Gov’t promises news on privatization progress post-Eid as the Central Bank of Egypt holds rates steady once more

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What We're Tracking Today

Indian PM Modi arrives in Egypt + Has the gov’t met its privatization targets? We’ll know more after Eid

Good morning, wonderful people, and happy Sunday. We’ve got plenty of news for you to kick off one of the shortest work weeks we’ve had in a while.

Today starts the work week, and tomorrow will wrap it up. We’re still waiting on the Manpower Ministry and the EGX to confirm that they’ll follow the public sector and the banks and declare a seven-day holiday — from Tuesday, 27 June through Monday, 3 July — to mark Eid El Adha and the 30 June revolution. We’ll let you know as soon as we know.

THE BIG STORY here at home: The Central Bank of Egypt met most analysts’ expectations when it chose to keep interest rates on hold on Thursday. Also on the macro front, we could be inching closer to our second sovereign green bond issuance.

We also bring you lots of fresh industrial investment news — much of it spurred by Indian firms looking at the potential here. The country’s PM is making a visit to Cairo just as the Suez Canal Economic Zone wraps up its roadshow to major Indian cities.

WATCH THIS SPACE- Expect big news out of the privatization program when we come back from the break.“All the targets [for the state privatization program] have been achieved,” Planning Minister Hala El Said told Amr Adeeb on El Hakaya last night (watch, runtime: 18:32). “There are transactions that have already been done and will be announced after the Eid holiday,” she said.

REMEMBER- The Madbouly government is targeting asset sales of USD 2 bn by the end of June. It has so far raised only USD 153 mn that we know of, through the Pachin acquisition and a sale of 10% in Telecom Egypt.

AND- We’ll soon know which companies will be redeveloping the National Democratic Party HQ: The Sovereign Fund of Egypt (SFE) will within two weeks reveal the successful bid for a contract to redevelop the land where the National Democratic Party’s headquarters once stood. The area is set to be transformed into a hotel as part of several landmark projects to develop old buildings and revamp the cultural landscape of central Cairo. Four companies reportedlyresponded to the tender.

The Enterprise Finance Forum is our flagship gathering — the one so many of you have been waiting for. The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations just after the 30 June holiday.

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STAY TUNED for more detail about our location, exciting agenda and speakers in the weeks to come.

MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast to hear what went down: The Enterprise Podcast is back, and with it comes our new Forum series, where we bring you audio recordings of what was said on stage at our events.

We’re kickstarting the series with the Enterprise Exports and FDI Forum, which took place last May at the Four Seasons Nile Plaza, and where we explored how we can make Egypt an export powerhouse that is a magnet for FDI.

IN TODAY’S EPISODE- We looked at the immediate need for businesses, and the country as a whole, to develop workable strategies on bolstering exports and FDI by looking at examples from around the world that have worked. We were joined on that panel by Yasmine Khamis, chair of the Orientals Group, and Yassir Zouaoui, partner at McKinsey, who flew in from the UAE to attend. The panel was co-moderated by our friend Helmy Ghazi, deputy CEO of HSBC Egypt.

Expect us to drop an episode every Sunday morning.You can listen to the Enterprise Podcast where ever you get your podcasts including: Apple Podcast | Spotify| Google Podcast | Anghami.

THE BIG STORY ABROAD-

An attempted coup on the Kremlin called off at the last minute? The foreign press is full of the high drama playing out on Russia’s home front, as the leader of the notorious paramilitary Wagner Group appeared to call for — and then just as abruptly call off — a march on the Kremlin. Russian President Vladimir Putin has agreed to drop mutiny charges against Yevgeny Prigozhin and allow him to leave for neighboring Belarus in a pact brokered by Belarusian President Alexander Lukashenko, the Kremlin said. Prigozhin’s troops were within 200km of Moscow when he ordered them to turn back. Every outlet is closely monitoring developments: Bloomberg | The New York Times| Reuters| FT| Wall Street Journal| Washington Post | AP | The Guardian.

Search for the Titan sub ends in tragedy: The US Coast Guard has said debris from the submersible that went missing last week on a descent to the Titanic wreck is consistent with “a catastrophic implosion of the vehicle” that claimed the lives of all five passengers, Reuters reports. The remnants of the underwater vessel were discovered on the ocean floor by a robotic diving vehicle on Thursday following an extensive four-day search operation. Canadian safety officials have now launched an investigation into the submersible's implosion. Previous passengers of the Titan and submersible experts have said they were concerned about the safety of the experimental vehicle, which was not accredited by any regulator.

HAPPENING TODAY-

Modi in Cairo: Indian Prime Minister Narendra Modi landed in Egypt on Saturday for a two-day visit, a cabinet statementsaid. His arrival makes the first state visit to Egypt by an Indian Prime Minister in 26 years, added the Washington Post. Modi will meet with President Abdel Fattah El Sisi today and is expected to sign a number of MoUs promoting trade ties between the two countries. The visit follows El Sisi’s trip to India earlier this year, during which the two leaders agreed to strengthen ties on several fronts, including by upping Indian investment here. (Times of India| Associated Press)

Modi x Madbouly: Prime Minister Moustafa Madbouly and cabinet ministers met with Modi yesterday for a roundtable discussion during which Madbouly highlighted Egypt’s interest in India becoming a main wheat supplier to the country, as well as upping cooperation in higher education, tourism, pharma and green energy, a statement said. The two sides agreed to continue working to increase bilateral trade to USD 12 bn in the next five years.

DATA POINT-

Egyptians have brought more than 306 kg of gold into the country since 11 May, when the government relaxed customs rules in a bid to stabilize the gold market, the Finance Ministry said. Under the new rules, Egyptians living abroad are able to bring up to 100-150 grams of gold into the country without paying customs fees.

MARKET WATCH-

Gov’t contracts hedging against volatile oil prices run out this month: Hedging contracts guarding against oil market fluctuations will expire at the end of June, the close of the current fiscal year, CNN Business Arabic reports, quoting a Finance Ministry source. The government agreed to purchase hedging contracts in December after oil prices saw extreme volatility in 2022.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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Central Bank of Egypt holds interest rates steady

The Central Bank of Egypt (CBE) kept interest rates unchanged on Thursdayas global inflationary pressures begin to ease, it said in a statement (pdf) following its policy meeting. The Monetary Policy Committee (MPC) left the deposit rate at 18.25%, the lending rate at 19.25%, and the main operation and disc. rates at 18.75%.

The rationale: The CBE said it would maintain interest rates as it continues to assess the cumulative impact of previously enacted tightening policies. The central bank has hiked rates by 1k bps since March 2022 but left them unchanged during its latest monetary policy meeting in May. It also increased banks’ reserve ratio requirements by 400 bps in September.

This was expected:Seven ofnineanalysts in our poll predicted the decision, explaining that it would give the CBE time to assess the situation and hold off any moves that may increase the cost of public debt. Seven of ten analysts in a CNBC Arabia poll and all 17 analysts in a Reuters poll also saw policymakers holding rates steady.

Inflation is still running hot: Annual urban inflation rose to 32.7% y-o-y in May from 30.6% the month before. The May reading marks a return to the near record high inflation recorded in March before price hikes briefly cooled in April. Inflation is now once again at its highest since July 2017, when it hit an all-time high of nearly 33%. The central bank is still targeting a 7% (±2) rate of inflation by 4Q 2024 and 5% (±2) by 4Q 2026, the statement said.

Rates may stay on hold as long as the FX rate remains stable: Some of the analysts we spoke to ahead of the CBE decision told us that the central bank would likely only move to raise rates in tandem with another devaluation of the EGP — which many have now ruled out in the short term. Banking expert Mohamed Abdel Aal is among those who say that the FX rate currently has a bigger impact on inflation than interest rates, while central bank governor Hassan Abdalla recently noted that policy moves other than rate hikes may be needed to bring inflation back in line.

