Egypt rejects Sinai refugee camp rumors

1

What We're Tracking Today

Wataniya closes in on three final offers

Good morning, wonderful people and welcome to the start of the week. We’re off to a slow start in local business news this week, but talk of the stake sale in the fuel retailer Wataniya closing in on three final offers could mean that we’re set for some big privatization news before the week is over. So, let’s jump right into it.

WATCH THIS SPACE-

#1- The Madbouly government could name Wataniya’s newest shareholder this week, after it stopped receiving offers for the fuel retailer, Al Masry Al Youm reported on Wednesday, citing what it said are senior government sources. There are three final offers on the table for a 30% stake in the company.

Guess who? Taqa Arabia is the only firm to have publicly declared interest in the filling station operator, which has been on the market for the last four years, but Abu Dhabi National Oil Company (Adnoc) and Shell and several other companies have reportedly been lodging bids. However, Adnoc has reportedly withdrawn its bid for a stake in fuel retailer, Al Borsa reported yesterday, citing sources it says are familiar with the agreement.

#2- Fresh tax, custom breaks for investors in the new capital? The Finance Ministry is looking into a package of tax and custom breaks aimed at attracting investors to the new capital’s Central Business District, Finance Minister Mohamed Maait said during a roundtable on Friday. Maait did not provide any further details.

#3- Gov’t putting final touches on the redrafted Labor Act: A committee headed by Manpower Minister Hassan Shehata will soon present the redrafted Labor Act to the Supreme Council for Social Dialogue before passing it along to the House of Representatives for discussion, according to a statement from the Labor Ministry.

Remember: The government initially pulled the bill from the House of Representatives last year to redraft it after backlash from the business community, which said the original version was lopsided in favor of workers. Prior to the redraft, the bill would have introduced new labor rights, including legislating mandatory annual raises, caps on working hours, and longer maternity leave and notice periods, among other things.

HAPPENING TODAY-

The Senate returns: The Senate will convene today and tomorrow to discuss a report on developing the transport sector and localizing smart transport industries.

MEANWHILE- Senate committees have a busy Sunday ahead:

The Industrial Committee will review the challenges facing Egyptian industry and the necessary measures to boost industrial production, exports, and investments.
The Financial and Economic Affairs Committee will look into the measures to speed up the issuing of the 2022 Unified Finance Law’s executive regulations.
The Agriculture Committee will assess the benefits of implementing smart irrigation systems across Egypt.
The Foreign and Arab Affairs Committee will discuss ways to maximize political and economic benefits of the Egypt-EU partnership.
The Defence and National Security Committee will assess the impact of mega projects on supporting social and economic aspects of the country’s national security.

HAPPENING TOMORROW-

The Egypt Energy Show is kicking off tomorrow at the Egypt International Exhibition Center in New Cairo. The three-day event will gather 35k energy industry professionals and host over 80 conferences on energy transition and sustainable production. It will run until Wednesday.

PSA- The cigarette of the people just got pricier:State-owned tobacco giant EasternCompany has hiked the prices of cigarettes between 10-19%, the company said in a statement (pdf). The price of a pack of Cleopatra has risen by EGP 3 to EGP 30, while its pricier Viceroy and Pall Mall cigarettes now go for EGP 50 per pack, up from EGP 42.

Driving the hike: The price hike came in response to the “volatile increase in prices of tobacco and non-tobacco materials imported from abroad” and the rising cost of production, Eastern CEO Hany Aman said.

This is the latest in a series of cigarette price hikes: Tobacco distributor Al Mansour International Distribution Company and Philip Morris both hiked their prices last week.

WAR WATCH-

Egypt rejects refugee camp construction rumors: Egypt has denied rumors it’s setting up a refugee camp in North Sinai to house Palestinians fleeing from Gaza after images circulated on social media and in international media outlets showing large concrete blocks being placed near to the country’s northernmost border. Following the claims, North Sinai Governor Mohamed Shusha said in a statement that the under-construction enclosure is for a logistics hub to store and better organize aid deliveries to Gaza.

The claims in question: The Wall Street Journal reported that Egypt is preparing an area at its border with Gaza to accommodate over 100k Palestinians in the event of exodus.

The government remains firm in its opposition to the displacement of Palestinians: The government categorically rejects “any forced or voluntary displacement of our Palestinian brothers from the Gaza Strip to outside it, especially to Egyptian lands, because this would certainly lead to the liquidation of the Palestinian cause,” State Information Service chief Diaa Rashwan in a statement. The country “will take every necessary measure to prevent those who seek to cause this [evacuation.]”

WHILE OVER IN THE DIPLOSPHERE- President Abdel Fattah El Sisi “affirmed Egypt’s categorical rejection” of the displacement of Palestinian refugees into Sinai during a phone call with French President Emmanuel Macron. El Sisi also discussed aid and ceasefire efforts in a phone call with Canadian Prime Minister Justin Trudeau over the weekend.Foreign Minister Sameh Shoukry was also on a diplomatic offensive to push for a ceasefire during meetings with EU foreign policy head Josep Borrell and Shoukry’s Norwegian and Portuguese counterparts on the sidelines of the Munich Security Conference.

MARKET WATCH-

Oil prices rise on Middle East unrest: Oil prices rose on Friday triggered byescalating tension in the Middle East and a hotter-than-expected US inflation report, Bloomberg reports. Brent crude was up almost 1% to USD 83.53 a barrel, while US West Texas Intermediate crude rose 1.5% to USD 79.19 per barrel, its highest level since November. “Oil prices have been quite choppy … partly because of the USD’s strength holding it back,” City Index and Forex analyst Fawad Razaqzada said.

Prices probably won’t stay high for long: Growing supplies paired with global demand losingmomentum means the oil market could stay in surplus all year long, the International Energy Agency said in its most recent monthly report. “The expansive post-pandemic growth phase in global oil demand has largely run its course,” the report says, adding that it now forecasts global demand increasing at half the rate of last year to 1.2 mn barrels per day.

DATA POINTS-

#1- Egypt’s growth seen slowing to 3.7% in 2024, down from 4% in 2023, according to a report (pdf) on the continent’s macroeconomic performance by the African Development Bank. After dropping during the current calendar year, the bank thinks that growth will accelerate to 4.2% in 2025.

But Africa could see major growth this year: The report forecasts that Africa will be thesecond-fastest growing region after Asia, with 11 countries accounting for the 20 fastest-growing economies in 2024 — though Egypt is not among them.

#2- Unemployment inched down to 6.9% in 4Q 2023, after having nudged up to 7.1% in the previous quarter, according to data released by state statistics agency Capmas. On a year-on-year basis, unemployment dropped by 0.3 percentage points from the same period in 2022.

The gender breakdown: The unemployment rate among women rose to 17.7%, from 17.2% in 3Q 2023, while it decreased among men to 4.6% from 4.8%.

CIRCLE YOUR CALENDAR-

The Emigration Ministry is hosting the Egypt Health Tourism InternationalConferenceon 2-3 March at the new capital’s St. Regis Almasa Hotel. The conference will bring together government officials and medical, tourism, and medical tourism professionals to discuss ways to make Egypt a medical tourism destination, the ministry said in a statement.

The why:Egypt has been trying to position itself as a medical tourism hub to attract FDI and to open fresh FX revenue streams from patients from Africa, the Middle East, and Europe coming here for treatment on the back of our talented and well-trained medical staff and the competitive price point Egyptian hospitals can offer.

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

Egyptians Abroad Investment Company could kick off operations this year

An update on the company set up to attract investment from Egyptian expats:The Egyptians Abroad Investment Company (EAIC) will likely kick off operations with this year and will initially target investments in the agriculture and trade, before expanding into renewable energy and green hydrogen, Emigration Minister Soha Gendy told Asharq Business. The company will have a capital of USD 1 bn, the regional outlet reported.

EAIC? The EAIC is one of several government initiatives aimed at encouraging Egyptians livingabroad to invest in the local economy and bring more hard currency into Egypt in response to the ongoing FX crisis. The Emigration Ministry set up the company last March with the aim of promoting investments to major expat investors as well as regular savers and signed up eight Egyptian businessmen living abroad to sit on the board.

The details: The ministry has tapped investment firm Zilla Capital to manage the EAIC’s assets,Gendy said. The Supreme Investment Council is considering granting the company tax breaks and non-tax related incentives, she added.

ICYMI: The government has launched several initiatives in recent months to find new sources of hard currency in response to the ongoing FX crisis. More attractive citizenship rules for foreigners, new tax incentives and land price reductions for foreign investors, and the car import scheme are all designed to stimulate new FX inflows.

Vodafone Egypt gets CBE approval to up stake in fintech platform Basata to 20%

CBE signs off on Vodafone upping its stake in Basata: Vodafone Egypt has receivedapproval from the Central Bank of Egypt to raise its stake in fintech platform Basata Holding for Financial Investments subsidiaries Bee and Masary — which constitute its epayment arm — to 20%, up from 10%, according to an EGX disclosure (pdf). No information was given about the value of the transaction.

Vodafone increases its presence in the local fintech scene: Basata — originally known as Ebtikar — was established as a JV between B Investments, BPE Partners, and MM Group for Industry and International Trade in 2017. Basata’s e-payment arm provides point-of-sale (POS) machines to merchants, has its own app — dubbed Basata Pay — for consumers to pay bills and make other transactions remotely.

Remember: Vodafone Egypt acquired its existing 10% stake in both of the Basata subsidiaries in April 2022, following an MoU in 2021 that established its intent to eventually acquire 20% of the subsidiaries.

The ownership breakdown: Upon completion of the transaction, Basata will own a direct andindirect 80% stake in Bee and 63.5% stake in Masary, the disclosure said.

Brazil, Egypt to forge closer ties after Lula’s visit to Cairo

More trade, collaboration with Brazil ahead: Egypt and Brazil inked a protocol aimedat facilitating Brazilian beef, pork, and poultry exports to Egypt by aligning the two countries’ meat inspection systems during Brazilian President Luiz Inácio Lula da Silva’s time in Cairo where he met with President Abdel Fattah El Sisi, according to a statement from the Brazilian president’s office. The two fellow Brics members also talked up the possibility of direct flights connecting the two countries and inked an MoU aimed at increasing cooperation in the field of science, technology, and innovation.

DATA POINT: Bilateral trade between the two countries reached USD 2.8 bn in 2023, according to Brazil’s state news agency. Brazilian exports to Egypt accounted for USD 1.8 bn, while Egypt’s exports to the Latin American economy came in at USD 489 mn for the year.

Lula wants to balance our trade relationship: “We want a win-win trade relationship, a relationship in which both countries win. We don't want a one-way trade relationship. What we want is to buy and sell, sell and buy, so that the end result is a balanced trade balance and that everyone is happy selling and buying and seeing our economies grow.” Lula said during a joint presser (watch, runtime: 18:50)

Part of a wider plan: The two leaders agreed to elevate their relationship to a “strategic partnership,” according to an Ittihadiya statement. “I suggested that the president elevate our relationship to the level of a strategic partnership. Because two countries with populations as large as Egypt's in Africa and Brazil’s in Latin America cannot have small-scale relations,” Lula told reporters. They agreed to bolster relations in all “political, economic, industrial, agricultural, and cultural fields,” El Sisi said.

“From any angle, the scale of the violence committed against the 2 mn Palestinians in Gaza cannot be justified,” Lula told reporters. El Sisi mirrored Lula’s comments by stating that “we agree that an immediate and sustained ceasefire is very important, as is the necessity of getting humanitarian aid to the people in Gaza.”

ICYMI: This was Lula’s first official visit to the country since he took office in January and El Sisi will be heading to Brazil in November to take part in the G20 Summit in Rio de Janeiro.

Egyptian officials jump on the airwaves to reject refugee camp rumors

No one story took center stage on the airwaves last night, withthe nation’s talking heads’ attention split between an under-construction logistics hub in Sinai that was rumored to be a refugee camp to house fleeing Palestinains and rising commodity prices as we approach Ramadan.

No refugee camp is being constructed in Rafah, State Information Service head Diaa Rashwan told Amr Adib following rumors on social media and reports in the international press over the weekend claiming otherwise (watch, runtime: 16:03). Rashwan emphasized that any reports that accuse Egypt of constructing an isolated area on the border with Gaza to allow Palestinian refugees into Sinai have no merit and that “Egypt is not preparing for a scenario that entails the displacement of Palestians from the enclave.”

