Sopping up liquidity

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WHAT WE’RE TRACKING TODAY

FinMin puts a cap on the state’s credit card

Good morning, wonderful people. Local banks are lining up to absorb excess EGP liquidity in the market as the currency edges closer to the 54 mark against the greenback, rolling out high-yield certificates to anchor local-currency liquidity and keep it from flowing into foreign currency.

We are also breaking down the sweeping changes to our competition law, which got the final nod from the House late last month. Dubbed the “economic constitution,” these amendments aim to level the playing field between private and state-owned entities while nearly tripling the financial thresholds that trigger mandatory M&A reviews.

IN MEMORIAM- Banque Misr Deputy CEO Amr El Nokaly died in a car accident on Thursday. El Nokaly had only recently taken on the role of deputy CEO at Banque Misr, where he was also named executive board member. Amr joined Banque Misr after distinguished runs at both Bank ABC in Bahrain and Mashreq Bank in the UAE.

A career banker with more than 25 years in the industry across three continents, tributes from former colleagues describe him as “a respected leader and valued colleague” whose “contributions, professionalism, and character left a lasting impression.” For those of us at EnterpriseAM who knew him, we couldn’t agree more with Banque Misr’s words that his “kind impact will remain in the hearts of all who knew him and worked with him.” Our deepest condolences to Amr’s family and to everyone privileged to have counted him as a friend.

Clawing back credit

The Finance Ministry is bringing down contingent liabilities, cutting the cap for government guarantees to EGP 560 bn for FY 2026/27 — a big step down from the current EGP 740 bn, according to budget documents seen by EnterpriseAM. The goal is to reduce the guarantees-to-GDP ratio to 28.1%, down from 29.8% in the current fiscal year, and keep total financing needs at 9-11% of GDP over the next three years.

The bigger picture: The new roadmap also puts a hard ceiling of EGP 19.1 tn (or 78.1% of GDP) on public debt for budget sector entities. This will require any new sovereign guarantees to get the green light directly from the Cabinet every year.

Why it matters: This is another move on the “ reducing sovereign stress ” chessboard. The government is taking IMF warnings seriously that the country’s EGP 5.4 tn in publicly backed debt is high risk for sovereign stress, and the new ceiling is designed to “govern the guarantees system and limit it to only necessary projects,” a government official tells EnterpriseAM. This is the latest step in the government’s multi-year plan to fix its borrowing habits while giving the private sector more space in the local debt market.

REMEMBER- The ministry is cleaning up the existing mess first, more than doubling capital injections into indebted state-owned enterprises and economic authorities up to EGP 125.3 bn, taking equity stakes in debt-for-equity swaps that retire sovereign-backed liabilities and close the chapter on the heavy borrowing spree that fueled the country’s recent infrastructure buildout.

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Rock solid reform

The state is getting serious about promoting the mining sector, delivering fresh incentives to lure in investors. Amendments to the Mineral Resources Law will cover rental prices, the approvals process for concessions, and the share in joint projects that the Mineral Resources and Mining Industries Authority (EMRA) holds, according to an Oil Ministry statement.

The amendments will include:

Rents on exploration areas drop by up to 60%;
Approvals granted within 30 days — allowing companies to explore multiple ores in one concession;
Slash EMRA’s share in joint projects down to 10% from a current 25% share.

Why this matters: The government wants to boost the mining industry’s contribution to GDP to 5-6% by 2030, up from a mere 1% currently. Attracting private investment — and a lot of it — is the only way they are going to get close to these targets. Lower costs, faster approvals, and more flexible concession terms are expected to make the sector more attractive to investors, but the proof will be whether these reforms translate into new exploration activity and private investment.

Clearing the books

The government settled its final USD 20 mn payment to the UAE’s Dana Gas, according to a company statement (pdf). The government has now effectively closed out its overdue receivables, paying the natural gas firm USD 50 mn in late 2025 as part of its broader push to clear arrears owed to foreign oil and gas companies.

The payoff coincides with a return to operational growth. Dana Gas’ Egypt production rose 4% y-o-y in 1Q 2026 to 13.1k boepd, marking the first increase in years after natural decline. After receiving its dues from the government, the company now can push ahead with its USD 100 mn investment program in the Nile Delta, including the drilling of 11 new wells, and is expected to add 80 bn cbf of gas reserves.