The MPC’s next meeting to decide its rate policy is scheduled for Thursday, 3 August.

AIIB could play the guarantor role in our second green bonds sale

AIIB could back our second sovereign green bond sale: The government is reportedly in talks with the Asian Infrastructure Investment Bank (AIIB) to guarantee an upcoming green bond issuance, AIIB President and Chairman Jin Liqun is quoted as telling Bloombergon the sidelines of the Summit for a New Global Financing Pact in Paris over the weekend. Jin did not disclose any information about the size, timeline, or currency denomination of the bond sale or what portion would potentially be guaranteed by AIIB.

Accessibility + affordability: The guarantee would give Egypt easier access to capital markets at low borrowing costs, Jin is quoted as saying, adding that it would also allow us to access finance for wind farms and other climate projects. He said that this would be the first time AIIB acts as a guarantor for this kind of bond.

REMEMBER- We have a planned green panda bond sale coming up: The African Development Bank agreed last month to provide ins. coverage for USD 345 mn of our planned maiden USD 500 mn CNY-denominated bond issuance. The green panda bonds, which will be used for sustainable development projects, could go to market early next fiscal year, a Finance Ministry official previously said. It is unclear whether this is the same green bond issuance that AIIB could guarantee.

More green bond talk: Finance Minister Mohamed Maait said in September that the government is looking at the possibility of issuing a green eurobond soon, depending on market conditions. The Finance Ministry earlier in 2022 signaled that it islooking to take a USD 750 mn green bond issuance to market, matching the 2020 issuance that saw Egypt debut sovereign green bonds in the MENA region. Sovereign green bond sales are part of the government’s debt diversification strategy, which entails a shift towards longer-term debt.

MSCI review Egypt’s emerging-market status amid FX crunch

MSCI could consider reclassifying Egyptian indexes amid the FX crunch: MSCI has said it could launch a consultation to reclassify its Egyptian indexes from “emerging” to “frontier” or “standalone” status “in the event of further deterioration of market accessibility in Egypt,” according to its annual Market Classification Review (pdf). The global index provider said that a shortage of hard currency is “affecting foreign investors’ ability to repatriate capital in a timely manner,” making our markets less accessible to investors abroad.

What’s the difference? MSCI groups the marketsit tracks into three main groups — developed, emerging, and frontier — according to “common characteristics” that “help investors better understand and compare” different markets and assess the risk level associated with investing in them. We’re currently considered an emerging market alongside countries like Saudi Arabia, Qatar, Turkey, and the UAE, meaning Egyptian equities are included in the MSCI Emerging Markets Index. Frontier markets in the region include Jordan, Morocco, and Tunisia. Standalone markets are either newly eligible for classification or have experienced “severe deterioration in market accessibility or size and liquidity”.— as in the case of Lebanon, for example.

REMEMBER- MSCI in May chose to make nochangesto securities classified in Egypt in its quarterly review, saying it could give the country “special treatment” in the wake of investor concerns over Egypt’s limited FX liquidity.

It’s not just us: “The challenging global macroeconomic environment” means that “various markets” are seeing low FX liquidity, “posing obstacles to the ease of fund repatriation for international institutional investors,” said Dr. Dimitris Melas, global head of index research and product development and chairman of the MSCI Index Policy Committee. The indexer is also monitoring how liquidity issues are impacting investors in Bangladesh, Kenya, and Sri Lanka, and is continuing a review into whether to reclassify Nigerian equities from a “frontier” to a “standalone” market.

