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Tuesday, 5 Mar 2024

What We're Tracking Today
Capital Markets
Privatization
Infrastructure
Logistics
Last Night’s Talk Shows
Also On Our Radar
Planet Finance
Going Green
Calendar

Unnamed Emirati company submits offer for 40% of Misr Life Insurance –Report

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Today at a glance

1

POLL

Results of EFG Hermes Research’s annual One-on-One live poll are out.
2

Privatization

Unnamed Emirati company submits offer for 40% of Egyptian state-owned Misr Life Insurance –Report.
3

Infrastructure

Hassan Allam Group sets up regional HQ in Saudi Arabia.
4

Logistics

SCA to fully fund plan to expand the Suez Canal through its investment budget.
5

LAST NIGHT’S TALK SHOWS

Osama Rabie takes to airwaves to promote Suez Canal widening plans.
6

Also on our Radar

Telecom Egypt’s net income rose 25% y-o-y in 2023.
7

Also on our Radar

Bolt enters the local ride-hailing market.
8

PLANET FINANCE

Nvidia overtakes Aramco as world's third largest company.
9

Going Green

Building materials manufacturers are looking to boost compliance with EU environmental standards.

Tuesday, 5 Mar 2024

What We're Tracking Today
Capital Markets
Privatization
Infrastructure
Logistics
Last Night’s Talk Shows
Also On Our Radar
Planet Finance
Going Green
Calendar
1

What We're Tracking Today

El Sisi issues directives for “immediate” release of goods stuck at port

Good morning, folks. As we approach the start of Ramadan, privatization news keep rolling in and we’re hearing more reports of Egyptian companies setting up shop in Saudi Arabia. We’ve also begun to get a clearer idea of the new plan to double some sections of the Suez Canal and details of how they plan to finance the project.

We’ve got a busy issue for you this morning, so let’s jump right in.

HAPPENING TODAY-

#1- It’s day two of the EFG Hermes One on One Conference, the largest gathering of its kind devoted to emerging and frontier equities.

Some 670 investors from 250 global institutions are meeting face-to-face with senior execs from more than 215 companies in industries through Thursday. Presenting companies are from industries ranging from food and fintech to banking and petrochemicals. Companies from 29 countries will be attending.

Investors and corporates participated in EFG Hermes’ unique live poll at the closing of yesterday’s opening session, which also included an interview with our friend Mahmoud Mohieldin, the UN Special Envoy on Financing the 2030 Agenda for Sustainable Development as well as a panel on what artificial intelligence means to emerging markets and the finance industry.

We have the rundown on the poll in this morning’s news well and will have more coverage from the gathering in the days ahead.

** If you’re in Dubai and want to have coffee or pitch us on an interview, hit us up on 1x1@enterprisemea.com.

#2- PMI incoming: S&P Global will publish Egypt’s PMI figures for February later today. The index last clocked in at 48.1 in January, marking a three-month low and the 38th straight month of contraction for the country’s non-oil private sector.

WATCH THIS SPACE-

#1- Clearing import backlogs? President Abdel Fattah El Sisi has issued directives for the “immediate” release of all goods currently stuck at our ports following the fresh FX injection of funds the country received from the Ras El Hekma transaction, Prime Minister Moustafa Madbouly said, according to a cabinet statement. The decision prioritizes food commodities, meds, feed, and production materials.

How much are we talking?Some USD 2 bn of food commodities, meds, feed, and production materials are currently stuck at the ports, cabinet spokesperson Mohamed El Homsani said in televised interviews last night (watch, runtime: 4:19).

#2- Airport management shakeup underway: The government has kicked off the executive process to offer the management and operation of the country’s airports to the private sector in a bid to improve airport services and boost revenues, according to a cabinet statement. The state is looking for “an international consultant with extensive experience” to set a professional roadmap for the tender.

ICYMI- The move comes on the heels of last week’s announcement that the government will soon launch an international tender for the management and operation of all the airports in the country amid a push to get more private sector players involved in the aviation sector.

#3- Egyptians Abroad Investment Companyto list on the EGX and exchanges abroad: The Egyptians Abroad Investment Company (EAIC) will list on the EGX before it IPOs in foreign markets at a later stage, Emigration Minister Soha Gendy told Asharq Business.

ICYMI: EAIC — which seeks to encourage Egyptians living abroad to invest in the local economy in a bid to bring more hard currency into the country — is expected to kick off operations this year.

PSA- Gov’t launches new solar panel installation initiative: The Electricity Ministry has launched a website to facilitate the installation of solar panels for households and companies and connect them to the national power grid. The platform offers guidance on the installation of PV cells, the costs involved, and the needed capacity and lists qualified installation companies.

EGP WATCH-

S&P Global Ratings thinks the authorities will initially devalue the EGP to 40 against the USD within the coming few weeks,before gradually pushing it to 45 within the coming five to six months, it wrote in a note cited in Asharq Business.The value of the EGP could weaken further in the absence of structural economic reforms outlined by the IMF, it added.

WAR WATCH-

Talks in Cairo between Hamas and Egyptian-Qatari mediators have made“significant progress” on a ceasefire agreement, Al Qahera News reported yesterday. “Talks in Cairo continue for the second day, regardless of whether the occupation’s delegation is present,” a Hamas representative told Reuters.

The sticking point: The current proposal — which reportedly entails a six-week ceasefire in exchange for the release of sick, elderly, and female hostages — was accepted by Israel in Paris last week, and is now awaiting a response from Hamas, an Israeli official told NBC News. However, Hamas is pushing for a longer-term ceasefire and assurances that the war will come to an end, while Israel seems committed to only have a temporary truce in exchange for the release of hostages, a Palestinian official close to the talks told Reuters.

THE BIG STORY ABROAD-

Apple has been slapped with a USD 2 bn fine by the European Commission forbreaching EU antitrust laws by preventing music streaming apps from informing iPhone users about cheaper subscription options paid for outside iPhone apps. The whopping fine for “abusing its dominant position” is designed to deter Apple and other giant companies from taking similar actions in the future. (Reuters | CNBC | Associated Press)

While over in the states, Trump’s legal battles are once again making the front pages: The Supreme Court overturned a ruling by Colorado’s top court that prohibited Donald Trump from running for president in the state on the basis of an anti-insurrection clause in the US constitution. Only Congress has the constitutional power to take a candidate off the ballot under the 14 amendment, the Supreme Court unanimously ruled. (Reuters | Bloomberg | Associated Press | CNBC | BBC | Guardian)

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We look into how to greenify Egypt’s building materials industry and how to meet European standards to access EU markets amid tighter regulations.

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Escape to Somabay, where the sun-kissed shores await your arrival. Immerse yourself in the warmth of a perfect vacation, starting each day with the radiant embrace of the sun. Unwind, explore, and create unforgettable memories in this paradise by the sea.

2

Capital markets

Results of EFG Hermes Research’s annual One-on-One live poll are out

EFG Hermes Research's annual One-on-One Live Poll gauged the audience’s outlook forthe year in what is the only live poll we know of in frontier emerging markets. Over 400 attendees were given ten questions and tasked with anonymously responding to each one within ten seconds. Below is a roundup of the key takeaways from the poll.

Egypt came in second as the best MENA market for expected USD performance in 2024, receiving 25% of the votes counted. Leading the pack was Saudi Arabia with 44%, while Dubai came in third with 12% and Abu Dhabi in fourth with 8%.

FX issues have been keeping 28% of respondents awake at night, while 25% were lucky enough to report that they sleep well at night. For the rest of the group, 14% pointed to falling shares for their sleepless nights, 9% blamed rising labor costs, and 8% said supply chain issues.

Nearly half of respondents (44%) see the US Federal Reserve cutting rates by 50 bps — over two separate 25 bps cuts — during the year. While, 26% think it could cut interest rates by up to 75 bps in three separate moves.

Oil prices will average around USD 80 per barrel this year according to 47% of respondents, which is in line with what most pundits — including Fitch Ratings and the US Energy Information Administration (IEA) — have forecast.

A 62% majority said they plan to invest more in their business this year than they did last year, while 19% plan to keep expenditure at the same level and another 19% plan to cut back.

Respondents were evenly split on which sectors will perform best in the MENA region this year, with 27% voting for real estate and an equal amount voting for healthcare. In third place was banks with 24% of the vote.

Other interesting takeaways:

  • Most (44%) think the US’ S&P 500 will outperform the MSCI EM index in USD terms, in a reversal of last year’s forecast ;
  • A majority (63%) of respondents see small and mid-cap stocks in Saudi Arabia outperforming large caps in line with recent trends;
  • Most (34%) majority of respondents would choose the “magnificent 7” stocks — Microsoft, Amazon, Meta, Apple, Alphabet, Nvidia, and Tesla — to buy and hold for one year, while 33% would go for Saudi stocks.
  • Just over half of respondents (51%) also see Dubai real estate prices ending the year higher, after they notched a record increase last year on the back of an influx of foreign wealth and strong population growth.

Tap or click here (pdf) to see the full poll results.

OTHER NEWS FROM THE ONE ON ONE

  • EFG Hermes is cooking up aUSD 300 mn Gulf-focused education fund: EFG Hermes plans to launch a fund to invest USD 300 mn in education in Saudi Arabia, the UAE, and Bahrain. The company is eyeing a number of potential projects — including setting up, acquiring, and managing schools as well as edtech initiatives — with a view to complete these projects in 5-7 years.
  • EFG Hermes will advise 8-9 IPOs in the Gulf this year:The firm is currentlyworking on 5-6 IPOs for companies looking to list in the UAE and Saudi Arabia in the first half of this year and expects to get three other IPOs off the ground in Oman and Saudi Arabia in the second half of the year.
  • Ras El Hekma agreement is a turning point, said UN Special Envoy on Financing the 2030 Agenda for Sustainable Development Mahmoud Mohieldin, who hailed the transaction as the beginning of a pattern of Egypt attracting investments as opposed to borrowing.
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3

Privatization

Unnamed Emirati company submits offer for 40% of Egyptian state-owned Misr Life Insurance –Report

An unnamed Emirati company has submitted a bid for a 40% stake in state-owned Misr Life Ins., a government official reportedly told Arab World Press. The official didn’t disclose who made the offer or how much the acquisition will cost.

The details: The Emirati company is looking to initially snap a 20% stake in the Misr Ins.Holding subsidiary, before upping its stake to 40% after a year, the source said. The company has finished reviewing the ins. company’s files and has requested certain amendments.

SFE wants to stay in control: The Sovereign Fund of Egypt (SFE) — which currently fully owns Misr Ins. Holding — wants to keep a controlling stake in the subsidiary, the source added.

Remember: The ownership of Misr Ins. Holding was transferred to the SFE from the PublicEnterprises Ministry last year as the government worked to prepare assets for the state’s privatization program. Misr Life Ins. and Misr Ins. — both subsidiaries of Misr Ins. Holding — were named among the government’s list of 35 companies earmarked for privatization that were announced in February last year. The SFE initially said it planned to offer a 10-20% stake in Misr Ins. Holding to strategic investors.

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4

Infrastructure

Hassan Allam Group sets up regional HQ in Saudi Arabia

Hassan Allam opens up Saudi HQ: Our friends at Hassan Allam Holding yesterdayinaugurated their regional headquarters in Riyadh after securing its investment license from the Saudi Investment Ministry, the group said in a statement (pdf). The new headquarters comes as part of the group’s plan to expand across the Middle East and Africa.

Based in the kingdom, but international in outlook: The new HQ will “play a critical role in steering [the company’s] international activities across the Middle East and Africa, equally, on the construction as well as the investment and development aspects of [the] business,” co-CEO Amr Allam said.

Remember: The group’s real estate arm Hassan Allam Properties earlier this week inked anMoU with Saudi real estate player Sumou Holding to set up a JV to open up cross-border investments for the companies in Egypt and Saudi Arabia and to share expertise.

Presence in over ten countries and counting: Hassan Allam Group operates in over tenmarkets, including Egypt, KSA, UAE, Oman, Libya, Jordan and Algeria, with plans to step foot into other countries in the region in the future, the company said.

What they said: “With a backlog exceeding USD 5.5 bn and the international portioncompromising 30% of it, the launch of our regional headquarters in Riyadh signifies a monumental step towards consolidating our international operations,” CEO Hassan Allam said.

ALSO- The company is pursuing projects in the Emirates as part of its goal of doubling the size of its regional operations, Allam said separately.

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5

Logistics

SCA to fully fund plan to expand Egypt’s Suez Canal through its investment budget

More on the Suez Canal expansion plan: The Suez Canal Authority (SCA) will fullyfund the plan to expand the Suez Canal from its Finance Ministry-approved investment budget to better support two-way traffic, SCA boss Osama Rabie said in a statement yesterday, adding that the expansion will fully be funded in EGP and not put additional pressures on the state budget.

The details: The project will duplicate around 80 kms of the Suez Canal that have not yet been duplicated — 50 kms in the north and 30 kms in the south. The expansion will increase the canal’s capacity by six vessels a day, allow the canal to accommodate vessels of all kinds and sizes, and reduce transit times to nine hours.

What’s next? The authority will carry out environmental, engineering, and dredging studies over 16 months, before presenting the project to the Madbouly government, Rabie added. The feasibility study is also on track to be done within the same timeframe, which is being conducted by engineering consulting companies ACE Moharram Bakhoum and our friends at Dar Al Handasah, Rabie said at the Marlog conference when he first announced the news on Sunday. Preliminary studies for the project have already been presented to President Abdel Fattah El Sisi.

Work is already underway to expand other stretches of the canal: The government has wrapped the first phase of expanding the southern portion of the canal and is currently working on the second phase, which aims to double the canal across a 10-km segment.

The int’l press also took notice: Reuters | Bloomberg

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6

LAST NIGHT’S TALK SHOWS

Osama Rabie takes to airwaves to promote Suez Canal widening plans

The Suez Canal expansion project continued to make the rounds for a second day on the airwaves last night, while new reports of a projected dip in food prices got the nation’s talking heads’ attention.

The Suez Canal expansion project is slated to wrap up by 2034and the Suez Canal Authority is currently collaborating with the largest global consulting companies, said SCA Chairman Osama Rabie, who took to the airwaves to advocate for the project and dispel doubts about it. Rabie appeared as a guest on El Hekaya (watch, runtime: 38:28), Ala Mas’ouleety (watch, runtime: 21:53), and Fi El Masa’a Ma' Kaswaa (watch, runtime: 7:35).

"The tree that bears fruit will be stoned," Rabie said in response to criticism of the project, stressing that the New Suez Canal faced the same flak when it was first launched. The inauguration of the new channel doubled the canal’s FX receipts to USD 10.25 bn from USD 4.8 bn until last year as the number of ships transiting the waterway doubled, he said.

Rabie shot down claims that the 2015 New Suez Canal project triggered an FX crisis, arguing that the project recouped its costs of EGP 22 bn in four to five months.

Prices of food commodities are expected to fall 20-25% within six weeks as the EGP strengthens against the USD on the back of the FX injection the country has received from the Ras El Hekma sale, Ahmed Moussa quoted Supply Minister Ali El Moselhy as saying on Ala Mas’ouleety (watch, runtime: 2:29). The country has a large stock of basic commodities, the minister noted, explaining that Egypt’s strategic sugar reserves are sufficient to cover six and a half months of consumption, while frozen meat stocks should last three months (watch, runtime: 3:59).

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7

Also on our Radar

Telecom Egypt’s net income rose by 25% y-o-y in 2023. PLUS: Bolt, Danieli, Majid Al Futtaim, Fawry + PayMe, FABMisr, Al Baraka Bank

EARNINGS-

A solid year for Telecom Egypt: Telecom Egypt’s net income rose 25% y-o-y to EGP11.5 bn in 2023, according to its earnings release (pdf). The company’s revenues were up 28% y-o-y to reach EGP 56.7 bn, which it attributed to higher data services and infrastructure revenues.

TRANSPORT-

The newest entrant to Egypt’s ride-hailing scene:Estonia-headquartered mobility app Bolt has launched ride-hailing services in the country in a bid to “capture a significant market share in North Africa's burgeoning economy,” it said in a statement (pdf). The app is available on App Store and Google Play and is offering a 50% markdown to all riders.

MANUFACTURING-

Egyptian-Italian consortium plans to establish steel billet complex: The Public Enterprise Ministry has reviewed a proposal by a consortium of Italy’s Danieli and Egypt’s Industrial Steel Products Company and the Arab Organization for Industrialization to establish a steel billet complex, according to a ministry statement. The project aims to capitalize on the large repositories of iron ore in Aswan and the Bahariya Oasis.

ICYMI: Italian industrial manufacturer Danieli submitted a proposal lastweek to establish a USD4 bn integrated industrial complex for the production of iron and steel products that will create 17k jobs.

RETAIL-

MAF launches EGP 25 mn retail school: Majid Al Futtaim has launched an EGP 25 mn retail business school in Egypt — reportedly the first in the country — to train employees working at Carrefour, according to a company statement (pdf). The school offers eight programs including customer excellence, leadership, management, e-commerce, and sales and has already trained over 4k employees, with plans to train an additional 5k in 2024.

FINTECH-

Fawry, PayMe team up to serve expats: EGX-listed fintech giant Fawry has inked a strategic partnership with local e-payments app PayMe to enable mns of Egyptian expats to “conduct financial transactions and pay bills,” according to a statement (pdf).

HEALTHCARE-

Egyptian-Saudi bid to attract more specialized medical staff: Egypt’s GeneralOrganization for Teaching Hospitals and Institutes inked an agreement with the Saudi Health Ministry to attract medical staff in needed and rare specialties, according to a statement from the Egyptian Trade Ministry.

FINANCIAL SERVICES-

#1- FABMisr eyes launching a consumer finance arm in 2024: FABMisr is planning to launch a consumer finance company this year, the bank’s CEO Mohamed Abbas Fayed told Al Borsa.

#2- Al Baraka wants to get in on NBFS: Al Baraka Bank Egypt is gearing up to launch a non-bank financial services arm in 4Q 2024, where it will own an 85% share, the bank’s CEO Hazem Hegazy told CNBC Arabia.

LOGISTICS-

New shipping service to run between Damietta and Eastern US: South Koreanshipping company HMM will launch a weekly shippingservice between Damietta Port and the US’ East Coast in May, Al Mal reported, citing a company official. The 13-day voyage is touted as the fastest route connecting Egyptian and US ports.

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8

PLANET FINANCE

Nvidia overtakes Aramco as world's third largest company

Tech companies now top the world's biggest three companies: US chipmaker Nvidia has surpassed oil and gas colossus Saudi Aramco in market value, becoming the world’s third-most valuable public company behind fellow American tech giants Apple and Microsoft, Bloomberg reports. Nvidia’s value climbed 2.5% to USD 2.1 tn yesterday, extending a sharp rally that saw the company’s stock surge nearly 70% and add some USD 883 bn in value this year already.

Fuelling the rally: Nvidia’s stocks were buoyed by bumper 4Q 2023 earnings last month that recorded a 265% y-o-y jump on the back of a splurge in AI spending. Net income also skyrocketed 770% during the same period to USD 12.3 bn. At the time, Nvidia’s CEO and founder Jensen Huang described the results as a “tipping point” for the AI industry.

Meanwhile at Aramco: The value of the majority state-owned Saudi Aramco dropped to USD 2 tn yesterday. Aramco's stock has dipped over 5% this year due to oil supply cuts by OPEC+ and a potential follow-on offering in the company by the Saudi government.

ALSO WORTH MENTIONING-

  • BTC edges closer to all-time high: The cryptocurrency rose to as high as USD 68,583 during trading last night, just USD 417 short of an all-time record high reached in November 2021. BTC was up 58.9% YTD and 7.9% up over the last 24 hours as of midnight yesterday.

EGX30

30,542

+5.1% (YTD: +22.7%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

21.25% deposit

22.25% lending

Tadawul

12,435

+1.0% (YTD: +3.9%)

ADX

9,286

+0.1% (YTD: -3.1%)

DFM

4,327

-0.7% (YTD: +6.6%)

S&P 500

5,131

-0.1% (YTD: +7.6%)

FTSE 100

7,640

-0.6% (YTD: -1.2%)

Euro Stoxx 50

4,913

+0.4% (YTD: +8.7%)

Brent crude

USD 82.63

-0.2%

Natural gas (Nymex)

USD 1.92

+0.1%

Gold

USD 2,119.80

-0.3%

BTC

USD 67,869.51

+7.9% (YTD: +58.9%)

THE CLOSING BELL-

The EGX30 rose 5.1% at today’s close on turnover of EGP 6.4 bn (46.4% above the 90-day average). Regional investors were net sellers. The index is up 22.7% YTD.

In the green: GB Corp (+17.0%), Talaat Moustafa Group (+15.4%) and Delta Sugar (+12.3%).

In the red: Orascom Construction (-3.1%), E-finance (-2.9%) and Eastern Company (-1.4%).

In Asia, it’s red as far as the eye can see, with Chinese, Korean, and Japanese benchmarksedging lower this morning as China’s big annual political get-together kicked off this morning. Traders are looking for clarity on the Communist Party’s economic policy for the year. Officials are now guiding for GDP growth of “around 5%” for this year, a bit below the 5.2% it advanced in 2023.

Futures point to a soft open for stocks in Europe, on Wall Street, and on Bay Street latertoday.

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Our weekly deep dive into the green economy and ESG issue in Egypt.

Published every Tuesday in EnterpriseAM.

Read going Green
9

Going Green

Egypt’s manufacturers of building materials are looking to boost compliance with EU environmental standards

Egypt’s building materials industry is seeking to augment its compliance with green manufacturing practices in a bid to boost exports to the European markets and retain a competitive edge. A green transition is seen as feasible, though it requires clear guidelines to meet the European environmental standards, industry players told Enterprise.

Overview of the industry: Egypt saw its exports of construction materials jump 28% y-o-y in2023 to USD 8.8 bn, with the UAE being the top importer, followed by Italy, Turkey, the US, and Canada.

To pivot towards green standards, the building materials industry would need to implement several measures, according to government and industry players that we spoke to:

  • A standard classification system of economic activities corresponding to Europe’s NACE, whereby the building materials industry is designated an international code.
  • Measuring carbon footprints to assess the emission levels of the products and ensure their compliance with European requirements.
  • CE marking: A regulatory standard that verifies the safety of products targeted to the EU.
  • ISO 14001 and ISO 9001: The international standards defining the criteria for environmental management systems and quality management systems.

The Chamber of Building Materials Industries (CBMI) has been backing the shift to more sustainability in the construction materials sector to reduce the industry’s carbon footprint, Ahmed Abdel Hamid, head of the Chamber of Building Materials Industries, told us. The chamber also plans to form joint committees to inspect construction materials factories and implement environmental compliance and recycling measures.

It has never been better for Egyptian refractories to make it to EU markets: Spiking energy costs and brick prices in Europe have boosted demand for Egyptian refractories, paving the way for Egypt to export bricks and insulation and cladding materials amid competition from Algeria and Libya, Ali Singer, head of the refractories division at the CBMI, told Enterprise.

Brick manufacturers have come a long way: Egyptian brick manufacturers have limitedaccess to the European markets, with only five being able to export their output, despite efforts to reduce emissions, Singer said. Some 400 brick factories, out of the current 500, have switched to run on gas and some of them were able to sell carbon credits. The transition to greener production facilities was initiated in 2005 with an EGP 700 mn-initiative — half of which was funded via a Canadian grant — that converted 50 factories to gas power and helped cut emissions by 90%, Singer explained.

But, there’re challenges ahead for cement, glass, marble manufacturers: Cement, glassand marble manufacturers, among others, are ramping up efforts to meet environmental regulations and reduce carbon emissions in order for their exports to remain eligible to enter the European markets as the latter tightens regulations, Sayed Abaza, deputy head of the CBMI, told Enterprise. The EU is gearing up to fully implement the Carbon Border Adjustment Mechanism — more commonly known by its acronym CBAM — in 2026, which will require importers to purchase certificates according to the associated carbon emissions, effectively introducing a tax on high-emission goods from non-European countries such as Egypt.

ICYMI: The EGX in 2022 announced it would set up Africa’s first voluntary carbon market. Themarket aims to 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. In addition, two government sources told Enterprise in December that the government is planning to launch a pilot phase for a proposed mandatory carbon market in 1Q 2024.

Your top green economy stories for the week:

  • More green hydrogen agreements: Egypt has inked seven MoUs with international and local companies to develop green hydrogen and renewable energy projects worth USD 41 bn in the Suez Canal Economic Zone over the next ten years.
  • This includes South Korea’s SK ecoplant’s planned USD 2 bn green ammonia plant that will produce 250k tons of green ammonia a year by 2029.
  • Financial facilities for green exporters? The General Organization for Export and Import Control (GOEIC) is reportedly working with several local lenders to provide credit facilities for exporters looking to bring down emissions to comply with EU regulations.
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CALENDAR

2024

MARCH

4 - 7 March (Monday - Thursday): EFG Hermes One on One conference, JW Marriott Hotel Marina, Dubai.

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.

28 March (Thursday): Industrial Development Authority to close applications for 1 mn sqm of land in 10 different governorates.

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

APRIL

1 April (Monday): Deadline to bid for 23 blocks in an international oil and gas tender.

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.

March 2024: The USD 2.7 bn MIDOR Refinery is set to begin full operations.

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.

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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