Net foreign assets on the rise

Monday, 3 Mar 2025

Net foreign assets on the rise

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Today at a glance

What We're Tracking Today

Egypt to set up the world’s largest green hydrogen plant?

Banking

Egypt’s net foreign assets jump 65.8% to USD 8.7 bn in January.

Manufacturing

Organi Group acquires 50% of Rolling Plus to advance EUR 1 bn tire factory project.

Diplomacy

Egypt secures EUR 90 mn loan from the EU, EIB to boost food resilience.

Spotlight

Making It: A chat with Mashreq Group CEO Ahmed Abdelaal.

Startup watch

Local femtech startup Motherbeing gets USD 200k in pre-seed funding from Madica.

Also on our Radar

CI Capital, Compass launch Egypt’s first onshore private equity fund.

PLANET FINANCE

Investors look to emerging markets for tariff-safe assets.

BLACKBOARD

Egyptian universities are opening up shop abroad.

What We're Tracking Today

Egypt to set up the world’s largest green hydrogen plant?

Good morning, friends. It is shaping up to be another busy day with the news cycle showing no signs of slowing down.

So, when do we eat? Maghrib prayers are at 5:55pm in the capital, and you’ll have until 4:51am tomorrow to hydrate and caffeinate ahead of fajr.

PSA-

WEATHER- It’s another sunny day in Cairo, with a high of 24°C and a low of 13°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 23°C and a low of 13°C.

It won’t stay sunny for much longer, with the Egyptian Meteorological Authority (EMA) warning of a 2-4°C dip in temperatures starting Wednesday.

** 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.

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we sat down with Amr El Sawaf, general manager of Elsewedy Cables to explore the company’s journey, market leadership, and how it’s navigating an increasingly competitive global industry. Check out our interview here.

WATCH THIS SPACE-

#1- The Sovereign Fund of Egypt (SFE) has set the wheels in motion for its plan to take over all state companies by forming a committee to take stock of state-owned companies as it prepares to take charge of their administration, Al Borsa reports, citing unnamed sources. The review, which is scheduled for completion by the end of 2Q this year, will see the committee start off by categorizing firms based on the complexity of their transfer.

ICYMI- Investment Minister Hassan El Khatib last week unveiled a plan by the government to transfer the administration of all state-owned companies to the SFE as part of a strategy to maximize their returns. The SFE’s role will focus on attracting private players and potentially going public with the companies.

The targeted companies will be added to the pre-IPO fund as part of a wider restructuring strategy for the SFE and all of its sub-funds, including the pre-IPO fund itself, according to the news outlet. The sub-fund was set up back in 2022 to prepare state-owned enterprises for listing on the EGX by offering stakes to strategic investors.

#2- Egypt to set up the world’s largest green hydrogen plant? The General Authority for Investment and Freezones is pitching a USD 17 bn investment to build what it says will be the world’s largest green hydrogen plant in South Sinai, Al Arabiya reports citing a government document. The facility, to be developed in partnership with the Military Production Ministry, would produce up to 400k tons of green hydrogen annually. The first phase is set for completion in 2030, with additional phases rolling out in 2033 and 2035.

#3- Geos plans to make its EGX debut this year: Local contractor Geos for Trading and Contracting plans to offer 33.33% of its shares in an IPO next quarter, the bigger chunk will be allocated for a private placement and the rest for a public offering, sources told Al Borsa. The company recently raised its capital to EGP 105 mn from EGP 70 mn, allowing it to list directly on the main market.

Advisors appointed: The firm has appointed Prime Holding to manage its upcoming EGX offering next quarter and FACT as an independent financial advisor. The company is preparing to submit its listing application this month following the finalization of its 2024 financial results.

#4- Work on Gregy to begin soon with EUR 1 bn financing: Egypt and Greece are set to begin implementing their 3 GW electricity interconnector (Gregy) before the end of 2H 2025, with the project set to receive a grant and concessional financing totaling EUR 1 bn, Al Arabiya reports, citing unnamed government sources. Three European financial institutions have expressed interest in financing the project, with negotiations expected to conclude next month.

ICYMI- The EU last year signaled its intention to invest in our green hydrogen ambitions and projects like Gregy to enable exports of Egyptian renewable energy into Europe as part of its EUR 7.4 bn aid package for Egypt.

How will the electricity be portioned out? Greece is reportedly set to receive 1 GW of the project’s output, while the remaining capacity will be exported to other EU countries, primarily Germany and Italy, through Greece’s grid.

#5- Eight Turkish apparel and textile manufacturers are in talks to enter the Egyptian market this year, Head of Egypt’s Apparel Export Council Marie Bishara told Al Borsa. Investors are assessing industrial zones and eyeing temporary production partnerships with local manufacturers until their facilities are operational.

Why it matters: The move could boost Egypt’s garment exports by 25% to USD 4.1 bn by 2026, up from USD 3.3 bn this year, Bishara said.

HAPPENING TOMORROW-

#1- Egypt will host an emergency Gaza-focused Arab League summit to develop and agree on a plan for reconstruction in a push against the Trump-proposed plan to forcibly displace 2 mn Gazans from the enclave. The meeting comes amid tensions and Israeli efforts to derail the ceasefire, with Israel cutting off aid to the enclave in a bid to force Hamas to agree to extend the first phase of the ceasefire agreement.

What to expect? Egypt is set to unveil its plan to reconstruct Gaza during the summit. Once the plan is signed off, Egypt will push for international backing and donor funding, with a focus on European financial support, Foreign Minister Badr Abdelatty said during a presser (watch,runtime : 42:05) yesterday.

Remember: Last month Egypt said it will propose “a comprehensive vision for the reconstruction of the Gaza Strip in a manner that ensures the Palestinian people remain in their homeland and aligns with their legitimate and legal rights.”

Another emergency meeting already scheduled: Following the summit, foreign ministers from the Organisation of Islamic Cooperation will convene in Saudi Arabia for an emergency meeting to look into how to present the reconstruction plans, Abdelatty said.

