Bad news in the Red Sea + CBE leaves rates unchanged

Good morning, wonderful people. Welcome to the last full work week in 2023 (when did this happen?) — and Merry Christmas to everyone celebrating tomorrow.

Like many of you, we’re taking a few days to recharge. We’ll be taking a publication break this coming Thursday through Monday to recharge our batteries as we gear up to launch new things in 2024. All of our publications will be back in your inboxes at their usual times on Tuesday, 2 January 2024.

THE BIG STORY HERE ARE HOME-

The Central Bank of Egypt seems to want to leave all of its policy tools untouched as it looks to a float (or step-by-step devaluation) in what all of hope will be early 2024. The bank left interest rates unchanged on Thursday at its last policy meeting of this year. The central bank also reportedly gave verbal guidance to banks to suspend the use of newly-issued credit cards for any form of foreign-currency transaction in its latest move to curb the current FX crunch. That crunch isn’t going to be made any better by the situation in the Red Sea.

^^ We have the rundown on everything you need to know in this morning’s news well, below.

THE BIG STORY ABROAD-

The Christmas news slowdown is upon us, with no single story capturing the imagination of the western press.

#1- Security Council passes resolution on Gaza: The UN Security Council on Friday agreed on a watered-down resolution calling for “urgent and extended humanitarian pauses and corridors throughout the Gaza Strip for a sufficient number of days.” The resolution also demanded the safe delivery of humanitarian assistance to those in Gaza. The vote in the 15-member council — which was delayed several days because of disagreements over language — saw 13 members voting in favor and the US and Russia abstaining. Russia wanted stronger language around an end to Israeli hostility; the US did not.

Egypt called the resolution insufficient and once more urged for an immediate ceasefire.

The story got plenty of attention in the international press:CNN | Reuters | The Guardian | AP.

#2- Trump’s fate is still in the air: The US Supreme Court has rejected a request to fast-track its ruling on Donald Trump claim he cannot be prosecuted for trying to overturn his 2020 election defeat. (Reuters | CNN | The Independent | AP | BBC | Financial Times)

#3- Angola quits OPEC: Angola has announced its departure from the OPEC oil cartel following disputes over its production quota. Shortly after, members Iraq, Nigeria, and Congo pledged their loyalty to the group.

#4- Ceasefire in Ukraine? Russian President Vladimir Putin has been signaling that he is open to discuss a ceasefire in Ukraine, New York Times reports, citing former Russian officials. Putin has been signaling through intermediaries since September that he is open to a ceasefire and is willing to stop at current positions — but isn’t “willing to retreat one meter.”

HAPPENING TODAY-

The Senate will reconvene after a six-week break to discuss the future of the Suez Canal industrial zones, including a proposal to promote the zones around the world. A study by Sen. Tarek Nosseir found that industrial zones in the canal area have attracted some USD 3 bn worth of foreign direct investment and that revenues of companies operating clocked in at more than EGP 6 bn in the state’s 2022-2023 fiscal year — a 78% increase over the previous year.

Committee meetings today:

Finance + Economy: How to attract FDI, with a view to doubling our current inflows;
Industry: A review of challenges facing the furniture industry in Damietta;
Energy: A review of the Madbouly government’s work on climate change.

BEFORE YEAR END?

#1- NDP HQ developer: The Sovereign Fund of Egypt is set to finalize a contract with a consortium that will be in charge of developing the site of the former National Democratic Party (NDP) headquarters in Downtown Cairo.

#2- ADQ’s USD 800 mn acquisition of stakes in the three oil and petrochemical companies Elab, Ethyco, and EDC.

PSA- Private healthcare centers can now get licensed digitally: The Health Ministry has launched a new website for private healthcare centers, allowing them to apply for licenses online. The website will also include a database of all licensed centers.

DATA POINT- The route between Cairo and Jeddah was the second busiest international flight route in 2023 with 4.8 mn seats booked between the two cities, according to global travel data provider Official Airline Guide (OAG). In first place came flights between Kuala Lumpur and Singapore’s Changi with 4.9 mn seats booked for the year.

