Shipping giants pause Red Sea transit amid rising number of attacks

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What We're Tracking Today

The future of the Madbouly cabinet in question + Election results are out tomorrow

Good morning, wonderful people. We kick off this morning’s report with everyone’s favorite parlor game: Talk of a cabinet shuffle.

Is there a cabinet shuffle in the works? The usual post-election talk of a cabinet shuffle has begun, with well-connected MP and TV presenter Mostafa Bakry taking to the airwaves (watch , runtime: 6:48) to say he expects changes around the cabinet table just before or after the inauguration. The law permits President Abdelfattah El Sisi to shuffle his ministers before the inauguration — or after it, should he be reelected — Bakry explained.

When’s the inauguration? Bakry expects it on 3 April, saying that under constitutional amendments introduced in 2019, the president’s term lasts for six years from the date he last took the oath of office.

Adib wants more transparency: El Hekaya’s Amr Adib called on the Madbouly government to be more transparent and share updates on the anticipated cabinet shuffle. (watch, runtime: 1:30).

We’ll have election results tomorrow: The National Elections Authority (NEA) will hold a press conference at 2pm CLT to announce results of this month’s presidential poll, according to a statement. The domestic press has already called the election for President Abdel Fattah El Sisi. None of the candidates filed complaints about irregularities in the voting or counting process, the statement said.

TIGHTENING CARD LIMITS-

CIB has imposed further limits on the use of credit cards for FX spending: Credit card holders will only be allowed to spend EGP 7.75k worth of FX transactions a month while in Egypt, regardless of the number of credit cards they hold, the lender told users on Thursday. The restriction went into effect on Friday.

The bank does not appear to have made changes to spending limits for cardholders who travel abroad, saying in an fact sheet (pdf) that you need to reach out 3-7 days before traveling to activate your card — and reconcile with them within 90 days of that date.

It’s not clear whether other banks have taken similar measures, but given how in-sync the industry has been, we expect it will be only a matter of time before others follow suit.

Remember: The central bank in October capped FX spending inside Egypt for credit cards to the equivalent of USD 250 a month per card.

CRYSTAL BALL TIME-

#1- Analysts at HSBC now expect the USD to change hands for EGP 40-45 in 1Q 2024, compared to a previous forecast of 35-40, Asharq Business said in a post on X. HSBC thinks the Finance Ministry will separately need to tighten fiscal policy to offset record-high debt service costs. The official USD-EGP exchange rate has remained pegged at 30.96 since March. The USD is changing hands at 48-53 in the parallel market.

EGP 40-45 appears to be the consensus, suggesting the USD is overly strong on the prallel market. Fitch Solutions’ research unit BMI sees the EGP weakening to 40-45 against the greenback by the end of 1Q 2024. EFG Hermes lead MENA economist Mohamed Abu Basha sees the “EGP 40 mark [against the greenback] as being an eventual area of stability for the EGP when the FX market clears.”

Our IMF-borrowing threshold might get a USD 8 bn top-up after the lender approved a proposed 50% increas e to borrowing quotas allocated to member countries, Al Borsa writes separately, quoting the same HSBC report.

#2- IIF forecasts 3.3% growth: The Institute of International Finance (IIF) sees Egypt’s economy growing 3.3% in the current fiscal year as record inflation, FX shortage, supply bottlenecks, and the impact of the conflict in Gaza curb both consumption and exports. The IIF also sees the country suffering from a USD 7 bn funding gap during the fiscal year 2023-2024, according to a report picked by Asharq Business.

That’s slightly below gov’t estimates: The Madbouly government has recently downgraded its growth forecast for the year to 3.5% from prior forecasts which put growth at 4.2%. Meanwhile, the IMF, the World Bank and S&P Global have all recently penciled in 3.5-3.7% growth in FY 2023-24.

The good news: The IIF sees the IMF restarting its long-stalled review of our USD 3 bn loan program in the beginning of 2024 on the back of the widely anticipated post-election EGP devaluation and shift to a flexible exchange rate. There has been recent chatter that the IMF could as much as quadruple its assistance package, which would give policymakers the firepower needed to properly float the EGP.

