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CBE says banks free to set their own FX withdrawal limits following reports of enforced limits in the pipeline

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WHAT WE’RE TRACKING TODAY

Health Ministry readies list of healthcare investments for the private sector

Good morning, everyone. It’s almost as if the weekend has already started, with local business slower than any of us have seen for a long time. In today’’s short and punchy issue, we’ve got the latest on the unfolding FX withdrawal limits reports and repudiations, an upcoming conference that Egypt investors need to put on their calendar, and more.

WATCH THIS SPACE-

Healthcare facilities up for grabs: The Health Ministry will soon compile a list of investments in the medical and health sector across all governorates and present them to potential investors, Al Borsa reports, citing Egyptian Federation of Investors Association board member Abeer Essam.

Remember: President Abdel Fattah El Sisi ratified a bill in June allowing private entities to manage, and operate healthcare facilities and public hospitals for a period of 3-15 years. Supporters of the bill argue it will help attract foreign investments into Egypt’s health sector and enhance the services offered by public hospitals and healthcare units.

PSA-

WEATHER- It’s another summery day in Cairo today, with a high of 36°C and a low of 26°C, according to our favorite weather app.

It’s a little cooler in Alexandria and along the North Coast, with a high of 33°C and a low of 25°C.

And over the weekend, expect to see highs of 35°C in the capital and 31°C for our friends on the Mediterranean.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

THE BIG STORY ABROAD-

Ahead of Jackson Hole meeting, Fed minutes show September rate hike are all the more likely: The “vast majority” of policymakers at the US Federal Reserve’s FOMC meeting in July agreed “it would likely be appropriate to ease policy at the [Reserve’s] next meeting,” provided inflation and employment data remain “encouraging,” according to the meeting minutes pdf.

The Fed officials agreed inflation is “moving sustainably towards” the target of 2%, with expectations of continued downward pressure on inflation figures in the months ahead, the minutes showed. Although some officials said there was room to enact the first round of cuts at last month’s meeting, they unanimously agreed to leave rates unchanged.

The minutes were published ahead of an annual gathering of central bankers at Jackson Hole, where US Federal Reserve Chair Jay Powell is scheduled to speak on the country’s economic outlook tomorrow. The data provide further impetus for Powell to make the case that kicking off a monetary easing cycle is unlikely to push rates back up, particularly as the Fed now grapples with the need to mitigate the risks of recession.

Markets have already priced in September rate cuts, with the majority expecting a 25 bps reduction next month, while futures have priced in a total of 100 bps of easing through the end of 2024. The story is broadly leading headlines in the international business press this morning: (Bloomberg | CNBC | Financial Times | Wall Street Journal)

OVER IN CHICAGO- Kamala Harris’ running mate and Minnesota Governor Tim Walz is set to take the stage at the Democratic National Convention, marking his first high-profile national speech. Also speaking at the convention overnight: Former US President Bill Clinton and former House Speaker Nancy Pelosi. (New York Times | Washington Post | Politico | Bloomberg | Reuters)

CIRCLE YOUR CALENDAR-

The African Reinsurance Forum is coming to Cairo: The African Ins. Organization’s African Reinsurance Forum will be held at InterContinental Citystars Cairo from 12-15 October. The forum will bring together reinsurance industry leaders, regulators, and other stakeholders to discuss harmonization within the African ins. landscape, share best practices and innovative solutions, and advocate for a robust reinsurance market in Africa. You can register for the event here.

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

Beauty unveiled amidst ancient wonders: Celebrate the beauty, nature, and cultural legacy of 30 nations as Miss Elite 2024 returns to the enchanting shores of Somabay from 2-14 September. For the fourth consecutive year, Somabay is hosting this prestigious international beauty pageant, celebrating women’s beauty and intelligence on a global scale. Experience the fusion of antiquity and modern elegance by attending the Grand Finale on 13 September at Mazeej Soma Beach Platform.

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Banking

CBE says banks free to set their own FX withdrawal limits following reports of enforced limits in the pipeline

No enforced FX withdrawal limits in the works, insists the CBE: “Each bank has the discretion to determine its policy” for FX withdrawals, the central bank said in a statement (pdf) yesterday following reports that led to online speculation that enforced limits are in the works.

The root of the drama: The Central Bank of Egypt’s clarification followed a report from AsharqBusiness that the bank had requested local banks to set their own daily and monthly limits on foreign currency withdrawals from the beginning of September, citing several senior banking sources. Unlike for local currency, the CBE does not impose any limits for FX withdrawals and most local banks do not set their own limits, but some online misinterpreted the report to be alleging that the central bank was getting ready to enforce CBE-mandated limits on FX withdrawals.

What was actually reported: Banks have been instructed to set their own internal policies for FX withdrawals based on their foreign currency reserves, secure their board of directors’ approval, and submit the policies to the central bank by 30 August, the banking sources told the outlet. The CBE’s request pertains to withdrawals only and does not apply to FX deposits or overseas transfers, the outlet quotes an official at a state bank as saying.

The rationale: The vice president of a private bank told Asharq Business that the decision was taken to curb the circulation of foreign currency outside the banking system.

Senior banking officials jumped on the airwaves to try and clear up the confusion: “This is completely false,” Banque Misr and Federation of Egyptian Banks Chairman Mohamed El Etreby called in to tell Ahmed Mousa (watch, runtime: 12:56). “The central bank did not force any bank to set limits on withdrawals in USD. Each bank is allowed to set these limits for companies and individuals,” El Etreby added. Over on MBC Masr, veteran banker Sahar El Damaty joined Sherif Amer on Yahduth Fi Masr to discuss the news (watch, runtime: 13:48).

The central bank was also keen to point that it’s been raising limits recently — not reducing them: The CBE also highlighted in its statement that it raised the daily limit in April on local currency withdrawals for both individuals and companies by EGP 100k to EGP 250k for over-the-counter transactions. The daily limit on ATM withdrawals was also raised to EGP 30k, up from EGP 20k.

What will these limits look like? One private bank has set the daily FX withdrawal limit at USD 50k and the monthly limit at USD 200k, Asharq quotes the bank’s head as saying. Meanwhile, an official at a state-run bank told the outlet that the limits will depend on account type — with individual customers and large, medium, and small corporate accounts each getting different limits. If a customer requests to withdraw more than the maximum limit, an approval would be required from the department handling international transactions, the official added.

The criteria behind the limits: Each bank will reportedly set the maximum limit based on its ability to export and import banknotes — i.e., its capacity for depositing foreign currency in banks outside the country and bringing foreign currency into the country — Asharq quotes the head of a local private bank as saying.

Remember: Egypt's net foreign reserves have increased by about USD 11.2 bn in the five months since the government announced the USD 35 bn Ras El Hekma agreement and the central bank floated the EGP. The country’s net foreign reserves came in at USD 46.5 bn in July, surpassing the previous record high USD 46.4 bn recorded in June.

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INVESTMENT WATCH

Trade in investment in the spotlight in the run up to Egypt-UK Investment and Opportunities Forum in London this September

Attention, Egypt investors: Our friends at HSBC, together with the Egyptian-British Chamber of Commerce (EBCC) and UK Export Finance (UKEF), will host a webinar next week to discuss how to support infrastructure reforms, potential partnerships in Egypt, and ways to support and connect companies around the world. The webinar takes place next Thursday (29 August) from 12-1pm CLT / 1-2pm UAE.

Want to attend? You can sign up here.

The webinar is a scene-setter for the Egypt-UK Investment and Opportunities Forum in London on Monday, 16 September.

Infrastructure is a key part of the forum. The gathering — which follows on from a Juneinfrastructure mission — will focus on promoting trade and investment in infrastructure, with an emphasis on green hydrogen and renewables as well as sectors including the auto industry, food processing, and tech.

Networking: The forum will include both open panels and pre-arranged business-to-business networking. It will also give attendees the chance to meet with government officials and industry leaders. GAFI will be on hand to deliver an economic update.

Want to join them in London? Register your interest in attending the event here.

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LEGISLATION WATCH

What draft laws are up for a vote at parliament’s next session?

A sneak peek at the agenda for parliament’s next session: Prime Minister Moustafa Madbouly yesterday presided over a meeting where government officials reviewed the draft laws that will be presented at the parliament’s upcoming session, according to a cabinet statement. The session is set to prioritize several key draft laws that seek to issue new legislation or amend existing laws. Here’s a rundown of the issues to be addressed and where they stand:

  • Labor Act: The government pulled the bill from the House of Representatives last year to redraft it after backlash from the business community, which said the original version was lopsided in favor of workers. Prior to the redraft, the bill would have introduced new labor rights, including legislating mandatory annual raises, caps on working hours, and longer maternity leave and notice periods, among other things. Labor unions have also had sharp criticism of the previous version of the bill.
  • Competition Act: The cabinet in April approved amendments to executive regulations of the Competition Act, which will add a section on economic concentration. Under the amendments, the Egyptian Competition Authority will be responsible for evaluating economic concentrations’ impacts on the competitive landscape and intervene if necessary.
  • Property IDs: The cabinet in August 2023 approved a draft law that would give each property a unique digital ID on a centralized government database. Under the law, the government would issue ID cards or plates for each property and issue penalties to anyone who removes or otherwise tampers with the ID plates. This is part of the government’s push to build a comprehensive property inventory and crack down on wildcat building.
  • Local Administration Act: The House of Representatives’ Local Administration Committee last month made a recommendation to expedite the issuance of the long-awaited law, with the committee’s head Ahmed El Seguiny telling local press that the draft law has not yet been presented to the committee. The law — which has been in dire need since a court dissolved municipal councils in 2011 and has faced delays at nearly every step of the way — would set the stage for local council and municipal elections in Egypt.

Also on the agenda: MPs will also discuss amendments to the state property law, traffic law, measures to improve the integrity and transparency of companies, the environment act, and university act.

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LAST NIGHT’S TALK SHOWS

El Sisi’s move to reform pretrial detention praised on the airwaves

Presidential directives to amend criminal justice laws took center stage on last night’s talk shows, after President Abdel Fattah El Sisi called on the government yesterday to implement recommendations issued by the National Dialogue to reform pretrial detention and criminal justice legislation, according to an Ittihadiya statement. The presidential directives came just two days after the recommendations were made.

The rationale: The president said his acceptance of the recommendations stems from “a sincere desire to implement the provisions of the Egyptian constitution and national human rights strategy.” He stressed the importance of reducing the maximum duration of pretrial detention, with the focus on using it as a preventive measure when necessary rather than as a punishment. El Sisi also expounded on the need to implement alternatives to pretrial detention, alongside compensation for the wrongfully detained.

The move was praised on the airwaves: “What happened today is an achievement. The president's responsiveness confirms that there is a strong political will to move forward with human rights issues in the country,” Gamal El Keshky, a member of the National Dialogue’s board of trustees said in a phone call with Salet El Tahrir’s Faten Abdel Maaboud (watch, runtime: 4:59). Ala Mas’ouleety’s Ahmed Moussa also lauded the decision, saying that “President Sisi stands with freedoms” (watch, runtime: 7:27). Both hosts commended the speed with which the directives were issued.

Background: The National Dialogue on Monday submitted 24 recommendations to the president — 20 of which were unanimously agreed upon by its board of trustees — after discussing them last month, according to a statement. The discussions included topics such as the duration of pretrial detention, alternatives to it, measures accompanying it, cases of multiple and concurrent crimes, and compensation for wrongful detention, the statement said.

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ALSO ON OUR RADAR

Al Ismaelia to complete two new Downtown hotels by 2025. PLUS: EGPC goes solar, CIB + Ostuka, NoorNation + KBW Ventures, Radwan, Rowan university heads to the NAC

REAL ESTATE-

Al Ismaelia has a plan to expand Downtown’s hotel capacity: Downtown Cairo-focused real estate firm Al Ismaelia for Real Estate Investment wants to invest some EGP 300 mn to set up two new hotels and EGP 50 mn to develop a number of hotel apartments in Downtown Cairo, Chairman Karim Shafei told Al Borsa.

