| Egypt Signs Agreement to Promote Exports Online The Export Development Authority (EDA) signed a cooperation protocol with EG Gate portal to boost the volume of the country's exports and market them online. CEO and Managing Director of EG-Gate Minas Ibrahim said the protocol is also aimed at increasing marketing opportunities for the Egyptian products through raising their competitiveness and providing an integrated e-marketing platform. "The Egyptian brands will be promoted across global markets through 'E-Shops' on the new platform. E-payment services for all participating companies will be also available," she added. The protocol came as part of a cooperation agreement signed earlier this year by the trade and industry ministry and EG-Gate portal to promote Egyptian products in international markets. Egypt's trade deficit widened to $4.10 billion in July compared with $3.79 billion last year, an increase of 8.4 percent. The value of exports increased by 8.9 percent to reach $2.23 billion, up from $2.05 billion in July 2017, according to state-run statistics body CAPMAS. Egypt has been witnessing a drop in imports since it floated its currency in late 2016, making Egyptian goods in foreign markets attractively cheaper while doubling the cost of imports. | | Real Estate  Govt Body Mulls $558 Mn Loan to Finance Development Projects The New Urban Communities Authority (NUCA) is mulling taking out an EGP 10 billion ($558.1 million) loan to finance its development of new cities across the country. The authority, the housing ministry's development and construction arm, has already entered into talks over the loan with a number of banks including the National Bank of Egypt (NBE), Banque Misr, Banque Du Caire, Qatar National Bank (QNB) and the Housing and Development Bank, sources told Al-Mal newspaper. NUCA's estimated spending for its development plans in the 2018/2019 fiscal year, which started in July and ends in June, is EGP 75 ($4.2) billion including money reserved to pay off interests on its loans, establish projects in the New Administrative Capital and construct 20 new cities. Last Month, Al-Mal reported that a number of coalitions have been formed by Egyptian banks in a race to win a deal to manage and advertise EGP 4.5 billion ($250.6 million) worth of bonds that will be issued by the NUCA to finance the development of new cities. The new cities currently being developed nationwide have a total area of 580,000 acres and are expected to house 30 million individuals when completed. | | Stock Market Qalaa Holdings' Stock Estimated to Reach Highest Level in 4 Years The stock of Investment management company Qalaa Holdings is expected to continue its surge and reach the highest level in four years at EGP 4.5 ($0.25) per share, analysts told Al-Mal newspaper. Qalaa Holding was the top performing company in the Egyptian Stock Exchange (EGX) last week and is expected to fare strongly this week amid expectations that it could be added to the Morgan Stanley Emerging Markets Index (MSCI). The company is also expecting to operate its subsidiary, the Egyptian Refining Company (ERC), after developing a $4.2 billion greenfield refinery in greater Cairo, which is expected to increase its stock value. Qalaa Holding's shares were the only ones in the EGX30 to rise for five consecutive months, reaching EGP 3.72 ($0.21) from EGP 2.85 in the period from June to the end of October. In late September, Qalaa Holdings announced that its consolidated results during the second quarter of 2018 turned into profitability, recording a profit of EGP 233.3 ($13) million, compared to a loss of EGP 3.67 billion ($205.1 million) in the same quarter of 2017. | | Stock Market Raya CEO to File Grievance Against FSA Decision The CEO of Raya Holding for Financial Investment said he would file a grievance against a decision by the Financial Supervisory Authority (FSA) to sell some of his shares or oblige him to make an offer to buy back its outstanding shares after he and his family had exceeded the permitted ownership limits. Medhat Khalil, whose deadline expires on November 27, stated in a bourse filing that it is "unprecedented that a brother-in-law, a second-degree relative, is considered by the FSA as a first-degree relative," saying the regulatory authority should have informed all companies of any new regulation, if there is any. Khalil's brother-in-law owns 10 percent of the company's shares while 32 percent is owned by Khalil, his wife and sons. This makes the total shares owned by the family 42 percent, which is above the permitted 33 percent. Khalil, who initially said he plans to buy the company's outstanding shares, also complained that the deadline is not enough for him to approach investment banks with an offer to help him buy the shares, estimated at EGP 500 ($28) million. He requested that the deadline be extended for around a month until the end of this year. The FSA also ruled that Raya Holding must make an offer that is not less than the company's average stock price in the six months preceding the FSA's decision, which Khalil believes is not mandated by law. Khalil said he will make up his mind on whether to sell some of his family's shares or submit a mandatory tender offer (MTO) to acquire 100% of the company when the FSA responds to his complaint. | Beltone Financial Holding Beltone Submits Complaint Against Suspension; Stock Plunges Beltone Financial Holding, which is owned by business tycoon Naguib Sawiris, filed a complaint Sunday to the market regulator against a decision issued Thursday to suspend operation of its underwriting arm and raise the value of insurance for its securities unit, Al-Mal newspaper reported. Beltone stock was hit hard by the sudden suspension, opening Sunday's trading with a plunge of as much as 5.16 percent. It closed the session 7.9 percent down at EGP 6.6 per share, with a traded value of EGP 1.5 million. The board of the Financial Regulatory Authority (FRA) has imposed a ban on Beltone Promotion and Underwriting, a unit of Beltone Financial Holding, from operating for six months. FRA also imposed a fine on Beltone Securities through raising the value of insurance at the market regulator to EGP 50 ($2.8) million. State-owned news agency MENA quoted sources as saying the ban was due to manipulations committed by Beltone Promotion and Underwriting and Beltone Securities in the share offering of Sarwa Capital, which was carried out in mid-October. A source close to the share offering of Sarwa Capital rebuffed claims that Beltone allocated shares for some subscribers at more than the requested volumes. Sarwa Capital's offering, which was divided into an initial public offering and a private placement, was for 295.2 million shares, or 47.2 percent of capital, at EGP 7.36 per share with a total value of EGP 2.2 billion ($122 million). A total of 29.5 million shares were floated in the IPO, representing 4.7 percent of the company's total shares. FRA's Deputy Chairman Khaled El-Nashar told Reuters on Sunday the share offering of Sarwa Capital saw some violations to the capital market procedures. | | Nile Cotton Co.'s Losses Increase by 72% in Q1 FY2018/19 The losses of state-owned Nile Cotton Ginning Company increased by 72 percent year on year in the first quarter of the 2018/2019 fiscal year, according to a bourse filing. The company's losses during the first quarter, which ran from July to the end of September, reached EGP 2.4 million (around $134,000), up from EGP 1.4 million in losses registered in the same period last year. The company recorded revenues of EGP 23,900 ($1,334) in the first quarter. Revenues generated during the same period last year were not disclosed. Its total revenues in the 2017/2018 fiscal year increased by 377 percent to register EGP 12.1 million compared to EGP 2.52 million generated in 2016/2017. | | Abu Qir Fertilizers Q1 Profits Rise 61% on Plant Upgrade, Marketing Abu Qir Fertilizers and Chemical Industries on Sunday released its preliminary financial indicators for the first quarter of 2018/2019, showing that profits rose by 61 percent to EGP 752.8 million ($42 million) from EGP 467.1 million ($26 million) in the same period a year earlier. The fertilizers producer's three-month revenues increased by 54 percent year-on-year to EGP 2.15 billion ($120 million), up from EGP 1.4 billion, according to the company's statement. "The profit increase was spurred by three main factors -- the renovation and upgrade of the company's plants, the implementation of a resilient marketing policy and the outstanding management of the company's financial portfolio," the statement read. Abu Qir Fertilizers' profit in the 2017/2018 fiscal year amounted to EGP 2.4 billion ($134 million), compared with EGP 2.2 billion a year earlier. Sales rose to EGP 7.5 billion from EGP 6 billion. The company's shareholders approved the distribution of cash dividends for the 2017/2018 fiscal year at EGP 1.1 per share. | | Egypt Aluminum Back to US Markets, Thanks to Tariffs on China, Turkey State-run Egypt Aluminum sealed a deal to export 24,000 tons of its products to the US over one year, with extra tariffs imposed by the US on Turkish and Chinese aluminum imports paving the way for the agreement. Chairman Abdel Zahir Abdel Sattar said his company managed to enter the US markets for the first time in two years, according to Al-Mal newspaper, after US President Donald Trump doubled tariffs on aluminum imports from Turkey and China amid trade tensions with both countries. The top official did not disclose the value of the procurement contract due to the constant changes in global aluminum prices. "The company could not agree on more exports to the US markets due to its limited production capacity, in addition to its export commitments to 13 European markets including Italy, Germany, Spain, France, Belgium, Greece and Portugal," Abdel Sattar added. Egypt Aluminum, which is an affiliate of the Holding Company for Metallurgical Industries, recorded exports of 188,000 tons worth EGP 7.9 billion ($451 million) in the 2017/2018 fiscal year, while local sales reached 129,000 tons worth EGP 5.5 billion. | | ABK-Egypt Breaks Above EGP 1 Bn in Operating Profits in 9M Al Ahli Bank of Kuwait-Egypt said it had generated more than EGP 1 billion ($55.9 million) in operating profit for the first nine months of 2018, adding that the financial results reflected its growing business volume. The bank, which resulted from Kuwait's ABK acquisition of Piraeus Bank's Egypt unit in 2015, said the nine-month net profit after tax rose by 75 percent year on year to reach EGP 419 million ($23 million). Total assets also rose by 34 percent to EGP 28 billion ($1.6 billion), while total customer deposits increased 38 percent to EGP 24 billion ($1.3 billion). Likewise, customer loans and facilities portfolio amounted to EGP 15 billion ($838.5 million), a 35 percent rise from its level in December 2017. The bank recorded a net profit of EGP 332 million ($18.5 million) in 2017, while operating profit stood at EGP 511 million. Commenting on the results, Khaled El-Salawy, CEO & Managing Director of ABK-Egypt, said the bank will pursue its strategic objectives that include "upgrading its businesses, bolstering its financial position and maximizing profitability while maintaining solid asset quality and operational efficiency." | | Etisalat Misr Reveals Q3 Capital Expenditure as It Develops 4G Services Etisalat Misr said its capital expenditure in the third quarter of 2018 amounted to EGP 702.7 ($39) million, compared to EGP 805.2 ($45) million in the second quarter as the UAE-based telecom operator develops its 4G mobile services. Etisalat Misr's investment expenses also focused on increasing network capacity, according to the financial results released by parent company Etisalat Group. The telecom operator's revenues rose by 18 percent in the third quarter of this year compared to the same period last year, thanks to a growth in the provision of voice and data transmission services through high-speed Internet ADSL as well as international calls, Etisalat Group reported on Saturday. Net returns stood at EGP 3.5 billion (about $195 million) during the third quarter of 2018, with profits reaching EGP 1.5 billion ($84 million) -- a 34 percent growth compared to the year-ago period. In July, Etisalat Misr and state-run Telecom Egypt signed an agreement for outlining mobile interconnection rates between both operators, which is considered the first arrangement on mobile interconnection for Telecom Egypt. Both operators also signed a memorandum of understanding (MoU) last August that enables Etisalat Misr to provide its customers with fixed voice services. The agreement was the first of its kind in the Egyptian market as it covers all the basic terms that grant both companies the capacity to formalize a commercial agreement in due course. | | Real Estate MNHD Posts 15% YoY Net Profit Increase in 9M Egypt's urban developer Madinet Nasr Housing and Development (MNHD) posted a 15 percent year on year hike in its net profit during the period from January to September 2018. Net profits reached EGP 869.07 ($49) million for the first nine months of this year, compared to EGP 757.1 ($42) million in the prior-year period, MNHD said in a bourse filing on Sunday. Sales also surged to EGP 792.8 ($44) million during the same period, up from EGP 555.3 ($31) million from a year earlier. The developer's standalone profits stood at EGP 816.7 ($46) million from January to September 2018, up from EGP 755.9 ($42) million in the same period in 2017. MNHD had earlier recorded a significant increase in its consolidated net income of 165 percent year on year in the second quarter of 2018, rising to EGP 274.5 ($15) million from EGP 103.5 ($6) million recorded in the same period in 2017. In October, Sixth of October for Development and Investment (SODIC) unveiled a preliminary plan to submit a mandatory tender offer to acquire at least 51 percent stake in MNHD via a share swap. The swap ratio is set at two shares of MNHD for one share of SODIC. | | Automotive $23 Mn Investments to Manufacture Tuk-Tuks on the Horizon The local auto market is bracing for fresh investments of up to EGP 410 million ($22.9 million) for the manufacturing and assembly of two and three wheelers (Tuk-Tuks), according to Al-Mal newspaper. Raya Financial Investments said it had decided to invest EGP 110 million ($6 million) in a new production line for the manufacture and assembly of light transport vehicles via Raya Advanced Manufacturing Co., in collaboration with Italy's Piaggio. Raya Advanced Manufacturing owns a plant for the manufacture of light transport vehicles such as motorcycles, scooters and three-wheelers in the Sixth of October City on the outskirts of Cairo. The sale of the three-wheelers will commence in the last quarter of 2018, the company noted. Ezz El-Arab Automotive Group, the local agent of Volvo, Citroen, Proton and SVT light vehicles, also announced the allocation of EGP 300 million for the production of three-wheelers and motorcycles until 2023. It plans to kick off production with a capacity of 10,000 Tuk-Tuks and 1,000 motorcycles next year. GB Auto has the lion's share of the sales of Tuk-Tuks and motorcycles in the local market through acting as an agent for India's Bajaj. In an effort to integrate Tuk-Tuks within a regulatory framework, the ministry of local development approved earlier in September a decision that requires auto rickshaw drivers to offer set fares to customers, after registering their vehicles and obtaining a permit to operate in designated routes. | | Foreign Direct Investment Spinneys Opens New Branch in El-Shorouk City, Plans to Open 3 More Spinneys Egypt opened on Sunday its newest branch in El-Shorouk City east of Cairo, bringing the hypermarket chain's total branches to 12 while aiming to open three more in Egypt by the end of the first quarter of 2019. "El-Shorouk's branch spans across 2,500 square meters and it attempts to provide El-Shorouk and Madinaty residents with the convenience of a one-stop shop," Spinneys CEO Mohanad Adly told reporters. Spinneys aims to open the other branches with total investments estimated at EGP 180 ($10) million, Adly said. "Over the last four years, we successfully quadrupled the number of operating stores in the Egyptian market and in 2019 we will continue to introduce Spinneys to as many Egyptian consumers as we possibly can," he added. "In implementing our aggressive store rollout strategy, we will be looking at locations not just in Cairo, but across various other cities as well." He added that Spinneys will also open a new branch in Sadat City on an area of 3,200 square meters before the start of the Muslim holy month of Ramadan, as well as another branch in the North Coast that covers an area of 3,000 square meters. Each will cost EGP 50 ($2.8) million. "Another branch will be opened by the second quarter of next year in Tanta Mall in Tanta province north Cairo and it will be built on an area of 5,000 square meters with investments of EGP 80 ($4.5) million," he said. Spinneys, which started in Cairo in 2005, is owned by Abraaj Group, a UAE-based private equity firm. | | Allianz to Almost Double Its Egypt Branches in 2019 Allianz is planning to implement an ambitious expansion plan in 2019 by adding six new branches to its current eight as it seeks to increase its market dominance in the country, the German insurance company's managing director in Egypt said. "We have succeeded in achieving significant growth rates recently in the premium portfolio and we are seeking to further expand in the medical insurance sector by introducing new products to both individual and corporate customers," Mohamed Mahran told Al Mal newspaper on Sunday. "The company's premiums at the end of the 2017/2018 fiscal year reached EGP 734 ($41) million, compared to EGP 543 ($30) million during the 2016/2017 fiscal year -- with a growth of 35 percent." According to Mahran, Allianz is also launching a new mobile application -- or "Customer Portal" -- to allow clients to communicate through the company's electronic platform for an easier experience. Public Enterprise Minister Hesham Tawfik said last month that Egypt was looking to increase the insurance sector's investments by 43 percent to EGP 150 ($8.4) billion by 2022, compared to EGP 86 billion recorded in 2017. Tawfik said the sector's contribution to the GDP is only 1 percent, which he described as a 'modest figure', as the country looks to develop the ailing sector. "In similar countries to Egypt, that sector contributes 3 to 4 percent of their GDPs," he added. | Sisi speaks during the World Youth Forum Sisi Agrees to Form Committee to Review Controversial NGO Law For Possible Amendment President Abdel Fattah El-Sisi agreed on Sunday to form a committee to review a controversial law governing non-governmental organizations, saying that it could be amended by the Egyptian parliament. Responding to a question from an attendee at the World Youth Forum in the Red Sea resort of Sharm El-Sheikh, who said the current NGO law should be reconsidered, El-Sisi said discussions were ongoing over the matter. "I agree with you. There were fears that led to the shaping of this law in a distorted manner," El-Sisi replied. The president ratified the law, which was passed by the parliament less than a year earlier, in May 2017 despite criticism from human rights groups which said the bill effectively ban NGOs. The law restricts the activity of NGOs to developmental and social work. It also requires them to get an approval from authorities if they receive more than EGP 10,000 ($550) in donations. | | New Draft Law to Ban Niqab Submitted to Parliament A draft law to ban the wearing of face veil (known as niqab in Arabic) in public places was submitted by two MPs to the parliament, Ahram Online reported. MP Mohamed Abu Hamed said the objective of his draft law is to impose a ban on wearing the niqab in public places, including government institutions, hospitals and schools. He argued that Niqab is not part of the Islamic law and that it is used by extremists to carry out terrorist attacks. Inspired by Algeria's recent imposition of a ban on niqab, MP Ghada Agami said that the draft law she submitted stipulates that the ban should take effect this month. "According to the law, violators will be fined at least EGP 1,000 ($55.8)," Agami added. | | NSB Allocates Loans for Recovering Addicts to Have 'New Beginning' Nasser Social Bank (NSB) has started to offer loans at a maximum value of EGP 80,000 ($4,469) each for recovering addicts to help them start small entrepreneurial projects and get back on their feet as part of the bank's "New Beginning" initiative. The loans are to be paid in monthly installments over five years at a rate of 10.5 percent per annum, Vice President of NSB Sherif Farouk said in a statement. In 2015, NSB launched the New Beginning initiative in cooperation with the state's Anti-Addiction Treatment Fund. It aims to combat drug addiction in Egypt after it reached high rates. Under the initiative, NSB was able to grant 17 loans to some recovering addicts at a value exceeding EGP 1 million ($55,853). "The rate of drug use in Egypt has reached 10.4 percent, twice the world average," Social Solidarity Minister Ghada Wali previously said. "Males represent the majority of drug users at 72.5 percent, and females account for 27.5 percent. The rate of Egyptian drug addicts who need rehab is 2.4 percent." | | Sisi Says Everyone Has Right to Worship, Or Not Egypt President Abdel Fattah El-Sisi said every citizen has the right to worship or not to worship as he sees fit, marking a shift from an official rhetoric that often condemns atheism. "This is a matter we don't interfere in," El-Sisi said during Sunday's session of the World Youth Forum in the Red Sea resort of Sharm El-Sheikh. Charges of blasphemy were brought against atheists who were vocal about their beliefs during the past few years. Some received prison sentences ranging from six months to five years. El-Sisi, in comments on freedom of worship, said Egypt has been building churches in new cities after Christians were denied that right for 150 years. "If we had other religions in Egypt, we would have built worshipping houses for them. If we had Jews, we would have built them [synagogues]," he elaborated. El-Sisi discussed several issues during the second edition of the annual conference, which is hosting some 5,000 youths from 165 countries. During the conference, El-Sisi said that Egypt had employed five million people in the real estate sector to improve the country's infrastructure and provide job opportunities to raise employment rates. He also said that the country had not allowed the passage of boats carrying illegal immigrants to Europe since September 2016 in attempts to "preserve their lives and maintain stability in Europe." | | Housing Ministry Announces Requirements for Granting Residency to Foreigners The Egyptian housing ministry announced on Sunday the necessary requirements for foreign nationals who own housing units to obtain the Egyptian residency. Khaled Abbas, the Deputy Minister of Housing for National Projects, said any foreigner will be granted residency if he/she pays the property's price in full or a minimum sum of $100,000. "Requirements for the residency include a proof of ownership through providing a contract between both the owner and the foreign buyer … and a proof of payment," Abbas said in a statement. "The [interior ministry's] passport department will determine the length of residency." Abbas also said the requirements of renewing the residency include the submission of a letter from the owner to prove that he he/she still owns the housing unit. | | Two-Way Safaga/Marsa Alam Road Costs $84 Mn: Minister Roadworks on doubling the Safaga/Marsa Alam road capacity on the Red Sea coast is going according to schedule with a total cost of of EGP 1.5 billion (about $84 million) as the government seeks to ensure easier passage to touristic areas and reduce the number of accidents on the road, Egypt's transport minister said. "The ministry is currently handling the 195-kilometer road in the direction of Marsa Alam and has already completed the double-way for a distance of 15 kilometers south of Safaga," Hesham Arafat told local media on Sunday, confirming that it will be finalized during the second half of 2019. "The project comes as part of a comprehensive plan to double the road capacity in both directions along the Red Sea coast. The third phase of the national road project, carried out by the transport ministry, would cost EGP 17 billion ($949 million)." According to Arafat, the third phase includes the development of Cairo/Assiut road, Assiut/Sohag road and the Suez tunnel road. Road services to trucks on the Cairo/Suez road will be also provided. He stated that the ministry aims to double the capacity of nearly 1,000 kilometers of the roads that lead to Red Sea provinces. The Egyptian government has been constantly investing in infrastructure development, which is part of the country's economic reform program. | | PM in China for Eco-Friendly Opportunities Prime Minister Mostafa Madbouly held a meeting with the board of directors of Chinese consortium Shanghai Electric and Dongfang Electric Corporation, in which they reviewed the future of clean-energy projects and sources of renewable energy. The two sides also discussed developments in the construction of the Red Sea governorate's Hamrawein coal-fired power plant that is funded by the Chinese side. Hamrawein, which is set to be the largest coal-fired power plant in Middle East and Africa, is estimated to cost some $4.2 billion. It is expected to generate 6,000 megawatts of electricity. Madbouly also held a meeting with China State Construction Engineering's board of directors, during which the company agreed to bear the cost of training 10,000 Egyptian workers in the construction field. These meetings came on the sidelines of the China International Import Expo 2018 that kicks off today in Shanghai, where Egypt will be represented by 38 companies and two banks. Last month, President Abdel Fattah El-Sisi told Director-General of the International Renewable Energy Agency Adnan Amin that the government plans to generate 20 percent of its energy needs from renewable sources by 2022 and 42 percent by 2035. | | Egyptian Forces Kill 19 Militants After Attack on Coptic Christians Egypt's security forces killed 19 militants who were involved in Friday's attack on Christians that left seven dead in the Upper Egyptian province of Minya, the interior ministry said. The militants died in a gunfight after police chased "fugitive terrorist elements" into the desert area west of Minya, the ministry said in a statement. It published photos of the bodies it said belonged to the slain militants, with weapons found in their possession. The pictures also included a tent where they were said to have been hiding. Friday's attack near the Monastery of Saint Samuel the Confessor in Minya left seven dead, including children and women, and 18 wounded, according to the Coptic Church's spokesman. Christians, who roughly make up 10 percent of Egypt's 100 million population, have been a frequent target of attacks over the past few years. Twenty-eight people were killed and a dozen wounded when IS group militants attacked a vehicle carrying Christians in almost the same spot in May 2017. | | International Pope Francis Expresses Sorrow for Coptic Victims of Minya Attack Pope Francis expressed during Sunday prayers his grief for the Coptic Egyptian victims of a terrorist attack that left seven dead and 18 wounded in the Upper Egyptian province of Minya on Friday. The Pope prayed for the victims killed "for the mere fact of being Christians," Vatican News reported. The Pope recited the Hail Mary and asked Mary Most Holy to console the families and the entire community in the wake of this latest terrorist attack. Francis visited Egypt in April 2017, praying in a Cairo Coptic Church that was bombed in December 2016, killing 29 worshippers. | | Bizarre Statue of Football Star Mohamed Salah Draws Mockery A statue of Liverpool football star Mohamed Salah, which hardly bears any resemblance to the "Egyptian King", was unveiled in the Red Sea resort of Sharm El-Sheikh yesterday, drawing mockery from social media users. Pictures of the bronze sculpture, which supposedly depicts Salah's famous goal celebration, went viral on social networking websites, with many questioning its resemblance to the 26-year-old, an iconic figure in the football-mad country. "I think even Salah himself won't recognize that it's actually a statue of him," said one user on Facebook, while others said they believed the statue belong to other figures. The sculpture, which was unveiled during the World Youth Forum in Sharm El-Sheikh, was created by young sculptor Mai Abdallah, who came to prominence last year when she displayed a collection of statues for some famous actors. She got a positive feedback at the time but she admitted that she was not satisfied with her latest work. "I'm not satisfied with the end product. I had no hand in [painting it] in bronze, and that was the problem. There are specific places for this color in Egypt and no sculptor can do it himself," Abdallah told local media. In 2006, the Egyptian government banned the placing of statues in public squares that do not have prior approval from authorities after a number of ugly sculptors were displayed across the country. | |
