No blackouts during the Eid break?

1

What We're Tracking Today

Chips and solar panels made in Egypt?

Good morning, wonderful people. In our last issue before most of us take the whole of next week off — EnterpriseAM Egypt included — we’ve got news more port investment news than you can shake a stick at, the World Bank’s first growth forecast for Egypt in the fiscal year ending 2026, a rundown of everything you need to know about the EGX’s new shariah-compliant index, and much more. So one last time before the Eid El Adha break, let’s jump right into it.

WATCH THIS SPACE-

Egypt to become an electronic chip and solar cell manufacturing hub? The Madbouly government will launch a tender to select an international consultant who will be tasked with developing a strategy to localize the manufacturing of chips and PV cells, according to a cabinet statement. While the statement didn’t give a date of when we can expect the consultant to be selected, the cabinet received the greenlight to begin the procedures to launch the tender.

Read more: Earlier this week, we published a Going Green diving into why Egypt should double down on manufacturing solar panels.

PSA-

WEATHER- The temperature is creeping up to the 40s again in Cairo, with a high of 40°C and a low of 27°C, according to our favorite weather app.

It’s more bearable in Alexandria, with a high of 35°C and a low of 24°C.

And expect a scorching weekend, with highs reaching 42-43°C in the capital and 35-36°C in Alexandria and Sahel, before cooling throughout the week.

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

** Want to subscribe? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

DEBT WATCH-

Returning trapped funds to airlines: The Madbouly government has paid back some USD 400 mn worth of funds blocked from repatriation to airlines operating across Egyptian airports, Al Mal quotes International Air Transport Association (IATA) Regional Vice President of MEA Kamil Al Awadhi as saying. The float of the EGP put airports under pressure and made them unable to give airlines their revenues from ticket sales and other activities.

The bigger picture: The association reported a global 28% dip in the amount of funds blocked from repatriation by governments between December 2023 to April 2024 to USD 1.8 bn, driven by “significant clearance of funds blocked” in Nigeria and Egypt.

DATA POINT-

#1- FDI rose at its quickest pace in 15 years this fiscal year, increasing 12.3% y-o-y to USD 10.0 bn, General Authority for Investment and Freezones Hossam Heiba said at the New Development Bank seminar at the new capital this week.

#2- Foreign investment in local debt jumped by USD 23 bn in the month of the EGP float, with Egyptian debt held by foreigners reaching EGP 1.5 tn by the end of the month, up form EGP 421 bn, Asharq Business reports, citing data from the Central Bank of Egypt.

CIRCLE YOUR CALENDAR-

Another gold fund to hit the market in under two weeks: Al Ahly Financial Investments Management is launching its new gold investment fund on Monday 24 June, after securing the Financial Regulatory Authority’s approval, Head of Business Development Hanan Wagdy told Al Borsa. The fund will issue a total of 100k investment certificates, each priced at up to EGP 100, Wagdy added.

Railway station connecting Upper Egypt and the capital to launch in July: The new EGP 3.5 bn Upper Egypt Railway Station in Giza’s Bashteel will begin operations next month, Asharq Business writes, citing Transport Minister Kamel El Wazir.

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

CORRECTION: In yesterday’s issue we incorrectly said that GB Auto subsidiary Itamco is already assembling Indian Bajaj’s Qutes in Egypt. Itamco has an agreement with Bajaj, but it does not involve assembly. The story has since been amended on our website.

THE BIG STORY ABROAD-

Steady as she goes says the Fed, who yesterday kept interest rates unchanged and forecasted only one cut to come this year in the ongoing will they, won’t they interest rate cut saga occupying central banks across the globe. Despite encouraging inflation data (pdf) for May also released yesterday being “a step in the right direction … you don’t want to be too motivated by any single data point,” said Fed chief Jerome Powell (watch, runtime: 1:02:04).