It’s just a logistics hub — but Egypt is prepared for any scenario: “What Egypt is currently working on is constructing a logistics hub that will ease the movement of aid into Gaza, not a refugee camp that will take in displaced Palestinians,” Nasser Military Academy’s Hesham El Halaby told Lamees El Hadidy (watch, runtime: 11:28). However, Halaby added that should there be a situation where Palestinians are forced out of Rafah, Egypt is prepared to address it in a “humanitarian and peaceful way” until they can be allowed to return to Gaza.

There doesn’t seem to be a long-term plan for the economy, Lamees fears: Kelma Ahira’s Lamees El Hadidy criticized the apparent lack of a plan to address the ongoing economic crisis, saying that — with the exception of the negotiations with the IMF — the government is not taking any real steps towards getting Egypt out of the crisis, and is instead resorting to short-term solutions like currency devaluations (watch, runtime: 2:28).

“The crisis is not due to a USD shortage or the exchange rate. Rather, the problem is the absence of a real economy — the absence of a productive economy,” economics professor Alia El Mahdi told Mostafa Bakri (watch, runtime: 41:36). El Mahdi also pointed to the decline in the role of the private sector in the country's economy and the absence of a stimulating environment for investment, which in turn led to a decline in the country’s GDP growth rate.

Supply pressures persist as Ramadan approaches: “There’s simply no sugar in the market. Anyone who says there’s sugar isn’t living with us,” Lamees told her viewers (watch, runtime: 2:03). El Hadidy expressed concern over the shortage of essential goods as Ramadan approaches, presenting a report that showed severe crowding in Ahlan Ramadan exhibitions. Ala Mas’ouleety’s Ahmed Moussa shared her concern, calling on the government to take quick measures to resolve the crisis before the holy month (watch, runtime: 3:16).

Controversial pyramid restoration scrapped after public outcry

The ill-fated restoration of the Pyramid of Menkaure is continuing the grab the attention of the international press: A project to restore the only remaining seven wonders of the ancient world by encasing part of the Pyramid of Menkaure in granite has been scrapped after a committee — set up following public outcry and ridicule from the global press and Egyptologists — unanimously voted against it. (Reuters | The Guardian)

Arab International Company for Hotels and Tourism eyes asset sales to pay off debts. PLUS: Egyptian-Chinese cars by 2025, Egypt commits to Eni payments, MSC eye logistics investments, Real Estate Tax Authority + E-Tax, Banque Misr SME platform

HOSPITALITY-

Arab International Company for Hotels and Tourism could be bringing one of its hotels to market: A syndicate of five banks is holding negotiations with the Arab International Company for Hotels and Tourism to restructure USD 200 mn of debts currently owed by the company, according to Al Shorouk, citing sources it says have knowledge of the matter. The company wants to sell part of its assets to help pay off some of its debts, the local outlet reported.

ICYMI: Unconfirmed media reports in 2023 said that the company had received a USD 320 mn offer from a Qatari group to acquire the Ramses Hilton hotel — one of six hotels that the company currently owns in the country.

AUTOMOTIVE-

Al Nasr to roll out cars jointly produced with Chinese company by 2025: State-owned automaker El NasrAutomotive and an undisclosed Chinese company will jointly produce a new car next year, the company chairman Khaled Shedid said at a conference organized by Akhbar Al Youm.

Remember: State-owned El Nasr Automotive has been looking for an international partner to form a joint venture for locally-made electric vehicles for the past couple of years. After talks with Chinese firm Dongfeng fell through in 2021, the government began discussing a partnership with Ashok Leyland, a subsidiary of Indian conglomerate Hinduja Group.

ENERGY-

Egypt has stayed the course on paying off its debt to energy companies, despitethe ongoing economic difficulties ramping up pressures on state coffers and an acute FX shortage made worse by a drop in FX revenues from the Suez Canal following Red Sea disruptions, the CEO of Italian oil giant Claudio Descalzi told analysts in a call, according to Reuters. There is a small, marginal build up, but they [Egypt] are paying ... maybe little installments, but they are paying... there is the willingness to protect investors,” Descalzi reportedly said.

More LNG exports to come? “We have seen three [LNG] cargoes in December and we are foreseeing eight to ten cargoes in the coming months,” Eni’s natural resources COO Guido Brusco also said in the call, according to the newswire.

