production, energy, financial the Egypt-U.S. strategic partnership and the outlook services, construction, and tourism and hospitality. in 2021 and beyond. Today, Egypt remains one of the These partnerships can also create incentives to largest recipients of U.S. direct investment globally promote entrepreneurship, creativity, innovation and the top in Africa for the fifth consecutive year. and discovery, taking advantage of Egypt’s young, The United States is also one of Egypt’s largest trade educated, entrepreneurial, tech-savvy and growing partners in Africa and the Middle East. In addition, population. Egypt is one of the top regional destinations for The people-to-people relationship continues to venture capital, financial technology, and manifest itself through investments in Egypt’s most information and communication technology precious asset – human capital – across a variety of investments. cultural, educational and developmental avenues, Like many other countries around the world, including vocational training. Collectively, these Egypt continues to navigate the difficult times human capital investments are providing a robust caused by the COVID-19 pandemic and its and invaluable foundation for cooperation between associated repercussions, and last month it Egypt and the U.S. launched its vaccine rollout campaign across the For decades, Egypt and the U.S. have enjoyed a nation. In the meantime, it continues its economic partnership based on friendship and a set of reform journey, energized by successfully mutually rewarding interests that encompasses weathering the impact of the pandemic and ending creating and facilitating business and economic 2020 as the only country in the region with positive opportunities, as well as engaging diplomatically to GDP growth standing at 3.6%. This reform journey promote prosperity, peace, and regional stability has promising implications for multiple sectors of and security. Judging by the remarks shared in both the economy, as it is being implemented with an events, there are ample and more significant eye on Egypt’s Vision 2030 coupled with three opportunities lying ahead, despite the emerging primary strategic objectives: reaching an annual global challenges. Moving forward, both USD 100 billion in exports, realizing inclusive and administrations will continue to work closely and sustainable development across all 29 governorates diligently to strengthen and advance the bilateral and adopting digital transformation for different commercial, trade and investment ties between services. Egypt and the U.S., bolstered by their shared vision These ambitious targets can be achieved through and values as well as their common interests in various channels, including bringing people and sound business and economic prospects. companies from both Egypt and the U.S. together to build partnerships and foster trade and investments. Next month, another viewpoint…

SHERIF KAMEL President, AmCham Egypt

More than half of the com- total number of women, the panies listed in the Egyptian energy and support services THE Exchange (EGX) had at least sector outperform all others one woman on the board of with 23% of directors female, directors as of July 31, according to the index. The slightly up from 47% in 2019, index tracks the number of according to the Board Di- listed companies’ boards by versity Index 2020 report re- country and monitors the leased by TheBoardroom number of women in other NEWSROOM Africa. executive positions. Egypt is As of July, among the 242 among the 11 African coun- companies listed on the EGX tries covered. women held 10.8% of board Marcia Ashong, founder seats, according to the re- and CEO of TheBoardroom WOMEN HOLD A port. “Women are rarely in- Africa, said that over the cluded in the governance past decade, Egyptian TENTH OF BOARD and management of some women have made signiﬁ- SEATS AT EGX of Egypt’s most notable cant strides in access to edu- companies,” said the report. cation and the labor market. COMPANIES Key sectors assessed in- “While Egyptian universities cluded banking, energy, in- turn out more female than dustrial goods, shipping, male graduates, those gains textiles, travel and leisure, have failed to translate to and utilities. The textile and equitable representation in durables sectors have the the workforce and at the highest percentage of highest level of leadership: women board directors, the boardroom,” she added. with a quarter of companies Moving on, to close the reporting more than 30% fe- gender gap, the EGX au- male directors, according to thority requires all listed Among the 242 companies listed on the EGX women held the report. companies to put at least 10.8% of board seats However, in terms of the one woman on their boards.

EGYPT 134TH OF 153 COUNTRIES IN GLOBAL GENDER The literacy rate is about 65% work part-time. Further, very among women, compared to few women are in manage- RANKING 80% for men. There has never ment (7.1%) and their presence been a woman head of state in among business owners (2.4%) Egypt is home to 48.7 million Egypt and only 15% of parlia- and top managers (4.9%) is women and improvements in mentarians are women. Ho- even more limited. their conditions would have a wever, there are now more Egyptian women continue to significant impact on the coun- women in ministerial positions face significant legal limita- try’s economic and social pro- (24%) than in 2018 (11.8%). gress, according to the 2020 When it comes to economic tions regarding property own- Global Gender report. The opportunities, Egypt’s rank of ership, capital and financial country ranks 134th out of 153 140th shows it has a long way products. On average, it is esti- in gender equality and eighth to go. Only 24.7% of women are mated that men earn nearly of 19 in the MENA region in the labor force, of which 20% quadruple what women do.

12 WOMEN HOLD NEARLY HALF OF GOVERNMENT JOBS Egyptian women hold 45% of the government jobs in the country, compared to the global average of 32%, according to Minister of Planning and Economic Devel- opment Hala El-Said. Women’s representation on banks’ boards of directors reached 12% in 2019, up from about 10% in 2018, she said. She added that percentage of women executives reached 7.1%, with the MENA average estimated at 5.4%. About 18% of editor-in- chief positions at state-run news- papers are held by women, said El-Said. The percentage of women who have bank accounts reached 27%, while women ac- counted for slightly more than Egyptian women hold 45% of the government jobs in the country, compared to the half of all micro-business loans. global average of 32%.

NEW FRA REGULATIONS ENCOURAGE GENDER non-banking financial The FRA will require non- institutions whose staff banking financial institutions to PARITY are 25% women, accord- provide proof of gender parity ing to a statement in while doing business for renew- The Financial Regulatory December. The higher ing or receiving licenses, ac- Authority (FRA) will slash the company’s proportion of cording to the statement. “The development and service fees women, the lower the regulator will require institu- by 50% for companies and development fee, the FRA says. tions to treat clients of both genders equally in all their deal- ings, as well as offer products and services that cater to the needs of women and set up a specialized unit or department or designate an individual to handle client complaints per- taining to gender parity.” The FRA earlier launched an app aimed at increasing the representation of women on corporate boards. The app will help in recruiting qualified women to leadership and decision-making FRA app roles in companies listed on the The earlier launched an aimed at increasing the representation Egyptian Exchange. of women on corporate boards.

13 In-Depth

Financing leaves DEVELOPERS IN A FIX

As the government continues its ambitious construction plans, real estate developers may have to revisit their business models.

By Tamer Hafez

14 In-Depth

At the “Egypt Economic quent partial reopening, with is a recovery, [Egypt] will return to Development Conference 2015,” limited times and full closure occupancy rates between 70 per- newly elected President Abdel during holidays, didn’t cripple cent and 80 percent,” said Samy. Fattah el-Sisi surprised attendees the real estate sector. Ayman by announcing the construction Samy, JLL’s Egypt country head, Lightspeed construction of a new capital city in the Eastern stressed that commercial and Abbas, the housing ministry offi- Desert. The New Administrative residential real estate develop- cial, said the government’s real Capital (NAC), as it is still known, ments performed surprisingly estate development vision is to would be full of superlatives: well, saying, “In 2020, Egypt sur- double the country’s built-up tallest skyscraper in Africa, a park prised the world with growth.” area. He didn’t disclose a time- larger than Central Park in New What changed in 2020 was frame. “Urban development York and a theme park bigger that new trends emerged across would cover 14 percent of Egypt, than Disneyland. At the time, all types of real estate. In the up from 7 percent,” he said. “The describing the project as “ambi- office market, multinational aim is to change Egypt’s invest- tious” was an understatement. companies focused on buying ment landscape with the help of Despite the COVID-19 pandem- and renting space in East Cairo the private sector.” ic and subsequent lockdowns, (New Cairo), while Downtown Currently, the government is the government plans to relo- and 6 October City saw a retreat. building 17 fourth-generation cate to new offices in NAC by “Office rents in East Cairo saw cities, which are near completion, 2022. “We couldn’t stop build- higher premiums with rising said Abbas. Meanwhile, 14 new ing,” said Waleed Abbas of the demand,” said Samy. “Other loca- cities are between 8 percent and Ministry of Housing, Utilities and tions had more flexibility to 14 percent complete, with six Urban Communication during reduce rents to attract compa- more under consideration. AmCham’s February real estate nies,” said Samy. So far, NAC has garnered the webinar. “People would have Businesses also started capital- most private-sector interest, been out of a job, and the econo- izing on vacant government noted Samy. “We have a new my couldn’t afford it.” offices in the Downtown area. “A investment model [in NAC] to According to Abbas, the gov- lot of companies started repur- cooperate with the private sec- ernment aims to build 37 new posing those units,” said Samy. tor,” said Abbas. It would see real “fourth generation” cities, with all Additionally, office tenants estate companies tell the New services and infrastructure con- began focusing on smaller Urban Communities Authority trolled electronically. “Those cities spaces “between 100 and 300 (NUCA) their preferences, and will be big enough to accommo- square meters,” he explained. then the authority will determine date Egypt’s growing population Demand for residential proper- the best location for the develop- for years to come,” he said. ty also is moving eastward. Prices ment. “Once a developer makes The elephant in the room is that of homes offered for resale in 6 the down payment, it takes two private developers’ finances might October city dropped 10 percent to three months to allocate the be stretched too thin to cope with a in 2020, but only 4 percent in land,” he noted. “Neighborhood real estate boom. Developers often New Cairo. Meanwhile, demand R3 used this model, and we start- offer buyers financing with install- for retail space grew during the ed deliveries a few weeks ago.” ment payments spread over eight second half of 2020, as the gov- In other new cities, interest years to sell their properties quickly. ernment relaxed the lockdown. from private sector developers That means they can’t recuperate That, despite online shopping in has been muted. For example, costs and profit margin until prop- Egypt jumping 72 percent last New Alamein city on the North erties are paid off. “We are not year, according to stats from Coast has yet to see any direct extending [such facilitations] by Google, explained Samy. private sector involvement in the choice,” said Maged Sherif, SODIC’s Hotel developments stalled residential or commercial dis- managing director, during the worldwide as they were hit the tricts since construction started AmCham webinar. worst by travel bans and lock- in 2016. That despite two univer- downs, said Samy. JLL research sities opening to students for the Built-in resilience shows occupancy in 2020 was 28 current academic year. “So far, all Closure of commercial properties percent, while room revenue construction in New Alamein has for weeks in 2020 and the subse- dropped 70 percent. “Once there been government-led,” said

15 In-Depth

Abbas. “The southern portion of Unfeasible model Fahmy, CEO and managing the city (dedicated to industrial Since 2000, the real estate boom director of Al Tawfik Lease. and logistics zones), Culture City caused unit prices to soar. That Sherif of SODIC said one reason and seven commercial plots in enticed speculators to use the that “forces” developers to offer the residential and entertain- sector as a tool to increase their extended payment plans is that ment neighborhoods are still wealth over both the short and banks won’t provide real estate open to private sector invest- long terms, making property too companies with acceptable loan ments.” expensive for most individuals. amounts, terms and conditions. To attract investment, develop- Accordingly, developers started That is partly because of regula- ers don’t pay NUCA for the land. offering flexible payment plans, tions that prohibit loan install- Instead, the Authority takes some for 10 years with a 10 per- ments from extending beyond a some units as compensation for cent down payment. project’s completion. land. For experts, the fact that real During the webinar, Ahmed New Cities in Upper Egypt and estate companies build and pro- Issa, CEO of Retail Banking at Delta have seen slightly more vide credit is a unique model CIB, suggested that banks find interest from developers. At Al worldwide. “What happens in lending to real estate companies Mansoura Al Gadida, private Egypt [in the real estate sector] is too risky. “The real estate sector developers are building three not present anywhere else in the has long relied on retail-sector mixed-use gated complexes and world,” said Samy of JLL. funding. However, they can shift four universities. The eight Upper Extending payment plan to using project finance options Egypt cities currently under con- options increases the risk to [from formal financing institu- struction also have seen “interest developers that individuals tions],” he said. “But first, devel- from the private sector,” noted might default on their loans. “It is opers must change their busi- Abbas, without offering details. not the real estate developer’s ness model and improve their He added that plots south of role to assess the creditworthi- creditworthiness as per the Cairo are by far the cheapest in ness of clients to provide them banks’ requirements.” Egypt, as the price only covers with credit over longer periods infrastructure costs. However, than authorized com- developers must pay for the panies,” said upfront. Tarek

