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Foreign reserves up in June to all-time high of USD 46.4 bn

1

What We're Tracking Today

Madbouly heads to the house to deliver new government’s policy statement

Good morning, friends. It’s another calm day in local and international business news — but calm doesn’t mean unimportant as we’ve got some important stories for you to read through this morning.

In today’s issue, we’ve got more encouraging news from the country’s central bank as FX researches an all-time yet again, reports that QIB may be out of the running for United Bank, and much, much more. Let’s jump right in.

BUT FIRST- 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.

HAPPENING TODAY-

#1- Prime Minister Mostafa Madbouly will deliver his new government’s policy statement to the House of Representatives today, with all of the country’s 30 ministers present. After Madbouly delivers his policy statement, a parliamentary committee will then review and discuss the statement in detail, before putting it up for a vote by MPs within ten days.


#2- Electra’s Elsewedy Electric share purchase wraps up today after the Financial Regulatory Authority agreed to extend the purchase deadline by a day, according to a statement (pdf) from the authority. Elsewedy Electric shareholders will have until the end of trading today to respond to the Abu Dhabi-based electrical equipment manufacturer’s offer to acquire up to 24.5% of Elsewedy Electric at USD 1.05 a share. The buyer wants to acquire at least 15% of Elsewedy Electric — which is over 76% collectively owned by the Elsewedy family — to execute the offer.

HAPPENING TOMORROW-

Retail and institutional investors can start lining up for a piece of Act Financial starting tomorrow: The company is offering some 32% of its shares — 360 mn shares — in what will be the first IPO the EGX sees in a year. The subscription period for retail investors is set to take place between 9-23 July, while institutional investors will get a chance to subscribe between 9-18 July. The company aims to raise around EGP 1.04 bn through the offering.

Already lining up: Two Gulf-based banks and one local bank are looking to purchase an undisclosed stake in Act Financial during the subscription period, unnamed sources told Al Mal.

PSA-

The EGX is also getting a long weekend: The EGX will be off on Thursday, 11 July in observance of the Islamic New Year, according to a bulletin by the bourse. Banks and public and private sector workers will also be off for the day, the prime minister and the central bank announced last week.


WEATHER- It’s much the same in Cairo today, with a high of 36°C and a low of 26°C, according to our favorite weather app.

It’s heating up a little in Alexandria and the North Coast, with a high of 32°C and a low of 23°C.

WATCH THIS SPACE-

#1- Nafeza operator says it is running “24/7” and has nothing to do with a reported buildup of passenger cars in the nation’s ports. Both the Nefeza digital customs window and the Advance Cargo Information (ACI) systems have been "fully operational and functioning 24/7" and are not responsible for what an industry group claims is a backlog of imported vehicles in the nation's ports, says Misr Technology Services Company (MTS), the firm that built and operates the systems.

MTS was reacting to an Al Arabiya interview with auto industry figure Alaa El Sabaa, who said a prolonged service outage at Nafeza was behind a buildup in inventory at ports. We picked up the Al Arabiya interview on 25 June and have since updated our story to reflect MTS’ statement to us.


#2- Fertilizer companies look to defer loan payments amid production cuts triggered by repeated halts in production due to unstable natural gas supplies amid nationwide shortages, a number of unnamed sources in the banking sector told Al Shorouk. An unnamed official from a state bank told the outlet that some banks may be open to pushing back loan payments.

It’s not only the fertilizer industry suffering from gas shortages: In our weekly vertical exploring all things industry and manufacturing, we looked at the ceramics sector — the latest casualty of the gas shortage. Check out the story here.

THE BIG STORY ABROAD-

There’s no sign that politics will leave the front pages of the global business press anytime soon:

France won’t have a far-right government: The country’s centrist and left-wing parties dealt a blow to the far-right Rassemblement National as the leftist Nouveau Front Populaire took the most seats in parliament in voting yesterday. Anti-RN parties got their act together and strategically withdrew candidates so as not to split the vote. They now start a delicate dance: figuring out how to put together a government, a process that could take weeks.

