SCZone signs industrial framework agreements worth nearly USD 235 mn

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What We're Tracking Today

Construction of Dabaa’s last nuclear reactor gets underway

Welcome to the last day of a forgivingly short work week. The public and private sectors along with the banks have tomorrow off in observance of Police Day and the 25 January revolution.

And that includes EnterpriseAM Egypt, which will be taking a break from your inbox tomorrow.

But we'll be back from the long weekend on Sunday with big news as we launch EnterpriseAM KSA. Our newest addition to the Enterprise suite is written for decision makers in Saudi Arabia as well as executives, investors, and others doing business or deploying capital there. It will be published 7am KSA, Sunday through Thursday. You can also check our newly launched EnterpriseAM UAE edition here.

CIRCLE YOUR CALENDAR-

#1- Attention, bookworms: The Cairo International Book Fair opens its doors to thegeneral public starting tomorrow from 10am to 8pm — except for Thursdays and Fridays, when doors will close at 9pm. The fair will be held at the Egypt International Exhibitions Center and run until Tuesday, 6 February.

#2- National Dialogue round two is around the corner: Get ready for the second round of the National Dialogue that will kick off, according to the National Dialogue’s Samir Sabry who spoke with Al Shorouk. The dialogue is set to address the exchange rate, monetary policy, soaring commodities prices, and the economic impact of geopolitical tensions, Sabry added.

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

THE BIG STORY HERE AT HOME-

Construction of Dabaa’s fourth reactor kicks off: Russian President Vladimir Putinvirtually joined (watch, runtime: 32:22) President Abdel Fattah El Sisi yesterday for a ceremony marking the beginning of concrete pouring for the Dabaa nuclear power plant’s fourth and final reactor. “Now all four power units of the El Dabaa nuclear power plant are under construction. This means that our Egypt site is becoming one of the two largest nuclear construction projects in the world,” Rosatom Director General Alexey Likhachev said, according to a press release (pdf). The story got ink in Reuters.

** Egypt’s Dabaa Nuclear Power Plant is the focus of today’s Hardhat vertical.

WATCH THIS SPACE-

Egypt to launch tenders for three more logistics projects worth USD 600 mn? The government is preparing to launch a tender for the development of three projects in March, with investments that could amount to a combined USD 610 mn, unnamed officials told Asharq Business yesterday. The projects include: A dry port in Fayoum, a logistic center in Upper Egypt’s Qustul, and another logistics center in Damietta.

DATA POINT-

Exports largely flat in 2023: Egypt’s exports stood at USD 35.5 bn in 2023, remaining unchanged from their 2022 levels, Trade Minister Ahmed Samir told Asharq Business. Exports remained flat due to a number of factors — not related to exchange rate instability — including the global decline in fertilizer prices, Samir said.

Remember: The government wants to increase exports to USD 100 bn a year by 2025 andpush that figure to USD 145 bn by 2030.

FACT CHECK-

Anti-dumping duties on steel imports aren’t going anywhere: The Trade Ministryhas denied rumors that it is looking to cancel anti-dumping duties on reinforced steel coming from China, Turkey, and Ukraine. The anti-dumping duties in effect since 2017 were extended last June until 2027.

WAR WATCH-

Biden’s top Mideast advisor was in town: American diplomat Brett McGurk landed in Cairo to begin his tour of the region to meet stakeholders in the region and push for a humanitarian pause in the fighting and the release of Israeli hostages, Reuters reports. The US envoy met with Defense Minister Mohamed Zaki to discuss the conflict’s impact on the wider region, the importance of protecting civilians, and how to keep aid flowing into the enclave, according to a ministry readout. McGurk is stopping next in Doha.

Is a month-long ceasefire in the cards? Israel and Hamas are broadly in agreement about having a month-long ceasefire in exchange for the release of Israeli hostages hostages, several unnamed Egyptian and Palestinian sources told Reuters. However, the mediation efforts led by Egypt, Qatar, and the US have reportedly been held up by Hamas wanting a longer-term peace plan to be settled before freeing hostages, while Israel has been reluctant to agree to anything long-term.

The deadliest day for Israeli troops pales in comparison to the daily death toll of Palestianians. Monday was the deadliest day of the conflict for Israeli troopswith 24 reported dead, while 190 Palestinains were killed on the same day.

