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Sunday, 15 Mar 2026

What We're Tracking Today
The Big Story Today
Investment Watch
A Message From Sekem
Debt Watch
Also On Our Radar
Planet Finance
Calendar

FinMin is preparing for the worst

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Today at a glance

1

Big Story Today

FinMin to raise budget contingency reserves to 5% as geopolitical risks mount.
2

Investment Watch

Why regional war hasn’t changed Egypt’s underlying investment case.
3

What we're tracking today

Foreign investors end 13-day selling streak with USD 1 bn of secondary market purchases.
4

What we're tracking today

The EGP slipped against the greenback, breaking a two-day improvement streak.
5

PLANET FINANCE

GCC debt markets hit the brakes as geopolitical risk spikes.
6

Also on our Radar

Converted acquires fashion platform Mitcha.

Sunday, 15 Mar 2026

What We're Tracking Today
The Big Story Today
Investment Watch
A Message From Sekem
Debt Watch
Also On Our Radar
Planet Finance
Calendar
1

What we're tracking today

Foreign investor appetite for local debt returns

Good morning, friends. We kick off the last week of Ramadan with an issue focused on the local implications of the regional war. To safeguard us against global volatility, the Finance Ministry has significantly increased budget contingency reserves.

AND- We spoke with several experts to gauge how the war could impact investor confidence in our economy.

^^ We have more in the news well, below.

***

WISH THIS MORNING’S ISSUE was a podcast? We’ve got you. Tap or click here to listen to Morning Drive, a 10-minute version of today’s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.***

Watch this space

SOVEREIGN DEBT — Foreign investors made a notable return to the Egyptian debt market on Thursday, snapping up some USD 1 bn in the secondary market, banking sources told EnterpriseAM. This ends a 13-day selling streak that saw outflows of roughly USD 6.7 bn since regional tensions began in late February.

But this uptick in appetite is yet to be reflected in lower yields, with an EGP 90 bn T-bill auction on Thursday accepting only EGP 68 bn after investors demanded aggressive yields. The high risk premium pushed the required yields up to between 29-30% — significantly higher than the Finance Ministry’s target range of 22-23%.

COMMODITIES — The Supply Ministry has capped the prices of unsubsidized bread in private bakeries to “regulate markets and facilitate citizens’ access to bread at fair and reasonable prices,” according to a statement. The maximum price for an 80g unsubsidized loaf is capped at EGP 2, a 60g loaf at EGP 1.5, and a 40g loaf at EGP 1. A similar ceiling was applied to “fino” bread, with a 50g roll capped at EGP 2, a 40g roll at EGP 1.5, and a 30g roll at EGP 1.

Why it matters: The government is reviving price controls on essential commodities to shield consumers from mounting inflation exacerbated by the ongoing Iran war, Reuters reports. Some industry players question whether the government can effectively control the unsubsidized market — a grain industry source warned that bakeries might resort to cutting quality to offset rising expenses, noting that wheat prices recently jumped by about EGP 2k per tonne to around EGP 16k following the fuel hikes. Others argue that the added cost per loaf is small enough for bakeries to absorb, adding that natural supply and demand should prevent a drop in bread quality.

FINANCE — Egypt is working to double its currency swap agreement with China to protect the economy from regional instability and falling Suez Canal revenues. Foreign Minister Badr Abdel Ati and Chinese Foreign Minister Wang Yi discussed a plan that allows Egypt to pay for Chinese imports in CNY during a phone call last Thursday.

Hunting liquidity: To bring in more foreign currency, Egypt is turning to the China Development Bank and plans to issue more “Panda bonds” following a successful USD 500 mn debut. The government also wants to boost Chinese investment in the Suez Canal Economic Zone to improve local manufacturing and technology. It is separately working with the World Bank and the African Development Bank to fund large infrastructure projects using private capital instead of relying on government funds.