The state of play at dispatch time this morning:

  • Nouveau Front — 180
  • Ensemble — 159
  • Rassemblement National — 143
  • Others — 95

Want more? Bloomberg is liveblogging what the elections mean for business and markets, the New York Times is also covering it live, and French business daily Les Echos says President Emmanuel Macron will give himself plenty of time before deciding what to do next. His party came second behind the Nouveau Front Populaire.

What’s next? Le Monde has an explainer.

In the US: More senior Democrats are calling on Joe Biden to abandon his bid for re-election.

In Iran: President-elect Masoud Pezeshkian, a reformer and heart surgeon, will be eager to end Iran’s nuclear stalemate with the west, the Financial Times notes.

Get ready for a busy week packed with more politics — and the start of 2Q earnings season:

  • New UK Prime Minister Keir Starmer will cross the Atlantic for a three-day meeting that starts tomorrow to mark Nato’s 75th birthday in Washington, DC;
  • Also tomorrow: Fed boss Jay Powell will testify before the Senate Banking Committee;
  • Oil market reports are due out on Wednesday (Opec) and Thursday (the IAE);
  • BNY Mellon, JPMorgan Chase, Citigroup, and Wells Fargo all report earnings on Friday

And so much sports: Football’s Copa America semi-final is on Wednesday (we’re hoping for Canada to make it to the finals, obviously). Wimbledon will see the women’s final on Saturday and the men’s on Sunday. And the Euro 2024 final takes place Sunday.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We speak with officials from the UK’s British Council, Germany’s Goethe-Institut, and France’s Institut Français to learn more about their language programs.

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Economy

Egypt’s foreign reserves hit a fresh high of USD 46.4 bn in June

FX reserves reach new high: Net foreign reserves increased by USD 258 mn in June to just under USD 46.4 bn, surpassing the previous record high of USD 46.1 bn recorded in May, according to the Central Bank of Egypt.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

High after high: The new high recorded in June follows May’s figures that topped their pre-Covid peak of USD 45.5 bn after the final tranche of the Ras el Hekma funds landed in state coffers. The USD 20 bn tranche consisted of USD 14 bn in fresh inflows and USD 6 bn in the form of a previous UAE deposit at the central bank.

No signs of slowing down: Credit rating agency Fitch Ratings expects Egypt’s foreign currency reserves to reach USD 49.7 bn in the current fiscal year and USD 53.3 bn in the next, the agency said in May.

We have more incoming: The government has EUR 5 bn worth of concessional loans from the EU coming its way by 2027, with the first EUR 1 bn in macro-financial assistance set to land in state coffers during the second half of 2024. The World Bank has also earmarked USD 3 bn for the government over the next three years to support the government’s economic and structural reforms, social protection programs, and green transition, with the first USD 700 mn trance recently greenlit by the bank. In addition, the IMF is also yet to channel much of its recently expanded USD 8 bn loan program, with the lender’s Executive Board expected to soon approve the disbursal of a fresh USD 1.2 bn trance after Egypt and the IMF reached a staff-level agreement on the third review of the program early last month.

This publication is proudly sponsored by

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M&A WATCH

Qatar Islamic Bank backs out of acquisition offer for Egypt’s United Bank -report

QIB is out of the running for United Bank: The Qatar Islamic Bank (QIB) has backed out of the race to acquire Central Bank of Egypt-owned lender United Bank after the two parties failed to agree on a valuation for the bank, Shourouk News reports, citing an unnamed source it says is familiar with the matter. The Qatari bank submitted an offer of under USD 400 mn, the source added.

Remember: QIB and Kuwait Finance House (KFH) both completed their due diligence for United Bank in December. KFH has yet to submit an official offer for the bank.

How much is United Bank worth? Before the float of the EGP back in March, the transaction was set to reel in the USD equivalent of EGP 22 bn — pre-float that was the equivalent of USD 712 mn and at today’s exchange rate it’s the equivalent of USD 459 mn. Last year, the bank saw its net income rise 31% y-o-y to EGP 1.7 bn, while its assets saw a 19% y-o-y growth to record EGP 101 bn.

Years in the making: The central bank — which owns 99.9% of the bank — first announced its plan to sell the bank in 2017, but the Covid pandemic put the plans on ice. United Bank was also listed in the lineup of state companies and assets earmarked for privatization in the rebooted privatization program unveiled in February 2023.

ICYMI: Talks with Saudi Arabia’s Public Investment Fund to acquire the bank — reportedly for USD 600 mnfell through last year due to disagreements about how to value the lender amid exchange rate volatility, according to local media reports. The European Bank for Reconstruction and Development also voiced interest in acquiring stakes in the United Bank in addition to Banque du Caire.

A listing on the EGX? The central bank is looking into offering United Bank on the EGX, the source said.

4

DISPUTE WATCH

World Bank arbitration tribunal dismisses Emirati oil firm’s EGP 3 bn case against Egyptian government

Egypt did not breach its investment treaty in dispute with UAE oil company in EGP 3 bn claim: The World Bank’s International Center for the Settlement of Investment Disputes (ICSID) last week dismissed claims brought against the Egyptian government by UAE-based CTIP Oil & Gas Investment Limited, according to a statement from the State Lawsuits Authority (SLA). A second near-identical treaty claim on the same day brought forward by two CTIP investors with Canadian citizenship was also dismissed on the same day by a Paris-seated United Nations Commission on International Trade Law tribunal.

Good news for the public purse: The Emirati firm was looking to receive an EGP 3 bn — equivalent to USD 62.4 mn at current exchange rates– settlement from the government to make up for alleged damages filed by the company, according to the SLA. However, the Global Arbitration Review puts the figure much higher, reporting that the claimants were pushing for claims amounting to USD 190 mn.

The claims: The claimants in the two separate suits alleged that Egypt violated its obligations under bilateral investment treaties (BITs) between Egypt and the UAE and Canada, after a contract between CTIP subsidiary National Gas and the state-owned Egyptian General Petroleum Corporation (EGPC) was terminated by the EGPC. The 25-year contract inked in 1999 to build and operate a gas distribution network in Sharkia was terminated twenty years in 2019, leading to accusations Egypt had broken its BITs with the UAE and Canada, among other allegations, according to the Global Arbitration Review. The case has been before the international arbitration tribunals since 2019.

What they said: “This confirms the Egyptian state’s respect for all its international treaties and agreements, which encourages investors to invest in Egypt,” said States Lawsuit Authority Vice President Sameh Sayed Mahmoud.

Legal teams: The Egyptian state was represented by government lawyers and law firm Gaillard Banifatemi Shelbaya Disputes. CTIP and the two investors were represented by Freshfields Bruckhaus Deringer and Shahid Law.

5

LAST NIGHT’S TALK SHOWS

CIA Director Burns and an Israeli delegation’s upcoming arrival in Egypt for ceasefire talks dominated the airwaves

It was a diplomacy-heavy night on the airwaves yesterday, with the nation’s talking heads focusing in on a new round of Gaza ceasefire talks set to soon kick off in Cairo.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

A ceasefire is back on the negotiating table: “An Israeli delegation is set to arrive in Cairo within hours to continue the talks, with US CIA Director William Burns joining the negotiations in the coming days,” Lamees El Hadidi told her viewers (watch, runtime: 4:22) after an unnamed high-level government source revealed the news to Al Qahera News earlier in the day.

“Egyptian efforts have not stopped over the past weeks, despite the repeated stalling of negotiations,” El Hadidi said, explaining that “Cairo and Doha are spearheading a new round of negotiations aimed at reaching a ceasefire agreement in Gaza, as the Israeli assault on the Strip enters its tenth month” (watch, runtime: 7:18).

Israel is standing in the way of a potential agreement: “Hamas has shown flexibility on some agreement terms, while Israeli Prime Minister Benjamin Netanyahu continues to obstruct the negotiations and hint at prolonging the war,” Palestinian political science professor Ayman Al Raqab called in to tell El Hadidi in a phone interview.

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Also on our Radar

Azimut one step closer to launching shariah-compliant fund after getting FRA approval. PLUS: Neom, LRT, Adeer + Hassan Allam Properties + Melee Development

CAPITAL MARKETS-

Azimut’s shariah-compliant fund gets the regulatory green light: Asset manager Azimut received the greenlight from the Financial Regulatory Authority (FRA) to launch its shariah-compliant investment fund, dubbed in Arabic as its Furas Al Shariah fund, Azimut Managing Director Ahmed Abou El Saad told Al Mal. The fund will invest in stocks listed on the EGX’s newly-launched shariah-compliant index, but will not be tied to how the EGX33 weighs each company, El Saad added.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Customers will be able to invest the fund using Azimut’s upcoming trading app: The new fund will be the first product on offer via Azimut’s new electronic trading platform AZ Invest, which received the regulatory greenlight on Saturday.

Remember, asset managers are racing to become the first EGX33 fund, with CI Capital Asset Management announcing on the day of the index’s launch that it wants to be “the country’s first” fund investing in shariah-compliant stocks. Beltone also in the running and also aiming to launch the fund in the third quarter of the year.

INFRASTRUCTURE -

#1- Local real estate developer to partake in Libya’s reconstruction: Egyptian real estate developer and Organi Group subsidiary Neom will work on a number of projects in Libya under a number of agreements inked with Libya’s Fund for Reconstruction and Development, according to a statement from the fund. The planned projects will take place in Derna and cities in the Al Jabal Al Akhdar region of the country.


#2- New phase of LRT to commence soon: A consortium of Egyptian and Chinese companies will soon start work on the third phase of the electric light rail transit (LRT) project, with a total investment of USD 550 mn, Asharq Business reports, citing three anonymous government sources. Arab Contractors and Orascom Construction will join lead contractor AVIC International Holding Corporation from China to implement the project and the 20.4 km stretch third phase is expected to be finished in less than two years time, one of the sources told the outlet.

ENERGY-

Electricity Ministry arrears hit EGP 114 bn in May: Arrears owed by the Electricity Ministry to various government sectors rose to EGP 114 bn at the end of May, up from around EGP 100 bn in 1Q 2024, Asharq Business reports, citing an unnamed government official.

REAL ESTATE-

Adeer teams up with Hassan Alllam to build mixed-use development in the capital: Real estate company Adeer — a subsidiary of KSA’s Sumou Holding Group — inked an agreement with our friends at Hassan Allam Properties to develop a mixed-use development in the east of Cairo with an initial investment of USD 100-150 mn, Hapi Journal reports.

That wasn’t the only Adeer-inked agreement recently: The developer also partnered with local developer Melee Development in a strategic partnership to develop three clubs in Saudi Arabia, with investments totalling SAR 1 bn, Adeer CEO Bassel El Serafy told Asharq Business.

7

PLANET FINANCE

Geopolitical advisory is the new “in” thing for corporates and investors

The growing influence of geopolitics on investment-making globally is pushing companies to bring in political expertise amid an increasingly fragmented world, the Financial Times writes. Tensions in our part of the world, the Biden-Trump showdown, and a shift in leadership elsewhere is putting politics in the equation for investors.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Political consultancy is the new thing: Political experts are back in fashion on Wall Street and beyond: “Those people are in high demand,” global asset management firm AllianceBernstein CEO Seth Bernstein said. “Every Wall Street firm is bringing around people like that for [investors] to meet… there’s a profound [political] realignment happening, and it does spook the hell out of me.”

A hiring spree: Boutique investment bank Lazard was among the first firms taking the lead to integrate political advisory for clients seeking guidance on investment in regions including China. It set up a dedicated unit in 2022 that has since expanded and was being involved in Lazard’s asset management division and its financial advisory clients. “In the past, the impulse was to remove politics from corporate decision making,” Theodore Bunzel, who leads Lazard’s advisory unit, said. That approach is now unthinkable due to “tension between large, interconnected powers.” Goldman Sachs set up a similar unit last year.

So many “hot conflicts” here and there: “I don’t recall a time where there were so many hot conflicts that affected so many markets,” hedge fund co-founder Harvey Sawikin said.

Geopolitics is turning inflationary: “Over the past 20 or 30 years, [geopolitics] has been deflationary, created lower risk and made it easier to invest,” British-American investment group CEO Janus Henderson said. “Going forward it is the complete opposite: it is probably inflationary; it is probably going to create more risk; and it is going to make it harder to invest.”

MARKETS THIS MORNING-

Major Asian benchmarks are all in the red this morning, and futures point to selling pressure on Wall Street at today’s market open. Major European benchmarks, meanwhile, were in the green in overnight trading — the big exception being France, where CAC 40 futures are down slightly as the country looks forward to what some think could be weeks of horse trading to form a new government.

EGX30

28,602

+0.8% (YTD: +14.9%)

USD (CBE)

Buy 47.91

Sell 48.01

USD (CIB)

Buy 47.90

Sell 48.00

Interest rates (CBE)

27.25% deposit

28.25% lending

Tadawul

11,689

+0.3% (YTD: -2.3%)

ADX

9,139

+0.1% (YTD: -4.6%)

DFM

4,070

+0.1% (YTD: +0.3%)

S&P 500

5,567

+0.5% (YTD: +16.7%)

FTSE 100

8,204

-0.5% (YTD: +6.1%)

Euro Stoxx 50

4,979

-0.2% (YTD: +10.1%)

Brent crude

USD 86.54

-1.0%

Natural gas (Nymex)

USD 2.32

-4.1%

Gold

USD 2,398

+1.2%

BTC

USD 57,111.30

-1.5% (YTD: +35.5%)

THE CLOSING BELL-

The EGX30 rose 0.8% at yesterday’s close on turnover of EGP 3.8 bn (7.1% below the 90-day average). Local investors were the sole net buyers. The index is up 14.9% YTD.

In the green: EFG Holding (+8.1%), Palm Hills Development (+4.2%), and Fawry (+1.7%).

In the red: Abu Qir Fertilizers (-3.0%), AMOC (-2.2%), and Mopco (-1.8%).

8

BLACKBOARD

The lowdown on language programs at embassy-sponsored cultural institutes in Egypt - Part I

Language as soft power: Governments seek to promote and teach their language overseas as a way to wield soft power and cultural influence as well as to cultivate diplomatic and economic ties between nations. One way they do so is through embassy-associated cultural institutes, such as the UK’s British Council, Germany’s Goethe-Institut, and France’s Institut Français, all of which operate around the world, including in Egypt. Enterprise spoke to officials from all three institutes to find out why language instruction is an integral part of their mission, what sets them apart in the market, and what their business models look like.

Age-old organizations: The British Council has been in Egypt for 86 years, said Kevin McLaven, the organization’s MEA cluster and country lead for English teaching, adding that the Egypt office was their first global office. The Goethe-Institut’s Cairo and Alexandria offices — which are among the organization's earliest institutes established worldwide — are 66 and 65 years old, respectively, Nivin El Sioufy, head of the Language Department at the institute's Cairo office, told Enterprise. Meanwhile, the youngest of the bunch, the French Institute in Egypt, set up its Alexandria office in 1967 and Mounira headquarters in 1996.

Language is a springboard for cultural understanding: Teaching languages is perhaps the most fundamental pillar of what cultural institutes do. “Language is particularly important because it facilitates Goethe’s role of acting as a bridge between Egypt and Germany” by enabling both parties to communicate and offering students a tool to learn about Germany’s culture, said El Sioufy. “The purpose of the British Council has always been about fostering better communication, understanding, and collaboration across different cultures,” said McLaven. “It's virtually impossible to achieve those aims and objectives unless you're able to sit down together and have meaningful communication.”

Cultural institutes have a significant edge over smaller language centers: Unlike local language centers, cultural institutes stand out by providing access to certified language exams and qualifications. “The French Institute is an accredited source for international qualifications like the DELF and DALF diplomas or the TCF and TEF exams, which are required for emigration to Canada as well as studying in France. These aren’t available at any other language centers here,” said Nancy Ibrahim, the director of French Institute’s language center in Egypt’s Mounira office. The same goes for the British Council, which administers all GCSE and IGCSE exams across the country, and Goethe, which offers several exams based on the Common European Framework of Reference for Languages.

A holistic approach: Cultural institutes are able to provide students with a richer overall experience than smaller language centers through a wider, more holistic offering. All three institutes offer a host of cultural activities and support scholarships for students looking to study in their respective countries. “The French Institute offers a film screening every Monday, continuous exhibitions, a department for teaching Arabic to non-native speakers (usually French students), and many activities between French and Egyptian students that help both practice the language they’re learning,” said Ibrahim. “Because of our global presence, we're able to offer our students a lot more international exposure,” said McLaven. “We have programs for both adults and children where they can learn alongside people from other countries elsewhere in the world.”

Inclusivity matters: “Another thing that we pride ourselves very much on is being an inclusive education provider. Amongst our students, we have learners with disabilities and special needs,” said McLaven. “We will always do absolutely everything we can to accommodate those needs, understand from the individuals themselves what challenges they may face, and how our teachers can support them in overcoming some of those challenges.”

Egypt is a “super priority country” for the British Council, said McLaven. “It's the largest operation we have across the Middle East and Africa, however you look at it — in terms of number of staff, number of students, exam candidates, or the programs that we offer,” he added. This owes to a number of factors, including the country’s population size, its potential to be a significant global player, and its geopolitical importance, he explained. “Having a stable, prosperous, friendly nation in the region is hugely important” to the UK and has become “more so, sadly, in the past 12 months,” he said, alluding to instability in the region.

A bigger population translates to more demand: The programs that the British Council offers are pretty much standardized around the world. But there are some countries that maybe aren't able to offer the full range of those programs simply because they don't have the same demand that exists in Egypt, McLaven said. “I think the big difference here is that we just have very large numbers of students following those programs.”

Making a buck isn’t the ultimate goal: While all three organizations are not-for-profit, there is some variation in the way they fund their operations. Financial support from the German Foreign Ministry is Goethe’s main source of funding, covering about two-thirds of the institute’s expenses, while fees from German courses and exams cover the remainder, said El Sioufy. Conversely, the British Council generates most of its income from English courses and exams, said McLaven. Partnership agreements, contracts, philanthropy, and funding from the British government are also a major source of funding, according to the institute’s global 2022-2023 annual report (pdf). Honing in on the French Insitute’s language operations specifically, Ibrahim said that the language center is self-financed, using income from courses and exams to cover its expenses.

That’s not all: In part two, we’ll delve into how these institutes are growing their operations — opening up in more locations and offering customized courses and teacher training. We will also dive into the challenges that the institutes face, including economic headwinds and trouble sourcing the right teachers, and how they have evolved over the years.


Your top education stories for the week:

  • Egypt has a new Education Minister: Last week’s cabinet shuffle saw Mohamed Abdellatif replace Reda Hegazy as Egypt’s new education minister.
  • Some 15 Egyptian universities made it onto the 2024 CWTS Leiden Ranking: Suez Canal University and Helwan University have cracked into Leiden University’s Center for Science and Technology Studies (CWTS) ranking of global universities this year, bringing the total number of Egyptian universities on the list to 15. (Statement)
  • Al Ahly CIRA to develop four new international university models: Four universities will be established alongside global educational institutions from Canada, Switzerland, Germany, and the US under an agreement inked between Al Ahly CIRA and the Sovereign Fund of Egypt.

2024

JULY

9-18 July: Act Financial IPO subscription period for institutional investors.

9-23 July: Act Financial IPO subscription period for retail investors.

10 July (Wednesday): CBE and Capmas to publish inflation data for June.

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

11 July (Thursday): National holiday in observance of Islamic New Year.

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

3-5 September (Tuesday-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.

30 September (Monday): Ban on sugar exports expiration.

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

July 2025: The first operational trail of Egypt-KSA electricity interconnection line.

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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