FRA names and shames NBFI violators

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WHAT WE’RE TRACKING TODAY

IMF delegation concludes Cairo visit this week

Good morning, wonderful people. We’re kicking this short workweek with a meaty issue. Leading today’s newswell, the Financial Regulatory Authority is cracking down on rogue non-banking financial operators by rolling out a new three-tiered public blacklist — joining public institutions tightening the screws on this expanding market.

On the monetary front — and as widely predicted — the Central Bank of Egypt kept interest rates on hold for the second consecutive time, holding onto its cautious “wait-and-see” approach to navigate geopolitical headwinds and keep a lid on rising debt servicing costs.

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A green light from the fund?

The IMF delegation is wrapping up a two-week visit to Cairo this week to finalize the seventh review of Egypt’s economic reform program, with talks progressing positively toward unlocking the next loan tranche by late June, a senior government source tells EnterpriseAM. The talks focused heavily on the state’s privatization pipeline, which the IMF views as the critical benchmark for releasing the funds, the source added.

The mission also vetted Egypt’s medium-term FX buffers and its planned transition from in-kind to cash subsidies, urging the government to step up social protection measures for middle- and low-income families. To cushion the impact of ongoing fiscal reforms before the IMF program concludes this December, the delegation reviewed upcoming foreign inflows — including the remaining EUR 3 bn in EU macro-financial assistance, which the source tells us is slated for disbursement on two tranches before year-end.

Discussions between the delegation and the government are going “very well,” according to Prime Minister Mostafa Madbouly.

A well-timed find

Agiba Petroleum made its largest Western Desert discovery in 15 years, striking an estimated 70 mn barrels of oil equivalent at its Bostan South-1X exploratory well, according to a statement from the Oil Ministry. Agiba, a EGPC-Eni JV, estimates the find holds roughly 330 bcf of natural gas alongside 10 mn barrels of crude and condensates. The well sits just 10 km from Agiba’s existing infrastructure — meaning the company can fast-track the tie-in rather than build from scratch.

Why it matters: The country is pushing to add 1 bcf/d to domestic gas output by year-end to offset costly energy imports, and the government needs foreign partners to drill harder near proven, productive acreage — exactly what this find rewards. The discovery also expedites Agiba’s Western Desert campaign to deploy USD 509 mn next FY, pushing daily output to 38k bbl/d of oil and 125 mcf/d of gas and building on a USD 639 mn effort this year that included 18 developmental wells.

A grain shop

Could we become the regional grain middleman? Supply Minister Sherif Farouk was in Sochi over the weekend for the Russian Grain Forum and held talks with Dmitry Sergeyev, the head of the United Grain Company and President of the Russian Union of Grain Exporters and Producers, on long-term wheat supply contracts, according to a ministry statement. The play? Pitching our ports as a regional logistics hub to house and re-export grain across the Middle East and Africa.

We are among the world’s largest wheat importers, but our geography and infrastructure can make us a central node in the global commodities trade. This vision is part of Egypt’s long-term plan to establish a regional grain hub after the 2022 Russia-Ukraine war breakout exposed the volatility of Black Sea supply lines, leading Egypt to start pitching the Suez Canal Economic Zone (SCZone) as a storage and re-export hub for Ukrainian grain bound for Africa in early 2025. Egyptian officials also met with Belarusian delegates in 2024 to anchor an Arab-African logistics center for grain import.

We’ve been busy: The diplomatic push builds on Abdelatty-Putin talks earlier this year on a combined grain and energy hub, with the Transport Ministry mulling a dedicated logistics corridor linking Egyptian ports to Russia’s Black Sea. A parallel agreement with Brazil to anchor a grain logistics zone in the SCZone suggests the same playbook is being run across multiple suppliers — backed by silo capacity already doubled to 3.4 mn tons, with a 6 mn-ton target ahead.

PSA-

WEATHER- It’s a mild day in Cairo today, with a high of 31°C and a low of 19°C, according to our favorite weather app.

It’s several degrees cooler in Alexandria, with a high of 25°C and a low of 17°C.