In numbers: As of the end of April, the Oil Ministry has driven down the total arrears owed to foreign companies to around USD 714 mn, down from USD 6.1 bn in June 2024, according to a ministry statement. Prime Minister Mostafa Madbouly recently announced the government will have fully settled all the arrears owed to international oil companies by the end of June.

Data point

USD 29.4 bn — that’s how much Egyptians abroad sent home in the first eight months of FY 2025/2026, a 28% y-o-y increase, according to recent CBE data for February — the final full month of stability before the outbreak of the US-Israel war on Iran. February alone saw a 25.7% m-o-m increase to USD 3.8 bn, capping off a blockbuster calendar year 2025 that saw total transfers hit an all-time high of USD 41.5 bn.

Why it matters: Record remittances and USD 52.8 bn in net foreign reserves have given the country its strongest liquidity buffer in history. This unprecedented expatriate support acts as a critical shock absorber against the recent flight of hot money. It also proves that the current flexible exchange rate regime can absorb regional shocks without the risk of a systemic liquidity freeze.

PSA

WEATHER- Better keep an umbrella handy — the Egyptian Meteorological Authority expects a cool, rainy day ahead and for the mercury to dip up to 7 degrees in the capital. Cairo is in for a high of 26°C and a low of 14°C, according to our favorite weather app.

It’s even cooler with possible showers in Alexandria, with a high of 20°C and a low of 15°C.

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The big story abroad

Berkshire Hathaway’s first post-Buffett annual meeting is dominating the business pages this morning. During the meeting, CEO Greg Abel sought to reassure shareholders wary of a post-Warren Buffett era. Abel pledged not to break up the conglomerate and to eliminate bureaucratic hurdles. The firm’s whopping USD 380 bn portfolio of liquid capital means that Berkshire will not be “beholden to anyone,” Abel said.

Abel urges shareholders to be patient: The new CEO said that he was “not anxious to deploy capital into subpar [prospects]” and that he will make “significant” investments in assets when it is most opportune. He also highlighted that the firm is uniquely positioned to capitalize on the tech sector’s expansion through its ownership of the utility infrastructure essential for powering data centers.

Shareholders seem happy. Veteran attendees of the annual meeting largely agreed that he has proven his capability, leaving the event mostly reassured by the transfer of power from Buffett to Abel.

MEANWHILE- In the unending US-Iran diplomatic saga, Tehran has communicated the concept for a new peace proposal to President Donald Trump, who will wait for the exact wording of the agreement before committing. Trump also clarified that the option to resume military strikes remains on the table should Tehran “misbehave.”

To fortify its Middle East allies against future Iran strikes, Washington aims to expedite a USD 8.6 bn arms contract by invoking emergency powers and bypassing Congressional review. Under the agreement, the UAE, Qatar, and Israel would obtain defense capabilities aimed at intercepting missiles.

Banks are sopping up liquidity as the EGP hovers near 54

Moves by state-owned banks to absorb excess EGP liquidity in the market have prompted some private-sector actors to follow suit and defend their deposit bases, as we suggested late last month was likely to happen. Some banks are also actively pursuing short-term USD deposits, looking for flexibility as the FX rate remains volatile amid the war in the Gulf.

What’s going on? Banque du Caire, Banque Misr, and the National Bank of Egypt have since late April brought to market new three-year certificates offering monthly interest and an annual yield of 17.25%. Our friends at CIB, the nation’s largest private-sector lender, joined in on Thursday with new savings certificates, including products with a variable monthly return reaching 19.5% annually.

Why? With the Central Bank of Egypt’s monetary policy committee not set to review interest rates until 21 May, the big state-owned banks were effectively transmitting monetary policy — and competitive pressure is forcing private-sector lenders to follow suit in bids to protect their deposit franchises. The EGP strengthened substantially in April, recovering some of the ground it lost at the outbreak of the US-Israeli wars on Iran and Lebanon.

The latest trigger: The EGP lost 0.80 against the greenback on Thursday, inching closer to the 54 mark — CIB had greenbacks changing hands at 53.65 at close of business on Thursday.

The EGP’s recent trajectory is “a clear admission that liquidity in the market exceeds the capacity of existing savings instruments to absorb it,” banking veteran Hani Abou El Fotouh tells us. What we’re seeing now is a “pre-emptive monetary alert,” he says — state banks are moving to mop up liquidity before it can help fuel more inflation. The new certificates are also a “a last-ditch attempt to prevent liquidity from flowing into foreign currency.”

By allowing state-linked banks to raise certificate yields, the central bank is effectively deploying “tactical tightening,” EG Bank board member Mohamed Abdel Aal tells us — absorbing liquidity through market instruments without adjusting official corridor rates.

The upside? It avoids higher public debt-servicing costs while tackling a roughly EGP 2 tn y-o-y surge in liquidity and growing demand for high yields on treasury bills, exceeding 30%.

At the same time, major lenders are rolling out short-term USD savings products to keep FX in the banking system. The signal from the banks is that this is a short-term blip — the lenders are offering a basket of incentives on maturities of 12 months or less:

NBE: Returns between 1% and 3.68% for tenors ranging from one week to one year;
Banque du Caire: A three-month deposit at 3.25% with a USD 50k minimum;
SAIB, ADCB Egypt, and CIB: Short-term products ranging between 1% and 3.5%;
Suez Canal Bank: Upfront interest on 12-month deposits (USD 10k minimum) with returns of 3.15%-3.50%;

Housing and Development Bank: Upfront interest for six months (3%) and one year (3.25%) with a USD 5k minimum.

In short: Many institutions are moving toward “shorter-tenor instruments that can be repriced quickly” amid global uncertainty, says veteran banker Ahmed Shawky. Mohamed Abdel Moneim, another industry insider, says the tweaks to USD products is a “proactive play” to attract USD as global rates stabilize, allowing banks to better meet demand from importers.

Bankers will be keeping an eye on the downside risk, though: “The expansion into short-term USD deposits is more than just a savings product trend — it reflects a deeper shift in how banks manage FX liquidity and risk in a highly volatile global environment. While it offers significant short-term flexibility, it also introduces clear challenges around funding stability and liquidity gap management over the longer term,” Shawky argues.

No room at Juhayna’s table

The Cairo Economic Court is backing EGX-listed Juhayna’s decision to block Qatari dairy rival Baladna from seeking board representation, according to a statement from Juhanya laying out the latest in the standoff between the two companies.

The court upheld Juhayna’s decision to bar Baladna’s candidate from standing for election to the company’s board of directors, citing what it said was a “violation of competition standards and anti-monopoly regulations,” the statement said. The court also noted that Juhayna’s general assembly hadn’t given the candidate the exemption they would need to stand for the board. Article 97 of the Companies Law, Juhayna said, requires that a company’s general assembly specifically allow a candidate to stand for the board if she or he is involved in a similar or competing business.

BACKGROUND- The Financial Regulatory Authority in December struck down a competitor clause in the company’s articles of association. Baladna has been the second-largest shareholder in Juhayna since 2022 with a 16% share of the company. The founding Thabet family’s Pharon Investment holds just over 50%.

Advisors: Matouk Bassiouny & Hennawy represented Juhayna in the courtroom.

Market reax: On the day of the announcement, Juhayna’s share price fell 2.1% by the time the bourse shut its doors for the weekend at EGP 28.49 per share.

Our competition watchdog gets sharper teeth

Egypt’s competition rulebook just got its biggest rewrite in years, and we have a lot to unpack. The reforms, given the final nod by the House of Representatives last month, level the playing field between private businesses and state-owned entities, strengthen the competition regulator’s powers, update the rules governing mergers and acquisitions, and increase penalties for monopolistic behavior.

The new law — called “the economic constitution” by lawmakers — aims to foster a competitive and dynamic market and improve the investment climate, according to a legislative document seen by EnterpriseAM. How? By introducing a standalone track for administrative financial penalties alongside the traditional criminal justice track, as well as tightening rules for mergers, acquisitions, and joint ventures.

Leveling the playing field

A check on the privilege of state-owned companies: The law establishes for the first time a Supreme Committee for Competitive Neutrality, headed by the prime minister and the head of the Competition Authority.

In theory, this is good news for the business community. The committee will have the power to scrap any exemptions or privileges that government decisions or laws have granted to state-owned entities, if those privileges are found to distort fair competition. There will also be a review of all legislation and decisions issued by government bodies to make sure they're in line with fair competition principles.

Full independence

Beyond the new committee, the law gives the Egyptian Competition Authority (ECA) itself a major status upgrade. The ECA will now fall under Article 215 of the constitution — which governs independent regulatory bodies — giving it full technical, administrative, and financial independence.

This is a highly exclusive club that includes institutions like the Central Bank of Egypt and the Financial Regulatory Authority — bodies that, under the additional provisions of Articles 216 and 217, hold substantial authority over the markets they oversee, report directly to the president, and whose leadership is appointed by the president with parliament’s approval.

The constitutional case: “If you view the authority as having both a regulatory and supervisory role, then it naturally falls within the framework of the three constitutional articles, which require such bodies to operate as independent entities with a semi-autonomous administrative and financial structure,” legal and tax advisor Islam Saeed, also a former M&A-focused partner at Matouk Bassiouny, tells EnterpriseAM.

The ECA’s oversight is “a positive step,” he says. Its regulatory role, he explains, involves enforcing the law and weighing in on legislation and relevant regulations, “while the supervisory role gives the authority a watchful eye over the market and the [M&A] deals taking place in it.” The two roles together strengthen the case for full autonomy, Saeed says.

Not everyone sees the change as substantive, however. Mohamed Nabil Hazzaa, former partner and head of the M&A practice group at Sharkawy & Sarhan, tells EnterpriseAM that the shift is little more than a “morale boost” to the ECA’s status — its core competencies and standard operating procedures remain structurally similar to its previous setup, which had it reporting in to the prime minister’s office. “Practically… it wouldn’t affect the scope of powers of the ECA. Nothing changed in terms of the scope and the mandate itself. I think it’s purely bureaucratic and relates to the administrative arrangements for the authority’s staff,” he says.

Higher thresholds, fewer filings

The amendments raise the bar for which paperwork lands on the Competition Authority’s desk. For domestic deals, the law nearly triples the thresholds for a mandatory review by the ECA:

Combined sales or assets of all parties must now exceed EGP 2.5 bn (up from EGP 900 mn);
At least two parties must each exceed EGP 500 mn (up from EGP 200 mn).

For foreign companies looking to acquire a business operating in Egypt:

Combined global sales of the foreign parties must exceed EGP 15 bn (up from EGP 7.5 bn);
The Egyptian target must post sales above EGP 500 mn (up from EGP 200 mn).

The ECA can still review agreements below these thresholds if it has believes the transaction could threaten competition in the domestic market.

Why is this important? Years of inflation and devaluation has reset company valuations — and the law hasn’t kept up. “Keeping the old thresholds would have flooded the authority with filings for small or competitively insignificant [agreements] — diverting resources from transactions that actually matter. The revised thresholds are designed to better reflect real economic value, keeping oversight focused and investment flowing,” according to a legislative note we reviewed.

Bigger fines, sharper teeth

The new law overhauls how violators are punished, splitting penalties into two tracks — one for illegal mergers and another for anti-competitive behavior — with steeper ceilings across the board.

Fines for illegal M&A: Penalties for violations tied to economic concentration — failing to notify the ECA of a qualifying merger, breaching approval conditions, or closing an agreement despite a rejection — are capped at 10% of the combined annual revenue of all parties, based on their latest consolidated financials.

The exception: If annual revenue doesn’t reflect the agreement’s real economic value, the ECA can instead base the fine on whichever is greater — the transaction value, or the total assets of the parties involved.

Fines for anti-competitive agreements: Cartel-type violations (price-fixing, market allocation, etc.) are capped at 15% of revenues from the specific product involved over the full period of the violation.

The exception: If those revenues can’t be pinned down, the fine is capped at EGP 700 mn.

There’s also an absolute ceiling — no matter how it’s calculated, the fine can’t exceed 10% of total annual revenue of the violating party and all related entities.

Why the hike? The penalties have been raised to keep up with economic shifts, rising inflation, and currency devaluations since 2022. Under the old law, Article 22 set fines based on total product revenues during the violation period — 2-12% for horizontal violations (Article 6) and 1-10% for vertical ones (Articles 7 and 8).

What's new: The amendments push the ceiling for horizontal breaches up to 15%. Crucially, the percentage is still calculated from “revenues achieved from the company's respective breach” — not the parent company's entire turnover, Hazzaa tells us.

A new path for appeals
The shift to a dual criminal-and-administrative framework is a major change for large businesses. Unlike the previous “purely criminal system,” which required reconciliation, the new setup offers a “route for grievances” — letting companies pursue administrative appeals on market issues before things escalate to the judiciary, Hazzaa says.

The law is designed to make market interventions faster and more efficient by separating administrative penalties from criminal ones — enabling quicker action to stop violations before they cause lasting harm, chairman of the House Economic Affairs Committee MP Tarek Shokry tells EnterpriseAM.

The final step

The law is now on President Abdel Fattah El Sisi’s desk awaiting approval, then it will be published in the Official Gazette. The new legislation will take effect three months after publication.

Consumers went mobile. Infrastructure hasn’t fully kept pace.

Something significant happened in global commerce — quietly, on people’s phones. It unfolded while consumers were commuting, waiting for coffee, or standing in stores they had already decided to leave.

According to Visa’s 2025 Global Digital Shopping Index, nearly half of all shoppers worldwide used a mobile phone for their most recent retail purchase. One in three consumers browses merchant sites on their phone daily. When they browse, they buy — roughly half the time.

This shift is no longer confined to younger consumers. While Gen Z remains an early adopter, parents are among the most active digital shoppers globally, averaging more than two digital shopping activities per day, according to the index. High-income consumers follow close behind. The customers businesses most want to reach have already moved.

Commerce infrastructure is lagging behind this behavioral shift. Nearly 60% of merchants globally say their payment technology cannot support mobile-first demand. Three quarters believe a unified shopping experience will be critical for customer satisfaction, yet most admit they are not ready to deliver one.

This gap reflects a structural constraint, not a lack of awareness. Mobile‑first commerce exposes the limits of fragmented systems — where acceptance, data, security, and experience are treated as separate functions rather than parts of a single journey.

Closing this gap requires a redesign of how commerce infrastructure operates. That means modernizing acceptance, simplifying cross-channel complexity, and embedding trust at every interaction point.

Visa’s role is evolving alongside this shift. Beyond enabling transactions, Visa is working with banks and merchants to modernize the infrastructure that underpins their operations – enabling commerce to operate at the speed consumers expect, without compromising reliability or trust.

When infrastructure catches up with behavior, growth follows. When it does not, friction becomes a structural cost of doing business.

Walter Lironi, Senior Vice President and Head of Value-Added Services at Visa, Central Europe, Middle East, and Africa (CEMEA)

The Nile, now streaming in real time

The government is finally transforming the Nile into a digitally tracked, 24-hour logistic corridor. The Cabinet greenlit the General Authority for River Transport’s contract with Austrian information systems firm Frequentis to deploy a River Information System (RIS) across the Nile. By hardwiring vessels with very high frequency and electronic charts, this real-time system will enable safe, 24/7 navigation for both commercial barges and tourist cruises.

Our take: The Nile’s transport capacity has long been ignored, but setting up an industrial base in Upper Egypt requires cheap, high-volume logistics. A single river barge can carry the equivalent of 40 land transport trucks, making the shift essential to slash supply chain overhead for businesses while reducing the government’s road maintenance bill. The government aims to reach 8 mn tons of river freight capacity this fiscal year, with a long-term goal of boosting the riverway’s share of cargo movements to 10% by 2038.

BACKGROUND- This tech upgrade is actually a legacy contract that the government is dusting off. The River Transport Authority originally awarded this exact contract to Frequentis back in 2009, backed by funds from the Austrian Control Bank. The initial blueprint aimed to monitor 960 km of the Nile using 20 base stations and a central communication hub in Cairo. However, the rollout suffered severe delays and completely blew past its original 2019 target for full operation.

Are we in the early stages of a commodity supercycle?

Growth in sectors like AI and defense is triggering a spending spree in a key sector that is powering the others — mining. The rush is part of a wider pivot away from tech stocks and toward hard assets, as infrastructure continues to cement its place as a key hinge on which other growing sectors, from AI to energy, depend.

By the numbers: Assets under management in mining exchange-traded funds doubled to USD 87.4 bn at the end of 1Q, according to ETFGI data picked up by Reuters. Investors poured USD 8.2 bn into mining during the quarter — a USD 10.8 bn reversal of outflows that had hit the sector in 1Q 2025, triggered by tariffs implemented by US President Donald Trump. Meanwhile, shares of the two largest mining companies, BHP and Rio Tinto, have both hit record highs this year.

Why are they having such a moment? In comparison with tech stocks, critical minerals and metals are seen as less exposed to AI disruption, Harding Loevner’s Anix Vyas said. For now, “copper is at the intersection of everything and critically undersupplied,” Regal Partners’ Charlie Aitken said, while also predicting the metal’s prices could double or triple in the next decade.

The regional war has also put things into perspective, highlighting the need for governments to shore up supply chains and secure disruption-proof access to critical materials and energy security.

A rethink of the traditional “safe haven”? Inflows into copper outperformed those into gold, as investors increasingly position themselves towards infrastructure-linked assets amid war-induced disruptions, effectively betting on more infrastructure spending across the energy sector. Oil and gas funds saw some USD 6 bn in inflows in the first quarter alone.

Where the risks lie: Metals, as an asset class, are more exposed to supply chain disruption, as we’re currently seeing through the Strait of Hormuz. Typically, fund sizes are smaller, meaning volatility can seem more amplified.

EGX30	51,761	-1.2% (YTD: +23.7%)
USD (CBE)	Buy 53.55	Sell 53.69
USD (CIB)	Buy 53.55	Sell 53.65
Interest rates (CBE)	19.00% deposit	20.00% lending
Tadawul	11,188	-0.5% (YTD: +6.6%)
ADX	9,789	+0.1% (YTD: -2.1%)
DFM	5,767	0.0% (YTD: -4.6%)
S&P 500	7,230	+0.3% (YTD: +5.6%)
FTSE 100	10,364	-0.1% (YTD: +4.4%)
Euro Stoxx 50	5,882	+1.1% (YTD: +1.5%)
Brent crude	USD 108.17	-2.0%
Natural gas (Nymex)	USD 2.78	+0.5%
Gold	USD 4,645	+0.3%
BTC	USD 78,660	+0.7% (YTD: -10.2%)
S&P Egypt Sovereign Bond Index	1,045	+0.6% (YTD: +5.2%)
S&P MENA Bond & Sukuk	151.40	+0.1 (YTD: -0.3%)
VIX (Volatility Index)	16.99	+0.6% (YTD: +13.7%)

THE CLOSING BELL-

The EGX30 fell 1.2% at Thursday’s close on turnover of EGP 11.0 bn (52.2% above the 90-day average). Local investors were the sole net buyers. The index is up 23.7% YTD.

In the green: Valmore Holding -EGP (+3.7%), AMOC (+3.5%), and Palm Hills Developments (+1.8%).

In the red: Raya Holding (-4.2%), Fawry (-3.7%), and Emaar Misr (-2.6%).

CALENDAR

2026

MAY

5 May (Tuesday): S&P Global to release PMI figures for April.

7 May (Thursday): Labor Day national holiday observed.

7 May (Thursday): CBE expected to release foreign exchange reserve data for April.

10 May (Sunday): Capmas expected to release inflation data from April.

21 May (Thursday): Monetary Policy Committee’s third meeting of 2026.

27-29 May (Wednesday-Friday): Eid El Adha (TBC).

JUNE

15 June (Monday): Seventh review of the IMF’s Extended Fund Facility.

30 June (Tuesday): National holiday in observance of the June 30 Revolution (TBC).

JULY

9 July (Thursday): Monetary Policy Committee’s fourth meeting of 2026.

23 July (Thursday): National holiday in observance of Revolution Day (TBC).

AUGUST

20 August (Thursday): Monetary Policy Committee’s fifth meeting of 2026.

26 August (Wednesday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

SEPTEMBER

15 September (Tuesday): IMF to hold its eighth review of Egypt’s USD 8 bn EFF arrangement.

24 September (Thursday): Monetary Policy Committee’s sixth meeting of 2026.

27-29 September (Sunday-Tuesday): Global Conference on Population, Health, and Human Development.

OCTOBER

6 October (Tuesday): Armed Forces Day.

29 October (Thursday): Monetary Policy Committee’s seventh meeting of 2026.

DECEMBER

17 December (Thursday): Monetary Policy Committee’s eighth meeting of 2026.

EVENTS WITH NO SET DATE

Early 2026: Passenger operations on the New Administrative Capital-Nasr City monorail scheduled to begin.

1Q 2026: Trial operations for the Ain Sokhna-Sixth of October section of Egypt’s first high-speed rail line scheduled to begin.

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

July 2026: British Prime Minister Keir Starmer set to visit Egypt.

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

2026: The Egyptian-American Economic Forum.

2027

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

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings.

2027: Egypt-EU Summit 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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