ADQ to pour USD 35 bn in Ras El Hekma in largest ever direct investment in Egypt

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WHAT WE’RE TRACKING TODAY

10 things for Egyptian business leaders to watch for as we wait for the Central bank of Egypt to act

Good morning, folks. Now that was a weekend, wasn’t it? The Prime Minister’s Office telegraphed late on Thursday that a big announcement was in the pipeline, but the size of the transaction and the speed with which officials have suggested the funding could hit our coffers were both (positive) surprises.

We have full coverage of ADQ’s blockbuster investment in Ras El Hekma in this morning’s news well, below.

BUT FIRST- Questions we’ll be asking — and signs for which we’ll be watching in the days ahead:

#1- Expect a period of (relative) stasis until we see the central bank take action. Disaster has been averted in the short-to-medium term, that much is clear. Nobody yet knows where the EGP will settle, but with a lot of the pressure off policymakers, you can expect demand for other stores of wealth (gold, real estate, cars) to cool alongside the parallel market rate. Be ready to adopt a “wait and see” approach for a week or two.

#2- There’s been lots of talk in the past 36 hours about what the EGP is now worth — but little in the way of substance. Look for the picture to get a bit clearer today and tomorrow:

Research units at investment banks and beyond have yet to speculate on what a fair rate for the EGP would be. A lot of what they say will hinge on whether they expect a float or a managed deval;
The USD has weakened on the parallel market to something in the EGP 49.50 to EGP 52.00 range, but we’ve all seen in the past month or so how volatile that (thin, opaque) market can be;
Twelve-month non-deliverable forwards, or NDFs, suggest traders see the EGP in the high 50s a year from now.

#3- When will the Central Bank of Egypt act? Conventional wisdom was that Hassan Abdalla wouldn’t want to act without a war chest with which to fight an overshoot. He has that now — or will in the coming couple of weeks at most, Madbouly suggested. Speculation now is that we could see a snap meeting of the CBE’s Monetary Policy Committee this week, with the smart money on Thursday. But the smart money has often been wrong.

We have yet to hear about bankers being called in for a chat, as would typically happen before a devaluation of a float.

#4- Are we talking devaluation or a float? While many in our community want to see a full float, we’re not sure it’s in the cards and think, right now, that a managed devaluation is more likely. (Not preferable. But the more likely of the two scenarios.) Still, if ever there was a time to go for a full float, it’s when you have hard currency in your coffers.

#5- Will we still see a huge rate hike when the CBE acts? A rate hike? Yes. Huge? Maybe not. The central bank may see that it has the space to go for something less drastic than many had been calling for — provided the parallel market remains subdued between now and when the bank acts.

#6- The IMF is going to welcome the improvement in our cash position, but it’s still going to demand action on a laundry list of reforms as the price of an expanded facility — and we’re still going to need that cash. There’s still no word on when we might reach a staff-level agreement, though talks are said to be moving forward. Togo, Andorra, and Tajikistan are all on the IMF Executive Board’s public agenda right now — we’re not, at least through 4 March.

#7- The stock market has had a great year-and-a-bit as folks have looked for places to stash excess EGP liquidity. We don’t see that changing in the coming week — look for a relief rally (even if only for a couple of days), for starters. If there’s devaluation or a float, stocks will be very well-priced in USD terms and could signal the return of foreign investors to the market — if they buy our story. The longer we wait for deval or a float, the more likely the market is to begin trading sideways on thinner volumes.

#8- We still need to keep an eye on our sources of FX. If the market believes the new currency regime, we should see a return of remittances through official channels. FX should be pulled out from under mattresses and start flowing into the banking system. And we still need to see an end to the situation in the Red Sea, which has slashed by half our (hard currency) receipts from the Suez Canal.

#9- It’s too early to worry about what FX figure you use in your budget. Give it a week, folks. But if you have to try something this morning, we’d suggest playing with scenarios at 38.50, 42.50, and 45.00.

#10- But perhaps the biggest question remaining: Have we learned our lesson?

HAVE WE LEARNED OUR LESSON #1- Our community has spent more than a year trying to diversify their businesses’ revenue streams — whether by learning how to export or by directly establishing offices or factories abroad. We can’t take our foot off the gas.