Why it matters: The government is being pragmatic here. Paying for Chinese goods with CNY lets Egypt keep its hard-to-come-by USD in the bank — giving the country some much-needed breathing room to handle the financial hit from dropping Suez Canal revenues and foreign liquidity pulling out due to the ongoing war.

TRADE — The Agriculture Ministry is pushing to increase exports to Arab and Gulf markets, according to a statement. Agriculture Minister Alaa Farouk pointed to a spike in demand from Gulf importers for specific Egyptian crops, primarily peppers, lettuce, and lemons, as regional buyers scramble to diversify their fresh food sources. However, the ministry argues that this export drive will not trigger domestic shortages, as the push only applies to surplus crops.

Why it matters: This is a clear crisis-to-advantage maneuver. As traditional trade routes in the Gulf and Red Sea face volatility, the government is leveraging Egypt’s land and maritime links to become the primary breadbasket for the GCC. If exporters can maintain the high technical and sanitary standards required by Gulf authorities under these quasi-emergency conditions, the sector could see a permanent expansion of its market share in the region long after the current tensions subside.

EGP watch

The EGP slipped against the greenback on Thursday, breaking a two-day improvement streak. By the time banks closed for the weekend, the greenback changed hands at EGP 52.39 (buy) and EGP 52.49 (sell) at the National Bank of Egypt. At several private banks, rates climbed to EGP 52.50 (buy) and EGP 52.60 (sell).

The EGP’s retreat is attributed to continued import pressures and existing foreign currency obligations held by the Central Bank of Egypt, a source in the banking industry tells EnterpriseAM. Interbank FX activity cooled toward the end of the week, as banks relied more on direct inflows from remittances and foreign portfolio investment and less on the interbank market, another banking source tells us.

Despite continued pressure on USD liquidity in the market, there are no USD shortages, as foreign currency obligations declined in March compared to February, which had seen elevated USD-denominated maturities, one of our banking sources said.

Expect the USD/EGP exchange rate to stay near current levels over the next month if no major geopolitical developments take place, Al Ahly Pharos’ Hany Genena tells us, adding that current fluctuations reflect market flexibility and are no reason to worry.

The real test will be in the economy’s ability to get through weeks — and perhaps months — of tension without seeing prices and financing costs soar, economist Hany Abou El Fotouh tells us.

On the diplomatic front

President Abdel Fattah El Sisi firmly condemned recent Iranian strikes against the Gulf states, Jordan, and Iraq during a phone call with Iranian President Masoud Pezeshkian on Friday, according to an Ittihadiya statement. El Sisi was clear that Arab states have not supported nor participated in the war against Iran, but have instead actively backed diplomatic efforts to reach a solution.

Mediation remains on the table: Despite the firm tone, El Sisi reiterated Egypt’s readiness to mediate and push for a diplomatic resolution to the crisis. He stressed that all parties must adhere to international law, respect national sovereignty, and exercise flexibility to return to the negotiating table. Pezeshkian expressed his appreciation for Egypt’s role in de-escalation, saying that Iran remains committed to brotherly relations and good neighborliness with Arab nations despite the current hostilities.

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PSA

WEATHER- Gladly, skies are clearing in Cairo today, with a high of 21°C and a low of 11°C, according to our favorite weather app.

Expect possible rain in Alexandria, with a high of 19°C and a low of 12°C.

The big story abroad

The regional war dominated headlines over the weekend. US President Donald Trump has called on China, France, Japan, South Korea, and the UK to send warships to force open the Strait of Hormuz along with US naval forces. Meanwhile, Tehran claimed that the waterway is only shut to ships from “enemies.”

Another blow to oil supplies? Trump also threatened more strikes on Iran’s Kharg Island — a key oil export hub — despite previous comments indicating only military sites on the island would be targeted.

And in the world of AI: Tech giant Nvidia is looking to roll out a new chip specially geared to speed up AI responses in what could be a pivot from its usual one-size-fits-all approach to chipmaking. Rather than training AI models, the proposed chip will focus on “inference,” a process through which machine learning models draw conclusions from brand new data.