Four new public-private partnerships for industrial projects

Four new public-private investment projects: Private sector players signed four separate agreements with state-owned companies on Thursday to work together on industrial projects. A rundown of the agreements:

#1- Setting up a factory for chlorine pellets: State-owned Egyptian Chemical Industries (Kima) and Chemical Industries Holding Company agreed with Cadence Energy and Engineering Consultancy and Project Development to establish a holding company, Pure Dive, to construct, manage, and operate a factory producing chlorine pellets, according to a cabinet statement. CIHC will provide the land for the factory, the statement reads, without providing further details about the size and timeline of the potential investment. Chlorine pellets have applications in water purification, sterilization and disinfection of medicines, food production, sanitation of swimming pools, soil disinfection and agricultural cultivation, and in the textiles industry.

#2- Establishing a factory for PC wire: CIHC and Global Steel have agreed to establish a company named EgyDrew to construct, manage, and operate a factory for the production of pressed concrete wire, according to a separate statement. CIHC will also provide the land needed for the factory, the statement reads, without providing further details about the value or timeline of the potential investment. Pressed concrete wire is used in the manufacturing of railway sleepers, electric poles, precast architectural structures, concrete sewage pipes, and water tanks.

#3- Establishing a hydrogen processing unit: A consortium of industrial gas producer Gulf Cryo and Emex for Engineering and Construction will establish a unit to process hydrogen gas for various uses, and market and sell it under an agreement with Kima, cabinet said in a statement.The unit will be established within a Kima factory in Alexandria, with Kima committed to supplying hydrogen gas to the alliance of the two companies, the statement reads, without providing further details about the size and timeline of the potential investment.

#4- Operating an idle factory for kidney dialyzers: Pharma firm Wadi El Neel will revamp and operate an unused factory for kidney dialyzers and its annexed warehouses in Qalyubia owned by state-owned El Nasr Pharma under a nine-year lease contract, according to a separate statement. Wadi El Neel will contract an accredited engineering consultancy to carry out the revamp, the statement reads, without providing further details about the size and timeline of the potential investment.

Indian auto, plastics firms meet with SCZone boss Gamal El Din in Mumbai

Indian auto, chemicals firms want to invest in the SCZone: Indian automotive and adhesive companies expressed their interest in investing in the Suez Canal Economic Zone’s (SCZone) East Port Said industrial zone during meetings with SCZone boss Walid Gamal El Din in Mumbai, Gamal El Din said in a statement yesterday.

REMEMBER- Indian energy, industrial, and construction companies last week expressed interest in setting up projects here during meetings with SCZone representatives in New Delhi as part of the SCZone’s roadshow to India, which wrapped up in Mumbai yesterday.

#1-BajajAuto to produce motorbikes in SCZone: Motorcycle and three-wheeler maker Bajaj Auto wants to establish a vehicle factory in the SCZone’s East Port Said industrial zone for easy access to export markets across Africa and the MENA region. The statement didn’t include a projected investment cost.

#2- EV talks ongoing with Ashok Leyland: Gamal El Din discussed with Hinduja Group Ashok Leyland plans to locally manufacture EVs after the company last month visited the East Port Said industrial zone, the statement read. The Public Enterprise Ministry last month said the Indian firm could partner with state-owned EL Nasr Automotive to form a joint venture for locally-made EVs. The government has been searching for a replacement partner since talks with Chinese firm Dongfeng fell through in 2021.

#3- TVS Motor eying EVs here? TVS Motor Company told Gamal El Din it’s interested in manufacturing eco-friendly vehicles, without discussing any specific plans to set up a project here.

#4- Mahindra eyes SCZone for multiple projects: Auto and farm equipment firm MahindraGroup is looking to expand its activity in the local food industry through dedicated industrial zones such as the West Qantara industrial area, regional president Bobby Salwan is quoted as saying.

#5- Indian plastic adhesives and sealants company HP Adhesives will study setting up a 10k sqm factory in an SCZone area, the statement read, without giving further details.

Could we see an Indian cluster in the SCZone? Egypt is prepared to offer India an exclusive industrial and logistics hub to serve as a strategic gateway from which New Delhi can expand its market reach, Gamal El Din said yesterday, according to Zawya. President Abdel Fattah El SIsi first floated the idea during his trip to India back in January.

Cabinet ministers talk global finance, Egypt-India relations on the airwaves

The world is in a race against time to find alternative financing solutions, Finance Minister Mohamed Maait told Nashat Al Dahi on Al Waraqa Al Qalam (watch, runtime: 5:17). During a global crisis, the adoption of monetary tightening policies by some countries is resulting in an unprecedented rise in the cost of financing and debt servicing, Maait said. That many countries find themselves in a negative economic situation is a threat to the international financial system and could lead to a financial collapse like that seen in 2008, he added. Maait’s comments come after President Abdel Fattah El SIsi called for reform of global finance at a Paris summit over the weekend. More on that in our Diplomacy section, below.,

The Egyptian-Indian “strategic partnership”: The two countries are set to sign new investment agreements, Planning Minister Hala El Said told Amr Adeeb (watch, runtime: 4:06), as Indian Prime Minister Narendra Modi kicks off a two-day trip to Egypt. Several sectors are on the table for potential partnerships, she added, including infrastructure, green industries, EV manufacturing, and pharma. Modi’s visit was also covered by Al Hayah Al Youm (watch, runtime: 6:29). We have more on the Indian businesses looking to invest here in the news well, above.

Some 20k new tombs will be built to provide an alternative sites for tombs threatened by rising groundwater, Cabinet Spokesperson Nader Saad told Lubna Assal on Al Hayah Al Youm (watch, runtime: 7:18), following Prime Minister Moustafa Madbouly’s visit to the Salah Salem cemetery yesterday. The government will bear the full cost of transferring the tombs to the new Cemetery of the Immortals, Madbouly said, while the Salah Salem site will be redeveloped into gardens, parks, and roads. No “significant construction” will be undertaken at the site due to its low-lying elevation that causes a build up of groundwater, with the space instead to be used to add “green lungs” to Cairo, Madbouly reportedly said during his visit. The story also got coverage from Ahmed Moussa on Ala Mas’ouleety (watch, runtime: 3:39) and Lamees El Hadidi on Kelma Akhira (watch, runtime: 5:29).

Manchester City coach Pep Guardiola’s visit to Egypt sends the message that “Egypt is a safe, hospitable and welcoming country where celebrities choose to vacation with their families and friends,” head of the Tourism Promotion Board Amr El Kady said during a phone interview with Muhammad Al Baz on Akher El Nahar (watch, runtime: 5:24). Guardiola’s visit also got coverage from Moussa (watch, runtime: 4:17), El Hadidi (watch, runtime: 5:11) and Assal (watch, runtime: 4:50).

Visits to Egypt by India’s Modi, Man City’s Pep Guardiola in the foreign press

It’s a very quiet morning for mentions of Egypt in the foreign press. Indian Prime Minister Narendra Modi’s state visit to Cairo is getting plenty of play in the Indian press. The other visitor to Egypt making headlines this morning is Manchester City manager Pep Guardiola, who is celebrating his club’s UEFA Champions League victory with an eight-day tour of Egypt that Arab News says officials are hailing as a boon for our tourism industry.

New Egyptian transit visas + El Molla meets with oil majors

ENERGY-

El Molla meets with reps of international oil companies: Oil Minister Tarek El Molla held two separate meetings with representatives from the Kuwait Foreign Petroleum Exploration Company (Kufpec) and Halliburton, according to separate ministry statements here and here. The meetings reviewed the development of the companies’ projects in Egypt and the possibility of increasing their investments in the country.

TOURISM-

EgyptAir introduces transit visas at no charge: The flag carrier has started offering travelers transit visas to Egypt without charge for stays of up to 96 hours, the Civil Aviation Ministry said in a statement. The visa can be obtained on arrival at Cairo International Airport. The move comes as the government looks to boost tourism with the aim of pushing arrival numbers to a record 15 mn tourists this year, up 28% from 2022.