#2- Health check for our non-oil private sector incoming: Economists, policymakers, and private sector players will be closely watching to see if the country’s non-oil private sector will expand for a second consecutive month when S&P Global releases Egypt’s PMI figures for February tomorrow. The country’s PMI saw its strongest expansion in over four years in January, driven by solid growth in output and sales volumes. The headline PMI reading rose to 50.7 in January, up from 48.1 in December, marking the second expansion since November 2020.

THE BIG STORY ABROAD-

Israel has deliberately blocked all humanitarian aid from entering the Gaza strip after the six-week ceasefire came to an end yesterday. The decision is broadly perceived as a means of exerting pressure on Hamas to agree with Trump’s Mideast envoy Steve Witkoff’s proposal to extend the first phase of the ceasefire agreement instead of moving on to phase two — which would see Hamas freeing the remaining hostages in exchange for Israel’s complete withdrawal from Gaza, paving the way for a lasting ceasefire.

“There will be no free lunches,” Israeli Prime Minister Benjamin Netanyahu said at a cabinet meeting yesterday. Seemingly bolstered by the new US administration, he insisted that a ceasefire won’t proceed without a hostage release.

A unified regional denunciation: Egypt’s Foreign Ministry condemned Israel’s blockade of humanitarian aid to Gaza as a blatant violation of international law and a weaponization of starvation, urging global action. Equally sharp responses were drawn from Qatar and Saudi Arabia ’s foreign ministries. (Bloomberg | AP | The Guardian | Wall Street Journal | Washington Post | France 24)

MEANWHILE- After Zelenskiy’s diplomatic meltdown at the White House two days ago, European leaders have agreed to present the US with a Ukraine peace plan, hoping it will push Washington to offer security guarantees. At a London summit yesterday, British Prime Minister Keir Starmer announced a “coalition of the willing” to draft the proposal. (Reuters | AP)

ALSO- The 2025 Oscars just wrapped up — here are some of the most notable highlights:

Kieran Culkin won best supporting actor for A Real Pain.
Best animated feature went to Flow, marking Latvia’s first-even Oscar win.
Sean Baker took home best original screenplay for Anora.

Moment worth noting: Best documentary winners Yuval Abraham, Basel Adra, Hamdan Ballal, and Rachel Szor used their acceptance speech to call for a “political solution” to the war in Gaza. “We call on the world to take serious actions to stop the injustice and to stop the ethnic cleansing of Palestinian people,” the Palestinian Adra said. The directors took home the Oscar for their documentary No Other Land, which shines the light on the daily struggles of those in Gaza amid Israeli attacks and is a collaboration between Palestinian and Israeli filmmakers.

*** 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 take a look at the efforts to open up branches of Egyptian universities abroad as part of the government’s plan to improve the country’s higher education standing in the region and further afield.

Tags:

green hydrogen What We're Tracking Today

Ramadan Kareem from Somabay.

Wishing you a month filled with serenity, peacefulness, and joy with your loved ones.

Banking

Egypt’s net foreign assets Jump 65.8% to USD 8.7 bn in January

Net foreign assets in Egypt’s banking sector rose to USD 8.7 bn in January, marking a monthly hike of 65.8% from USD 5.2 bn in December, according to data from the Central Bank of Egypt. This follows two consecutive months of decline in the country’s net foreign assets, which last dropped by 12.2% in December due to local seasonal factors and an increase in demand for FX resources.

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

Reduced deficit in commercial banks helped improve the banking sector’s overall position: The net foreign asset deficit in commercial banks came in at USD 3.3 bn during the month, down from USD 6.4 bn, driven by a simultaneous rise in net foreign assets (reaching USD 25.2 bn) and a decline in foreign liabilities (hitting USD 28.5 bn).

There was also improvement — albeit modest — over at the central bank: The CBE recorded a net foreign asset surplus of USD 12.0 bn in January, up from USD 11.7 bn in December. Foreign assets were unchanged at USD 45.7 bn, while foreign liabilities fell to just under USD 33.8 bn from USD 34.1 bn in December.

Driving the rebound: “We attribute this improvement to Egypt issuing USD 2 bn in eurobonds in January and receiving the first tranche worth EUR 1 bn of the European Union’s EUR 7.4 bn financing package,” HC Securities’ Heba Mounir told EnterpriseAM.

Despite the recent uptick, the country’s net foreign asset surplus has shrunk 39.3% since its May 2024 peak of USD 14.3 bn, with commercial banks now clocking in their sixth consecutive month recording a net foreign asset deficit.

REMEMBER- The May peak marked the first time that net foreign assets recorded a surplus in over two years, which followed the second and final tranche of the USD 35 bn Ras El Hekma agreement bringing in some USD 14 bn of fresh inflows. Before this, the country’s net foreign asset position had been in a deficit since February 2022, when the Russian invasion of Ukraine triggered a shock capital outflow of almost USD 20 bn.

Tags:

banking Central Bank of Egypt foreign exchange foreign reserves

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Manufacturing

Organi Group acquires 50% of Rolling Plus to advance EUR 1 bn tire factory project

Organi Group wants to restart Rolling Plus’ tire factory project: Organi Group acquired 50% of Rolling Plus Chemical Industries to revive its EUR 1 bn tire factory project in the Suez Canal Economic Zone (SCZone) in partnership with Concrete Plus — which previously held a 70% stake in the company — an unnamed official told Asharq Business.

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

The why: Rolling Plus — a joint project between Concrete Plus and Gulf investors — signed a contract in September 2023 to establish a EUR 1 bn tire factory in the Ain Sokhna Industrial Zone to produce some 7 mn tires annually. Limited progress on implementation in the years since prompted the company to reach an agreement with Organi Group earlier this year to contribute half of Rolling Plus’ capital, according to the source.

The details: The project is expected to be rolled out in three phases, beginning with a EUR 400-450 mn initial investment that will see the factory produce 3 mn tires annually. The second phase is expected to expand production, while the third will push output to 7 mn, adding heavy-duty tires. Half of the factory’s production has been earmarked for export.

REMEMBER- Organi Group plans to invest USD 1 bn in the automotive and tourism sectors over the coming five years.

Not the only local tire project in the cards: An unnamed Chinese company is reportedly looking to set up a USD 360 mn tire factory in the SCZone in partnership with the state-owned Arab Organization for Industrialization. Meanwhile, the government’s attempt to revive and develop state-owned tire manufacturer Trenco seems to be bearing fruit with an agreement to develop Trenco’s Alexandria-based factory with unnamed European companies and an agreement to establish a new Trenco tire factory with a Chinese company in Alexandria’s Amreya.

** Read more about our fledgling domestic tire industry — and the challenges it’s facing — in this Inside Industry two-parter we published in 2023 (Part I | Part II).

MORE PROJECTS COMING TO QANTARA WEST-

Two textile projects worth USD 28 mn are in the works: The Qantara West Industrial Zone will welcome two new textile projects with combined investments of USD 28 mn following agreements with the Suez Canal Economic Zone (SCZone), according to a statement. The new projects are set to export all of their output and generate a total of 800 jobs.

The details:China’s Changzhou Kingcason Printing & Dyeing will set up a USD 24.5 mn yarn manufacturing, dyeing, and printing facility that’s set to provide some 500 jobs. Meanwhile, Shanghai Honour and its UAE-based subsidiary Home Hub Textile will establish a USD 3.5 mn home textiles project, generating 300 jobs.

Big plans for Qantara West: With the latest two projects included, the SCZone has finalized 14 contracts in the Qantara West Industrial Zone, attracting USD 542.3 mn in investments within a 20-month period, according to the statement.

Tags:

automotive Manufacturing Organi Group

Spotlight

Making It: A chat with Mashreq Group CEO Ahmed Abdelaal

After more than five years at Mashreq’s helm, Group CEO Ahmed Abdelaal is a well-known face in the regional banking industry and beyond. Ahmed has led the bank through an ambitious expansion strategy that has seen it recently open Mashreq Oman, in addition to Mashreq Neo in Egypt, as well as its digital banking platform for corporate clients in Bahrain, Kuwait, and Qatar.

We recently sat down in Dubai with Ahmed to speak at length about how he and his team see the road ahead. Resilience and adaptability, he thinks, will be key in a year that’s filled with uncertainty about everything from interest rates to what the new US administration means for trade, finance, and the world order. We get into whether Arab business leaders pay enough attention to India, banking as a service, innovation in financial services, and a lot more.

As with every episode of Making It, this isn’t just a show for industry nerds: It’s part of our masterclass on leadership. We go deep into why Ahmed invites the entire bank to “scru my strategy,” how he gets his leadership team on the same page (while avoiding groupthink), as well as how he makes decisions, decides what to work on himself, and structures his org chart.

What does the year ahead look like? In a nutshell, Ahmed tells us that 2025 is “the year where we will be delivering on some of Mashreq’s key strategic objectives.” That includes “continuous innovation, regional expansion, and building state-of-the-art client experiences.” Already a major player in the corridors linking Mena to Asia, the US, and Europe, Ahmed aims to make the bank the dominant digital player in our region, talking openly about “banking as a service” as concepts including open finance and embedded finance move toward center stage in the so-called platform economy.

However it plays out, you can be sure that client experience is at the heart of everything Mashreq has planned. “Focusing on driving client experience — and client excellence — is key,” Ahmed told us. And that goal requires Mashreq to ensure that it has the right kind of people running the show, which means that the bank’s org chart was “built for collaboration, speed of decision making, and — most importantly — innovation and efficiency.”

Being a nimble organization that’s able to execute on its key objectives also makes Mashreq well-positioned to jump on opportunities, including those that have long been underplayed, such as India. Today, the UAE has freetrade agreements with India, while “the influx of capital in and out has tremendously increased over the past few years,” Ahmed says. India is one of the many trade corridors that Mashreq is heavily interested in and has created a “state-of-the-art solution with the biggest seven banks in India” to allow Mashreq clients to digitally open bank accounts in India, eliminating the need for physical presence in India.

Closer to home, Ahmed sees plenty of potential in sustainability and ESG, whether one is looking at the UAE, Saudi Arabia, or Egypt. Across these three key geographies — which Ahmed maintains will continue to work together, rather than compete, for economic strength — sustainable agriculture, ESG investments, and renewable energy continue to be areas of interest. “The amount of commitments and spend, whether it's here in UAE, Saudi and Egypt, is tremendous,” Ahmed says.

In this episode of Making It, we dug into all these topics and more, including where Mashreq wants to be in 10 years’ time and other major corridors where Ahmed sees growth.

** Tap or click here to listen to the full episode (42:51) on Apple Podcasts | Spotify | Anghami or read the full transcript on our website.

Tags:

Making It SPOTLIGHT

Diplomacy

Egypt secures EUR 90 mn loan from the EU, EIB to boost food resilience

Egypt is in line for a EUR 90 mn loan from the EU and European Investment Bank, which will go towards the Egypt Food Resilience project, according to a statement. This came during Commissioner for the Mediterranean Dubravka Šuica’s time in Egypt yesterday, during which she met with a number of high-level officials including President Abdel Fattah El Sisi.

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

How will the funds be used? “The signing of the project will enhance Egypt’s food resilience by buying wheat and is a testament of the ongoing cooperation in addressing critical challenges, including food security,” the statement said.

It’s unclear if the funds are part of EUR 7.4 bn package of loans, grants, and investments the EU will be providing Egypt through to 2027. The package, announced last year includes loans to provide macro-financial assistance and EUR 1.8 bn additional investments under the Southern Neighborhood Economic and Investment Plan.

The EU sees economic reforms as key to unlocking the EUR 1.8 bn in investments pledged, the statement said. “The EU will continue to work with its partners to attract foreign investments in Egypt, including on clean technology and renewable energy … Continued progress will unlock both public and private investment.”

REMEMBER- Egypt received the first EUR 1 bn of a wider EUR 5 bn macro-financial assistance package late December and is expected to finalize its agreement with the EU to receive the remaining EUR 4 bn by June.