It seems that Wall Street didn’t get the Fed’s hawkish memo, with the S&P 500 and Nasdaq both hitting all-time highs, while the Dow slipped 0.1%. With inflation falling faster than forecasts, many traders aren’t buying the Fed’s hawkish tone and are pricing two cuts by the end of the year.

WHILE IN OUR PART OF THE WORLD- Hamas has rejected US claims it has obstructed its ceasefire plan with proposed changes, with officials from the organization taking to the airwaves to argue that Israel has instead been the one refusing to agree to an end to hostilities. Despite claims by US State Secretary Antony Blinken that Israel has accepted the ceasefire plan “as it was, as it is,” Israeli PM Netanyahu has repeatedly insisted that he will not end the war before destroying Hamas.

IN ENERGY MARKETS- We’re going to have a “staggering” glut of oil by 2030 say the International Energy Agency that will make it a whole lot harder for Opec+ to control prices when there’s 8 mn bdp in spare capacity sloshing around.

AND IN TARIFF NEWS- Chinese EVs are getting hit by a fresh raft of tariffs from the EU as the bloc adds more fuel to a trade war with China by imposing tariffs of up to 38.1% — depending on the maker — on imports of Chinese EVs on top of a pre-existing 10% levy.

Babbo‘s Taverna pop-up on Somabay’s Mesca Beach for Eid 2024 is bringing the party vibes to the south with our favorite DJs spinning tracks that will keep you moving to the beat. Boho-chic relaxed vibes, delicious Mediterranean x Red Sea fusion cuisine, and infamous signature cocktails. Babbo’s Taverna is more than a destination — it’s a lifestyle.

China’s Cosco Shipping to invest USD 375 mn in Egypt in 2024. PLUS: AD Ports to take over three tourism terminals, Taba Maritime Port construction to start 2024 or 2025

Investments a-hoy: Shipping and logistics giants from China and closer to home in the UAE are getting ready to invest in our ports and the government is set to start work on a new port in Taba soon.

#1- Even more investments earmarked for our ports: Chinese shipping and logistics group Cosco Shipping will invest USD 375 mn this year to increase its container capacity at various Egyptian ports, Asharq Business quoted CEO Zhao Fengnian as saying.

#2- AD Ports is taking over three tourism terminals: AD Ports will develop, operate, and manage three cruise terminals in Hurghada, Safaga, and Sharm El Sheikh that will launch in 2025, after inking a concession agreement with the Red Sea Port Authority that will see AD Ports invest USD 4.7 mn over 15 years, the group said in a statement (pdf) yesterday. Under the agreement, AD Ports will “provide new services, improve access for cruise operators and add new itineraries through the Group’s cruise terminal network in the Red Sea.”

That’s not all: The group also inked two 30-year concession agreements with the SCZone that will see it develop, manage, and operate a roll-on, roll-off ship terminal and a cruise terminal in Ain Sokhna Port.

What they said: The agreements “reaffirm our commitment to bolstering the cruise tourism sector in the Red Sea, through providing world-class facilities and services to passengers, while further strengthening bilateral ties between the UAE and Egypt,” AD Ports Group CEO Mohamed Juma Al Shamisi said.

#3- A maritime port in Taba: The government will break ground on construction works on the Taba Maritime Port in 2024 or 2025, Asharq Business reports, citing Transport Minister Kamel El Wazir.

World Bank maintains Egypt’s growth forecast + shares forecast for FY 25-26

World Bank holds Egypt’s growth outlook steady: The international lender sees the Egyptian economy growing at a 2.8% clip during the fiscal year 2023-2024, keeping its outlook unchanged from its April forecast, it said in its latest Global Economic Prospects report (pdf). It also kept its outlook for the next fiscal year unchanged at 4.2%.

And our first look at the bank’s forecast for FY 2025-26: The lender penciled in growth picking up to 4.6% in FY 2025-26.

Driving the growth: Growth picking up is “propelled by investment growth partly spurred by a large-scale agreement with the United Arab Emirates. Private consumption is also expected to expand, supported by a recovery in remittances and a decline in inflation. Exchange rate depreciation will boost net exports,” the report said.