HAPPENING TODAY-

#1- Negotiators take another crack at the GERD: Representatives from Egypt, Ethiopia, and Sudan were back at the table yesterday for another round of talks aimed at breaking the deadlock over the filling and operation of the Grand Ethiopian Renaissance Dam (GERD) in Addis Ababa. Discussions continue through tomorrow; it’s the fourth round since President Abdel Fattah El Sisi and Ethiopian Prime Minister Abiy Ahmed agreed to restart negotiations in July.

#2- Sugar export ban extended: The Trade Ministry has extended for three months its ban on the export of sugar, according to a decision published in the Official Gazette. The ban, which runs through March 2024, exempts surplus quantities beyond local market needs. The ministry has also stepped up warnings to wholesalers and retailers against hoarding and price gouging as it looks to calm soaring prices.

#3- MoIC launches digital platform to support the private sector: The International Cooperation Ministry will launch a digital platform to provide financial and technical support to private sector companies. The platform will be dubbed Hafez.

HAPPENING THIS WEEK-

#1- It’s interest rate week: The CBE’s Monetary Policy Committee will meet on Thursday to review rates. Our poll of analysis sees the bank leaving rates on hold.

#2- Palestine lights up the silver screen: El Gouna Film Festival continues this week with a special program spotlighting Palestinian narratives — Windows on Palestine — in collaboration with the Palestine Film Institute. The gathering wraps up on Thursday.

** EnterprisePM has a run-down of the most notable films at the festival.

THE BIG STORY ABROAD-

Kuwait’s ruling emir, Sheikh Nawaf Al Ahmad Al Sabah, died yesterday at age 86, according to a Kuwaiti cabinet statement. The emir had been admitted to hospital for an emergency health problem at the end of November. Al Sabah’s half-brother, Crown Prince Sheikh Mishal Al Ahmad Al Sabah, has been announced as the new emir, the statement said. Egypt has declared a three-day mourning period, Ittihadiya said. (New York Times | Financial Times | France24 | CNN | AP | Reuters)

Israel’s war in Gaza continues to dominate front pages around the world. The AP looks at how Gazans prepared to observe Christmas. Reuters and Bloomberg are looking at the latest from Netanyahu, while the Washington Post is breaking down what Biden’s support of Israel could mean for US foreign policy. We have the latest on Gaza in the news well, below.

At least 61 people have drowned off the coast of Libya, with women and children among the dead, the International Organization for Migration writes. The boat full of migrants heading for Europe is believed to have left from Zwara, west of Tripoli, near the border with Tunisia.

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New headwinds for the Suez Canal? Four of the world’s largest shipping firms, including Mediterranean Shipping (MSC), AP Moller-Maersk, CMA CGM, and Hapag-Lloyd, have said that they are pausing transit through the Red Sea due to repeated attacks on shipping by Houthi groups in Yemen, company representatives tell Enterprise.

The halt in transit is hopefully just a temporary measure: “We are not happy with the decision and hope that navigation returns to normal,” Maersk’s MENA Chief Group Representative, Hany El Nady, tells us. “The Suez Canal is the most suitable and safest navigation route for international trade to cross … unlike the open sea, which is not devoid of its own risks.” The news was first reported by the Wall Street Journal and France 24.

Talks to boost security for vessels: Maersk is in talks with the European Union, the International Maritime Organization, and others to form an alliance for safer transit in the Red Sea, El Nady says.

The situation has been escalating for some time: Attacks on ships passing along the Red Sea have been making headlines since Israel started its war on Gaza, as the Iranian-backed Houthis in Yemen look to pressure Israel. While Israeli ships were originally the sole target, armed Houthi groups upped the ante last week by announcing that they will target all shipping companies that work with Israeli ports, regardless of nationality.

In the past few days:

Egyptian forces intercepted a flying object that crashed near the coast of Sinai’s Dahab.
The US military shot down 14 drones in the Red Sea that were allegedly launched from Houthi-controlled areas of Yemen.

It’s too early to predict the impact on our Suez Canal receipts: The Suez Canal Authority has yet to release a statement on potential impact of the companies’ decisions, but how much it bites will be directly proportional to how long it lasts. While it’s not clear how much of the traffic passing through the Suez Canal belongs to the four shipping lines, they account for more than 50% of global sea shipping. Around 12% of the world’s trade and 22% of all global shipping containers pass through Suez Canal each year.

