Egypt inks agreement for second LNG floating regasification unit to dock starting 2H 2025

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What We're Tracking Today

EGP falls to lowest level since March float, passing EGP 50 mark against the greenback

Good morning, folks. We’re kicking off the week with important energy updates, IPOs of military-owned companies pencilled in for 1Q 2025, a not so welcome milestone for the EGP, and more in today’s issue. Let’s go.

PSA-

WEATHER- It’s another overcast day in Cairo today, with a high of 23°C, a low of 15°C, and the likelihood of heavy fog, according to our favorite weather app.

Over in a windy Alexandria, expect to see a high of 22°C and a low of 11°C.

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

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EGP WATCH-

The EGP fell to its lowest level on Thursday since March’s exchange rate liberalization, passing the EGP 50.00 mark against the greenback for those trying to buy up USD. The anticipated milestone follows steady declines in the EGP — as has been the case for many other world currencies — against a strengthening post-election greenback that is up more than 2% since the election on the Bloomberg Spot Dollar Index.

Some are pointing to the at least USD 500 mn worth of interbank USD transactions recorded Thursday as one of the reasons behind the currency’s depreciation, up from between USD 100-150 mn in previous days, as demand for the greenback rose on the back of the exit of foreign investors from investments in government debt, Al Arabiya reports, citing unnamed banking sources. The move was expected, according to the outlet’s sources, who told it that foreign investors are cashing in on their investments before the end of year and are expected to be back with an appetite for government debt in the first two months of next year.

EFG Hermes’ Mohamed Abu Basha seems to agree, telling Bloomberg that “we attribute the weakness mostly to seasonality.” Abu Basha explained that “it’s end of the year, where the bias is always for some FX weakness as traders and economic agents settle some positions, in addition to a global backdrop of USD strength,” he said.

The government has already been trying to calm nerves and provide context, with Prime Minister Moustafa Madbouly telling reporters at a recent presser that “it’s natural for this type of movement to occur, so we shouldn’t worry about temporary increases in the USD.” While reaffirming the country’s commitment to keeping a flexible exchange rate — in no small part a nod to the IMF and other international backers who will be closely watching the government to see how they will manage the situation — the prime minister explained that “the EGP is part of an existing global system, so it is natural for this type of movement to occur” and added that the EGP is likely to continue fluctuating within a 5% range in the near term.

On the topic of government debt, the central bank managed to sell only 6.2% of its target for year-long EGP-denominated bills and 18.0% of its six-month bills as investors demanded higher interest rates during the bank’s most recent auction on Thursday. The yield on year-long bills fell marginally by 0.001% to 26.240%, while six-month bills saw their yield rise 0.138% to 30.996%.

WATCH THIS SPACE-

#1- Wataneya and Safi named as among the up to four military companies to be offered up on the EGX, unnamed sources told Al Arabiya. The National Service Products Organization-owned filling station operator and bottled water company are reportedly currently being reevaluated ahead of a listing penciled in for 1Q 2025.

The news follows Prime Minister Moustafa Madbouly teasing last week that three to four military-owned companies were heading to the EGX, with the prime minister adding in his presser that the government will release its privatization plan for the coming period this week. The move to privatization via IPO also follows hot on the heels of the Central Bank of Egypt-owned United Bank’s retail tranche being oversubscribed 59x and its private placement covered 6x in an offering set to raise EGP 4.57 bn — possibly presenting a success story that the government may increasingly want to try to replicate.

The two companies have been on the privatization chopping block for at least fouryears, but efforts to directly sell shares of companies and featuring them on the Sovereign Fund of Egypt’s pre-IPO fund failed to materialize, despite attracting numerous suitors.

#2- Settle your dues or say goodbye to your plot: Industrial investors with overdue payments on allocated lands or units are urged to settle their dues promptly or risk losing their allocations, according to a statement by the General Authority for Industrial Development. Investors have the option to pay in installments by submitting 25% of the owed amount upfront and the remainder over six months, the statement reads, with bank checks required within 15 days.

HAPPENING TODAY-

It's the second and last day of the Doha Forum 2024 with Prime Minister Moustafa Madbouly and other top officials in attendance, according to a cabinet statement. Under this year's theme of The Innovation Imperative, the forum will host numerous heads of states, policymakers, private sector leaders, and more to take part in and listen to discussion and speeches — including our prime minister, who is listed as a speaker.

Madbouly is also set to meet with private and public sector figures from the Gulf nation, including Qatar’s Emir Sheikh Tamim bin Hamad Al Thani who he met yesterday on the sidelines of the conference to discuss increasing political, economic, and investment cooperation between the two nations, according to another statement from the cabinet.

IN THE SENTATE-

Senators will discuss and vote on a bill to legalize illegally obtained state-owned land over the next two days after reconvening after a two-week break. If passed, there will be a six-month period after the bill is written into law where individuals can submit a request to legally own or rent the land. Executive regulations will be out within a month of the Official Gazette announcing the new law.

CIRCLE YOUR CALENDAR-

The Finance Ministry will launch public consultations on its tax policy document in the first quarter of the next fiscal year, according to a statement by the ministry. The consultations will gather feedback from businesses and stakeholders as part of broader efforts to reshape fiscal policy, introduce new tax and customs relief packages, and bolster public-private partnerships.

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

KUDOS-

Valu was named as one of the region’s top four most innovative finance and fintech companies for the year by the Fast Company Middle East’s Most Innovative Companies 2024 list alongside Beehive, Binance, and Foodics. Fast Company gave the local fintech leader the title for "transforming fintech with diverse services” and pointed to its expansion into savings, investments, B2B solution, and payments. The business magazine also gave a nod to its “strategic partnerships across healthcare, real estate, and education,” along with the company’s technological advancements of having credit assessments aided by machine learning and an AI chatbot.

THE BIG STORY ABROAD-

The increasingly likely collapse of Bashar Al Assad’s regime dominates the digital front pages this morning, as insurgents push closer to Damascus after a lightning offensive that captured key cities, including the full capture of Homs in the early hours of the morning. The capital is now cut off from the regime’s strongholds along the coast and the rebels are continuing to encircle Damascus.

Egypt, Saudi Arabia, Qatar, Jordan, Iraq, Iran, Turkey, and Russia called on the warringparties to find a political solution in a joint statement after the nations’ foreign ministers met in Doha. Taking a decidedly different approach, President-elect Donald Trump took to X, stating, “The United States should have nothing to do with it. This is not our fight. Let it play out. Do not get involved.” (Wall Street Journal | Bloomberg | Financial Times | Reuters | Associated Press | New York Times | Guardian)

Also making headlines is South Korean President Yoon Suk Yeol narrowly avoiding being impeached for imposing martial law after lawmakers from his People Power Party staged a walkout during the parliamentary vote, preventing the opposition from reaching the two-thirds majority needed to remove him from office. Yoon still appears to be on the out, however, with the leader of his party telling reporters after the vote that the president would resign. (Wall Street Journal | Bloomberg | Financial Times | Reuters | New York Times | Guardian)

While in business news, Allianz has paused merger talks with asset manager Amundi over disagreements on structure and control, effectively halting plans to create what would have been a EUR 2.8 tn asset management giant. (Financial Times)

Egypt to lease second LNG floating regasification unit starting 2H 2025

It looks like the LNG regasification unit docked in Jordan may soon be heading to Ain Sokhna, following an agreement to lease a unit between US-based New Fortress Energy and Egyptian Natural Gas Holding Company (EGAS) starting in 2H 2025, covered in an Oil Ministry statement and report from Trade Winds. Although yet to be specified in any official communications from the two companies, earlier unconfirmed reports name the vessel as the Energos Eskimo that is currently docked in Jordan’s Aqaba Port and has been shared between the two countries under an agreement inked last year. The length or the cost of the lease are yet to be announced.

The regasification unit may be leaving Jordan, but it looks like the country will still be able to make use of the vessel. EGAS signed an agreement earlier last week with Jordan’s National Electric Power Company that will see Jordan share the use of one of Egypt's LNG storage and regasification units over the next two years. The agreement will enable Jordan to ensure it can process incoming shipments ahead of its fixed Aqaba LNG terminal slated for completion in 2026.

The unit will be the second terminal to be docked in Egypt, alongside Norwegian floating storage and regasification unit that docked in Ain Sokhna in June. The new unit will add a gasification capacity of 750 mn cf/d and have a storage capacity of 160k cbm to help the state keep pace with growing domestic demand for natural gas during peak periods, according to the ministry.

We’ve been on the lookout for news like this after a government source told EnterpriseAM last month that Egypt will begin leasing another floating storage regasification unit at the start of 2025 in a move aimed at expanding the country’s limited regasification capacity.

Limited capacity has been cited as a reason for the Oil Ministry pushing back LNG delivery dates, with our source telling us the ministry is in talks with suppliers to postpone LNG shipments from 4Q 2024 to 1Q 2025 on the back of limited regasification capacity and currently sufficient domestic supply of natural gas.

Global call center giant Foundever to increase investments to EUR 65 mn to expand Egypt operations

Foundever is looking to hire 5k Egyptians over the next four years as part of an expansion plan under an MoU with the Information Technology Industry Development Agency (ITIDA) that will see it increase its investments to EUR 65 mn to expand its two existing call centers in Cairo and launch a new center in Luxor set to open in 1H 2025, according to a statement by the CIT Ministry and press release (pdf) from ITIDA

Its expansion into Luxor — its first outside the capital — may just be the beginning, with “more locations [to] follow as we continue to grow and contribute to Egypt’s digital and economic development,” said Foundever’s multilingual region managing director, Benedita Miranda.

Digital exports are an important part of the government’s plan for the outsourcing industry, with the signing of this agreement and other recent agreements attended by senior officials to give their firm backing. Other recent agreements to push the sector include Deloitte’s launch of its Cairo innovation hub in October, which was described by CIT Minister Amr Talaat as part of the government’s attempts to increase digital exports and build a knowledge-based economy. The recent granting of licenses to seven firms to establish and operate call centers using voice over internet protocol — known in the industry as VoIP — and other tools was also described as part of a larger effort to make Egypt into a global outsourcing hub.

By the numbers: The government wants to see digital outsourcing services bring USD 9 bn into the economy annually as of 2026. Egypt’s digital exports brought in USD 6.2 bn in 2023, up 26.5% y-o-y from 2022. The figure includes outsourcing exports — think call centers and human resource centers — which accounted for over half of the digital exports in 2023, standing at USD 3.7 bn, up 54% y-o-y.

Egyptian telecom operators hike mobile and internet prices

Your home internet and mobile bill just got pricer: Telecom Egypt (WE) has hiked the price of home internet packages by up to 31% over the weekend and — alongside other network operators — increased the price of mobile packages as well, according to its website.

The breakdown of the new prices of the monthly home internet packages not including 14% VAT:

The 140 GB package is now EGP 210, up 31% from EGP 160;
The 200 GB package is now EGP 290, up 29% from EGP EGP 225;
The 250 GB package is now EGP 360, up 29% from EGP 280;
The 400 GB package is now EGP 570, up 30% from EGP 440;
The 600 GB package is now EGP 850, up 31% from EGP 650;
The 1 TB package is now EGP 1.4k, up 30% from EGP 1.1k.

The second price hike of the year: WE last increased internet prices back in January, hiking the prices of its internet subscription packages by 29%-33%.

Other internet service providers were quick to follow with their own price hikes, with Vodafone, Etisalat, and Orange all hiking their prices. Local media reports break down the price increases in detail.

What about mobile services? The country’s mobile network operators have raised their prices by up to 32%. Network operators introduced their first increase in prices since 2017 earlier this year, with price hikes of up to 16%.

IN OTHER TELECOM NEWS-

eSIMs have arrived in Egypt: The National Telecom Regulatory Authority (NTRA) announced that eSIM service has officially kicked off at four mobile service operators in a statement (pdf). The new tech — which is set to replace physical SIM cards — will allow users to switch between mobile operators without replacing their SIM card, and will add another layer of protection against SIM theft or misuse, according to the statement.

The details: While the statement doesn’t provide a price tag of how much the service will go for, an official at the NTRA previously told EnterpriseAM that eSIMs will be offered at EGP 270. The technology will be supported on Android and iOS operating systems. Users can get a new number and activate it on their eSIM or transfer their existing number to an eSIM.

Dive deeper: Check out the NTRA’s guide (pdf) on how to use eSIMs.

AND- A new eSIM data center: The authority contracted cybersecurity and digital solutions company Cyshield to establish and operate the eSIM data center.

The rebel advance in Syria continued to spark debate on the airwaves

It was a politics and diplomacy heavy evening on the airwaves, with the rebel advance in Syria and President Abdel Fattah El Sisi’s visit to Denmark dominating the airwaves.

“Syria is facing unprecedented complexities, becoming a battleground for the US-Russia rivalry,” former Assistant Foreign Minister Mohamed Hegazy told Ahmed Moussa (watch, runtime: 14:46). He noted that the US wants to curb Iranian influence, while Russia’s focus on Ukraine has weakened its presence in Syria, opening the door for Turkey, backed by Washington.

A political solution will need to see the departure of Syrian President Bashar Al Assad, said Hegazy, who explained that “The next phase in Syria will require a political solution between the government and legitimate opposition, with no role for President Bashar Al-Assad in the future.” Amr Adib also dedicated a significant portion of El Hekaya to discussing the war in Syria (watch, runtime: 37:37).

ALSO- President Abdel Fattah El Sisi’s visit to Denmark marks a "turning point" in bilateral relations and is expected to boost and diversify Egypt's economy, Hegazy said (watch, runtime: 25:17). Higazy called the timing ideal, noting the warm reception for El Sisi reflects Denmark’s recognition of Egypt’s pivotal role in the region and Africa. Check out our diplomacy section for more on the president’s visit.

AND- Health Minister Khaled Abdel Ghaffar’s decision to limit subsidized infant formula to specific cases sparked debate on the airwaves, with the decision restricting the distribution to cases including the death of the mother, illnesses affecting breastfeeding, or the birth of twins. “The decision reduces the categories eligible for subsidized formula and overlooks critical conditions that prevent natural breastfeeding, such as hormonal disorders, thyroid issues, ovarian cysts, postpartum inflammation, and malnutrition,” MP Irene Saeed told Amr Adib (watch, runtime: 14:54). “The current economic climate doesn’t allow poor families to spend EGP 4k per month on formula,” she said, adding that health units have already begun withholding formulas.

In response, Health Ministry spokesperson Hossam Abdel Ghaffar said the decision aims to encourage natural breastfeeding, stressing that no formula matches the benefits of breast milk.

PLUS- Amr Adib didn’t hold back in criticizing telecom companies for raising internet and mobile recharge prices. “The Internet isn’t a luxury — it’s essential. If you’re going to charge more, at least provide decent service,” he said on El Hekaya (watch, runtime: 8:01). “The new price hikes come in light of rising operational costs for companies, which would have otherwise slowed investments and lowered the quality of services provided to citizens,” said National Telecom Regulatory Authority official Mohamed Ibrahim during a phone call with Adib. “The regulator approved the price increases to avoid these issues and to ensure the continued quality of services,” Ibrahim explained.

Military firm to replace GASC as nation’s sole strategic commodities importer, says Reuters

As the world’s largest wheat importer, reports that Egypt is changing the agency in charge of importing commodities is catching the attention of the international press, with Reuters out with an exclusive claiming that the General Authority for Supply Commodities (GASC) has been replaced by the Mostakbal Misr Agency for Sustainable Development of the Egyptian Armed Forces. Mostakbal Misr will reportedly “assume all jurisdictions previously held by GASC,” according to a letter from the Supply Ministry to Russia’s Minister of Agriculture seen by the newswire.

Although the new agency will abide by all its existing commitments, traders are airing their concerns, with one German trader explaining that “GASC terms for deals in international tenders have been built up over many years. They are trusted and only when there is trust can big purchases be made with many mn’s of USD involved.” The trader added that “In the long run the new organization will no doubt be able to make purchases. In the short term it may face difficulties.”

Abu Qir Fertizers’ looks to green hydrogen to help power ammonia plant. PLUS: Exxon Mobil, Instapay, Egypt Post, Abu Auf, Ezz Elarab,

ENERGY-

#1 Abu Qir Fertilizers looks to green hydrogen blending to secure supplies and improve green credentials ahead of CBAM: EGX-listed fertilizer manufacturing giant Abu Qir Fertilizers has decided to replace part of the natural gas used in its ammonia production facility with 50 tons a day of green hydrogen, according to an EGX disclosure (pdf). The 12-month project is also expected to up production 100 tons to 1.2k tons a day. The company’s board also greenlit a steam optimization system for the plant to reduce gas consumption 2-4% and stabilize energy input.

Sound smart: Green hydrogen blending involves mixing hydrogen produced from clean energy sources — think wind, power, and hydro — with natural gas in mostly existing infrastructure to power individual projects or even an entire national grid. It presents an attractive way to diversify and greenify a company or country’s energy mix that is both gradual and with little up-front costs as it makes use of existing infrastructure. As a clean fuel source, the more green hydrogen sent through the pipes means less emissions as it reduces the amount of natural gas in the mix.

**We did a deep dive into the promise and challenges of green hydrogen blending in a recent two-part Hardhat. You can check out part I here and part II here.

#2- Exxon Mobil to begin drilling new exploration well in the Mediterranean: US energy giant Exxon Mobil will start drilling a new offshore gas exploration well in the North Marakia concession in the western Mediterranean on 15 December, according to a statement from the Oil Ministry. The company is looking to expand its presence in Egypt’s exploration and field development sectors.

REMITTANCES-

The CBE greenlights receiving remittances via Instapay: The CBE gave the green light to a number of banks to start accepting Egypt-bound remittances from abroad through the central bank’s payment platform Instapay, the bank said in a statement (pdf). The move comes as part of “efforts to strengthen the infrastructure of electronic financial services, promote digital transformation, and contribute to transitioning toward a less cash-dependent society,” the statement reads.

Remember: Egyptians abroad have started sending more of their remittances through official channels after the float of the EGP put an end to the parallel market that had pushed remittance flows through unofficial channels. Total remittances during the first nine months of the year hit USD 20.8 bn, up over 40% y-o-y from the USD 14.6 bn recorded during the same period last year. Remittances are an important source of FX for the country and the state is working to increase flows by 10% each year to reach USD 53 bn by 2030.

M&A-

Egypt Post acquired EGP 8.9 bn in shares owned by the National Investment Bank in seven EGX-listed companies, Asharq Business reports citing an informed government source. The move comes as a part of disentanglement protocol that would see the bank and the postal authority resolve overlapping financial obligations and streamline operations.

The companies: The shares were purchased from Eastern Tobacco, Abu Qir Fertilizers, Alexandria Container and Cargo Handelling, Mobaco, Egyptian Kuwaiti Holding, Alexandria Mineral Oils Company (AMOC), and Sidi Kerir Petrochemicals (Sidpec)

HOSPITALITY-

Egyptian hotel chainSunrise Resorts & Cruises is out of the Samih Sawaris-led bid to acquire and revive Societe D'aménagement D'essaouira Mogador (SAEMOG), which owns a the Mogador resort in Morocco's Essaouira that has been earmarked for a AED 4 bn redevelopment by the consortium, according to a disclosure on the Moroccan Competition Authority ’s website announcing the purchase. Remaining in the consortium are Sawiris, along with Emirati investment company Al Nowais and Eastern Investment, with the purchase made through Orascom Investments.

EXPANSION-

Abu Auf eyes expansion into KSA and new domestic investments: Local food manufactured and chain Abu Auf is set to open its first two branches in Saudi Arabia by mid-2025 at a cost of USD 1 mn, CEO Ahmed Auf told EnterpriseAM. Domestically, the company plans to invest EGP 150 mn to expand to 410 branches and increase its coffee production capacity by 50% to 9k tons next year.

Abu Auf is also weighing an entry into the snack market, either through acquisitions or new investments, Auf noted. On the export front, the company plans to triple annual revenues to USD 50 mn by 2028, with new market expansions into Libya, Oman, Qatar, and Kuwait next year.

MINING-

Oil Minister Karim Badawi called on gold mining companies to take part in upcoming exploration tenders penciled in for 1Q 2025 during his involvement in the British Egyptian Business Association's mission to the United Kingdom. One of these meetings with officials with Canadian mining company Barrick Gold saw the two sides ink an agreement for it to invest in and obtain areas to mine gold once it receives the necessary approvals. The Egyptian Mineral Resources Authority and AngloGold Ashanti also signed a draft gold exploration agreement with AngloGold Ashanti.

Remember: Egypt had been reportedly planning to launch a global tender for gold mining and exploration at around 200 sites in the Eastern Desert by the end of the year, expected to kick off once the House approves the pending contract for Centamin and Barrick Gold’s mineral exploitation areas in the Eastern Desert.

AUTOMOTIVE-

Ezz Elarab launches new electric Volvo model and service center: Ezz Elarab Group has launched the Volvo EX30 electric SUV in Egypt, in addition to plans to inaugurate a USD 3.5 mn service center tailored for EVs and plans to open a certified used Volvo car showroom next year., Al Borsa reports.

CUSTOMS-

Egypt, Saudi Arabia sign customs agreement: Egyptian Customs Authority (ECA) and Saudi Zakat, Tax and Customs Authority signed a mutual recognition agreement for the Authorized Economic Operator (AEO) program, according to an ECA statement. The program is set to enhance economic cooperation with countries trading with Egypt. The agreement will streamline customs procedures, reduce costs, and boost trade with Saudi Arabia, by granting certified operators benefits like priority customs clearance and lower fees.

There’s more to come: The ECA will sign a similar agreement with Bahrain’s customs authority soon. There are also other discussions ongoing with international trade partners to implement the AEO program in international markets.

What BTC’s breach of the USD 100k mark means for the industry

Shortly after BTC broke the USD 100k mark, speculation over where the digital asset is heading next ran rampant. The cryptocurrency reached an all time high of USD 103.7k on Wednesday, though it has since fallen below the USD 100k mark to sit at USD 99.8k as of midnight last night. It has more than doubled in value this year, with a more than 50% increase in value over the past four weeks since Donald Trump’s victory in the US presidential election, Bloomberg reports. The total value of the crypto market has doubled to a record of over USD 3.8 tn, with BTC alone hitting a value of just shy of USD 2 tn.

Trump’s pro-crypto agenda supercharged digital assets: The US president previously stated that he intends to make the US the “crypto capital of the planet” and to gather a national stockpile of BTC. He also nominated pro-crypto businessman Paul Atkins to serve as the chair of the US Securities and Exchange Commission. The president-elect also recently launched a new decentralized finance venture — World Liberty Financial — for cryptocurrency trading.

Could the USD 100k milestone signal a new era for BTC? “BTC and the entire digital asset ecosystem are on the brink of entering the financial mainstream — this momentum is fuelled by institutional adoption, advancements in tokenisation and payments, and a clearer regulatory path,” Mike Novogratz, founder and CEO of US crypto firm Galaxy Digital, told Reuters. Other experts also expect the momentum to continue.

Digital asset funds are taking over: Sovereign wealth funds, pension funds, and family offices have expressed plenty of interest in 2024 in BTC exchange traded funds (ETFs), as they generated over USD 76 bn in investments since their launch. “Roughly 3% of the total supply of bitcoins that will ever exist have been purchased in 2024 by institutional money,” global head of digital assets research at Standard Chartered, Geoff Kendrick, said.

Still, it is not all rosy in crypto’s future: Despite the recent rally, plenty of investors still believe that cryptocurrencies are too volatile and unpredictable to be a mainstream asset class, with long term price behaviour depending on larger market conditions. Cryptocurrencies have also been previously criticized for consuming large amounts of energy and their active use in crime around the world.

EGX30	30,840	0.02% (YTD: +23.9%)
USD (CBE)	Buy 49.94	Sell 50.07
USD (CIB)	Buy 49.96	Sell 50.06
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,932	+0.4% (YTD: +0.0%)
ADX	9,266	-0.1% (YTD: -3.3%)
DFM	4,854	+0.7% (YTD: +19.6%)
S&P 500	6,090	+0.3% (YTD: +27.7%)
FTSE 100	8,309	-0.5% (YTD: +7.4%)
Euro Stoxx 50	4,978	+0.5% (YTD: +10.1%)
Brent crude	USD 71.12	-1.4%
Natural gas (Nymex)	USD 3.08	-0.1%
Gold	USD 2,660	+0.4%
BTC	USD 99,755.00	-0.7% (YTD: +136.2%)

THE CLOSING BELL-

The EGX30 remained essentially flat at Thursday’s close on turnover of EGP 3.7 bn (11.6% below the 90-day average). Regional investors were the sole net sellers. The index is up 23.9% YTD.

In the green: Ezz Steel (+4.4%), Credit Agricole (+2.5%), and Cleopatra Hospitals (+2.5%).

In the red: Eastern Company (-2.0%), Fawry (-1.4%), and Palm Hills Development (-1.0%).

President El Sisi kicks off Eurotrip with Denmark visit, launches Egypt-Denmark Business Council

El Sisi kicks off Eurotrip with his first ever visit to Denmark: President Abdel Fattah El Sisi on Friday inaugurated the Egyptian-Danish Economic Conference alongside Danish King Frederick X, in what marked the first visit of an Egyptian president to Denmark, according to an Ittihadiya statement.

The conference marked an elevation of Egyptian-Danish relations: El Sisi and Frederick X signed a joint declaration promoting the level of Egyptian-Danish relations to a strategic partnership, which El Sisi said will focus on “economic, trade, and investment aspects as well as forging closer cooperation between the two sides’ private sectors.” In a speech following the signing, El Sisi namechecked cooperation in maritime transport, energy and the green transition, health, scientific research, investment, agriculture, tourism, ICT, and efforts to combat illegal migration and terrorism as being part of the agreement.

The two leaders launched the Egypt-Denmark Business Council, which will serve as a “gateway for Danish economic and commercial bodies to explore investment opportunities in Egypt,” namely in the infrastructure, ICT, renewable energy, and transformative industries sectors. The council “aligns with Egypt’s ambition to become a regional hub for supply chains and the transport and trade of renewable and green energy,” El Sisi said.

El Sisi also met with a number of key Danish business leaders: The president met with Philip Christiani, partner in one of the largest renewables investment firms Copenhagen Infrastructure Partners, who expressed his company’s interest in exploring investments in Egypt’s sustainable energy sector. El Sisi also met with shipping company AP Moller-Maersk Chairman Robert Maersk Uggla, who highlighted the company’s “keenness to enhance its cooperation and consider increasing the scope of its business in Egypt.”

El Sisi's visit to Denmark is his first stop in his European tour, which will also see him land in Norway — where he will meet the king, prime minister, and members of the nation’s parliament — and Ireland — where he is scheduled to hold meetings with the president and prime minister.

PLUS- The Foreign Ministry has dismissed a Wall Street Journal report alleging that Egyptian officials encouraged Syrian President Bashar Al-Assad to leave Syria and form a government-in-exile. The ministry called the claims “completely baseless” and urged media outlets to verify information before publishing.

AND- Egypt’s Foreign Ministry has called on citizens in Syria to steer clear of tension hotspots and follow local authorities’ guidance as clashes intensify. The ministry urged those already in Syria to register with the Egyptian embassy in Damascus, which has set up a crisis cell to offer support. Egyptians are also advised against traveling to the country until the situation stabilizes.

CALENDAR

2024

DECEMBER

10 December (Tuesday): Capmas expected to publish inflation data for November

10 December (Tuesday): United Bank shares go live on the EGX.

12-21 December (Thursday-Saturday): Turathna handicrafts and heritage exhibition, Egypt International Exhibitions Center, Cairo

15 December (Sunday): MPs will reconvene in the House

15-17 December (Sunday-Tuesday): Nebu Expo for Gold & Jewelry, Cairo, Egypt

16-17 December (Monday-Tuesday): Mining World Conference 2024, London, UK

22 December (Sunday): The Nahda University Economic Forum’s third edition is set to take place

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

EVENTS WITH NO SET DATE

End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City

2025

January: Civil Society Support Fund to launch digital platform

January: CBE to launch InstaPay remittances for Egyptians abroad

February: Orascom Pyramids Entertainment to bring total investments in the Pyramids Plateau to EGP 1.5 bn

1 January (Wednesday): The minimum pension will increase to EGP 1.5k, and the maximum to EGP 11.6k

28 January (Tuesday): Nigeria to inaugurate the USD 5 bn Africa Energy Bank in Abuja

18-19 February (Saturday-Sunday): German-Egyptian Joint Economic Committee meetings, Cairo, Egypt

7-10 April 2025 (Monday-Thursday): EFG Hermes One on One conference, Dubai, UAE

May 2025: Egyptian Exporters Association (Expolink) exhibition, Italy

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

March 2025: Operation of phase one of the Amotope wind farm

EVENTS WITH NO SET DATE

1H 2025: Digital Financial Identity Company will launch an electronic bank account opening service

1Q 2025: Eipico’s biopharma plant to begin operations

1Q 2025: Finance Ministry to launch public consultations on its tax policy document

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2Q 2025: Safaga Terminal 2 to start operations

Mid-2025: The Administrative Capital for Urban Developments to roll out the second phase of offering industrial plots to investors

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

September 2028: First unit of the Dabaa nuclear power plant begins operations

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