US bond markets convinced recession is brewing. PLUS: Slow business growth in the G4

Bond investors are stubbornly pessimistic on the US economy: Investors in US treasuries continue to wager that the Federal Reserve’s interest rate hikes will push the US economy into a recession, against analysts’ predictions and stock market optimism, the Financial Times reports. Yields on short-term US government bonds surpassed those on long-term bonds by the widest margin in three months last week — a phenomenon known as the inverted yield curve that has preceded every recession in the past five decades. “A shallow recession by the end of this year, or beginning of next year, is our base case scenario,” one portfolio manager told the FT.

Slow business activity data signals sluggish global recovery: Flash PMI data for the world’s four biggest economies showed business activity continuing to rise in June, although the data indicated the slowest rate of expansion since February, according to S&P Global. The eurozone’s flash PMI “[pointed] to renewed weakness in the economy after the brief growth revival recorded in the spring,” dropping to 50.3 — its lowest since the beginning of the year. The bloc, along with the UK, the US, and Japan, saw a significant slowdown in the services sector and continued weakness in manufacturing.

ALSO WORTH NOTING:

Adnoc and G42 mull IPO of JV: Abu Dhabi National Oil Company (Adnoc) and Abu Dhabi-based artificial intelligence company G42 are considering taking their tech joint venture, AIQ, public by the end of the year. (Reuters)
Turkey’s currency dipped to a record low on Friday following the Turkishcentral bank’s decision to raise interest rates by 650 basis points, after analysts had expected a 1,250 bps hike. (Reuters)
Elon Musk’s SpaceX could reach USD 150 bn valuation: The spacecraft and satellite communications giant is looking to sell insider shares at USD 80 apiece, which would push the company’s valuation to USD 150 bn. (Bloomberg)
Goldman Sachs is cutting 125 managing director positions globally to cut costs amid a slowdown in dealmaking. (Bloomberg)
US tech companies to ramp up Indian investments post-Modi visit: Amazon will invest an additional USD 15 bn in India by 2030, while Google will open a global fintech center as the tech giants seek growth in a key market. (Bloomberg)

EGX30	17,713	+0.0% (YTD: +21.3%)
USD (CBE)	Buy 30.84	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	18.25% deposit	19.25% lending
Tadawul	11,459	-0.1% (YTD: +9.4%)
ADX	9,557	+0.3% (YTD: -6.4%)
DFM	3,793	+0.4% (YTD: +13.7%)
S&P 500	4,348	-0.8% (YTD: +13.3%)
FTSE 100	7,462	-0.5% (YTD: +0.1%)
Euro Stoxx 50	4,272	-0.8% (YTD: +12.6%)
Brent crude	USD 73.85	-0.4%
Natural gas (Nymex)	USD 2.73	+4.6%
Gold	USD 1,921.20	+0.4%
BTC	USD 30,549	-0.2% (YTD: +84.6%)

THE CLOSING BELL-

The EGX30 rose 0.04% at Thursday’s close on turnover of EGP 1.80 bn. International investors were net buyers. The index is up 21.3% YTD.

In the green: Qalaa Holding (+7.2%), Ibnsina Pharma (+3.7%) and GB Corp (+3.3%).

In the red: Mopco (-1.8%), E-Finance (-1.5%) and Rameda Pharma (-1.2%).

El Sisi calls for global financing reform at Paris summit

El Sisi calls on int’l lenders to be more understanding: During his participation in the Paris Summit for a New Global Financing Pact, President Abdel Fattah El Sisi called on development partners and international lenders — namely the IMF — to be more understanding of Egypt’s circumstances as well as those of other nations facing similar economic headwinds (watch, runtime: 1:14:19). El Sisi suggested moves including reallocating the IMF's special drawing rights, suspending additional fees during times of crisis, and increasing debt swaps. Reuters also had the story.

REMEMBER- The IMF was due to carry out the first review for its USD 3 bn loan in mid-March but has postponed it amid a lack of progress in meeting several of its key commitments, namely a full float of the currency and raising bns of USD via sales of state-owned assets.

Tunisia echoed the statements: Tunisia’s Kais Saied told the IMF’s managing director that the IMF’s terms for supporting the country could trigger social unrest, Reuters reported, citing a statement from the Tunisian presidency. Saied said that reducing energy or food subsidies could have serious consequences.

Where’s the climate finance promised to the developing world? El Sisi also emphasized the need for developed countries to fulfill their USD 100 bn climate finance pledge during the closing session of the summit, according to the State Information Service (SIS).El Sisi highlighted the high cost of implementing the renewables, water desalination, road improvements, and electric vehicle projects needed for green development.

El Sisi x Macron: El Sisi met with President Emmanuel Macron during the summit for bilateral talks, according to a statement. The pair discussed cooperation on counterterrorism and combating illegal migration, along with encouraging French companies to invest in Egypt. El Sisi also met with French Finance Minister Bruno Le Maire to discuss French investments in our development projects as well as reforms to global finance.

El Sisi also met with MENA + African leaders: The president also met with Saudi Prince Mohammed bin Salman, Tunisian President Kais Saied,South African President Cyril Ramaphosa, and Kenyan President William Ruto on the sidelines of the summit.

Israeli authorities condemn settler violence against Palestinians in the West Bank

West Bank violence surges: Israeli authorities vowed to crack down on what they called “nationalist terrorism” by Israeli settlers in the West Bank, after a wave of violence by settlers against Palestinian towns and villages that drew international condemnation, including from the White House, Reuters reports. Settlers are reported to have set fire to at least two homes in a Palestinian village near Ramallah yesterday, after Israeli forces shot dead a Palestinian gunman who they said opened fire at a West Bank checkpoint. Violence has continued since an Israeli raid in Jenin last week sparked “the fiercest fighting in years” in the occupied West Bank.

Morocco has postponed the Negev summit it was due to host between Israel and countries in the region as a result of the recent West Bank violence, according to Reuters. Egypt last year took part in the first Negev summit, during which it agreed to work to form closer ties with Israel alongside Bahrain, Morocco, the UAE and the US.

CALENDAR

JUNE

24-25 June (Saturday-Sunday): Indian Prime Minister Narendra Modi to visit Egypt.

27 June (Tuesday) - 3 July (Monday): Holiday for the public sector, banks in celebration of Eid El Adha and the 30 June revolution.

28 June (Wednesday): First day of Eid El Adha.

30 June (Friday): June 30 Revolution Day.

30 June (Friday): Egypt to exit Grains Trade Convention.

30 June (Friday): Deadline for paying the first installment of the annual property tax.

JULY

1 July (Saturday): Private-sector minimum wage to rise.

1 July (Saturday): GAFI to launch the country’s first integrated electronic platform to facilitate setting up a business.

5 - 6 July (Monday - Tuesday): Gov’t to pay out subsidies to first wave of applicants under its sixth export subsidy program.

15 July (Saturday): Deadline for bids in EGPC’s mature oil fields tender.

18 July (Tuesday): Islamic New Year.

18-19 July (Tuesday-Wednesday): Egypt Mining Forum, Nile Ritz-Carlton, Cairo.

19 - 20 July (Wednesday - Thursday): Gov’t to pay out subsidies to second wave of applicants under its sixth export subsidy program.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

25-26 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.

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

31 July (Monday): Application deadline for the Smart Green Projects initiative.

Late July-14 August: 2Q2023 earnings season.

AUGUST

August: Hassan Allam Utilities + Agility to open Yanmu East logistics park.

2 - 3 August (Wednesday - Thursday): Gov’t to pay out subsidies to second wave of applicants under its sixth export subsidy program.

3 August (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

10 August (Thursday): Shalateen Mineral Resources gold mining tender closes.

22-24 August (Tuesday-Thursday): BRICS summit, Johannesburg, South Africa.

SEPTEMBER

September: Sustainable Debt Coalition Initiative agreed at COP27 to launch.