Remember: The bank downgraded our growth outlook for the current fiscal year in April, slashing it by 0.7 percentage points from its January forecast, citing sluggish industrial sector performance and high inflation.

REGIONALLY- The bank sees MENA grow at a 2.8% then to 4.2% in 2025 before slowing to 3.6% in the fiscal year ending in 2026, driven by a slowdown in GCC countries, who are expected to see their economies grow at a rate of 2.8 this year then 4.7% next year before slowing to 3.5% in 2026

The A-Z of Egypt’s newly launched shariah-compliant index

Say hello to the EGX33 Shariah: The bourse’s new shariah-compliant index — dubbed the EGX33 — that was officially launched yesterday was followed by a statement (pdf) from EGX boss Ahmed El Sheikh laying out the ins and outs of the long-awaited index.

The Shariah index will have 33 components each capped at 15%: The index’s 33 listed companies will represent 16 different sectors and have a maximum weight of 15% for any of them. Talaat Mousta Group maxes out cap as the index’s largest component with 15.0%, followed by Elsewedy Electric with 10.3%, and Abu Qir Fertilizers is third largest component with a 9.1% weight.

The selection criteria: Sheikh explained that for the sake of market stability and creating an attractive offer for investors, the index’s components were chosen from EGX100-listed companies whose activities are at least — by revenue — 90% compliant with the shariah will be eligible to join the EGX33, the EGX said in a separate handout (pdf). Companies that are not listed in the EGX100 but have a shariah supervisory board can also be included in the EGX33 provided they meet a minimum liquidity requirement.

The small print: The ratio of interest-bearing investments and loans — including long- and short-term ones — to the company’s total assets or average market value — whichever is bigger — shouldn’t exceed 33%. The company’s liquid assets to total assets ratio also shouldn’t exceed 70%.

In safe hands: The Shariah Supervisory Committee overseeing the index and the methodology to choose its companies is made up of Islamic finance experts and scholars in Islamic law.

It could be popular with investors: Since the start of the year, the index is already outperforming its fellow indices on the EGX, according to the statement. It is hoped that the index will not just be of interest to local investors, but also attract others in the region and globally. Before its launch, there were already “repeated requests from a large number of local, regional, and international investors” for a shariah-compliant index, El Sheikh said.

The index will undergo semi-annual reviews at the end of January and July, with changes reflected at the start of February and August.

HERE COMES THE SHARIAH FUNDS-

We have a timeline on CI Capital’s new fund: CI Capital’s asset management arm CI Capital Asset Management’s new shariah-compliant fund will be launched in 3Q this year, CEO Amr Abol Enein, told CNBC Arabic in an interview (watch, runtime: 4:25). Enien is looking to make the fund one of the country’s five largest and added that his company is looking to drum up most of the fund’s capital from Gulf countries.

AND- Azimut’s shariah fund asks for regulator’s blessing: Asset manager Azimut has filed an application with the Financial Regulatory Authority to launch its new shariah-compliant fund in the EGX33, Azimut Managing Director Ahmed Abou El Saad told Al Borsa. Investors can buy into the new fund right after it secures the required regulatory approvals, he confirmed. The new fund is one of three new investment funds the asset manager wants to launch before the end of the year.

HSBC was named Egypt’s Best Bank for Diversity and Inclusion

And the award goes to: HSBC was named Egypt’s Best Bank for Diversity and Inclusion at the Euromoney Awards for Excellence 2024, according to a statement (pdf) from the lender. The award recognizes HSBC’s work supporting widows and students with disabilities.

What they said: “Being recognised as the Best Bank for Diversity and Inclusion demonstrates our commitment to creating an inclusive business that supports diverse groups in both our workplace and the wider community,” said HSBC Egypt CEO Todd Wilcox.