LOGISTICS-

The world’s largest shipping company eyes more investments in Egypt’s logistics sector: Multinational shipping giant Mediterranean Shipping Company (MSC) plans to funnel more investments into Egypt’s logistics sector, the company’s CEO Soren Toft said during a virtual meeting with Suez Canal Authority head Osama Rabie, according to a statement from the authority. MSC suspended navigation through the Red Sea back in December, but “will immediately return to transit through the Suez Canal as soon as the security situation stabilizes in the Red Sea region,” Toft added.

TAX-

Real Estate Tax Authority, E-Tax link up: E-Tax will provide the Real Estate Tax Authority with the needed services for the first two phases of the authority’s electronic tax transformation, after the cabinet approved the contract between the two. The three-year contract can be renewed for another two years if needed.

Refresher: E-Tax is a EGP 100 mn JV between state-owned e-payments firm e-Finance, theEgyptian International Trade Point Sector, and the Finance Ministry. Approved by the cabinet in 2020, the platform provides services and tech solutions to companies and authorities as Egypt transitions to an electronic tax system.

SMES-

Introducing Banque Misr Express: Egypt’s second largest state-owned bank, Banque Misr, has launched a new platform — dubbed Banque Misr Express — to provide Egyptian SMEs with financial and non-financial support, the bank said in a statement (pdf). Through the platform, SME founders can apply for loans of up to EGP 2 mn with minimal documentation required. The platform also offers founders training programs and a series of other services.

KUDOS-

Mental health support for entrepreneurs: Flat6Labs’ StartMashreq — an initiative aimed atsupporting underprivileged and marginalized entrepreneurs — has teamed up with online mental health platform Arab Therapy, to launch an initiative prioritizing “the mental health of entrepreneurs in Jordan, Lebanon, and Iraq, helping them face the challenges and obstacles imposed by the current economic and political climate,” StartMashreq said in statement.

AI stock rally accounts for 96% of net worth gained on Bloomberg’s Bn’aires Index in 2024

AI is making the rich richer: A rally in AI-related stocks has boosted the net worth of 30 of the world’s 500 wealthiest individuals on Bloomberg’s Bn’aires Index by a combined USD 124 bn this year so far, Bloomberg reports.

By the numbers: The increased net worth of these 30 Bn’aires on the back of AI-related stocks accounts for 96% of the total wealth gained on the index of the world’s 500 richest people.

But, the gains may not be sustainable: The sheer magnitude of the stocks’ rally has raised questions over the market’s gains, with Bank of America strategist Michael Hartnett drawing parallels to the dot-com bubble of the late 1990s.

ALSO WORTH NOTING-

Wall Street appears to be all in on the shale industry, a sector that it had previously overlooked, reports Bloomberg. Oil companies are increasingly joining forces — including a USD 26 bn merger last week — to meet Wall Street’s demand for scale, efficiency and returns, ushering in a new era for the shale industry.

EGX30	28,926	+0.2% (YTD: +16.2%)
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	12,485	+0.4% (YTD: +4.3%)
ADX	9,427	+0.2% (YTD: -1.6%)
DFM	4,529	+0.5% (YTD: +4.9%)
S&P 500	5,006	-0.5% (YTD: +4.9%)
FTSE 100	7,712	+1.5% (YTD: -0.3%)
Euro Stoxx 50	4,766	+0.5% (YTD: +5.4%)
Brent crude	USD 83.47	+0.7%
Natural gas (Nymex)	USD 1.61	+1.8%
Gold	USD 2,024.10	+0.5%
BTC	USD 51,800.50	-0.4% (YTD: +22.8%)

THE CLOSING BELL-

The EGX30 rose 0.2% at Thursday’s close on turnover of EGP 6.3 bn (65.9% above the 90-day average). Foreign investors were net sellers. The index is up 16.2% YTD.

In the green: Eipico (+7.2%), Ibnsina Pharma (+6.0%), and Madinet Masr (+5.1%).

In the red: AMOC (-1.3%), CIB (-1.2%), and Sidi Kerir Petrochemicals (-1.2%).

CALENDAR

2024

FEBRUARY

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.

2-3 March (Saturday-Sunday): The Emigration Ministry’s International Health Tourism Conference at the St Regis Almasa Hotel, New Administrative Capital.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily