Egypt hikes car fuel prices by up to 15%

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What We're Tracking Today

Foreign investments in Egypt’s t-bills were up in April

Good morning, friends. We have a packed issue for you this morning, led by fuel price hikes and a whole lot of oil and gas updates.

DATA POINT-

Foreign investors continue to love local debt: Foreign investments in Egypt’s t-bills stood at USD 35.2 bn (EGP 1.70 tn) by the end of April, up from USD 32.0 bn (EGP 1.54 tn) in March, the according to the central bank’s Monthly Statistical Bulletin (pdf).

Remember: Investors have been loving Egypt’s short-term debt instruments post-float and their confidence was affirmed after the likes of JPMorgan and Citigroup recommended buying one-year EGP t-bills.

HAPPENING TOMORROW-

The third review of our IMF loan: The IMF Executive Board is scheduled to discuss the third review of our USD 8 bn loan program, which the Fund pushed back from an earlier date of 10 July to “finalize some details.”

Remember: The greenlight from the board will see the Fund disburse a fresh USD 820 tranche into the state coffers and will allow Egypt to apply for an additional USD 1.2 bn in climate finance. Egypt and the IMF reached a staff-level agreement on the third review early last month.

FinMin assures IMF of its commitment: Finance Minister Ahmed Kouchouk asserted Egypt’s commitment to economic reforms in a meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the G20 meetings in Brazil over the weekend, according to a statement. The government is committed to achieving financial discipline to lower the country’s debt-to-GDP ratio whilst ramping up spending on education, health, and social protection, he said, outlining the measure that would be taken to boost private investment and attract FDI.

HAPPENING THIS WEEK-

Top US officials are coming to the region: US CIA director William Burns and Joe Biden’s top Middle East advisor Brett McGurk “will likely” travel to the region this week to discuss ceasefire efforts with Egyptian, Qatari, and Israeli officials, Axios reported Wednesday. Burns is expected to meet with Israeli, Qatari, and Egyptian officials — including intelligence chief Abbas Kamel — in Rome today.

As things stand: Israel has thrown another wrench into ceasefire talks after stipulating that Palestinians returning to Gaza’s north should be vetted before being allowed to return to their homes, sources told Reuters. This comes amid persistent claims that Israeli Prime Minister Benjamin Netanyahu has been stalling a ceasefire agreement in order to protect his fragile political coalition.

Meanwhile, Netanyahu has wrapped up his trip to Washington having received both a warm welcome from the US Congress and clear signals from both US presidential hopefuls that the time to end the country’s assault on Gaza has come.

PSA-

WEATHER- It is quite warm in Cairo today, with a high of 35°C and a low of 25°C, according to our favorite weather app.

It feels pretty much the same in Alexandria, with a high of 32°C and a low of 25°C.

And for our friends in Sahel, strong wind will keep waves high throughout the day, according to the Egyptian Meteorological Authority.

** 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.

THE BIG STORY ABROAD-

It’s a mixed bag on global front pages this morning with no single story capturing the attention of the business press.

#1- Harris wants the votes of crypto bros: US Vice President and Democratic candidate Kamala Harris’s campaign advisers have contacted a number of crypto firms to attempt to “reset” relations between the party and the crypto sector at large, as the Harris campaign looks to mend relations with the industry following its criticism of the Biden administration, Financial Times reports, citing four people familiar with the matter. Harris’s embrace of the industry comes as prominent crypto groups are largely expected to be an important source for funding in the upcoming US presidential elections.

The sector already has a favorite candidate: Republican nominee Donald Trump enjoys a high level of support from the crypto industry — he was the keynote speaker at the BTC 2024 gathering, where he promised to fire the head of the US Securities and Exchange Commission if he returns to the White House.

Silicon Valley grandees including Andreessen Horowitz’s namesake partners have also lined up behind Trump, the Verge notes.

#2- An odd remark from Trump raises eyebrows: The Republican candidate told attendees during a conservative Christian event that they “don't have to vote again” if they vote for him in November. He promised to “fix” all Christian-related concerns if he secures a second term so that Chritians will not need to be politically engaged again.

#3- New UK Finance Minister Racher Reeves is promising the most “pro-growth, pro-business” treasury that the country has seen to date.

#4- The 2024 Paris Olympics are in full swing: China secured the first gold medals of the 2024 Paris Olympics in mixed air rifle shooting and women synchronized diving. Australia currently leads the medal table with three gold and two silver medals. Stay up to date with who secured what with Bloomberg’s tracker.

TEAM EGYPT- Egypt was one step away from its first medal yesterday before Ziad El Sisi lost the third-place match in the sabre fencing competition to Italian veteran Luigi Samele. Additionally, Mohamed Amer was eliminated in the quarterfinals of the same competition after a strong match against Samele. El Sisi and Amer, along with Adham Moataz, still have the chance to secure a medal in the team competition later this week when Egypt clashes against France at 2:30 pm on Wednesday.

You can follow Team Egypt through this schedule or by heading over to our Enterprise Guide.

#5- Big tech sell-off: The S&P 500 and the Nasdaq both saw their biggest single day falls since 2022 last Wednesday, falling 2.3% and 3.6%, respectively, as investors sell off shares in major tech players like Nvidia, Alphabet, Microsoft, and Apple. Recent earnings reports have sparked concerns over whether “the euphoria about artificial intelligence had run too far,” derailing the market rally that kept pushing indexes to fresh record highs, Bloomberg reports.

Aquaman is an exhilarating open water swimming competition set in the breathtaking surroundings of Somabay, Egypt, from 24 to 26 October. With six diverse races catering to various skill levels, it presents a thrilling challenge for swimmers of all ages. International participants can benefit from exclusive promo codes, while Egyptian swimmers can conveniently register in EGP. Join us for a world-class event that celebrates the spirit of competition and aquatic excellence. Register now.

Egypt hikes car fuel prices by up to 15%

Your fuel bill went up again: The Madbouly government raised fuel prices over the long weekend, according to decisions published in the Official Gazette. Fuel prices increased by 10-15% as of last Thursday.

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

Here's a breakdown of the new prices:

95-Octane is EGP 15 per liter, up 11% from EGP 13.50;
92-Octane is EGP 13.75 per liter, up 10% from EGP 12.50;
80-Octane is EGP 12.25 per liter, up 11% from EGP 11.0;
Diesel prices rose by 15% to EGP 11.50 per liter from EGP 10.0;
The price of kerosene oil also rose by 15% to EGP 11.50 per liter.

Industrial mazut prices also got a bump: The price of mazut for most industries increased to EGP 8.5k per ton, up 13.3% from EGP 7.5k previously. The government has kept mazut prices stable for electricity generation and food industries, according to the Official Gazette.

This marks the second fuel price hike in 2024: The move comes just four months after the last price hike in March, which saw petrol prices rise 8-10% and diesel prices jump by 21.2%.

We saw it coming: We’ve been anticipating fuel and electricity price hikes for months now, especially after Prime Minister Moustafa Madbouly signaled that the state was looking to “restore balance” between cost of production and end price by the close of 2025.

The rationale: The EGP float in March, rising global Brent crude prices due to the ongoing war in Ukraine, and regional tension that have driven up shipping fees and ins. costs have all contributed to inflated costs across all petroleum products, whether exported or locally produced, Oil Ministry spokesperson Hamdi Abdel Aziz told MP and TV presenter Mostafa Bakry (watch, runtime: 6:40). “For example, the cost of producing diesel is around EGP 19 a liter and prior to the hikes, it was sold at EGP 10," Abdel Aziz said, adding that the state has been spending some EGP 400 mn a day on diesel subsidies and about EGP 90 mn on octane subsidies.

Fuel hikes have also been a key talking point with the IMF, which is thought to have pushed back its executive board’s discussions of the third review of our USD 8 bn loan program to tomorrow from early July to see how the newly sworn-in government will approach trimming fuel subsidies.

DATA POINT- This latest increase of fuel prices should save the state some EGP 36 bn (c. USD 745 mn) during the current fiscal year, unnamed government officials told Asharq Business.

The hike could trigger an inflationary wave: Economists and analysts anticipate that fuel price hikes will contribute to inflationary pressures in the coming months, with Capital Economics saying earlier this month that “increases to electricity and fuel prices [will present] upside risks in the coming months.” Ramona Moubarak, Fitch Solutions' director of MENA country risk, echoed the sentiment, saying that slashing fuel subsidies is bound to “keep inflation sticky in the coming months.”

Maybe not: “The hike was expected and taken into account when making our inflation forecasts for the short term,” EFG Hermes’ Mohamed Abu Basha told us, adding that he sees inflation falling to 23-24% by December and 15% by February.

Remember: Annual headline inflation cooled for the fourth consecutive month in June, hitting a 17-month low of 27.5% in urban areas, down from 28.1% in May. This came despite fears of renewed inflationary pressures following a historic increase in subsidized bread prices.

The news got attention from: Reuters and Bloomberg.

Fintech leader MNT-Halan expands into Turkey with acquisition of Tam Finans

MNT-Halan enters the Turkish market: Fintech leader MNT-Halan has fully acquired Turkish commercial finance company Tam Finans from Actera Group, according to a press release (pdf). The company did not disclose the terms of the transaction.

The upside: Tam Finans’ over USD 300 mn loan book provides MNT-Halan with a significant foothold in a market with 85 mn consumers and a low household debt-to-GDP ratio, offering significant growth potential for digital financial services in the coming period.

The plan: MNT aims to combine “Tam Finans’ credit models, distribution capabilities, and management team with MNT Halan’s technology, customer-facing app, and financial muscle” in order to “complete the product offering and give greater confidence to all its stakeholders,” MNT-Halan founder and CEO Mounir Nakhla said.

ICYMI: MNT-Halan recently raised USD 157.7 mn in a funding round expected to bankroll the country’s international expansion plans. “While Egypt remains our primary market, we are committed to revolutionizing access to financial services through technology beyond Egypt’s borders,” Nakhla said at the time.

MNT’s second big buy this year: MNT-Halan acquired Pakistani microfinance firm Advans Pakistan Microfinance Bank back in March.

Advisors: Maatouk Bassiouny & Hennawy, Esin Attorney Partnership, and Van Campen Liem were MNT’s legal advisors. Clifford Chance was the seller’s legal advisor. PwC was financial and commercial advisors to the buyer and Boston Consulting Group (BCG) was financial and commercial advisors to the seller.

Beltone Mortgage goes digital as it looks to capture a quarter of the market share by year’s end

Beltone Mortgage’s ambitious first year on the market: With less than a year behind us following its launch in 4Q 2023, Beltone Mortgage has already snapped up a sizable market share, which it plans to grow to no less than 25% by the end of the year. We spoke with CEO Hassan Abdelnabi (LinkedIn) to catch up on the company’s ventures since our last chat in November.

The offering: Beltone Mortgage offers home mortgage loans, financing for commercial properties through flexible loan options and asset refinancing. The company also manages lease-to-own purchases, according to a company statement (pdf).

Off to a good start: Beltone Holding’s mortgage finance arm currently ranks second in the mortgage finance market in terms of bookings and market share, which stood at EGP 2.6 bn and 22.5% at the end of 1H 2024, respectively, Abdelnabi told us.

In numbers: The company has provided some EGP 2.6 bn in real estate financing to over 1k clients since it kicked off operations.

The latest from the company: It launched a mobile application over the weekend and has plans to launch the second and third versions of the app over the coming months, Abdelnabi said. The app will enable clients to submit documents, receive pre-approvals, and check their dues and balances online. The only part of the process that will require face-to-face interaction is contract signing, he explained. The app is available on both App Store and Google Play.

The company’s edge? “Financing is disbursed within three working days of document submission, the fastest turnaround time of any player in the market,” Abdelnabi said.

Overseas expansion on the cards: The company plans to expand its operations overseas, potentially in Europe or the GCC, by 3Q 2025, Abdelnabi said.

“I think 2025 will be a good year for the mortgage finance market because we’re set to see a correction in interest rates,” Abdelnabi said, adding that a decline in rates will significantly stimulate the sector. “The corridor rate went up by about 8 ppts last year. It was a big hit for everyone in the lending industry, not just the mortgage finance sector.”

Room for growth: “The ability to extend mortgage finance for units that are under construction would greatly advance the industry and that’s something I’m hoping to see soon,” Abdelnabi said. The local mortgage market only offers financing for move-in-ready units. While the Financial Regulatory Authority permits players to finance units that are under construction, they can only secure financing for move-in-ready units under the central bank’s rules, he explained.

El Araby inks USD 50 mn agreement with Sharp to produce fridges and freezers

El Araby to partner with Sharp on fridge and freezer manufacturing: El Araby Group and Japan’s Sharp will set up a USD 50 mn factory for the manufacture of refrigerators and deep freezers, under a newly-inked partnership agreement, according to a cabinet statement.

The two sides will set up a joint venture — dubbed Horizon for Home Appliances Manufacturing Co. — that aims to sell some 500k refrigerators locally in 2027, Sharp said in a statement. Sharp will own 20% of the venture and El Araby will own the remaining 80%.

The details: The companies will break ground on the factory in 1Q 2025, while manufacturing is expected to begin in 1Q 2026. The factory will have a production capacity of 400k units a year, during its first year of operations, and provide some 1.5k jobs. The factory will be set up in the Quweisna zone, previously known as the Mubarak Industrial Zone — where the two sides alongside a number of other partners are setting up a USD 500 mn industrial complex.

All part of the plan: The new factory adds to a string of investments in factories and production lines by El Araby, including a USD 40 mn air conditioning compressor factory in partnership with Taiwan’s Rechi and a bid to locally manufacture CPE-VDSL routers. “The strategy of the El Araby Group in the current period is to localize global technology and export it to countries worldwide in order to make Egypt a global center of manufacturing household and electronic appliances,” chairman Ibrahim El Araby said.

Decades of partnerships: Sharp first partnered up with El Araby in 2004, “when the two companies began jointly working on air conditioner technologies, manufacturing, and sales.”

Eni to boost Egypt's energy hub status amid domestic challenges

Eni to export EastMed gas through Egyptian facilities: Italian energy giant Eni will leverage Egypt’s position as a regional energy hub to export gas produced in Eni’s fields throughout the whole Eastern Mediterranean through Egyptian facilities, this came during discussions between company representatives and Oil Minister Karim Badawi.

More love from Eni: The company also agreed to ramp up its exploration and development activities locally and increase the number of operational rigs in its concessions in Egypt.

Remember: Earlier this month, it was revealed that the oil giant has plans to drill two new wells in the Zohr field in 2H 2025 with investments of USD 160 mn. This coincided with news that the government had cleared USD 1.3 bn worth of arrears to foreign oil and gas companies operating in the country at the end of June.

IN CONTEXT-

This comes as Egypt faces domestic energy challenges: Egypt has been struggling with electricity shortages, partly due to declining domestic natural gas production since 4Q 2021, according to Capital Economics. This decline, coupled with rising electricity consumption and higher average temperatures, has forced Egypt to increase gas imports, shifting the country from a net energy exporter to an importer.

Importing more gas has strained the current account: Egypt's current account deficit widened by 225% y-o-y to USD 17.1 bn in the first nine months of FY 2023-24. Capital Economics partially blamed an increased energy imports for the widening deficit. The situation has been exacerbated by less secure gas imports, with the large share coming from Israel disrupted by its war on Gaza.

Long-term solutions are needed: While increased exploration and production could provide short-term relief, Egypt is also looking to accelerate its shift to renewable energy sources. Prime Minister Moustafa Madbouly recently pointed to plans to accelerate this transition to reduce energy security vulnerabilities. Currently, renewables make up just 11% of Egypt's energy sources, according to Capital Economics.

The renewables challenge: The government aims to raise the share of renewables in its energy mix to 42% by 2035 — a goal that carries an extremely high price tag. World Bank estimates indicate that it would cost Egypt USD 52 bn (13% of annual GDP) to meet this goal, as well as an additional USD 60 bn to continue at this pace until 2050. Aiming for zero emissions by 2050 would require additional investments of USD 96 bn, making for a total price tag of USD 209 bn.

The way forward: More foreign investment and international assistance will be needed to chip away at this funding gap. Egypt stands to be able to access USD 1.2 bn in green financing from the IMF Resilience and Sustainability Facility should we successfully pass the third review of our current IMF program. Green bonds have a role to play in financing the green transition as well, with officials suggesting in 2023 that issuances could reach USD 3-5 bn by 2028.

A slew of investments aimed at ramping up oil production

A whole lot of oil investments: Four companies have plans to pump mns of USD into oil production through well-drilling and well-rehabilitation, according to an Oil Ministry statement.

#1- GUPCO to dig up oil from Safa and Al Wasl fields: The Gulf of Suez Petroleum Company (GUPCO) plans to invest some USD 226 mn to drill five development wells in the North Safa and Al Wasl fields, according to a separate statement. The company plans to up its daily production to 15k barrels a day during the second half of 2025.

#2- Belayim Petroleum Company (Petrobel) plans to drill two new wells in the South Feiran and A-8 areas — the company is currently mulling 14 exploration options with reserves totalling 55 mn barrels. Petrobel is also focusing on developing unconventional reservoirs with estimated reserves of 10.5 mn barrels.

#3- Suez Oil Company's expansion: Suez Oil Company (SUCO) aims to double its production during the second quarter of the current fiscal year through well rehabilitation and development drilling. The company also plans to expand outside its current development area.

#4- OSOCO's ambitious drilling plans: Offshore Shukeir Oil Company (OSOCO) plans to drill four exploratory wells over the next three fiscal years, expecting to raise its average production to 8.5k bpd by the end of fiscal year 2026-27.

On pricier fuel and potatoes

A number of stories got attention on the airwaves over the weekend, with the fuel price hike leading the conversation.

Don’t blame the fuel pricing committee for the latest price hike, as it was put forth by specialists from the oil and finance ministries based on the price of Brent crude and global market trends, Oil Ministry spokesperson Hamdi Abdel Aziz told Yahduth Fi Masr’s Sherif Amer (watch, runtime: 3:36 | 3:07 | 2:12). We have the full story in the news well, above.

Potato prices have soared to record highs, reaching EGP 28-30 per kg, vice president of the Federation of Egyptian Chambers of Commerce’s vegetables division Hatem El Naguib told Yahduth Fi Masr’s Sherif Amer (watch, runtime: 4:56). “There is a significant gap between supply and demand in the market, which is expected to last until November with the start of the new harvest season,” El Naguib said. He pointed to the need to introduce potato export restrictions, which could reduce prices to EGP 20-23 per kg. Farmers’ Syndicate head Hussein Abu Saddam told Amer (watch, runtime: 6:40) that the issue stems from a shortage of potato seeds.

ALSO- A massive fire broke out in a clothing warehouse in Attaba on Friday. The fire lasted for 18 hours and resulted in one death, multiple injuries, and mns of EGP in damages. Salat El Tahrir had the story (watch, runtime: 10:35).

Egypt’s cabinet approves decision to cut down on electricity theft

CABINET WATCH-

To cut down on electricity theft: Electricity distribution companies will now be able to install coded meters in buildings illegally drawing electricity until the building either legalizes its status or demolished, according to a cabinet statement. The move comes as the government works to reduce energy consumption by 18% by 2035 through a raft of measures that include developing the grid, promoting the use of energy-saving appliances, and putting an end to electricity theft.

AND- Tampere University is coming to Egypt: The cabinet has authorized Alexandria University to contract with the Egyptian-Finnish Company for Educational Facilities and Services to utilize a 20-feddan plot of land and existing building in Alexandria’s Borg El Arab to establish a local branch of Finland’s Tampere University.

DEBT-

#1- CIB introduces SME sustainability lending: CIB — in collaboration with the German development agency GIZ and the Frankfurt School of Finance and Management — has rolled out a new SME financing product tailored to boost sustainable development, according to a press release (pdf). The new lending product focuses on the textile, plastics, and F&B sectors, offering SMEs operating in these sectors incentives from international development finance institutions, short- and medium-term loans with repayment terms of up to five years, and specialized consultations with CIB experts on local and global market conditions.

#2- Tanmeyah secures credit facility: EFG Holding’s microfinance subsidiary Tanmeyah inked a EGP 500 mn credit facility agreement with state-owned lender Banque Misr, according to a press release (pdf). The facility will be extended to individuals and small business owners via short- and medium-term loans at low rates and on favorable terms.

Vanguard worries US regulators could put caps on the stakes passive funds take in banks and utilities

The world’s second-largest asset manager has warned investors that US regulators might start limiting the size of the stakes it takes in target companies, saying the cap could push up costs and risks, the Financial Times reports. Vanguard has AUM of c. USD 9.3 tn.

What ownership limits? The US has “long-standing but rarely enforced [10%] caps on individual bank and utility stock ownership … that normally trigger additional responsibilities,” the salmon-colored paper notes, “as long as they do not seek a management role.”

Vanguard apparently doesn’t want those extra responsibilities — if the regulator will even give it a waiver. Vanguard doesn’t want the extra expense and mental overhead, and regulators are under pressure from the left and the right to curb the influence of large passive investors such as Vanguard, BlackRock, and State Street Global Advisors, the paper warns.

What Vanguard is saying: “It is not always possible to secure relief, and there is an increasing amount of uncertainty around how much ownership limitations relief regulators will grant to asset managers like Vanguard,” it said. The fresh risks “make clear the potential negative consequences a loss of regulatory relief could have on fund expenses and performance as well as the potential tax consequences for investors,” it said. Vanguard said it was working with policymakers “to answer questions, address concerns and minimize these risks.”

MEANWHILE- Major US and European benchmarks had good days on Friday, just 24 hours after Wall Street posted one of its worst days since 2022 amid a big sell-down of tech stocks as investors worry the hype over AI might be overblown.

EGX30	29,091	-0.4% (YTD: +16.9%)
USD (CBE)	Buy 48.29	Sell 48.42
USD (CIB)	Buy 48.29	Sell 48.39
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,026	-0.6% (YTD: +0.5%)
ADX	9,318	+0.2% (YTD: -2.7%)
DFM	4,280	+1.0% (YTD: +5.4%)
S&P 500	5,459	+1.1% (YTD: +14.5%)
FTSE 100	8,286	+1.2% (YTD: +7.1%)
Euro Stoxx 50	4,863	+1.1% (YTD: +7.5%)
Brent crude	USD 81.13	-1.5%
Natural gas (Nymex)	USD 2.01	-1.7%
Gold	USD 2,428	+1.2%
BTC	USD 67,743	+0.6% (YTD: +58.3%)

THE CLOSING BELL-

The EGX30 fell 0.4% at Wednesday’s close on turnover of EGP 3.8 bn (3% below the 90-day average). Local investors were the sole net sellers. The index is up 16.9% YTD.

In the green: Eastern Company (+3.2%), Juhayna (+1.6%), and Qalaa Holdings (+1.4%).

In the red: Orascom Development (-4.3%), GB Corp (-3.0%), and e-Finance (-2.6%).

CALENDAR

2024

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.

25-28 September (Wednesday-Saturday): Cityscape Egypt, Egypt International Exhibition Center, Cairo.

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.

12-15 November (Tuesday-Friday): Arab African Investment and International Cooperation Summit, Aswan, 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

2H 2024: Gov’t to launch the Cairo Ring Road BRT buses.

3Q 2024: Egyptian-Armenian Joint Committee.

September 2024: Turkish-Egyptian Business Council meeting in Turkey.

September 2024: US-Egypt Strategic Dialogue, Cairo.

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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Egypt hikes car fuel prices by up to 15%

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Foreign investments in Egypt’s t-bills were up in April

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Egypt hikes car fuel prices by up to 15%

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Fintech leader MNT-Halan expands into Turkey with acquisition of Tam Finans

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Beltone Mortgage goes digital as it looks to capture a quarter of the market share by year’s end

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El Araby inks USD 50 mn agreement with Sharp to produce fridges and freezers

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Eni to boost Egypt's energy hub status amid domestic challenges

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A slew of investments aimed at ramping up oil production

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On pricier fuel and potatoes

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Egypt’s cabinet approves decision to cut down on electricity theft

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Vanguard worries US regulators could put caps on the stakes passive funds take in banks and utilities

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