The big story abroad

A US-Iran agreement has been “largely negotiated,” and is “subject to finalization,” according to US President Donald Trump. His statement came following a call with regional leaders, including President Abdel Fattah El Sisi, who emphasized the importance of using diplomacy to resolve the situation.

What changed? The potential agreement will reportedly include a gradual reopening of the Strait of Hormuz and a commitment from Tehran to discuss diluting or handing over its stockpile of enriched uranium. In return, Washington would scale back its naval blockade and sanctions on the Islamic Republic.

No truce in Lebanon: Israeli strikes killed and injured several people in Lebanon over the weekend, despite a ceasefire between Tel Aviv and Iran-backed Hezbollah. The attacks mostly concentrated on southern Lebanon, where tens of thousands have been displaced.

Welcome the new Fed chair: Kevin Warsh was sworn in as the 17th chair of the Federal Reserve over the weekend, vowing to introduce regime change during his time at the helm. Warsh steps into the role amid a deeply fractured central bank board and financial markets that are betting on a potential interest rate hike, as surging domestic inflation is further fueled by the Iran war. The Trump nominee has taken over from Jerome Powell, who has been subject to Trump’s attacks for some time now due to his stance on rates.

“I want Kevin to be totally independent,” Trump said during the swearing ceremony on Friday. That being said, Trump claimed that interest rates will be coming down “very quickly” later that same day.

Another attempt on Trump’s life? A shooter opened fire on officers near the White House yesterday before being intercepted and taken to a hospital, where he died.

Meanwhile, in the M&A world: Ridesharing player Uber is looking to takeover food delivery company Delivery Hero in a transaction that would value the firm over EUR 10 bn. A bid proposed by Uber CEO Dara Khosrowshahi to acquire the company at about EUR 33 per share was reportedly turned down. Delivery peer DoorDash is also in the picture, seeking to acquire Delivery Hero’s Middle East operations.

PLUS- New weight loss drug coming your way: US-based pharma and medical research company Eli Lilly announced that its weight-loss injection drug, retatrutide, cleared a late-stage trial. The drug has been proven to help patients lose 28.3% of their weight.

The blacklist

The Financial Regulatory Authority (FRA) is putting NBFI violators on public display, setting up a registry for individuals and companies that violate non-banking financial regulations, according to a statement from the regulator.

The registry will sort violators into three public lists:

The warning list: Individuals and companies attempting to conduct non-banking financial activities without an FRA license;
The negative list: Individuals and corporations with final, unappealable judicial convictions for violating NBFI sector laws;
The administrative measures list: Formerly licensed market participants whose licenses have been revoked or struck from the FRA's active registries.

Why it matters: Chairman Islam Azzam said the decision, approved by FRA on April 29 and published in the Gazette on May 20, is meant to protect clients and give them a clearer picture of the companies and individuals they deal with across capital markets, ins., and financing activities. That matters as banks, regulators, and lawmakers all sharpen their focus on NBFIs: The sector is no longer a fringe pocket of finance, and its growth only holds up if it’s matched by cleaner governance, clearer data, and visible enforcement.

The process: Listings will be based on a study memo prepared by the FRA, reviewed by its committee for criminal action and settlements, and signed off by Azzam. The authority can also move fast when needed — temporarily listing names if an activity threatens market stability or client interests — but must complete notification procedures and hear from the relevant party within one week of listing.

Not a one-way street: Parties flagged for the warning list have the right to be heard before being added. Anyone listed — or anyone whose name remains listed after the reason for inclusion no longer applies — can appeal to the FRA chair within 60 days, with no fees. Appeals go to a committee chaired by FRA’s deputy chair, which must issue its recommendations within 30 days of receiving complete documents.

The FRA will periodically review the registry and remove names when the reason for listing no longer applies — whether after a violation is resolved, a ruling is executed, or a settlement is reached. The lists will be published on FRA's website or any platform the regulator designates.

IN CONTEXT- FRA’s move lands in the middle of a wider push to de-risk non-bank finance. The Central Bank of Egypt (CBE) barred banks last week from granting or renewing credit facilities to non-bank lenders unless they are coded with the CBE and reporting customer data to both the central bank and I-Score. The House of Representatives has also entered the fray, with lawmakers calling for an urgent hearing on what they described as the unregulated expansion of consumer finance and installment firms.

Staying steady

The Central Bank of Egypt’s Monetary Policy Committee (MPC) held interest rates at its meeting on Thursday for the second consecutive time, keeping the overnight deposit rate at 19.00%, the lending rate at 20.00%, and the main operation and discount rates at 19.50%, the CBE said in a statement (pdf). The committee cited prevailing and forecasted inflation dynamics amid a challenging external environment as justification for the hold — in line with analyst expectations.

Globally, the CBE flagged modest economic growth weighed down by geopolitical tensions, trade policy uncertainty, and subdued demand. Commodity markets are a particular concern: Brent crude and natural gas prices have risen sharply as regional tensions disrupt energy supply routes, pushing up agricultural prices through higher fertilizer costs.

Balancing act: The CBE is navigating three competing pressures — containing inflation, preserving currency stability, and keeping a lid on debt servicing costs — in what Ahmed Shawky, an industry insider and member of the Egyptian Society for Political Economy, Statistics and Legislation, calls a “smart balancing zone.” A 100 bps hike could “add more than EGP 140 bn to the debt servicing costs, particularly as the government remains the banking sector's largest borrower,” he adds.

Economy seen returning to “full capacity” next year: Real GDP growth eased to 5.0% in 1Q 2026 from 5.3% in 4Q 2025, with the CBE projecting a further 2Q slowdown on the back of regional conflict spillovers. Full-year FY 2025/26 growth is expected to average around 5.0%, with the economy seen converging toward full capacity by 1H 2027.

Deceptively softer inflation: April headline urban inflation eased to 14.9% from 15.2% in March, while core inflation dipped to 13.8% from 14.0%. The CBE attributed the moderation mainly to a pullback in food prices — largely a reversal of seasonal increases — and said the pass-through from March’s fuel hikes appeared contained. Even so, the committee cautioned that inflation is likely to accelerate through 3Q 2026, driven by unfavorable base effects, exchange-rate pressures from the regional conflict, and ongoing fiscal consolidation.

Tight stance remains: The MPC stressed that holding firm on monetary policy is necessary to anchor inflation expectations and leave room to assess any second-round effects from current supply shocks. The CBE now sees inflation exceeding its 7% (±2 pp) target through 4Q 2026 before gradually returning to target in 2H 2027.

Liquidity pressures building: Two forces are tightening banking sector liquidity, head of research at Al Ahly Pharos Hany Genena tells us. “Foreign outflows from the local debt market have reduced liquidity flowing into banks, while the CBE has effectively halted monetary financing of the government for nearly a year and a half now, with net government borrowing from the central bank remaining broadly stable at around EGP 1.9 tn,” he says. Banks are now shouldering a larger share of the government’s financing needs as a result, he adds.

Reserve ratio cut over rate hikes: “Egypt still maintains a relatively high real interest rate of around 4-5%”, giving the central bank room to absorb any temporary inflationary pressures without tightening further, Genena says. He expects no further rate hikes through the rest of 2026, with the CBE more likely to lean on liquidity tools instead — including cutting reserve requirements to the 12–14% range and deploying targeted macroprudential measures at the sector level.

Wait and see: “[If] the Strait of Hormuz reopens relatively soon, officials will probably be content to stay on the sidelines,” Capital Economics’ Jason Tuvey argues. With inflation largely imported and driven by geopolitical factors, a cautious hold is the most appropriate course amid elevated uncertainty, former Banque Misr deputy chair Sahar El Damaty says.

What’s next: The CBE reiterated that future decisions will remain data-dependent, with its stance to be calibrated in line with evolving conditions and inflation trajectory as it keeps 2H 2027 in its sights for a return to target.

Enppi lands in Oman

Petroleum-sector engineering firm Enppi secured a USD 355 mn turnkey contract to upgrade natural gas infrastructure for Petroleum Development Oman, marking the company’s debut project in the Sultanate, the Oil Ministry said in a statement. Acting as a general contractor, Enppi will triple the Birba Gathering Station’s processing capacity to 4.2 mn cubic meters per day and overhaul systems to help the operator eliminate routine gas flaring by 2030.

What we know: Enppi’s scope of work will include engineering designs, procurement, construction, pre-commissioning, commissioning and start-up work, as well as initial commissioning support for 6 months after initial handover.

Why it matters: Faced with currency pressures at home and a slowdown of mega state projects, both state-owned and private heavyweights are deploying economic diplomacy to target neighboring markets in a bid to secure stable, long-term streams of FX.

REMEMBER- Enppi is currently executing a USD 1.2 bn liquified natural gas pre-conditioning plant for the UAE’s Adnoc in a consortium with fellow state-owned contractor Petrojet, while also building four of the world’s largest natural gas liquids storage tanks for Aramco in Saudi Arabia.

Also heading to the Sultanate

Local manufacturer Zeinox Global signed a USD 2.5 mn agreement with the Oman Aluminium Rolling Company (OARC) to build a 50k-ton capacity downstream aluminum center in Oman, the Oman embassy said in a statement. Zeinox inked a USD 2.6 mn agreement with state energy group OQ — OARC’s parent company — to establish a plastic manufacturing facility last year.

Patient journeys are the new test of Egypt’s digital healthcare leap

Egypt’s healthcare system is moving toward an integrated digital infrastructure. Historically, healthcare relied on fragmented, paper-based processes that forced patients to navigate disjointed care journeys. This often meant redundant diagnostic tests, manual transport of paper records, and critical data gaps that hindered timely medical intervention. By replacing these legacy workflows with integrated systems, the sector is closer to connected, data-driven care delivery.

Vodafone Business’s role in this transformation is rooted in building the digital infrastructure that enables system-wide connectivity. Joining forces with the Health Ministry, it supports a unified architecture that manages the patient journey through three core components:

Beneficiary Management Systems (BMS): Managing citizen enrollment using demographic data.
Health Information Systems (HIS): Centralizing patient records for faster clinical decisions.
Payer Systems: Automating financial workflows, reducing processing times from days to minutes.

The rollout of Egypt’s Universal Health Ins. (UHI) system provides a benchmark for large-scale digitization. In coordination with the Health Ministry and the UHIA, more than 368 healthcare facilities have been digitized across six governorates, serving more than 6 mn citizens. This has led to a reduction in waiting times and repeat visits, making healthcare services more efficient, accessible, and responsive to patient needs.

Vodafone Business is positioned as a digital infrastructure partner, aligning technology, governance, and human capability. More than 55k physicians, nurses, and healthcare professionals have been trained, ensuring adoption at scale.

As infrastructure matures, the focus moves from access to optimization. AI and loT are enabling more proactive, data-driven care models, improving how healthcare systems anticipate demand, allocate resources, and deliver timely interventions.

Green threads in Port Said

Chinese industrial developer Cloud Chain plans to build a USD 1.5-2 bn textile city in Port Said, in what could be the region’s first integrated carbon-neutral textile complex, according to a statement from the Investment Ministry. The project would span 4.5 mn sqm and be developed over two 24-month phases — the first 2 mn sqm phase will host 30-50 textile companies alongside vocational schools and logistics facilities, while the second phase will focus on integrating feeder industries.

Why it matters: Surging labor and energy costs in traditional textile hubs like Turkey and China, combined with instability in Bangladesh and the Red Sea shipping crisis, makes our geographic proximity to Europe attractive for brands seeking near-shore manufacturing alternatives, Egyptian Cotton Association Chairman Wael Olama told us last month. Egypt’s goal of raising textile and garment exports to USD 12 bn by 2031 is still achievable, he said — but only if factories keep coming in.

IN CONTEXT- Hong Kong’s Crystal International recently committed USD 350 mn to an integrated textile complex in Elsewedy Industrial Development’s Industria October, and three other Chinese companies are building USD 65.5 mn worth of factories in Qantara West.

What’s next: The company and ministry are currently discussing whether to establish the complex under an Investment Zone or a Special Investment Zone framework.

More 1Q earnings are out

Palm Hills Developments

Palm Hills Developments’ net income after tax and minority interest fell 21.7% y-o-y to EGP 1.2 bn in 1Q 2026, according to its latest earnings release (pdf). Revenues rose 11.3% y-o-y to EGP 9.3 bn, driven by strong new sales growth and the recognition of its development backlog, which swelled to a massive EGP 263 bn.

Behind the fall: Management noted that the drop in net income reflects base effects from a one-off land sale in the same quarter last year; adjusting for that, normalized net income would have actually risen 23% y-o-y.

Total new sales hit EGP 52 bn — a 58% growth over its normalized base — bolstered by East Cairo sales, which jumped to EGP 29.5 bn following the EGP 24 bn launch of Village de La Capitale.

What’s next: The developer is gearing up to launch its North Coast project, Hacienda Ras El Hekma, next month, Executive Chairman Yasseen Mansour said.

Oriental Weavers

Oriental Weavers’ net income rose 62% y-o-y to EGP 893 mn in 1Q 2026, bolstered by EGP 201 mn in export subsidy collections and EGP 328 mn in capital gains from the sale of unproductive assets, according to its latest earnings release (pdf). Meanwhile, revenue grew 9% y-o-y to EGP 6.9 bn on the back of an 8% increase in sales volumes, supported heavily by international demand, particularly from the US.

International sales accounted for 65% of the company’s top line during the quarter, despite a softer global consumer spending. The tufted export segment delivered an 18% y-o-y revenue increase on the back of higher-priced product launches in the US. Domestically, revenues from the woven segment rose 20% y-o-y on prioritizing higher-income consumers.

Laila Hassan and Omar Khashaba are Algebra Ventures’ managing partners

Our friends Laila Hassan (LinkedIn) and Omar Khashaba (LinkedIn) have been promoted to managing partners at Algebra Ventures, as the venture capital firm prepares for the “next phase of growth.” The promotion was announced during Algebra's 10-year anniversary celebration attended by EnterpriseAM, alongside a global network of investors, founders, LPs, policymakers, and ecosystem leaders. The duo joined the venture capital firm a few years back to help launch its second USD 100 mn fund, expanding the leadership into a four-partner platform alongside co-founders Tarek Assaad and Karim Hussein.

ALSO- General Motors tapped Rohan Fernandes (LinkedIn) as its new managing director for Egypt and Africa, the automaker said in a statement. Fernandes, who currently serves as the managing director of commercial operations for Africa and the Middle East, will begin the leadership transition on 1 June, succeeding Sharon Nishi (LinkedIn), who will retire at the end of August after a 40-year career with the company.

Cross-border entertainment

Talaat Moustafa Group (TMG) is setting up an entertainment and event organizing venture with Saudi PIF-owned entertainment firm Sela, under a partnership agreement inked last week, according to a company statement.

How it works: Under the agreement, Sela will manage, develop, and operate live experiences, festivals, and concerts across TMG’s properties in Egypt. The venture’s first project is The Corridor — a synchronized series of cultural and sporting events across Egypt and Saudi Arabia, including major global events planned for Egypt’s North Coast next year.

Bridging the Red Sea

Egypt and Eritrea signed a maritime transport cooperation agreement last week, during an official visit to Asmara by Foreign Minister Badr Abdelatty and Transport Minister Kamel El Wazir, according to a statement from the Transport Ministry.

Why it matters: The pact gives Egyptian shipping and logistics firms the legal and operational framework to integrate directly into Eritrea’s maritime networks, securing a forward position near the southern approaches to the Suez Canal. It follows the country’s foothold in Djibouti’s maritime infrastructure secured in December, where state-owned and private firms signed agreements to develop a multi-purpose terminal and logistics hub near Doraleh Port — a regional rollout that may also include Eritrea’s Assab port.

More on our radar:

EgyptAir officially launched its first direct route between Cairo and Los Angeles, an expansion designed to meet West Coast transit demand, bolster trade, and boost tourism. (Statement)

Caught in the middle

The impacts of the US-Iran war are showing up across the world — but most of all in the Eurozone. Cost pressures are weighing on manufacturing and services segments the most, with factory activity dipping in all tracked indexes bar one, Bloomberg reports. Economists are now starting to talk about a potential recession hitting several economies, as well as a general stagflation trend, as central banks find themselves caught between stubborn inflation and a crumbling growth outlook.

The most affected countries: The euro area’s PMI is at its lowest since 2023, with manufacturing activity in France nosediving and the region’s biggest economy, Germany, economy set to contract in 2Q as its non-oil sector activity remains in contraction territory. Across the Eurozone and the US, a stock-building surge continues as firms try to get ahead of disruptions in the Strait of Hormuz.

It was a similar picture in Australia, which saw its PMI contract for the second month straight in April as factory activity stalled and services slumped.

In context: The Eurozone — as an energy importer — is particularly exposed to energy prices, with the European Commission now expecting the region’s growth to come in at 0.9%, down from 1.2% it forecast in November. Other economists expect a “technical recession,” Bloomberg says, as the specter of stagflation also hangs over the region.

REMEMBER- The PMIs also painted a negative picture for the Gulf, though not for exactly the same reasons. Business activity resumed in most countries, but a dent in demand and reduced client activity weighed on performance, along with a rise in costs, which were being passed on to consumers.

On the more resilient side: India and Japan both saw manufacturing activity continue to grow, though further energy squeezes are clouding the outlook for Japan.

The readings are making central banks’ jobs difficult. With the prospect of inflation ticking up to 4% in the next few months, “the growing signs of the region slipping into an economic downturn [is creating] a deepening dilemma for policymakers,” S&P Global Market Intelligence’s Chris Williamson said.

Interest rate hikes are looking likely, even if they come at the expense of economic growth and lead business activity to stagnate further or even contract. The likelihood of a cut triggered investors to offload government bonds, sending long-term yields to over 20-year highs.

EGX30	52,091	+0.3% (YTD: +24.5%)
USD (CBE)	Buy 52.86	Sell 53.00
USD (CIB)	Buy 52.82	Sell 52.92
Interest rates (CBE)	19.00% deposit	20.00% lending
Tadawul	11,028	+0.4% (YTD: +5.1%)
ADX	9,658	+0.2% (YTD: -3.4%)
DFM	5,693	+0.6% (YTD: -5.9%)
S&P 500	7,473	+0.4% (YTD: +9.2%)
FTSE 100	10,466	+0.2% (YTD: +5.4%)
Euro Stoxx 50	6,019	+1.0% (YTD: +3.9%)
Brent crude	USD 103.54	+0.9%
Natural gas (Nymex)	USD 2.91	-3.7%
Gold	USD 4,556	-0.4%
BTC	USD 76,635	+1.2% (YTD: -12.5%)
S&P Egypt Sovereign Bond Index	1,047	+0.1% (YTD: +5.5%)
S&P MENA Bond & Sukuk	150.44	+0.2% (YTD: -1.0%)
VIX (Volatility Index)	16.70	-0.4% (YTD: +11.7%)

THE CLOSING BELL-

The EGX30 rose 0.30% at Thursday’s close on turnover of EGP 6.8 bn (15.1% below the 90-day average). Regional investors were the sole net sellers. The index is up 24.5% YTD.

In the green: Orascom Development (+8.3%), Misr Cement (+3.5%), and Palm Hills Developments (+2.8%).

In the red: Eastern Company (-2.9%), Heliopolis Housing (-1.4%), and Rameda (-0.8%).

CALENDAR

2026

MAY

26-31 May (Tuesday-Sunday): Eid El Adha.

JUNE

30 June (Tuesday): June 30 Revolution.

JULY

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

23 July (Thursday): Revolution Day (TBC).

AUGUST

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

26 August (Wednesday): Prophet Muhammad’s birthday.

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

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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