HAVE WE LEARNED OUR LESSON #2- The IMF is asking that we embrace meaningful policy reforms, ranging from an enduringly flexible currency regime to a more measured pace of state spending. Failure to do so risks bringing us full circle, leaving the business community to live its own personal version of Groundhog Day.

A PROGRAMMING NOTE before we get underway:

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Visa is a natural fit with Enterprise — the company and its leaders value innovation and entrepreneurship as much as we do, helping businesses of all sizes thrive, create meaningful jobs, and build inclusive economies.

We were honored to have Leila Serhan, Visa’s general manager for North Africa, Levant and Pakistan, on stage at our Enterprise Finance Forum last fall and recently interviewed Jeni Mundy on stage at an event hosted by our friends at AmCham. We’ll have our interview with Jeni for you to read next month — she’s Visa’s global senior vice president for merchant sales and acquiring and was a member of the first all-women’s crew to sail 53k km around the world in the Whitbread Round the World Race.

A Message from Visa will appear in Enterprise every few weeks to speak with our community about ideas and issues that matter, from inclusion and access to trends in SMEs, payments, innovation, fintech, trust, and security, among others.

Please join us in thanking: EnterpriseAM Egypt remains available to our community without charge thanks to the generous support of our advertisers.

PSA #1- Ramadan will be a brighter month: The government will be pausing rolling blackoutsduring the holy month of Ramadan — expected to start 11 March — according to a cabinet decision issued on Thursday evening.

Cabinet again stopped short of specifying when the blackouts will permanently end. Three industry sources told us back in January that power cuts could last until at least 2Q 2024. The government introduced rolling blackouts last summer to ration the consumption of natural gas as it looked to curb a seasonal spike in demand and a steep decline in output.

IN THE HOUSE-

On the agenda today: After a two-week break, the House will reconvene to discuss and vote on a number of bills and agreements that include:

A draft law, which if passed will increase the price tag of issuing a passport to EGP 1k from the current EGP 250. The proposed increase aims to reflect the rise in the price of imported materials needed to manufacture passports, according to a report by the Defense and National Security Committee;
A EUR 500 million grant from the European Investment Bank that will go towards the Environment Ministry's Sustainable Green Industry project;
An agreement to do away with double taxation and tackle tax evasion between Egypt and Croatia;
A EUR 80 mn grant from Germany to fund the Environment Ministry's solid waste management program, help create 25 technological schools and centers, and support the Central Bank of Egypt’s financial risk management program.

RED SEA WATCH-

Yemen’s Houthis will step up their attacks on ships traversing the Red Sea, Bab El Mandeb Strait, and Gulf of Aden in retaliation to Israel’s ongoing military operations in Gaza, the group’s leader Abdul Malik Al Houthi said in a televised speech. US and UK strikes in Yemen also show little sign of easing, as the two countries launched its largest attack in weeks last night on Houthi targets.

The Houthis have issued a formal notice to the shipping industry banning US, UK, and Israel-linked vessels operating in the region, as they seek to force cargo companies to collaborate with the group to guarantee their safety.

Shipping giant CMA CGM incurred its first loss in four years, with earnings for 4Q 2023 showing a USD 93 mn loss due to gradually “deteriorating conditions in maritime shipping markets” over the year, the company said.

But Italy’s Messina Line seems undeterred by the Red Sea disruptions, and has plans to ramp up the capacity and number of vessels transiting the Suez Canal in the near future, according to a statement by the Suez Canal Authority.

CIRCLE YOUR CALENDAR-

Scholarships down under: You can now apply to the Australian government’s master’s scholarship program Australia Awards, which grants funding for Egyptian, Sudanese, and Eritrean citizens to study climate change, agriculture and food security, mining and energy, foreign policy and international security, and gender, disability, and social inclusion, according to a statement (pdf). Applications are open until 30 April, 2024, and women, people with disabilities, and marginalized groups are encouraged to apply. You can find out more about the program here and apply here.

Calling all green startups, you have until Saturday, 2 March to apply to NGO accelerator Nahdet El Mahrousa’s Khaleeha wa Gadedha — a program designed to “cater to impact-driven startups in the growth stage, with particular focus on those operating in clean and green sectors.” The program will offer startups financial and non-financial services, consultation, guidance, and up to EGP 300k in funding. Read the eligibility criteria here and apply here.

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

ADQ acquires development rights to Ras El Hekma for USD 24 bn, will invest a further USD 11 bn in “real estate and other prime projects”

The Madbouly government has inked a USD 35 bn agreement with ADQ, giving the Abu Dhabi wealth fund and longtime investor in Egypt the development rights to Ras El Hekma on the North Coast, according to separate statements from the cabinet and ADQ (pdf). This marks the “largest direct investment agreement in Egypt,” Prime Minister Moustafa Madbouly said.

ADQ is paying USD 24 bn for the development rights to Ras El Hekma and will convert some USD 11 bn worth of UAE deposits at the Central Bank of Egypt into money that it will “invest … in real estate and other prime projects,” the fund said in its press release.

To put that into perspective: The agreement is worth 3.5x the value of all foreign investment Egypt attracted last year.

A next-generation city: A 170-mn sqm stretch of prime coastal land will be transformed into a “next-generation city,” housing tourism, urban, commercial, and recreational spaces, alongside a freezone and an investment zone. The area will also feature a marina for yachts and will have an airport nearby. ADQ will break ground on the project in early 2025 and it is expected to attract 8 mn additional tourists into the country every year when it is up and running.

The city could be a game-changer for the North Coast, extending more than 50km along the sea from Dabaa to Matrouh and transforming it into a year-round residential, tourism, and business hub. When ADQ says it will aim to build something “world class” — the adjective it’s using here — it delivers.

ADQ “aims to unlock the appeal of Ras El-Hekma as a premium international financial and tourism destination, adopting the latest cutting edge digital and technological smart city solutions,” it said.

USD 15 BN WITHIN A WEEK-

The state’s coffers will see a near-immediate influx of capital:

ADQ will make a USD 15 bn payment within a week — USD 10 bn of which will be fresh inflows and USD 5 bn in the form of a previous UAE deposit at the Central Bank of Egypt.
The remaining USD 20 bn is due within two months — USD 14 bn in fresh funds and USD 6 bn in existing deposits.

There’s plenty of upside for the state: The government will net 35% of the revenues from Ras El Hekma when it starts operating.

Our own gigaproject: ADQ thinks Ras El Hekma will attract investment worth c. USD 150 bn as it is built out, and it looks like that could be just in phase one. New Urban Communities Authority Vice Chairman Walid Abbas told talk show host Ahmed Moussa that investment is likely to top USD 500 bn over 15 years and three phases.

Phase one will take about 5 years to complete, and NUCA sees Ras El Hekma creating some 8 mn jobs in the first phase alone (watch, runtime: 40:34).

Who will carry out the development? ADQ will set up an Egyptian joint stock company named Ras El Hekma to handle the project’s development.

ADVISORS- Baker McKenzie provided counsel for the Egyptian government, while Matouk Bassiouny & Hennawy was the legal advisor to ADQ, according to Al Borsa.

How will Egyptian officials deploy the proceeds from ADQ’s landmark investment in Ras El Hekma

The Madbouly government is still looking at how it will use the proceeds from the sale, but a top government official told us yesterday that addressing the import backlog and paying arrears owed to foreign partners are among cabinet’s top priorities.

The funding also puts cabinet in a strong position as it looks to negotiate the pacing-out of payments owed to foreign creditors this year. In all cases, the official said, the funding will significantly increase the government’s financial flexibility and leaves it well-positioned to bridge the financing gap.

We look good for about four years: The investment, alongside an expanded IMF assistance package, will together cover the country’s financing gap for the next four years,Goldman Sachs’ Farouk Soussa said in a note to clients. Earlier this month, the lender put Egypt’s total financing needs for the next four years at USD 25 bn — a USD 8 bn financing gap and USD 17 bn needed to stabilize the exchange rate.

Getting the ball rolling: The transaction will open the door for the central bank to move forward with the long-anticipated devaluation of the EGP and in turn move us closer towards a staff agreement with the IMF, Morgan Stanley economist Hande Kucuk said in a note. Having sufficient FX reserves in the banking system will keep the EGP from freefalling when the CBE floats or devalues the currency.

Brace for a “relatively modest” deval: Soussa sees the “magnitude of any devaluation is likely to be relatively modest compared to the current market pricing given the FX resources that will be available to the Egyptian authorities (and in the monetary system).”

It could all be closer than you think: “We think that the chances of an FX adjustment and announcement of a [staff-level agreement with the IMF] seem very likely before Ramadan,” the Morgan Stanley’s note read. We’re expecting Ramadan to kick off in two weeks.

Egyptian Pound strengthens on parallel and derivatives markets

News of the ADQ’s USD 35 bn investment in Egypt saw the EGP strengthen immediately in the parallel and derivatives markets. It remains unchanged at 30.95 to the USD in the official market ahead of banks opening today, with speculation now that we could see a “modest” devaluation as early as this Thursday.

The EGP strengthened in the market for twelve-month non-deliverable forwards (NDFs) as traders pulled back from positions that saw a sharp devaluation. Twelve-month NDFs saw the USD-EGPrate decline 11.5% throughout the day to 57.5 after the news broke, down from 65 at the start of the day and its peak of 66.7 at the end of January.

So did USD bonds: Egypt’s USD-denominated bonds “soared on Friday ahead of the announcement and continued their rally into the afternoon,” Reuters wrote. Bonds maturing in or after 2031 rose to their highest level in a year at 65.5-73.4 cents.

The parallel market looks like it's starting to move: The announcement was made on a Friday, so it remains unclear how the parallel market FX rate will react in the long-run, but the greenback was reportedly trading at EGP 49.5-52 last night, down over 20% from EGP 62-63 before the announcement. Morgan Stanley sees the parallel market rate falling over the coming week and the size of the fall will depend “on the size of the new IMF loan, and the size of the FX adjustment.” Goldman Sachs also sees “a sharp drop in speculative/hedging demand for FX in the Egyptian economy on the back of the announced investment.”

The story received coverage from: Bloomberg | Reuters | Financial Times | The National.

Egypt, IMF make “excellent progress” on first, second loan reviews

IMF staff and Egyptian officials continue to make “excellent progress” towardsfinalizing the long-stalled first and second reviews of Egypt’s loan program, the Fund’s director of communication Julie Kozack reiterated on Saturday during a press briefing. The two sides have agreed on the main elements of the program, she confirmed, without providing a timeline for its completion.

The war in Gaza increases the need for a resilient package. “There is a need to have a very comprehensive support package for Egypt,” Kozack added. The IMF is working with Egyptian authorities and its partners “to ensure that Egypt does not have any residual financing needs” as well as “macroeconomic and financial stability” in the country.

We could know more soon: The IMF has been hinting at the near completion of its long-stalledfirst and second reviews of Egypt’s USD 3 bn loan package, with IMF Managing Director Kristalina Georgieva saying that a finalized package would be ready “in a few short weeks,” during the World Governments Summit earlier this month. The Fund is preparing a “large amount” of additional funding to “give a dose of confidence to the Egyptian economy by enhancing the size of the support program,” Georgieva said.

Vote of confidence from Madbouly: “We are very few steps away from completing agreements with the IMF, the World Bank, and the European Union,” Prime Minister Moustafa Madbouly said following the signing of the Ras El Hekma development project (watch, runtime: 18:48).

There is still no word on the exact size of the package, but Enterprise sources withknowledge have put it in the USD 6-9 bn ballpark. Meanwhile, one unnamed government source cited in the local press reportedly believes the government is closing in on a combined USD 12 bn in financing, with the IMF doubling the value of the package it had offered to USD 6 bn and other unnamed “development partners” contributing a further USD 6 bn — a figure echoed by Goldman Sachs.

What we do know: Georgieva and Kozack have both emphasized that Egypt’s policy makersmust focus on reducing inflation and gradually moving towards an inflation-targeting regime. The Fund has also calmed its tone on Egypt’s state asset sale, with Georgieva emphasizing that Egypt should “not rush to sell shares in government companies under the current circumstances,” in contrast to the Fund’s position in April last year.

Reuters also had the story.

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ECHEM, ANRPC mulling USD 380 mn sustainable aviation fuel project with unnamed private sector company

PPP project for SAF production is under study: State-owned firms EgyptianPetrochemicals Holding Company (ECHEM) and Alexandria National Refining and Petrochemicals Company (ANRPC) are considering teaming up with an undisclosed local private-sector player to establish a USD 380 mn sustainable aviation fuel (SAF) project with an estimated production capacity of 120k tons a year, writes Asharq Business, citing an anonymous government source.

The details: A financial study for the project will wrap up in April, with work on the projectscheduled to start at the end of 2026, according to the source. Some USD 280 mn will be funded by external lenders.

Who will own what? ECHEM will be the majority shareholder with a 70% stake, while ANRPCand the private sector company will each own 15%.

Climate-friendly fuel: SAF is a biofuel used to power aircraft that is made from non-petroleum feedstock such as waste cooking oil, animal fats, and non-food crops. It can reduce carbon emissions by up to 80% compared to traditional jet fuel. Aviation was responsible for 2% of energy-related carbon emissions in 2022, the International Energy Agency’s most recent figures show.

EBRD provides Banque du Caire with USD 50 mn in financing for Egypt’s MSMEs

EBRD to up its funding for SMEs: The European Bank for Reconstruction and Development (EBRD) will provide Banque du Caire (BDC) with USD 50 mn to increase support for Egypt’s micro, small and medium-sized enterprises (MSMEs), the EBRD said in a statement.

Up to USD 10 mn will go towards women entrepreneurs as part of the EBRD’s Women in Business (WiB) programme, which works to “provide access to finance through credit lines to local banks dedicated to women-led SMEs,” according to the initiative’s website. The entire USD 50 mn package will also focus on companies operating outside of the capital.

What they said: “The EBRD financing will support projects in regions outside the capital city, capitalising on BDC’s geographical presence, especially in Upper Egypt, which accounts for about 55 per cent of BDC’s microfinance customer base, of which women and youth comprise 35 per cent and 40 percent respectively, ” BDC CEO Tarek Fayed said during the signing of the agreement.

ALSO FROM THE EBRD- The Italian Agency for Development Cooperation is set to provideUSD 2.2 mn to help support the EBRD’s efforts to support SMEs led by women and young people, according to the International Cooperation Ministry.

Israel claims ceasefire before Ramadan in the cards

Israel signs that ceasefire before Ramadan is possible, despite Palestinian skepticism: Israeli National Security Adviser Tzachi Hanegbi told Israeli media that the country’s delegation to the Paris ceasefire talks “did not come back empty handed,” Reuters reports. Hanegbi also appeared to nod when asked if progress could be made in time for Ramadan. However, the newswire quoted a Palestinian official who rejected the notion that an agreement was approaching and that “no discussion over the prisoners, neither in terms of categories or numbers” had taken place.

Egypt and the Palestine Red Crescent have begun setting up a camp for 4k displaced Palestinians in Khan Younis, and will soon also establish a field hospital in Rafah and a relief camp in Deir Al Balah in central Gaza.

ON THE EGYPTIAN DIPLO FRONT- El Sisi, King Abdullah discuss Gaza: President Abdel Fattah El Sisi and Jordan’s King Abdullah II reiterated in a phone call their rejection of the escalation of the military operations in Gaza, “given their repercussions on the security and stability of the entire region,” according to an Ittihadiya statement. Foreign Minister Sameh Shoukry also discussed the war on Gaza with UK Foreign Secretary David Cameron on the sidelines of the G20 meeting in Brazil.

The Ras El Hekma sale was top of the agenda on last night’s talk shows

The Ras El Hekma agreement dominated the airwaves last night, as the nation’s talking heads gave their praises to the UAE and Egypt’s government for finalizing the agreement, while speculating over the implications of the sale and what it could mean for Egypt’s future.

The agreement is “unlike any other,” Naguib Sawiris said during a phone call with Hadrat el Mowaten’s Sayed Ali (watch, runtime: 4:58). Sawiris brought attention to the importance of the timing of the agreement — given Egypt’s current economic woes — as well as the favorable conditions of the agreement. “There is a humanitarian side to the agreement from the UAE. This is a people who have loved Egypt all their lives, and have stood with Egypt all their lives, because they are convinced that Egypt is the gateway to the Arab nation and we must stand behind it," Sawiris added.

“The agreement is a lifeline – but it is not the solution, it is only the beginning,” El Heyaka’s Amr Adib said (watch, runtime: 28:00). “The state is breathing a sigh of relief. Now many officials can sleep in their homes. We are in a much better situation, and things are going well. This agreement is the beginning of a solution to the crisis,” he added.

Adib was primarily concerned with how the agreement would reflect on the lives of Egyptian citizens, and whether it could curb the surging prices of essential commodities. “Commodity prices will fall when the state adjusts its course and begins implementing a new policy that will fight inflation, and harness the state’s resources for that,” economist Mohamed Fouad told Adib (watch, runtime: 19:52) “The government has recently focused on fixing the exchange rate, which — along with large amounts of spending — greatly interferes with inflation, and even creates it. The price of the USD will fall only when the real demand for it is met,” Fouad added.

The Ras El Hekma agreement also received coverage from Kelma Akhira (watch, runtime:7:50), Masaa DMC (watch, runtime: 45:54), and Al Hayah Al Youm (watch, runtime: 30:07).

Energean to release Orion results in two to three weeks. PLUS: Egypt to establish Tanzania-Rwanda logistics corridor

ENERGY-

Energean gears up to announce Orion results: LSE-listed oil and gas company Energean will announce the results of exploratory drilling at its Orion X1 well “in the next two to three weeks,” the company’s CEO Mathios Rigas told Asharq Business (watch, runtime: 2:38). The well, which could turn out to be “a big discovery,” is expected to cost between USD 140-150 mn to develop, Rigas added.

Orion X1: Drilling at the East Mediterranean well, which is projected to hold c. 10 tn cubic feetof natural gas, reportedly began last fall. The exploration rights are owned by Eni, Energean, BP, and Adnoc, Rigas said.

LOGISTICS-

Egypt to establish Tanzania-Rwanda logistics corridor: The Transport Ministry is planning to set up a logistics corridor connecting Tanzania and Rwanda in a bid to facilitate the flow of Egyptian exports to Africa, according to a ministry statement. The corridor will run from Dar es Salaam port in Tanzania and pass through a logistics zone and dry port, before reaching another logistics zone and dry port in Rwanda.

Nvidia gains help S&P 500 hit fresh closing high

Nvidia’s valuation hits USD 2 tn: Nvidia continued its rally on Friday, with its valuation briefly hitting USD 2 tn for the first time ever. The US chipmaker made the biggest single-day market cap gain in history by adding USD 277 bn to its valuation on Thursday after its quarterly revenues rose 265% y-o-y on the back of a splurge in AI spending. The company’s shares have risen over 59% since the beginning of the year, “contributing to more than a quarter” of the S&P 500’s rise this year, Reuters reported.

SPEAKING OF- The S&P 500 and Dow Jones reached fresh highs on Fridayas the AIcraze kept the rally going. “Nvidia is one of the key companies, if not the key company, for driving the Nasdaq and S&P 500 higher,” chief market strategist at Ameriprise Anthony Saglimbene told Reuters.

EGX30	29,310	+0.1% (YTD: +17.7%)
USD (CBE)	Buy 30.83	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	21.25% deposit	22.25% lending
Tadawul	12,634	+0.2% (YTD: +5.6%)
ADX	9,280	-0.4% (YTD: -3.1%)
DFM	4,226	-0.1% (YTD: +4.1%)
S&P 500	5,089	0.0% (YTD: +6.7%)
FTSE 100	7,706	+0.3% (YTD: -0.4%)
Euro Stoxx 50	4,873	+0.4% (YTD: +7.8%)
Brent crude	USD 81.62	-2.5%
Natural gas (Nymex)	USD 1.60	-7.5%
Gold	USD 2,049.40	+0.9%
BTC	USD 51,568.16	+1.1% (YTD: +21.9%)

THE CLOSING BELL-

The EGX30 rose 0.1% at Thursday’s close on turnover of EGP 5.6 bn (39.4% above the 90-day average). Regional investors were net sellers. The index is up 17.7% YTD.

In the green: Palm Hills Development (+5.7%), Eastern Company (+3.8%) and Abu Qir Fertilizers (+2.3%).

In the red: Heliopolis Housing (-3.0%), Delta Sugar (-2.8%) and Orascom Development Egypt (-2.8%).

CORPORATE ACTIONS-

ACCH to dole out USD-denominated dividends: Alexandria Container andCargo Handling (ACCH) is paying out dividends of USD 0.015 and EGP 1.94 on its fiscal year 2022-2023 earnings, according to two separate EGX disclosures (here and here, pdf). Both dividends will be distributed as of 7 March.

CALENDAR

2024

FEBRUARY

24 February-1 March (Saturday-Friday): Egypt hosts the 71st African Airports Council International (ACI) Conference and Exhibition at the Alamera Hall Air Forces House Center and Le Méridien, Cairo Airport.

26 February (Monday): Eighth edition of the Capital Markets Summit at the InterContinental Semiramis Hotel, Cairo.

MARCH

1 March (Friday): New public-sector minimum wage goes into effect.

2-3 March (Saturday-Sunday): The Emigration Ministry’s International Health Tourism Conference at the St Regis Almasa Hotel, New Administrative Capital.

7 March (Thursday): Deadline to apply to Shalateen Mining Company’s international gold exploration tender.

10 March (Sunday): First day of Ramadan (TBC).

20 March (Wednesday): End of sugar export ban.

28 March (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

28 March (Thursday): Industrial Development Authority to close applicationsfor 1 mn sqm of land in 10 different governorates.

29 March (Friday): Egypt removed from JPMorgan Chase’s Emerging Local Markets Index Plus.

APRIL

1 April (Monday): Deadline to bid for 23 blocks in an international oil and gas tender.

9 April (Tuesday): Eid El Fitr (TBC) (national holiday).

15-21 April (Monday-Sunday): The IMF / World Bank Spring Meetings.

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC) (national holiday).

28 April (Sunday): Grace period to ins. brokerage firms to comply with Law 215 for 2023 expires.

28-29 April (Sunday-Monday): Saudi Arabia hosts a World Economic Forum (WEF) meeting on ‘global collaboration, growth, and energy.’

29 April (Monday): The government’s car export scheme expires.

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC) (national holiday).

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (national holiday).

20 May (Monday): Malaysian Palm Oil Forum in Cairo, with attendance from Malaysian Plantation and Commodities Minister Johari Abdul Ghani.

23 May (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

29 May (Wednesday): Virtual launch of Chicago Booth Executive Program.

JUNE

15-19 June (Saturday-Wednesday): Eid El Adha (TBC) (national holiday).

30 June (Sunday): June 30 Revolution Day (national holiday).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

18 July (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

23 July (Tuesday): Revolution Day (national holiday).

SEPTEMBER

2-5 September (Monday-Thursday): Egypt International Airshow, El Alamein International Airport.

5 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

15 September (Sunday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

25-26 September (Wednesday - Thursday): The Asian Infrastructure Investment Bank’s (AIIB) 2024 annual meeting, Samarkand, Uzbekistan.

OCTOBER

6 October (Sunday): Armed Forces Day.

17 October (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

21-27 October (Monday-Sunday): The World Bank and IMF annual meetings.

NOVEMBER

21 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

DECEMBER

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

EVENTS WITH NO SET DATE

January 2024: The Red Sea Ports Authority is set to finalize an agreement with the Abu Dhabi Ports Group for the operation and maintenance of the tourist passenger terminal in the Sharm El Sheikh Sea Port.

February 2024: Egypt will sign a USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC).

February 2024: Funds from the Islamic Development Bank for the high speed electric railway will get the sign off.

April 2024: President Abdel Fattah El Sisi will visit Turkey.

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

1Q 2024: Opening of the newly developed Pyramids Plateau in Giza.

1Q 2024: The government is set to finalize the sale of the Gabal El Zeit wind farm.

February-May: The Grand Egyptian Museum could officially open to visitors.

March 2024: The USD 2.7 bn MIDOR Refinery is set to begin full operations.

May 2024: Arab Finance Ministers’ meeting at Egypt’s administrative capital.

June 2024: Gov’t expects to finalize sale of Beni Suef combined-cycle power plant.

1H 2024: Gov’t expects to finalize sale of four water desalination plants.

1H 2024: The European Union is set to hold an investment conference in Egypt during spring.

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

November 2024: Egypt to host the World Urban Forum (WUF12).

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

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

EVENTS WITH NO SET DATE

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

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