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Art. Sound. Movement.

This month, Somabay welcomes NoArt for a night where sound, art, and energy converge by the Red Sea.

With a global lineup featuring ANOTR, Bella, Chloé Caillet, Chris Stussy, Job Jobse, Palms Trax, and Misty, the Bay transforms into an open-air stage where music moves freely from sunset into the night.

A gathering of sound, movement, and creative expression set against one of the Red Sea’s most extraordinary landscapes.

22 March 2026 — Somabay Egypt

2

The Big Story Today

FinMin to raise budget contingency reserves to 5% as geopolitical risks mount

Finance Minister Ahmed Kouchouk is building a rainy-day buffer as he prepares the upcoming state budget, signaling a hard pivot toward fiscal preservation over expansion. Kouchouk’s remarks during a panel hosted by the National Front Party last week (watch, runtime: 10:44) confirm that the government will max out its emergency budget reserves to the constitutional limit of 5% — up from 3% — while freezing or delaying all non-essential public spending.

By the numbers: The contingency reserve in the current fiscal year’s budget stands at around EGP 140 bn, or roughly 3% of total spending. About 60% of this reserve has not been used so far, according to Kouchouk, but if the regional war drags on, the government may resort to tapping the contingency allocations in the coming months.

Why it matters: By hitting the legislative ceiling on reserves, Kouchouk is building a liquidity moat to protect energy and food subsidies against global volatility. Energy and food security are prioritized, supported by expedited renewable energy projects and robust infrastructure to receive necessary LNG imports.

Multiple indicators suggest the government is moving quickly on several fronts to secure essential commodities and concessional financing early. During the same panel, Supply Minister Sherif Farouk said (watch, runtime: 6:26) the strategic reserve of key goods remains at safe levels, noting a major expansion in grain storage infrastructure after wheat storage capacity was increased to 3.4 mn tons — up from 1.6 mn tons — with a target of reaching 6 mn tons. The push comes as Farouk met with officials from Ferum Egypt last week to follow up on the implementation of a project to localize the manufacturing of grain storage silos in Egypt.

The state continues to shoulder the high cost of bread subsidies, which exceeded EGP 165 bn in the previous budget and are expected to surpass that level in the upcoming budget to keep the price of subsidized bread stable, Farouk said.

The government is prepared to import additional LNG shipments if necessary to ensure electricity generation and industrial demand are met and domestic production is shielded from potential supply disruptions, Oil Minister Karim Badawi said during the panel (watch, runtime: 11:02).

What’s next? The Cabinet is expected to approve the next FY’s budget before the Eid El Fitr holiday, a government source tells EnterpriseAM. The government will finalize the draft budget once it decides on raising the minimum wage and increasing allocations for subsidized essential goods, before submitting the draft to parliament for discussion before the end of March, the source added.

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3

Investment Watch

Why regional war hasn’t changed Egypt’s underlying investment case

The ongoing war has meant that — at least for now — “investors are wary of the whole region,” Zilla Capital Managing Partner Omar El Shenety tells EnterpriseAM. Despite its geographic and political distance from the conflict, “Egypt is not immune; the whole region shares the pains and prospers of economic cycles,” Morpho Investments Founder and Managing Partner Ayman Soliman tells us, explaining that “there is always some sentiment spillover in global capital markets — risk appetite tends to move regionally.”

Exposed? Yes, but for different reasons than the GCC

Although “no country in this region is fully insulated, [...] Egypt faces genuine near-term pressures as a net energy importer in an environment of rising global oil prices,” Foundation Ventures Managing Partner Mazen Nadim tells EnterpriseAM. “Egypt’s risk profile is structurally different from markets closer to the conflict. Its exposure is primarily economic and indirect, and that geographic reality provides a meaningful buffer.” Nadim explains.

