A new chapter of Egyptian-Turkish relations after Erdogan’s first visit since 2012

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What We're Tracking Today

Brazilian President Lula is meeting Egypt’s El Sisi later today

Good morning, folks. We have another brisk issue for you this morning to wrap up a particularly quiet week on the business front.

WATCH THIS SPACE-

#1- SMART POLICY- Egypt, South Africa look to collaborate on medical tourism projects: The Egypt Healthcare Authority is looking into creating an alliance with one of South Africa’s largest hospitals to offer medical tourism packages in Egypt and South Africa, as the two countries look to become medical tourism hubs to capture market share from India and Europe, according to a statement from the authority.

This is important: As we’ve recently been grumbling, we missed the boat as a nation by not taking seriously the potential to create a meaningful manufacturing industry with a focused program to turn Egypt into a magnet for FDI. It’s still not too late to start, but we need to move the needle in the meantime, and the export of services is a smart way forward.

HSBC and, recently, Mashreq have shown that it’s possible to sell sophisticated banking services. Microsoft, Vodafone, and others have been doing high-end call center support here, as have specialized players such as Concentrix.

Egypt has great hospitals and even better physicians. Becoming a continental hub for medical tourism is a smart move and deserves sustained, concentrated focus from policymakers.

#2- The richest Sawiris rethinks his future: Nassef Sawiris is considering overhauling his Dutch-listed chemicals and fertilizer group OCI GlobaI, with one of the options being turning the empire into a cash-shell company pursuing acquisitions in new industries, he told the Financial Times. OCI has obtained some USD 7 bn from asset sales since December. “We’re evaluating what we want to do, not just with the money [from the asset sales] but as a team, and maybe OCI stays with a piece or two pieces and it becomes a cashcow, and becomes a machine for further investment. We’re quite open-minded,” Egypt’s richest man told the FT.

Where did the USD 7 bn come from? OCI Global in December inked a binding agreement to sell its wholly-owned subsidiary Iowa Fertilizer Company (IFCo) to Koch Ag & Energy Solutions for USD 3.6 bn. This came shortly after it announced that it would offload its entire 50% stake in ammonia and urea producer Fertiglobe to Abu Dhabi’s oil giant Adnoc for USD 3.62 bn.

RED SEA WATCH-

Egypt has lost some USD 508 mn in Suez Canal revenues due to ongoing Red Sea disruptions, according to estimates from Bloomberg Intelligence. The canal — a vital source of much-needed foreign currency for cash-strapped Egypt — saw its receipts fall 44% y-o-y in January, as the world’s largest shipping firms divert around the Cape of Good Hope to avoid Houthi attacks.

We’re not past the worst of it: Maersk believes that reroutes away from Yemen could last well into the second half of the year, advising customers to ensure they have “a longer overall transit time build into their supply chain,” Maersk North America’s Charles van der Steene told CNBC. After suspending all Red Sea transit on 26 January, the company has upped the capacity of its vessels to compensate for longer arrival times as it makes the longer journey around Africa.

Another firm steering clear: US-listed commodity shipping firm Star Bulk Carriers has become the latest to pause all Red Sea transit after two of its vessels were subject to Houthi attacks last week, Bloomberg reported.

HAPPENING TODAY-

Lula + El Sisi: Brazilian President Luiz Inácio Lula da Silva will meet with President Abdel Fattah El Sisi today, on day two of his first official visit to the country since taking office in January, according to a statement from the Brazilian president’s office. The two heads of states will make a statement to the press following their meeting.

Beef may be on the menu: Egypt is expected to soon approve new imports of Brazilian beef, a subsequent statement from the Brazilian president’s office said. The statement also highlighted Egypt as one of its strongest trading partners in Africa, praised its role in repatriating its citizens from Gaza, and added that a new air route between Cairo and Sao Paulo will be on the agenda.

Next stop, Ethiopia: Lula will leave one Brics country for another as he heads to Addis Ababa later today to take part in an African Union meeting with heads of states.