DISCOVER SOMABAY: Embark on a journey of discovery in the heart of Somabay, where crystal-clear waters meet golden sands and luxury meets serenity. Experience a world of adventure, relaxation, and natural beauty like no other. From thrilling water sports to world-class golf, Somabay offers it all. Explore vibrant coral reefs, unwind in luxurious spas and savor exquisite cuisine. Your dream destination awaits, where every moment is a discovery.

In a challenge to Egypt’s foreign exchange position, more than 300 vessels have turned away from the Suez Canal

Egypt faces the prospect of mns in lost FX receipts — and businesses and consumers around the world are staring at spiraling prices and snarled supply chainsas Yemen’s armed Houthi group shows no signs of standing down in the Red Sea.

Hundreds of vessels are giving the Suez Canal a pass:

Bad for Egypt- Swiss logistics firm Kuehne + Nagel has tracked 313 vessels — carrying some 4.2 mn containers — that have been impacted by the security situation in the Red Sea. (Statement)
Bad for the World #1- Effective global container shipping capacity could be reduced by 10-15%, as the trip around Africa will increase travel time from Asia to Europe by 50%. (Fitch)
Bad for the World #2- Germany’s Hapag-Lloyd will tack added fees of US 250-1k onto the cargo it transports to and from the Middle East starting 1 January. Maersk and CMA CGM also implemented extra charges last week. (Reuters)

Ships steaming away from the Suez Canal will deliver a hit to our FX position when we can least afford it. By some estimates, the Suez Canal Authority lost USD 15-20 mn every day that the canal was not navigable after the Ever Given ran aground.

And we could be looking at months disruption to trade:AP Moller-Maersk, the world’s second-largest shipping line, sees the Red Sea chaos lasting for months. The shipping firm has pushed the arrival date for over 150 of its tankers, with some delays extending until March due to the route diversions around the Cape of Good Hope. Maersk was among several others to pause all Red Sea transit last week due to increased Houthi-led attacks on vessels.

MARITIME COALITION HAS FEW TEETH

Think “highway patrol,” not “Gangbusters.” A US-led naval coalition will patrol “the Red Sea and the Gulf of Aden to respond to, and assist as necessary, commercial vessels,” but it won’t escort individual vessels, Pentagon spokesperson Maj. Gen. Pat Ryder told Bloomberg on Friday. The coalition, announced last week, now includes 20 countries.

The US shot down four drones apparently aimed at an American destroyer in the southern Red Sea, Reuters reported overnight, saying the drones were launched from Houthi-controlled areas of Yemen.

And convoys may not be the answer: The volume of shipping in the Red Sea is probably too high to structure in convoys, a retired US naval officer tells the Wall Street Journal, and “convoys take time to form and are not an ideal long-term solution as vessels face added queueing time, slower sailing speeds, and limited versatility,” industry publication Splash24 writes.

Egypt and Saudi Arabia are not participating in the coalition,though Foreign Minister Sameh Shoukry said last week that countries bordering the Red Sea bear the responsibility of protecting freedom of navigation. “We have been cooperating with many of our partners to provide the appropriate conditions for this,” Shoukry added, speaking at a press conference with his UK counterpart David Cameron.

CALLING OUT IRAN

The US is pointing fingers: The White House has declassified intelligence information that it says shows Yemen’s Houthis rely on Iranian-provided monitoring systems to launch attacks on ships, National Security Council spokesperson Adrienne Watson told CNN. “Iran has the choice to provide or withhold this support, without which the Houthis would struggle to effectively track and strike commercial vessels navigating shipping lanes through the Red Sea and Gulf of Aden,” Watson added..

Iran is threatening to close the Mediterranean, the strait of Gibraltar, and other waterwaysif Israel and the US do not stop their “crimes” in Gaza, Reuters reports, citing Iranian Revolutionary Guards Gen. Mohammad Reza Naqdi. Naqdi didn’t say how Iran could close the Med, but warned the country has “new powers of resistance.”

