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Monday, 15 Jan 2024

What We’re Tracking Today
Capital Markets
Sign Of The Times
War Watch
Last Night’s Talk Shows
Egypt In The News
Also On Our Radar
Planet Finance
Diplomacy
Blackboard
Calendar

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Today at a glance

1

Capital markets

Beltone to manage new gold investment fund Beltone Evolve Gold.
2

SIGN OF THE TIMES

The Madbouly government is getting behind local industry in bid to drum up FX.
3

WAR WATCH

The war on Gaza enters day 100.
4

LAST NIGHT’S TALK SHOWS

Egypt’s nail-baiting draw with Mozambique had our nation’s talking heads at the edge of their seats.
5

ALSO ON OUR RADAR

Chevron to start Nargis gas production in 1H 2025.
6

WHAT WE’RE TRACKING TODAY

FinMin eyes possible local-currency bond sales in BRICS countries.
7

PLANET FINANCE

Re-ins. players scale back coverage in the region to hedge against conflict escalation.
8

BLACKBOARD

The Egyptian government wants to invest big in education through 2030.

Monday, 15 Jan 2024

What We’re Tracking Today
Capital Markets
Sign Of The Times
War Watch
Last Night’s Talk Shows
Egypt In The News
Also On Our Radar
Planet Finance
Diplomacy
Blackboard
Calendar
1

WHAT WE’RE TRACKING TODAY

A big announcement from the UAE

Welcome ladies and gentlemen to an unusually quiet news day this morning. It seems that everyone might already be in Davos for the World Economic Forum set to kick off later today, because it's mostly crickets in the business and finance news in Egypt this morning.

But worry not, we’ve got news from Beltone about a new gold investment fund, rumors of Chevron getting ready to start gas production from its offshore Nargis field in 2025, a rundown of the government’s new education targets for President Addel Fattah El Sisi’s third term, and a look at why Prime Minister Moustafa Madbouly has been visiting so many manufacturers of late.

And we’ve also got some big news for you straight from Enterprise HQ — It’s launch morning for EnterpriseAM UAE. Think of it as the UAE analogue to your morning read in Egypt — your essential report on business, finance, the economy, and regulation in one of the world’s most vibrant and exciting economies.

EnterpriseAM UAE is produced in the United Arab Emirates and in Egypt by the same team that brings you EnterpriseAM and EnterprisePM in Egypt as well as our MENA industry reports, Enterprise Climate and Enterprise Logistics.

** Stay tuned for the launch later this month of EnterpriseAM KSA. You can tap or click here if you’d like to be added to our list for launch day.

WATCH THIS SPACE-

#1- FinMin eyes possible local-currency bond sales in BRICS countries: Egypt could issuebonds in the local currencies of New Development Bank (NDB) member countries, according to a statement from Finance Minister Mohamed Maait. Founded by Brazil, Russia, India, China, and South Africa (BRICS), the NDB expanded to include Egypt in April 2023.

Remember: Egypt is planning to make an INR-denominated issuance in India in 2024, Maaittold local media last month. The Finance Ministry closed sales last fall in China (CNY 3.5 bn) and Japan (JPY 75 bn) after effectively being boxed out of the market for USD-denominated bonds.

#2- USD 6 bn worth of green projects in the pipeline: The government has received several applications from Gulf and foreign investors to get golden licenses for green energy projects worth over USD 6 bn, the General Authority for Investment and Freezones head Hossam Heiba told AsharqBusiness. Heiba named Gulf-European, Chinese, and Indian consortiums among the applicants, who are each set to invest around USD 2 bn to set up renewable energy projects here.

HAPPENING TODAY-

It’s day one of Davos as the 54th annual meeting of the World Economic Forum gets ready to kick off later today under the theme of “rebuilding trust.” Today’s official launch is pretty light on meetings, but the heavier sessions will get properly underway starting tomorrow through Friday.

We're yet to hear who will be jetting off from Egypt to represent us and join the 300+ public figures, 60+ heads of states, and 800+ of the world’s top CEOs for the forum. Political, business, finance, and development heavyweights who have already confirmed they will participate include UN General Secretary Antonio Guterres, IMF Managing Director Kristalina Georgieva, World Bank President Ajay Banga, U.S. Secretary of State Anthony Blinken, and many more.

** You can check out the forum’s official teaser agenda here or delve deep into the full programme here.

THE BIG STORY HERE AT HOME-

Salah to the rescue with a penalty in the 97th minute: Mohamed Salah has emerged as Egypt’s savior during the country’s opening match at Afcon 2024, clinching a last-gasp 2-2 draw from the jaws of defeat against Mozambique with a nerve-racking penalty kick in stoppage time. (Reuters)

THE BIG STORY ABROAD-

THE US ELECTION IS OFFICIALLY UPON US- Candidates for the Republican presidential nomination are urging supporters to turn out for the party’s first nominating contest today despite bone-chilling cold as an Arctic front moves across the United States, with some 110 mn people under wind-chill warnings this morning.

The Iowa caucuses are the first party-level contests that will determine the two candidates who face off in the fall election.

Former President Donald Trump looks set to come out on top in the caucuses, with a key poll on Saturday night giving him the support of 48% of all caucus-goers. Former diplomat Nikki Haley is second with 20%, edging out Florida Governor Ron Desantis with 16%.

The news is everywhere in the global business press (FT | WSJ | Reuters). Follow Politico, Axios and the New York Times’ liveblog for daylong coverage if that’s your thing.

Sound smart: Pundits think that while Trump will take Iowa, Haley is showing momentum and could put in a strong showing in New Hampshire, where the Republican primary takes place on 23 January. It’s an open question, though, whether any Republican challenger has what it takes to beat Trump.

ALSO- Ikea, Volvo, and Tesla are among the European manufacturers forecasting shortages of goods amid the ongoing disruption of shipping through the Red Sea.

AND- Six pro-Palestinian activists have been arrested in the UK after plotting to disrupt trading at the London Stock Exchange, the Financial Times reports.

IN THE HOUSE-

It’s set to be a busy day today for committee hearings: The Economic Affairs Committee will pose questions about the Supply Ministry’s role in supervising retail markets, controlling prices and addressing sugar shortages. The SMEs Committee is set to discuss the Planning Ministry’s role in supporting SMEs, while the Health Committee is set for a hearing on soaring pharma price tags.

AND- MPs will will discuss and vote on amendments to the Criminal Procedures Code to allow citizens to file appeals before courts more smoothly.

Approved in the House yesterday: MPs passed a draft bill to establish a new authority tasked with investing and/or disposing of confiscated funds and assets and approved amendments to ensure only qualified and experienced members of the police officers are appointed to senior posts.

SIGN OF THE TIMES-

Private Equity firms need to go back to basics:Private equity firms will need to seek a different modus operandi amid a high-interest rate environment as they can no longer rely on inexpensive debt to drive acquisitions, Marc Nachmann, global head of asset and wealth management at Goldman Sachs, told the Financial Times. Instead, private equity will have to go back to the old days of sourcing good contracts and making operational improvements to drive returns.

MARKET WATCH-

#1- Can AI predict where local commodity prices will go next? The government islooking to use AI as part of a larger early warning system that monitors markets with a specific focus on the price of commodities, the cabinet said in a statement. The government will set up price indices that will then be used by AI to predict price fluctuations before they happen.

#2- Being kicked out of JP Morgan’s gov’t bond indices might not be as bad as we thought: Egypt being taken out of JP Morgan Chase’s Government Bond Index-Emerging Markets will have a “limited impact” on the economy because foreigner investors only hold around EGP 12.7 bn worth of EGP-denominated bonds, Jefferies International MENA analyst Alia Moubayed told Al Arabiya in an interview (watch, runtime: 2:36).

Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we broke down the government’s plans to develop Egypt’s manufacturing activity during President Abdel Fattah El Sisi’s third presidential term. You can check out the story in our PM edition here.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We take a deep dive into Egypt’s planned education investments and targets for President Abdel Fattah El Sisi’s third term.

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2

Capital markets

Beltone to manage new gold investment fund Beltone Evolve Gold

As good as gold: Beltone Asset Management has been awarded the management of a newly launched gold investment fund that aims to raise EGP 10 mn by offering 100k certificates at a nominal value of EGP 100 apiece, Beltone said in a statement (pdf). The fund — dubbed Beltone Evolve Gold (Sabayek) — will invest in physical, 24-karat gold bullions and has received initial seed capital of EGP 5 mn from its founders Beltone Securities Holding and Evolve Holding. The minimum subscription in the fund is 10 certificates worth EGP 1000, Beltone said in a Linkedin post yesterday.

