Banks impose minimum interest rate of 24% on secured loans

Tuesday, 9 Jan 2024

Banks impose minimum interest rate of 24% on secured loans

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Today at a glance

LAST NIGHT’S TALK SHOWS

Madbouly government begins auditing costs of caring for migrants.

Banking

Moderate demand on CDs after four days + Banks impose minimum interest rate of 24% on secured loans.

Fintech

FRA to offer temporary non-bank financial service licenses for fintech startups.

RED SEA WATCH

Chinese giant Cosco suspends all shipping to Israel amid Houthi attacks.

EGYPT IN THE NEWS

Gov’t set to double the size of the new administrative capital.

Also on our Radar

Egypt looks to export additional 1 mn workers in competitive sectors by 2030.

PLANET FINANCE

Emerging markets rang in the new year by jumping on the bond markets like never before.

What We're Tracking Today

Analysts poll forecasts headline inflation easing for a third consecutive month in December.

Going Green

The full rundown of Egypt’s green targets through 2030.

What We're Tracking Today

EgyptAir avoids Boeing 737 Max fiasco

Good morning, wonderful people. Sometimes, short is sweet and less is more — and with that in mind, we’re happy to have a pretty slim issue for you today after a jam-packed issue yesterday.

But before we jump into things, a bit of good news for anxious flyers in Egypt…

PSA #1- Don’t worry, EgyptAir does not fly the Boeing 737 Max, per our check of their activefleet. United Airlines said it found loose bolts and other issues on its grounded 737 Max planes following safety checks after a piece of fuselage from a Boeing 737 Max 9 blew off during an Alaska Airlines flight last week. Boeing shares plunged 8% in trading yesterday as industry analysts warn that the airplane maker could face a widening crisis over its 737 Max model.

PSA #2- You have just six days until the World Economic Forum gets underway in Davos, spewing influencer nonsense all over your newsfeed. Reps of more than 100 governments, 1k paid corporate partners, along with other business leaders, entrepreneurs, and civil society types (does anyone use that word anymore? “Civil society?”) are set to attend.

This year’s theme is “rebuilding trust,” organizers say, adding, “The programme embodies a ‘back to basics’ spirit of open and constructive dialogue between leaders of government, business and civil society.” Job creation, AI (which … kind of stands in opposition to the former?), and “long-term strategy for climate, nature and energy” get plenty of attention on the teaser agenda.

INFLATION WATCH-

Analysts polled by Reuters expect headline inflation to have eased for a third consecutive month in December on lower food prices, but with the all-important caveat that this downward trajectory could be reversed again in the following months on the back of the government’s recent price hikes. A median forecast of 14 analysts pegged annual urban consumer price inflation at 33.4% y-o-y in December, down from 34.6% in November.

December’s inflation data is due tomorrow.

THE BIG STORY HERE AT HOME-

The Madbouly government begins auditing costs of caring for migrants:Ministers held a meeting yesterday to review the costs the government incurs to support the c. 9 mn refugees and migrants living in Egypt, a cabinet statement said yesterday.

** We’ve got the reactions to the news in Last Night’s Talk Shows, below.

THE BIG STORY ABROAD-

Blinken warns against pressuring Palestinians to leave Gaza: US Secretary of StateAnthony Blinken insisted that “Palestinian civilians must be able to return home as soon as conditions allow. … They cannot, they must not be pressed to leave Gaza” during his visit to the Qatari capital on Sunday.

ICMYI- Blinken is on a regional tour and is set to land down in Cairo at some point this week: Blinken is in Israel today to continue his diplomatic push and has said that he will push the Netanyahu government “on the absolute imperative to do more to protect civilians and to do more to make sure that humanitarian assistance is getting into the hands of those who need it.” Blinken is still scheduled to the West Bank, and Egypt by the end of Thursday, so expect to see Blinken making an appearance either tomorrow or the day after.

The story got ample coverage in the int’l papers:Reuters | BBC | The Guardian | CNN

HAPPENING TODAY-

The Senate is in session: Senators reconvene today to discuss a report detailing the relationship between state-funded technology schools and the needs of industry, with a recommendation that more institutions are established to make sure manufacturers have access to the skilled labor they need.

HAPPENING TOMORROW-

PSA- Interested in Chicago Booth executive ed here in Egypt? Tap or click here to register for a webinar on Wednesday at 7pm CLT to learn more about the Chicago Booth Executive Program in El Gouna. You’ve got until 11 February if you want to apply for the program, which is produced here by the University of Chicago and the Sawiris Foundation. Both private- and public-sector execs are welcome to apply.

WATCH THIS SPACE-

#1- The government wants to launch a digital currency by 2030: The government is planningto launch a central bank digital currency (CBDC) by 2030, according to a report (pdf) released by the cabinet’s Information and Decision Support Center (IDSC). The government is also aiming to achieve 100% financial inclusion by 2030 — up from 67.3% recorded in June — and increase the number of e-wallets 130% to 80 mn during the same period.

#2- Cash-strapped Argentina looks to impress IMF via debt payment: In a bid to unlock a USD 3.3 bn International Monetary Fund (IMF) loan, Argentina is expected to make USD 1 bn in interest payments to foreign bondholders today, writes Bloomberg.

MORNING DISTRACTIONS-

#1- 2024 could be the year that passwords die as tech giants and startups alike push forward with passkeys — a technology that could make the need to remember or track dozens of passwords obsolete.

What are passkeys? They replace passwords with “authentication mechanisms built into your own devices,” the Verge writes. “That means you can use Face ID on your iPhone, Windows Hello on your PC, or the fingerprint sensor on your Android phone to authorize access to your websites, apps, and services.”

Why? They’re more secure — only a hashed version is saved by developers and they’re protection against phishing attacks: Your grandpa (or mom or dad or the guy in finance) can’t be tricked into clicking a bogus link because “the browser or OS handles verification” that the website is legit.

How to get started: The Verge has a constantly updated storystream that should be more than enough to get you started. Want to get a bit nerdier? Go to Smashing Magazine.

#2- Residents of Planet Startup shouldn’t think that venture capital’s annus horribilis is over. Early data from PitchBook “indicates global VC investment in startups continued to slide in the fourth quarter of 2023,” TechCrunch writes.

#3- Object of desire for type nerds: Shift Happens: A Book about Keyboards. 1.3k photographs over 1.2k pages in a two-volume book about keyboards. Even if you don’t want to order it (the shipping bill…) the website is a ton of fun for the design-minded among us.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We’ve got a full rundown of our latest green targets through 2030 from a newly-published report from the Cabinet Information and Decision Support Center that has been the talk of the town of Egypt’s business press.

Tags:

aviation EgyptAir What We're Tracking Today

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Banking

Egyptian banks impose minimum interest rate of 24% on secured loans

Secured loans are getting pricier: The Central Bank of Egypt (CBE) has instructed allbanks to charge a minimum interest rate of 24% on secured loans, a banking source told Enterprise. The new rule that came into effect yesterday is intended to clamp down on the carry trade following the issuance of high-yield CDs by the country’s two largest banks, our source added.

Carry trading? In short, a carry trade is when you borrow money and then lend it on to someone else at a higher interest rate than you’re dishing out for the money in the first place. The differential between the cost of borrowing the money and the interest you get back from the borrower is the profit and is referred to as the “carry.”

The rationale: The move ensures that the new CDs sop up liquidity from the market rather thantrigger a migration of funds from other banks to the new certificates, our source said.

Background: Banque Misr and the National Bank of Egypt last weekend introduced two12-month certificates of deposits (CDs) with record-high yields — one with a single interest payment of 27% paid upon maturity and another that offers monthly payouts at a reduced 23.5% annualized rate. The issuance came after CDs worth around EGP 500 bn introduced by the two banks in January 2023 began maturing on Friday.

SOUND SMART- A secured loan is a type of loan where the borrower pledges an asset — suchas a house, car, or liquid asset — as collateral. In the case of a CD-secured loan, the loan is backed by a certificate of deposit.

ON THE DEPOSIT FRONT-

The two CDs have reeled in a combined EGP 45 bn in the four days since their release, Cairo 24 reports, citing two sources at Banque Misr and NBE. That’s half of what customers invested during the first three days that the 25% CDs were on the market in January 2023.

The breakdown: NBE captured the lion’s share of deposits, racking up some EGP 30 bn. BM attracted the remaining EGP 15 bn, BM chairman Mohamed El Etreby confirmed to the state-owned Middle East News Agency.

Endgame? The new CDs should draw in more than the EGP 500 bn raised last year, El Etreby said, stopping short of providing an estimate.

Tags:

banking CDs Central Bank of Egypt

Fintech

Egypt’s FRA to offer temporary non-bank financial service licenses for fintech startups

Fintech startups can now obtain a temporary, two-year license to provide non-bankfinancial services if they have at least EGP 15 mn in issued and paid-up capital following a new decision issued by the Financial Regulatory Authority (FRA) yesterday.

The details: Fintech startups will also need to have at least 25% of their capital owned by individuals or entities specialized in the tech sector to be eligible for the license under the FRA’s decision. Upon receiving their license, companies will have to roll out their NBFS within two months at most.

The FRA isn’t only interested in giving fintech startups a helping hand: The FRA gave all NBFS companies that have applied for a license a three-month window to meet the minimum capital requirement of EGP 75 mn in May.

Tags:

Financial Regulatory Authority Fintech non-banking financial services

RED SEA WATCH

Chinese shipping giant Cosco suspends all shipping to Israel amid Houthi attacks. PLUS: Suez Canal volumes were down 29% y-o-y last week, AP Moller-Maersk and Hapag-Lloyd deny Houthi pact

Cosco puts Israel on the red list: Container shipping giant China Cosco Shipping Corp — the fourth largest in the world — has suspended shipping to Israel as Yemen’s armed Houthi group continued to attack vessels crossing the Red Sea, according to Israeli media outlet Globes on Sunday. The firm will no longer take bookings into Israel starting next week, a person with knowledge of the matter told Bloomberg.

Shipping giants deny safe passage agreement: AP Moller-Maersk and Hapag-Lloyd say they haven’t cut a side agreement with the Houthis to secure safe transport via the Red Sea. The two issued the denials after Danish publication ShippingWatch reported that unnamed shipping companies had met with the armed Yemeni group in search of a safe-passage pact, writes Bloomberg.

THE EGYPT ANGLE

Disruptions in the Red Sea have caused shipping volumes in the Suez Canal to drop 29%y-o-y for the week ending Sunday, according to tracking by the International Monetary Fund’s (IMF) PortWatch platform. Journeys around Africa’s Cape of Good Hope saw a 63% y-o-y boost for the same period, PortWatch data showed. The trend is attributed to global carriers rerouting traffic away from the Red Sea and around the Cape of Good Hope, with the diversion entailing higher shipping costs and longer transit times.

Suez Canal revenues are up y-o-y and down m-o-m: Revenues at the Suez Canal hitUSD 749 mn in December, up from USD 737 mn in December 2022, Al Mal reported, citing sources it says have knowledge of the matter.

Tags:

Cosco Hapag-Lloyd logistics Maersk Middle East politics RED SEA WATCH Suez Canal

LAST NIGHT’S TALK SHOWS

The government’s refugee audit dominated the talk shows last night

An audit of the number of refugees and the costs the state incurs to care for them was the main topic across last night’s talk shows. Cabinet spokesperson Mohamed El Homsani appeared on several programs last night, including Kelma Akhira where he told viewers that the measures are not aimed to increase the burden on “guests,” but rather to help rationalize resources, understand refugee needs, and facilitate the process of communications with donor agencies and countries. During an interview on Masa’a DMC, El Homsani said that the Interior Ministry has begun issuing automated cards to refugees for banking transactions. Kelma Akhira (watch, runtime: 18:55), Masa DMC (watch, runtime: 8:24), Al Hayah Al Youm (watch, runtime: 4:29), and Ala Mas’ouleety (watch, runtime: 8:01) all had the story.

Boycotts targeting refugees are “completely unacceptable and do not represent the opinion of the Egyptian masses,” El Homsani told Lamees El Hadidi during an interview on Kelma Akhira. El Homsani added that “Egypt embraces everyone and cannot boycott any citizen of a sister country, meaning all nationalities and not just Syrians,” (watch, runtime: 1:24 | 6:17). Over on El Hekaya, Amr Adib spoke out against those blaming refugees for the deteriorating economic conditions that Egypt has been experiencing for some time (watch, runtime: 3:05 | 1:26).

President Abdel Fattah El Sisi and Palestinian Authority President Mahmoud Abbas met in Cairo yesterday for a summit to discuss the ongoing conflict in Gaza. Abbas’ visit to Cairo came alongside US Secretary of State Anthony Blinken’s tour of the region — his fifth since the war began — to de-escalate rising regional tensions, in addition to focusing on a ceasefire in the Gaza Strip and increasing the delivery of aid to the population, international relations professor Hamid Faris said on Al Hayah Al Youm (watch, runtime: 5:53).

Not everyone is happy with Blinken: Lamees criticized Blinken’s failure to address the ceasefire in Gaza during his visits to Turkey, Jordan, Qatar, Saudi Arabia, or the UAE. Faris instead argued that Blinken’s statements have shifted to contain references to a ceasefire for the first time, likely a timely move as the US prepares for a presidential election this year. Kelma Akhira (watch, runtime: 4:29), Masa DMC (watch, runtime: 3:57), Al Hayah Al Youm (watch, runtime: 5:33) and Ala Mas’ouleety (watch, runtime: 4:09) all gave the story some airtime.

The International Court of Justice will hold hearings this week on South Africa’s case against Isreal alleging charges of genocide, the head of the mission for the UN’s International Council for Human Rights Haitham Abu Saeed told El Hekaya. El Hekaya (watch, runtime: 2:34) and Masaa DMC (watch, runtime: 4:16) had the story.

Tags:

economy LAST NIGHT’S TALK SHOWS Middle East politics

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EGYPT IN THE NEWS

Egyptian gov’t set to double the size of the new administrative capital

In an unusually quiet morning for Egypt-related news, the new capital is continuing to catch the attention — for better and for worse — of the global press. Reuters reports on how the government is ready to deploy bns to double the size of the new administrative capital as residents start to move in. The desert city to the east of Cairo is now home to 100k finished housing units, 1.2k families have moved in, and 48k employees head to work in the new city every day.

Also creating some buzz in the foreign press are reports of a discovery of an ancient burial site at Saqqara that dates 4k years back to the Second Dynasty. A team of Egyptian-Japanese researchers uncovered the tomb, which contained the remains of two individuals, statues of the pharaonic goddess Isis, jewelry, and pottery shards. (Newsweek | Independent)

Tags:

new administrative capital

Also on our Radar

Egypt looks to export additional 1 mn workers in competitive sectors by 2030. PLUS: Paymob x Tamara, GASC tender, Spegyco

EMPLOYMENT-

The Madbouly government wants to facilitate Egyptians’ access to jobs abroad: The government wants to help 1 mn Egyptians access labor markets in developed countries by 2030 by ensuring they receive the needed certificates, with a focus on AI, IT, nursing, and biotechnology, according to the Cabinet Information and Decision Support Center’s Strategic Economic Directions report (pdf).

The why: The government wants to raise remittances from Egyptians abroad by 10% each year to reach USD 53 bn by 2030.

FINTECH-

Paymob x Tamara: Khaleeji merchants and customers using Paymob will now have access to PIF-backed payments platform Tamara’s buy now, pay later (BNPL) service, after the Egyptian fintech startup teamed up with Saudi Arabia’s first fintech unicorn startup, according to a joint statement (pdf). The new services will be offered to customers in the GCC region — starting with the KSA and UAE — with a focus on small- and medium-sized enterprises (SMEs).

COMMODITIES-

Gov’t weighing offers for sugar tender: State buyer GASC is considering offerssubmitted for its tender to purchase 50k tonnes of sugar that closed on Saturday, Reuters reported on Monday. The lowest price offered for raw sugar reached USD 530 a ton, 6% above the USD 500 GASC was looking to pay, the newswire reported, citing traders. The lowest offers for white sugar reportedly came in at USD 699 a ton, 15% above GASC’s USD 600 a ton target.

M&A-

Spegyco may be getting some new owners: The Saad El Din Group is currently studying acquisition offers from four unnamed foreign companies for its Spanish Egyptian Cement factory (Spegyco), with two Gulf firms in the mix, CEO Mohamed Saad El Din told Al Borsa. El Din did not provide any further details of the firms interested in acquiring Spegyco or the value or size of the investment.

Tags:

ALSO ON OUR RADAR commodities employment Fintech GASC M&A Watch Paymob startups

PLANET FINANCE

Bond markets start the year with a bang

Bonds are already having a great year: With US yields believed to be at their lowest levels, investors are looking to add bonds to their portfolios in 2024, sending a slew of developing nation borrowers to the debt markets in the first days of the new year, reports Bloomberg.

Emerging markets rang in the new year by jumping on the bond markets like never before: Emerging markets including Mexico, Hungary, Slovenia, Indonesia, and Poland sealed some USD 24.4 bn in sovereign and corporate debt sales in the first four days of the new year, the busiest-ever start to a year for EUR- and USD-denominated debt issuance in emerging markets, according to Bloomberg data. Market and investor optimism is likely to drive further bond issuances, which have so far been restricted to investment-grade sovereigns.

Could the rise of bad debt shrink US banks’ 4Q earnings? The largest four US lenders — JP Morgan Chase, Bank of America, Wells Fargo, and Citigroup — have seen a rise in non-performing loans in the last three months of 2023 to an estimated USD 24.4 bn, up USD 6 bn since the end of 2022, the Financial Times reported. Analysts see the impact of unpaid loans and high interest rates dragging down the banks’ earnings for the quarter, with forecasts spelling out a y-o-y decline by an average of 13%.

Asian markets are solidly in the green this morning after yesterday’s selldown. Japan’s Nikkei leads the pack, up a bit more than 1.3% at dispatch time. Notably, even the KRX’s Kospi is up this morning despite index heavyweight Samsung warning that operating profit for 4Q could be down as much as 35%. Futures suggest European benchmarks should open in the green later this morning, while this afternoon Wall Street is on track to start the day in the red.

EGX30	25,345	0.0% (YTD: +1.8%)
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	12,252	-0.3% (YTD: +2.4%)
ADX	9,712	+0.5% (YTD: +1.4%)
DFM	4,089	0.0% (YTD: +0.7%)
S&P 500	4,764	+1.4% (YTD: -0.1%)
FTSE 100	7,694	+0.1% (YTD: -0.5%)
Euro Stoxx 50	4,485	+0.5% (YTD: -0.8%)
Brent crude	USD 76.27	-3.2%
Natural gas (Nymex)	USD 2.95	+2.0%
Gold	USD 2,034.10	-0.7%
BTC	USD 47,142.09	+6.6% (YTD: +10.9%)

THE CLOSING BELL-

The EGX30 was flat at yesterday’s close on turnover of EGP 2.98 bn (11% above the 90-dayaverage). Foreign investors were net sellers. The index is up 1.8% YTD.

In the green: Palm Hills Development (+5.1%), Madinet Masr (+4.1%), and EFG Holding (+2.1%).

In the red: Juhayna (-1.8%), TMG Holding (-1.4%), and Beltone Financial Holding (-1.4%).

CORPORATE ACTIONS-

B Investments shareholders will discuss today raising the company’s capital to EGP 1.2 bn. The extraordinary general assembly (pdf) comes as the company looks to go ahead with a mandatory tender offer (MTO) to acquire up to 90% of Orascom Financial Holding (OFH) via a share swap. B Investments' board approved in December the call to raise its capital from EGP 800 mn today.

Tags:

Bonds debt emerging markets Financial Markets Planet Finance

Our weekly deep dive into the green economy and ESG issue in Egypt.

Published every Tuesday in EnterpriseAM.

Read going Green

Going Green

The full rundown of Egypt’s green targets through 2030

El Sisi’s third term comes bearing major green targets: More green hydrogen, morerenewables, and more green investments are only a few of the key green takeaways from the newly-published report (pdf) from the Cabinet Information and Decision Support Center. The report outlines the government’s economic strategy for President Abdel Fattah El Sisi’s third term, which starts in April.

** In case you missed it, we dove deeper into the more strictly economic aspects of the reporthere in yesterday’s edition.

A higher renewable energy output: The country’s renewable energy output — the amount ofelectricity generated by renewable sources in the country — is expected to make up almost 12% of our total electricity output for the current fiscal year. The report sees the country’s overall electricity output sitting at 228 KWh for the year.

Steps towards pending renewables projects: The report sees the government finalizing a 250 MW-capacity wind farm in the Gulf of Suez during the fiscal year 2023-2024, as well as taking steps towards a 20-MW PV farm in Hurghada and a 50-MW PV farm in Zafarana. The government will also prepare more land plots across the country to house solar power plants.

BIG GREEN HYDROGEN AMBITIONS-

Egypt: A global green hydrogen hub? The government aims to transform Egypt into aregional hub for green hydrogen production by 2026 and a global hub by 2030, with plans to produce 3.2 mn tons of green hydrogen a year by the end of the president’s third term and 9.2 mn tons a year by 2040.

A whole lotta green hydrogen projects: The plan sees the government implementing ninealready agreed upon green hydrogen projects worth a combined EGP 1.9 tn in the Suez Canal Economic Zone by the end of El Sisi’s term. Another batch of 23 projects worth some EGP 3.5 tn is also set for implementation by 2030 — 13 of the projects are awaiting the inking of framework agreements and the other ten are awaiting the inking of MoUs.

In the short term: The Madbouly government wants half of its public investment spending to gotowards green projects by 2025 — last year 40% of the government’s investments went towards green projects. The government also wants to break ground on nine green hydrogen projects in the SCZone in “the short term,” the report said without giving a specific timeline or specifying what the nine projects are.

We have an idea what projects they are talking about: Egypt inked framework agreements worth a combined USD 83 bn during 2022’s COP27 in Sharm El Sheikh with international companies to construct nine green hydrogen and ammonia facilities in the SCZone. The facilities would collectively produce up to 7.6 mn tons of green ammonia and 2.7 mn tons of hydrogen a year when fully operational.

** Enterprise Climate has the full rundown of the agreements here.

Part of a wider plan: The government wants to push its green investments to 75% of its totalinvestment spending by 2030 and have its green economy contribute no less than 5% to its GDP.

To help drum up even more hydrogen investments,the government will introduce a package of incentives for the industry, granting a series of tax breaks and non-tax incentives to companies implementing green hydrogen projects within five years and deriving a certain percentage of their funding from foreign investors. The incentives received the greenlight from the House earlier this month and are currently awaiting ratification from El Sisi.

Remember: Egypt has set a target of providing 5-8% of the world’s hydrogen by 2040, creatingsome 100k jobs and adding USD 10-18 bn to its GDP in the process.

What’s next? The report will go to the National Dialogue within the coming two months fordiscussion.

Your top green economy stories for the week:

MPs greenlight green hydrogen incentives: The House gave final approval to a cabinet-drafted decision putting forward a package of incentives for Egypt’s green hydrogen industry.
Tarboul is getting an EV factory: Russian EV manufacturer Concordia is setting up an electric vehicle components factory in GV Investments’s Tarboul industrial project in Giza.
A 10-GW solar project could be in the works: China Electric Power Equipment and Technology has signed an MoU with the Madbouly government to begin studies to develop a 10-GW solar project in Upper Egypt.
We’re doing just about okay on the climate protection front: Egypt ranked 22nd on the Climate Change Performance Index (CCPI) in 2024, recording 61.8 points and an overall “medium” rating, surpassed in the MENA region only by Morocco.

Tags:

going green Green Economy green hydrogen renewables

CALENDAR

2024

JANUARY

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

1 February (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

1 February (Thursday): OPEC+ oil market monitoring online meeting.

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.

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

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).

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).

OCTOBER

6 October (Sunday): Armed Forces Day.

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

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.

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.

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.

End of 2024: Countries to startenactingthe African Continental Freetrade Agreement.

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.

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