HAPPENING THIS WEEK-

The Akhbar Al Youm Economic Conference is taking place this weekend, under the title “The Egyptian Economy … Challenges and Priorities,” bringing together government officials, economic experts, and investors. The conference will be held at Al Masa Hotel Nasr City on Saturday at 9am.

HAPPENING NEXT WEEK-

The Egypt Energy Show is kicking off on Monday, 19 February at Egypt International Exhibition Center, New Cairo. The three-day event will gather 35k energy industry professionals and host over 80 conferences on energy transition and sustainable production.

PSA- Another cigarette price hike: Tobacco distributor Al Mansour International Distribution Company has raised the price of its products between EGP 2-10, Al Shorouk wrote. A pack of Davidoff now goes for EGP 84, Time rose to EGP 44 a pack, and Manchester to EGP 39.

ICYMI- Philip Morris hiked the price of cigarettes by up to 18% last week, with a pack of Merit rising 15% to EGP 85, while the L&M brand will now go for EGP 59 a pack, up 18%.

DATA POINTS-

#1- Funding for healthtech in Egypt jumped 137% y-o-y in 2023 to USD 36 mn, on the back of investments in pharma delivery startups Yodawy (USD 16 mn), Chefaa (USD 5.3 mn), and our friends at primary care company Dawi Clinics (USD 8 mn), according to Salient’s 2023 RoundUp: Investments in African HealthTech report.

#2- Demand for LNG is expected to skyrocket by 2040: Global demand for liquefied natural gas is expected to increase by over 50% over the next 15 years on the back of Asia increasingly ditching coal for gas, according to Shell’s annual LNG outlook report (pdf). The oil and gas giant expects demand to reach 625-685 mn tons in 2040, from 404 mn tons in 2023.

#3- Egypt needs USD 100 mn every week for animal feed imports, Agriculture Minister El Sayed El Quseir said.

WAR WATCH-

Ceasefire talks once again collapse: Israel has withdrawn from negotiations and will not return to the negotiation table without “a change in Hamas’ positions,” after Prime Minister Benjamin Netanyahu dismissed Hamas’ ceasefire proposal as “delusional,” Bloomberg reported.

ICYMI-An Israeli delegation was in Cairo earlier this week to participate in ceasefire negotiations alongside US, Qatari, and Egyptians officials. They headed back to Tel Aviv to brief leaders on the talks and were expected to head back to Cairo yesterday to continue discussions.

THE BIG STORY ABROAD-

It’s all politics, all the time in the pages of the foreign press. Let’s start in Washington, where Politico and the New York Times report that Moscow may have made significant progress on the development of an anti-satellite nuclear weapon. The weapon has not yet been deployed, the Times writes.

MEANWHILE- The Wall Street Journal and Bloomberg are leading with Israel pulling out of Gaza peace talks. The Financial Times and the New York Times are looking at European defense policy in the wake of Republican presidential challenger Donald Trump’s remarks about not defending Nato allies that fail to hit their defense spending targets.

Oh, and Vladimir Putin would prefer that Joe Biden be elected president of the United States, calling the sitting president “more experienced and predictable.”

MORNING MUST-READ-

MORE INTERESTING- The Financial Times does a great job of arguing that our AI moment is becoming just a little bit frothy. No, it’s not a bubble. In the long run, AI will change how we live, work, and do business. But when Sam Altman talks (unironically) about raising USD 7 tn — more than the combined GDP of the UK and France, Inside Business columnist June Yoon writes — it may well be time for a reality check.

Go read AI hype has echoes of the telecoms boom and bust.

And while you’re at it: Go check out Early adopters of Microsoft’s AI bot wonder if it’s worth the money. Businesses everywhere are working out what AI tools mean to them, but is it really time to spend USD 30 per person, per month to get access to a bot that amounts to a not-too-bright intern that lies to you with great confidence (to steal from Benedict Evans and Nilay Patel in one sentence)?

