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Could Egypt return to the international debt market?

1

What We're Tracking Today

Is Egypt looking to make its return to the international debt market?

Good morning, folks. We are closing out the week with a brisk issue led by news of the Finance Ministry mulling tapping the international debt market.

WATCH THIS SPACE-

Is Egypt looking to tap the international debt market? Enterprise has learnt that a number of government officials are in London today to gauge foreign appetite for fresh debt issuances, including the possibility of a eurobond issuance.

The government is on the edge: Back in April, Finance Minister Mohamed Maait said that the government has not yet decided whether to tap the international debt market in the next fiscal year, adding that the ministry will begin looking into the matter within the first two months of the next fiscal year. If the government does decide to tap foreign debt markets, foreign issuances will account for only a small portion of its debt portfolio, he added.

How much are we talking? The government has jotted down USD 1.5 bn in foreign bond issuance for the fiscal year 2024-2025. Although the figure isn’t binding, it gives us an idea of how much international debt the government could be looking to issue next year.

A recap of this year: The government went through with local-currency issuances in China and Japan, which raised the equivalent of USD 980 mn in CNY- and JPY-denominated debt.

A note from the editor: An earlier version of the story above incorrectly noted that Egypt issued sovereign sukuk in the current fiscal year. The story was updated on 6 June 2024 to delete this mention.

HAPPENING TODAY-

Export subsidy payouts begin: The Finance Ministry will begin disbursing the first batch of export subsidies under the seventh phase of the program today, according to a statement. Some 360 exporters will start receiving some EGP 10 bn in export subsidies during this phase — the second and third batches are scheduled for 27 June and 8 August.

DATA POINTS-

#1- Remittances from Egyptians abroad surged 43.8% y-o-y in April to USD 2.2 bn, a central bank source told Youm7. On a monthly basis, remittances increased for the second consecutive month, rising 2.6%.

Remember: Egyptians abroad have started sending more of their remittances through official channels after the float of the EGP. Remittance inflows saw a major dip over the past year or so as Egyptians abroad either held onto their money or sent it back through parallel mechanisms — remittances were down 30% y-o-y in 2023. The government said it wants to raise remittances — one of Egypt’s biggest sources of FX — from Egyptian expats by 10% each year to reach USD 53 bn by 2030.

#2- Egyptian companies came in third in a list of new non-Emirati companiesjoining the Dubai Chamber of Commerce, with 1.4k Egyptian companies joining the chamber during the first quarter of the year. Indian businesses topped the list with 4.4k new members and they were followed by Pakistan companies.

PSA-

WEATHER- It’s another hot day in Cairo, with a high of 41°C and a low of 27°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 32°C and a low of 22°C.

And over the weekend, expect to see highs of 41°C and lows of 24°C in the capital.

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

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CIRCLE YOUR CALENDAR-

All aboard for 2027: The first phase of the Cairo Metro Line 4 will open in 2027, National Tunnels Authority chairman Tarek Gewaily told Asharq Business. The 19-km first stage of the line will have 17 stations and connect Cairo, Giza, and the outskirts of Sixth of October, and provide access to the Grand Egyptian Museum. The second phase of the project will extend the line all the way to New Cairo.

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

THE BIG STORY ABROAD-

US chipmaker Nvidia passed Apple in market cap yesterday, becoming the world’s second-most valuable public company behind Microsoft with a market capitalization of USD 3 tn. The company’s shares rose over 5% yesterday to close at a record USD 1,224.40 each triggered by the artificial intelligence boom. (CNN | Reuters | Bloomberg | CNBC)

Number one next? “It may be a foregone conclusion that Nvidia will overtake Microsoft as well. There's a lot of retail [investor] money that's piling in on what they see as a straight shot up,” Longbow Asset Management CEO Jake Dollarhide said, adding that “Nvidia is making money on AI right now, and companies like Apple and Meta are spending on AI.”

DATA POINT- This makes Nvidia the third company in the US to cross the USD 3 tn mark, after Apple and Microsoft.

Nvidia’s gains pushed S&P 500 to a fresh high, with the index rising 1.18% to close at 5,354 — it has gained 12.3% since the beginning of the year.

AND- Canada has become the first G7 country to cut rates: The Bank of Canada (BoC) cut its interest rate by 25 bps yesterday, pushing rates to 4.75% after almost a year of holding them at 5%. The move makes Canada the first G7 member to slash rates.

In perspective: Canada’s decision to cut rates contrasts with the US Federal Reserve, which is widely expected to cut rates once this year, thanks to “stickier” inflation. “There are limits to how far we can diverge from the United States, but we're not close to those limits,” BoC Governor Tiff Macklem said. (FT | Reuters | Bloomberg | Wall Street Journal | Globe and Mail)

The European Central Bank could follow suit today when it meets to review rates — see this morning’s Planet Finance, below. The Central Bank of Egypt doesn’t meet until 18 July.

AND YOUR DAILY DOSE OF ELECTION COVERAGE- The AP takes note of the dissatisfaction among voters as we approach the halfway point of one particularly election-heavy year.

IN CLIMATE NEWS- The Associated Press lists all the climate records that have been broken recently and ask the question: How worried should we be?

Tags:

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Energy

Fertilizer companies halt production amid gas supply disruptions

Gas supply disruptions take a toll on fertilizer producers: Pressure fluctuations in the natural gas pipeline network have forced several companies in the fertilizer and petrochemical sector to suspend production until the gas flow stabilizes. Sidi Kerir Petrochemicals (Sidpec), Misr Fertilizers Production Company (Mopco), Abu Qir Fertilizers, Egyptian Chemical Industries (Kima), Egypt Kuwait Holding’s AlexFert, and EgyFert were among the companies impacted, the EGX-listed companies said in separate disclosures to the bourse yesterday.

How long are we talking? Mopco, Abu Qir, AlexFert, and EgyFert said they are putting production on hold for an initial 24 hours, while Sidpec and Kima said they are suspending production until the pressure levels stabilize.

Market reax: The news put fertlizer companies in the red during yesterday’s trading, with Abu Qir (4.9%), Sidpec (4.8%), and Egypt Kuwait Holding (3.7%) being the worst performers on the EGX30 yesterday.

ICYMI: The Oil Ministry reduced the natural gas supplies to energy-intensive fertilizer companies by 20-30% earlier this week. The cut supplies were redirected to feed power generators during a time of heightened demand.

Things are expected to go back to normal soon: The Oil and Electricity Ministries said they would gradually increase the gas supplies to fertilizer companies starting today.

Gov’t to ramp up LNG shipments to address the supply gap: The government plans to import between 15-18 shipments of LNG to cover the electricity needs of the industrial sector and households, a government source told Enterprise. It was reported in April that Egypt plans to import three LNG shipments a month between July and October, which could cost Egypt up to USD 120 mn a month.

Remember: Egyptians have been dealing with rolling blackouts since last summer, as the government works to ration the consumption of natural gas production. The power cuts were originally blamed on summer heat waves, but even after temperatures have fallen, officials noted that a daily one-hour cut saves the country some USD 300 mn per month.

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Diplomacy

Egypt’s Shoukry, Iranian counterpart discuss relations

Egypt, Iran contiune to get closer: Foreign Minister Sameh Shoukry yesterday received a call from Iran’s Acting Foreign Minister Ali Bagheri which covered an array of topics, including the situation in Gaza, Egyptian-Iranian relations, and the road to normalcy between the two countries, according to a statement.

Remember: Egypt and Iran have been in talks for some time now about normalizing ties and reopening embassies, as part of a wider Iranian diplomatic push to mend relations with the Arab world. Shoukry made his first trip to Iran last month — marking the first visit by an Egyptian foreign minister to Iran since 1979 — to attend Ebrahim Rasis’s funeral.