THE BIG STORY ABROAD-

Trump 2, Haley 0: Days after Trump’s victory in Iowa, the former presidentis now projected to win over last-opponent-standing Nikki Haley in the New Hampshire primary as early results start trickling in. Haley has vowed to fight on, telling supporters that “New Hampshire is the first in the nation. It is not the last.” (NYT | CNBC | CNN | The Guardian | Associated Press | Reuters |FT |WSJ)

ALSO- The Turkish parliament has voted in favor of Sweden becoming a NATO member state, after stalling for 20 months. With Turkey out of the way, Hungary is the only NATO member that is still against Sweden becoming a fellow member. (Washington Post | BBC | Associated Press | FT | WSJ | NYT | AFP | Reuters | Politico | Bloomberg)

AND- Christopher Nolan’s Oppenheimer nabbed 13 Oscar nominations for best picture, director, acting and craft categories, dominating the 2024 Oscar nominations. Nolan has never won an Oscar before despite his rich blockbuster portfolio, but critics think this might be the one. (Associated Press | FT | Reuters | The Guardian | NYT | CNBC | Bloomberg)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We check on how Russian state-owned Rosatom is getting on with the construction of Egypt’s Dabaa Nuclear Power Plant.

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Egypt’s SCZone signs framework agreements worth nearly USD 235 mn for five industrial projects

More investments in the SCZone: The Suez Canal Economic Zone (SCZone) hasinked five framework agreements with private industrial players to invest c. USD 235 mn, split between FX commitments totalling USD 195 mn and local currency investments totalling EGP 1.2 bn, according to a cabinet statement.

The perks: The SCZone is offering to help out companies with their projects’ feasibility studiesas well as rights to use its land plots in return for a stake in these projects.

Just a drop in the bucket: The SCZone head Walid Gamal El Din said the agreements signedare the first of 50 others in the works.

#1- Ready-made clothing factory: Local ready-made garment maker Eroglu Egypt — the local arm of the Turkish Eroglu Holding — will invest over USD 150 mn to build a ready-made clothing factory in Qantara West Industrial Zone, under an usufruct agreement.

#2- Textile project: Turkey’s Jade Textile signed a framework agreement to invest USD 30 mn for a USD 30 mn ready-made garments unit for a larger factory that will also house a USD 35 mn dyeing unit.

** We interviewed Jade Textile CEO Selim Sankaya last year for our My Morning Routinecolumn.

#3- Plastic recycling project:Youssef Allam Group wants to set up a USD 15 mn plasticrecycling project in the Sokhna Industrial Zone. The project will recycle and manufacture polyethylene terephthalate — a material used in textiles and packaging.

#4- Pharma factory:Orchidia Pharma plans to build a pharma factory in the SCZone, withinvestments exceeding EGP 1 bn under an usufruct agreement.

#5- Woodworks project: Local wooden pallets manufacturer Al Hamd Wood will set up an EGP129 mn wood manufacturing plant in the Sokhna Industrial Zone.

Egypt’s Tasaheel Finance raises EGP 3.8 bn from Africa and Egypt’s first securitized social sustainability bond issuance

There’s nothing micro about microfinance company Tasaheel’s bond issuance:MNT-Halan microfinance subsidiary Tasaheel Finance has issued EGP 3.8 bn worth of securitized social sustainability bonds — the first such bonds in Egypt and Africa— it said in a statement (pdf). The issuance, which is part of a three-year EGP 13 bn program, came in six tranches rated A- and P1 by Middle East Rating Services (MERIS) and was 1.4x oversubscribed.

Social sustainability bonds? Also known as just social bonds, social sustainability bonds are bonds whose proceeds are used to finance projects with a positive social income — think poverty alleviation, improving electricity access, and making education more accessible. In this case, the proceeds will be used to finance projects “with a social dimension” that “contribute to sustainable development goals.” The proceeds will be divided amongst a number of segments, with 40% earmarked for people under 35, 50% for women, and 94% for those in rural governorates that lack banking services.

Moody’s-approved: Moody’s gave the securities a sustainability quality score of SQS1 — thehighest score possible for this type of bond. The score indicates that the securities are “expected to make a high contribution to the issuer’s advancement of long-term sustainable development.”

Who bought in: Bank ABC, Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, and Arab International Bank subscribed to the issuance, while CIB acted as an underwriter alongside the National Bank of Egypt, the Arab African International Bank, and the Suez Canal Bank.

Advisors: CIB acted as financial advisor and transaction manager. Matouk Bassiouny & Hennawy was legal counsel, KPMG was the auditor, Moody’s Investors Services acted as the sustainability technical advisor.

This marks Egypt’s and MNT-Halan’s second securitization in 2024 after MNT-Halan’s consumer finance arm Halan closed a EGP 971.5 mn securitized bond issuance earlier this month.

EU-Egypt Association Council ends with EUR 3.2 bn pledge of additional financing

EU welcomes in “golden age of EU-Egypt relations” with EUR 9 bn of investments pledge: Following the meeting of the EU-Egypt Association Council, EU Commissioner Olivér Várhelyi told the press that their Economic and Investment Plan will mobilize EUR 9 bn to invest in “growth and jobs in Egypt in areas that are the most critical, food, water, energy for any sustainable economy,” according to a statement from the EU.

The caveat: Out of the EUR 9 bn, “we have already mobilized EUR 5.8 bn in investments in Egypt,” Várhelyi said. It is also unclear how much of the remaining EUR 3.2 bn is part of a concrete pledge from the EU and its associated bodies or an investment target from private EU sector companies.

Déjà vu? We heard rumors back in November that EU could be putting together a plan to mobilize as much as EUR 9 bn of investment alongside debt relief measures to help stabilize the economy and curb migration across the Mediterranean

No new money for taking in refugees? Várhelyi praised “the very hard work Egypt has been doing relentlessly” by hosting large refugee and migrant communities — totaling 9 mn people — and pledged “to increase our support”. The EU commissioner pointed to investments in border protection and search and rescue vessels, but no made no mention of fresh funds on the table in exchange for hosting refugees and preventing irregular migration across the Mediterranean, as had previously been rumored to be the case.

The EU is keeping Egypt on side as the war in Gaza presses on: EU officials are keen to step up bilateral ties with Egypt amid Egypt’s mediatory role in the war on Gaza and its efforts to deliver humanitarian aid, European Parliament member David McAllister said yesterday morning, according to a Foreign Ministry statement. The EU shares Egypt’s concern for the “disastrous humanitarian situation in Gaza” and the two called for the protection of civilians, the immediate and unconditional delivery of aid and “affirmed their strong rejection of any form of individual or collective displacement,” said a joint statement following the meeting.

GERD lip service: “Recognizing Egypt’s heavy reliance on the Nile River in a context of its water scarcity, the EU reiterates its support to Egypt’s water security and the compliance with international law,” the joint statement said, adding that the “do no harm’ principle serves as a guiding principle in the European Green Deal.”

Pep talk: “And I want to reassure Minister Shoukry that we are here for the long haul. We're here to establish this partnership on solid foundations and to accompany Egypt in its biggest challenges, because we also need Egypt to be on our side in our biggest challenges,” Várhelyi said at the end of his joint press conference with Shoukry.

DATA POINT- Egypt-EU partnerships under the Team Europe Initiatives have channeled USD 12.8 bn into Egypt’s public and private sectors in the last four years, International Cooperation Minister Rania Al Mashat said in a statement yesterday.

What’s next: The EU was keen to hype up its International Investment Conference in Egypt coming up in May to “further deepen Egypt-EU business exchanges in order to enhance the overall business environment and to encourage European public and private investments to benefit from the available investment potentials in Egypt.”

Construction of the last Dabaa nuclear reactor caught the attention of the nation’s talk show hosts

The Dabaa Nuclear Power Plant topped the agenda on the airwaves last night, with pundits and hosts alike giving their two cents on what the construction of the fourth — and last — reactor means for the country.

“Construction work on the plant is ahead of schedule, despite the international and regional abnormal circumstances that coincided with the project,” Ittihadiya spokesperson Ahmed Fahmy told Ala Masoleety’s Ahmed Moussa in a phone call (watch, runtime 26:26). Praising the project, Fahmy added that “today is a decisive landmark for progressing and building Egypt.” The concrete pouring ceremony for the fourth reactor that was virtually attended by President El Sisi and Russian President Vladimir Putin also got coverage on Kelma Akhira (watch, runtime: 7:02), Masa DMC (watch, runtime: 14:10), and Al Hayah Al Youm (watch, runtime: 8:27).

The nation’s talking heads also found time to comment on the five agreements the Suez Canal Economic Zone (SCZone) inked today with private companies for a raft of projects, spanning sectors including plastic recycling, ready-made garments, textiles, woodworks, and pharma. “The [SCZone] succeeded in attracting investments estimated of about USD 4.6 bn within 18 months between July 2022 through the end of 2023, SCZone head Walid Gamal El Din told Kelma Akhira’s host Lamees El Hadidi (watch, runtime: 7:07). Gamal also called in to speak with Masa DMC’s Osama Kamal (watch, runtime: 5:40) about the new framework agreements. Al Hayah Al Youm also had the story (watch, runtime: 1:18).

** We’ve got a rundown of all these agreements and more in the news well, above.

Football, football, and more football in the int’l press

It’s all about the football in Egypt news this morning, with Reuters reporting that stand-in captain Ahmed Hegazy is “very unhappy with [the team’s] results in the group stage” and that the team will have to sharpen up if they are going to have a chance at grabbing the trophy. While the global obsession with Mohamed Salah continues, with speculations about when he will return to the pitch swirling around the global press.

aiBank and Valu roll out new co-branded credit card. PLUS: Sidpec’s net income doubles in 2023, CIRA absorbs three subsidiaries

BANKING-

EFG Holding’s fintech subsidiary Valu and its majority-owned aiBank are set to roll out co-branded Visa credit cards for Valu customers, according to a joint statement (pdf). Eligible users will be able to apply for the card through the Valu app starting Sunday, 28 January. The card’s features include 1% cashback on food, beverages, and fuel, in addition to zero issuance fees, a card-to-card balance transfer program, and a 58-day grace period for repayment.

EARNINGS-

Sidpec’s net income doubles in 2023: Sidi Kerir Petrochemicals (Sidpec) saw netincome rise 98.6% y-o-y in 2023 to EGP 2.5 bn, the company said in an EGX disclosure (pdf). The company recorded EGP 13.2 bn in revenues for the year, up 52.4% y-o-y.

M&A-

CIRA Education to absorb three subsidiaries: The company plans to finish integrating itsmajority-owned subsidiariesUpper Egypt for Education Services, Egyptian Company for Educational Systems, and Edu Tech International Company under CIRA Education, according to a bourse disclosure (pdf).

The rationale: CIRA no longer sees value in keeping separate subsidiaries, now that most of them are now directly now owned by CIRA. The company already owns 100% of both Upper Egypt for Education Services and Egyptian Company for Educational Systems. CIRA also indirectly owns 97% of Edu Tech International and is in the middle of negotiating with owners of the other 3% to take it off their hands for EGP 5 mn, the disclosure reads.

BTC drops 20% since 11 January peak

Crypto winter is coming: BTC has dropped over 20% since the launch of BTCexchange-traded funds (ETFs) earlier this month — currently trading at USD 39.2k as of midnight yesterday, down from a USD 49k+ high during trading on 11 January.

The why: BTC “has been challenged by tougher macro conditions — evidenced by rallying rates and a strengthening USD — and significant selling pressure from traders unwinding their Grayscale BTC Trust arbitrage positions along with the FTX bankruptcy estate offloading assets,” Fundstrat Global Advisors’s head of digital-asset strategy Sean Farrell said in a note picked up by Bloomberg.

ICMYI- This month has marked a milestone for the currency with nine new BTC ETFslaunching on 11 January, granting BTC and other crypto more exposure to traders on the stock market. Investors — including investment manager giant BlackRock — poured a total USD 900 mn into the BTC ETFs in the first three days of trading.

Not everyone predicted this rocky start: Crypto investors earlier in the month excitedly predicted BTC to surpass the USD 100k a piece mark in 2024, following the US Securities and Exchange Commission’s approval of spot BTC exchange-traded funds (ETFs), according to CNBC. ETFs that allow investors to hold and trade cryptos on stock exchanges were expected to attract more investor appetite and boost its use as a mainstream currency as more Wall Street big shots like BlackRock, Invesco, and Fidelity pile into the new offering.

