Act Financial is making its market debut in May

1

What We're Tracking Today

Egypt’s El Sisi reiterates economic promises for his third term

Good morning, wonderful people. The news cycle is reasonably brisk this morning as we prepare to turn on our OoO responders and kick off the Eid celebrations.

We are getting six days off for Eid: The public, private, and banking sectors will be off from Tuesday, 9 April until Sunday, 14 April in observance of Eid Al Fitr, according to statements issued last week from the cabinet, the Labor Ministry, and the Central Bank of Egypt.

** EnterpriseAM Egypt will also be taking a break starting Tuesday, but we will be back in your inbox at our customary time with all the latest business news on Monday, 15 April.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

El Sisi reiterates economic promises for his third term: President Abdel Fattah El Sisi promised to continue implementing economic reforms based on “the localization of industry, expansion of the agricultural area, increase of foreign direct investment, and support for the private sector, while providing the necessary social protection measures for the most vulnerable classes.” His statement came yesterday during a speech at the annual Egyptian family iftar.

Also promised: El Sisi also highlighted his plan to continue the “state of openness” brought about by the national dialogue and prioritizing education, health services, and housing to “build the Egyptian person.”

Remember: El Sisi got sworn in for his third term last week with a seven-point speech that unveiled the key features of his strategy for the coming six years.

WATCH THIS SPACE-

#1- Act Financial to make its market debut next month: Investment management firm Act Financial is looking to raise EGP 700 mn selling off a minority stake next month, Al Borsa reports, citing a private placement memorandum issued by investment bank Zilla Capital, the offering’s financial advisor. EGP 500 mn will come from the sale to investors via private placement and the remaining EGP 200 mn will come from the public offering. And while the memorandum doesn’t disclose the stake being sold, sources tell Al Borsa it amounts to 25% of the company.

Less than expected: Al Borsa in March reported that the firm is planning to offer a minority stake worth EGP 1 bn through a capital increase in its EGX debut.

#2- Egypt wants to woo European investors: The Madbouly government will hold regular meetings to discuss attracting and facilitating European investments ahead of the Egypt-EU Investment Conference scheduled for 29-30 June, a cabinet statement said.

Sectors to look out for: Since June,European investors have been most interested in Egypt’s manufacturing, services, and communications and IT sectors, General Authority for Investment and Freezones head Hossam Heiba said. We can also expect the Egyptian and European sides to ink a number of agreements on the sidelines of the conference, Prime Minister Moustafa Madbouly said, singling out green hydrogen projects.

Ursula von der Leyen has already RSVP’d: European Commission President Ursula von der Leyen and President Abdel Fattah El Sisi will be in attendance, alongside major European economic entities, investment firms, and funds, the statement said.

#3- A more touristy Cairo? The Madbouly government is embarking on a project to make Greater Cairo a more attractive tourist destination, where tourists would spend around 12 days. This came during a meeting between Prime Minister Moustafa Madbouly and Tourism Minister Ahmed Issa, according to a cabinet statement. The project divides the tourist experience into three categories: Trips to pharaonic Cairo and archaeological sites, then visits to museums, palaces, and gardens, and finally visits to historical Cairo.

Checking in on GEM: During the meeting, the two sides followed up on the trial operations at Grand Egyptian Museum and the work being done to prepare the museum to officially open its doors “as soon as possible.”

INFLATION WATCH-

Analysts see inflation inching up in March: Annual urban inflation is forecasted to be up 0.6 percentage points in March to 36.3% y-o-y, according to a median forecast of 12 analysts polled by Reuters. Core inflation is expected to rise even further, with the measure — which excludes fuel and certain volatile food items — forecasted to increase 1.0 percentage points to 36.1% y-o-y for the month.

The why: Prices have been adjusting to the depreciation of the EGP following the float (at least in the official banking sector), a 600 bps rate hike, and a recent fuel price hike. Capital Economics’ James Swanston told the newswire that they believe inflation “will accelerate once again and will remain elevated over the coming months as the effects of the weaker EGP, as well as other administered price hikes, play out.”