EGYPT, JORDAN GEAR UP FOR GAZA AID FORUM-

Egypt, Jordan prep for Gaza aid conference: Shoukry also spoke to his Jordanian counterpart, Ayman Safadi to discuss the preparations for the upcoming Emergency Humanitarian Response Conference for Gaza. The conference — jointly put together by Egypt, Jordan, and the UN — will be held in Jordan on 11 June and will aim to reach a solution that would ensure the delivery of humanitarian and medical aid for Gaza.

4

Startup watch

Egyptian startups raised 86% less venture debt in 2023

Homegrown startups received significantly less venture debt in 2023: Venture debt (VD) handed out to local startups dropped 86% y-o-y in 2023 to USD 4 mn, according to a Magnitt report. The country witnessed two venture debt transactions during the year, a 75% drop compared to 2022.

Despite the drop, Egypt kept its ranking as the third market for venture debt in the region: VD activity in 2023 was concentrated in Saudi Arabia, the UAE, and Egypt, which together accounted for 92% of MENA’s venture capital funding.

Venture debt is gaining traction across the region: The ratio of VD financing to equity financing for startups soared to 28% in 2023 from 1.4% in 2020. MENA raked in a record USD 757 mn in venture debt last year, marking a 262% increase compared to 2022.

SOUND SMART: Venture debt is a type of lending offered by banks and NBFS specifically for early-stage startups with venture capital backing. We have everything you need to know about venture debt in an explainer published a couple of years back.

FinTech startups drove the growth, accounting for 79% of MENA's total VD lending in 2023, up from 68% a year earlier, owed in large to Emirati buy now, pay later firm Tabby and Saudi BNPL platform Tamara, which together raked in USD 600 mn of the total USD 601 mn financing for fintech players. Transport and logistics followed with USD 150 mn, and e-commerce had a seat at the table with USD 3 mn.

5

Moves

Egypt’s assistant supply minister Ibrahim Ashmawy resigns

Ashmawy steps down: Ibrahim Ashmawy has resigned from his post as assistant supply minister following an 8-year run, Shorouk News reported. Ashmawy also hung up his hat as head of the Egyptian Mercantile Exchange and the Internal Trade Development Authority.

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LAST NIGHT’S TALK SHOWS

Extended backouts continues to take over the airwaves

It was quieter than usual on the airwaves last night, with the nation's talking heads continuing their coverage of the extended electricity blackout on Tuesday.

Some reassurance from the Electricity Ministry: Ministry spokesman Ayman Hamza joined Yahduth Fi Masr (watch, runtime: 9:01) to calm fears that the extended three-hour power cuts are here to stay. He explained that they were a one-time thing and the ministry is working to put an end to the rolling blackouts by the end of the year. Oil Ministry spokesman Hamdy Abdel Aziz joined Ala Masouleety’s Ahmed Moussa to discuss the issue (watch, runtime: 13:36).

The chickens are not fans of the heat: Deputy chairman to the Poultry Producers Union head Tharwat El Zeini joined Moussa (watch, runtime: 10:19) to discuss the impact of the heatwave and electricity cuts on poultry prices. “Unprecedented high temperatures and electricity outage led to the price of chickens rising by up to 20% to EGP 92-93 per kg,” he said.

7

EGYPT IN THE NEWS

Egypt’s subsidized bread hikes under the spotlight

The Reuters take on bread subsidy cuts: Reuters is out with two pieces diving into the nitty-gritty of last week’s hike to the price of subsidized bread. The first piece details the reaction of already struggling Egyptians to the 300% hike, meanwhile the second piece breaks down Egypt’s consumption of bread and imported wheat and the cost of it all on the state budget.

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Also on our Radar

Egypt’s Supply Ministry wants less imported wheat and more local wheat

COMMODITIES-

Less imported wheat and more local wheat: The Supply Ministry is now looking to import some 5 mn tons of wheat this year, down from its initial target of 6 mn tons, as it works to up its purchases of local wheat, Supply Minister Ali El Moselhy told Asharq Business. The ministry is now looking to procure around 3.7 mn tons of local wheat, up from an initial target of 3.5 mn tons, he added. The government has so far bought 3.4 mn tons of wheat from local farmers.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

To help it reach its target: The government earlier this year said it will start paying farmers EGP 2k per ardeb of wheat this harvest season, up from last year’s EGP 1.5k.

The gov’t fell short of its target last year: The government procured around 3.4 mn tons of wheat from local farmers during last year’s harvest, falling short of its 4 mn-ton target.

BANKING-

Juhayna in line for a sustainability top-up from HSBC: Our friends at HSBC will provide dairy giant Juhayna with an undisclosed sustainability-linked loan, according to a press release (pdf). The terms of the loan will be based on several KPIs, such as reducing emissions by 18.7% by 2025 compared to 2021 and ramping up health and safety training hours by 20% compared to 2022.

REAL ESTATE-

A Mountain View resort in Sidi Abdel Rahman: Real estate developer Mountain View has launched its latest North Coast project — an EGP 90 bn tourism project dubbed Plage in the heart of Sidi Abdel Rahman in the North Coast, according to a statement cited by Asharq Business.

MANUFACTURING-

China wants to set up a veterinary vaccines factory and has offered to start conducting the necessary studies. This came during a meeting between Agriculture Minister El Sayed El Quseir and representatives from 22 leading Chinese poultry production companies, according to a statement.

9

PLANET FINANCE

Today’s rate cuts could revive the EU’s economy, but the path forward is murky

ECB set to cut rates today, aiming to boost Eurozone: Economists see the European Central Bank (ECB) cutting interest rates today for the first time in five years. A 25 bps cut is likely in the cards now, but analysts wonder how much further the ECB can go: The economy needs the relief rate cuts offer, but inflation remains “stubbornly” high, the Financial Times reports.

Recovery is afoot: A downward path for rates will “breathe life” into the eurozone’s housing markets, push businesses to borrow more to fund investment, and boost consumer spending, Holger Schmieding, chief economist at German bank Berenberg told the salmon-colored paper.

The downside risk: Move too fast while inflation is high and wages are growing quickly, and the ECB will just fuel more inflation.

The consensus? A symbolic cut today, but none in July. Persistent inflation in the Eurozone — it rose to 2.6% in May — won't stop the ECB from cutting interest rates, but “it is unlikely that the ECB will move with another cut in July,” Jack Allen-Reynolds, an economist at Capital Economics, told FT last month. Economists polled by Delano concurred that the ECB will hold rates steady in July.

“Markets have almost fully ruled out a July cut, and now only see around two cuts in total by year-end. As things stand, we believe an ECB cut this week may soon be viewed as a policy mistake,” Gabriele Foa, a portfolio manager at Algebris Investments, told Bloomberg.

A policy mistake? A cut today would mark the first time Europe diverges from the United States in five years, potentially backfiring as the ECB lowers the interest rates ahead of the US Federal Reserve, Mathilde Lemoine writes for the Financial Times. The rate cut is expected to weaken the EUR, possibly causing a surge in import prices, including energy imports, which might prevent businesses from investing in the short-term.

The longer the Fed waits to push ahead with cuts, “the more difficult it can be eventually for the ECB,” Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management told the New York Times.

MARKETS THIS MORNING-

Asian markets are all in the green this morning as traders welcome both the prospect of the ECB’s rate cut and the Bank of Canada’s cut yesterday. All major Asian benchmarks we follow are in the green, with the Nikkei (+1.1%) and the Kospi (+1.0%) leading the way. European stock futures are all solidly in the green this morning and Wall Street futures inched up overnight after the S&P 500 closed at another AI-fuelled (or maybe “Nvidia-fuelled”?) record high yesterday.

EGX30

26,634

-1.3% (YTD: +7.0%)

USD (CBE)

Buy 47.56

Sell 47.70

USD (CIB)

Buy 47.57

Sell 47.67

Interest rates (CBE)

27.25% deposit

28.25% lending

Tadawul

11,553

-0.5% (YTD: -3.5%)

ADX

8,948

+0.3% (YTD: -6.6%)

DFM

3,980

-0.1% (YTD: -2.0%)

S&P 500

5,354

+1.2% (YTD: +12.3%)

FTSE 100

8,247

+0.2% (YTD: +6.6%)

Euro Stoxx 50

5,036

+1.7% (YTD: +11.4%)

Brent crude

USD 78.41

+1.2%

Natural gas (Nymex)

USD 2.75

-0.1%

Gold

USD 2,374

-0.1%

BTC

USD 71,149

+1.0% (YTD: +68.3%)

THE CLOSING BELL-

The EGX30 fell 1.3% at yesterday’s close on turnover of EGP 3.6 bn (25.2% below the 90-day average). Local investors were net sellers. The index is up 7.0% YTD.

In the green: Palm Hills Development (+1.8%), E-finance (+0.7%), and Edita (+0.1%).

In the red: Abu Qir Fertilizers (-4.9%), Sidi Kerir Petrochemicals (-4.8%), and Egypt Kuwait Holding -EGP (-3.7%).

10

My Morning Routine

My Morning Routine: Yasser Hashem, managing partner of Zaki Hashem

Yasser Hashem, managing partner of Zaki Hashem: 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 Yasser Hashem (LinkedIn). Edited excerpts from our conversation:

My name is Yasser Hashem and I’m currently the managing partner of Zaki Hashem, the oldest continuously operating law firm in Egypt. We were founded in 1953 by my father and celebrated 70 years last year. As of this year, we’ve shortened the name to Zaki Hashem, because everyone just says Zaki Hashem and because it’s apparently a trend internationally to shorten the name.

I think I wear two hats, one that I like more than the other. I’ll start with the one that I like. I’ve been practicing law for 35 years and started my career in corporate law. This grew into M&A and complex corporate transactions. Then came telecom. I was very much involved in telecom from the beginning — we’ve represented Vodafone Egypt since their inception, for example.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

While telecom has always been my passion, it became very routine and standard around ten years ago, which made us shift into technology. Now I’m leading the M&A, corporate, and telecom, media, and technology teams. From the corporate side, I am quite involved and passionate about restructuring and devising complex corporate transactions like mergers of multiple entities or split-ups of companies, or swapping shares of listed securities with non-listed securities. A lot of our transactions have become landmark deals.

I then started doing a lot of M&A, and I still oversee that department. We have maybe seven to eight partners who do M&A — we’re the largest group M&A team in Egypt by far. Each of these partners handle one or more transactions at a time, so at any one point we can manage at least 10 or 12 transactions simultaneously.

My second hat is the managing partner role. I manage the firm on a more or less daily basis. I’m trying to maintain the essence of the firm and uphold my father’s motto: we are a profession and not a business. We’ve seen law firms become businesses internationally — private equity invests in law firms now, and some firms are even listing shares. But we still consider this a profession and try to keep up those values.

I think we have a very positive, friendly environment at the firm that really doesn’t exist elsewhere. This has been confirmed to us by everybody who has either left and gone to another firm or who came from another firm. I do a lot of work to keep that alive, because it’s not easy.

The constant in my day is my early morning routine. I wake up at around eight or so and I typically start by reading and drinking a lot of liquids — no coffee, just water and tea. I’m addicted to a couple of papers, one government and one private. I don’t read them thoroughly, but I do go through them quite well. I then look at my phone and go through the international news. I follow economic news, markets, and political news internationally. This is also when I look at my emails and see all of Enterprise’s emails in my inbox.

I typically eat a huge breakfast, take a shower, get dressed, and leave around 10:30am. I like my mornings. I think the key to staying focused and organized is a good breakfast. I either go straight to the office or to a meeting, whatever time the meeting is, and then I have my coffee after I leave for the office.

Part of creating a nice environment at the firm is about catering to our people. We have a kitchen at the firm and serve healthy breakfasts and lunches. With all due respect to delivery, the food is an additional cost to our employees, and it’s also not as healthy. So when I have an early meeting and I don’t catch my breakfast at home, I compensate for it here.

A normal workday for me is typically 11 or 12 hours. I have meetings, I have calls, and I meet my colleagues and partners handling transactions. A lot of people want me to look over something or discuss a point here or there.

I never end my day before 11pm. I’ve worked long days since I was young. People wonder how I have the stamina, but when something is routine you can just do it without any issues. But recently, I’ve been growing a bit — I try not to miss out on events that I really used to pass on. I try to attend dinners and events that are interesting and allow me to leave a little bit earlier.

Being the managing partner of a large firm is a responsibility. It doesn’t allow me to just travel or go and do something that I like at any time. The balance in my life comes from my weekends, which I cherish. I rarely respond to business calls on the weekends.

What’s next for me? On a professional level, we are currently planning for our 75th anniversary by implementing some strategies that the executive committee and I are working on. We have big challenges with AI, and we’re really opening that door and looking at everything possible in that arena. We’re investing heavily in total upgrades of our systems. I can’t say too much now, but it will prepare us for another level of technology and work in the field.

We also want to make sure that we are always available in the new areas that are growing in Egypt. For example, the issuance of the new regulations on M&A will have a big impact on business going forward. Media is the next new area, and technology will obviously continue to grow. We’re also very big in capital markets — we have tons of startups that work in non-banking financial services and fintech companies that work under the auspices of the Financial Regulatory Authority and the Central Bank of Egypt. We’re very fortunate — we started with fintech very early and have been with Fawry since its inception, and were with e-Finance for its IPO.

On a personal level, I want to grow my plant nursery. I have a piece of land near Cairo, that I visit on the weekends, where I walk and grow plants. It’s something so trivial, but it cleanses your mind and allows you to become focused again after a very busy week. To me it’s heaven. I don’t exactly want it to become a business, but it has to try and finance at least some of its costs.

I’m also an extremely passionate art collector. I started very young and I have quite an important collection of modern Egyptian art. It’s becoming difficult because of the pricing now, as well as the fact that the market has a lot of unauthenticated — we can say — paintings.

The best advice I’ve ever received was from my father. My father was a very highly educated man — he spoke fluent Arabic, English, and French and was the first Egyptian to go to Harvard to do a PhD. He worked in the US in politics, representing Egypt at the United Nations, before coming back in 1953 to establish the firm. I was fortunate to overlap with him quite a lot.

He told me two things that I’ve never forgotten. First, maintain integrity in your work. This is the culture we’re trying to grow at the firm.

The second piece of advice? Keep the tax man happy. Don’t ever get in trouble with the tax man.


2024

JUNE

10 June (Monday): CBE and Capmas to publish inflation data for May.

15-19 June (Saturday-Wednesday): Eid El Adha (TBC) (national holiday).

29-30 June (Saturday-Sunday): EU-Egypt Investment Conference.

30 June (Sunday): June 30 Revolution Day (national holiday).

JULY

2-3 July (Tuesday-Wednesday): Aswan Forum for Sustainable Peace and Development, Cairo, Egypt.

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

16-17 July (Tuesday-Wednesday): The Egypt Mining Forum, Cairo, Egypt.

18 July (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

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

AUGUST

4-5 August (Monday-Tuesday): Egypt Expat Forum.

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.

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

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

NOVEMBER

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

June 2024: Gov’t expects to finalize sale of Beni Suef combined-cycle power plant.

1H 2024: Gov’t expects to finalize sale of four water desalination plants.

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

3Q 2024: Egyptian-Armenian Joint Committee.

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: Shalateen Mining Company to launch a gold exploration tender in the Eastern Desert.

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

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

EVENTS WITH NO SET DATE

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

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