That trophy shelf is getting pretty heavy: HSBC also received awards for Best Investment Bank in the Middle East, Best Bank for Sustainable Finance, and Best Bank for Financing in the region.

EGYPT’S TOP COMPANIES FOR THE YEAR-

Forbes Middle East has released its list of Egypt’sTop 50 Listed Companies2024, taking into account the companies’ market value, sales, assets, and income for the 2023 financial year.

Little change from last year: Orascom Construction was the only newcomer to the top five this year, taking over the fifth spot from Egypt Kuwait Holding. The top five are:

CIB
QNB Alahli
Elsewedy Electric
Telecom Egypt
Orascom Construction

Our top two firms also made Forbes’ regional ranking: CIB came in at 51 in Forbes’ ranking of companies in the MENA region, while QNB Alahli was at 89. Topping the ranking were Saudi Aramco, Saudi National Bank, and the UAE’s International Holding Company.

Check out the full local list here and the regional list here.

No blackouts during the Eid break?

It was a mixed bag on the airwaves last night, with news that the government may pause rolling blackouts for Eid El Adha and the risk of an all out war between Lebanon’s Hezbollah and Israel catching the attention of the nation’s talking heads.

The lights to stay on during Eid? “The electricity load-shedding plan will be suspended during the Eid holiday,” Sherif Amer said on Yahduth Fi Masr, citing unnamed sources (watch, runtime: 0:37). He added that no official statement has been issued yet and that the suspension would start on Thursday. Cabinet spokesperson Mohamed Homsani also chimed in to tell Ahmed Moussa that “if [such] a decision is made, it will be announced immediately” (watch, runtime: 1:58) The government is “seeking to increase the Electricity Holding Company’s revenue streams [to be able] to end load shedding by the end of this year,” Homsani added.

“The Lebanese front is more dangerous than the Gaza front,” military strategist and commentator Samir Ragheb told Amer over the phone (watch, runtime: 6:33). Ragheb explained that “Hezbollah will not start a full-scale war with Israel to avoid American support for Israel, while Israel hopes Hezbollah will start a full-scale war to gain American backing.”

“If the situation continues like this, we might see a repeat of the 2006 scenario in Lebanon, with Israel potentially imposing collective punishment on the Lebanese people,” Ragheb warned. Tensions on Israel’s border with Lebanon was also a hot topic on Lobna Assal’s Al Hayah Al Youm (watch, runtime: 8:26).

Foreign investors are back to loving Egypt’s once-unloved local debt

A comeback story: Egypt joins Pakistan, Nigeria, and Kenya as one of the once-unloved emerging markets that “lured” investors back into their local debt instruments with higher interest rates and liberalized exchange rates, the Financial Times writes. Egypt saw investors pour some USD 15 bn into local bonds this year, the majority of which came following the announcement of the Ras El Hekma agreement.

We’re still well off our peak: Foreign investors currently hold about one-tenth of our local debt — up from their 2022 lows, but still well below their peak in 2021, according to the FT.

It doesn’t come cheap: Egypt, Nigeria, and Pakistan are expected to spend over a third of their revenues on debt interest payments by 2028. On top of this, they could be forced to keep their interest rates elevated if the US doesn’t start cutting rates soon, keeping the cost of debt high.

ALSO- Earlier than usual heatwaves in Egypt have caught the attention of the foreign press, with Bloomberg reporting on how the country is heating up twice as fast as the rest of the world. As a “bellwether for the effects of climate change,” crop failure, heat-related deaths, and power cuts in Egypt offer a warning of what may be in line for other nations in summers to come.

EBRD mull funding Masdar-Infinity wind farm. PLUS: Simplex to open new factory, USAID + Banque Misr

DEBT-

EBRD weigh backing Masdar-Infinity wind farm: The European Bank for Reconstruction and Development (EBRD) is mulling over extending a USD 71.7 mn senior loan to finance a 200 MW wind farm in Ras Ghareb developed and operated by the UAE’s Masdar and Infinity Power, according to the lender’s project description. The USD 214.8 mn project will sell electricity to the national grid under a long-term power purchase agreement.

MANUFACTURING-

Simplex to open a new factory next year: Local industrial machinery manufacturer Simplex is planning to open its EGP 100 mn factory in Tenth of Ramadan City in May 2025, the company’s CEO Ahmed Shaaban told Al Mal. The new factory will ramp up the company’s production of CNC machines 150 units a month, up from its current volume of 40 units a month, Shaaban explained.

CNC machines? A CNC machine — short for computer numerical control machine — is a computer-controlled piece of machinery used in industry to cut and shape materials. CNC machines are good at dealing with complex and precise designs and repetitive tasks, making them an important tool in the manufacture of high-precision parts.

TRADE-

An accelerator to boost exports: State-run lender Banque Misr inked a cooperation protocol with the USAID’s Trade Reform and Development in Egypt (TRADE) program yesterday, to set up the Egypt Export Accelerator, in a bid to improve trade and ramp up investments, by backing local exporters, according to a press release (pdf). The accelerator is poised to improve Egyptian companies’ competitiveness in foreign markets by helping them diversify their export products and facilitate access to financing and entry to international markets.

US inflation slips in May, boosting hopes of more rate cuts this year despite policymakers signaling one rate cut

A handful of stories are competing for attention on planet finance, including US inflation figures — and the Fed’s decision to hold rates steady — and EY’s UK boss’ resignation. Closer to home, Saudi Arabia could be mulling changes to its tax regime to attract foreign investors to its local debt markets.

#1- US consumer prices remained unchanged in May, driven by lower gasoline prices offsetting higher costs for rental housing, according to the US Labor Department. This is down from a 0.3% increase in April.

The positive inflation reading boosted hopes for two rate cuts this year, one in September and another in December, despite policymakers indicating just a single rate cut in December in the Fed’s dot plot, Reuters reports. On the bright side, 2025 is expected to see four rate cuts — amounting to a 100 bps cut.

The US Federal Reserve kept its benchmark federal funds rate steady at a 5.25% to 5.5% range at yesterday’s meeting.

#2- CLOSER TO HOME- Is KSA mulling easing taxes to lure foreign investments in local debt? The Saudi Capital Market Authority (CMA) is considering eliminating a 5% withholding tax on interest payments for debt instruments, it said in a report (pdf) outlining a strategy to develop the Kingdom’s debt capital market. The potential tax change is one of several proposals on the table to help attract foreign investors to local corporate bonds.

The pitch: The withholding is “unattractive and discouraging for foreign institutional investors,” the CMA said in its report. The regulator will also look into easing requirements for debt offerings to encourage local issuances and work on facilitating trading, settlement and clearing of foreign-currency denominated debt instruments by local companies.

The rationale: The Saudi debt capital market is still nascent, particularly when compared to the equity market, which “has been a point of strength” in Saudi “thanks in part to a thriving environment for initial public offerings,” Bloomberg notes. Our friend EFG Hermes Head of Research Ahmed Shams El Din also told EnterpriseAM Saudi earlier this year that the “dark horse in Saudi Arabia is debt capital markets,” which are still lagging behind most emerging markets. A lacking debt capital market will make “the hype” on equity capital markets “not sustainable,” he told us.

ALSO- EY’s UK’s head Hywel Ball handed in his resignation, setting off a leadership race while the Big Four firm navigates a market downturn, the Financial Times reports, citing an email it has seen. Ball — who has helmed EY UK since 2020 and was handed a second tenure extension in January — wrote in the email that it was time to “hand the baton” to new leadership, with the internal selection process slated to be kicked off in 2H 2024, EY said in a statement.

MARKETS THIS MORNING-

Asian markets are rallying on news of the Fed keeping interest rates unchanged and gains in EV stocks in Hong Kong. Wall Street futures also rose, indicating a continued strong streak for US benchmarks this week.

EGX30	26,133	+0.2% (YTD: +5.0%)
USD (CBE)	Buy 47.64	Sell 47.78
USD (CIB)	Buy 47.64	Sell 47.74
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,652	-1.1% (YTD: -2.6%)
ADX	8,930	-0.8% (YTD: -6.8%)
DFM	3,979	-0.7% (YTD: -2.0%)
S&P 500	5,421	+0.9% (YTD: +13.7%)
FTSE 100	8,215	+0.8% (YTD: +6.2%)
Euro Stoxx 50	5,034	+1.4% (YTD: +11.4%)
Brent crude	USD 82.60	+0.8%
Natural gas (Nymex)	USD 3.03	-0.4%
Gold	USD 2,338.60	-0.7%
BTC	USD 68,208.00	+1.5% (YTD: +61.1%)

THE CLOSING BELL-

The EGX30 rose 0.2% at yesterday’s close on turnover of EGP 2.0 bn (57% below the 90-day average). Foreign investors were net sellers. The index is up 5.0% YTD.

In the green: Delta Sugar (+3.5%), Orascom Construction (+3.4%), and Beltone Holding (+3.3%).

In the red: Eastern Company (-3.7%), Palm Hills Developments (-1.9%), and EFG Holding (-1.4%).

Mohamed Abdel Motaleb, VP of NBA Africa and head of NBA Egypt

Mohamed Abdel Motaleb, vice president of NBA Africa and head of NBA Egypt: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Mohamed Abdel Motaleb (LinkedIn). Edited excerpts from our conversation:

My name is Mohamed Abdel Motaleb, but I’m better known as Tolba. I’m the vice president of National Basketball Association (NBA) Africa and head of NBA Egypt. I'm a civil engineer with an MBA from Maastricht School of Management. I used to play basketball in Al Ittihad Alexandria Club and I was also the captain of the national team. I played in the 1988 Olympic games and the 1990 and 1994 world cups. I then became the Egyptian Basketball Federation vice president, a commission member of the International Basketball Federation (FIBA), and I was the deputy secretary general of the Egyptian Olympic Committee.

My job is leading NBA’s operations in Egypt. I oversee the leagues, the businesses, and the development initiatives — including grassroots programs and ecosystem development for youth players as well as professional, elite players. A lot of our programs are youth-focused and focus on scouting talent for Egypt’s national team and for our sporting programs. I’m also responsible for our relationship with current and potential media and merchandise partners, as well as everything related to social responsibility.

The NBA first came to Africa in 2010 and set up an office in South Africa as part of its global expansion. Then in 2019, the NBA decided to officially launch NBA Africa as a company with a market value of almost USD 1 bn, focusing on developing the ecosystem and improving programs in Africa, scouting talent, and growing the business in terms of sponsorships and marketing.

Operating in Africa comes with a list of challenges. The main challenges are the lack of accessibility for the game, the insufficient number of players and participants, as well as the general lack of resources and infrastructure in Africa as a whole. We lack the arenas, the courts, the basketballs — all the tools and equipment needed for the game. We’re also very much a football continent, in terms of both viewership and fans as well as players. Our mission is to try to increase the fandom and interest in the game as well.

Egypt is a little different: The ecosystem is there, the infrastructure is developed, the tools to increase the number of players are there. What remains is the awareness, the fandom, and the love for the game — that’s what we’re trying to work on by making the game more popular, and making it more accessible for people. NBA Egypt is also the only office in North Africa and the only one for Arab-speaking African countries. In that sense, it can function as the hub for Arab-speaking countries in the continent.

We recently started a league in West Cairo that’s specifically for non-registered players — so, anyone who wants to play basketball. We received around 1.6k requests for participation and we found a lot of talented players that the big clubs are now trying to sign. We also started Egypt’s first junior NBA tournament in schools with participation from 17 schools. We’re trying to increase the number of talented players that ultimately can join the national team, clubs, and our programs. We would love to see another Mo Salah, but in basketball.