16 In-Depth

He added that relying on AmCham’s real estate conference. Developers also could contract homeowners’ installments to Such funding would likely be via with leasing firms to buy the finance new developments is a mortgage companies or firms units and arrange multi-year primary reason why real estate offering leasing options for devel- payment plans with individual stocks underperform on the opers and end buyers. buyers. “Leasing terms could stock exchange (EGX) relative to According to Fahmy, the law pre- stretch up to eight years,” said other sectors. “Real estate stocks vents non-banking institutions Fahmy. “Developers would recu- trade at a significant discount from financing real estate under perate their costs immediately given the ‘price-to-earnings’ ratio construction. “Owners also must fill while individuals would get flexi- in the market,” explained Issa. out a lot of paperwork when ble payment plans. And default Buyers also rarely resort to for- requesting financing from a non- risk would be low, as assessing mal financing institutions. They bank,” he added. Additionally, the the creditworthiness of clients is mostly prefer the flexible pay- company must assess the appli- part of the leasing companies’ ment plans that developers offer cant’s creditworthiness and could core operations,” said Fahmy. over collateralizing a unit to take reject the mortgage request. “It is a bank loan since they must first not just income. Also, there is the Reality check register it, a practice that most age of the applicant,” explained Potential homeowners usually buyers avoid. Additionally, units’ Fahmy. “Other factors relate to take out a personal loan -- collat- high prices mean banks require insuring applicants, insuring units eralized by their salaries -- to high creditworthiness, said Issa. for the duration of the mortgage, cover a down payment. “That is covering annual maintenance costs the simplest method to secure Innovative financing and other factors that only compli- financing for the average Seeking bank loans is not the only cate the mortgage application.” employee. Also, banks now offer way real estate companies can Using the capital market to larger payments and longer finance projects or sell units. “The finance specific projects also is an [personal loan] installment non-banking financial sector [regu- option, noted Fahmy. Some devel- plans,” said Fahmy. However, lated by the Financial Regulatory opers are securitizing their sales that is risky as buyers will likely Authority, rather than the contracts, where a developer spend the following eight or 10 Central Bank] can provide a would sell the installment con- years paying two installments -- lot of [innovative] solu- tracts to investors. The former one to the bank, the other to the tions,” said Fahmy of would recuperate the project’s developer. Al Tawfik Lease costs immediately, while the latter To reduce the likelihood of during would receive income from the default, real estate companies installment payments. buy mortgage or real estate A third option, which private sector financing firms to manage real estate developers were the first installment plans. Fahmy cau- to use sukuk. Talaat Moustafa Group tions that developers must be issued EGP 2 billion in sukuk in careful when they make such a September to finance a shop- move. “If not managed properly, ping mall in Madinaty. the financing portion of the busi- Meanwhile, some media ness would be limited,” he said. portals reporting that Experts believe current laws Amer Group may must change to make it more issue sukuk convenient and feasible to in early secure financing, said Fahmy. 2021. “Until we have an active mortgage or financing market,” said Sherif of SODIC, “real estate developers have no option but to offer extended payment plans to anyone who applies.” I

17 In-Depth

18 In-Depth

Companies can't ignore 'SHE-CESSION' Working mothers are being tested in unprecedented ways. Is Egypt paying attention?

By Ola Noureldin

Sahar Abouelmagd is proud of the years she worked for an oil and gas company, drafting financial records and budgets of billions of dollars in exploration deals. These days, she’s hiding out — mostly from her two children, ages 4 and 11. "I just actually locked my door so that nobody can come in here," she says, from her bathroom. Constant interruptions from children are happening in households across the country. With the added complexities of managing both work-related Zoom calls and online learning for the kids, parents – especially women — are near their breaking point. According to a recent report by the Central Agency for Public Mobilization and Statistics, Egypt’s overall unemployment rate reached a two-year high of 9.6% in the second quarter of 2020. Women’s employment fell nearly 6 percentage points to 16.2%, while youth employment was at 60% in the second quarter compared to nearly 85% a year ago. For Abouelmagd, the juggling act reached rock bottom in September. Her husband, a banker, worked at his office five days a week, while she worked from home. That went on for weeks until she realized that her two kids were skipping lunch. “Without the structure of the school day, the kids never knew when it was time to eat,” she says. So when she learned schools would partially reopen at best, she realized that was it. "I can't keep this up," she remembers thinking. She decided to take a leave of absence. Reem Asaad, VP at CISCO Middle East and Africa, believes women have been disproportionately affected by pandemic life. “It’s a really hard situation,” says Asaad. “The lines between work and personal life are becoming very blurred, so maintaining compassion as an employer is essential.” Working parents should feel comfortable asking for accommodations to manage their children’s virtual classrooms without jeopardizing their careers, she notes. “Until that is granted, the juggle between working and mothering can be very hard to sustain.” As women leave the workplace to take care of their homes and families, the private sector needs to build the right environment to allow women to go back to work. “We should build a culture that is able to preserve women’s roles so when they return to their jobs they can be granted the same career progression they deserve,” says Asaad.

19 In-Depth

Move away from rigid workplaces and introduce people together for one common purpose.” flexible ones, she urges. “Accommodating employees’ She explains that when an employer trusts their subor- concerns can positively impact their creativity and dinates and empowers them, they will do their best at productivity,” says Asaad. “Give them the freedom to work to exceed expectations. Alternatively, “employees choose when to work and how to work ... Respect their will find every chance not to give back if they feel con- burnout and introduce mindfulness workshops and trolled or suffocated,” she says. wellness-focused talks.” Creating an agile, family-friendly culture like the one at Combat the ‘she-cession’ CISCO combines all these elements, Asaad explains. The obstacles and hardships facing working mothers are According to a company survey in late 2020, 87% of not new, but the pandemic has made them more visible, 10,000 CISCO employees surveyed want the flexibility to according to Medhat El Kourdy, a 13-year HR veteran in choose where and when to work. “It is now up to the GCC and Egypt. “The pandemic has taken the world employers to evaluate if they can afford these privileges by surprise and changed our lives forever. A lot of govern- long term,” says Asaad ments and organizations had to reassess their workplace policies to effectively support families, specifically work- Odds stacked in her favor? ing mothers,” El Kourdy says. In Egypt, for example, the Nouran Tony, 31, is a supply planning manager at Beyti government supported the working mother by obliging Egypt who was furious at the start of the pandemic that all women to work from home if their children are 12 she could not put her 2-year-old son, Youssef, into day- years old or younger while schools have been closed to care. Luckily, she says, Beyti’s flexibility allowed her to curb the spread of COVID-19. take good care of her son, even on long workdays. “I wit- Even before the pandemic, Egypt introduced regula- nessed him growing and developing day by day tions in 2003 allowing companies to offer flexible throughout the past year,” Tony says, who had access to employment conditions. By 2017, wuzzuf.net, an online the software, hardware, and connectivity needed to suc- platform for job listings in Egypt, saw a 124% increase in ceed in her job. “This is something I would never have the number of remote job postings, according to been able to do pre-COVID-19.” Egyptian Streets. Meanwhile, the number of employees Asaad thinks building the right infrastructure for applying for those types of jobs increased by 144%. remote working is key. “‘Employees need a work envi- Recently, Minister of International Cooperation Rania ronment that has advanced technology and collabora- al-Mashat, the president of the National Council for tive tools that will give them the ability to be productive Women Maya Morsy, and the World Economic Forum from wherever they are.” launched the first Closing the Gender Gap Accelerator in To keep Youssef busy during virtual meetings, Tony the MENA region. It aims to prepare women for the post- had to set screen-time rules. “Initially, I didn't allow my coronavirus world of work, close gaps in remuneration, kid to use the mobile, but now he is allowed up to two enable women’s participation in the labor force, and hours a day,” she explains. For companies to further sup- advance more women into leadership roles. port and empower women, Tony hopes remote work Meanwhile, in the private sector, a key concern is train- policies would continue beyond the pandemic. ing companies to better accommodate working moth- If you want something done, give it to a mother, says Mark ers’ needs. Companies need to provide certainty and Wyllie, CEO of Beyti Egypt. “They are committed, deter- clarity, says El Kourdy. That could alleviate stress from the mined, disciplined, and reliable.” Diversity is a major value general anxiety about the pandemic, health and safety add in any organization. But mothers add maturity and concerns, and worries about job security of new hires or focus to teams and bring invaluable perspective to the table, that fearing their industry’s decline. Being transparent Wyllie says. About 22% of Beyti’s employees are women. also helps reduce apprehension over working from For the first time in company history, Beyti is introduc- home or returning to the office. ing flexible policies that include two days a week work- A case in point is Nada, 38, a mother of three who works ing from home. In addition, they allowed 100% working at a real estate company. She recalls her employer would from home during school closures. For working mothers only give two days’ notice for when she had to be at the to feel empowered during such challenging times, office. To her, it is a very short time to plan for child care. Wyllie says, “they need to have and share clear targets El Kourdy recommends communicating with employ- across the company and stay closely connected and ees: Listen to their needs and try to be accommodating, aligned to ensure everyone is moving forward in the while at the same time being clear about job expecta- same direction.” tions and performance standards. Announce any policy Asked if the company had witnessed any efficiency changes in a timely manner and explain the reasons problems, he says: “On the contrary, we have seen effi- behind them. Accordingly, if a company requires physi- ciency increase. I have seen many of our female associ- cal attendance, they could either provide on-site daycare ates rise up, thrive and take on more responsibility.” or identify safe and affordable nearby options. Asaad, too, experienced a productivity surge by work- Another problem is how fast the boundaries between ing mothers at CISCO last year. “I think when employees work and home have collapsed, making work-life bal- have an adequate work/life balance, they deliver better,” ance even harder to attain. Thankfully, some reported she says. “A healthy work culture is the glue that brings their employers proactively respond to unexpected

20 In-Depth

constraints by managing expectations. A graphic with at least someone praising them for all their hard designer at a marketing agency said that her direct boss work,” he says. That would prove vital for keeping up “was literally asking permission to send me to work; she morales was beyond understanding.” This recognition made her Just like working fathers, working mothers have aspi- feel as though her struggles are seen and understood. rations they want to fulﬁll, El Kourdy notes. Accordingly, One solution is to enact parent-friendly scheduling companies should always appreciate what they are policies and ensuring everyone knows it’s okay to use going through, offer help, and support their mental well- them. “Taking everyone’s circumstances into considera- being even beyond the pandemic. Meanwhile, employ- tion can create developmental opportunities with more ees – particularly working mothers – bandwidth, which can foster career development,” says shouldn’t be reluctant to El Kourdy. Acknowledging that some work cultures have make additional not embraced this thinking, he recommends that com- requests from their panies should train their leaders and managers on how employers. In to successfully implement parent-friendly policies to return, employers reinforce the organization’s commitment to supporting need to be more its staff. compassionate, Empathy is also vital, yet it is something not all man- show empathy agers are familiar with, El Kourdy says. He recommends and understand- scheduling mental wellbeing online sessions or virtual ing more than social times just to check in on how employees are ever, El Kourdy I doing. “Calls like these always tend to end on a high note, says.

21 In-Focus

PANDEMIC IMPERILS working mothers' careers Virus poses serious threat to Egyptian women’s engagement in economic activities. By Ola Noureldin

COVID-19 has forced many women — particularly mothers — out of the workforce. In honor of Mother’s Day, we caught up with Laila El Refai, MENA gender ofﬁcer at the International Finance Corporation (IFC) on how the private sector can help. The interview has been lightly edited for length and clarity.

22 In-Focus

23 In-Focus

What are the latest gender What kind of requests from working employment numbers in Egypt? mothers are not easily approved? Laila El Refai: What I can tell you is that El Refai: Some companies require that while half of university graduate are employees go to the ofﬁce two or three women, only one in four women works. In days a week. Given the fact that children contrast three of four men in Egypt work, are schooling from home, some mothers while the gap is very obvious when we may not be able to meet that require- put it that way. There’s also an issue ment, forcing them to choose between regarding the continuity of women in the home and work. I have heard of several workplace, especially after marriage and examples where women were unable to childbearing. That’s possibly why many reconcile workplace presence with home companies are looking into retaining schooling and had to resign. I imagine women. that this is the reality for many working

mothers in Egypt. How does creating a mother-friendly

company culture benefit an Laila El Refai What changes can companies make to MENA gender officer at organization? better accommodate working mothers? the International Finance El Refai: In the beginning, we were pro- El Refai: The way to go is not to stick to Corporation (IFC) moting the concept of work flexibility to working hours but instead to stick to out- create better working conditions for put. Working mothers can be very well- women, but all of a sudden – during the organized. I know that many working pandemic lockdowns - flexibility became mothers start their day early in the morn- overnight the only mode of survival for ing. It’s inspiring and we look at them in business continuity. Adopting flexible awe, always amazed at how they can jug- workplace practices does not only posi- gle between working and taking care of tively impact working mothers. It’s a cul- their children. Companies could benefit ture all employees benefit from. Pre- greatly if they took out their employees COVID-19, the IFC was eager to make out of the 9.00-5.00 work schedule and employers realize how, through adopting enabled them to deliver in the way they a flexible culture, employees can engage are able to deliver given their competing in the workplace and their career while domestic responsibilities. still taking care of children or elders or

domestic responsibilities. Surveys show How can private sector companies that this increases employee loyalty and engage women who left their jobs retention. to join back the labor force? What are some limitations to adopt- El Refai: Through returnship programs. ing a flexible work environment for Such programs target experienced mothers? women who left the workforce and El Refai: Local companies worry a lot find ways to hire them back. Years about adopting flexible workplace cul- after they leave their jobs, some ture, and rightfully so. Many companies women are ready to enter the market don’t have the IT or infrastructure needed again, yet they often do not know how. for employees to operate remotely. Some Companies are identifying these have trust issues vis-a-vis their employ- women as assets and are always inter- ees, they worry that if they introduce flex- ested in hiring them because of their ible work practices, their employees experience. won’t work as productively. With a flexible workplace comes a lot of responsibility on How does IFC help in this regard? the employees’ side. It can take a long El Refai: The IFC launched a new advisory time for the company and employer to program in July to improve women’s enhance their existing trust in such a employment opportunities in Egypt by remote work relationship and for employ- highlighting how private sector compa- ees to adjust their routines and calibrate nies can tap into the country’s large, their work discipline to an often less struc- underutilized female talent pool and spur tured work context. Focusing on deliver- economic growth. The three-year pro- ables is still a very new idea to the gram is helping create family-friendly, flex- Egyptian workplace. It takes a certain ible workplaces to support Egyptian busi- management style to instill an output- nesses in becoming more resilient, agile driven work culture that. and inclusive, especially in times of crisis.