What’s next? The company plans to start working on the projects early next year and have them ready before the end of 2025, he added. The projects will add a combined 120 units to the area’s hotel capacity.

Who’s paying? The company has secured a EGP 145 mn loan from the European Bank for Reconstruction and Development to fund the project, with tranches to be distributed through 2025, Shafei added.

M&A-

CIB exits Egypt Otsuka: The country’s largest private bank has sold its stake in local pharma company Egypt Otsuka Pharma to the latter’s Japan-based parent company Otsuka Holdings, CIB said in a statement (pdf) yesterday.

What’s next for the company? Following the acquisition, “Otsuka intends to continue strengthening its activities in the Middle East and North Africa, particularly in Egypt, to meet the growing demand for the group's products in the region,” Egypt Otsuka CEO Ahmed Zaghloul said.

Advisors: Zaki Hashem & Partners was CIB’s legal counsel on the transaction, while Matouk Bassiouny & Hennawy represented Otsuka Holdings.

RENEWABLES-

#1- The EGPC looks to solar energy to help run its oil production wells: The Egyptian General Petroleum Corporation (EGPC) is doubling down on using solar energy instead of diesel for the operation of oil production wells at sites of companies that include Norpetco, PetroFarah, and OSOCO, according to an Oil Ministry statement.

By the numbers: The initiative will help save EGP 4.3 mn in annual diesel costs, enabling the ministry to recoup investment costs in under two years.


#2- NoorNation receives funding from Saudi VC firm: Local renewable energy firm NoorNation has received an undisclosed investment from Saudi firm KBW ventures, the asset management company said in a statement. The investment represents KBW Ventures’s first investment in the Egyptian market.

DEBT-

Radwan seeks USD 100 mn for billet production factory: Local manufacturer Radwanfor Steel Products is in advanced talks with the National Bank of Egypt and QNB for a USD 100 mn loan to partially fund the USD 200 mn billet production factory its setting up in Ain Sokhna, the company’s chairman Ahmed Radwan told Al Borsa. The company will finance the other half of the factory’s costs using its earnings.

EDUCATION-

Rowan University to set up shop in new administrative capital: New Jersey’s Rowan University is set to establish a branch in the New Administrative Capital following the signing of an MoU with the Modern Group University Foundation, which will host the branch, according to a statement from the Higher Education Ministry. The branch is planning to open its doors for students by September 2025.

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PLANET FINANCE

Gold soars as investors pencil in September rate cuts and a weakening USD

Gold prices soar to record highs as investors anticipate rate cuts: Gold prices had a record run this week, driven by expectations of an incoming interest rate cut from the US Federal Reserve in September, as well as a weakening USD, Reuters reports.

Gold prices have been on the up for a while now, with Comex gold futures now clocking in at USD 2,547.50 per troy ounce, with prices up 25.2% over the last six months. It’s a similar story for gold spot prices, which are up 24.1% over a half a year period. Holdings of gold-backed exchange-traded funds (ETFs) have also risen by some USD 7.3 bn since May, the Financial Times reports, citing data from the World Gold Council.

“The primary drivers of the gold price move are financial investment demand, particularly with ETF buying improving and overall improved sentiment as the expectations of Fed easing cycle to begin in September,” Citi Research’s Aakash Doshi told Reuters. Doshi also expects gold to reach USD 3k per ounce by mid-2025 and USD 2.6k by the end of this year.

Remember: US inflation fell below 3% in July for the first time since March 2021, strengthening the case for the Fed to cut interest rates at its next meeting in September. Markets are pricing in a 64.5% chance of the Fed cutting interest rates by 25 basis points, according to the CME FedWatch Tool.

MARKETS THIS MORNING-

Asian markets are mostly in the green during early trading this morning as traders price in recently released minutes from a US Federal Reserve meeting that raised hopes of an approaching rate cut. The Nikkei is up 1.0% and the Hang Seng has advanced 0.4%, while the Shanghai is currently down 0.1% at the time of writing.

EGX30

29,914

0.0% (YTD: +20.2%)

USD (CBE)

Buy 48.73

Sell 48.87

USD (CIB)

Buy 48.74

Sell 48.84

Interest rates (CBE)

27.25% deposit

28.25% lending

Tadawul

12,187

+0.7% (YTD: +1.8%)

ADX

9,348

+0.3% (YTD: -2.4%)

DFM

4,295

+0.9% (YTD: +5.8%)

S&P 500

6,621

+0.4% (YTD: +17.8%)

FTSE 100

8,283

+0.1% (YTD: +10.2%)

Euro Stoxx 50

4,885

+0.6% (YTD: +8.1%)

Brent crude

USD 76.05

-1.5%

Natural gas (Nymex)

USD 2.19

+0.1%

Gold

USD 2,547.50

-0.1%

BTC

USD 61,042.00

+2.9% (YTD: +44.4%)

THE CLOSING BELL-

The EGX30 remained flat at yesterday’s close on turnover of EGP 5.0 bn (38.3% above the 90-day average). Regional investors were the sole net sellers. The index is up 20.2% YTD.

In the green: Beltone Holding (+5.2%), ADIB (+4.6%), and GB Corp (+3.7%).

In the red: Elsewedy Electric (-4.4%), Alexandria Containers and Cargo Handling (-3.9%), and Ezz Steel (-3.4%).

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My Morning Routine

My Morning Routine: Youssef El Akkad, head of operations at AK-Ships

Youssef El Akkad, head of operations at AK-Ships: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Youssef El Akkad (LinkedIn), head of operations at AK-Ships.

My name is Youssef El Akkad. I'm 29 years old. I was born and raised in Alexandria, but moved to Boston when I was 18 years old, where I studied mechanical engineering for five years. I then spent a year working in New York, before coming back here and working in the shipping logistics industry for a few years. I then decided to pursue data analytics and modern AI development by completing a master's degree at the NYU Stern School of Business in 2023, but I’m back again.

Now I’m with AK-Ships.  We’re technically a startup, but we’ve been present in the market for a while. We want to shape our future using advanced tech solutions and, at the same time, add value to the shipping sector in Egypt and the Middle East in general.

I’m the head of operations at the company, so my job is divided into three main parts. There’s the analytical part, which entails monitoring the performance of our fleet. We currently have three container vessels trading in the Eastern Mediterranean, the Red Sea, and domestically in Egypt. The second part of my job is the financial part, which involves monitoring the budget, making sure that the owners are satisfied with the expenses, minimizing inefficiencies, and making sure that we achieve financial gains from our vessels near the end of their lifecycle. The last part of my job is regulatory compliance — that is, making sure that we’re operating in compliance with international maritime standards.

You need to have multiple decision makers within each department because you need to make sure that everyone understands what the goal is — what the vision is. So we decided to establish AK-Ships, which is a tech-based ship management company.

Our vision for 2030 is to become the leading ship management company in North Africa and the Middle East. Right now, we're trying to break into other markets by targeting other ship owners, different operators, and becoming a regional player, rather than focusing on our in-house ownership model.

The main change in the industry is, of course, the emphasis on emissions and decarbonization. We’re currently experiencing a problem of supply and demand in the shipping industry, as there's a surplus of outdated container vessels. Now you see lots of shipping lines and major operators looking toward the new build vessels that are capable of utilizing the alternative fuels like green hydrogen, methanol, etc.

I also think that in order to be able to add value, you need to invest in data analysis coupled with software and tech solutions, and not just continue to operate using the same workflow that has been used for the past 20 years. We now have plenty of different types of software that we use to optimize our operations and maximize efficiency.

The morning routine question is the most difficult one for me. For me, every day is different from the next. It really depends on the needs of the day, and how late I stayed up the previous night. Sometimes I wake up early, sometimes I don’t. Sometimes I have breakfast, sometimes I don’t. Sometimes I go running, sometimes I don’t. Generally, though, I like to meditate in the morning, and maybe put on some music. The most important thing for me is to have a conversation with myself every morning to organize my thoughts.

There are two constants in my day — coffee and prayer. That’s about it.

I read Enterprise every morning, sometimes in the car when I’m not driving, or when I get to the office and check my email. I usually start with the AM editions and then check Enterprise Logistics when there are important developments that affect my area of work.

I usually work from 9am to 7pm. My mornings usually entail following up with departments and doing cross-functional meetings, which I think is important for aligning our goals and strategies. From 2-5pm, I’m usually completing my tasks and my reports, then the last two hours of the workday are where the magic happens. That’s when everyone else is gone and I can be clear-headed and focused — that’s when the good ideas come.

The Notes app is the most important app on my iPhone. It takes up about 80% of my screen time. It has everything, whether it's my bucket list of countries I want to visit, ideas I have for work, projects, groceries, or meeting times. So when I want to identify my goal or what I want to be doing in a given time, I usually look at my last 30 or 40 notes for some direction. That’s how I stay organized and on top of things.

I think balance is variable. It depends on what you’re trying to achieve at a given moment. When I’m obsessed with achieving a particular goal, balance is not in my dictionary.

When I want to relax, I love putting on some headphones and going for a run. I’ve also been taking acting workshops for the last year and a half, and I just finished another one in July. I also read a lot of fashion magazines, and it may be something I want to focus on down the road. The last thing is languages. I’m currently fluent in Arabic, English, and Spanish, and I’ve set a target for 2025 is to speak five languages. Greek or Turkish is next, because I think they’ll add a lot of value for me in this business.

I’ve been listening to a lot of motivational speakers. I’d specifically recommend Wayne Dyer, David Goggins, and Andrew Huberman. As for books, not to sound cliche, but I recently read Atomic Habits and found it super helpful. But my favorite book of all time is The Winner Stands Alone by Paulo Coelho.

The best piece of advice I’ve received came from my brother. He's 24 years old — five years younger, but I really do respect him a lot, both personally and professionally. He told me, “you’re not doing enough.” My brother is the first person to congratulate me when I achieve something, so he knows the potential I have, and he's always telling me if I’m not doing enough or when I get complacent.


2024

AUGUST

20-24 August: Second phase of public university enrollment (tansik).

August 2024: Shalateen to announce gold exploration tender winner.

SEPTEMBER

2-3 September (Monday-Tuesday): The Seamless North Africa conference, Cairo.

3-5 September (Tuesday-Thursday): Egypt International Airshow, El Alamein International Airport.

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

9-12 September (Monday-Thursday): The annual EFG Hermes London Conference.

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

16 September (Monday): Egypt-UK Investment and Opportunities Forum, London.

24 September (Tuesday): Enterprise Finance Forum, Cairo, Egypt

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

25-28 September (Wednesday-Saturday): Cityscape Egypt, Egypt International Exhibition Center, Cairo.

30 September (Monday): Ban on sugar exports expiration.

OCTOBER

1-3 October (Tuesday-Thursday): Cairo Sustainable Energy Week, Cairo, Egypt.

6 October (Sunday): Armed Forces Day.

10-12 October (Thursday-Saturday): Egy Health Expo, Egypt International Exhibition Center, Cairo.

10-12 October (Thursday-Saturday): The FinExpo Conference and Exhibition, Cairo.

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

13-17 October (Sunday-Thursday): Cairo Water Week, Water and Climate: Building Resilient Communities, Cairo, Egypt.

20-22 October (Sunday-Tuesday): Mediterranean Offshore Conference (MOC), Alexandria, Egypt.

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

NOVEMBER

4-8 November (Monday-Friday): World Urban Forum, Cairo, Egypt.

12-15 November (Tuesday-Friday): Arab African Investment and International Cooperation Summit, Aswan, Egypt.

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

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

DECEMBER

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

EVENTS WITH NO SET DATE

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

3Q 2024: Egyptian-Armenian Joint Committee.

September 2024: Turkish-Egyptian Business Council meeting in Turkey.

September 2024: US-Egypt Strategic Dialogue, Cairo.

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

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

2025

July 2025: The first operational trail of Egypt-KSA electricity interconnection line.

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

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

EVENTS WITH NO SET DATE

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

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