SHAPING THE NEW PACT FOR THE MEDITERRANEAN-

Why was Šuica in town? The commissioner was in Egypt to “reaffirm the EU’s commitment in supporting Egypt at this pivotal moment … and present her vision for the New Pact for the Mediterranean.” In addition to her meeting with El Sisi, she held talks with Prime Minister Moustafa Madbouly and Foreign Minister Badr Abdelatty.

Her meeting with El Sisi saw her emphasize the importance of the relationship between Egypt and the EU and the importance of boosting trade and investment cooperation. The two sides also discussed the issue of illegal immigration and the need to address its root causes as well as the latest regional developments — namely in Gaza, Libya, Syria, and Sudan.

Meanwhile, her meeting with Abdelatty saw the minister push for the approval of the second EUR 4 bn macro-financial assistance package, pitch the Suez Canal Economic Zone as a key investment hub, and highlight Egypt’s role in European energy security. Abdelatty highlighted Egypt’s readiness to attract more European investments.

And during hermeeting with Madbouly, the prime minister urges the EU to step up — not just with more funds — but with deeper investment ties, especially in green hydrogen, renewables, and tech. Šuica, for her part, underscored the EU’s commitment to deepening ties with Egypt, citing ongoing efforts to maximize the benefits of the strategic partnership agreement signed last year.

On Gaza: Madbouy and Šuica voiced the two sides’ readiness to work together to bring Egypt’s Gaza reconstruction plan to life.

Tags:

Abdel Fattah El Sisi DIPLOMACY EU Moustafa Madbouly

Startup watch

Local femtech startup Motherbeing gets USD 200k in pre-seed funding from Madica

Motherbeing secures USD 200k in pre-seed funding for reproductive health app: Local startup Motherbeing was chosen as one of four early-stage startups to receive an investment of up to USD 200k and 18 months of support from Africa-focused pre-seed investment program Madica, according to a statement by the investor.

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

The investment comes as part of the program’s North Africa debut, which will see it invest in three startups in Morocco, Tunisia, and Tanzania.

About Motherbeing: Motherbeing is a femtech platform that was founded by Nour Emam (LinkedIn) in 2020 to provide Arab women with educational programs, digital health solutions, and now AI-chat assistance to address reproductive health needs. The startup recently launched Daleela by Motherbeing, an AI-powered women’s health app.

Motherbeing’s value-added: “The startup recognized the absence of adequate support for reproductive health, maternal care, and holistic wellness, particularly in regions where misinformation and stigmas persist,” Madica investment associate Francis Vesta told EnterpriseAM. “This unmet need aligns with Madica’s mission to back startups that are solving urgent challenges with significant social impact potential.”

High mobile penetration is a big selling point for health tech investors: Egypt has one of the highest mobile phone penetration rates, reaching around 95% with around 100 mn connections, Vesta noted, making it a particularly good candidate for health tech sector investment.

Daleela aims to be an early mover in a relatively underdeveloped sector: “We believe that Egypt’s healthcare system is long overdue for technological disruption, especially when compared to more developed industries like fintech,” Daleela’s co-founder and CEO Yousef El Sammaa told EnterpriseAM. “The time for change is now, and we aim to be one of the leading companies driving this transformation in Egypt and the broader region,” he added.

The startup plans to use the funding to further develop its app, with a particular focus on its AI-powered medical diagnosis system, El Sammaa told us. The program will also provide the startup with 18 months of support, coaching, and access to international markets and partnerships to garner further financing and help scale up the project.

What’s next for Motherbeing? The company has plans to kick off a regional expansion, starting with the Saudi market and later the rest of the GCC, by leveraging the over 30% of its user base that lives outside Egypt, El Sammaa told us. The app aims to expand its user base to 500k by the end of the year, up from 70k currently.

STAKPAK CLOSES USD 500K ROUND-

AI-powered DevOps startup Stakpak has closed a USD 500k round, led by P1 Investment, with participation from InstaBug co-founders Omar Gabr and Moataz Soliman, and Sanabil 500, founder and CEO George Fahmy told Al Mal. The company plans to use the funding to expand into the US and scale its platform — which facilitates software infrastructure setup, maintenance, and management.

Tags:

Femtech Startup watch startups

DEBT WATCH

Egyptian fintech Valu raises EGP 463.3 mn in its first securitized bond issuance of the year

Valu closed a EGP 463.3 mn securitization issuance as part of a wider EGP 16.0 bn program, according to a statement (pdf). The bonds, backed by a receivables portfolio, were Prime 1-rated and had a 12-month tenor with a fixed interest rate.

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

Issuance 4.0: This is the fourth issuance of the current program which began in August 2024, the local fintech firm’s 14th ever securitized bond issuance, and its first of the year.

Who bought in? Bank ABC was among those that subscribed to the issuance, while EFG Hermes and Suez Canal Bank were underwriters.

Advisors: Our friends at EFG Hermes also acted as the sole financial advisor, transaction manager, bookrunner, and arranger. Suez Canal Bank was the issuance’s placement agent, Arab African International Bank acted as the custodian bank, Dreny & Partners provided legal advisory, and Baker Tilly was the auditor.

What they said: “This issuance marks another milestone in our strategic partnership with EFG Hermes as we continue to strengthen our capital structure and fuel our expansion plans. Accessing diversified funding avenues through securitization enables us to further scale our offerings, deliver cutting-edge solutions to our customers, and sustain our leadership position in the fintech space,” said Valu CFO Shokry Bidair.

Tags:

debt debt watch EFG Hermes Fintech securitization ValU

EARNINGS WATCH

EGX30 newbie Eipico’s net income rises 33.2% y-o-y in 2024

Local pharma player Eipico saw its net income rise 33.2% y-o-y to EGP 1.1 bn in 2024, according to the company’s latest financials (pdf). The firm also posted a 45.1% y-o-y increase in revenues, which came in at EGP 7.6 bn for the year.

REMEMBER- Eipico was recently added to the EGX30, alongside Orascom Development, Rameda, EgyptAlum, Ibn Sina Pharma, and Qalaa Holdings, as part of the EGX’s most recent semi-annual review.

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

Breaking it down: The company’s sales in the domestic market rose 40.4% y-o-y to EGP 4.4 bn and exports registered a 57.1% y-o-y increase to EGP 2.5 bn, according to the board of directors’ report (pdf). Also helping push net income up was a 401.3% increase in FX gains to EGP 699.9 mn. Biting into the bottom line were marketing expenses rising 41.1% y-o-y to EGP 915 mn and financing expenses rising 135.5% y-o-y to EGP 960.1 mn.

Tags:

earnings watch Eipico pharma

Moves

Contact Financial names John Mofid Saad as managing director

New face at the helm of Contact Financial: Contact Financial Holding’s board tapped John Mofid Saad as managing director, pending approval from the Financial Regulatory Authority, according to an EGX disclosure (pdf ). Saad succeeds former CEO and managing director Said Zater, who assumed a new role as vice chairman of the group’s board and board advisor last week.

Tags:

Contact Financial moves

Also on our Radar

CI Capital, Compass launch Egypt’s first onshore private equity fund

CAPITAL MARKETS-

CI Capital and Compass Capital have officially launched their C3 Capital Fund 1, Egypt’s first onshore private equity fund, after receiving the green light from the Financial Regulatory Authority, according to a joi nt state ment (pdf). The fund, which targets EGP 3 bn at final close, will take active positions in EGX-listed companies through a private investments in public equities strategy.

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

REFRESHER- The fund will take 10-33% stakes in EGX-listed firms, securing board seats and driving short- to medium-term growth. Backers include Banque Misr, CIB, Suez Canal Bank, Misr Life Ins., and Midbank.

Advisors: CI Investment Banking (CIIB) advised on the transaction, while Zaki Hashem & Partners and Zulficar & Partners served as legal counsel.

EXPANSION

Alshams for Contracting is eyeing USD 120 mn worth of projects in Iraq, Chairman Shams El Din Youssef told Al Borsa. Some of the projects under study are a 100-bed hospital for the Iraqi Health Ministry with an investment ticket of USD 70 mn and a 1k-unit residential complex valued at USD 50 mn, Youssef said.

REMEMBER- Contractors and construction companies are increasingly looking outside Egypt for projects as the EGP 1 tn cap on public investments continues to take its toll on available state-led projects. Iraq has been seen as a promising market for the sector to tap, with industry insiders telling us last year that they expect demand from the country to exceed USD 500 bn over the next decade. Housing, electricity grids, and drinking water projects are particularly in demand.

INVESTMENT-

Intro Group plans to launch the first phase of its Kemet Data Center project in the Suez Canal Economic Zone (SCZone) next year, Intro Group’s managing partner Ayman Mamdouh Abbas told Asharq Business. The first phase will see USD 150 mn in investments.

What we already know: The project will include four phases each with a capacity of 20 MW and will have a final price tag of USD 1 bn, the company’s representatives said in November. The first phase will see Intro develop a capacity for 2.5k data transport cabinets and an electrical capacity of 20 MW. The project is expected to be fully completed by the end of 2030.

AUTOMOTIVE-

#1- A car window regulator plant incoming? The Industry Ministry is in early discussions with local and foreign investors to establish a factory for automotive window regulators, Al M al reports citing informed sources. Most of the factory’s output will go to local car assemblers and a portion will be allocated for export at a later stage. The project’s groundwork is set to start before the end of 1Q 2025, once investment details, production lines, and marketing plans are finalized.

#2- Two EVs enter the local scene: Chinese EV maker Zeekr’s local agent Egyptian International Motors has launched two of its EV models — the Zeekr 001 and Zeekr X — in Egypt, Al Borsa reports. The company has priced the Zeekr 001 between EGP 2.7-3.3 mn, while the Zeekr X starts at EGP 2.1 mn.

NBFS-

Our friends at Beltone Holding’s Beltone SMEs have joined the SME Finance Forum — a global group of companies working in SME finance managed by the World Bank’s private sector-focused International Finance Corporation (IFC) — according to a statement (pdf) from the company. The forum has over 300 companies under its wings from 190 different nations with the stated aim of expanding access to finance across the globe.

What they said: “Joining the SME Finance Forum represents a strategic step that reinforces our commitment to enhancing financial inclusion and supporting economic growth. Through this partnership, we will have the opportunity to benefit from strong visions, partnerships, and modern innovations that will enhance our ability to empower SMEs in Egypt,” said Beltone SMEs CEO Ashraf Abdel Fattah.

Tags:

ALSO ON OUR RADAR automotive capital markets CI Capital construction Data Centers Iraq non-banking financial services SMEs

PLANET FINANCE

Investors look to emerging markets for tariff-safe assets

Investors seek assets safe from US tariffs: As US President Donald Trump’s tariff agenda continues to loom large, investors are looking to emerging markets as an option to hedge their investments safely away from developed markets threatened with trade levies, Bloomberg reports. Countries non-reliant on trading with the US — and with strong domestic stories and benchmark indexes — are now seen as a safer investment.

Different economies offer various domestic market strongpoints. China’s recent AI market disruptor DeepSeek, which rattled US tech stock earlier this year, triggered an investment surge in domestic companies using homegrown AI software. Dubai’s foreign worker influx boosted its benchmark index to a record high in February, while Latin American countries like Brazil are stepping in as alternatives to trade originally coming from Mexico.

Stable emerging economies pegged to the greenback are especially attractive as they enjoy the security that comes with a strong USD peg without being exposed to any foreign exchange risk, the business news information service quotes Cheyne Capital’s Carl Tohme as saying. The UAE, Saudi Arabia and Qatar were identified as prime examples. Government backing in many of these markets also provides another layer of security, it said.

This has been going on for a while: January saw “an emerging market buying spree,” with portfolio flows to emerging markets hitting USD 35.4 bn — the majority of which came from debt flows, signaling “investor preference for the relative stability of fixed-income instruments amid persistent geopolitical uncertainty, US monetary policy risks, and global economic headwinds,” according to an Institute of International Finance report cited by Reuters earlier this year.

This comes in stark contrast to European markets which recently took a hit after Trump threatened a 25% levy on EU imports, targeting vehicles specifically, the Financial Times reported. Major auto manufacturing players including Volkswagen and Ferrari saw their stock fall by up to 7.9%.

However, this reorientated focus isn’t completely foolproof — emerging market assets saw a slump at the end of last month, an indication that even those assets are not immune to the impacts of a potential tariff escalation, Bloomberg said.

MARKETS THIS MORNING-

Asian markets are in the green this morning, with Japan’s Nikkei leading gains at 1.09%, and Hong Kong’s Hang Seng trailing closely with a 0.65% rise. South Korean markets are closed for a public holiday. Meanwhile, on Wall Street, futures are up slightly as investors await more clarity on the US’ tariff plans this week.

EGX30	30,858	+0.8% (YTD: +3.8%)
USD (CBE)	Buy 50.59	Sell 50.72
USD (CIB)	Buy 50.60	Sell 50.70
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,035	-0.6% (YTD: 0.0%)
ADX	9,565	-0.5% (YTD: +1.6%)
DFM	5,318	-0.8% (YTD: +3.1%)
S&P 500	5,955	+1.6% (YTD: +1.2%)
FTSE 100	8,810	+0.6% (YTD: +7.8%)
Euro Stoxx 50	5,464	-0.2% (YTD: +11.6%)
Brent crude	USD 72.81	-1.0%
Natural gas (Nymex)	USD 3.83	-2.5%
Gold	USD 2,849	-1.6%
BTC	USD 94,072	+9.3% (YTD: +0.4%)

THE CLOSING BELL-

The EGX30 rose 0.8% at yesterday’s close on turnover of EGP 2.6 bn (27.6% below the 90-day average). Local investors were the sole net buyers. The index is up 3.8% YTD.

In the green: Fawry (+4.4%), Egypt Kuwait Holding -EGP (+3.3%), and Orascom Development (+3.2%).

In the red: Juhayna (-1.6%), Edita (-1.6%), and Oriental Weavers (-1.4%).

CORPORATE ACTIONS-

Faisal Islamic Bank will distribute a dividend of USD 0.06 per share for shares issued in USD and EGP 3.0503 per share for shares issued in EGP for its 2024 earnings, according to an EGX disclosure (pdf).

Middle East Glass Manufacturing’s board approved a proposal to distribute EGP 409.6 mn in dividends for its 2024 earnings at EGP 6.54 per share, according to an EGX disclosure (pdf). The proposal is pending final approval by the company’s ordinary general assembly.

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Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard

BLACKBOARD

Egyptian universities are opening up shop abroad

The state is giving the green light for Egyptian universities to open up branches abroad: The Madbouly government has approved plans to establish branches of Egyptian universities abroad in a push to develop the higher education sector standing globally and promote education service exports. Cairo University has already secured approvals to open branches in Qatar’s Doha and Saudi Arabia’s Riyadh, while talks are ongoing for the university to establish a branch at the UAE’s Ajman University, a source from Cairo University told EnterpriseAM.

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

Cairo University’s foray into the Gulf may only be the start: Alongside Cairo University, Alexandria University and Ain Shams University are also working to ink agreements to open up branches abroad, our source told us. The Gulf may also not be the only destination, with Higher Education Ministry Spokesman Adel Abdel Ghaffar telling Ala Mas’ouleety’s Ahmed Moussa (watch, runtime: 2:04) in January that the overseas branches will be in countries in Africa, Asia, and the Arab world, without specifying any particular country by name.

REMEMBER- The government’s plan to open Egyptian university branches abroad in its education export push came to light at the start of the year during a meeting between President Abdel Fattah El Sisi, Higher Education Minister Ayman Ashour, Education Minister Mohamed Abdel Latif, and Prime Minister Moustafa Madbouly.

The private sector is being tapped as an important partner for the project: Despite the move involving state-run universities, the move is being done in partnership with the private sector, with no financial burden on the state, according to the statement from January’s high-level meeting that provided little to no other details on the new initiative.

Private universities want in too: Future University in Egypt (FUE) received an offer to open a postgraduate studies branch in the UAE, FUE President Ebada Sarhan told EnterpriseAM. This is not the first time Egypt has attempted to set up universities abroad, Sarhan said, adding that Cairo University previously operated a branch in Sudan’s Khartoum, while Alexandria University currently operates one in Chad.

Foreign universities are also opening up in Cairo: The government has been encouraging international universities to set up shop in Egypt as part of its plan to internationalize higher education, boost academic standards, attract investment, and position itself as a regional education hub. Egypt currently hosts nine international university branches, with plans for more in the coming years.

Egypt’s rise in university rankings over the last few years may have played a part in the increased interest abroad: Egyptian universities have been climbing global rankings due to efforts to enhance academic programs to match international standards, Abdel Ghaffar told EnterpriseAM. To do this, the government has been ramping up efforts to enhance its higher education system and global rankings by expanding its universities, forging global partnerships, and attracting private investment. To illustrate the importance of these rankings to the state, a target to increase the number of Egyptian universities on the QS World University Rankings from 15 to 28 was explicitly mentioned as part of the plan for President Abdel Fattah El Sisi’s third term by the Cabinet Information and Decision Support Center.

This is particularly important for establishing Egyptian universities’ standing in the region: Cairo University jumped to eighth place in the latest Times Higher Education Arab university rankings, up from 28th place last year, marking the first time an Egyptian university made it to the regional top ten list.

Opening up branches abroad will only be good news for Egyptian universities standing in the region and further afield: President of Badr University in Assiut Mostafa Kamal told EnterpriseAM that the expansion of Egyptian universities abroad is a major chance to enhance their global reputation, attract more students, and create new financial resources. He also stressed the importance of leveraging Egypt’s strong academic expertise both locally and internationally to improve education quality, as the current curricula still require more development to meet global standards.

Getting foreign students to enroll in Egyptian universities in Egypt is also part of the plan: The government is aiming to attract 200k foreign students to Egypt by 2030, targeting USD 2 bn in annual revenue, a source at the Higher Education Ministry previously told EnterpriseAM. There are currently 130k international students enrolled in Egyptian universities, with the number expected to rise as universities climb up the ranks.