Analysts have had a tough time of late trying to figure out where inflation is going: Inflation data for the previous month came out significantly above analysts forecasts.After easing for four months straight and hitting its lowest point in a year the month before, headline inflation jumped 5.9 percentage points to 35.7% in February on the back of an unexpected jump in food prices.

When will we know more: State statistics agency Capmas will be out with its inflation data for March tomorrow, according to the newswire.

FX WATCH-

FX inflows at state’s FX bureaus continue to grow: Customers have sold nearly EGP 10.5 bn worth of foreign currency at the National Bank of Egypt’s foreign currency exchange bureau Al Ahly Exchange, Banque Misr’s Misr Exchange, and Banque du Caire’s Cairo Exchange since the float of the EGP, Al Mal reports. USD sales contributed the lion’s share of the transactions, with SAR and EUR accounting for a smaller portion of the transactions.

PSA-

#1- The clock is ticking on the car import scheme: Expats have until Monday, 29 April to register for the expat car-for-FX initiative, according to a Finance Ministry statement.

The stats so far: Some 490k Egyptian expats have registered in the initiative and some USD 750 mn have been transferred to the government under the scheme, the statement read. Around 27k cars have entered the country under the initiative.

Remember: The scheme was designed to attract new FX into the country by encouraging expats to import cars. Buyers agreed to pay all customs fees and taxes up front in FX and in return will receive a full rebate in the future.

INTERESTED? You can sign up for the initiative through the government’s app on Google Play and the App Store.

#2- WEATHER- It’s another spring day in Cairo, with a high of 26°C and a low of 15°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 23°C and a low of 15°C.

#3- When do we eat? Maghrib prayers are at 6:18 pm in the capital city, and you’ll have until 4:06 am tomorrow to hydrate and caffeinate ahead of fajr.

Rachid Mohamed Rachid granted Italian citizenship: The Italian government has granted Egyptian entrepreneur and former trade and industry minister Rachid Mohamed Rachid Italian citizenship in recognition of his achievements in the fields of economics and business, according to a statement seen by Enterprise. Rachid currently serves as the CEO of Mayhoola for Investments — owner of Italian fashion house Valentino and the French Balmain.

WAR WATCH-

CIA head and Hamas delegation are in town for ceasefire talks: CIA chief Bill Burns reportedly landed in Cairo yesterday, while a Hamas delegation is coming to town today to partake in ceasefire negotiations.

And the US is trying to ramp up the pressure on both sides to reach an agreement: After calling on Israeli Prime Minister Benjamin Netanyahu to reach a ceasefire “without delay,” US President Joe Biden wrote to Egyptian and Qatari leaders urging them to pile pressure on Hamas leadership to reach a ceasefire agreement and release hostages held in Gaza ahead of upcoming talks in Cairo.

SIGN OF THE TIMES-

Boycott bites McDonald’s: McDonald’s Corporation has agreed to buy all 225 of its restaurants in Israel — currently owned and run by the Israeli franchise operator Alonyal — in a move that will give the company more control over its brand amid consumer boycotts cutting into sales, writes CNBC. The fast food retailer confirmed the transaction in a statement without disclosing its value or elaborating on the reasons why.

ICYMI: McDonald’s previously reported that its global 4Q revenues fell short of sales growth estimates for the first time in close to four years, partly attributed to a major fall in sales in Arab and Muslim-majority countries. The MidEast boycotts started after its Israeli franchise was seen handing out meals to Israeli soldiers as the country launched attacks on Gaza.

THE BIG STORY ABROAD-

The news cycle has pivoted on AI as coverage tilts further toward the “doomer” end of the spectrum — or, at the very least, becomes more critical of the technology. Two pieces worth your time:

#1- AI keeps going wrong. What if it can’t be fixed? in the Financial Times, wherein Henry Mance, the salmon-colored paper’s chief features writer, talks to critics who say that AI “is simply flawed.