What they said: “This collaboration represents a significant milestone in the

financial landscape of Egypt, providing investors with a unique opportunity to access

the stability and long-term value of gold as an investment asset,” Beltone’s CEO for local and regional markets Khalil El Bawab said.

Gold rush: The price of 24-karat gold rose to fresh highs in the past few weeks and has stabilized at around EGP 3,720 per gram as of yesterday. Gold prices are up over 75% y-o-y as more Egyptians flock to the precious metal, which has been acting as a haven asset for people looking to protect savings from a volatile EGP and the prospect of an upcoming devaluation.

ICYMI: Egypt’s first gold fund was launched in May last year by Azmiut and Evolve Holding.

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3

SIGN OF THE TIMES

Egypt is getting behind local industry in bid to drum up FX

If there’s one thing Prime Minister Moustafa Madbouly has done with metronomicconsistency since October, it’s his monthly visits to manufacturers in a bid to draw attention to Egypt’s natural position as an export hub serving Europe, Africa, the Middle East and beyond.

Last week’s stop: Sokhna Industrial Zone, where he stopped in on manufacturers producing steel, plastic, digital devices, lighting, and hygiene products.

The PM’s tours of manufacturers has become a staple of his agenda as his government looks to industry as a solution to our FX problems. “The lesson that we should all have learned now from the crisis is that we, as a country, must possess our production capabilities to the greatest extent possible. Every week, we sit with investors, we hold meetings to discuss attracting more investment and how we can remove any obstacles facing this vital sector,” Madbouly said in November.

One per month: Madbouly swung through South Port Said industrial zone in October, 10 Ramadan City in November, Sadat City in December, and Sokhna Industrial Zone last Thursday.

“This is our main concern today: Industry, Industry, Industry,” Madbouly said.“Manufacturing accounts for 17% of the Egyptian economy, a figure that grows. How can we flip the equation to make our exports more than our imports — or at least cover our needs through local production? Every factory, every expansion reduces our import bill,” he added.

It's a long game, the PM says: “The example we see here is a foreign investor who believes in the capabilities of this country, who is investing mns in foreign currency in a short period of time. They know that they are making investments for 20, 30, or 40 years from now. They are fully aware it’s a passing crisis and will end,” Madbouly said during a November visit to a USD 135 mn complex in Tenth of Ramadan City owned by China’s Haier.

Not only goods, but services: Madbouly also paid a visit in November to a number outsourcing and technology services companies, a sector his government thinks will generate USD 9 bn in export receipts annually by 2026. The Export Development Fund has been discussing adding digital design and development services to its export subsidy payout program, according to a Trade Ministry statement last month.

As we said in late 2022 in our five-step recipe to boost exports and FDI: Manufacturing is crucial. Unlike services, it’s also slow to get into production and capex-heavy during the buildout. We’ll be talking more about service exports in the weeks to come…

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4

WAR WATCH

The war on Gaza enters day 100

A grim milestone: On day 100 of the war on Gaza, Israel’s bombardment of the enclave and ground offensive has killed 24k people, injured over 60k injuries, and internally displaced over 85% of the population. Despite diplomatic efforts, Israel’s offensive shows few signs of waning, with Gaza’s health ministry reporting that an additional 125 people were killed and 265 others wounded in just the last 24 hours.

The global press also marked the depressing mile post: (Reuters | BBC | Associated Press | CNBC | AFP)

OVER IN THE RED SEA-

Houthis carry out military drill near KSA: Yemen’s Houthis carried out a live fire exercise in the Yemeni province of Saada near to the Saudi Arabia border on Saturday, Bloomberg reports, citing the Houthi-run Al Masirah TV. The group reportedly fired at targets bearing Israeli flags using tanks, drones, and other weapons.

ICYMI- The US, UK, and a handful of allies launched air strikes on Houthi facilities across Yemen on Friday after repeated attacks by Houthi fighters on commercial vessels crossing the Red Sea in recent weeks. The move prompted the group to vow an “imminent” retaliation.

Hezbollah weighs in: “What the Americans did in the Red Sea will harm the security of all maritime navigation . . . because the sea has become a theater of fighting, missiles, drones and war ships," Reuters quotes Hezbollah leader Sayyed Hassan Nasrallah as saying.

