Get EnterpriseAM daily

Available in your choice of English or Arabic

Another big funding package incoming

1

What We're Tracking Today

Another package?

Good morning, folks. It’s another busy morning led by the latest on our awaited EU package — we are now looking at up to EUR 7.4 bn in funding likely to be inked and announced on Sunday.

^^ We have the full story in the news well, below.

So, when do we eat? Maghrib prayers are at 6:03pm in the capital, and you’ll have until 4:38am tomorrow to hydrate and caffeinate ahead of fajr.

WATCH THIS SPACE-

#1-Gov’t has a plan to pay down overdue arrears: The government intends to pay off our commitments to “foreign partners,” Prime Minister Moustafa Madbouly said yesterday. Local reports last week estimated the current arrears to international oil and gas companies at USD 6.25 bn, adding that the Oil Ministry has been working to pay USD 1-1.5 bn of it.

#2- Efforts to clear backlogs in port are well underway: Madbouly said at yesterday’s cabinet meeting that some USD 3 bn worth of goods have been released from ports over the past few days. Finance Minister Mohamed Maait said the state has released some USD 1.7-bn worth of basic commodities and production materials over the last ten days.

Remember:A top government official told us following the USD 35 bn Ras El Hekma agreement that addressing the import backlog and paying arrears owed to foreign partners are among the cabinet’s top priorities. The Madbouly government last week ramped up efforts to clear the backlog of goods in ports, with an emphasis on prioritizing strategic goods and production requirements.

FX WATCH-

Remittances have increased 10-fold since the float: Egypt-bound transfers from Egyptian expats have increased 10-fold since the central bank floated the EGP, Banque Misr Chairman Mohamed El Etreby told Extra News, without providing further information (watch, runtime: 3:06).

Remember:Remittances were down 30% y-o-y to USD 22 bn in 2023 as Egyptians abroad held onto their money or sent it back through parallel mechanisms. The government said it wants to raise remittances — one of Egypt’s biggest sources of FX — from Egyptian expats by 10% each year to reach USD 53 bn by 2030.


DATA POINT- The total value of imported passenger cars was up 9% y-o-y to USD 2.1 bn in 2023, according to data from state statistics agency Capmas.

CIRCLE YOUR CALENDAR-

Get ready to meet the new face of Arafa Holding: The EGX will halt trading on Arafa Holding, the company behind fashion brand Concrete, starting Sunday as the holding company carries out a demerger, according to an EGX disclosure (pdf). The transaction will see our friends at Arafa rebrand to Concrete Fashion Group for Trade and Industrial Investment and spin off subsidiary Gtex for Trade and Industrial Investments.

Shares of the two companies will be trading on the EGX starting Sunday, 24 March. We’ll have more next week, but the star to watch will be Concrete Fashion Group, which will make its market debut with an impressive board, strong management team, and assets that include domestic fashion player Concrete as well as a strong export portfolio.

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

THE BIG STORY ABROAD-

It’s a toss-up between the US presidential election and Tiktok for which story is getting the most attention this morning in the global business press. Media outlets around the world are taking stock of Trump v. Biden, Round II — it’s the first rematch between US presidential contenders since 1956. They’re also asking what’s next for Tiktok after the House of Representatives voted yesterday to give owner ByteDance six months to sell it or face a ban in the US of A.

Must-read on the US election:Biden and Trump clinch nominations, setting the stage for agrueling general election rematch (Associated Press).

Must-read on TikTok:What’s next for TikTok and its US users after House approves ban (Financial Times).

Cue the protectionists: Overseas takeovers of high-profile western companies are raising hackles in London and Washington. Rishi Sunak is pushing for legislation that would prevent UAE-backed RedBird IMI from bidding for The Telegraph. And across the pond, Joe Biden is expected to speak out today against Nippon Steel’s USD 14.9 bn bid for US Steel.

WHILE CLOSER TO HOME- Adnoc and BP’s USD 2 bn bid for Israeli natural gas giant NewMed Energy has been put on ice, amid “uncertainty created in the external environment.” There is still potential for the companies to complete their bid, which would see them acquiring 50% of NewMed, once geopolitical tensions have cooled, Bloomberg cites a person familiar with the matter as saying.

Adnoc and BP have other plans in the meantime:Last month, the companies agreed to form a joint venture to develop natural gas assets in Egypt. Adnoc will provide funds to support the venture’s expansion, while BP will contribute its stakes in three development concessions. The JV is scheduled to go live in 2H 2024.

Remember: NewMed owns 45% of the Leviathan gas field that feeds into Egypt’s Idku and Damietta LNG processing plants. Egypt is hoping to pump more LNG to Europe in the coming years after Israel agreed in August to ramp up exports from Leviathan.

Escape to Somabay, where the sun-kissed shores await your arrival. Immerse yourself in the warmth of a perfect vacation, starting each day with the radiant embrace of the sun. Unwind, explore, and create unforgettable memories in this paradise by the sea.

2

Economy

Egypt could be getting up to EUR 7.4 bn from the EU

We’re in for a big package from the EU: The EU and Egyptian officials are expected to ink an agreement that would unlock EUR bns of funding on Sunday when a delegation of EU officials — including European Commission President Ursula von der Leyen and the Greek, Belgian, and Italian prime ministers — visits Cairo.

How much are we talking? The number varies depending on who’s talking. Finance Minister Mohamed Maait earlier this week said that the country is in line for USD 5-6 bn (EUR 4.6-5.5 bn) in financing from the EU. The Financial Times says we’re in line for an EUR 7.4 bn package that will come in a mix of grants and loans and aims to prop up the country’s economy and manage migration to the EU. We think the range is more likely to be EUR 5-5.5 bn.

It’s unclear how the package will be structured. How much will be in the form of investment guarantees versus fresh investment, or direct support to the government. The more that flows through the private sector, the better, we say: Institutions such as the EBRD and EIB are doing particularly well identifying private-sector champions and asset managers who can put funding to work here in a way that adds value to businesses and the economy.

Where’s the money going? The energy sector and boosting trade in the Suez Canal Economic Zone are priority areas for funding, Bloomberg reports. The package includes assistance aimed at helping the country manage the growing number of Sudanese refugees as well as to regulate the Egypt-Libya border, an unnamed EU official told the FT.

The timeline: The package — due through to the end of 2027 — includes EUR 1 bn in emergency financial assistance that could be provided upon the signing of the agreement and EUR 4 bn in macro-financial support, which will be contingent on reforms under the country’s expanded IMF program and would require the approval of EU member states, the Financial Times reports. The remainder would come from multiple EU sources.

Not all fresh funds: The agreement could repackage existing EU support programs, one EU official told the salmon-colored paper.

The package is “strategically important,” according to an EU official who spoke to the FT. “We’re worried about two borders — the Sudan-Egypt border, where Sudanese are entering the country, and the Egypt-Libya border, where people are exiting,” they said.

Egypt is seen as a critical ally: The country plays a “very critical, key role” in curbing irregular migration to Europe, Greek Migration Minister Dimitris Kairidis said. “We do not have direct flows out of Egypt [but] there are Egyptians crossing through eastern Libya.”

More cooperation ahead? The two parties are also working to finalize a joint declaration aimed at addressing issues related to migration, economic stability, security, and water.

ICYMI- Egypt is in line for more funding: The country could receive a total of USD 20 bn in foreign support, including our expanded USD 8 bn IMF program, an anticipated USD 3 bn from the World Bank, as well as additional funding from Japan, the UK, and the IMF’s Resilience and Sustainability Facility.

3

Energy

Egypt’s first green aviation fuel project is in the works

Egypt’s first-ever SAF production project is underway: The Oil Ministry has devised a plan that will see state-owned firm Egyptian Petrochemicals Holding Company (ECHEM) producing the country’s first sustainable aviation fuels (SAF), according to a ministry statement.

A helping hand: Unnamed international organizations are set to prepare studies and secure financing for the project during its initial stages, Oil Minister Tarek El Molla said yesterday at a meeting to follow up on the project.

To oversee the project: The government will form an executive committee featuring teams from its ministries to expedite work on the project. The committee will be tasked with streamlining procedures and working closely with the aviation sector — the end consumer of the biofuel.

Sound familiar? Reports surfaced last month stemming from unnamed sources claiming that ECHEM and state-owned Alexandria National Refining and Petrochemicals Company are looking into partnering with a local private-sector player to set up a USD 380 mn SAF project with an estimated production capacity of 120k tons a year.

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.

What to know more about green fuels? We did a deep dive into the topic for our Going Green vertical.

4

Diplomacy

El Sisi, Dutch PM talk Gaza

Gaza tops the agenda in El Sisi, Dutch PM meeting: President Abdel Fattah El Sisi called for an immediate ceasefire in Gaza and an end to Israel’s hostilities and called on Dutch Prime Minister Mark Rutte to “exert his genuine efforts in this regard for ending this humanitarian catastrophe in the Gaza Strip and halting the escalation and tensions in various parts of the region as well.” This came during a joint presser (watch, runtime: 12:05) held by the two leaders, following their meeting at the Ittihadiya Palace.

The Dutch take: “All efforts must now be directed at agreeing an immediate pause in the fighting, leading to a permanent end to this terrible conflict, which has claimed so many innocent victims. In addition, all hostages must be released immediately,” Rutte agreed.

Rutte made the rounds: Prior to landing in Cairo, Rutte met with Israeli Prime Minister Benjamin Netanyahu, during which he “urged Israel to drastically reduce the level of force.” Rutte also spoke to Palestinian Authority President Mahmoud Abbas about the latest developments in Gaza.

ALSO- Dutch investments incoming? The two sides agreed to boost trade and bring in more Dutch investments into Egypt, especially in the renewable energy sector.

5

EARNINGS WATCH

Elsewedy Electric’s bottom line jumps 87% in 2023

Elsewedy Electric finished the year strong:EGX-listed Elsewedy Electric’s net income after minority interest surged 87% y-o-y to EGP 10.1 bn in 2023, according to the company’s earnings release (pdf). Meanwhile, revenues jumped 65% y-o-y to EGP 152.2 bn.

Wires and cables, and turnkey segments underpinned revenue growth: Proceeds from the company’s wires and cables segment rose 89% y-o-y to EGP 82.4 bn during the year, accounting for 54% of the company’s total revenues. Meanwhile, proceeds from turnkey projects came in at EGP 53 bn, climbing 36% y-o-y and accounting for 35% of revenues.

Income slightly dipped during the quarter: The company’s bottom line decreased 12% y-o-y in 4Q 2023 to EGP 2 bn, due to increased financing costs. Revenues rose 47% y-o-y during the quarter to EGP 43.4 bn, backed by high demand and an increase in offshore operations, which led to “favorable currency translation.”

Shareholders are in line for a payout: The board has agreed to pay out a dividend of EGP 0.5 per share on its 2023 earnings, according to the release.

What they said: “Our strategic growth initiatives across the group’s diverse segment and geographies along with a continuous commitment to improving working capital efficiency and cash management, have been key drivers of our financial success and have expanded our

capacity to pursue new strategic opportunities,” CEO Ahmed El Sewedy said.

6

Kudos

Egyptian firms shine at Chambers Middle East Awards

Egyptian firms recognized: A number of local law firms went home with awards at the Chambers Middle EastAwards 2024.

  • Adsero Ragy Soliman & Partners took home the Egypt litigation law firm of the year award;
  • Matouk Bassiouny was awarded Egypt’s banking & finance law firm of the year;
  • Our friends at Youssef + Partners were named Egypt’s arbitration law firm of the year;
  • Zulficar & Partners was named Egypt’s corporate M&A law firm of the year.


Egypt’s best financial firms for 2024: Global Banking and Finance Review is out with its 2024 list of top-ranked Egyptian banks and non-banking financial institutions. Misr Ins. received the ninety years of excellence award and QNB Al Ahli snagged several titles including the country’s best corporate bank, SME bank, and retail bank. Fintech platform PaySupp, Credit Agricole, GIG Egypt, and Bedaya Mortgage Finance were also among the local firms recognized.

Check out the full list here.

7

Moves

Maged Shawky named Egytrans’ new chairman

Transport and logistics company Egytrans has appointed Maged Shawky (LinkedIn) as the new chairman of the company, it said in a bourse disclosure (pdf). Over Shawky’s long career, he has served as the executive chairman of both the EGX and Beltone Financial, co-founded river transport company Nile Taxi, served as the vice chairman of Sequence Ventures, and chairman of Catalyst Partners Egypt.

Al Tamimi & Company has a new partner: Law firm Al Tamimi & Company has appointed Ali El Hawary (LinkedIn) as a partner in its business and finance practice, the firm said in a statement (pdf). El Hawary “brings with him over two decades of extensive legal experience, with expertise in banking, energy, and infrastructure projects.” Most recently he was general counsel at Gemini Holding.

8

Also on our Radar

Five Egyptian companies are mulling sukuk issuances this year

DEBT-

Five corporate sukuk issuances incoming? Five companies are in talks with the Financial Regulatory Authority (FRA) to move ahead with sukuk issuances worth a combined EGP 10 bn, Sayed Abdel Fadil, head of the FRA’s Central Administration for Finance, told Asharq Business. Among the interested companies are Contact Financial Holding, MNT-Halan’s Tasaheel, GB Capital, and Rawasi Urban Development, a source familiar with the matter told the news outlet.

REAL ESTATE-

Real estate giant Hassan Allam Properties (HAP) has acquired a 279-feddan land plot in Midar’s Mostakbal City, marking HAP’s third partnership with Midar in the eastern Cairo city after Haptown and The Valleys, according to a joint statement (pdf). The project will see a total investment of EGP 35 bn to turn the plot into a mixed-use development, featuring "well-integrated lifestyle" of single and multifamily homes, in addition to commercial spaces.

NBFS-

Contact Financial Holding’s Contact Pay customers will now be able to make use of OPay’s channels — which include over 90k points of sale and payment kiosks — under a cooperation agreement signed between the two, according to a press release (pdf).

COMMODITIES-

Gov’t to pay more for local wheat: The Madbouly government will pay farmers EGP 2k per ardeb of wheat this harvest season — up from last year’s EGP 1.5k price point — after cabinet approved the price tag.

PROCUREMENT-

Mayar Holding to give construction company Total Air a lift: Egypt Gulf Elevators & Escalators — a subsidiary of Saudi Arabia’s Mayar Holding — will supply and install 1.2k elevators for local construction firm Total AirProjects under a EGP 840 mn contract, according to a filing to Tadawul.

This publication is proudly sponsored by

9

PLANET FINANCE

Three Gulf wealth funds inch closer to the USD 1 tn mark

UAE, KSA, Kuwaiti wealth funds each inch close to USD tn worth of assets: Gulf sovereign wealth funds have been benefiting from a global market rally, making the region the only home to three wealth funds nearing a close on the USD 1 tn mark, Bloomberg reports.

By the numbers: The Abu Dhabi Investment Authority leads the pack with USD 993 bn worth of assets, followed by Saudi Arabia’s Public Investment Fund (PIF) with USD 940 bn, and the Kuwait Investment Authority (KIA) with USD 923 bn, according to data from the Sovereign Wealth Fund Institute and Global cited by the outlet.

Abu Dhabi alone boasts three wealth funds managing nearly USD 1.5 tn, in addition to its latest tech fund, which is said will exceedUSD 100 bn in assets in a few years. One of the emirate’s top three funds is ADQ — the fund that was given the development rights to Ras El Hekma under a wider USD 35 bn agreement that helped pave the way for the Egyptian government to float the EGP last week.

2023 was a big year for Gulf wealth funds: PIF was named as the world’s top sovereignwealth fund spender in 2023 by Global SWF, after having spent USD 31.6 bn in 49 transactions over the course of the year. The sovereign wealth fund consultancy also named the Gulf as the Region of the Year, with assets under management of all GCC funds reaching USD 4.1 tn. During 2023, Gulf sovereign wealth funds also led M&A activity in MENA.

THE MARKET THIS MORNING-

Asian markets are trading sideways this morning after Wall Street's tech rally appeared to lose momentum, CNBC reports. Futures suggest major European benchmarks are also heading for a mixed open, while things are looking up on Wall Street: Futures inched higher overnight as traders shrugged off a 46% slump in EV maker Fisker's shares after the Wall Street Journal suggested it had hired bankruptcy advisors.

EGX30

31,014

-5.0% (YTD: +25.0%)

USD (CBE)

Buy 48.35

Sell 48.49

USD at CIB

Buy 48.4

Sell 48.5

Interest rates CBE

27.25% deposit

26.25% lending

Tadawul

12,723

+0.9% (YTD: +6.3%)

ADX

9,244

+0.2% (YTD: -3.5%)

DFM

4,259

+0.2% (YTD: +4.9%)

S&P 500

5,165

-0.2% (YTD: +8.3%)

FTSE 100

7,772

+0.3% (YTD: +0.5%)

Euro Stoxx 50

5,001

+0.4% (YTD: +10.6%)

Brent crude

USD 84.03

+2.6%

Natural gas (Nymex)

USD 1.66

+0.1%

Gold

USD 2,176

+0.1%

BTC

USD 73,236

+3.0% (YTD: +72.9%)

THE CLOSING BELL-

The EGX30 fell 5.0% at yesterday’s close on turnover of EGP 5.5 bn (14.6% above the 90-day average). Foreign investors were net sellers. The index is up 25.0%YTD.

In the green: GB Corp (+2.7%), Eipico (+1.5%), and Delta Sugar (+0.9%).

In the red: Ezz Steel (-8.4%), Alexandria Mineral Oils Company (-7.9%), and E-Finance (-7.7%).

10

My Morning Routine

My Ramadan Routine: Ahmed Ali Abdelrahman, managing director and CEO of Post for Investment

Ahmed Ali Abdelrahman, managing director and CEO of Post for Investment:For a special Ramadan edition of our weekly My Morning Routine column that we will run through the holy month, we spoke to Ahmed Ali Abdelrahman (LinkedIn), managing director and CEO at Post for Investment (PFI), the investment arm of Egypt Post. We asked Abdelrahman the usual questions to find out how a successful member of the community starts their day and threw in a few more to find out how he and his team adjust to Ramadan and what he looks forward to in the holy month.

I started off as a corporate banker, but I’ve been in investment banking for around two thirds of my career. I've been heading PFI since March last year, and it’s been a key milestone in my career to lead one of those fast-growing private equity investment outfits. One of the key responsibilities is formulating PFI’s strategy, which we did last year and got the greenlight from the board. I also run the day-to-day management that looks into lots of transactions and investments, and involves helping our parent company Egypt Post to navigate these. So the role is a combination of leading strategy and overseeing operational tasks.

Post For Investment started off in 2006 as a special purpose vehicle for the government to take part in the third mobile operator license, but it evolved to become one of the largest private equity slash investment holding companies. We have around 17 portfolio companies within our holding structure. We have investments across multiple sectors like financial services, logistics, construction, building materials, IT, and systems integration. We do lots of special purpose real estate structures. We also invest in sports companies and telecoms. So we're spread across all economic sectors.

Egypt enjoys a strategic value proposition that no market in the region currently offers. The key story behind Egypt's investment case is the size of the market and the diversity of its economy. We're not just dependent on one or two sectors, we're quite diverse with a strong industrial base, a very large service base. We have tourism, trade, we have everything.

As for my morning routine? I'm an early bird. I start at 6:30 am, work out first thing, and read Enterprise either when I wake up or on the way back from the gym. I check my emails and make calls on the way to work, then I start by checking the appointment list, and try to make time for the core business team to meet for a briefing as regularly as possible. Most of the team here is fairly new. They’ve come from private sector outfits and investment banks. I think this is one of our core strengths.

In the evenings, I have some me-time, I’ll watch movies or listen to podcasts. I love X (formerly Twitter). I'm into politics, sports, art, and I think it gives me all the news and what's happening in the world in a quite condensed and summarized way. I try to capture all of this in like an hour or two and then go to bed by 10pm, 10:30pm at the latest.

Working patterns definitely change during Ramadan. The entire ecosystem recalibrates. Working hours are shorter, so you have to fit your tasks into shorter timespans. I also prepared by lowering my coffee intake in the week before Ramadan, so I don't get that caffeine drop, especially in the first two days.

In Ramadan, we meet up as a family and with friends — people that we don't get time to always see throughout the year. We’ll have iftar together then watch TV.

Ramadan comes with the challenge of working out. Exercise is the one constant in my life, but during Ramadan I can't do it in the mornings, so I’ll usually do it before iftar and only do cardio, no weightlifting. So I end up losing muscle by the end of Ramadan — it’s a challenge not to lose the progress made across the year whilst ensuring the month goes smoothly.

What’s next for me? On a personal level, I’d like to see my younger son graduate in two years. This is one of the major things next for me, so I can feel like I’ve seen the two kids off, and hopefully see them both land good jobs.

In terms of professional aspirations, I’d like to start my own business at some point. I tried this before, but it didn't work out with my partners as we had originally envisaged. I hope this time around it works because I think it's the ultimate end-goal of my career to have my own set-up with an ambitious retirement plan.

Some of my favorite podcastsare from Goldman Sachs (here and here) and TheMcKinsey Podcast. These give you a global overview of everything, the new trends, the industry, the risks. I think these are insightful and globally driven podcasts, especially because the panelists are key decision makers, politicians, investment bankers, private equity executives, entrepreneurs.

I’d also recommend The Lighthouse Conversationsby Hashem Montasser. Montasser used to be an investment banker, worked at EFG Hermes for some time before dropping out to venture into lots of businesses. I follow his podcast quite closely and I think it's one of the most entertaining and interesting out there, because it's not only focused on business or entrepreneurship. It's very light.

The most valuable piece of advice I’ve received was from my first employer after I graduated. I started off with a job at a contracting company as an accountant — I’m an accounting graduate — but I didn’t go through the typical hiring process. I was referred for the role through a contact of mine. That’s how things worked at the time. The first time my boss met me, he told me, listen, I know that you came through this person, but if you want to continue and succeed in your life, you have to forget this framework. It became crystal clear to me that you have to do it yourself rather than depending on connections.

It stuck with me and I made sure that I passed it down to my two children. My oldest son is a finance graduate. I did not help him get a job. Of course, I supported him and mentored him throughout the process, but I didn’t pick up the phone and call someone to help him get hired. Trying to open doors will help at the start of your career, but eventually you have to depend on yourself.


2024

MARCH

16 March (Saturday): Deadline for requests to extend tax reports filing.

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 applications for 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.

2 April (Tuesday): President Abdel Fattah El Sisi swearing in ceremony, New Administrative Capital.

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).

26 April (Wednesday): Clocks move forward one hour at midnight as daylight saving time starts.

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

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

EVENTS WITH NO SET DATE

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

Now Playing
Now Playing
00:00
00:00