#2- How tech giants cut corners to harvest data for AI, in which the New York Times writes that OpenAI, Google, and Meta have “ignored corporate policies, altered their own rules and discussed skirting copyright law as they sought online information to train their newest artificial intelligence systems.”

The US presidential election is slowly heating up. The latest from the campaign trail came overnight, as President Joe Biden announced a USD 100 mn fundraising advantage over Donald Trump hours before Agent Orange was scheduled to hold a fundraiser. Biden is claiming“the most cash on hand “of any Democratic candidate in history.”

Also making the rounds: The WSJ wonders where Tesla went wrong and whether it can “get its mojo back”.

AND- US, China agree to discuss working towards “balanced growth”: US Treasury Secretary Janet Yellen and Chinese Vice Premier He Lifeng agreed to hold “extensive exchanges on balanced growth in the domestic and global economies,” a Treasury statement said. The development comes as part of efforts to rebalance trade relations between the two and address US concerns about excess manufacturing capacity in China. Reuters has more.

WATCH THIS SPACE- A total eclipse of the sun will sweep across parts of North America tomorrow. Mns of people will see the midafternoon sky go dark as the moon passes between Earth and the sun. The eclipse will not be visible in Egypt or the Middle East.

Somabay's second annual Spring Festival: A celebration of life, music, fashion, and fun. Join us for an unforgettable experience at Somabay's second annual Spring Festival, happening from 10 April to 14 April. Discover a world of excitement and connection against the stunning backdrop of the Red Sea. Dance under the stars at beach parties with top DJs, indulge in the latest fashion trends at our beachside fashion show, and savor gourmet delights from our selection of food trucks. With a variety of activities for all ages, this festival is the ultimate Spring getaway you won't want to miss.

Egypt seeks to lease LNG terminal as it starts importing natural gas

Authorities are in talks to lease a floating storage regasification unit (FSRU), with plans to dock the terminal at the Gulf of Suez, an Oil Ministry source told Enterprise. The government is seeking a five-year extendable contract, they added.

Why? Because we’re back to importing LNG. The government has purchased at least two shipments of LNG and could contract for more shipments soon as it looks to stock up on gas supplies ahead of peak consumption in summer, our source said. The first two shipments will be regasified in Jordan’s Aqaba to be delivered next month.

ICYMI: Egypt and Jordan last year inked an agreement to reduce operational costs of LNG shipments by jointly using the floating LNG terminal at Jordan’s southern port of Aqaba.

Remember: Egypt had bid farewell to the era of leasing FSRU years ago when it ended a contract with the Norwegian Höegh Gallant in 2018 as the government pulled the plug on gas imports following the discovery of Zohr field, which has allowed Egypt to re-emerge as a natural gas export hub.

This comes as we sit tight awaiting blackouts to resume: The shift in course happens on the back of the government re-introducing power outages that are expected to be resumed after Eid Al Fitr break, a source in the electricity sector previously told Enterprise.

IN CONTEXT-

But aren’t we a net exporter of LNG? After becoming a net exporter of LNG in 2018, Egypt has been trying to position itself as an important LNG exporter to Europe and to fully utilize the 12 mn tons a year capacity from its two liquefaction plants in Damietta and Idku. However, a fall in domestic gas production resulted in LNG exports dropping 52% y-o-y to 3.52 mn tons in 2023. Domestic natural gas production has dropped to 5.5 bn cubic feet per day from 7 bn cubic feet per day following the Zohr discovery, our source said, explaining that it’s normal for gas fields to yield less output over time. Israeli imports bring total production to 8.8 bn cubic feet per day, he added.

While consumption is on the rise: With hotter weather arriving earlier than usual this year on the back of climate change, this summer is expected to lead to a higher consumption of energy than last year, our source said. Consumption is also expected to remain higher than production as the government sets up more power stations and as the uses of domestic and industrial gas expand.

LNG is currently cheaper than mazut: The government’s move seeks to capitalize on a fall in global gas prices as it looks to bypass the rising cost of mazut imports and stock up on LNG supplies before prices rise again, our source said.

Remember: The government has been resorting to Mazut shipments to help fire up power stations following the blackouts.

LNG imports could be a temporary resort: Steps recently taken by the government to pay overdue arrears to international oil firms could draw further foreign investment into the sector, potentially ramping up production and curbing the need for imports, our source said.

The story got ink in Bloomberg: here and here.

Hassan Allam Utilities, EBRD, Meridiam to raise capital for Egyptian renewable projects

Greenbacks to go green: Hassan Allam Utilities (HAU) has partnered with the European Bank for Reconstruction and Development (EBRD) and infrastructure-focussed investment company Meridiam to raise capital for its subsidiary HAU Energy BV to invest in local renewable energy projects, according to a statement (pdf).

So how much are we talking? The funding round amounts to a total of USD 300 mn, USD 75 mn of which will come from the EBRD, according to the lender’s project summary.

And where’s the money going? The agreement will encourage private sector participation in the local renewable sector and accelerate the establishment of renewable projects. The funds appear — at least those from the EBRD — to be mostly directed towards Hassan Allam Utilities’ 1.1 GW wind farm in the Gulf of Suez that is being built with ACWA Power. Hassan Allam Utilities and ACW are expected to break ground on the USD 1.5 bn project this year. The summary from the bank also mentioned that the funds could go towards a planned 2.5 GW wind project near Sohag, as part of a bigger 10 GW, 11 USD bn project that Hassan Allam Utilities is carrying out with Infinity Power and the UAE’s Masdar.

Some of the funds may also find their way to other African countries: HAU Energy will potentially invest in renewable energy projects in other African countries, the statement added.

ICYMI: The EBRD is an important part of our investment landscape, with a long track record of funding our green energy ambitions, supporting MSMEs, and has invested EUR 11.6 bn in the country to date — 59% of which went to the private sector. The EBRD is also the lead partner in Egypt’s Nexus for Food, Water and Energy (NWFE) energy plan to which it pledged to contribute USD 200-300 mn.

Egypt is getting an app for price tracking and an app for consumer complaints

Gov’t to launch price tracking app: The government has developed a mobile application to enable users to view and report commodity prices — dubbed Price Radar — according to a cabinet statement. The app will allow users to look up and compare prices of goods in stores nearby. It does so by allowing users to input details such as item prices along with the store and location in which they were found.

And an app for consumers to lodge complaints is also in the works : The Information and Decision Support Center is working with the Consumer Protection Agency to develop a separate app that enables users to submit complaints about goods being offered on the market.

The war on commodity prices seems to be working: Commodity prices in commercial chains have dropped 9%-29% across 23 governorates within a week of the government directing local manufacturers, suppliers, and retailers to gradually slash prices by up to 30% by the end of the Eid Al Fitr holiday, according to the statement.

Authorities expect prices to dip further: Commodity prices will continue to fall after Eid as the gradual release of goods from our ports boosts supply and helps stabilize prices, according to Supply Minister Ali El Moselhy. On the same basis, Federation of Egyptian Chambers of Commerce head Ahmed El Wakeel also forecasted that the sugar crisis will come to an end in the middle of the month.

EGYPTIAN GRAIN SHIPS ARE BEING HELD IN RUSSIA-

Grain ships held up in Russia: Two Egyptian ships loaded with wheat have been denied permission to set sail by Russian authorities, who say they do not hold the correct documentation, Supply Minister Ali El Moselhi told Bloomberg. The two ships, which were meant to depart at the end of March, are currently held at Russian ports while Egypt is in communication with Russian embassy officials regarding the issue, El Moselhi said.

The why: The ships are carrying wheat from Grainflower DMCC, an export partner of Russian trader TD Rif, which has seen its exports blocked and is under investigation by a Russian industry watchdog on the basis of grain safety and quality inconsistencies. The feud is part of the Kremlin’s efforts to increase its control over exports following its invasion of Ukraine in 2022 and enforce an unofficial minimum price for its grain, according to an earlier report.

EZZ STEEL SLASHES PRICES-

Steel prices down nearly 24% in under six weeks: Ezz Steel on Thursday again slashed the price of its local rebar by EGP 5.8k per ton to EGP 40.7k — inclusive of 14% VAT — marking its second price cut since February, a source at the company told Enterprise. The price of flat steel from the company is also down 27% in the same period

You can thank the stronger EGP: The strengthening of the local currency against the greenback has helped reduce production costs and has offset the rise in natural gas prices. The company is also expecting the EGP to strengthen further and has penciled in the USD falling to EGP 45, Al Mal reports, citing an unnamed company official.

Egyptian authorities arrest 10 pro-Gaza activists

Pro-Gaza activists arrested: Authorities arrested 10 activists who took part in a 200-person pro-Gaza protest outside the building of the Journalist Syndicate in Cairo last Wednesday, the Associated Press reports. The activists are currently being held in pretrial detention, while being investigated — they are being charged of spreading false information and joining a terrorist group.

MEANWHILE- Nine Egyptians put on trial in Greece: Nine Egyptian men are set to face trial in Greece next month — they are being charged with migrant smuggling, participating in a criminal organization, and causing an accident which killed hundreds, Reuters reported. The nine men have been in pretrial detention since June after having been accused of people smuggling while on a migrant boat that sank off Greece last year, which was on its way from Italy from Libya.

Egypt’s Misrayon & Polyester Fiber resumes exports after 12 years

MANUFACTURING-

#1- Misrayon & Polyester Fiber Company exports for the first time in over a decade: The recently revived state-owned textile manufacturer Misrayon & Polyester Fiber Company has shipped five containers of artificial silk to Turkey — its first export in 12 years — the Public Enterprise Ministry said in a statement pointing to government efforts to localize industry and boost exports.

What’s next: Another 14 containers are heading to Turkey and Europe this month and the company plans to up its export volumes by 150% the following month. By next month, Misrayon is aiming to be making a monthly USD 1.3 mn from exports and EGP 30 mn from domestic sales.

#2- El Maco goes green: State-owned manufacturer El Maco will invest some EGP 200 mn to manufacture smart meters and electrical transformers using solar energy, Al Borsa reports, citing company head Bassim Youssef. The firm will begin implementing the project in 2H 2024, Youssef said, adding that the company has plans to expand its exports to some African countries.

DIPLOMACY-

Shoukry, Japanese FM discuss Gaza: Foreign Minister Sameh Shoukry discussed the latest on Gaza and efforts to secure a ceasefire during a phone call with his Japanese counterpart Yoko Kamikawa, according to a statement. Japan’s FM said that her country will resume its funding contributions to UNRWA.

STARTUPS-

MoneyHash wants to step foot in KSA: Local fintech startup MoneyHash is looking to expand into the Saudi market, co-founder Nader Abdelrazik told Arab News. The startup already has customers in KSA and plans to deploy some of the USD 4.5 mn it raised earlier this year to “build a solution hub in Saudi and have a dedicated team for the market,” he said.

MoneyHash? Founded by Egyptians Abdelrazik and Mustafa Eid and American Anisha Sekar in 2020, the US-based company’s unified platform allows companies to offer payment and fintech services at checkout as well as collect data and track analytics through a single dashboard.

Africa’s private capital took a hit in 2023 amid global investment slump

Africa saw a significant dip in private capital activity in 2023, with 450 transactions worth some USD 5.9 bn, marking a 28% y-o-y decrease in volume and a 22% y-o-y decline in value, according to the African Private Capital Association’s latest private capital activity report (pdf). This marks the steepest decline in private capital volumes in over a decade, fueled by a slowdown in venture capital investments and sizable transactions, according to the report.

The value of transactions rose 35% in 2H 2023 in comparison to the first half of the year, mainly on the back of two large infrastructure projects in South Africa’s renewable energy sector, each exceeding USD 250 mn and accounting for 27% of total investment value during the period.

Macroeconomic challenges weighed heavily: Africa grappled with soaring inflation in 2023,reaching 17.8%, its highest level in over a decade, propelled by global spikes in food and energy prices, domestic “fiscal extravagance,” disruptions in agricultural supply chains, and currency depreciations against the USD. North Africa bore the brunt of headwinds, with inflation doubling to 16.6% y-o-y.

The continent’s favorite asset class, venture capital, experienced a major slowdown, both on the continent and globally. Still, VCs contributed to 68% of total investment volume, with the financial sector taking the lead.

Exit activity also witnessed a 48% y-o-y decline in 2023, as the continent saw 42 exits in total during the year — unchanged from pre-2022 averages as 2022 marked an “outlier year for exits in Africa” — according to the report. North Africa was hit the hardest due to limited exits in Egypt, Africa’s primary exit market, while South Africa demonstrated resilience with only a 17% decline. Sales to trade buyers remained the most common exit route.

Some respite: Interim fundraising remained resilient, with Africa-focused fund managers achieving a record 40 interim closes valued at USD 3 bn, the highest to date. While overall fundraising declined for a second year, the overall trend saw larger funds take the backseat for smaller ones, which made up 65% of total closed funds, growing 1.6x in volume and 2.6x in value.

US institutional investors offload PE holdings amid liquidity concerns: Institutional investors in the US, including pension funds and endowments, are selling off private equity holdings at lower than their value to reduce exposure to illiquid assets, amidst a subdued market for traditional exits like stock listings and mergers, the Financial Times writes. Big investors sold 99% of their holdings in 2023, a marked increase from 95% in 2022 and 73% in 2021.

EGX30	28,506	+2.0% (YTD: +14.5%)
USD (CBE)	Buy 47.31	Sell 47.44
USD (CIB)	Buy 47.32	Sell 47.42
Interest rates CBE	27.25% deposit	28.25% lending
Tadawul	12,705	+0.7% (YTD: +6.2%)
ADX	9,237	0.0% (YTD: -3.6%)
DFM	4,244	-0.1% (YTD: +4.5%)
S&P 500	5,204	+1.1% (YTD: +9.1%)
FTSE 100	7,911	-0.8% (YTD: +2.3%)
Euro Stoxx 50	5,015	-1.1% (YTD: +10.9%)
Brent crude	USD 91.17	+0.6%
Natural gas (Nymex)	USD 1.79	+0.6%
Gold	USD 2,330	+1.7%
BTC	USD 68,701	+1.7% (YTD: +62.0%)

THE CLOSING BELL-

The EGX30 rose 2.0% at Thursday’s close on turnover of EGP 3.2 bn (36.2% below the 90-day average). Foreign investors were net buyers. The index is up 14.5% YTD.

In the green: GB Corp (+7.2%), Sidi Kerir Petrochemicals (+6.2%), and TMG Holding (+5.3%).

In the red: Egypt-Kuwait Holding- EGP (-0.9%), Juhayna (-0.5%).

CALENDAR

2024

APRIL

9-14 April (Tuesday-Sunday): Eid Al Fitr 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).

26 April (Wednesday): Clocks move forward one hour at midnight as daylight saving time starts.

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).

2-5 May (Thursday-Sunday): Townhall Expo in Riyadh.

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).

29-30 June (Saturday): EU-Egypt Investment Conference.

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

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: Egypt to receive USD 20 bn of Ras El Hekma funds.

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.

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

20 January-7 February: Egypt to host the African Games

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