So far, this has been pretty successful: International student enrollment in Egyptian universities has significantly increased over the past few years as the government works to boost university rankings and enhance partnerships with international institutions. Egypt has attracted students from around 100 countries and is also utilizing its cultural offices abroad to attract more international students.

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Blackboard Education Higher Education Ministry

CALENDAR

MARCH

1-10 March (Saturday-Monday): Egypt will open electronic applications for 2.2k industrial land plots across 22 governorates

3 March (Monday): Central bank to publish foreign reserve data for February.

4 March (Tuesday): Egypt will host emergency Arab League summit on Gaza.

4 March (Tuesday): S&P Global to release Egypt’s PMI figures for March.

10 March (Monday): Capmas expected to release inflation data for February.

Arla Foods’ deadline for Domty acquisition offer.

Operation of phase one of the Amotope wind farm.

Alwaad Investment to inaugurate a new cold beverage plant with an annual production capacity of 14.5 mn units.

Al Ahly Sabbour to finalize preparations for its EGX listing, offering 20-25% of its shares, with an advisor to be tapped in early 2025.

March-April 2025: The government plans to start collecting taxes on capital gains from EGX transactions.

APRIL

7-9 April (Monday-Wednesday): Narrative PR Summit launches 9th edition, Red Sea

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

10 April (Thursday): Capmas expected to release inflation data for March.

17 April (Thursday): Monetary Policy Committee’s second meeting.

28-30 April (Monday-Wednesday): FDC Regional Digital Industry Summit will launch cybersecurity index.

Business-to-business forum of Egyptian and Moroccan companies to promote bilateral trade, Cairo, Egypt.

The Suez Canal Container Terminal will begin trial operations for its expanded East Port Said facilities.

Government begins talks with EU on the second tranche of the of the EUR 5 bn concessional loans package

Saxony Delegation visit to Egypt.

Egypt to launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi electricity interconnection project, ahead of schedule

Tahya Misr 1 container terminal to begin operations, adding 3.5 mn container capacity to the port.

MAY

10 May (Saturday): Capmas expected to publish inflation data for April.

1 May-10 July (Thursday-Tuesday): 500 Global's Scale Up Program, Cairo

18-20 May (Sunday-Tuesday): First Arab International Exhibition for Sustainable Development.

22 May (Thursday): Monetary Policy Committee’s third meeting.

Egyptian Exporters Association (Expolink) exhibition, Italy

French rolling stock manufacturer Alstom will submit technical and financial bids for Cairo Metro Line 6

JUNE

10 June (Tuesday): Capmas expected to publish inflation data for May.

June 2025: MPs approveextension of tax dispute resolution window until 30 June 2025, with potential for further extension

June 2025: Nissan and Honda finalise talks about possible merger to create the world’s third largest automobile company by sales.

June 2025: Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

JULY

10 July 2025 (Thursday): Monetary Policy Committee’s fourth meeting.

15-16 July 2025 (Tuesday-Wednesday): Egypt Mining Forum.

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

July 2025: Etihad Airways to launch twice-weekly flights to Alamein

July 2025: Israel to begin increasing gas exports to Egypt from Chevron’s offshore Tamar field

AUGUST

28 August 2025 (Thursday): Monetary Policy Committee’s fifth meeting.

August 2025: Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

September 2025: Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay

September 2025: Egypt Otsuka’s nutritional products factory in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026

OCTOBER

2 October 2025 (Thursday): Monetary Policy Committee’s sixth meeting.

NOVEMBER

20 November 2025 (Thursday): Monetary Policy Committee’s seventh meeting.

DECEMBER

1-4 December: Egypt Defence Expo (EDEX), Egypt International Exhibition Centre.

25 December: (Thursday): Monetary Policy Committee’s eighth meeting.

December: Taqa Arabia and Voltalia to complete studies for repowering the 545-MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power

EVENTS WITH NO SET DATE

Early 2025: ADQ to break ground on the development of Ras El Hekma

Early 2025: Al Ismaelia to begin working on two new hotels and hotel apartments in Downtown Cairo.

Early 2025: The Communications Ministry will unveil the second edition of its national AI strategy in early 2025

Early 2025: The Suez Canal Authority to launch an IPO for the Canal Company for Mooring and Lights (CCML) on the EGX.

Early 2025: Orange Egypt to launch 5G services, with EGP 10 bn planned for network upgrades.

Early 2025: BP to begin drilling at the King Mariout Offshore concession.

Early 2025: Jinbei Royal Egypt to begin local assembly of 3k Jinbei vehicles, including the country’s first electric cargo van and microbus

1Q 2025: The Egyptian-Italian business forum

1Q 2025: Investment Minister Hassan El Khatib to visit Italy

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

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

1Q 2025: Egypt to sign trade agreements with Bahrain and UAE to slash customs clearance times

1Q 2025: Government to launch EUR 271 mn green industry program to cut emissions

1Q 2025: Egypt-Azerbaijan joint committee to meet to bolster trade and investment ties

1Q 2025: Turkish Automotive Manufacturers Association and Turkish Contractors Association to visit Egypt following an invitation from the Investment Minister

1Q 2025: One of four companies, including Abu Qir Fertilizers, Mopco, Egyptian Petrochemicals Holding Company, and a Saudi-affiliated firm, to be selected for the USD 450 mn redevelopment of Delta Fertilizers

1Q 2025: GV Auto to begin local production of FAW Group’s cheapest EV model.

1Q 2025: Alkan Auto to launch BAIC subsidiary Arcfox’s EVs to the market.

1Q 2025: Dynamic Distribution to launch a new competitively-priced Fiat model in Egypt.

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta.

1Q 2025: Port Said for Engineering Works to begin construction on a USD 80 mn aluminum foil factory in the SCZone, targeting initial production of 60k tons annually.

1Q 2025: Pearl Polyurethane Systems to start production at its EGP 100 mn polyurethane factory in the Sokhna Industrial Zone.

1Q 2025: Sumitomo Electric to officially open its EUR 22 mn cable factory in Tenth of Ramadan, with production set to begin next month.

1Q 2025: Construction of the USD 600 mn natural gas treatment plant in the Western Desert’s Meleiha concession to wrap up, followed by a pilot run.

1Q 2025: El Araby Group and Sharp to break ground on a USD 50 mn fridge and freezer manufacturing plant in the Quweisna zone.

1Q 2025: Hangzhou Henneway Travel Goods to begin production at its USD 50 mn factory in the West Qantara Industrial Zone

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta

Mid-2025: EGX launches sustainability index.

2Q 2025: Financial Regulatory Authority (FRA) to introduce derivatives on the EGX

2Q 2025: Safaga Terminal 2 to start operations

2Q 2025: Hassan Allam to build infrastructure for AD Ports' Noatum terminal at Safaga

2Q 2025: EgyptSat Auto to start production at its EV factory in Tenth of Ramadan City

1H 2025: EGX launches a sharia-compliant sustainability index.

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

1H 2025: The Egyptian-US Investment Forum.

1H 2025: The Egyptian Mineral Resources Authority will relaunch a global tender for gold exploration through Shalateen Mineral Resources company.

1H 2025: Internal Trade Development Authority (ITDA) to establishfour logistics zones with EGP 18-20 bn investments

1H 2025: Natco to launch Chinese firm Neta Auto’s EV models.

1H 2025: OCI Global to complete the sale of its entire methanol business to Methanex for USD 2.05 bn.

1H 2025: Egypt and the UAE to begin construction of a USD 3 bn petroleum logistics zone at Al Hamra Port

1H 2025: HoldiPharma to list 25-30% stakes in Misr Pharma and Chemical Industries Development (CID) on the EGX

1H 2025: Korra Energi to list up to 20% stake on the EGX

1H 2025: Smart Villages Development and Management Company plans to list 30-35% of its shares on the EGX

1H 2025: Halliburton to bring three gas wells online as part of the Burullus project.

1H 2025: Chevron to begin gas production from the offshore Nargis gas field, initially producing 600 mn cf.

1H 2025: Nile Recycling to launch USD 20 mn PET recycling facility in Ain Sokhna, targeting an annual capacity of 22k tons and reducing carbon emissions by 40k tons

3Q 2025: Nasr Automotive begins locally manufacturing passenger cars.

3Q 2025: AMEA Power to bring 500 MW Amunet wind farm online in Ras Ghareb

4Q 2025: Abou Ghaly Motors to introduce the Subaru Solterra to the market

4Q 2025: Two new projects in food manufacturing and home textiles to begin operations in the Qantara West Industrial Zone

2H 2025: National Printing Company to make its EGX debut after delayed IPO plans

2H 2025: Tabarak Holding to list 30% of its shares on the EGX

2H 2025: Turkish apparel company Denim Rise to open a garment manufacturing facility

2H 2024: Hi-Tech Apparel to break ground on a USD 20 mn sportswear factory in the SCZone

2H 2025: Eni to drill two new wells in the Zohr field with USD 160 mn in investments

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

Mid-2025: SN Automotive to launch three locally assembled models — one electric and two gasoline-powered — in Egypt

Mid-2025: Suez’s USD 1.8 bn coal and diesel production complex, developed by Enppi and Petrojet, to be completed

Mid-2025: Wataneya and Safi to debut on the EGX

End of 2025: The Egypt Digital Industrial Platform will expand to include additional services for manufacturers, including the issuance of licenses, building permits, and industrial records

End of 2025: An unnamed Chinese company and the state-owned Arab Organization for Industrialization (AOI) to begin production at a USD 360 mn tire factory in the SCZone.

End of 2025: A consortium including Redcon Properties and Al Baraka Bank to launch a local real estate investment fund with over EGP 1 bn in initial investments

Late 2025: Baron Hotels to open a new hotel in Sharm El Sheikh and debut its first international property in Zanzibar with 150 luxury suites

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2025: Nafeza to integrate air cargo into its digital customs platform, further streamlining trade logistics

2025: Africa50 completes 42.9% stake acquisition in Raya Data Centers for USD 15 mn to fund construction of a USD 35 mn Tier III data center.

2025: MM Group for Industry and International Trade is set to launch 16 new Tata vehicle models locally.

2025: China to issue USD 411 bn in special treasury bonds

2025: El Attal Holding to list 30-35% of its shares on the EGX

2025: The Administrative Capital for Urban Development (ACUD) to launch its EGX debut, offering 5-10% of its shares.**

2025: Basata Holding for Financial Investments to offer 25% stake on the EGX as part of a plan to double its capital to EGP 1.4 bn.**

2025: Hilton Cairo Nile Maadi to open early in the year, alongside debuts of Tapestry Collection and Curio Collection by Hilton.

2025: Palm Hills and Marriott to launch The Ritz-Carlton Residences in West Cairo, featuring 150 branded units across 45 acres

2025: Jaz Hotel Group to set up two new hotels in North Coast, two in Hurghada, and two in Marsa Alam

2025: Sunrise Resorts & Cruises to add 4k hotel rooms to its hotels capacity.

2025: Egyptian Petrochemicals Holding Company (ECHEM) to complete studies and kick off production of Egypt’s first sustainable aviation fuels (SAFs).

2025: Polaris Parks to begin development of the industrial park in New October City

2025: EgyptAlum to launch a USD 100 mn foil production line with a 50k-ton annual capacity

2025: Honor to begin operations at its proposed smartphone manufacturing facility in Egypt, with an initial investment of USD 10 mn

2025: Indorama and Phosphate Misr to begin implementation of the USD 400-500 mn phosphate fertilizers plant in Ain Sokhna

FY 2025-26: Egypt to issue its first EGP-denominated sovereign sukuk to finance public investments outside the general budget

FY 2025-26: The government to begin introducing cash-based subsidies on a trial basis in select areas of the country

2025-2027: EUR 4 bn in concessional loans to follow as part of a EUR 7.4 bn package

2026

Baron Hotels to launch two hotels in Egypt with 950 rooms, followed by another with 750 rooms.

May 2026: End of extension for developers on 15% interest rates for land installment payments

2027

20 January-7 February: Egypt to host the African Games

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings for 2027.

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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