Privatization targets slashed to USD 1 bn for 2024

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What We're Tracking Today

IMF wants Egypt to accelerate pace of reform

Good morning, friends, and welcome to a holiday-shortened week as we prepare for the three-day weekend starting this Thursday in observance of Sinai Liberation Day. We have a busy issue for you this morning, so we’re going to jump straight in.

BUT FIRST- Could padel emerge as the “next squash”? It may be early days, but it’s hard not to wonder after the men’s national team surprised organizers with a very strong first-ever appearance at the FIP Seniors World Padel Championships 2024, which wrapped up yesterday in Alicante, Spain.

Our friend Helmy Ghazi distinguished himself as more than a banker’s banker this weekend, anchoring the +50 team. Longtime readers will also remember Helmy as our partner in crime in our most-read story ever: Our five-step recipe to boost exports + FDI (and make sure Egypt never has to ask the IMF for another cent).

Egypt finished in 20th place overall after a very tight 3-2 loss to Great Britain yesterday.

Egypt was the first Arab country to appear in the Senior World Padel Championships, alongside Qatar. Egypt fielded men’s teams in the +35, +40, +45, +50, and +55 age ranges after nationwide tryouts, and organizers tell us they hope to send both men’s and women’s teams to the championship in 2025.

Surprising nobody who follows the sport: Argentina and Spain faced off in every single men’s final — while Spain and France made it to the finals of every women’s age bracket.

The view from Alicante: “We were proud to step into the seniors padel World Cup — it’s the beginning of a journey for our seniors team and was an amazing chance to show the world the spirit of Egyptian padel,” Ahmed Ghatwary, president of the Egyptian and Arab Padel Federation, told us late yesterday.

Egypt is a world squash powerhouse because of a strong grass-roots program and consistent corporate support for the sport. It would be wonderful to see another racquet sport mentioned in the same breath.

** 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.

PSA-

WEATHER- It’s another summery and dry day in Cairo today, with a high of 29°C and a low of 17°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 24°C and a low of 16°C.

WATCH THIS SPACE-

#1- The next stage for Egypt is to “to accelerate the pace of reform” by achieving four goals, IMF Middle East and Central Asia head Jihad Azour told Asharq Business on the sidelines of the IMF and World Bank spring meetup in Washington (watch, runtime: 15:51).

The big four:

The first of Azour’s prescriptions was to reduce the risks to the Egyptian economy. “The flexibility of the exchange rate contributes to this matter,” Azour explained.
We also have to “reduce the burden on the Egyptian citizen” by bringing down inflation. “Intervention and tightening monetary policy are essential” for this, the IMF’s regional head added.
Number three on Azour’s list was “raising the level of social protection.”
Last but not least was the all-too-familiar call to promote the private sector and job creation.

#2- Lower non-subsidized bread prices fresh out of the oven: The price of non-subsidized bread will start falling starting today until it reaches normal levels, Prime Minister Mostafa Madbouly and the chief of the bakeries division of the General Federation of Chambers of Commerce Abdullah Ghorab said during a presser last week. An 80 gram piece of unsubsidized bread will now be sold for EGP 1.5 and a 35 gram loaf of fino bread will now sell for EGP 1.

It’s not just bread that is getting cheaper, say the government: Commodities in general are down 22% and basic commodities are down by about 27%, Madbouly added, without giving a time frame for his calculations.

Remember: The most up-to-date data on where food prices are going shows that food and beverage price inflation eased 5.9 percentage points from the month before to 45.0% y-o-y in March. Analysts and policy makers will be eagerly awaiting inflation data for April out early next month, with cautious optimism that the end of Ramadan inflationary pressures on food and the first full month post-float could confirm that we’re making serious headway on bringing food inflation down and slowly becoming the “inflation targeting regime” that the government and Fund have been working towards.

Importers, beware :The state has been seizing goods in ports that have not been claimed for over a month since 1 April, Madbouly said. This follows the government reinstating previously suspended regulations regarding unclaimed goods in ports, which were suspended for some time due to the lack of FX liquidity in the country preventing importers paying for their goods.

IN THE HOUSE TODAY-

The House is in session: MPs will reconvene today through Tuesday to discuss next year’s draft budget, the new Unified Ins. law, and potentially a new cabinet lineup.

#1- We could see a ministerial reshuffle this week: Many MPs believe that a cabinet reshuffle is set to take place in a few days and they will be tasked with discussing and voting on the new team this week.

Some think that Madbouly and some of the cabinet economic group have nothing to worry about: Well-connected MP and TV presenter Mostafa Bakry sees Prime Minister Mostafa Madbouly alongside a number of ministers of the cabinet economic group staying in their positions. The shuffle may include 15 ministries, according to Bakry (watch, runtime: 3:30).

#2- A new draft Unified Ins. law: The representatives will also discuss a new government-drafted Unified Ins. law today, which aims to draw up new and comprehensive rules for regulating the ins. industry and market and widen compulsory ins. Coverage.

IN THE HOUSE TOMORROW-

Draft budget goes to the House: Finance Minister Mohamed Maait and Planning Minister Hala El Said will head to the House tomorrow to give statements on the draft state budget and socioeconomic development plan for FY 2024-25. The state budget and development plan will be voted on before the start of the next fiscal year on 1 July.

What we know about the budget so far: In its preliminary budget report, the Finance Ministry cut growth projections to 4.0% and raised inflation targets to an average of 18.1%. It also sees the budget deficit widening by 0.1 percentage point to 7.3%.

Want more? Read our full coverage of the preliminary budget report here.

CIRCLE YOUR CALENDAR-

#1- A chance to hear how AI is reshaping business: The British Egyptian Business Association is hosting a panel discussion on the challenges and potential of AI with Communications Minister Amr Talaat offering the keynote address on Tuesday 23 April at the Conrad Cairo Hotel.

Taking to the stage for the panel discussion will be IBM Egypt General Manager Marwa Abbas, MP Sahar Al Bazar, British University in Egypt provost Guy Daly, Sequence Ventures CEO Mohamed Fahmy, and Falak Startups’ head of venture growth Tarek Seif El Nasr, with by N Gage Consulting Chairman Karim Refaat as moderator. Find out more about how to register for the event here.

#2- Prepare to turn your clocks an hour forward: Daylight saving time starts on Friday, 26 April. You’ll be losing an hour’s sleep as clocks jump forward one hour until the final Thursday of October.

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

THE BIG STORY ABROAD-

War and politics dominate the front pages of the global business press as the media takes stock of Israel’s limited strike on Iran this Friday — the third time that the two sides exchanged fire in less than a week. Iran downplayed the strike, appearing eager to close this chapter of its long-running covert battle with Israel.

Last week may have marked a turning point: The open exchange of attacks brought a decades-long shadow war between Iran and Israel into the open, the Financial Times and Bloomberg warn, and the worry is that “limiting escalation will get harder over time.”

MEANWHILE- The United States is seeking an alliance with the UAE on artificialintelligence. Last week’s USD 1.5 bn investment in G42, the Abu Dhabi-based AI leader, could be the first of a number of big agreements as American officials look to advance talks with Google and OpenAI, too.

AND- The US House of Representative has passed a USD 95 bn aid bill for Ukraine and Israel and will send the measure on to the Democrat-dominated Senate, meaning it’s likely to become law. US Secretary of State Antony Blinken is warning China over weapons exports to Russia. And Hamas is mulling whether to move its political headquarters out of Qatar to Oman or a second Arab state.

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Madbouly government slashes 2024 privatization program targets to USD 1 bn

Gov’t slashes 2024 privatization program targets: The government aims to raise around USD 1 bn through the privatization of state-owned companies and assets via stake sales to strategic investors or EGX listings this year, Planning Minister Hala El Said told Asharq Business.

This is significantly lower than previous estimates: Finance Minister Mohamed Maait in February said that the government is looking to raise some USD 6.5 bn through the privatization of state-owned companies and assets by the end of the year.

And considerably below the amount we’ve been raising recently: The government secured about USD 5.6 bn between April 2022 and December 2023 from selling state-owned stakes in 14 companies.

Targets for 2025 are also pretty conservative: The government is looking to raise some USD 1.5 bn from the privatization program in 2025, El Said added.

No rush to sell? The International Monetary Fund in February seemed to calm its tone on the urgency of Egypt’s need to progress its sales of state-owned assets prior to its announcement of our expanded USD 8 bn loan program, representing a shift from the IMF's earlier position on Egypt's need to pick up the pace of privatizing state-owned companies. “The situation in Gaza has put pressure on Egypt, including its state assets sales program, and [the IMF wants] Egypt to sell at the appropriate time,” and to not “rush to sell shares in government companies under the current circumstances,” IMF Managing Director Kristalina Georgieva said at the time.

NEXT ON THE PRIVATIZATION AGENDA-

Gov’t to wrap up Gabal El Zeit and Zafarana sale in months: The state is looking to finalize the stake sale of the Gabal El Zeit and Zafarana wind farms within the coming 3-4 months, El Said continued.

A little delayed: El Said had previously said that we can expect the government to finalize thesale of the wind farms before the end of March.

ICYMI: Danish shipping giant Maersk reportedly began due diligence for the 545-MW Zafarana wind farm late February and was set to submit a final offer to acquire half of the asset. Meanwhile, UK-based private equity giant Actis reportedly wrapped up due diligence on the state-owned 580-MW Gabal El Zeit wind farm. A number of local and foreign investors have reportedly also shown interest in the two farms, including Saudi Arabia’s ACWA Power, the UAE’s Alcazar Energy, and our friends at renewables firm Infinity.

Egypt inked 14 agreements with Chinese firms during the China-Egypt Zhejiang Economic Forum

New Chinese projects coming to our industrial zones: Egypt has inked 14 agreements with Chinese companies to set up projects alongside our local private sector during the China-Egypt Zhejiang Economic Forum on Thursday, according to a statement from the Suez Canal Economic Zone.

The agreements include:

#1- A USD 800 mn fiberglass and polyester factory: Chinese synthetic fiber manufacturer Xin Feng Ming Holding will establish a fiberglass and polyester production factory with investments of around USD 800 mn in the China-Egypt TEDA trade zone in Ain Sokhna under an agreement signed with economic zone. Production is scheduled to kick off in 2026, with a capacity of 300k tons per year in the first phase and 1 mn tons a year when fully operational.

#2- A power generation center: China’s electric utility company Zhejiang Energy International to build a power generation center that will rely on varying sources of energy under a cooperation agreement inked with TEDA. The center will include a 400 MW/220 KV substation, a 200-MW gas-fired power station, and a 100-MW photovoltaic power station. The statement did not disclose the value or timeline of the project.

ALSO- Jushi secures funding for planned expansion: The Egyptian arm of the Chinese fiberglass manufacturer Jushi, Jushi Egypt for Fiberglass Industry, signed a financing agreement with state-owned Chinese ins. company China Export & Credit Ins. Corporation. The financing will help Jushi expand the annual production capacity of its factory in TEDA by 320k tons. The statement didn’t disclose the value of the financing.

Remember: Jushi announced in December that it would invest USD 8 mn to expand its factory in TEDA after having been awarded the necessary land plot of the expansion by Elsewedy Industrial Development.

Data point: Companies have pledged USD 3 bn — represented in some 128 projects — into the Suez Canal Economic Zone — 40% of which came from China — during the first nine months of the current fiscal year.

Egypt eyes raising its debt instruments’ average maturities to 4.5-5 years

The state is eyeing longer debt maturities: The Madbouly government aims to extend the average maturity of its debt instruments to 4.5-5 years as it focuses on longer-term bonds, Finance Minister Mohamed Maait told Asharq Business (watch, runtime: 12:54) on the sidelines of the IMF and World Bank spring meetings in Washington. The average maturity of government securities is expected to see a marginal increase by the end of the current fiscal year to 3.3 years, up from 3.2 years in the previous fiscal year, Maait added.

No deferred payments: Maait dismissed claims that authorities were looking to delay interest payments on domestic debt securities, adding that all dues were paid on time as the government has been committed to meeting all of its local and foreign debt obligations “even in difficult times.”

International bond issuances are still on hold: The government has not yet decided whether to tap the international debt market in the next fiscal year, Maait said, adding that the ministry will begin looking into the matter within the first two months of the next fiscal year — which starts in July. If the government does decide to tap foreign debt markets, foreign issuances will account for only a small portion of its debt portfolio, he added.

ICYMI: Maait said at a presser last month that the Finance Ministry is not planning to seek out foreign debt markets or issue any international bonds before the end of the current fiscal year set to end this June.

Fresh capital requirements for mortgage finance firms in Egypt + more approved by the cabinet

Mortgage finance firms could soon see their capital requirement doubled to EGP 100 mn — in local currency or its equivalent in FX — up from EGP 50 mn under new amendments proposed by the Madbouly cabinet on Thursday to the Mortgage Law, according to a cabinet statement.

Firms will have a year to comply with the new capital requirement once it gets the final greenlight. The Financial Regulatory Authority will have the right to extend this grace period by two years.

The rationale: The amendment came in response to the rise in building materials costs, which consequently has pushed up real estate prices.

Better protection for mortgage firms: The amendments also introduce procedures to expedite the process of recovering overdue payments, allowing mortgage firms to take legal action in certain cases. This comes with the aim of pushing mortgage finance firms to lend out more funds.

How it works: If the borrower fails to settle the overdue payments within 60 days of receiving a notice from the mortgage company — which the company can send once the payment is 30 days overdue — the firm can request the sale of the unit according to market price to settle the borrower’s dues.

THE CABINET ALSO APPROVED-

A draft decision to set up a new private freezone dubbed The Suez Canal for Modern Boats Company south of Safaga. The zone will manufacture, maintain, and export yachts.
Changes to economic courts: The ministers approved amendments to the Economic Court Act, which regulates economic courts and defines their jurisdictions. The amendments aim to regulate the formation of courts of first instance and chambers of appeal.
Extending foreign operators’ exemption from airport fees until November as part of the state’s efforts to boost tourism. The exemption was set to end last month.
A contract between the Finance Ministry and an unnamed company to provide clearing and settlement services for investors for a period of three years.

Cabinet spokesman El Homsani took to the airwaves to address the day’s topics of conversation

Cabinet spokesperson Mohamed El Homsani blanketed the airwaves this weekend, calling up the hosts of as many shows as he could to give us the latest on the return of rolling blackouts following Ramadan, pharma prices, and other hot button issues.

How long will blackouts last? We’re in the dark on that one: “The electricity blackouts are being treated as a temporary measure, but it is difficult to know exactly how long they will last,” El Homsani told Amr Adib on El Hekaya (watch, runtime: 26:46). The Madbouly government is aware of the burden this places on citizens, but the measure saves the state’s public treasury c. USD 1 bn annually, El Homsani stressed. Money not spent on fuel to power generators can go towards bigger priorities like food and medicine, he added.

The gov’t will hit pause on blackouts during Coptic Holidays, El Homsani told Ahmed Moussa on Ala Masouleety (watch, runtime: 1:35).

How and when pharma prices could change: The possibility of hiking up the price of meds is still under review by the Egyptian Drug Authority, El Homsani explained. The decision whether to increase prices and by how much will depend on the USD exchange rate, the cost of production, and patients’ ability to pay, El Homsani explained.

Good news for those looking to buy a car: Asian car dealers have begun to lower their prices following the stabilization of the USD exchange rate, industry insider Ahmed Ammar said on El Hekaya (watch, runtime: 10:43). Small-engined cars are the first to witness a drop in prices as they are less heavily taxed than larger-engined cars, he added. Ammar advised to wait around two to three months until the exchange rate stabilizes before purchasing a car, as car prices are likely to fall more — but he stopped short of making any long-term predictions on the trajectory of prices, given the changing nature of political and economic conditions.

SDX Energy sells its 50% stake in West Gharib concessions for USD 6.6 mn in Egypt exit. PLUS: State pays oil arrears, Tahya Misr 1 terminal online in 2025, Heliopolis Housing shortlists development partners

ENERGY-

#1- SDX sells part of its Egypt portfolio: LSE-listed oil and gas firm SDX sold its 50%working interest in two blocks in the West Gharib concession in the Eastern Desert to Horizons LLC and NPC Petroleum Services for USD 6.6 mn, the company said in a statement.

South Disouq asset sale next: The company also “continues to progress the binding documentation for the sale of its South Disouq assets” as part of its efforts to sell its entire Egypt portfolio to focus on operations in Morocco.

#2-Gov’t puts its money where its mouth is with commitment to paying international oil firm arrears: The Egyptian General Petroleum Corporation (EGPC) paid the UK’s United Oil and Gas USD 1 mn, according to a disclosure by the British company on the LSE. The payment will help United clear its debts as it withdraws from the Abu Sennan concession in the Western Desert.

There’s more to come: The Egyptian state-owned oil and gas company is expected to pay the remaining USD 500k it owes to the company “over the coming months.”

Remember: The government has begun paying back nearly 20% of the arrears it owes to international oil companies operating in the country. The EGPC paid back 27% of its dues to Pharos Energy and settled USD 30 mn in outstanding receivables to Capricorn Energy last month.

LOGISTICS-

Tahya Misr 1 container terminal to come online in 2025: The Tahya Misr 1 container terminal — one of three terminals planned in the Damietta port development project — will kick off operations in April 2025, Prime Minister Moustafa Madbouly said during his visit to the port yesterday, according to a cabinet statement. The terminal will add 3.5 mn container capacity to the port, Transport Minister Kamel EL Wazir said in a separate statement. The Damietta Port development project, including the other two container terminals, will be completed in 2027, Madbouly added.

** We dove into the ins and outs of the Madbouly government’s plans to overhaul Egypt’s transport infrastructure in last week’s HardHat.

REAL ESTATE-

#1- Heliopolis Housing shortlists its potential partners for New Heliopolis development: Heliopolis Housing and Development is planning to choose the company that will develop a EGP 10 bn project in New Heliopolis “within days” from three shortlisted bids from Mountain View, Hyde Park, and Madinet Masr, the company’s investor relations chief Marwa Mounir told Al Borsa.

INVESTMENT-

EgyDrew wants to invest EUR 10 mn into iron rod production: Iron bar manufacturer EgyDrew — a joint venture between the Holding Company for Chemical Industries and Global Steel — plans to funnel some EUR 10 mn into setting up a new production line in order to meet market demand for lighting poles and railway flanges, Al Borsa reported.

Netflix reports solid 1Q 2024 earnings, but growth concerns see shares fall

It looked like Netflix had a lot to celebrate: Netflix added 9.3 mn subscribers in 1Q 2024 and its net income was up 78% y-o-y, surpassing analyst expectations to reach USD 2.3 bn on the back of its controversial crackdown on password sharing and the introduction of ad-supported plans, the platform reported in its letter to shareholders (pdf) following its quarterly earnings release.

But shareholders have concerns about growth after Netflix said it will stop reporting subscriber numbers as of 2025 unless there’s a significant milestone. That type of move is common as businesses mature — witness Apple’s decision a few years back to stop breaking down the number of devices it sells in each of its product categories.

Despite the impressive quarterly results, Netflix’s share price took a beating: Netflix’s shares fell 9.1% to USD 555.04 a share on the Nasdaq on Friday, following the news a day earlier.

ALSO WORTH NOTING-

BTC’s “halving” event risks putting pressure on miners: BTC’s once-every-four-years “halving” measure has come into effect, cutting in half the rewards for miners who often rely on expensive hardware and a lot of energy to verify and validate transactions. (Bloomberg)
ADIB to acquire 15% stake of Indonesian bank? Abu Dhabi Islamic Bank (ADIB) is in talks to purchase a 15% stake in Bank Syariah Indonesia — Indonesia's biggest Islamic bank — for USD 1.1 bn. (Reuters)

EGX30	28,333	-4.5% (YTD: +13.8%)
USD (CBE)	Buy 48.27	Sell 48.41
USD (CIB)	Buy 48.28	Sell 48.38
Interest rates CBE	27.25% deposit	28.25% lending
Tadawul	12,502	+0.3% (YTD: +4.5%)
ADX	9,126	-0.6% (YTD: -4.7%)
DFM	4,175	-0.8% (YTD: +2.8%)
S&P 500	4,967	-0.9% (YTD: +4.1%)
FTSE 100	7,896	+0.2% (YTD: +3.6%)
Euro Stoxx 50	4,918	-0.4% (YTD: +8.8%)
Brent crude	USD 87.29	+0.2%
Natural gas (Nymex)	USD 1.75	-0.3%
Gold	USD 2,413.80	+0.7%
BTC	USD 64,674.20	+1.0% (YTD: +53.0%)

THE CLOSING BELL-

The EGX30 fell by 4.5% at Thursday’s close on turnover of EGP 5.7 bn (13.5% above the 90-day average). Foreign investors were net sellers. The index is up 13.8% YTD.

In the green: Egypt Kuwait Holding - USD (+0.8%).

In the red: Sidi Kerir Petrochemicals (-9.0%), Fawry (-8.4%), and Oriental Weavers (-8.2%).

Shoukry lands down in Istanbul ahead of El Sisi visit penciled in for later this month

Shoukry, Erdogan, and Fidan call for Israel-Iran tensions not to overshadow the mounting humanitarian catastrophe in Gaza: Foreign Minister Sameh Shoukry with Turkish President Recep Tayyip Erdogan and Foreign Minister Hakan Fidan called on both Iran and Israel to “exercise restraint” during a meeting of the three in Istanbul yesterday, according to a joint press conference following the meeting (watch, runtime: 35:57). “Our first priority should be ending Israel’s occupation in Palestine and a two-state solution” and “any development that could distract us from this fact must be ignored”, Fidan said.

Remember: Relations between Cairo and Istanbul have been warming after a decade of tense relations, with President Erdogan visiting Cairo for the first time since 2012 this February and President Adbel Fattah El Sisi expected to visit the country later this month. The two sides plan to boost the volume of trade between them to USD 15 bn over the next few years from USD 6.6 bn at the end of 2023.

The meeting also got the attention of the int’l press: Reuters

CALENDAR

2024

APRIL

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

26 April (Friday): 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).

19-21 May (Sunday-Tuesday): Egypt International Summit for Digital Transformation and Cybersecurity.

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-Sunday): 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.

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