24 In-Focus

What’s the process like? flex work can hit two birds with one returning mothers. Another idea El Refai: We assess the HR data of stone. It is a beneficial way to oper- to retain women post-maternity is a company, talk to employees, run ate and do business regardless of adding a nursery in the workplace focus groups, and conduct discus- gender. And at the same time, it or partnering with one nearby. sions to pinpoint the key issues allows working mothers in particu- hindering the company from offer- lar to thrive amidst a more flexible Is there anything else you’d like ing a family friendly workplace. We work environment and to have help the companies collect gender careers. Companies who miss out to add? data, analyze gender gaps in their on the opportunities of flexible and El Refai: Everyone tends to talk workforce and develop an action home-based work automatically about maternity leave and not so plan. Sometimes the issue is about lose the opportunity to recruit and much about paternity leave. Part of improving infrastructure, some- retain more in particular. That the reason why some employers times it’s about introducing family- means that they miss out on hiring frown upon hiring women is they friendly company policies or cul- from a larger and more diverse pool think women who become mothers ture. We give our recommenda- of employees that includes women one day will not prioritize work. Yet, tions and offer the company solu- but also talent from different gover- tions to help them implement the norates and even different time we are not giving men the opportu- recommendations. zones. If companies remove restric- nity to share engage with their new- tions and are open to creating a vir- borns, and benefit from the child- Who are some of your clients for tual workspace then it will make bearing experience and contribute this program? their talent pool so much wider than to shouldering the responsibility at El Refai: We work with several imaginable. Mostly, it will work for home paternity leave. Many men leading companies including working mothers! would welcome the opportunity to healthcare provider IDH, retailer spend time with children and build Metro Markets and a leading What are some tips for balancing a connection with newborns. Also, financial institution in the bank- working and mothering? ing sector. El Refai: I am always in awe at how when more men take paternity well-organized many of working leave, maternity leave becomes less What are some other ways to mothers that I know are. But gener- frowned-upon by employers. It real- retain working mothers in the ally, my advice to any professional is ly could be game changer in the workforce? to organize your days to the minute, workplace culture. I El Refai: Besides returnship pro- staying calm and communicating grams, we are noticing an increased your professional needs to your interest from employers in Egypt managers. Most importantly, don’t right now to seek support and guid- ask for preferential treatment. Know ance on how to create more family- that if something is given to some- friendly – and ultimately more one it should be given to everyone. women-friendly – workplaces. But Flexibility is for the benefit of the it’s not just about increasing the business at large. awareness and capacity of firms to recruit and retain women through What are ways companies can family friendly workplaces. I believe retain women with children? online career fairs for women are El Refai: COVID-19 or not, some really important for them to net- companies are implementing work with employers and find job policies for women not to return opportunities. straight to work right after they give birth. They return gradually Do you think companies will one day a week during the first start prioritizing investing in month after their maternity leave family-friendly workplaces? expires, two days a week during El Refai: Many companies have had the second month until they are an eye-opening experience when eased back full-time. We do not they navigated the pandemic and want to put a woman in a situa- lockdowns. They experienced tion where she has to choose remote and flex work firsthand, between home and work. seen the benefits and they might Companies can benefit from not want to go back to how things making this smart decision. That were before COVID-19. Companies way, they retain the valuable tal- seem to recognize that remote and ent pool of high performing

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TURNING A CORNER

With their sights strictly on rising opportunities in 2021, many business executives are quickly realizing that the world they will enter looks nothing like the one in 2019. The COVID-19 pandemic has altered the state of the global economy and consumers like no other major international event. Additionally, many futurists are predicting that COVID-19 will not be the last pandemic the world will see. That means that businesses must build resilience today to face inevitable disturbances in the not-so-far future.

By Tamer Hafez

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Building resilience

With experts predicting more global disruptions to come, companies must take concrete measures to prepare.

Last year, organizations were put to the test, upend- Holistic approach ing operations to balance employee well-being, gov- Matthew Hinton, a partner in the New York management ernment regulation and making money. Those that firm Control Risks, said the problem decision-makers successfully navigated COVID-19’s disruptions face is defining “resilience.” believed large-scale change was inevitable. For some organizations, the term “brings together “Companies that took steps to prepare for future dis- all risk management functions,” said Hinton. “For asters prior to 2020 were more likely to say they are others, it’s a theoretical or academic term or a buzz- weathering the pandemic better than their peers,” word that doesn’t translate well.” Control Risks said the 2021 Deloitte Global Resilience Report. research shows that while 70% of organizations use The fact that pandemics and other global econom- the term “resilient,” 65% of them have action plans, ic shocks are likely to reoccur means companies and only 26 percent implement them. need to build resiliency quickly. “Change and disrup- The key to being resilient starts with management tion will be a way of life going forward, so leaders who and decision-makers, said Hinton. They need to implement the building blocks of resilience now will change their mindsets and how they perceive the be best positioned to thrive going forward,” said organization and environment where they operate. Michele Parmelee, Deloitte Global deputy CEO and “In many ways, embracing [that] approach to chief people and purpose officer, in a blog on the resilience negates the need for a common defini- company’s website. tion,” he said. “It provides organizations with the flex- Decision-makers in 2021 must shift quickly from ibility to embrace resilience however they think is survival mode to building for the future. “It’s under- appropriate given their risk profiles and cultures.” standable that you might want to just stabilize your The first step in that holistic approach is to be organization after a crisis,” David Lancefield, a guest aware of the risks that face the company and com- lecturer at London Business School, wrote in a municate them to all employees. To correctly identify Harvard Business Review (HBR) blog post. “But this is those hazards, organizations must commit to plans an opportune moment to take a fresh look at your based on concrete intelligence that reflects the company — and the landscape it occupies.” nuances of their communities, in addition to the

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global view. “The companies ... emerging stronger wrote Paul Pellman, CEO of Kazoo, a digital HR plat- from crises often do so due to their deep commit- form. “Morale is best at companies that put employment to continuous learning,” Hinton told HBR. ees first during challenging times,” he wrote in a blog That resilience plan should be flexible, even during a on CMSWiRE. “When employees appreciate the crisis event. It also needs to look at the short and long company’s commitment to them, they become terms simultaneously, noted Parmelee of Delliotte. “Truly engaged in finding new ways to reduce costs and resilient organizations [empower] management to focus generate new business. Which leads, ultimately, to on the day-to-day of the crisis, while leadership focuses organizational resilience.” on their strategy and the future,” said Hinton. Any plan Decision-makers need to allocate more resources must also consider the organization’s culture and than ever to ensure those building blocks are con- empathize with employees. crete. “Now that we’ve seen what can happen and how quickly it can unfold, there’s a better under- Building blocks standing of how something like a virus or a major cli- Implementing a holistic approach requires several mate event can dramatically affect economies,” prerequisites. According to Kevin Carmody, a senior Parmelee of Deloitte told Forbes. “These issues and McKinsey & Company partner in the Chicago office, their potential impact aren’t theoretical anymore.” companies need to adopt the “finance organization” concept, which has a “good balance of historic analy- One step back sis and future view,” he said at a 2019 event. Regularly pausing to reassess an organization’s Carmody stresses the importance of “embedding resiliency plans is vital to ensure a company is on finance managers throughout the organization” to track toward growth and protection against future collect data for forecasts. Additionally, finance crises. Lancefield of the London School of Economics departments should adjust the company’s asset told HBR this is “how to reinvent [an] organization in portfolio based on balance sheet results. “If you scrub the middle of a crisis.” the entire balance sheet, you can generate substan- The first step is to assess the impact of the crisis on tial value that will help drive a business and, frankly, the company and make decisions using the right set protect the downside of a company,” he said. of indicators, some of which should be specific to the Another building block is “strategic resilience,” said organization. “A crisis rarely meets a neat and tidy Kevin Lackowski, another senior partner at McKinsey, ending,” said Lancefield. “So it’s critical that you who noted that the competitive landscape is more make an informed decision when ... to signal the end than ever a “winner take all” market. “The top 20 per- of the crisis for your organization.” cent of companies capture 90 percent of the eco- Another critical factor is to “refresh” decision-mak- nomic profit. The bottom 80 percent capture either ers before planning for the next phase. “Executives nothing or destroy value,” he said. “It’s almost riskier are often expected to carry on even after long peri- not to transform than it is to transform because ods of intense working, which can lead to poor deci- that’s the only way to generate economic profit in a sion-making, inertia and even unethical behavior,” meaningful way and be relevant.” said Lancefield. He recommends “moments of Lackowski also stressed companies need to have decompression,” allowing them to be strategic about action plans for every scenario, which is not common. where they spend their energy and time. Less than 30 percent of firms do so, according to The next step is to look at how much the business McKinsey’s research. landscape has changed while implementing the The pandemic added more building blocks that resiliency plan. Some changes could be due to new organizations need to acknowledge in their plans, regulations, an altered competitive landscape, or a including hiring versatile employees, more interde- shift in customer perception. partmental collaboration, building employee confi- During that reassessment phase, Lancefield stressed dence and meeting stakeholder needs. the importance of monitoring for “weak signals of Another vital building block is maintaining emerging crises … To ignore these dynamics would be employee morale as the company builds resiliency, a lost opportunity at best and a threat at worst.” I

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consumerThe future

Businesses should focus on emerging consumer trends to build brand loyalty.

Almost 11 years ago, Marshall Goldsmith’s book title sum- local businesses ... These real partnerships make a differ- marized the reality that companies face today: “What ence for local consumers.” Got You Here Won’t Get You There.” Last year was a In addition, consumers are expected to more closely make-or-break year for many businesses, which had to follow social media comments about companies, so quickly shift to online sales and remote working amid businesses will need crisis communication strategies to partial or total lockdowns. Those who couldn’t adapt respond. either closed or are in survival mode. This year will prove more critical as consumers adopt behaviors that could Investing more last long after COVID-19 is no longer a game-changer. Another significant change is in what consumers expect “2021 will be a pivotal year,” wrote Alison Angus, head of from companies. According to Euromonitor, “people lifestyles at Euromonitor International, in a blog on the miss the spontaneous activities and impulse purchases company’s website. “These changes [will] quickly mani- of their pre-pandemic life.” Those spontaneous offerings fest for the long term,” she told the Wall Street Journal in are not only in physical stores but also include digital January. interaction, stated the research firm. To identify those changes and their impact on “busi- In its “Five Consumer Behavior Trends to Watch for in ness as usual,” Business Monthly curated research from 2021” report, Forbes added that “convenience will remain Euromonitor, Forbes, Deloitte and other specialized key ... 25.5% of respondents listed convenience as the firms to explore what consumers might demand in deciding factor in where they choose to give their busi- coming years. ness.” The Euromonitor report predicts the rise of the “24-hour service culture.” Meanwhile, Clicksuasion rec- More than just selling ommends more video-based interaction with cus- In its “Top 10 Global Consumer Trends 2021” report, tomers via smartphone apps. Euromonitor International noted increasing concern More investment will be necessary to create open-air with “social and environmental issues.” Research by Zeno spaces, noted Euromonitor, which “will pay off due to Group found 89% of Americans are “more likely to sup- heightened demand for safe venues.” port a brand [that has] a positive impact on the world.” Deloitte’s research noted that regardless of the busi- A survey by Clicksuasion, an online research firm, ness, investments should be made in redesigning phys- found consumers are likely to shy away from large orga- ical locations to provide a “thoughtful experience” and nizations that replace struggling neighborhood busi- companies should “reassess the value and role of the nesses. The survey recommends “providing support for [brick-and-mortar] store.”

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With consumers finding online transactions conve- Researching the new market nient, businesses must also offer digital options, said The research firm Digsite published a report stressing Deloitte. Evelyn Aguilera, brand strategy director at that companies must adjust how they analyze the mar- Ground Truth, a research firm, indicated that time spent ket to correctly identify new long-term trends. “Not only on digital platforms increased 12% year-on-year in did consumers change, but the way we did research January. “Last year, click-and-collect sales in the United changed,” noted Monika Wingate, Digsite CEO, on the States alone grew 60.4% when compared to the previ- company’s website. ous year,” she wrote on the company’s blog. One critical difference is the need to expedite market Decisions, decisions research and innovation. “It needs to be built into the Research results indicate consumers’ spend in 2021 will DNA of your company: the ability to have ideas in the be based on how their incomes were affected last year. organization being built at the same time you’re con- “Consumers [will] rebel by placing their own needs and ducting in-context research,” said Wingate. The second wants first,” said the Euromonitor report, which found trend is to combine qualitative and quantitative sales of alcoholic drinks, prepared food, and video games research. One example is giving numeric scores to assess rose last year. “These consumers are spending on indul- a product, followed directly by face-to-face interviews. gences ... to feel better.” Another trend is to partially outsource research. Those who lost their jobs in 2020 would naturally be Wingate recommends using “assisted do-it-yourself less inclined to spend. However, the Euromonitor report (DIY) research.” The company focuses on developing the found the majority will limit spending on certain items research while a professional company handles the field- while splurging on others. In Egypt, for example, car sales work and analysis. grew by 25% last year while overall inflation declined Wingate said even those who benefited from the pan- despite lower interest rates. demic, such as mobile app developers, still need to Euromonitor also highlighted an increase in individu- rethink their approach to market research. “While 2020 als paying to improve and entertain themselves or their was in large part about pausing, for 2021 there’s a huge families. The report predicts an increase in “global sales risk and opportunity cost with customers’ potential to of educational and hobby-related toys and games ... and switch brands,” she stressed. childhood snacks.” White-collar professionals will start spending to per- Accepting change manently repurpose part of their homes as offices, as Wingate stressed that as companies adapt to changing “the lines between the home and the office blurred,” consumers, they must accept that their strategies will noted Deloitte. “Not only are customers spending much look very different. “We have many unknowns ahead of more on home improvement, but they are also buying us,” she said, “but we can feel confident that our world office furniture,” said Clicksuasion. Meanwhile, Forbes made the bold prediction that con- has changed who we are and the way we think about sumers will actually use digital commercial platforms and value our family and home.” less frequently. “Shopping online or having a Zoom cof- The Euromonitor report said companies that survive in fee chat has its benefits, namely convenience and safety. the coming few years must work with three bottom lines These alternatives will serve as a substitute for in-location — people, planet and profits. That compares to pre-2020, shopping or a physical coffeehouse — for a time,” wrote when the bottom line was making more money every the research firm. Nearly half of those Forbes surveyed quarter. said they prefer shopping and visiting physical locations. Understanding consumer needs will be vital as com- Visiting stores, however, depends on shop owners pro- panies look to recover lost business or consolidate new- viding “a worthwhile — preferably phenomenal — expe- found positions in the market. Wrote Angus of rience,” noted Forbes, whose research shows that 90% of Euromonitor: “Tailoring strategies to these emerging surveyed consumers would “likely return to a business consumer trends will empower businesses to endure where they had a positive in-location experience.” the unexpected and overcome adversities.” I

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tomorrowTEAMS OF

Managers need to change their mindsets in response to different team dynamics and priorities.

Last year, employees were forced to carry out their outcomes and results. “Employees need to continue to work with offices shut down to curb the spread of know how their managers are assessing them, espe- COVID-19, while at the same time decision-makers cially since they don’t come to the office as much as were demanding no disruption to “business as they used to,” noted Zahwi. usual.” “That was the challenge in the local business What will change are the metrics and benchmarks environment,” said Sherine Zeidan, HR business part- that managers and decision-makers use to measure ners manager at Commercial International Bank, employee performance. “Managers need to use multi- during a Feb. 10 AmCham webinar featuring a panel ple sources to receive feedback from employees as well of human resources professionals and executives. as stakeholders, now that they are not meeting them Most employees have settled into working remote- face-to-face,” said Zahwi. “They must also evaluate per- ly and virtual meetings, for better or worse. However, formance based on what employees achieve in [the as managers and decision-makers move from react- current] context.” ing to the rapidly changing environment of 2020 to Zeidan said CIB had to change its performance man- capitalizing on new opportunities in 2021, they must agement system by increasing the frequency of assess- manage their teams differently. “We had to adjust ments for those working from home. The bank also several aspects to keep employees motivated and added a behavioral component to the evaluation. “It productive,” said Rami Azzi, regional business group relates to how well employees are coping with the pan- lead at Microsoft. demic, mentally, to ensure fair evaluation,” she said. Zahwi also stressed the importance of communica- Principles in a new reality tion in the virtual workspace. “It is a shared responsibility Nihal Zahwi, senior director for baby care in Asia, the to communicate. Managers must initiate communica- Middle East and Africa at Procter & Gamble (P&G), tion with their teams, and vice-versa,” she said. “It is as stressed the importance of keeping some basic prin- important as the results.” ciples in focus. At CIB, meetings among staff and with the CEO The first is that the “manager is accountable” to have become regularly scheduled events. “Those coach, train, develop and evaluate each team mem- meetings aim to maintain a healthy work culture ber’s performance. “In that respect, it is the same as that is well connected and answers employee being in the same office,” she said. Additionally, man- questions, and maintains messaging clarity across agers need to continue to be clear about expected the organization,” said Zeidan.

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During the webinar, Zahwi stressed the impor- unnecessary work.” Such a tool would make security tance of managers refraining from slang during less challenging as all employees would access the meetings, especially with foreigners. “Cultural differ- system from one program. ences are more pronounced in a virtual setting,” she Away from work, Azzi highlights the importance of stressed. having a completely separate platform for employees to communicate with each other. “An ‘employee Resource building experience platform would help organizations create The lockdowns to control COVID-19 since the start of a thriving culture with engaged employees,” he said. last year resulted in companies having to invest in It includes event notifications, news and other work- resources to ensure employees could continue to place services. It also could have feedback messag- perform. “Organizations must protect their employing, surveys and knowledge resources. “Well-being - ees and customer services,” said Zeidan of CIB. “It has [whether] physical, mental, emotional or financial - is to be ‘business as usual.’” vital to retaining employees and making them more The first step was to switch personal computers to productive,” said Azzi. laptops. CIB also took steps to increase the protection of networks by using more reliable firewalls and Re-skilling the workforce authentication processes. In the face of such rapid change, companies need to Another new resource to help employees perform invest in retraining their workforce to adapt to the effectively is establishing an HR hotline, where new reality’s downsides and capitalize on opportuni- employees could ask for assistance from HR or out- ties. It could prove challenging to manage a unique side counselors. “We also send out emails with tips work environment while learning new skills. “We are on everything from how to stay safe to how to now on a tough road that will lead to a beautiful des- unwind at home to creating an office space,” said tination,” said Hossam Kabbani, CEO and board Zeidan. member of Dale Carnegie Training Egypt. “The key

New work routines for organizations is when they will reach it.” He said companies need to dedicate budgets to Azzi of Microsoft noted during the AmCham webinar retrain their workforce on the organization’s new that “two years worth of digital transformation happened in March and April 2020.” realities. “Now is the time for companies to have a While employees and managers initially coped and positive mindset to capitalize on the arising opportu- even enjoyed scheduling online meetings and work- nities,” said Kabbani. ing from home, bad habits and frustration crept in. To choose the most effective training courses, “The explosion of online meetings led many to come “companies need to ask themselves what are their unprepared,” said Azzi. “There also were a lot of dis- strengths,” he said. Courses need to offer emotional tractions to the point that meetings became coun- development coupled with behavioral-change train- terproductive.” ing. “Those two dimensions will lead to performance A big frustration with online communication is change,” said Kabbani. employees must use several tools and apps on the He noted that companies in 2021 should look at computer and mobile phones. “Those different tools training courses that deal with online stress, leading overloaded the employees,” explained Azzi, stressing virtual teams and making presentations in a virtual the importance of employees using just one tool or setting, among other topics. Taking the time and mobile app to access everything they need. “It must committing a training budget will go a long way also be easy to operate,” said Azzi. “Someone with no toward making any organization “agile and resilient, technical background could create workﬂows while and able to deal with everyone everywhere,” Kabbani the tool does the manual tasks, saving hours of said. I

33 American Impact

PROTECTING AMERICA’S ECONOMY A ﬂurry of executive orders from President Joe Biden portend broad implications, none more so than the Buy American and Made in America acts. By Adam Skaria

34 American Impact

President Joe Biden has already signed off on far predecessor, that doesn't mean a few things won't more executive orders than former presidents survive," wrote Morgan Chalfant and Rebecca Donald Trump, Barack Obama, or George W. Bush Beitsch for The Hill last month. As Naomi Lim put it did in comparable periods at the beginning of their in a report for the Washington Examiner, Biden's terms. As of Feb. 25, Biden has already inked 63 exec- "Made in America" plan "has all the hallmarks of utive orders, with implications spanning various vital Trumpism." industries and sectors. "We are moving from an 'America First' trade policy His "Buy American" plan is a continuation of the to a trade policy that is going to be built much more 1933 "Buy American Act." It requires "federally funded in consultation with allies," said Edward Alden, senior public projects use domestically produced iron, steel fellow at the Council on Foreign Relations. "There is and manufactured goods unless doing so increases going to be a lot more effort to work with allies more project costs by 25% or more," noted a February closely on economic and trade policy. You could not report by Scott Beyer and Ethan Finlan in the City have a sharper departure from the Trump approach." Journal, an urban-policy magazine. "Big corporations and special interests have long Critics of that executive order see its blanket fought for loopholes to redirect American taxpayer approach as counterproductive. For one, it doesn't dollars to foreign companies where the products are reduce U.S. dependence on essential foreign goods. being made at a cheaper cost," Biden stated in the Secondly, some believe it may hamper the restoring announcement of his "Made in America" executive of ties with allies shunned during Trump's tenure. "It order. might jeopardize the very strong and integrated sup- "There are already restrictions for how many for- ply chains that exist between our two countries," eign products can be bought and assembled in the Canada's Foreign Affairs Minister Marc Garneau told United States, but various loopholes typically allow CNN in January. the true number to exceed federal limits," wrote Nonetheless, Biden's resolve to pursue that "pro- Clyde Hughes for UPI in late January. "Trump's "Buy tectionist" policy has so far been unwavering. America" order in 2017 did not close the loopholes." "American manufacturing was the arsenal of democ- "Washington spends $600 billion each year on con- racy in World War II and it must be part of the engine tracts," reported AFP and Reuters. Accordingly, the of American prosperity now. That means we are order tightens loopholes that allow federal agencies going to use taxpayer money to rebuild America," to buy goods made in America, "but which are often Biden wrote on Twitter in July 2020. manufactured by companies that only produce a Analysts believe that this policy is vital to America's small portion of their products in the United States," economic recovery. "Joe Biden's 'Buy American' isn't noted the media outlets. bad, it's necessary," wrote Rana Foroohar, a Global Business Columnist and an Associate Editor at the Protectionism Financial Times, in a January op-ed. "It is more than "The raison d’être for [the 'Buy American' executive just Trump's MAGA slogan with a kinder face." order] is protectionism: limiting foreign competition

to encourage job creation and wage increases for Policy continuation? those working in manufacturing. Another more Trump issued an executive order urging the federal nationalist justiﬁcation is that the U.S. is stronger government to purchase more U.S.-made products when it has a robust manufacturing sector," wrote and use tariffs as a weapon against imports. Biden Beyer and Finlan. has said he "doesn't immediately plan to tweak Scott Paul, the Alliance for American Manufacturing Trump's trade policies or issue new tariffs, instead president, told CNN he is "eager to see Biden close using the federal government's massive purchasing the loopholes in the current federal procurement power to spur domestic industry," reported AFP. process [and] follow through on his campaign Although Biden has wasted no time in attempt- promise to purchase $400 billion in American-made ing an "aggressive rollback of the agenda of his goods and materials for infrastructure projects."

35 American Impact

Some believe that protectionism can add undue "The goal is to make sure that companies can't inefficiencies no matter the industry or jurisdiction undermine or get around the purpose of the 'Made in involved. "The enhanced 'Buy American' program America' rules by importing largely foreign-made may also suggest that Biden plans to continue the products, making modest changes or tweaks on broader protectionist policies of the Trump adminis- shore that add little value for American workers or tration, such as tariffs, which have cost consumers American industry, don't actually utilize America's billions of dollars and angered U.S. allies," wrote manufacturing capabilities," an unnamed senior Beyer and Finlan. administration official told the media in February. It "Trump talked about buying American and hiring would also "close loopholes so that content rules American a lot, but his executive orders didn't drive new opportunities for American businesses and amount to much at all," said Paul. "There's an open- workers," he added. ing here for Joe Biden to really be a 'Made in America' Nagle and Kolinovsky say Trump's equivalent president." executive order in 2017 "did not significantly A critical component of the "Buy American" and increase purchases of U.S.-made goods." A "Made in America" plans involves the relationship spokesman for the Biden administration said, with America's largest trade partner and geopolitical "When you look at the outcome, there was no real rival, China, which Trump severely strained. "The new material change in the way in which domestic con- administration has laid out an approach [to China] tent was measured, the stringency of the domestic that will focus on competition and move away from content requirements or the utilization of waivers to Trump's more confrontational tactics," wrote the 'Buy American' provisions." Chalfant and Beitsch for The Hill. The coronavirus pandemic introduced an element Alden, of the Council on Foreign Relations, said of national security into the debate, highlighting vul- Biden would be more likely to move quickly to undo nerabilities in the country's supply chains for critical Trump's tariffs on European goods. "I think the most materials like medical equipment, masks, and other striking thing is how deliberate and patient they are personal protective equipment. "We can never again being on the China trade front," he said. "They are be in a position where we have to rely on a foreign moving very slowly and deliberately to review country that doesn't share our interests in order to options on China trade, not moving quickly to undo protect our people during a national emergency," the Trump record." Biden said in January. The Biden administration is pitching the "Made in Made in America America" plan as an effort to not only help U.S. businesses during the pandemic but also to begin Besides updating laws and regulations governing addressing structural inequality in the economy. how the federal government's budget, "the order "We immediately got to work to contain the pan- attempts to strengthen existing provisions giving demic and deliver economic relief to millions of workers and manufacturers in the United States Americans who need it the most. And today we're preferential treatment, some of which haven't been getting to work to rebuild the backbone of America: changed since 1954," wrote Lim. "Specifically, Biden is manufacturing, unions, and the middle class," the asking agencies to tighten the requirements that U.S. president said at a January White House media need to be met for a product to be considered made briefing. in the U.S. He's also requesting that they make it On the whole, changes set in motion by the Biden tougher for the government to justify buying foreign executive orders "will be highly consequential for the goods because of price. To oversee the reforms, he vast majority of companies that contract with or sup- will appoint a 'Made in America' director within the ply the U.S. government," noted a January litigation Office of Management and Budget who will centrally paper by the Washington-based Miller & Chevalier review any waivers granted and mandate biannual law firm. That means companies must update their evaluations of the policy." procurement and supply chain processes to ensure Biden's order aims to support small and medium- compliance. "Effecting these internal changes can be sized businesses through the Manufacturing complex and resource-intensive," noted the docu- Extension Partnership. It also reinforces the impor- ment. "Any adjustments must be implemented tance of the longstanding Jones Act, which means thoughtfully to avoid the very real prospect of any only U.S.-flag vessels can carry cargo between 'Buy American Act' enforcement action under the American ports. civil False Claims Act (FCA)." I

36 American Impact

OTHER ECONOMY-RELATED EXECUTIVE ORDERS

Below is a record of President Joe Biden's executive 01/22/2021: Executive order calling for assistance to orders relating to the economy as of February 28, 2021. those struggling to buy food or who missed out on All coronavirus executive orders were omitted. stimulus checks or are unemployed.

02/24/2021: Executive order reviewing America's supply 01/22/2021: Executive order to restore collective bargain- chains, directing government departments to study the ing power and worker protections for federal workers U.S. supply chains on batteries, pharmaceuticals, semi- and to lay the foundation for a $15 minimum wage. conductors, rare earth, and other materials manufactured in China. 01/20/2021: Executive order extending the existing 02/01/2021: Executive order on keeping tariffs applied nationwide moratorium on under the Trump administration to aluminum imports evictions and foreclosures until at least Mar. 31, 2021. from the United Arab Emirates, citing the need for domestic production of aluminum for national security 01/20/2021: Executive order and reviving industry. extending the existing

pause on student loan pay- 01/25/2021: Executive order to strengthen "Buy ments and interest for American" rules by closing loopholes and reducing Americans with federal stu- waivers granted on federal purchases of domestic dent loans until at least goods. Sept. 30, 2021. I

37 At a Glance

In Partnership with

WOMEN ECONOMIC AND FINANCIAL INCLUSION IN EGYPT GENERAL OVERVIEW

48.5% 30.8% 4.5 mn 10% 27% Percentage of females to Illiteracy rate among Number of employed Percentage of women on Proportion of seats held by total population in 2020 females in 2019 compared females in December 2020 boards of directors women in the parliament to 21.1% among males (16% of total employees) in 2019* in 2021

24% 60% 28% 26% 87% Percentage of women Percentage of women to Percentage of females to Females who witnessed Females aged 15 to 49 years in the Cabinet of total microfinance total e-wallet holders physical and/or sexual who have undergone Ministers in 2021 beneficiaries in 2020 in October 2020 intimate partner violence** female genital mutilation***

Sources: CAPMAS, Women on Boards Observatory 2019 (AUC School of Business), Internaonal Instute for Democracy and Electoral Assistance, UN Women, Financial Regulatory Authority (FRA) & NTRA. *It is worth nong that more than half of the listed companies on the EGX have at least one woman on board as of July 31, 2020. **According to a 2015 study by Ministry of Health and Populaon, El-Zanaty and Associates, and ICF Internaonal. ***According to UNICEF global databases 2017. EGYPT’S SCORES ON THE WORLD BANKS’ WOMEN, BUSINESS AND THE LAW INDEX 2021

Overall Score Mobility Workplace Pay* Marriage** Parenthood Entrepreneurship Assets Pension 45 50 75 0 0 20 75 40 100

Egypt recorded an overall score of 45 out of 100 on the World Bank’s Women, Business and the Law 2021 index which is structured around the life cycle of a working woman, lower than the regional average observed across the Middle East & North Africa (51.5).

In total, 35 questions are scored across the eight indicators. Overall scores are then calculated by taking the average of each indicator, with 100 representing the highest possible score. Data refer to the laws and regs that are applicable to the main business city (Cairo). *A score of zero on the Pay index means that all the following questions were answered in a No: Does the law mandate equal remuneration for work of equal value? Can a woman work at night in the same way as a man? Can a woman work in a job deemed dangerous in the same way as a man? Can a woman work in an industrial job in the same way as a man? **Marriage index includes questions such as “Is there no legal provision that requires a married woman to obey her husband?” and Parenthood: “Does the government pay 100% of maternity leave benefits?”. Source: World Bank, 2021

GENDER DEVELOPMENT INDEX (GDI) GENDER INEQUALITY INDEX (GII) HIGHER = BETTER LOWER = BETTER

0.96 0.97 0.97 0.99 0.92 0.93 0.87 0.88 0.90 0.90 0.82 0.83

0.08 0.08 0.12 0.17 0.20 0.25 0.30 0.31

0.45 0.45 0.45 0.49

Deﬁnions: The Gender Development Index (GDI) measures gender gaps in human development achievements by accounng for disparies between women and men in three basic dimensions of human development—health, knowledge and living standards using the same component indicators as in the HDI. It shows female HDI as a % of male HDI (higher = beer). The Gender Inequality Index (GII) measures measures gender inequalies in three important aspects of human development—reproducve health, measured by maternal mortality rao and adolescent birth rates; empowerment, measured by proporon of parliamentary seats occupied by females and proporon of adult females and males aged 25 years and older with at least some secondary educaon; and economic status, expressed as labour market parcipaon and measured by labour force parcipaon rate of female and male populaons aged 15 years and older. It measures the human development costs of gender inequality (lower = beer). Source: United Naons Development Programme (UNDP), 2019 data (latest).

38 At a Glance

WOMEN IN BUSINESS

WOMEN IN THE LABOR FORCE WOMEN EMPLOYMENT BY ECONOMIC SECTOR

Domesc Scienﬁc & Workers, Technical Acvies, 2.0% Others, 7.0% 2.1%

18.0% 16.8% Manufacturing Educaon, Industries, 30.3% 6.0%

Percentage of females in Female unemployment General Admin, Defense & Social Egypt’s total labor force rate in Dec. 2020 Security, 9.8% in Dec. 2020 (5.4 mn); compared to 5.1% compared to 24.6 for males and 7.2% mn males for all adults Wholesale & Retail Trade, Source: CAPMAS Source: CAPMAS 10.3% Agriculture, According to CAPMAS, after 1.3 mn females had left the labor force during Health & 16.3% Social Work, Q2 2020 for losing their ability or willingness to look for a job, 0.5 mn 16.2% females re-entered during Q3 and 0.9 mn re-entered during Q4. Overall, comparing Q4 2020 to pre-COVID levels (Q1), employed women increased Source: CAPMAS (Data as of end of FY 2019/20) by 0.4 mn and unemployed women declined by 0.3 mn, with 0.1 mn additional women entering the labor force and becoming employed.

GENDER WAGE DIFFERENTIALS

Female Wages per Hour (% of Male Wages per Hour); Average of 2010-2019*) 100% = Equal Wages, Below 100 = Higher Male Wages, Above 100 = Higher Female Wages

• Telecommunications (129%) • Social Services (78%) • Transport & Storage (109%) • Manufacturing (80%) • Electricity (105%) • Tourism (89%) • Construction & Building (102%) • Wholesale & Retail (90%) • Extracve Industries (100%) • Agriculture (94%) • Real Estate (97%) • Financial Intermediaon (98%) *Latest available data Source: CAPMAS & Dcode EFC Calculaons

It is worth noting that overall female wages stand at around 94% of male wages, and Egypt ranks 22nd out of 153 countries, a relatively good position, when it comes to wage equality for similar work according to the World Economic Forum’s Global Gender Gap Report 2020.

WOMEN AND ENTREPRENEURSHIP 2030 NATIONAL STRATEGY FOR WOMEN EMPOWERMENT

Total Early-stage Entrepreneurial Acvity (TEA)* Men Women All Adults

21.0% 18.8% Women’s polical Women’s economic Women’s social Women’s protecon by empowerment and empowerment through empowerment through eliminang the negave 14.3% 14.1% promong their capacity development, enabling opportunies pracces that threaten 13.3% leadership roles entrepreneurship, and for a wider social women’s lives, safety 11.1% through encouraging equal employment parcipaon of women, and dignity, and 9.8% 9.2% all forms of polical opportunies in all increasing women’s prevent their eﬀecve 7.4% parcipaon and sectors including the capabilies to make contribuon to social 6.7% prevenng discriminaon private sector and key informed choices, development including 7.5% 7.5% against women holding posions in the public and eliminang all eliminang all forms of 5.4% senior posions. sector. discriminatory pracces. violence against women. 3.7% 4.1% 2015 2016 2017 2018 2019 Source: Naonal Council for Women Women entrepreneurs are less than half of men at this stage.

*Total Early-stage Entrepreneurial Acvity – TEA - Percentage of the adult populaon between the ages of 18 and 64 years who are in the process of starng a business or already started a business (a nascent entrepreneur or owner-manager of a new business) which is less than 42 months old. Source: Global Entrepreneurship Monitor, 2015-2019 Reports

39 Market Watch Stock Analysis

A good start So far, 2021 seems to have started merger with Prime Group Egypt to 50.1% and 49.9 %, respectively, of Ebti- on the right foot, with both major create an even larger healthcare kar, which will see its remaining non- indices up on a year-to-date basis. provider. SPMD jumped almost 70% banking financial firms (Tamweel The EGX 30 is up 6.3%, whereas the during the period to close at EGP and Vitas Egypt) transferred to a new EGX 70 EWI has risen 11.9%. If this 3.11. Cleopatra Hospital (CLHO) saw company called Basata. BINV trend persists, it will be the third its stock largely unchanged at EGP jumped 20.5% to EGP 13.97, whereas straight year the EGX 70 EWI 5.10 despite news of its potential MTIE advanced 12.4% to EGP 10.51. (mostly small caps) outperforms the merger with Alameda, another hos- Meanwhile, Fawry (FWRY) continued EGX 30 (mostly large caps). From pital operator. to head north, up 40% to EGP 51.81. Jan. 15 to Feb. 15, the EGX 30 was up Elsewhere, potential initial public On the other hand, Egyptian Iron & a meager 0.6%, while EGX 70 EWI offerings helped drive related stocks Steel (IRON) suffered as the market jumped 6.5%. Advances outnum- higher as investors reassessed their became skeptical about its split into bered declines 11 to 4. growth prospects. CI Capital Holding two operating companies, one for Absent major market-moving (CICH) advanced 11% to EGP 4.60 after mining and another for steel. The news, investors reacted to com- it announced its intention to float its stock gave up 18.5% of its value by the pany-specific events. GlaxoSmith- 16%-owned education platform Taa- end of the period, extending its year- Kline Egyptian subsidiary (BIOC) leem on the EGX in the first quarter of to-date loss to 24%. Meanwhile, the reacted positively to news that 2021. Taaleem owns and operates El- macro backdrop is still positive, but Hikma Pharmaceuticals will poten- Nahda University in Upper Egypt. the Central Bank of Egypt seems to tially acquire it. BIOC jumped nearly News of spinning off the two e-pay- be cautious when it comes to easing 148% during the period to close at ment platforms of Ebtikar —Masary interest rates further this year. Infla- EGP 40.93. Also, Speed Medical and Bee — helped propel the stock tion is now of concern in view of (SPMD) continued its upward trend performance of B Investments (BINV) heightened global commodity following news of its potential and MM Group (MTIE). They own prices.

Raya Holding (RAYA)

32.74 32.43 31.54 Raya Holding (RAYA) is by far the top gainer 29.77 so far in 2021, up 277% year-to-date. During 31.17 28.45 the period, the stock skyrocketed 175% to 27.07 28.78 EGP 27.64. Sifting through related news, in- 27.64 24.61 vestors may have turned bullish in view of RAYA’s plan to invest EGP 400 million in 22.4 2021. Also, RAYA’s acquisition of retailers Eti- salat (i2) and United Retail Co. may have at- 17.38 18.93 tracted attention. However, news of its plan 16.19 16.57 14.33 15.02 to undergo a 10-for-1 stock split may have 15.65 13.03 added fuel to the rally. During the period, al- 12.01 most 8.7 million shares exchanged hands, 10.92 valued at EGP 209 million. 1/17/21 1/19/21 1/21/21 1/23/21 1/25/21 1/27/20 1/29/21 1/31/21 2/2/21 2/4/21 2/6/21 2/8/21 2/10/21 2/12/21 2/14/21 2/16/21

40 Market Watch

EGX 30

11654.58 11637.55 11619.14 11602.78 11598.9 11578.84 11589.34 11598.85

11525.25 11545.03 11546.32 11526.77 11546.15 11523.06 11527.34 11509.63 11506.72 11485.8 11450.54

11446.53 11447.73

1/17/21 1/19/21 1/21/21 1/23/21 1/25/21 1/27/21 1/29/21 1/31/21 2/2/21 2/4/21 2/6/21 2/8/21 2/10/21 2/12/21 2/14/21 2/16/21

EGX 70

2452.77 2443.47 2439.38 2434.93 2417.02 2416.69 2414.52 2411.93 2387.05 2414.92 2401.2 2390.97 2364.45 2376.3 2343.87 2355.74 2328.85 2354.98 2311.89 2302.85

2278.72

1/17/21 1/19/21 1/21/21 11/23/21 1/25/21 1/27/21 1/29/21 1/31/21 2/2/21 2/4/21 2/6/21 2/8/21 2/10/21 2/12/21 2/14/21 2/16/21

Nile X 1260.94

1221.07

1183.09

1147.45 1142.53 1158.62 1145.41 1133.02 1101.46 1117.89 1094.76 1110.85 1095.41 1087.67 1063.22 1068.08 1077.82 1059.96 1074.26 1057.44 1063.88

1/17/21 1/19/21 1/21/21 1/23/21 1/25/21 1/27/21 1/29/21 1/31/20 2/2/21 2/4/21 2/6/21 2/8/21 2/10/21 2/12/21 2/14/21 2/16/21

41 The High Life

Revisiting an old FAVORITE

Dahab may seem a well-trodden seaside resort. Yet it still has a lot of hidden gems that would rekindle your love with this city. By Sondos Abdellatif

As the tide gets slowly higher, the sound of the waves surrounds me. The sky is halfway between day and night, with the sun casting its early morn- ing rays on the little waves, making the sea's surface look like sprinkles of gold. That is where Dahab— Arabic for gold—gets its name from the sparkling sea at dawn and dusk. Being a small town, Dahab makes me appreciate the little pleasures that amid a pandemic don't seem so little anymore, things like watching the sunrise or stargazing on the shore, having a walk in the afternoon sun, or dipping your toes in the water at sunset.

42 The High Life

I think it is necessary to understand Dahab's essence to enjoy it fully. Dahab has its charm, and that charm lies in the simplest experi- ences. Like with the places to stay, for example. You can find international-brand hotels on the outskirts of the city, but I prefer El Primo, a beautiful nine-room inn located in the northern part of the town near the neighborhood of Asalah. A Russian couple runs El Primo with a fantastic crew, including a chef from Aswan, whose mellow vibes and open spirit help make the inn a relaxing place. The inn's white and blue facade, the little ham- mocks, and small fishing boats bobbing in front of the shore add a sense of serenity. too unstable for divers to pass through, so instead, we After watching the sunrise, nothing is better than deli- exit the canyon through the crack and follow the slope cious German pastries hot out of the oven. That is where upwards to look for sand eels. Eventually, we return to Ralph's German Bakery comes in. The bakery has the lagoon to end our dive. branches in Cairo, but none of them compare to the Our second dive takes us south of Dahab, about a 20- ones in Dahab. Ralph's has one branch in Asalah, near El minute drive into the protected zone to a site called The Primo, but the Lighthouse branch is closest to my heart, Caves. The conditions are perfect -- the tide is high and especially when I see the staff's German Shepherd dogs the sea is calm -- so we are lucky enough to see one of playing outside the little shop. It opens precisely at 7 am, the most thrilling dive sites in the area. The entry requires after the smell of their baked goods has already filled the one to step off the edge of the reef table towards the street. My favorites are the soft pretzel with butter, slope, where we immediately find two caves. The larger chocolate croissant, and any sausage pastry. Add an Irish one starts at a depth of five meters, with a little opening latte or a black coffee, and it is the best beginning to the for us to enter the downslope. These caves are deep day, especially when I am diving. rocky overhangs with natural light near the opening; fur- Today starts with one of my favorite sites, The Canyon, ther in, we needed our flashlights. It feels like being in an about five kilometers north of Dahab on the Blue Hole actual cave, only this one is covered with corals. Road. We enter from the shore, passing through a reef- These two dive sites both feature cavities in the corals, lined lagoon that feels like a royal hall. At precisely 20 but they give very different vibes. While the Canyon feels meters deep, I see a dark hole surrounded by reefs, little like a prayer or meditation chamber, The Caves has the anemonefish, also known as Nemo, and butterflyfish vibe of adventure and mystery, like we are on a hunt for with their vibrant yellow and black stripes. hidden treasure. We move from cave to cave, five in all, The canyon is a crack in the reef that exposes a sandy and as we go deeper, the spaces get smaller--the last path descending to 54 meters. At the top of the canyon two are too small to enter. At about 20 meters, we swim is a chamber covered by a coral dome, lit only by a few south along the reef until we reached a steep runway of rays of sun reaching through the reef's openings. Sitting smooth sand that looks like a slope for underwater skat- 30 meters below the surface, the chamber feels like a ing. There are not many fish or corals on the slope but it sacred space for prayer or meditation, with only the is an excellent place to play at the end of the dive. Our sounds of my heartbeat and breathing in my ears. guide pretends his fins are a skateboard, making for the The coral dome, nicknamed the Fish Bowl, has several funniest underwater video we have filmed. openings, and from inside, it looks like a door to another Our last dive is a night dive at the Lighthouse reef. I had dimension, with the fish darting in and out. The dome is dived this site many times during my certification courses,

43 The High Life

and many of the divers familiar with Dahab consider it boring compared to other sites. So as I prepare my equipment, I'm not so excited about this dive. Once in the water, I find it has trans- formed into a completely different site. During the day, the sea is the sea, blue, full of sunlight and life. But during the night, that sea is a manifestation of the sky. The water is the atmosphere, plankton becomes the stars, and the coral reefs become planets. For many marine species, life is much more active at night. We see many creatures we would have never stum- bled upon during the day, like the Spanish Dancer, a bright red sea slug that looks like a swirling skirt when it swims. Feather Stars, related to sea urchins and starfish, are perched with their long black feather-like arms out- stretched on nearly every part of the are many Italian restaurants in Dahab, but none com- reef. We also see a flathead scorpionfish, which is hard to pares to Dai Pescatori, a little restaurant near Asalah. Its spot because it lives in little caves inside the corals. owner is an Egyptian man who lived in Italy then It is hard to keep track of time and depth because you returned with an Italian chef to settle in Dahab. What's feel completely lost in outer space, with only the flash- unique about the food here is the ingredients, most of light beams as proof you're not alone. During our safety them imported from Italy. Although the food is a little stop at the end of the dive, our instructor makes us turn expensive than other Italian restaurants in Dahab, it is off the light and wave our hands around. That's when the worth it. It always impresses me how they can make sea becomes the sky for real: Our hand movements such a simple dish like spaghetti al Pomodoro e Basilico make the plankton sparkle with vibrant blue color, like so delicious. fairytale dust. Fortunately, there is a full moon, so there is But with its homemade pasta, the fresh tomatoes in still some light when we turn off our torches. As we head the sauce, fresh basil, and the finishing touch of out of the water, at two meters deep, we spy a giant cut- Parmigiano Reggiano from Italy, such a simple dish like tlefish, related to squids, swallowing a smaller fish for this deserves to be unique. Not to mention, Dai dinner. We'd have never seen that during the day, even Pescatori's authentic pizza Napoletana with its thin at 30 meters deep. I feel like a National Geographic crunchy crust and mozzarella cheese swimming in the marine life photographer. famous marinara sauce. What makes the experience extra special is diving with Dai Pescatori, Penguin Divers, and El Primo are among friends whom you consider family. For me, that is the many hotels, restaurants, cafes, and shops lining the Penguin Divers Club. I've known them since 2017, when mamsha, the nearly five-kilometer pedestrian walkway I took my open water and advanced open water certifi- running along the coast. That is the proverbial heart of cations. Ahmed Shabaan is the club's owner, my instruc- Dahab. tor, and 'diving father.' He is originally from Alexandria, I am lying peacefully on the sand now, staring at a sky and his passion for the sea started as soon as he learned I have just dived in. Listening to the sound of the waves to swim in the Mediterranean. "All I wanted was for and the soft strains of my favorite music, I lose myself in someone to give me one of those snorkels so I can see this very different world. A world where everything feels what is beneath the water," he tells me. Shabaan is very so easy and simple, where every experience means humble, friendly and inspiring, and as both an instructor something and every little pleasure feels more satisfying. and guide, he gives his divers a deep feeling of security, Whether you come to dive or daydream by the water, no matter what the dive conditions are. And the rest of this city has so many things to offer. The wonders under the staff have the same spirit. the water, the simple places, the lovely people, and the After a day full of dives, all I need is some pasta. There small town's harmonious spirit--this is the Dahab I love. I

44 VICE PRESIDENT, LEGAL AFFAIRS PRESIDENT Girgis Abd El Shahid, Shahid Law Firm Sherif Kamel,The American University in Cairo PAST PRESIDENT

TREASURER Tarek Zakaria Tawfik, Cairo Poultry Group EXECUTIVE VICE PRESIDENTS Kamel Saleh, Saleh, Barsoum & Abdel Aziz – Deloitte BOARD Dalia Wahba, CID Consulting ADVISOR TO THE BOARD

MEMBERS OF THE BOARD Hisham A. Fahmy OF GOVERNORS VICE PRESIDENT, MEMBERSHIP Seif ElDin ElSadek, Agrocorp For Agriculture Investment 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 Chair: Ahmed Ezzeldin, CEO, Cleopatra Hospital Group Co-Chairs: Amr Abou El Azm, Chairman and CEO, Tamweely Microfinance COMMITTEE 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 Co-Chairs: Alaa Hashim, Board Member, Giza Seeds and Herbs Pharmaceuticals Ashraf Bakry, Managing Director, Unilever Mashreq Chair: Yousri Nawar, Country Manager, Pfizer Biopharmaceutical Egypt Banking Co-Chairs: Christelle Saghbini, Chairman & Managing Director, Egypt Mohamed Shelbaya, CEO & Chairman, PepsiCo Chair: Ahmed Issa, Chief Executive Officer, Consumer Banking, Commercial & Sudan, Sanofi Tamer Hamed, Senior Vice President, P&G North Africa International Bank (CIB) Ramy Koussa, Managing Director, MSD Egypt Riad Armanious, CEO, EVA Pharma Co-Chairs: Akef El Maghraby, Vice Chairman, Banque Misr Insurance Mohamed Abdel Kader, Citi Country Officer, Citibank Chair: Alaa El Zoheiry, Managing Director, gig-Egypt Power Co-Chairs: Haitham Taher, VP, Managing Director, MetLife Egypt Chair: Khaled Hashem, President-North Africa, Honeywell Egypt Corporate Impact & Sustainability (CIS) Ayman Kandeel, Chief Executive Officer, AXA Egypt Co-Chairs: Mr. Ahmed Ramadan, Chief Executive Officer, Power Generation Chair: Randa Aboul Hosn, Resident Representative, UNDP Sherif El Ghatrifi, CEO, Medmark Insurance Brokerage Engineering and Services Company (PGESCo) Co-Chairs: Mireille Nessim, CEO, Takatof Association for Development Angelos Krasonis, Managing Director, Chubb Life 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 Real Estate Co-Chairs: Denys Denya, Executive Vice President, African Export-Import Bank Customs & Taxation Chair: Mohamed Abdalla, Chairman, Coldwell Banker Affiliates of Middle Khalid Hamza, Deputy Head of Egypt, the European Bank for Reconstruction East & Greater Africa Chair: Hassan Hegazi, Chairman and Managing Director, Master Trading and Development (EBRD) 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 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 Khaled Abdel Kader, CEO, KlayyTech Services Co., SAE Reem Asaad, Vice President, Middle East & Africa, Cisco Ahmed El Fangary, Country Manager, DHL Express 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 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 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 Estate Development Nermeen Bedeir, Chief Client Officer - Kantar Insights, TNS Nelly El Kateb, VIP Account Manager, ASTRA Travel Shahinaz Ahmed, Country Director, Amideast Egypt Sarah Ibrahim, Marketing and Corporate Relations Director, Attijariwafa Bank Sherifa Issa, Senior Director of Marketing, Four Seasons Hotels and Resorts Egypt 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 Fertilizers Co-Chairs: Ghada Fouad, Director of Corporate Affairs, MARS Moataz Kotb, Managing Director, CultArk & 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.