For many investors, the risk in Egypt isn’t about security — it’s about confidence in being able to repatriate returns in times of crisis. In contrast to the Gulf’s ability to provide FX liquidity and move capital between borders, previous experience in Egypt leading up to the float of the EGP understandably means this is still a “longstanding concern for investors in Egypt, especially those not using the market primarily as an export,” BMI Senior Country Risk Analyst Abdalla Saleh tells EnterpriseAM.

Don’t expect a lot of investment interest to move here from the GCC

Egypt may seem a more attractive investment decision on paper, but the two geographies appeal to different investors. “Egypt and the GCC, now and in the past, have presented stories that are complementary, not competitive,” Soliman explains.

“What we are seeing now is a very short news cycle,” argues Soliman, pointing to the GCC’s “deep liquidity, strong institutions, and ambitious economic transformation programs,” which will continue to attract investment. “But the GCC has and will remain a destination and Egypt as well will continue to offer scale, demographic momentum, and significant productivity upside,” he added.

If Egypt will compete with anyone, it’s Morocco — our main competitor for FDI, which unlike Egypt has remained mostly isolated from Israel’s war on Gaza and following conflicts, Saleh tells us.

What attracted — and put off — investors in the past will remain

The war will end, and the market fundamentals that initially attracted investors — for both Egypt and the GCC — should still be there. “Egypt’s structural story was strong before this crisis, it remains strong through it, and it will be stronger on the other side of it,” Nadim tells us.

“The conversations we are having with long-term capital are about recognizing a trajectory that was already well established,” Nadim tells us, pointing to the longer-term narrative of “a large economy with a credible reform story, a strategic geographic location, a technically skilled and affordable labor force, and a government that has demonstrated it can manage through adversity.”

While instability may increase caution in emerging markets in the short term, “experienced investors tend to differentiate between brief volatility and structural [potential],” Soliman tells us. “If anything, periods of regional uncertainty often sharpen investors’ focus on markets with deep domestic demand and diversified economic drivers,” he explains.

For the GCC and investors there, supply chain resilience is Egypt’s key appeal

Although “Egypt’s geographic advantages are not new” or unknown, the world is now “paying much closer attention to supply chain resilience,” Nadim tells us. With Egypt already playing a role in facilitating Gulf energy exports via its Sumed pipeline and Red Sea infrastructure, in addition to supporting previously seldom-used land routes to channel goods amid the closure of the Strait of Hormuz, the country is demonstrating its ability to act as a gateway to global markets. Even when the war comes to an end, the memory of the conflict will remain, as will likely the possibility of a renewed conflict in the future and the desire to have working supply chain alternatives.

While investors outside our region may be waiting to carry on as they once did, the same may not be true for Gulf investors with non-supply chain interests in Egypt. “There are concerns that activity on Gulf‑backed tourism projects such as Ras El Hekma and Alam El Roum may ease,” and similar projects in the future may not be pursued as “near‑term economic strains [...] weigh on sentiment towards Egypt,” Saleh says.

What’s next? We can speculate all we want, but the fact is that “appetite will stay untested until the war settles down,” El Shenety tells us, with much yet unknown in terms of how long the war will last or how it will end. While “[i]nvestors are now in a wait-and-see mode until the war settles,” looking ahead, investors will reassess the region and could “realize that the risks of Egypt are much less than the GCC markets from a political standpoint and this may have positive long-term implications on investing in Egypt,” he added.

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4

A MESSAGE FROM SEKEM

The 40k milestone: scaling Egypt’s regenerative transformation

For years, organic and biodynamic farming have been regarded as a niche model — environmentally sound, but difficult to scale. However, this year, the Egyptian Biodynamic Association (EBDA) presented evidence to the contrary.

At its annual gathering, EBDA marked the enrollment of 40k smallholder farmers into the Economy of Love (EoL) carbon credit scheme, signaling a national shift in how regenerative agriculture is implemented. The milestone suggests that biodynamic practices can be scaled across Egypt’s diverse landscapes while maintaining measurable environmental and economic outcomes.

Today’s growth reflects a transition from pilot stage to coordinated national rollout, given that just four years ago, EBDA worked with only 2.1k farmers. What began as a prototype at SEKEM’s Wahat farm in 2021 has matured into a structured framework that integrates soil regeneration, increasing resistance to drought and climate stress.

Central to this model is EoL, which links regenerative farming practices to high-integrity carbon credits. In collaboration with the Carbon Footprint Center at Heliopolis University, carbon sequestration and emissions reductions are measured and verified, translating climate action into a revenue stream for farmers. This integrated model positions smallholders as contributors to climate mitigation, while strengthening rural economic resilience, reducing exposure to volatile global markets, and lowering long-term production costs. As a result, healthy food moves closer to price parity with conventional products.

Throughout 2025, EBDA hosted a series of Climate Heroes forums recognizing farmers who adopted EoL-certified practices. The initiative aligns with Egypt’s Sustainable Development Strategy for 2030 and contributes to soil restoration, emissions reduction, and community development, including women’s participation in agricultural value chains.

Looking ahead, EBDA is targeting 250k farmers by 2030. The objective is to move regenerative agriculture from an alternative practice to the main model, advancing a climate-positive food system that restores ecosystems, strengthens rural livelihoods, and ensures that healthy, affordable products are accessible while reinforcing long-term agricultural resilience in Egypt.

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5

DEBT WATCH

FinMin targets sustainable debt-to-GDP ratio in new fiscal roadmap

The Finance Ministry aims to bring Egypt’s debt-to-GDP ratio down to a sustainable 71-73% by the end of FY 2028-2029 and lower its gross financing needs to 9-11% of GDP, according to the government’s new 2026-29 medium-term debt management strategy seen by EnterpriseAM. The strategy outlines a roadmap to resolve a critical fiscal bottleneck where interest payments currently devour 70-80% of tax revenues. It also aims to lower the annual debt service bill to 8.6% of GDP by 2028-29 from 11% in FY 2024-25.

Why it matters: Reducing debt service is now a top national priority, as the current interest burden leaves little fiscal space for social and developmental spending. A key driver for this reduction will be maintaining strict fiscal discipline through primary surpluses. After achieving a 3.5% primary surplus in FY 2024-25, the government plans to increase this to 4% in the coming FY to ensure a credible downward trajectory for the nation’s debt.

Curbing currency risks: To insulate the budget from exchange rate volatility, the strategy outlines a gradual reduction in the financial sector’s foreign debt, targeting an annual cut of USD 1-2 bn in government external debt. By the end of the strategy period, officials expect 80% of Egypt’s public debt to be denominated in the local EGP. These efforts are already bearing fruit, as Egypt’s five-year credit default swaps have dropped significantly from 1,858 bps in October 2023 to roughly 299 bps currently, reflecting improved investor sentiment and market confidence.

External debt as a “safety buffer”: Egypt is also adjusting its external borrowing habits to prioritize safety and sustainability. The country will rely more heavily on concessional and semi-concessional financing — a “safety buffer” that already constitutes 63% of its external debt structure. By prioritizing these funds over international bond issuance and expanding debt swap programs, the government has already achieved a USD 3.9 bn reduction in its external debt.

Domestic market development: The government plans to extend maturities and lower borrowing costs by issuing more medium-term bonds with three-, five-, seven-, and 10-year lifespans, with the potential for 15-year instruments in the future. The overarching goal is to extend the average maturity of government debt to 4.5-5 years. Additionally, activating the secondary market and introducing new instruments will help attract individual and institutional investors, reducing the heavy reliance on local banks to finance public debt.

Green + sustainable financing: Building on its status as a regional pioneer in green and Panda bonds, the country will leverage these tools alongside expanded local sukuk issuances, which are expected to attract Gulf investors. The instruments will mobilize funds for renewable energy and eco-friendly infrastructure, ultimately supporting broader national goals such as increased spending on health and education.