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5

LAST NIGHT’S TALK SHOWS

Egypt’s nail-baiting draw with Mozambique had our nation’s talking heads at the edge of their seats

The talk shows went footy mad last night after the country’s opening match at Afcon 2024, but our nation’s hosts also found time to cover Prime Minister Moustafa Madbouly’s comments on the economy and price hikes in supermarkets.

A grueling draw: Last night’s hosts were the least impressed with the national football team’s performance against Mozambique, which ended in a 2-2 draw only after the team narrowly snapped one “point from the heavens,” said Ala Masouleety’s Ahmed Moussa (watch, runtime: 3:11). Sports commentator Tamer Badawi joined Ahmed Moussa in blasting the national team for their poor performance on the pitch and said they had no excuses. The match also received wall-to-wall coverage on El Hekayah (watch, runtime: 4:59), Masa DMC (watch, runtime: 1:40), and Kelma Akhira (watch, runtime: 5:01).

Madbouly under fire: Prime Minister’s Moustafa Madbouly’s recent remark that government will get out of this “stifling” economic crisis within six years was picked up by Kelma Akhira host Lamees El Hadidi, who questioned the PM’s earlier remarks in November that is was only a “passing” crisis (watch, runtime: 5:11). Al Waraqa Al Qalam’s Nashat Al Dahi took a more combative tone and described his comments as “shocking and disappointing to business circles” (watch, runtime: 2:35). Cabinet spokesperson Mohamed El Homsani also took to the airwaves to defend Madbouly’s statement, telling Said Ali (watch, runtime: 5:49) that the government is “coordinating with the CBE to bring down inflation by 2025 to less than 10% … as international institutions estimate that global inflation will [de-accelerate] during 2025.”

Adib takes aim at commodity price hikes: On his show El Hekayah, Amr Adib criticized retailers for repeatedly hiking prices and blaming the exchange rate (watch, runtime: 3:20 | 3:18). “Retailers are pricing poultry and eggs at [an exchange rate of] EGP 70 against the USD … the price of a pack of white cheese jumps by EGP 20 on a weekly basis,” Adib told his viewers. Adib also covered inspections monitoring gold traders that led to the arrest of one of the country’s most prominent gold traders. Ala Masouleety also had the story (watch, runtime: 4:52).

ALSO ON THE AIRWAVES-

  • “We can see our Palestinian brothers close to the separating wall. It’s becoming like the Berlin and the [Trump] wall, seeing our brothers” across the border struggling to survive, said Amr Adib. Former UN Humanitarian Coordinator in Gaza Jamie McGoldrick demanded that border crossings be opened in more locations than Rafah to help move aid into the enclave. (El Hekayah | watch, runtime: 10:48) (Masa DMC | watch, runtime: 7:01)
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6

EGYPT IN THE NEWS

Egyptian culture under threat

It’s an unusually quiet morning for Egypt in the news today — bar Mohamed Salah’s 97th minute equalizer against Mozambique at Egypt’s opening match at Afcon — and the global press has found time to focus on threats to our heritage and contemporary art scene. Al Monitor spoke to researcher Shahira Mehrez about the lost legacy of traditional Egyptian costumes all the way from Nubia to the top of the Delta and everywhere in between that has slowly disappeared over the decades. Winding the clock forwards to the present day, AFP took a look at the demolition of the contemporary arts and exhibition space Darb 1718 in Fustat to make way for a new highway.

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7

ALSO ON OUR RADAR

Chevron to start Nargis gas production in 2025. PLUS: Redcon + Compass, PaySky has big plans, New Administrative Capital construction

ENERGY-

Chevron to kick off production in Nargis next year: US energy giant Chevron will startproducing gas from the offshore Nargis gas field during the first half of 2025, an unnamed government official told Asharq Business. Chevron will initially produce some 600 mn cubic feet (cf) during the first phase of production, with output expected to ramp up to 1 bn cf within two years, the source added.

ICYMI- Chevron will reportedly investUSD 3 bn over two years starting in 1H 2024 to develop the Nargis gas field, according to unconfirmed reports from Asharq Business. The field holds an estimated 2.5 tn cf of gas.

REAL ESTATE-

Bonyan expands portfolio: Bonyan Development — a real estate developer acquired byCompass in 2018 — has bought an EGP 1 bn property from Redcon Properties, Compass Capital managing partner Tarek Abdel Rahman told Enterprise. The under-construction building in Redcon’s Golden Gate project in the Fifth Settlement will span 6.8k sqm and be used for administrative and commercial work. Al Borsa was the first to pick up on the story.

FINTECH-

PaySky wants to invest more + expand offering: Local e-payments firm PaySky wants toinvest EGP 3 bn over the coming three years and hold an eight-figure financing round set to be announced within six months, founder and CEO Waleed Sadek told Al Borsa. The Al Falaj Investment - and TBN Investment-backed company wants to acquire a consumer finance license and set up a buy now, pay later online platform in partnership with a local financial institution during the first half of the year, Sadek added. PaySky is also in the market to obtain a digital banking license and wants to expand its product offering to include consumer financing and saving and investing tools via its Yalla Super App.

CONSTRUCTION-

New capital gets its first three administrative towers:China State ConstructionEngineering Corporation (CSCEC) along with Income Egypt and other local partners have completed the construction of the first three administrative towers in the Central Business District (CBD) of the New Administrative Capital (NAC), according to a cabinet statement. A total of 20 administrative, commercial, and residential towers are being built by CSCEC, including the 400-meter-tall Iconic Tower.

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8

PLANET FINANCE

Re-ins. players scale back coverage in the region to hedge against conflict escalation

The ins. industry is adapting to a new and more volatile region:Global re-ins. firms have begun inserting get-out clauses into their policies to hedge against the potential of a full-scale Middle East conflict, writes the Financial Times, citing four industry insiders. Local insurers under the new contracts will lose their reinsurance coverage for any newly underwritten asset in the event of the clause being triggered.

Expect to claim less for more:To make matters worse for insurers, re-insurers are also upping prices and pressuring primary insurers in Lebanon, Jordan, and Israel to cap coverage — which in tandem with the get-out clauses make doing business in the region riskier and costlier than it previously was.

ALSO WORTH MENTIONING-

Citigroup to slash nearly 10% of its workforce: Citigroup will cut 20k jobs over the medium term in a bid to save up to USD 2.5 bn and boost the struggling US bank’s returns. (Earnings presentation,pdf)

EGX30

25,975

+1.8% (YTD: +4.3%)

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

12,060

-0.5% (YTD: +0.8%)

ADX

9,791

-0.5% (YTD: +2.2%)

DFM

4,104

-0.3% (YTD: +1.1%)

S&P 500

4,784

+0.1% (YTD: +0.3%)

FTSE 100

7,625

+0.6% (YTD: -1.4%)

Euro Stoxx 50

4,480

+0.8% (YTD: -0.9%)

Brent crude

USD 78.29

+1.1%

Natural gas (Nymex)

USD 3.31

+7.0%

Gold

USD 2,051.60

+1.6%

BTC

USD 42,425.94

-1.3% (YTD: -0.4%)

THE CLOSING BELL-

The EGX30 rose 1.8% at yesterday’s close on turnover of EGP 4 bn (18.2% above the 90-day average). Local investors were net sellers. The index is up 4.3% YTD.

In the green: Credit Agricole (+6.4%), TMG Holding (+6.0%), and Mopco (+5.0%).

In the red: B Investments (-1.8%).

Asian markets sagged at the opening bell but have since recovered and are cautiously in the green as investors digest Taiwan’s election results on the first day of trading this week. European benchmarks look uniformly set to open in the green later this morning, while the Dow, S&P, and Nasdaq are all flirting with the red.

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9

Diplomacy

War on Gaza tops talks between Egyptian Foreign Minister Shoukry and Chinese counterpart

Diplomatic efforts to end the war on Gaza continue: Chinese Foreign Minister Wang Yi joined Foreign Minister Sameh Shoukry in Cairo yesterday for a meeting centered around the situation in Gaza. The two sides shared a seven-point list of agreements reached during the meeting, which includes calling for an immediate ceasefire in Gaza, ensuring Gazans have access to the needed aid, and continued Egyptian and Chinese efforts to end Israeli aggression.

China isn’t happy with the latest wave of Western attacks on Yemen: The two also touched on the need to ensure the safety and security of navigation in the Red Sea following airstrikes by the US and UK against Houthi targets in Yemen.“The adding of fuel to the fire of tensions in the Red Sea should be avoided and an increase in the overall security risk of the region should be prevented,” Wang said during a presser (watch, runtime: 23:53) following the meeting.

Wang + El Sisi: The Chinese Foreign Minister also met with President Abdel Fattah El Sisi totalk about regional and international developments. The two affirmed the need to abide by international law and reiterated their rejection of the forced displacement of Palestinians. El Sisi also “stressed Egypt’s persistent support for the one-China principle,” according to the Ittihadiya statement.

More Egyptian, Chinese cooperation lies ahead: The two foreign ministers inked theexecutive program for their comprehensive strategic partnership for 2024-2028 — a move first proposed one year ago.

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Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard
10

BLACKBOARD

The Egyptian government wants to invest big in education through 2030

Big education targets for El Sisi’s third term: Between building more schools andlowering the illiteracy rate in the country, the government’s education targets are ambitious for President Abdel Fattah El Sisi’s third term, according to what has been laid out in the Cabinet Information and Decision Support Center’s recently released report (pdf).

** Read more: We have already dissected other aspects of the report, including thegovernment’s economic, green energy, infrastructure, and manufacturing targets through 2030.

MORE EDUCATION SPENDING-

The government plans to increase the funds allocated for education over the coming sixyears, with plans to increase pre-university education spending to EGP 1.8 tn — more than double the EGP 861 bn allocated for the sector in the last nine years. Public spending on university education in relation to GDP will stay at a minimum of 2% for the coming six-year period.

WHERE IS IT ALL GOING?

?

More schools, more teachers, and more classrooms. The Madbouly government has some big plans for the education sector for the coming six years and increasing the number of schools in the country is among the main priorities. Over El Sisi’s new term, the state will:

  • Increase the number of Japanese schools from 81 schools in 2023 to 200 schools.
  • Up the number of applied technology schools from 54 schools in 2023 to 140.
  • Increase the number of schools for gifted students from 21 schools in 2023 to 50.

More schools means more teachers: The Education Ministry plans to hire around 30kassistant teachers in the short term at an annual cost of about EGP 1.4 bn.

Classrooms won’t be as crowded: The number of classrooms will increase by about 105kuntil 2030, which will help reduce the number of students per classroom to an average of 35 by the end of the decade, compared to about 45 students per class in 2023.

Wi-fi for all: All of the country’s schools are set to have access to speedy internet by the end ofthe decade. Students will be able to access the internet through the 700k tablets and 1k smart screens the government plans to supply schools in the short term.

More public-private partnerships in vocational education: The government aims to grow thenumber of vocational schools in Egypt to 756 and establish ten applied technology schools in partnership with the private sector by the year 2030. The Education Ministry previously introduced a package of incentives and perks designed to reel in more private sector partners to develop vocational and technical schools.

In the short term: Authorities will work to set up ten tech universities in a number of unidentified governorates over the coming period, with hopes to set up a technological university in each governorate by 2030.

Financial assistance for uni students: The government will offer more financial support through need-based scholarships and student loans under a new system all about helping university students financially.

OTHER NOTABLE EDUCATION TARGETS-

#1- More elementary school students: The state is aiming to more than double the netenrollment rate — the ratio of elementary school age children who are enrolled in schools to the total number of elementary school age children.

#2- No more elementary school dropouts: The government is looking to bring the number of elementary school dropouts to zero.

#3- More kindergarteners: The state wants to see no less than 80% of the country’s 4-6 year olds enrolled in kindergartens — up from 30% in the last fiscal year.

#4- Lower illiteracy rates: The government wants to carry out a presidential initiative to reduce the country’s illiteracy rate to 7% by 2030 — over 17% of individuals below the age of 45 are illiterate, according to 2022 figures (pdf) from state statistics agency Capmas.

#5- Better ranked unis: The government aspires to have no less than 28 Egyptian universitieson the QS World University Rankings. Egypt currently holds the lead position on the continent level in the QS World University Rankings 2024, with 15 ranked universities.

Your top education stories for the week:

  • Upskilling workers for int’l labor markets: The government wants to help 1 mnEgyptians access labor markets in developed countries by 2030 by providing specialized training programs.
  • Exam signup now open: Students can now electronically register for their 2023-2024Thanaweya Amma exams via the Education Ministry’s website. The registration deadline is 22 February. (Statement)
  • Education cooperation with Portugal, Switzerland: Higher Education Minister Ayman Ashour met with Portuguese and Swiss officials to discuss cooperation in the education sector. Discussions with the Portuguese side centered around setting up a branch of the University of Aveiro in Egypt. (Statement | Statement)
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CALENDAR

2024

JANUARY

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.

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

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.

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

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).

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.

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.

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

1Q 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.

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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