American Chamber of Commerce in Egypt – Tel: (20-2) 3333-6900 – Fax: (20-2) 3336-1050 For more information about AmCham services and news, please visit www.amcham.org.eg or our US mirror site www.amcham-egypt.org Events

Special Briefing and Discussion Egypt-U.S. partnership outlook

“Using diplomacy to bring people and companies together strengthens our government’s partnerships, fosters trade and investment, and builds people-to- people ties that ensure lasting cooperation,” said U.S. Ambassador to Egypt Jonathan Cohen during a Feb. 23 greater opportunities, we look forward to workingwith webinar. “That is my central message.” our partners and the business community and the Cohen stressed the embassy continues to be an “ad- Egyptian government to make the most of them,” he vocate and resource” for American companies to link said. with Egyptian counterparts to “take advantage of the Opportunities are abundant in Egypt, noted the am- new and expanding” economic opportunities. He bassador. They stem mainly from structural reforms and stressed America’s “abiding commitment” to Egypt has economic policy changes since 2016, “well-considered not changed in the past year. programs in response to the pandemic,” and “ambi- He highlighted how U.S. support to the economy, cul- tious” plans for 2030. The result was Egypt was the only tural institutions, and army had made Egypt “more re- country in the MENA region to see GDP growth last year. silient through our security partnerships, educational “All that translates to opportunities for U.S. businesses,” and cultural exchanges, and development work.” In the said Cohen. past 43 years, the United States has invested $80 billion The ambassador highlighted some Egyptian success in Egypt, whether unilaterally or via multilateral institu- stories in 2020, such as foreign investors “snapping up” tions, said the ambassador. “Those projects created government bonds, including the first-ever green thousands of jobs.” bonds. Meanwhile, the IMF and the three top sovereign Some of those projects include clean water pumping rating agencies gave positive outlooks for Egypt’s GDP stations, preservation of agricultural sites, and address- in 2021. Additionally, the country was the No. 1 destina- ing several health challenges, including during the pan- tion for FDI in Africa in 2020 for the fifth year in a row. It demic. U.S.-sponsored cultural and education programs also was among the top destinations for venture capital “introduced thousands of young Egyptians to new ideas in the region. and new ways of seeing the world,” said Cohen. Those Government-led investments contributed to that pos- training courses include English language and skill- itive sentiment, said Cohen. Those investments include building education “that reaches … Egyptian youth and mass transportation projects, 14 smart cities, upgrading professionals every year.” healthcare and education, and replacing old cars with The U.S. Embassy also brokered deals with the Egyp- natural-gas-powered ones, which are greener and more tian government to build more than 2,000 schools and fuel-efficient. train 100,000 teachers. “They now teach over 5 million State initiatives such as Egypt Makes Electronics and students,” said Cohen. It also offered $350 million worth Work is Digital support private sector investments by lo- of scholarships and academic exchanges. In vocational cals and foreigners. “We see considerable optimism in training, the embassy supported 70,000 students. Cul- Egypt’s economy and great desire to tap into these op- turally, the U.S. government returned “over 70,000 pa- portunities,” said Cohen. pyrus fragments,” he said in early February. That government strategy complements the work The United States also will continue to cooperate with the private sector is doing, which Cohen sees as the Egypt in high-impact regional matters and topics. “The driver of economic growth. “We believe the private sec- U.S. and Egypt have a great deal in common when it tor is the best way to create jobs and deliver economic comes to our diplomatic engagement on all the re- growth and prosperity,” he said. gional issues,” said Cohen. That includes everything However, Egypt’s business environment still needs to from “finding a political solution in Libya to making pro- improve to overcome bureaucracy, red tape, and busi- gress toward Middle East peace to working to finding a ness barriers in many sectors. “We will work with the solution to [the Grand Ethiopian Renaissance Dam].” Egyptian government to improve the business climate From an economic perspective, Cohen stressed and help keep businesses in a competitive position for COVID-19 didn’t change America’s policies toward all government contracts … and to attract U.S. investors Egypt. “As 2021 unfolds with challenges and even to Egypt,” said Cohen.

46 Events

Special Briefing and Discussion Egypt’s economic outlook When it comes to the economies that weathered the COVID-19 pandemic well, Egypt stands out among a small group of countries worldwide. It is the only country in the MENA region predicted to see GDP growth in 2020. “The biggest challenge was balanc- most impoverished families. “We covered 1.6 million ing the protection of Egyptian citizens’ health and low-income and casual workers through this pro- keeping the economy running while avoiding a full gram,” said Madbouly. Meanwhile, the CBE lowered lockdown,” said Prime Minister Mostafa Madbouly at interest rates by 300 basis points to 9.25% when the a Feb. 25 webinar. economy finally opened to encourage businesses to The pandemic started in March 2020, as GDP was take loans and individuals to spend. growing at a rapid pace. “Before the pandemic, we From the government’s side, Madbouly revealed were forecasting GDP to grow by 6%,” said Madbouly. the development of a tracing and tracking system to “There was high macroeconomic stability and con- identify those who came into contact with COVID-19 tinued decline in inflation and unemployment thanks patients. It also upgraded isolation hospitals to ac- to the successful implementation of reforms in co- commodate the inevitable surge in patients. The gov- operation with the IMF.” ernment also focused on ensuring that the country However, none of that would have been possible without a balanced approach. “The government put had enough medical equipment and medicine. “The Egyptians’ health before anything else. We imple- aim was to keep the system running and robust,” said mented a partial lockdown throughout the first wave, the prime minister. changing its severity based on the current scenario. Helping him meet those goals was that the gov- We also enforced wearing masks and encouraged ernment had just ended a four-year nationwide working from home, migrated education to online health program (“100 Million Healthy Lives”) where platforms, and established effective medical proto- 60 million citizens were tested and treated for hepa- cols,” said Madbouly. “Our plan covered all aspects titis C and other illnesses. “We had also just started that the pandemic would impact proactively.” on the overhauled universal healthcare system,” said Once the government put the lockdown strategy Madbouly. in motion, it developed a website and smartphone The government also gave the tourism and aviation app to raise public awareness on protection against sectors financial support while allowing hotels to op- COVID-19. “Those tools allowed us to communicate all necessary information to the public easily and in a erate at 50% capacity if certified as safe. It also cut fuel timely manner to everyone,” said the prime minister. and natural-gas prices for manufacturers and allo- Madbouly then highlighted some of the govern- cated a budget to pay government contractors. ment’s and central bank’s (CBE) measures to stave off Lastly, it added 142,000 of the most vulnerable fam- the economic crisis, including allocating EGP 100 bil- ilies to the social-protection program. “COVID-19 in- lion ($6.4 billion) to finance the state’s plans to miti- fections are under control right now, but we are gate COVID-19’s repercussions and curb its spread. closely monitoring the situation and will make adjust- He praised Egypt’s banking sector during those ments when needed,” said Madbouly. troubled times, saying, “It showed great resilience.” Myron Brilliant, the executive vice president and The CBE raised EGP 50 billion to finance middle-in- head of international affairs at the U.S. Chamber of come housing, EGP 20 billion to support the stock Commerce, praised Madbouly’s efforts to balance the market and EGP 30 billion to support all exports. The pandemic’s health, social and economic costs. “The central bank also removed all fees when using ATMs and digital wallets, froze the capital gains tax, and U.S. community is very encouraged by Egypt’s… eco- suspended debt installments and mortgage pay- nomic situation,” he said. “We want to make [the ments for six months. To protect individuals from de- business environment] more competitive. For Egypt clining incomes, the CBE allocated a budget to pay to be [not just] a regional energy hub, but a hub for EGP 1,500 over three monthly installments for the other areas as well.”

47 Events

Women in Business Advocating for women’s rights in the workplace TAQA Arabia IFC recently published a case study titled “Explor- ing Client Approaches to Gender-based Violence Ready Women database, which lists more than 440 Prevention and Response.” It showed how TAQA executives. WoB recently became a 30% Club MENA uses a code of conduct and grievance mechanism member, which promotes women’s participation on to support gender equality. Pakinam Kafafi, TAQA boards and in C-level positions. It nominated 20 Arabia CEO, was ranked 18th on Forbes Middle East Egyptian women to the Global Boardlist to serve on Magazine’s list of power businesswomen for 2021 corporate boards internationally. and won Global Economics magazine’s “Best CEO WoB also trained and graduated 65 IFC certified in the Energy Sector Award.” women board directors in partnership with the IFC

New City Development in Egypt and the Egyptian Institute of Directors, the FRA, and U.N. Women in Egypt. As of Jan. 31, the total number of FTEs was 189, with only 24 of them women. By Feb. 11, nine of 25 new SAP hires in sales were women, boosting the share of Women account for 27% of executive roles at SAP. female FTEs to 15.4%. The target is to reach 30% by 2022 and gender par- CIB ity by 2030. SAP is certified by the Economic Div- The Business Value Proposition Unit works with idends for Gender Equality and is on the the bank’s portfolio of small, medium and enter- Bloomberg Gender-Equality Index. It has won sev- prise clients, offering them discounted rates on eral “Great Place to Work” awards worldwide. services from strategic partners. This program also Another initiative is the “Women in Technol- provides one-to-one leadership sessions for ogy@SAP,” a global program promoting women in women. Strategic service providers, such as CIB, tech roles. That is in line with U.N. Sustainable De- started offering these services in 2020. Mariam velopment Goals. “SAP SuccessFactors’ Recruiting Saad leads this unit. Management” flags language that reflects gender bias. Travco Group In 2020 SAP won the Best Workplaces for Women Vice-Chairman Karim El Chiaty is a co-chair of Min- in the GCC, organized by Great Place to Work Middle ister Rania Al-Mashaat’s program to promote East. SAP also has several Middle East initiatives, such gender equality in the workplace. It works to as the Business Women’s Network and “Women’s bridge the income gap, support women through- Professional Growth” webinar series. out the pandemic, and balance the ratio of male to Digital Skills for Today and Africa Code Week are female hires. two of SAP’s CSR programs in the region that empower young women. Forbes awarded SAP Egypt Egypt Women on Boards Observatory & New Frontiers Managing Director Hoda Mansour The Women on Boards Observatory (WoB Obser- the Middle East’s Power Businesswomen in 2020 vatory), founded in 2017 by a consortium spear- and 2021. headed by the American University in Cairo, works within the National Council for Women framework. Takatof Association for Development Its goal is for women to comprise at least 30% of The company’s workforce is 65% women at all boards of directors by 2030. levels, and Takatof focuses on retaining female In 2020, a WoB report highlighted women’s rep- staff by offering a supportive environment for resentation on boards of listed companies, the them and their families. The CEO is a member of banking sector, the public enterprise sector, and the Egypt’s National Council for Women (NCW) the Financial Regulatory Authority (FRA). WoB also NGO committee. released a Board Diversity Index Report in partner- Takatof invests in upgrading public schools with par- ship with TheBoardroom Africa and EGX. ticular attention to providing an enabling environment The observatory also developed the Egyptian Board for girls.

48 Events

HR Performance management in a virtual world “When COVID-19 pandemic happened, we had to adapt fast to make sure that more than 150,000 employees worldwide would be able to keep working, keep being productive, and have a sense of belonging,” said Rami Azzi, regional business group lead, modern work and se- work toward the same goals,” said Zeidan. curity at Microsoft Corporation, Middle East Cluster, at a Accordingly, companies are finding new ways to vir- Feb. 10 session on Performance Management in a Vir- tually supervise employees, evaluate their perform- tual World. Speakers included Hossam Kabbani, CEO ance and provide useful feedback. Performance and board member at Dale Carnegie Training Egypt; management is crucial for all organizations, as it is an Nihal Zahwi, senior brand director at Baby Care, Asia, essential driver for success, said Zahwi. Zeidan noted Middle East and Africa, Procter and Gamble; and Sherine productivity is a significant challenge when manag- Zeidan, HR business partners manager at CIB. ing remote teams and requires regular monitoring. The COVID-19 pandemic disrupted global economies Organizations should increase the frequency of as- and businesses, resulting in a sudden, dramatic change sessments and add a behavioral assessment dimen- in working patterns. Remote work can lead to increased sion that measures how well employees are coping to productivity, which ultimately helps a business’s bottom ensure a fair evaluation. line, said Azzi. All three speakers agreed that continued productivity Managers now face significant challenges in com- and focus on employees is key to any successful organ- munications and crisis response planning. They also ization. The pandemic pushed organizations to adopt must maintain operational continuity. “Managing re- more collaborative, adaptive, and individualized per- mote teams is quite challenging, especially when you formance management approaches. “Thriving in the want to do business as usual and have your employees face of change requires resilience,” said Azzi.

Real Estate Market models resilience amid crisis The AmCham Real Estate Committee hosted its Annual Conference Webinar Series on “Egypt’s Real Estate Mar- ket: Modeling Resilience Amid Crisis” on Feb. 3 with guest speakers, Waleed Abbas, assistant minister of housing, utilities and urban communities; Ahmed Issa, to attract investments and residents from nearby CEO of retail banking at CIB; Ayman Sami, country head legacy cities. Egypt at Jones Lang LaSalle; and Tarek Fahmy, CEO and Sami said, “Egypt surprised the whole world” in terms managing director of Al Tawfik Leasing Co. of its economic performance during the pandemic, Abbas outlined the government’s ongoing plans to which was an achievement recognized not only by bolster infrastructure projects, saying that Egypt needs Egyptians but by many international organizations. at least 36 new towns and cities and further devel- Sami discussed various topics, including the impact opment of many existing areas. The assistant minister of the New Administrative Capital on office space, the said 61 new urban communities over 3.25 million fed- optimistic outlook for the residential sector, the recov- dans (about 1.5% of Egypt’s land) are planned, with the ery in retail sector traffic, increased adoption of online first stage of 17 cities or towns now “90% completed.” platforms, the slow performance of the hotel industry, He also touched on how the New Administrative the growing drive to repurpose real estate spaces and Capital, Alamein, and New Aswan are being built from adherence across the real estate sector to the U.N.’s the ground up to capitalize on their unique locations Sustainable Development Goals.

49 Events

Mining and Mineral Resources New opportunities for mining investments

In light of the recent economic and structural re- mining a signiﬁcant contributor to Egypt’s economy. forms aimed at developing and modernizing Egypt’s Members shared recommendations for a modern- mining and mineral resources sector, members of ized mining sector, including digitalization, an online the AmCham Mining and Mineral Resources Com- added value point system for bidders, and available mittee met with Tarek El Molla, minister of petro- and accessible information on Egypt’s strong poten- leum and mineral resources, on Feb. 8. The meeting’s tial as a mining hub. Members also shared their keen purpose was to learn more about the minister’s vi- interest in further collaboration with the ministry, sion and explore ways the committee can support especially in human resources management. his efforts. Molla welcomed the committee’s recommendations Committee members expressed their support for and pledged to maintain communication channels efforts to unlock the sector’s potential to make between AmCham Egypt and the Ministry.