Erdogan talks trade, politics with El Sisi in his first visit to Cairo in over a decade

A “new chapter” of Egyptian-Turkish relations: Turkish President Recep Tayyip Erdogan landed in Cairo for the first time since 2012 yesterday, “opening a new chapter between the two countries.” He joined President Abdel Fattah El Sisi for a meeting on all things cooperation, Gaza, and regional conflicts, after which they held a joint presser (watch, runtime:15:15).

More trade ahead: The two sides plan to boost the volume of trade between them to USD 15 bn over the next few years from USD 6.6 bn at the end of 2023, according to latest Capmas figures (pdf). They inked a joint declaration to resume cooperation in diplomacy, banking, energy, tourism, and defense, Bloomberg wrote.

On Gaza: Erdogan said his country is ready to work with Egypt to rebuild Gaza, without providing further details. The two leaders discussed the need to reach a ceasefire in Gaza and restore calm in the West Bank, “so as to pave the way for the resumption of the peace process at the earliest” chance, El Sisi said.

The situation in Libya was also on the agenda: El Sisi called for “strengthening consultations” between the two countries on the situation in Libya “with the objective of facilitating the convening of presidential and legislative elections and unifying the country’s military institution.”

Remember: The two sides have been working to mend a decade of tense relations triggered by a host of issues including Erdogan’s support for the Muslim Brotherhood, competing interests in Libya, and tensions over gas resources in the Eastern Mediterranean. The two countries restored diplomatic ties and reappointed ambassadors last summer.

14-year-old Strategic Cooperation Council reinstated: The two leaders signed a joint declaration to restructure the high-level Strategic Cooperation Council meetings between the two countries. The two countries originally agreed to set up the council in 2010, in an agreement that was reached between the two countries’ foreign ministers at the time.

El Sisi will visit Turkey in April “to pursue efforts towards promoting Egyptian-Turkish relations across an array of fields,” he said at the end of his speech. The visit will also coincide with the council’s first meeting, Erdogan said .

The story got plenty of attention in the int’l press:Bloomberg | Reuters | Associated Press.

Adnoc, BP to form joint venture for developing gas assets in Egypt

Adnoc and BP team up on new gas JV in Egypt: Abu Dhabi National Oil Company (Adnoc) and global energy giant BP have agreed to form a joint venture that will target the development of natural gas assets in Egypt, Adnoc announced in a statement. BP will bring the stakes it owns in three development concessions to the JV, as well as exploration concessions, while Adnoc will provide funds to support the venture’s expansion.

The concessions: The JV will see BP add its wholly-owned North Damietta concession, 50% stake in North El Burg and 10% stake in Shorouk — which contains the Zohr field. BP will also add exploration concessions in North El Tabya, Bellatrix-Seti East, and North El Fayrouz.

Ownership: BP will own 51% of the JV — which is expected to be formed during the second half of this year — while Adnoc will own the remainder.

What they said: “This progressive joint venture partnership will enhance Egyptian energy security and its economic potential,” said Adnoc’s Executive Director for Low Carbon Solutions and International Growth Musabbeh Al Kaabi.

Advisors:Matouk Bassiouny & Hennawy acted as Adnoc’s local counsel and Gibson, Dunn & Crutcher acted as its international counsel, according to a statement (pdf). Norton Rose Fulbright was BP’s international legal representative and Al Kamel Law Firm served as its local counsel.

The story got ink from Bloomberg and Reuters.

What does Saudi’s interest in selling clean electricity mean for Egypt?

Saudi Arabia and Greece are linking their power grids, what does that mean for Egypt? The Saudi National Grid and Greece’s Independent Power Transmission Operator (IPTO) have set up an SPV — dubbed Saudi Greek Interconnection — to prepare feasibility studies for connecting the power grids of both nations. This would mark Saudi Arabia’s first power link to Europe, EnterpriseAM Saudi reported earlier this week.

The question: What does Saudi’s interest in selling clean electricity mean to Egypt’s regional energy hub ambitions? The Sisi administration has been working for years to position us as the premier energy hub in the eastern Mediterranean — riding the advantages of proximity, LNG processing and export infrastructure, and big investment in renewables.

The idea: To become one of Europe’s top energy suppliers, whether that’s clean electricity, natural gas, or green hydrogen. On the electricity front alone, we’re talking about three projects that could connect us to Greece: The 3 GW Egypt-Greece Interconnector, the 2GW Euro-Africa interconnector, and the Greece–Africa Power Interconnector (GAP). There are two other projects on the drawing board that would connect us to Italy, as we’ve previously reported.

Worry? Regulators have only so much bandwidth — and banks so much money. Saudi Arabia is angling to become a significant competitor in the regional green energy and logistics markets. It is pushing for overland routes that could (for some types of goods) compete for business with the Suez Canal. It is building out port and shipbuilding infrastructure. It’s pushing hard on green hydrogen. And now it’s lining up to sell green energy to Greece. How much time do Greek regulators have?

Worry not? Europe has a massive appetite for clean energy. The Saudi project, and others from KSA and the UAE, will not hurt Egypt’s aspirations of becoming a regional energy hub, Ahmed Hegazy, head of the Egypt Green Energy Association, told Enterprise. “Europe has major energy needs and it is worried about reliving the energy crisis it witnessed in 2022,” he added, explaining that the region is inking a number of agreements aimed at securing its future energy needs.

Egyptian-Turkish relations turn a new page

All about Erdogan: Talk shows were awash with talk of a “new chapter” within Egyptian-Turkish relations, after Turkish President Recep Tayyip Erdogan made his first visit to Cairo since 2012, where he met with President Abdel Fattah El Sisi.

^^ We have everything you need to know about Erdogan’s time in Egypt in the news well, above.

Erdogan’s visit to Cairo “ended well and successfully,” Turkish Ambassador to Cairo Salih Mutlu Şen told Yahduth Fi Masr’s Sherif Amer (watch, runtime: 14:24). “This visit is historic and important at this time. The past is in the past. We must think about the future. There is a common history and a strong culture between the two countries, and a new page must be opened between them.” “The differences between the two countries have not completely ended, but there is an Egyptian-Turkish desire to resolve all differences,” Turkish political analyst Taha Odeh Oglu told Ala Masouleety (watch, runtime: 10:11).

Egypt takes steps towards launching Africa’s first carbon market

CAPITAL MARKETS-

Inching closer towards our carbon market: The Financial Regulatory Authority (FRA) has authorized three bodies to verify projects that claim to reduce carbon emissions — a key step towards the launch of a voluntary carbon market. The FRA selected TÜV Nord EGYPT and TÜV Nord Cert — both subsidiaries of the German certification firm TÜV Nord Group — and the Egyptian Center of Organic Agriculture to take on the responsibility, according to an FRA statement.

ICYMI- The EGX announced in 2022 that it plans to set up Africa’s first voluntary carbon market. The market would allow companies in Egypt and Africa working on emissions-reducing projects to sell certified carbon credits, which can then be bought by other companies wanting to offset their emissions.

EARNINGS-

A record year for ODE sales: Orascom Development Egypt (ODE)’s real estate sales rose almost 75% y-o-y in 2023 to an unprecedented EGP 19.4 bn, driven by higher selling prices and demand, the company said in a statement (pdf). International sales accounted for 37% of total sales for the year. ODE’s hotel occupancy rates also increased in 2023, with El Gouna’s rising to 72% from 70% in 2022 and Taba Heights’ jumping to 42% from 29%.

Lower fertilizer prices drag Abu Qir’s income down: Abu Qir Fertilizers’ net income fell 42% y-o-y to EGP 4 bn in the first half of the current fiscal year amid a global decline in fertilizer prices, according to its latest earnings release (pdf). Revenues decreased 23% y-o-y to EGP 8.6 bn during the six-month period.

LEISURE-

Saudi Arabia’s Safari Group plans to invest EGP 1 bn in Egypt by 2030, opening up Chuck E. Cheese branches — an arcade-restaurant hybrid — in Cairo, Alexandria, and Sharm El Sheikh, according to a statement. The company currently has one Egyptian Chuck E. Cheese branch, set up in West Cairo’s Royal Park Mall.

NUCLEAR ENERGY-

Russia and Egypt ink uranium supply agreement: TVEL — a subsidiary of Russian state-owned nuclear developer Rosatom — has signed an agreement with the Madbouly government for the supply of low-grade uranium components, according to a statement released last week. The atomic fuel would be used to power our second Experimental Training Research Reactor (ETRR-2), supplied by Argentine company Investigacion Aplicada. The Russian firm will also supply Egypt with aluminum-uranium alloys and powder used for nuclear reactor fuel elements. Deliveries are expected this year, Rosatom noted.

Remember: Rosatom kicked off construction on the fourth and final reactor of the 4.8 GW Dabaa nuclear power plant in January. The company was contracted in 2015 to handle the construction and provide fuel for Dabaa and broke ground on the USD 28.75 bn project in July 2022.

DEBT-

Kima is getting two loans for its nitric acid project: State-controlled Egyptian Chemical Industries (Kima) is getting a EGP 2 bn loan and a USD 200 mn loan to fund its nitric acid and ammonium nitrate project, Al Borsa reports, citing unnamed sources. The loans came from a banking syndicate including the National Bank of Egypt, Banque Misr, Bank du Caire, Arab African International Bank, Bank ABC, and Egyptian Arab Land Bank.

Refresher: Kima over the summer awarded Italy’s Maire Tecnimont the contract to develop the project, whose total cost was estimated at USD 297 mn. The project will produce 600 tonnes of nitric acid and 665 tonnes of ammonium nitrate a day once operational.

Kima will break ground on the project in July, the construction process is expected to take three years, the sources said.

DEVELOPMENT FINANCE-

IFC wants to fund Hayah Karima projects: The International Finance Corporation (IFC) voiced its interest in funding private sector companies working to develop countryside villages under the Hayah Karima (Decent Life) initiative. This came during a meeting between an IFC delegation and International Cooperation Minister Rania Al Mashat, according to a readout from the ministry.

STARTUPS-

Tafweela goes online: Tafweela, a fintech startup that allows businesses to monitor fleet vehicles payments, has officially launched its services, according to a statement (pdf).The company aims to digitize payments made for fleet vehicles — estimated at EGP 300 bn a year — as 95% of them are made in cash, it said.

US recession worries recede

Analysts, fund managers no longer expect a US recession this year: Only a quarter of analysts and forecasters think the US is, already in, or will fall into a recession in 2024, according to an National Association for Business Economics survey (pdf). The survey found that 22% of those surveyed see a recession happening in 2025, while 36% see this happening in 2026 or later.

But inflation forecasts aren’t as rosy: Two thirds believe it is likely or very likely that the US will end the year with inflation still above 2.5% — 20% above the Fed’s target for the year.

Analysts are losing sleep over China’s economy, Israel’s war on Gaza, and the US elections: A commanding 97% of those surveyed thought there was a moderate to high probability that instability in the Middle East could adversely impact the economy by disrupting global supply chains and pushing Brent crude above USD 90 a barrel. Similarly concerning to analysts and forecasters was instability around the US elections, which 85% saw having a moderate to high probability of having a negative effect on the economy. China’s stagnant economy also had 90% of respondents worrying about its effect on the US economy.

ALSO WORTH NOTING- Bezos sells more Amazon shares: Multi b’naire Jeff Bezos has offloaded USD 4 bn worth of his shares in online shopping giant Amazon since Friday as part of a plan to sell 50 mn shares throughout the year — currently worth USD 8.4 bn. (BBC)

EGX30	28,875	+1.0% (YTD: +16.0%)
USD (CBE)	Buy 30.83	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	21.25% deposit	22.25% lending
Tadawul	12,439	+0.3% (YTD: +3.9%)
ADX	9,395	+0.5% (YTD: -1.9%)
DFM	4,223	+0.1% (YTD: +4.0%)
S&P 500	4,974	+0.4% (YTD: +4.1%)
FTSE 100	7,568	+0.8% (YTD: -2.1%)
Euro Stoxx 50	4,709	+0.4% (YTD: +4.2%)
Brent crude	USD 81.60	-1.4%
Natural gas (Nymex)	USD 1.61	-4.7%
Gold	USD 2,004	-0.1%
BTC	USD 51,737	+4.6% (YTD: +22.1%)

THE CLOSING BELL-

The EGX30 rose 1.0% at yesterday’s close on turnover of EGP 5.3 bn (41.1% above the 90-day average). Local investors were net buyers. The index is up 16.0% YTD.

In the green: Qalaa Holdings (+15.0%), Juhayna (+5.7%), and Eipico (+5.2%).

In the red: Talaat Moustafa Group (-2.5%), Alexandria Containers and Cargo Handling (-0.9%), and Edita (-0.3%)

Asian markets are comfortably in the green in early trading this morning as they start clawing back yesterday’s losses. Europe is looking to open in the green, while US stock futures were essentially flat at dispatch time this morning as Wall Street looks to build on yesterday’s modest rebound.

My Morning Routine: Osman Abdelmoneim, managing director of Auto Mobility

Osman Abdelmoneim, managing director of Auto Mobility: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Osman Abdelmoneim (LinkedIn), managing director of Auto Mobility.

My name is Osman Abdelmoneim and I am the managing director of Auto Mobility, the official importer and manufacturer for the Geely brand in Egypt. I've spent my entire career within the automotive industry, gaining experience in various roles and countries — starting with an internship at BMW in the UK. After 22 years with BMW, I spent three years with Contactcars.com, before returning to Egypt. Now I represent the Geely brands, with a focus on local distribution and manufacturing.

Auto Mobility is a startup, so my responsibilities and focus have been changing over the past eight months. Initially, my time was spent on building the core team and looking for a suitable facility to match our ambitious plans, while working with Geely on our manufacturing and long-term strategic partnership. Now we are post-launch, so my role has moved to look at our operational processes and ensuring that we are in line with our strategic goals, which is key as the Egyptian market is constantly changing and evolving.

Looking ahead: As we get closer to launching our locally-assembled vehicles, more of my time is being allocated towards that project. Ultimately, my aim is to foster a mindset of sustainable growth and innovation by developing everyone in the Auto Mobility team. In the second half of the year, we will also look to expand Auto Mobility’s footprint in Egypt and launch our CKD (completely knocked down) models.

Egypt was a natural location for Auto Mobility and Geely: Egypt obviously presents a massive chance for the automotive industry — given the size of the population and because the government has been actively promoting local manufacturing initiatives through incentives and support programs, encouraging automakers to set up production facilities within the country. We hit the jackpot with Geely, as Chinese brands are one of the key elements of any automotive portfolio going forward, and Geely is one of the best brands producing high-quality vehicles.

Driving towards a robust local industry: Local manufacturing is increasingly becoming the most important trend in Egypt and you can see that the leaders in the market all have local assembly and production operations. It’s vital that as the automotive industry continues to evolve, there’s an emphasis on local capabilities that can meet the demand of domestic consumers, reduce focus on imports, and boost the potential for exporting vehicles in the future.

I wake up between 4 and 4:30am — I’m an early riser and an early sleeper. The day starts with exercise on the treadmill, catching up on the news and what happened overnight. By that time, EnterpriseAM is out and I read it with my coffee after making breakfast and sandwiches for my kids’ lunch. Enterprise was actually my very first subscription when I returned to Egypt — it gives me the best summary of the events of the day before and what I need to know for the day ahead.

On my way to work, I drop off my kids at school and then spend the hour-long drive to the office on the phone. The work day starts with a meeting with Auto Mobility’s CFO during which we discuss any pressing matters. After this, it’s more meetings with the team to handle daily challenges. Throughout the day, I like to go down to the showroom and service center to see customers interact with our sales team. The one thing I really enjoy is watching a customer take delivery of a new car.

Afternoons are usually filled with meetings with external partners as well as banks and lawyers. The Egyptian market presents a number of challenges that require continuous adaptation and flexibility, so we dedicate considerable time to discussions to find solutions

Staying focused and organized: Everyday before leaving work, I always plan the next day in my calendar. It certainly isn’t easy staying focused due to the ever changing nature of the auto market, but the unpredictability keeps us on our toes. Making sure that we have a plan and are constantly going back to it ensures that we always keep our focus.

Being involved in a startup means accepting that the work-life balance will not be ideal.On the one hand it's very exciting, but on the other hand it doesn’t allow you to predict your out-of-office hours as easily. Auto Mobility has been very fortunate that the entire team is so committed to achieving our goals, which stretches the definition of a work-life balance. But, we’re trying to make sure that we create a healthy environment and that everybody is enjoying their time at work.

There’s still down time: When I switch off, I try to spend time with my teenagers, watch sports, and cook — it just completely puts me in a different zone. I enjoy baking pretty much anything, but bread and granola are probably the two most frequent things that I make. I mostly cook Asian and Italian cuisine.

I really enjoy reading autobiographies, both from a personal and business perspective. The last one I read was Shoe Dog by Nike founder Phil Knight. When I need reminding of what is really important in life, I turn to Mitch Albom’s Tuesdays with Morrie — it brings you to earth again and grounds you.

The best piece of advice I’ve heard is from Allen Watts,who said “take ownership of your life. Focus on what you can control and genuinely follow your passions.”

CALENDAR

2024

FEBRUARY

14-15 February (Wednesday-Thursday): Brazilian President Luiz Inácio Lulada Silva will make an official state visit to Egypt.

17 February (Saturday): The Akhbar Al Youm Economic Conference at Al Masa Hotel.

18 February (Sunday): The Senate reconvenes.

19-21 February (Monday-Wednesday): Egypt Energy Show, Egypt International Exhibition Center.

22 February (Thursday): The executive regulations for the new building reconciliation law will be out.

24 February-1 March (Saturday-Friday): Egypt hosts the 71st African Airports Council International (ACI) Conference and Exhibition at the Alamera Hall Air Forces House Center and Le Méridien, Cairo Airport.

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

26 February (Monday): Eighth edition of the Capital Markets Summit at the InterContinental Semiramis Hotel, Cairo.

MARCH

1 March (Friday): New public-sector minimum wage goes into effect.

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

10 March (Sunday): First day of Ramadan (TBC).

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).

15-21 April (Monday-Sunday): The IMF / World Bank Spring Meetings.

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

28 April (Sunday): Grace period to ins. brokerage firms to comply with Law 215 for 2023 expires.

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

29 April (Monday): The government’s car export scheme expires.

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).

20 May (Monday): Malaysian Palm Oil Forum in Cairo, with attendance from Malaysian Plantation and Commodities Minister Johari Abdul Ghani.

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.

21-27 October (Monday-Sunday): The World Bank and IMF annual meetings.

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.

February 2024: Egypt will sign a USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC).

February 2024: Funds from the Islamic Development Bank for the high speed electric railway will get the sign off.

April 2024: President Abdel Fattah El Sisi will visit Turkey.

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

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

1Q 2024: The government is set to finalize the sale of the Gabal El Zeit wind farm.

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

May 2024: Arab Finance Ministers’ meeting at Egypt’s administrative capital.

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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