Bad news for global supply chains: The price of freight globally is likely to become more expensive and push up global inflation with it, Mohamed Daoud, the vice president of the Arab Academy for Science, Technology and Maritime Transport, told us. Some companies are already paying fines for the delayed arrival of goods to various ports, a senior executive at a shipping company told us.

Alternative routes via the Cape of Good Hope add an additional 10-14 days and rack up the fuel bill, according to Al Nady.

The US is pushing for the “broadest possible” maritime coalition to protect ships in the Red Sea, the US envoy for Yemen told Reuters last week. The Biden administration has been careful in the past two months on retaliating the Iran-backed Houthis’ attacks to avoid opening a new war front that would cause the oil prices to jump to unprecedented heights.

** Want to go deeper into how shipping firms are adapting to the Gaza war?Enterprise Logistics has the low-down.

SCA EXTENDS TRANSIT FEE CUTS-

SCA extends transit fee reductions for multiple classes of vessels: The Suez Canal Authority (SCA) has extended transit fee reductions granted to LNG tankers, dry bulk vessels, and oil tankers, among others until 30 June 2024. Vessels operating between a number of regions, including the US Gulf, India, and the Caribbean will receive rebates ranging from 25-75%. Enterprise Logistics has the rundown.

Central Bank of Egypt is expected to keep interest rates unchanged this week - poll

It’s looking like another uneventful MPC meeting: The Central Bank of Egypt (CBE) is expected to leave interest rates on hold when it meets this Thursday. Cooling inflation at home and the US Federal Reserve leaving rates unchanged last week will factor in the MPC’s thinking, analysts tell us. Seven of the nine we surveyed see the CBE holding rate steady when the Monetary Policy Committee (MPC) meets. The other two expect policy makers to raise rates, with one penciling in a 50-100-bps hike and the other a 200-300-bps hike.

This would be uneventful meeting #3: The central bank has held interest rates steady during its past two meetings in November and September. The overnight deposit rate stands at 19.25%, while the overnight lending rate is 20.25%, and the main operation and disc. rates are at 19.75%. Rates have risen 1.1k bps since March 2022, with the bank last hiking rates in its August meeting.

Inflation has been cooling: Monthly urban inflation eased for the second consecutive month in November to 34.6% y-o-y — its lowest level in six months. Easing inflation came on the back of an increasingly favorable base effect, which could extend further, but that would be tied to the timing and scale of the anticipated currency float, Al Ahly Pharos’ Israa Ahmed told Enterprise. Inflation is expected to continue to ease in December, according to securities banking and macro analyst Heba Monir(LinkedIn), who sees annual urban inflation easing to 34.4% this month.

But more can be done: For rate hikes to have the desirable impact on inflation rates, currency stability is needed, banking expert Mohamed Abdel Aal said. “Raising rates means more costly borrowing for companies, forcing them to raise prices to help offset this increase in borrowing costs and creating even more inflationary pressure,” he said. He pointed to the shortage of exported goods and a weak EGP as some of the most important factors in determining inflation levels at the moment. The best way for the CBE to control EGP liquidity is by “providing FX liquidity alongside raising rates,” EFG Hermes Research said in a report.

Rate hikes will soon serve a different purpose: Interest rates, at a later time, will be an effective tool to accompany the anticipated float of the EGP against the USD as it protects the currency against dollarization, banking expert Tarek Metwally (LinkedIn) says. A float is widely expected at some point after the presidential election as authorities look to comply with the terms of the USD 3 bn IMF loan and release almost USD 700 mn in vital financing — and potentially a commitment to even more funding.

Don’t rule out a hike: There may be a need for “immediate monetary tightening” to contain inflation after the IMF shifted its focus from exchange rate policies to helping officials get a grip on soaring inflation, EFG Hermes Research said. Our friends at EFG Hermes are expecting the CBE to hike rates 200-300 bps when it meets, revising an earlier forecast that saw it leaving interest rates on hold.

It doesn’t have to be as drastic: The central bank may make do with a modest 50-100-bps hike to spare the already strained state budget the extra cost that comes with every rate hike, Ali Metwally, an analyst at UK-based risk assessment firm Infospectrum, told us. This is the most likely scenario, seeing as more drastic rate hikes “will push our debt burden and budget deficit higher and put us at risk of defaulting on payments and make Egyptian bonds even less appealing,” he said.

OCI is selling its share in Fertiglobe: Nassef Sawiris-owned chemical producer OCI has inked a binding agreement to offload its entire 50% stake in ammonia and urea producer Fertiglobe to the Abu Dhabi National Oil Company (Adnoc) for USD 3.62 bn, according to statements by the three companies (here, here, and here, pdf). The transaction prices Fetiglobe shares at an 8% premium at AED 3.20 per share and is expected to close in 2024, according to the statements.

So, who will own what? The transaction will see Adnoc up its stake in Fertiglobe — a joint venture between Adnoc and OCI — to 86.2%. The remaining 13.8% of shares will continue to be traded in free float on the Abu Dhabi Securities Exchange (ADX).

Fertiglobe has a big presence in Egypt: Fertiglobe is currently working with the Sovereign Fund of Egypt and Norwegian renewables developer Scatec on a 50-100 MW green hydrogen plant in Ain Sokhna. The largest fertilizer producer in the MENA region also recently shipped the world’s first ISCC PLUS-certified (International Sustainability and Carbon Certification) green ammonia from the company’s pilot green hydrogen electrolyzer in Egypt.

There’s upside for OCI: “The purchase consideration additionally includes a two-year earn-out mechanism linked to free cash flow metrics and commodity pricing that may allow OCI to participate in future nitrogen market upside,” OCI said.

This isn’t the end of the road for Sawiris and Adnoc: OCI and Adnoc have agreed to explore joint investments in decarbonization and product distribution projects in North America and Europe, OCI said. Sawiris’ private investment office NNS will also be investing in Fertiglobe, “demonstrating NNS’s deep conviction … in the material value creation that lies ahead for Fertiglobe under ADNOC’s stewardship,” Nassef Sawiris said.

Market reax: Following news of the agreement being made official, Fertiglobe’s shares inched up 0.3% during trading on Friday to AED 3.01 a share — 6.1% below the premium penciled into the agreement. Euronext-listed OCI’s shares dropped 13.7% to EUR 20.12 a share by the end of trading Friday

A SPORTS M&A, TOO-

Nassef’s V Sports to welcome new minority stakeholder: US-based investment group Atairos will acquire a minority stake in V Sports — a joint venture between Nassef Sawiris and American b’naire Wes Edens that owns the British Aston Villa FC, the football club said on Friday. The transaction will not affect the ownership of Aston Villa FC, which will continue to be 100% owned by V Sports, which will maintain “full control of all decisions” at the club.

CORRECTION- We incorrectly cited share price data from an Adnoc subsidiary that was not involved in the agreement. We have since amended the story on our website.

NAC to break ground on second phase by 3Q 2024 at the latest

Phase two of the New Administrative Capital is on the horizon: The Administrative Capital for Urban Development (ACUD) will start building the second phase of the new administrative capital (NAC) in 2Q 2024 or 3Q at the latest, ACUD Chairman Khaled Abbas told CNN Business Arabic. Rising costs mean the second phase of the project could cost more than the c. EGP 300 bn spent on phase one, Abbas added.

Consultant TBA within two weeks: The company is in the process of choosing one of the urban consultants that it has shortlisted for the second phase and will announce its decision before year end, Abbas added.

ACUD’s plans for an IPO are still full-steam ahead: The company will appoint advisors in 1Q 2024 to advise on its anticipated IPO on the EGX in 2Q 2024, Abbas said. The company is yet to determine whether to list its own shares or those of its subsidiaries, he added. The company earlier this month tapped Jobmaster to help it restructure its HR systems, policies and procedures, and organizational chart ahead of the IPO.

ICYMI: The company could raise more than EGP 150 bn via a public share sale on the EGX. The company, a joint venture between the military and the Housing Ministry, could offer 5-10% of its shares on the bourse.

Egypt sees hope of a new ceasefire: Israeli officials seem more willing to reach a new agreement for a ceasefire in Gaza and the release of Palestinian hostages in exchange for the release of more Hamas-held hostages, Reuters reports, citing what it says are two Egyptian security officials. Meanwhile, the head of Israel’s intelligence agency on Friday met with the Qatari prime minister, who has also served as a mediator. Israeli Prime Minister Benjamin Netenyahu refused to comment on the matter, saying that he wouldn’t relay information to Hamas.

Netenyahu refuses to slow down: The Israeli Prime Minister said during a speech yesterday that he would continue the war on Gaza “until victory,” reiterating the Israeli plan to demilitarize Gaza and put it under Israel control after the war.

BUT: Washington is urging Israel to be more targeted with its operations — and to wrap up its war in Gaza by year’s end.

ANOTHER AID CORRIDOR

AID- Another aid doorway opens: The Israeli government has temporarily opened the Kerem Shalom crossing for aid deliveries into Gaza seeing as the Rafah crossing can only accommodate the entry of 100 trucks a day — half of the agreed upon amount. “The US has pledged to finance the upgrading of the Rafah crossing as quickly as possible” so that it becomes capable of handling all aid deliveries and become the sole aid delivery point between Egypt and Gaza, the Israeli government said.

BY THE NUMBERS-

QUICK UPDATES- At least 18,787 Palestinians have been killed since 7 October, the majority of them women and children | An Israeli strike killed a Palestinian Al Jazeera cameraman, pushing the total number of journalists killed during the war to 64 | It was one of the more violent days between Israel and Hezbollah since the war began (watch, runtime: 5:09).

Egypt’s talk shows mourn the passing of Kuwaiti emir Sheikh Nawaf

RIP Sheikh Nawaf. The nation’s talking heads were clad in black as they mourned the death of Kuwaiti emir Sheikh Nawaf Al Ahmad Al Sabah, who passed yesterday. The Kuwaiti ruler’s death received airtime from Kelma Akhira (watch, runtime: 0:46 | 3:14), Ala Mas’ouleety (watch, runtime: 5:09), El Hekaya (watch, runtime: 11:07), Al Hayah Al Youm (watch, runtime: 2:07), and Masa’a DMC (watch, runtime: 1:07).

ELSEWHERE ON THE AIRWAVES- An unidentified flying object crashed a few kms from Sinai’s Dahab after the Egyptian military shot it down. Maj. Gen. Samir Ragheb told Adib (watch, runtime: 3:03). The Egyptian military intercepted the drone, Ragheb said. Officials have not publicly said where they believe it originated.

More players can set up investment funds. PLUS: Funds for Takaful and Karama, Italian interest in our food sector, new investments from Cairo 3A

FRA ALLOWS MORE PLAYERS TO SET UP INVESTMENT FUNDS: MSME finance and consumer finance companies can now create and manage investment funds in partnership with commercial and investment banks and ins. firms according to recent regulatory amendments from the Financial Regulatory Authority (FRA). (FRA statement)

MORE FUNDING FOR TAKAFUL, KARAMA:A USD 500 mn loan from the World Bank’s International Bank for Reconstruction and Development (IBRD) got the sign off from President Abdel Fattah El Sisi. The funding will be used to expand the successful Takaful and Karama cash-based welfare programs. (The Official Gazette)

ITALY IS INTERESTED IN OUR FOOD SECTOR: Prime Minister Moustafa Madbouly hosted an Italian delegation to discuss boosting food cooperation with Italy. Partnerships in land reclamation and advanced agricultural techniques, plus the establishment of flour mills, could be in store. (Cabinet statement)

MMMMM… CHICKEN: Agricultural commodities outfit Cairo 3A wants to invest some EGP 1 bn in Egypt’s poultry sector in 2024. (Al Shorouk)

Federal Reserve officials look to rein-in rate cut expectations + ECB keeps rates unchanged

The Fed looks to chill market speculation about imminent rate cuts: Federal Reserve officials have been quick to urge caution to bullish markets that have priced in interest rate cuts as early as March, insisting that more encouraging inflation data is needed before the central bank can consider reversing its tightening cycle, according to the Financial Times. The Fed kept rates unchanged at 5.25-5.5% in the wake of cooling inflation during its latest meeting on Wednesday. Officials also penciled in no further rate hikes in their projection, with expectations to lower rates by 75 bps next year.

What they said: The Fed’s Atlanta President Raphael Bostic slated rate cuts for “sometime in the third quarter” of 2024 if inflation falls as expected, telling Reuters that he did not feel that rate cuts were “imminent.” It is “premature to be even thinking” about cuts starting in March, the Fed’s New York President John Williams told CNBC.

There are signs that “the inflation fight is not won,” one analyst told the New York Times. Consumer spending is still going strong, evidenced by robust retail sales data from last week. This, along with growth in the economy and labor markets, could once again trigger inflation.

It is more or less the same story on the other side of the Atlantic: The European Central Bank (ECB) kept rates unchanged for the second consecutive month when it met on Thursday as eurozone inflation dips, it announced. ECB president Christine Lagarde pushed back against predictions of imminent rate cuts, saying that “there is still work to be done,” Reuters wrote.

EGX30	24,723	-0.2% (YTD: +69.4%)
USD (CBE)	Buy 30.83	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	19.25% deposit	20.25% lending
Tadawul	11,543	+1.2% (YTD: +10.2%)
ADX	9,498	+0.2% (YTD: -7.0%)
DFM	4,001	+0.5% (YTD: +20.0%)
S&P 500	4,719	0.0% (YTD: +22.9%)
FTSE 100	7,576	+1.0% (YTD: +1.7%)
Euro Stoxx 50	4,549	+0.2% (YTD: +19.9%)
Brent crude	USD 76.55	-0.1%
Natural gas (Nymex)	USD 2.49	+4.1%
Gold	USD 2,036	-0.5%
BTC	USD 42,254	+0.1% (YTD: +156.1%)

THE CLOSING BELL-

The EGX30 fell 0.2% at Thursday’s close on turnover of EGP 3.84 bn (21.2% above the 90-day average). Foreign investors were net sellers. The index is up 69.4% YTD.

In the green: Edita (+5.3%), Beltone Financial Holding (+4.6%) and Credit Agricole (+3.6%).

In the red: Egypt Kuwait Holding (-4.0%), CIRA Education (-2.7%) and TMG Holding (-2.3%).

CALENDAR

DECEMBER

14-21 December (Thursday-Thursday): El Gouna Film Festival.

16-18 December (Saturday-Monday): Egypt, Ethiopia, and Sudan to resume talks over the filling of the Grand Ethiopian Renaissance Dam (GERD).

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

2024

JANUARY

1 January (Monday): Egypt to join the Brics.

1 January (Monday): Private-sector minimum wage to rise to EGP 3.5k.

7 January (Sunday): Coptic Christmas (national holiday).

17 January (Wednesday): A delegation of Egyptian companies to visit Istanbul.

25 January (Thursday): Revolution Day / Police Day (national holiday).

FEBRUARY

11 February (Sunday): The deadline to apply for the Chicago Booth Executive Program in El Gouna

25 February 2024 (Sunday): Deadline for bidders for 23 blocks in an international oil and gas bid round.

MARCH

20 March (Wednesday): End of sugar export ban.

APRIL

9 April (Tuesday): Eid El Fitr (TBC) (national holiday).

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC) (national holiday).

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC) (national holiday).

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (national holiday).

29 May (Wednesday): Chicago Booth Executive Program

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC) (national holiday)

30 June (Sunday): June 30 Revolution Day (national holiday).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

23 July (Tuesday): Revolution Day (national holiday).

SEPTEMBER

2-5 September (Monday-Thursday): Egypt International Airshow, El Alamein International Airport.

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

OCTOBER

6 October (Sunday): Armed Forces Day.

EVENTS WITH NO SET DATE

The Grand Egyptian Museum could be officially open to visitors some time between February and May 2024 .

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

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

November 2024: Egypt to host the World Urban Forum (WUF12).

June 2024: Gov’t expects to finalize sale of Beni Suef combined-cycle power plant.

1H 2024: Gov’t expects to finalize sale of four water desalination plants.

2H 2024: Gov’t to launch the Cairo Ring Road BRT buses.

End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City.

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

EVENTS WITH NO SET DATE

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

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