September: IDH to open first branch in Saudi Arabia.

September: The Egypt-Germany trade and investment joint conference in Cairo.

September: JETRO’s second delegation arrives in Cairo.

9-10 September (Saturday-Sunday): G20 summit, New Delhi, India.

10-12 September (Sunday-Tuesday): The International Agricultural Exhibition for Africa and the Middle East, Sahara.

15 September (Friday): IMF to review USD 3 bn program.

15 September (Friday): Deadline for FX bureaus to comply with new capital requirements.

17-18 September (Sunday-Monday): Arab Security Conference and Exhibition, Nile Ritz Carlton.

17-19 September (Sunday-Tuesday): Sharm Rendezvous, Rixos Premium Seagate, Sharm ElSheikh.

19-20 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.

21 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

21-23 September (Thursday-Saturday): Narrative PR Summit, Somabay.

25 September (Monday): Nasdaq deadline for Swvl Holdings Corp to increase its market value of publicly held shares to a minimum of USD 15 mn.

25-26 September (Monday-Tuesday): Egypt to host the Asian Infrastructure Investment Bank’s annual board meeting, Sharm El Sheikh.

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

28-29 September (Thursday-Friday) Medical Tourism Conference, Sharm ElSheikh.

OCTOBER

October: Deadline for ins. providers to link their databases with the FRA.

2-4 October (Monday-Wednesday): Sharm Rendezvous - Ins. Market, Rixos Premium Seagate, Sharm ElSheikh.

2-5 October (Monday-Thursday): ADIPEC 2023, Abu Dhabi National Exhibition Center.

6 October (Friday): Armed Forces Day.

9-11 October (Monday-Wednesday): Arabs Savings and Financial Literacy Conference, Four Seasons Hotel.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

Late October-14 November: 3Q2023 earnings season.

15-17 October (Sunday-Tuesday): Egypt Automotive Aftermarket Exhibition, Cairo International Convention Center.

26 October (Thursday): Daylight saving time ends.

29-31 October (Sunday-Tuesday): Egypt Energy, Egypt International Exhibition Center.

29 October - 2 November (Sunday- Thursday): Cairo Water Week.

30-31 October (Monday-Tuesday): Intelligent Cities Exhibition and Conference, Dusit Thani LakeView, Cairo.

30-31 October (Monday-Tuesday): Global Business School Network (GBSN), American University of Cairo.

31 October - 1 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.

NOVEMBER

2 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

9-15 November (Thursday-Wednesday): Intra-African Trade Fair, Cairo.

14-15 November (Tuesday-Wednesday): Destination Africa, Royal Maxim Palace Kempinski Hotel.

15-24 November (Wednesday-Friday): Cairo International Film Festival, Cairo.

19-22 November (Sunday-Wednesday): Cairo ICT, Egypt International Exhibition Center.

23 November (Thursday): Worldview Education Fair, Cairo. (Register here)

DECEMBER

10-11 December (Sunday-Monday): eGlobe Expo, St. Regis Almasa Hotel, Cairo.

12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

12-14 December (Tuesday-Thursday): Food Africa Expo, Egypt International Exhibition Center.

21 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Summer 2023: EGX to launch a shariah-compliant index.

1H 2023: GAFI roadshow set to launch to drum up foreign investment for golden licenses

1H 2023: Abu Dhabi Islamic Bank intends to launch a digital consumer finance company

2H 2023: Egyptian government expected to sign agreements with a consultant for the EuroAfrica electricity interconnector.

2H 2023: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan expected to hold a summit.

3Q 2023: E-Finance to launch in Saudi Arabia.

4Q 2023: EGX to launch its new futures exchange.

End of 2023: A Developments’ first phase of the Lazoghly development completed.

2024: Standard Chartered Bank to open a branch in Egypt.

November 2024: Egypt to host the 12th session of the World Urban Forum (WUF12).

2Q 2025: Safaga Terminal 2 to initiate operations.

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