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6

Also on our Radar

Mitcha joins Converted’s digital ecosystem

Converted acquires local fashion platform Mitcha

US-based AI advertising tech firm Converted has fully acquired homegrown fashion platform Mitcha to expand its data-driven commerce ecosystem across emerging markets, according to a statement. Mitcha will soon retire its standalone brand identity and integrate its marketplace, customer base, and designer network directly into Converted’s expanding digital ecosystem, Mitcha Founder and Shark Tank Egypt investor Hilda Louca tells EnterpriseAM. The value of the transaction was not disclosed.

The rationale: “For me, the decision was about finding the right partner to scale what we built with Mitcha,” Louca tells us. “By joining Converted, Mitcha’s designers and merchants can benefit from the company’s data and AI tools and reach customers more effectively while generating measurable sales,” she added.

** Want to know more about Mitcha and the founder behind it? We sat down with Louca a few months back for our weekly My Morning Routine column. You can check out the story here.

BP secures two offshore Med exploration blocks

BP has added Mediterranean offshore exploration concessions North-East El Alamein and West El Hammad to its portfolio after securing the blocks in January, according to the British energy company’s annual report (pdf). While BP has 100% equity in the North-East El Alamein concession, it only has 25% of West El Hammad, with Eni holding the remaining 75%.

Valu caps off record year on the EGX with EGP 764 mn in net income

EGX-listed fintech Valu’s bottom line surged 81% y-o-y to EGP 764 mn in 2025 — its first full year as a publicly traded company, according to its latest earnings release(pdf). Revenue came in at EGP 5.6 bn, up 71% y-o-y, supported by a 50% y-o-y expansion in gross merchandise value (GMV) to EGP 24.5 bn.

The drivers: Valu’s product ecosystem. Growth came primarily on the back of a 179% y-o-y increase in prepaid card GMV, which hit EGP 5.2 bn to become a core driver of engagement. Auto financing GMV grew 78% y-o-y during the year to EGP 3.3 bn, while Ulter and loans for premium purchases jumped 190% y-o-y to EGP 1.4 bn.

Market share: The fintech powerhouse maintained a 23% market share during the year, while keeping its non-performing loan ratio healthy and low at just 0.98%.

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7

PLANET FINANCE

Rising geopolitical risks stall GCC debt market activity

GCC borrowers have effectively frozen new USD bond and sukuk sales as regional markets price at a war premium following the outbreak of the conflict with Iran, Fitch Ratings says. After a record-breaking start to 2026, the regional pipeline is now on hold despite the total outstanding debt market hitting a record USD 1.2 tn this month — a 14% y-o-y increase.

REMEMBER- The GCC had significant funding needs going into 2026, as Gulf governments and issuers are looking to diversify funding channels and refinance maturing debt. Regional debt markets had been on track to break the USD 1.25 tn mark this year, up from USD 1.1 tn in issuances last year, according to Fitch Ratings’ GCC Debt Capital Markets MENA Monitor 2026 report (pdf).

Why it matters: The GCC now accounts for 40% of all emerging-market USD issuance (excluding China), making it the primary engine of EM debt. While yields widened 28-32 bps in the conflict’s first 10 days, CDS remained remarkably resilient, widening by only 13 bps for Abu Dhabi and 12 bps for Saudi Arabia, according to a Mashreq Capital note (pdf).

Real estate among the first to show signs of trouble: “While higher-quality sovereign and quasi-sovereign credits continue to trade in an orderly manner, weaker high-yield issuers, particularly in real estate, have seen a marked deterioration in market depth,” the bank subsidiary notes, citing bid-ask spreads that have widened to around 2 points versus the usual 0.5, indicating limited buyer appetite.

Sukuk continues to offer a volatility hedge: Heavy demand from Islamic banks is keeping sukuk spreads tighter than conventional bonds, giving regional issuers a pricing edge even as high-yield benchmarks — like the S&P High Yield Sukuk Index — see yields rise toward 6.61%.

Looking ahead, Mashreq Capital sees three potential scenarios: A diplomatic de-escalation could quickly unwind the war premium, tightening spreads and reopening the issuance window, according to the note. A more prolonged standoff would likely keep spreads elevated and push CDS ins. costs higher, effectively raising borrowing costs for regional issuers. In a worst-case scenario, markets could face a broader liquidity shock, forcing selloffs even in high-quality sovereign debt.

EGX30

46,791

-0.9% (YTD: +11.9%)

USD (CBE)

Buy 52.38

Sell 52.52

USD (CIB)

Buy 52.39

Sell 52.49

Interest rates (CBE)

19.00% deposit

20.00% lending

Tadawul

10,893

-0.5% (YTD: +3.8%)

ADX

9,480

-1.6% (YTD: -5.1%)

DFM

5,426

-1.7% (YTD: -10.3%)

S&P 500

6,632

-0.6% (YTD: -3.1%)

FTSE 100

10,261

-0.4% (YTD: +3.3%)

Euro Stoxx 50

5,717

-0.6% (YTD: -1.3%)

Brent crude

USD 103.14

+2.7%

Natural gas (Nymex)

USD 3.13

-3.2%

Gold

USD 5,062

-1.3%

BTC

USD 70,747

-0.1% (YTD: -19.2%)

S&P Egypt Sovereign Bond Index

1,032

+0.1% (YTD: +3.9%)

S&P MENA Bond & Sukuk

150.55

-0.4% (YTD: -0.9%)

VIX (Volatility Index)

27.19

-0.4% (YTD: +81.9%)

THE CLOSING BELL-

The EGX30 fell 0.9% at Thursday’s close on turnover of EGP 7.1 bn (9.7% above the 90-day average). Regional investors were the sole net sellers. The index is up 11.9% YTD.

In the green: Eastern Company (+6.0%), Egypt Aluminum (+4.8%), and Valmore Holding -EGP (+3.9%).

In the red: ADIB (-4.8%), Raya Holding (-4.2%), and GB Corp (-2.8%).

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CALENDAR

2026

MARCH

19-23 March: (Thursday-Monday): Eid El Fitr public holiday.

30 March - 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).

APRIL

2 April (Thursday): Monetary Policy Committee’s second meeting of 2026.

12 April (Sunday): Coptic Easter.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

21 May (Thursday): Monetary Policy Committee’s third meeting of 2026.

27-29 May (Wednesday-Friday): Eid El Adha (TBC).

JUNE

30 June (Tuesday): National holiday in observance of the June 30 Revolution (TBC).

JULY

9 July (Thursday): Monetary Policy Committee’s fourth meeting of 2026.

23 July (Thursday): National holiday in observance of Revolution Day (TBC).

AUGUST

20 August (Thursday): Monetary Policy Committee’s fifth meeting of 2026.

26 August (Wednesday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

SEPTEMBER

15 September (Tuesday): IMF to hold its eighth review of Egypt’s USD 8 bn EFF arrangement.

24 September (Thursday): Monetary Policy Committee’s sixth meeting of 2026.

27-29 September (Sunday-Tuesday): Global Conference on Population, Health, and Human Development.

OCTOBER

6 October (Tuesday): Armed Forces Day.

29 October (Thursday): Monetary Policy Committee’s seventh meeting of 2026.

DECEMBER

17 December (Thursday): Monetary Policy Committee’s eighth meeting of 2026.

EVENTS WITH NO SET DATE

Early 2026: Passenger operations on the New Administrative Capital-Nasr City monorail scheduled to begin.

1Q 2026: Trial operations for the Ain Sokhna-Sixth of October section of Egypt’s first high-speed rail line scheduled to begin.

May 2026: End of extension for developers on 15% interest rates for land installment payments.

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

2027

20 January-7 February: Egypt to host the African Games.

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings.

2027: Egypt-EU Summit 2027.

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

September 2028: First unit of the Dabaa nuclear power plant begins operations.

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