Corporate Impact & Sustainability Impact Investment in Egypt

AmCham’s Corporate Impact & Sustainability Com- SDGs. SDG Impact works with companies to rectify mittee hosted a Feb. 15 webinar on “Impact Invest- that situation. ment: Management, Measurement and Angelov highlighted developments in environmen- Implementation.” The panel included Maria Tinelli, tal, social and governance (ESG) financing and advi- trustee of the Global Steering Group for Impact In- sory products for SMEs. He talked about how the vestment; Nikolay Angelov, an EBRD associate di- bank is developing funds with a strong focus on ESG rector; Jeremy Nicholls, a trustee of Social Value integration and impact creation. International; and Ali Awni, director of The John D. Nicholls talked about some of the challenges of Gerhart Center for Philanthropy, Civic Engagement getting businesses to implement the SDGs, as in and Responsible Business. some cases, they don’t have the resources or might This session was one of two focusing on SDG not believe the goals are useful in the first place. (U.N. Sustainable Development Goals) Impact in- Lastly, Awni offered a critique on impact investment vesting. Tinelli noted that 72% of companies use and challenges for implementation in Egypt. He dis- the SDGs in their sustainability reports, while only cussed the concept of impact in the Egyptian context 1% file accurately and show progress toward the and the difficulties of measuring it accurately.

50 Events

Corporate Impact & Sustainability Building better climate resilience

AmCham’s Corporate Impact & Sustainability Commit- El Ezzawy explained how climate change affects tee hosted a Jan. 31 webinar titled “Climate Resilience: the agricultural landscape. He highlighted initia- Build Back Better with Innovation.” The panel included tives such as employing technology to use water Hatem El Ezzawy; managing director of PICO Group; more efficiently. Another approach is to reduce Khalid Hamza, deputy head in Egypt of the European pesticides through integrated plant protection Bank for Reconstruction and Development (EBRD); and techniques, he explained. Additionally, cut back on Sarah El Battouty, chairman and principal architect of plastic packaging and recycling. ECOnsult El Battouty said the housing sector contributes The webinar reﬂected on opportunities and chal- one-fifth of global carbon dioxide emissions, add- lenges to building a low-carbon and resilient future. ing that reducing it might prove difficult due to a Speakers representing the ﬁnancing, housing, and ag- lack of accountability, renewable energy, regula- riculture sectors discussed the importance of innovative tion, and data, as well as an increasing population. environmental solutions to mitigate climate change Hamza talked about EBRD’s commitment to and how the private sector can contribute to ecological green investment as some of the challenges it sustainability. faces.

Corporate Impact & Sustainability Investing for social and environmental Impact

AmCham’s Corporate Impact & Sustainability Commit- Hammouda discussed how the global financial sys- tee hosted a Feb. 22 webinar titled “Investing for Social tem is moving toward stakeholder capitalism. Coping and Environmental Impact: Challenges and Opportuni- with it requires a shift in the business mindset and cul- ties for Egyptian Businesses.” The panel included Hanaa ture to create social and environmental impact. She Al Hilaly, executive adviser to the chairman at Egyptian highlighted the private sector’s role through sustainable Arab Land Bank; Ghada Hammouda, chief sustainability practices and responsible investing to realize SDG tar- and marketing officer at Qalaa Holdings; Samir Al-Alayli, gets. founder and chairman of Investia Capital Group; and Ab- Al Alily talked about how his Venture Capital group delaziz Abdel Nabi, co-founder of Catalyst Partners. provides entrepreneurs with financing, business model The session focused on defining impact investment strategy, and the tools needed for sustainable growth. in the Egyptian context, challenges, and opportunities He said the fintech and agritech sectors were early for businesses and SMEs, sustainable financing, and adopters of SDGs when it comes to fighting poverty and showcasing case studies of sustainable practices and re- environmental protection. sponsible investing. Lastly, Abdelnaby introduced Catalyst’s new invest- El Hillaly talked about the role and efforts of financial ment methodology in Egypt and the Middle East, which institutions, the private sector, government, and civil so- accounts for the financial, managerial, operational, and ciety in creating social impact. social impact of businesses.

51 New Members

Information Technology Public & Governmental Organizations ITWORX EDU EGYPT Ahmed Hamada Suez Canal Economic Zone CEO of ITWORX EDU- Senior Vice (SCZONE) President- Business & Technology Yehia Zaki @ Yas Holding Chairman

Membership Membership Address: Free Zone, Area 1, Block K, Type: Type: Address: Km 114 Kattameya Old Associate Nasr City, Cairo Public & Road, Sokhna, Kattameya, New Cairo Resident Website: https://itworx.education Diplomatic Tel : (20-2) 2792-1223/4 Fax : (20-2) 2395-5825 Website : www.sczone.eg

Legal Services Textiles

Youssef & Partners Attorneys Egyptian International Company for Karim A. Youssef Textile Founder & Managing Partner Mina Fouad Naguib

Owner Address: 3 Yemen Street (off Nile

Street), Giza Address: 6 Fathy Talat Street, Floor 6, Membership Tel: (20-2) 3749-9100/030/040 Membership Flat 10, Masakan Sheraton, Heliopolis Type: Fax: (20-2) 3749-9100 Type: Tel: (20-2) 2269-3957 Associate Website: www.youssef.law Associate Resident Resident Website : www.gasourcing.com

Pharmaceuticals/Medical/ Afﬁliate Members Health Accounting Gennecs Mohamed ElSawaf Nibal Dahaba Partner, PwC General Manager Hisham Owis Membership Address: Crown Building 220, Partner, PwC Type: Street 90 North, Fifth Settlement, Associate New Cairo Construction/Engineering Resident Tel : (20-2) 2812-4212 Sherif Sabry Hanna Fax : (20-2) 2812-4211 Chief Operating Ofﬁcer, Overseas, Samcrete Egypt Website : www.gennecs.com Engineers & Contractors, SAE

Refky Kamel Rafaeil Chief Business Development Ofﬁcer, Samcrete Egypt Engineers & Contractors, SAE

For any change to contact information, Ibrahim Samy please contact the Membership Services Commercial Director, Sodeco Group Department at the Chamber’s ofﬁce Tel: (20-2) 3333-6900, ext. 0016 Dalia Rizk Fax: (20-2) 3336-1050 HR & Administration Manager, Sodeco Group E-mail: [email protected]

52 New Members

Afﬁliate Members

Financial Sector Ahmed Darwish Head of Markets and Country Treasurer, Attijariwafa Bank S.A.

Marwa Nabil Head of Structured Finance & Public Sector, Attijariwafa Bank S.A

Yasser Shaaban Head of Taxation, Finance, Attijariwafa Bank S.A.

Sherif Magdy Hamed Corporate Credit Risk Director, Attijariwafa Bank S.A

Noha El Shakankery Compliance Director, Attijariwafa Bank S.A.

Sherif Samy Chairman, Commercial International Bank (CIB)

Legal Services Tamer Fawki Partner, Head of Employment & Labor, Matouk Bassiouny

Heba Raslan Managing Associate, Sharkawy & Sarhan Law Firm

Petroleum Fadi Greiss Senior Marketing & Communication Manager, TAQA Arabia

Hatem Soliman Vice Chairman, Intro Group

Rania Shahin Managing Director, Triangle Trading & Engineering

New Replacements in Member Companies

Jose De La Fuente Category: General Chairman & CEO, Ridgewood for Water Desalination Sector: Construction/Engineering

Amr Kais Category: Associate Resident VP Strategy & Business Development, AvidBeam Technologies Sector: Information Technology

Gasser Bahgat Category: Associate Resident Chief Projects Ofﬁcer, Madaar Development Sector: Real Estate

53 Condolences

A number of long-standing members have passed away in recent weeks. On behalf of AmCham Egypt’s members, Board of Governors and staff, we extend our deepest condolences to the family and friends of these recently departed members.

Abdel Moneim Shahein, Chairman, Baron Hotels & Resorts, joined the Chamber in 1987 and was active in representing the tourism sector.

Jailan Shindy, Managing Director, Shindy Associates, joined the Chamber in 2003 and served in numerous leadership positions, including a term as a Member of the Board and several years helping chair the Women in Business Committee.

Mohamed Fikry Abdel Shafei, Chairman and Managing Director, Egyptian Industrial Detergent Co., joined the Chamber in 1993. Among his many leadership positions, he served on the Board and helped chair several committees.

Dr. Taha Khaled, Chairman and Senior Partner, BDO Khaled & Co., joined AmCham Egypt in 1987 and helped chair the Customs & Taxation Committee.

They will all be dearly missed. May they rest in peace.

54 Member News

Mercedes-Benz Egypt AVON

Mercedes-Benz Egypt has introduces the G 500 The Social Challenge is a new innovative and ac- AMG, the car presents itself in top form with its tion taking initiative powered by Avon and rolled unique design, luxurious interior and unparalleled out by Entreprenelle that will tackle Gender capabilities. Whether on or off the road, the ve- Based Violence with the aim of reducing the im- hicle impresses with its performance, cutting- pact and spreading awareness. By the end of the edge assistance systems, outstanding handling, challenge, participants are required to come up comfort and safety. The G 500 AMG comes with with a solution that is both effective and sustain- 20-inch AMG multi-spoke light-alloy wheels, the able. The winning team will get EGP 250,000 to Night package, a sports exhaust system and dark execute, implement or scale up the project. Ac- tinted glass, all of which adds to the G-Class spe- cording to the UNFPA, Gender based violence cial looks and high desirability. could either be physical, sexual or psychological harm to women and girls.

IKEA Juhayna

IKEA, the region’s leading Swedish home fur- Juhayna just launched a plant-based milk range nishing retailer, successfully opened the doors called Juhayna N&G (Nuts & Grains) is just like milk, to its second largest store in Egypt at Mall of Ara- however, it’s absolutely dairy-free. It’s produced bia. It is expecting to receive up to 3 million vis- from plant extracts. It tastes just like milk, but is itors in the first year. Spread across 19,500 square also low in calories. Juhayna N&G is suitable for ev- meters in 6th of October city, the store targets eryone, especially those who are flexitarians, the communities of west Cairo including Sheikh vegans, health conscious, or environmentally Zayed, Dokki, Mohandesin, Zamalek, Haram, mindful. Grab your favorite from five variants: al- and Giza. The store captures a new growth cor- mond milk, oat milk, coconut milk, soy milk, and ridor and aims to have a positive impact on the hazelnut milk. lives of almost five million residents.

55 Media Lite

A Glance At The Press

- “Finally, someone will save me. Yay1”

- “Excuse me, we are here to ask you if you registered this island in the national registry or not?”

Al Masry Al Youm, Feb. 7

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.

Sharm El Sheikh wall nearly finished Egyptian production ‘In Broad Daylight’ Authorities in Egypt have announced the near completion showcases Massoud of a wall around Sharm El Sheikh, according to a statement Mena Massoud, the Cairo-born Canadian actor who shot to by Tamer Makram, head of South Sinai Investors, to fame in Disney’s most recent iteration of “Aladdin” revealed Youm7. his latest project by using the poster of “Fe Ez Al-Dohr” (“In The 36-kilometer-long wall is made of concrete and wire Broad Daylight”) on his Instagram page. and intended to provide protection, safety and privacy for “Check out the teaser poster for ‘In Broad Daylight.’ It’s the resort city’s tourists. The wall includes four gates and been a dream of mine to head back to Egypt and act with has been under construction for three years, according to some of the most talented artists in the world. Honored to be Makram. a part of this,” Massoud commented in his post. Announcement of plans to build the wall generated con- Directed by Morcos Adel, with a script by Karim Sorour, the troversy on social media, as many feared it would segre- film will be Massoud’s first appearance in an Egyptian film. gate the community. According to Al Masry Al Youm, some expressed concern in 2019 about the potential for obscur- It also will be an opportunity for him to talk in Arabic, specif- ing the city’s views. ically the Egyptian dialect. Last month, Massoud said he was Sharm El Sheikh is one of the most popular tourist desti- already working on improving his Arabic. nations in Egypt. However, the city suffered a dramatic drop In the film, Massoud will portray Hamza, an international in tourists following terrorist bombings in 2005 that killed criminal who leaves Egypt to live abroad before returning. dozens of people. His accomplice in crime in Egypt is Hana El Zahed. Producers Speaking to reporters over the weekend, South Sinai have not yet announced a release date. Governor Khaled Fouda downplayed security concerns Born to Egyptian parents and raised in Canada, Massoud about the insurgency in North Sinai. “The distance between was cast in Nikita (2011-2013) as a member of Al Qaeda them is huge, plus there is great security with Egypt’s Sec- and he has had roles in “Combat Hospital” (2011), as well ond Army securing the North Sinai and the Third Army se- as “Open Heart” (2015). curing South Sinai,” he stated, according to CNN. In 2014, he was in a Canadian short comedy, “American- The wall is the latest in a number of government-led ef- istan,” where he portrayed a character named Mohammed forts to revive tourism across the nation and in Sharm El Ali. More recently, he was cast in leading roles in Canadian Sheikh, which has recently become home to a museum and films, including short drama “Final Exam” (2017) and the a new university. mystery “Ordinary Days” (2017). Egyptian Streets, Feb. 10 Al Ahram, Feb. 22

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