First thing I do in the morning is go to the gym. I do that three days a week, right before I go to work. I think it’s essential to stay in shape and to mentally prepare for the day’s work. Once I’m at my desk, I start catching up on all the news — with EnterpriseAM being one of my main sources of information.

The one constant in my workday is watching NBA highlights the second I’m in the office. I also regularly read articles about the technical side of the game. The other constant, of course, is my family. The most important thing for me is the late night chats with my children before bed time.

There’s a saying that goes “if you do what you love, you’ll never work a day in your life.” I’m doing the thing that I’ve been loving since I was 12, almost 40 years ago. For me, it’s never a work day — I’m chasing my dreams. It’s been incredible joining the NBA and it never feels like work. More importantly, my whole family is also involved in basketball. My two kids are players in the national team and my wife is following suit — we all talk about basketball, both as a business and as a career path for my children. In that sense, the work-life balance is almost automatic.

On a personal level, I hope I can see my children play in the Olympic games, representing Egypt — hopefully in the 2028 or the 2032 games. They’re very keen on improving and playing for the national team on a professional level. Professionally speaking, I want basketball to become the most popular sport in the world. Our dream is that when a kid sees a ball, instead of kicking the ball, they would dribble it instead.

I’d recommend three books — two on business and one about basketball. Blue Ocean Strategy and Good to Great are two of my favorite business books. I’d also recommend Eleven Rings by the legendary Phil Jackson. I also recommend watching The Last Dance, a documentary following basketball legend Michael Jordan’s final season.

I also highly recommend people watch the NBA Africa-produced docu-series Born andBred, which follows our players in the NBA academy across the continent. Last year, it had an episode all about Seifeldin Hendawy, one of the most talented Egyptian players. It’s available to watch on the NBA website for free.

My favorite quote, which comes from Michael Jordan, is “A failure is not always a mistake. It may simply be the best one can do under the circumstances. The real mistake is to stop trying.” It’s something I try to live by everyday.

CALENDAR

2024

JUNE

15-20 June (Saturday-Thursday): Eid El Adha (national holiday).

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

30 June (Sunday): June 30 Revolution Day (national holiday).

JULY

2-3 July (Tuesday-Wednesday): Aswan Forum for Sustainable Peace and Development, Cairo, Egypt.

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

10-11 July (Wednesday-Thursday): The Japan-Arab Economic Forum, Tokyo.

16-17 July (Tuesday-Wednesday): The Egypt Mining Forum, Cairo, Egypt.

18 July (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

23 July (Tuesday): Revolution Day (national holiday).

AUGUST

4-5 August (Monday-Tuesday): Egypt Expat Forum.

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.

13-17 October (Sunday-Thursday): Cairo Water Week, Water and Climate: Building Resilient Communities, Cairo, Egypt.

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

NOVEMBER

4-8 November (Monday-Friday): World Urban Forum, Cairo, Egypt.

21 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

DECEMBER

26 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

EVENTS WITH NO SET DATE

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.

3Q 2024: Egyptian-Armenian Joint Committee.

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.

End of 2024: Shalateen Mining Company to launch a gold exploration tender in the Eastern Desert.

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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China’s Cosco Shipping to invest USD 375 mn in Egypt in 2024. PLUS: AD Ports to take over three tourism terminals, Taba Maritime Port construction to start 2024 or 2025

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World Bank maintains Egypt’s growth forecast + shares forecast for FY 25-26

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No blackouts during the Eid break?

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Foreign investors are back to loving Egypt’s once-unloved local debt

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EBRD mull funding Masdar-Infinity wind farm. PLUS: Simplex to open new factory, USAID + Banque Misr

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US inflation slips in May, boosting hopes of more rate cuts this year despite policymakers signaling one rate cut

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Mohamed Abdel Motaleb, VP of NBA Africa and head of NBA Egypt

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