Asian markets are down in early trading this morning. Futures suggest Europe will follow suit, while it’s a mixed bag from Wall Street with the Dow Jones in the red and the S&P 500 along with the Nasdaq in the green.

EGX30	27,587	-1.6% (YTD: +10.8%)
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	12,105	0.0% (YTD: +1.1%)
ADX	9,653	-0.3% (YTD: +0.8%)
DFM	4,108	+0.6% (YTD: +1.2%)
S&P 500	4,865	+0.3% (YTD: +2.0%)
FTSE 100	7,486	0.0% (YTD: -3.2%)
Euro Stoxx 50	4,466	-0.3% (YTD: -1.2%)
Brent crude	USD 79.78	-0.3%
Natural gas (Nymex)	USD 2.45	+1.3%
Gold	USD 2049.90	+0.4%
BTC	USD 39,206.21	-1.5% (YTD: -7.5%)

THE CLOSING BELL-

The EGX30 fell 1.6% at today’s close on turnover of EGP 6.72 bn (112.5% above the 90-day average). Local investors were net sellers. The index is up 10.8% YTD.

In the green: Oriental Weavers (+3.5%), E-finance (+0.8%) and CIRA Education (+0.8%).

In the red: Orascom Development (-5.5%), GB Corp (-5.1%) and Eastern Company (-4.9%).

CORPORATE ACTIONS-

EG Bank to move forward with capital increase: EG Bank will increase its issued and paid-up capital by EGP 500.5 mn through its FY 2023 net income, the bank said in a disclosure (pdf) to the EGX. The bank will issue freeshares, with the number of issued shares to be determined “based on the prevailing exchange rate of the USD on the date of issuance of the General Assembly's resolution,” the company added.

Where does progress stand on Egypt’s first nuclear power plant Dabaa?

PROJECT UPDATE 2.0- The Dabaa Nuclear Power Plant: Egypt’s nuclear energyproduction strategy is seeing progress after construction kicked off on the planned 4.8 GW nuclear power plant in Dabaa in the summer of 2022. The project, which was held up by Covid-19, is now moving towards its last phases as the Russian state nuclear company Rosatom prepares to pour the concrete on the plant’s fourth — and final — 1.2 GW reactor.

Remember: Rosatom was contracted in 2015 to handle the construction and provide fuel for Dabaa. It broke ground on the USD 28.75 bn project in July 2022. Construction work was set to begin in the second half of 2020 and completed by the fiscal year 2028-2029, but pandemic-related disruptions led to delays.

Putin was (virtually) in attendance: Russian President Vladimir Putin dialed in to a video call (watch,runtime: 32:22) with President Abdel Fattah El Sisi yesterday to oversee the concrete pouring ceremony for the fourth reactor. “Egypt is truly our close friend and strategic partner. We interact on the principles of equality, mutual respect, and consideration of each other’s interests,” Putin said.“Introducing nuclear power into the energy mix that Egypt relies on to produce electricity is crucial to meeting the growing demands for electrical energy,” El Sisi said, according to an Ittihadiya readout.

Dabaa is becoming one of the two largest nuclear construction projects in the world, Rosatom Director General Alexey Likhachev said (pdf) during the ceremony.Rosatom has signed 285 contracts worth USD 1.2 bn with more than 90 local companies for the construction of the plant, he said, adding that the plan will help increase Egypt’s GDP by over 1%. Over 16k workers operate on the plant daily, he added.

WHERE DO THINGS CURRENTLY STAND?

First reactor to come online in 2028: The Dabaa plant will include four generation three+ pressurized water reactors, each with a total capacity of 1.2 GW. Construction has begun on all four reactors following the arrival of equipment from abroad, a source at Egypt’s Nuclear Power Plants Authority (NPPA) told Enterprise. The authority will start testing out the first reactor by the end of 2027 with commercial operations expected to begin the following year, our source said.

Where do reactors two and three stand? Authorities greenlit the building of the second andthird reactors in 2022. Construction on the second reactor started in November 2022 and on the third reactor in May 2023. The life span of each reactor is 60 years, compared to the thirty-year life span of thermal power stations — where heat energy is converted to electrical energy.

All safe and sound: Rosatom received permission to construct the fourth reactor from theEgyptian Nuclear and Radiological Regulatory Authority (ENRRA) in September last year after the ENRRA verified the safety of the fourth reactor, determining that it poses no risk to humans, the environment, or property. The reactor will be able to withstand the collision of a plane weighing 400 tons, flying at a speed of 150 meters per second, our source told us.

The project could be fully online in 2031, with all four reactors made ready for productionbetween 2028 and 2031, our NPPA source said. The timeline will remain unaffected by current constraints on government spending triggered by the ongoing FX crunch, since the vast majority of the work is being executed by the private sector or financed through loans and grants, sources at the Electricity Ministry previously told Enterprise. This means that work on the plant is expected to move ahead without further delays, the sources explained.

The price tag: The project is now expected to require a total investment of USD 28.75 bn due tothe rising cost of the USD, which will be covered by the Russian side, our source said. Egypt has reportedly received over USD 1 bn of the USD 25 bn Russian loan financing the project, Al Arabiya Business reports, citing comments by a government official. The funds were disbursed among the companies working on the station. The loan — which will cover 85% of the project’s expenses — will be repaid at 3% interest starting October 2029.

Who’s working on the plant? More than 90 Egyptian companies are taking part in the project, including Hassan Allam Construction, Elsewedy Electric, Arab Contractors, and Petrojet.

Part of our green transition: Dabaa is expected to make up 5% of Egypt’s total electricityproduction by 2035 as part of a wider plan for the Egyptian Electricity Holding company to reduce its dependence on fossil fuels, a source at the Electricity Ministry told Enterprise Climate last year. Renewables will have a 40% share of electricity production, while the remaining 55% will be covered by fossil fuels.

Your top infrastructure stories for the week:

Cairo Metro Line 4 to get Arab Bank boost: Orascom Construction inked anagreement with the Arab Bank for a EGP 4.2 bn bank to help fund the fourth phase of Cairo Metro Line 4.
Heidelberg Materials installs waste heat recovery system at Helwan plant:German cement manufacturer Heidelberg Materials has set up a waste heat recovery system at its factory in Helwan with a USD 30 mn investment.
New HHD project agreement wrapped: State-owned real estate developer HeliopolisHousing and Development (HHD) has inked an agreement with Middle East for Investment & Touristic Development to team up for a project in New Heliopolis.

CALENDAR

2024

JANUARY

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

30 January (Tuesday): The IMF’s World Economic Outlook report due to be published.

FEBRUARY

1 February (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

1 February (Thursday): OPEC+ oil market monitoring online meeting.

4 February (Sunday): The Senate meeting.

8 February (Thursday): Deadline to apply to Shalateen Mining Company’s international gold exploration tender.

11 February (Sunday): Deadline to apply for the Chicago Booth Executive Programin El Gouna.

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

MARCH

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

28 March (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

29 March (Friday): Egypt removed from JPMorgan Chase’s Emerging Local Markets Index Plus.

APRIL

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

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

28-29 April (Sunday-Monday): Saudi Arabia hosts a World Economic Forum (WEF) meeting on ‘global collaboration, growth, and energy.’

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).

23 May (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

29 May (Wednesday): Virtual launch of 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).

18 July (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

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

SEPTEMBER

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

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

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

25-26 September (Wednesday - Thursday): The Asian Infrastructure Investment Bank’s (AIIB) 2024 annual meeting, Samarkand, Uzbekistan.

OCTOBER

6 October (Sunday): Armed Forces Day.

17 October (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

NOVEMBER

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

DECEMBER

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

EVENTS WITH NO SET DATE

January 2024: The Red Sea Ports Authority is set to finalize an agreement with the Abu Dhabi Ports Group for the operation and maintenance of the tourist passenger terminal in the Sharm El Sheikh Sea Port.

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

1Q 2024: Opening of the newly developed Pyramids Plateau in Giza.

February-May: The Grand Egyptian Museum could officially open to visitors.

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.

1H 2024: The European Union is set to hold an investment conference in Egypt during spring.

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

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

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

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

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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