SMOOTHING THE WATERS

An olive branch from Iran — at a curious moment: Iranian President Ibrahim Raisi called President Abdel Fattah El Sisi yesterday to congratulate him on a third term in office, according to an Ittihadiya readout. The two leaders also touched on the situation in Gaza and agreed to “take tangible steps for final resolution of issues” between Palestine and Israel, Iranian Deputy Chief of Staff Mohammad Jamshidi wrote in a post on X.

Egyptian and Iranian officials have reportedly been in talks for some time now about normalizing ties and reopening embassies, as part of a wider Iranian diplomatic push to mend relations with the Arab world. Earlier this year, Iran inked a landmark accord with Saudi Arabia to reopen embassies and is looking to do the same with the UAE.

MEANWHILE- Yemen’s warring factions commit to a ceasefire. The Saudi-backed Yemeni government and the Iran-affiliated Houthis have committed to reaching a ceasefire in their almost decade-long conflict, according to a statement from the Special Envoy of the Secretary-General for Yemen. Both parties are now committed to implement a UN-mediated roadmap that would entail a nation-wide ceasefire, the payment of all public sector salaries, resumption of oil exports, and preparation for a “Yemeni-owned political process under UN auspices,” the statement said.

Central Bank of Egypt holds interest rates steady ahead of widely expected devaluation of the EGP

The Central Bank of Egypt (CBE) left interest rates unchanged at its last policy meeting of the year on Thursday. The Monetary Policy Committee (MPC) cited a slowdown in global growth, easing inflation at home, and a decline in energy prices, it said in a statement (pdf). This comes as pundits anticipate a float or devaluation now that President Abdel Fattah El Sisi has secured his third term in office.

As they currently stand: The overnight deposit rate stands at 19.25%, the overnight lending rate at 20.25%, and the main operation and disc. rates at 19.75%.

Further slowdown in growth ahead: The CBE sees growth further decelerating in the fiscal year 2023-2024 before gradually picking up due to the “negative spillovers emanating from geopolitical tensions in the region, especially on the services sector.” Growth slowed to 2.9% in 2Q 2023 from 3.9% in the previous quarter, while annual growth decelerated to 3.8% in FY 2022-2023 from 6.7% the year prior, the statement reads.

And inflation has eased: Annual headline inflation eased for the second consecutive month in November to 34.6% — down from 35.8% in October — hitting its lowest level in six months on the back of slowing food price increases and a favorable base effect. Inflation is expected to further decline to 34.4% in December, securities banking and macro analyst Heba Monir told us last week.

The CBE’s move was expected: Seven of the nine analysts we surveyed last week predicted that the MPC would hold rates steady thanks to the slowdown in inflation and the US Federal Reserve’s decision to leave rates unchanged earlier this month. The other two saw the bank hiking rates between 50-300 bps to contain inflation.

Third time in a row: The central bank held interest rates steady during its past two meetings in November and September. Rates have risen 1.1k bps since March 2022, with the bank last hiking rates in August.

Keeping its powder dry: Analysts expect the central bank to go for a fourth devaluation since March 2022 sometime in the coming weeks — a move that is traditionally accompanied by a substantial rate hike. Flexibility in our FX regime is a key condition of our USD 3 bn IMF loan and will be key if we do want to unlock a larger package.

The story got ink in the foreign press:Bloomberg | Reuters.

Damietta Port secures USD 455 mn in funding for second container terminal

European and international lenders have lined up USD 455 mn in financing for a second cargo terminal at Damietta port, a Transport Ministry statement said on Thursday.

Driving the operation: A consortium of Hapag-lloyd, MELC Group, Eurogate Terminals, Contship Italia, and Ship & Crew have established a special purpose vehicle, the Damietta Alliance Container Terminals (DACT). DACT will manage and operate Damietta Port’s second container terminal under a 30-year concession, the statement said.

Funding the project: Our friends at HSBC Egypt acted as the agent bank for the international lenders that will provide a USD 455 mn financing package for the project.

Who’s in? EBRD, the International Finance Corporation, China’s Asian Infrastructure Investment Bank (AIIB), development finance player Deutsche Investitions und Entwicklungsgesellschaft (DEG), and the French Development Agency’s private-sector investment arm Proparco, an EBRD statement said.

BY THE NUMBERS:

USD 125 mn will come from the EBRD;
USD 120 mn from the IFC;
USD 100 mn from the AIIB;
USD 60 mn from the DEG;
and USD 50 mn from Proparco.

What we know: The terminal will have a capacity of 3.5 mn TEUs, tripling the port’s capacity. The project will create some 80k jobs directly and indirectly by 2038, the EBRD added. As you typically see when money from development finance institutions comes into play, DACT will develop an environmental and social management system for the port and invest in vocational training to make jobs accessible to local residents.

The terminal is expected to begin operating next year, the ministry has previously said.

Damietta as a hub of development: The project is the first phase of the Damietta integrated logistics hub, which will link Damietta Port to industrial centers across the country via railway, the ministry said last year.

Central Bank of Egypt says newly-issued credit cards can’t be used for foreign currency transactions for six months after issuance

No FX for you: Credit cards issued on or after 21 December will come with asix-month bar on FX transactions — both at home and abroad — per recent verbal instructions from the Central Bank of Egypt, several banking sources told Enterprise. Under the new rule, credit card users will have to wait for six months or until further notice before using their FX quota, which stands at the equivalent of EGP 7,750 at most banks for foreign currency transactions executed in Egypt.

The rationale: The CBE’s move came to guard against draining FX liquidity after banks started seeing a surge in credit card issuances, one source said. The rules close another loophole for businesses and individuals trying to bypass restrictions introduced by the central bank in October on credit cards FX transactions.

Older cards are in the clear: The restrictions don’t apply to cards issued before 21 December.

Remember: The latest foreign exchange controls put monthly credit card limits on local FX transactions at the equivalent of EGP 7,750. For transactions abroad, customers must notify their banks of their travel plans to gain access to their full card limit. They must also provide proof of using their cards abroad — by sending their bank arrival and departure stamps on their passports — within a 90-day period.

There isn’t much FX liquidity in the banking system. Net foreign assets in commercial banks were at negative USD 15.9 bn in October, according to the most recent data from the central bank.

Egypt’s MaxAB to merge with Kenyan B2B e-commerce player Wasoko

A pan-African e-commerce giant in the works: Egyptian B2B e-commerce platform MaxAB has inked a preliminary merger agreement with Kenya-based Wasoko, according to a joint statement (pdf). The merger aims to “drive the transformation of Africa’s informal retail sector … and establish the most successful digital retail platform on the continent.”

Short on details: We reached out to ask about who would own what post transaction, the valuation of the merged entity, and when the two companies expect to see the transaction go through. Company executives did not reply to request for comment. A PR contractor for Wosoko was unable to comment.

The merger will give the companies a combined customer base of over 450k merchants serving over 65 mn consumers in eight African countries. MaxAB already operates in Egypt and Morocco, while Wasoko is present in Kenya, Tanzania, Rwanda, Uganda, Zambia, and Congo.

They see a massive market: The two want to capture what they say is Africa’s USD 850 mn informal retail sector, offering fintech, logistics, and e-commerce services.

Top execs staying on: It’s not clear who will run the combined business, though the statement notes that MaxAB CEO Belal El Megharbel and Wosoko chief executive Daniel Yu are “committed to shaping the long-term future of the company together, and will both continue as full-time executive leaders” when the transaction wraps. The release refers to this as a “merger of equals,” but doesn’t make clear whether they intend to operate as a single brand or who will own what stake in the merged entity.

What we know of their capital: MaxAB last year closed a USD 40 mn pre-series B round to fund its expansion across the MENAP region. The capital injection followed a USD 15-mn extension to a USD 40 mn series A round in 2021 and a record USD 6.2 mn seed round in 2019. Wasoko in 2022 raised USD 125 mn in a series B round that valued the company at USD 625 mn.

Even more funding: “The combined business has received additional investment and has substantial runway to reach profitability,” the release says, without saying who invested.

This isn’t MaxAB’s first M&A: The company in August 2021 acquired Moroccan e-commerce and logistics platform WaystoCap for an undisclosed sum.

About the companies: Founded in 2018 by Belal El Megharbel (LinkedIn) and Mohamed Ben Halim (LinkedIn), MaxAB offers a range of e-commerce and fintech services targeting smaller retailers and suppliers. Wasoko was founded in 2013 by Daniel Yu (LinkedIn). The company enables smaller retailers to restock products for their businesses via mobile app.

The international press also had the story:Bloomberg | TechCrunch

Qalaa Holdings’ bottomline leaps in 3Q 2023 on the back of stake sale

Qalaa Holdings saw its net income surge to EGP 2 bn in 3Q 2023, over a hundredfold increase from the EGP 16.7 mn recorded in 3Q 2022, driven by gains from a stake sale, according to the company’s latest earnings release (pdf).

ICYMI- APM Investment, a wholly owned subsidiary of Qalaa’s mining arm ASCOM, sold its 35% stake in Ethiopia’s Kurmuk Gold Project to the Canadian gold producer Allied Gold Corporation (AGC) last month in exchange for 11.5 mn shares in the latter and USD 65 mn.

The company’s topline rose 11% y-o-y to EGP 26.4 bn in 3Q 2023, primarily driven by the company’s flagship oil refinery, the Egyptian Refining Company (ERC), which accounted for around 74% of total revenues. ERC’s refining margins narrowed in the quarter due to a normalization of oil prices after a spike in 2022, but the plant underwent an overhaul in July that ramped up its output capacity by 6-7%.

Progress made on receivables owed to ERC: ERC’s receivables owed by the state-run Egyptian General Petroleum Corporation (EGPC) have dropped to USD 332 mn, after the latter paid USD 935 mn. The receivables collected have allowed ERC to ramp up its debt repayments.

What’s next: “Qalaa is currently studying several new medium-sized, export-oriented, and predominantly green investments with high local value-added components, to be executed through its subsidiaries,” the release read.

Siemens Energy to rehabilitate Aswan’s hydro plants. PLUS: News from the Madbouly government, Gig-Egypt, Delta Steel

ASWAN HIGH DAM , HYDRO PLANTS GETTING AN UPGRADE: German firm Siemens Energy will rehabilitate three hydropower plants at the Aswan Hydropower Company — the High Dam, Aswan I and Aswan II, under an EGP 1.77 bn contract. Siemens Energy will upgrade the power transformers at the plants to extend their lifespan to no less than 40-50 years and add some 300-MW to Egypt’s grid. (Press release, pdf).

MINERALS FROM SALT WATER: A Chinese company has submitted a proposal to the Madbouly government to extract minerals from desalination plants’ wastewater, which could raise some USD 120 mn annually if exported. (Cabinet statement)

BIG INVESTMENT IN UNIVERSITIES: The Madbouly government has set a target of increasing the number of universities in Egypt to 132 by 2030 from the current 92. The expansion will come with a EGP 250 bn price tag, EGP 150 bn of which could come from private sector investments. (Statement)

The government wants private education to make up at least 40% of the country’s market for education services, from its current 25%.

FAISAL BANK WANTS MORE OF GIG-EGYPT: Faisal Islamic Bank is reportedly in talks with the National Bank of Egypt and Banque Misr to purchase their combined 16% stake in ins. firm Gig-Egypt for EGP 100 mn. The transaction would up Faisal Islamic Bank’s stake in the insurer to 25.2% from 9.2%. (Al Shorouk)

CHINESE INTEREST IN DELTA STEEL? A Chinese investor reportedly wants a 30% stake in state-owned Delta Steel, in an agreement that would see the unnamed suitor cough up some EGP 200-300 mn. The government is reportedly looking to sell up to 40% of the company and a number of local players are interested. (Al Borsa)

CATALYST CAPITAL TO INVEST IN PHARMA COMPANY: Impact investment fund Catalyst Capital plans to acquire a minority stake in a local pharma company in mid-January for up to EGP 120 mn. (Al Borsa)

The Gulf IPO boom could stretch into 2024

Could 2024 be another year of the Gulf IPO boom? Mideast IPOs are on track to record their third-strongest year since 2007, with the market expected to continue growth in 2024 driven by government reforms, investment demand, and strong demand, Bloomberg wrote. “The outlook is very strong for MENA IPOs in 2024,” Bank of America's Christian Cabanne said, “in 2024 we expect to see more private companies come to market, including in the United Arab Emirates.”

2023 at a glance: Middle East IPOs this year have raised some USD 10.5 bn, less than half the USD 23 bn raised in 2022, according to Bloomberg data. Gulf offerings made up the biggest chunk of the figure raised, accounting for around 45% of total IPO volumes in EMEA this year and 51% the year before. Kicking off the year with the multi-bn USD IPO of Adnoc’s gas unit, 2023 has been a busy year for the Gulf IPO market, the latest of which was Dubai Taxi’s IPO.

In the cards for 2024: Companies eyeing up offerings in 2024 include Saudi low cost airline Flynas, supermarket chain Spinneys Dubai, owner of shisha brand Al Fakher, tobacco firm Advanced Inhalation Rituals, and startups like e-commerce firm Floward and buy-now-pay-later company Tabby.

It hasn’t been a good IPO year for all: Globally first-time share sales are on track for their worst year since 2009.

Could the war in Gaza impact investor appetite? The MSCI GCC Countries Index has rebounded 12% after falling 3.2% following the outbreak of war in Gaza at the beginning of October as investors regained confidence in the market. “If things were to escalate and if the theater of operations were to widen, then definitely that could have a detrimental effect on risk premium and how investors view the region,” Franklin Templeton’s Salah Shamma said.

ALSO WORTH NOTING-

China unveils future investments: The country’s National Development and Reform Commission has identified a second batch of public investment projects under a USD 140 bn spending plan aimed at boosting growth. (Reuters)
OpenAI is targeting a fresh funding round at a valuation of over USD 100 bn. Discussions are still in early stages with the terms, valuation, and timing of the funding round still up in the air. (Bloomberg)

EGX30	24,305	-2.1% (YTD: +66.5%)
USD (CBE)	Buy 30.83	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	19.25% deposit	20.25% lending
Tadawul	11,622	-0.7% (YTD: +10.9%)
ADX	9,490	0.0% (YTD: -7.1%)
DFM	4,023	+0.4% (YTD: +20.6%)
S&P 500	4,755	+0.2% (YTD: +23.8%)
FTSE 100	7,698	0.0% (YTD: +3.3%)
Euro Stoxx 50	4,521	-0.1% (YTD: +19.2%)
Brent crude	USD 79.07	-0.4%
Natural gas (Nymex)	USD 2.61	+1.5%
Gold	USD 2,069	+0.9%
BTC	USD 43,681	-0.6% (YTD: +164.9%)

THE CLOSING BELL-

The EGX30 fell 2.1% at Thursday’s close on turnover of EGP 3.7 bn (14.1% above the 90-day average). Local investors were net sellers. The index is up 66.5% YTD.

In the green: Alexandria Containers and Goods (+4.7%), Mopco (+1.7%).

In the red: Credit Agricole (-5.7%), Egypt Kuwait Holding (-5.1%) and Palm Hills Development (-5.1%).

CALENDAR

2024

JANUARY

1 January (Monday): Egypt to join the Brics.

1 January (Monday): Private-sector minimum wage to rise to EGP 3.5k and minimum pension rate to rise to EGP 1.3k.

7 January (Sunday): Coptic Christmas (national holiday).

9 January (Tuesday): B Investments’ general assembly (pdf) to look into capital increase ahead of Orascom Financial Holding (OFH) acquisition.

17 January (Wednesday): A delegation of Egyptian companies to visit Istanbul.

25 January (Thursday): Revolution Day / Police Day (national holiday).

FEBRUARY

11 February (Sunday): Deadline to apply for the Chicago Booth Executive Programin El Gouna.

25 February 2024 (Sunday): Deadline to bid for 23 blocks in an international oil and gas tender.

MARCH

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

APRIL

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

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

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).

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).

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

SEPTEMBER

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

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

OCTOBER

6 October (Sunday): Armed Forces Day.

EVENTS WITH NO SET DATE

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

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

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.

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.

2024: Standard Chartered Bank to open a branch in Egypt.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily