EGP holds steady after IMF funds land

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WHAT WE’RE TRACKING TODAY

The window for affordable sovereign financing may be narrowing

Good morning, friends. The situation in Egypt remains calm as week one of the conflict in the Gulf limps to a close. We don’t know about you, but we’re really looking forward to the weekend — and we hope all of you (and all of your family and friends) are safe, wherever they are.

The big news this morning: We got a USD 2.3 bn injection from the IMF. It’s the latest disbursement under a USD 8 bn assistance program we lined up after the float of the EGP, and it couldn’t come at a better time. The EGP was stable yesterday after breaking the EGP 50 barrier against the greenback earlier in the week, and there are still zero signs that the parallel market is clawing its way back to life.

MEANWHILE- Officials are working on possible budget scenarios as the deadline for the Finance Ministry to submit to the House of Representatives its plan for 2026-2027 inches closer. And we’re putting out feelers to the IMF and other international partners to understand what assistance might be on offer from global institutions in the event the war in the Gulf stretches on.

^^ We have the rundown on all of that and more in this morning’s news well, below.

Watch this space

DEBT WATCH — Investors are getting a bit edgy as the war in the Gulf drags on, with five-year credit default swaps for Egyptian government debt inching up to 344.7 bps on 3 March, according to a report by Cbonds seen by EnterpriseAM. The 344.7 bps figure is up from 323.38 bps, the report says, making it a new three-month high. That’s modest, but we’re watching the direction here: Think of a CDS as the cost of insuring debt against a default, with an uptick signaling that investors see a rise in risk that the government might not be able to repay its debt. The yield-to-maturity on five-year debt is also ticking up slightly, signaling investors are demanding a higher risk premium there, too.

It’s not just us: With the USD near a five-week high and Brent crude trading above USD 80 / bbl, swaps on other emerging and frontier market debt are also getting a bit costlier. The UAE, Qatar, and Turkey all saw their CDS levels reach three-month highs on 3 March, according to the report.

IPO WATCH — The Sovereign Fund of Egypt is looking for an investment bank to quarterback the upcoming IPO of Misr Life Ins., according to a statement from the Investment Ministry. The news comes as Misr Life is expected to list a 20% stake; it landed a temporary listing on the EGX earlier this week. Pitches are due on Sunday and shortlisted banks will need to submit full technical and financial bids by Wednesday, 18 March.

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WISH THIS MORNING’S ISSUE was a podcast? We’ve got you. Tap or click here to listen to Morning Drive, a 10-minute version of today’s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.
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WAR WATCH — It seems US Assistant Secretary for Consular Affairs Mora Namdar’s call to “depart now” from Egypt isn’t official State Department policy — at least not anymore. Foggy Bottom is out with a new statement listing Egypt as the country with the lowest risk level in the region — level 2: exercise increased caution. “Egypt remains at Level 2 reflecting that our overall assessment of the security situation there has not changed at this time.”

It’s not going down well with American expats here: “The concern from family and friends was overwhelming beginning at 2am, expecting [us to give them] return flight details,” an American working for an international company told EnterpriseAM.

MEANWHILE- Is Apache pulling staff out of Egypt? Cairo is awash in rumors that Apache Corporation, a longtime fixture of Egypt’s oil and gas industry, has pulled staff out of the country. Apache comms and security staffers did not return our calls yesterday asking for comment.

FACT CHECK — The Oil Ministry has denied reports that the Russian LNG tanker that sank in the Mediterranean was bound for Egypt. Moscow has accused Ukraine of attacking the vessel and sinking it between Libya and Malta.

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Data point

USD 52.8 bn — that’s Egypt’s net foreign reserves at the end of February, increasing by USD 152 mn from January to continue a record-breaking streak that has seen reserves grow by more than USD 1.3 bn since the start of the year, according to the latest data (pdf) from the Central Bank of Egypt.

Gold holdings drove the surge, adding USD 772 mn to their value to reach USD 21.5 bn — now 41% of the total basket. SDRs rose by USD 393 mn to reach USD 556 mn, more than offsetting a USD 1 bn slip in FX, which ended the month at USD 30.7 bn.

PSA-

WEATHER- The chilly Ramadan nights are still with us in Cairo today, with a high of 22°C and a low of 11°C, according to our favorite weather app.

It’s slightly colder in Alexandria, with a high of 20°C and a low of 10°C.

And over the weekend, Cairenes and our friends on the Mediterranean should expect similar conditions.

The big story abroad

US President Donald Trump is “actively considering” his administration’s role in Iran after the war, as the Senate turned down a resolution geared toward limiting his military operations in the Islamic Republic. It is not yet clear what this role will be upon the completion of the campaign, which is going “very well,” Trump said.

The war in the region has thrown a wrench in the policymaking of central banks, which must now reckon with resurgent inflation risks and soaring crude prices. Asian economies remain especially vulnerable, as most crude shipped via the Strait of Hormuz is Asia-bound.

MEANWHILE- China has penciled in growth of 4.5-5% for 2026, a step down from last year’s 5% and its most modest growth target in more than three decades.

AND- Apple announced its most affordable laptop ever — the MacBook Neo. The lightweight device is the company’s first low-cost offering in more than a decade, with prices starting at USD 599.

A fresh injection from the IMF is a timely buffer

Egypt received a USD 2.3 bn disbursement from the IMF yesterday, a senior government official told EnterpriseAM. We secured the fresh funds after passing the fifth and sixth reviews of the Extended Fund Facility and first review of the Resilience and Sustainability Facility.

MEANWHILE- The EGP held steady yesterday at around EGP 50.14 to the greenback after sliding earlier in the week following the outbreak of hostilities in the Gulf. Interbank volumes were c.USD 848 mn yesterday (up about 20% from USD 700 mn the day before). Bankers told us they had no problems meeting market demand yesterday.

Where the IMF’s money is going: The CBE will hang on to the greenbacks and give the Finance Ministry the equivalent of about USD 2 bn to support the budget and help plug the financing gap, we’re told. The remaining USD 297 mn will be earmarked to back climate and environmental sustainability projects.

That’s not all: “It’s possible that the funds arrived and were paid out immediately to settle debts, instead of supporting the exchange rate,” Al Ahly Pharos’ Hany Genena tells us, adding that up to this point, there have been no indications of speculation or unusual market activity.

Despite the timely buffer, hot money continued to leave the country. Portfolio investors have pulled about USD 2 bn out of Egypt since war broke out this past weekend, a senior banker tells us. The banker characterized outflows as “within safe limits” and said that investors should have “continued confidence in the economy” given the central bank’s handling of the crisis so far.

One banker we spoke with is worried that the combination of rising oil prices and shipping costs could soon weigh heavily on the EGP, but EG Bank board member Mohamed Abdel Aal sees the EGP settling around EGP 50 unless the war gets much worse. There’s room for the EGP to strengthen to EGP 46-48 against the greenback as things stand, but if the conflict expands and tourism and Suez Canal revenues *both* vaporize? Then all bets are off, he suggests.

War clouds budget targets

The Finance Ministry is watching like the rest of us, wondering what to do with next year’s budget. Officials are running scenarios for growth, investment, government spending, private sector investment, and the cost of purchasing goods and services, a senior government source told EnterpriseAM. The review will also account for the rising cost of debt service as the state shifts toward domestic financing and a reassessment of commercial external borrowing costs, particularly as investors demand more of Egypt in a risk-off scenario.

Higher oil prices and a weaker EGP could force the Madbouly government to boost spending on subsidies and the social safety net as well as the purchase of goods and services, our government source told us. The overall budget deficit could widen to 6-7%, up from an initial target of 4.9%, the source said.

Emergency fiscal measures

The Finance Ministry has about EGP 140 bn in a contingency fund ringfenced in this year’s budget, another source tells us, but could look to set aside more if the war stretches out.

Officials may need to face down an uptick in inflation: A 10% increase in energy prices in 2Q or 3Q would add 1 percentage point to inflation, according to a report by Morgan Stanley seen by EnterpriseAM. That could put pressure on the CBE to leave interest rates on hold next month, stalling the much-anticipated easing cycle.

Officials signaled yesterday they’ll once again use the customs gate as a risk-management tool:

Officials extended a ban on the export of select raw materials and scrap metal for one year ensure domestic manufacturers have production inputs;
The government ordered customs officials to fast-track customs clearance at ports to keep the flow of goods moving and avoid importers racking up demurrage fees.

But it all depends on how long the war lasts

As nearly everyone we’ve spoken to this week has told us, it’s really still early to tell the long-term impacts of this war, with the situation getting worse the longer the war carries on. The more optimistic scenario, according to Morgan Stanley, is an immediate ceasefire and a diplomatic reset that would likely trigger a tightening of bond spreads by 20-30 bps and a 4-5% EGP appreciation fueled by recovering Suez Canal traffic and tourism.

The next least-bad scenario would be for the strike on Iran to remain limited, a scenario that Morgan Stanley says would drive a temporary 1-2% EGP depreciation and a 30-40 bps widening in bond spreads.

A broader strike scenario — that’s probably where we are now — would widen spreads by 70-80 bps and weaken the EGP by 3-4%, the firm says. The worst scenario would be a large-scale war that would lead spreads to blow out by over 250 bps, effectively freezing our access to the global debt market. This would lead the EGP to slide 8% or more as portfolio investors rapidly unwind positions here.

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

Regional shocks could trigger changes to current IMF agreements

The IMF is assessing how the war in the Gulf could impact countries with existing loan programs, including Egypt and Jordan, IMF Arab States and Maldives Executive Director and former Finance Minister Mohamed Maait tells EnterpriseAM. The exercise will inform the fund’s upcoming evaluations of existing programs, he said.

The nature of the IMF’s response is contingent on the scale and length of the shock. “The Fund will conduct in-depth studies to assess the impact,” Maait said, adding “these repercussions will be taken into account when evaluating economic conditions in light of existing programs.” He noted that any potential intervention would not be limited to Egypt, but could also extend to other program countries such as Jordan and Somalia.

Why it matters: Maait’s statements follow our report earlier this week that the government has entered early-stage talks with the IMF, World Bank, and AfDB to secure concessional financing to ease pressure on the state’s coffers. Officials in Cairo are reportedly talking to the fund about a potential emergency mechanism for member states impacted by the conflict.

Maait underscored the global significance of the Middle East and the Gulf region as a hub for oil, gas, and international trade, noting that the most immediate and direct impact is likely to be felt in gas and petroleum supplies and pricing. “These developments may reflect on the rising cost of food, raw materials, production, and financing, as well as the potential for investment outflows from the region, which could pressure exchange rates,” he warned.

The critical question, according to Maait, is whether inflationary pressures will prove temporary or evolve into a more sustained wave that necessitates a return to tighter monetary policy — not only in the region, but globally.

Bypassing Hormuz via Egypt

Egypt has offered to ship Saudi crude to the Mediterranean from Yanbu via the Sumed pipeline that runs from Ain Sokhna to Sidi Kerir, a government official tells EnterpriseAM. With Hormuz effectively closed by ongoing hostilities and ins. premiums rising, Saudi is facing a major rethink of regional logistics. It’s still unclear the volume of supply Saudi could ship through Yanbu.

The pipeline isn’t a like-for-like replacement for Hormuz: Its capacity is much lower, former Oil Minister Osama Kamal tells EnterpriseAM. Instead, “Sumed could provide a temporary solution” to help Aramco fulfill its contracts with European offtakers, former Egyptian Natural Gas Holding Company head Medhat Youssef told us.

Cargo owners are also testing a workaround via Egypt for non-oil goods. The proposed route would turn us into a temporary logistics bridge between Europe and the GCC, with goods arriving at Mediterranean ports including Alexandria and Damietta, moved overland to Safaga on the Red Sea, and then onward by ferry to Saudi Arabia and other Gulf markets, Arab Academy for Science, Technology, and Maritime Transport Vice President Mohamed Daoud tells EnterpriseAM.

The news comes as KSA’s major crude oil storage sites are quickly filling up, geospatial analytics company Kayrros Co-Founder Antoine Halff said. Four out of six tanks at the Ras Tanura refinery are already full, and the Ju’aymah terminal on the country’s east coast is “quickly running out of space,” he added.

A 25-day countdown started on Monday, marking the time GCC oil producers have before they run out of storage space, according to analysts at JPMorgan. If the strait remains closed beyond this window with limited alternative routes available, producers may have to stop output entirely because there will be nowhere left to store the oil.

Why this matters: While the war will eventually come to an end, and the Hormuz Strait will reopen, Saudi Arabia and its Gulf neighbors have been dealt a tough lesson on the importance of diversifying supply chains. The question is whether GCC countries will view investment in Egyptian port infrastructure, along with pipeline and cargo infrastructure bridging the Red Sea, as national security priorities when Iran’s drone and missile attacks end.

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

Nassef Sawiris earns his three stripes

Adidas nominated Egyptian businessman Nassef Sawiris to serve as the next chairman of its supervisory board, the German sportswear manufacturer said in a statement. Sawiris — who has been a member of the board since 2016, deputy chairman since 2025, and currently holds around 7% of the company through his NNS Group — is set to succeed Thomas Rabe following the company’s annual general meeting on 7 May.

Vodafone Egypt appointed 20-year company veteran Kareem Eid (LinkedIn) as its chief commercial officer, effective as of April, according to a company statement seen by EnterpriseAM. Eid will head a newly unified commercial structure that brings Vodafone’s consumer business, customer service, wholesale, and fintech crown jewel, Vodafone Cash, under a single reporting line.

CI Capital has appointed Hisham Okasha as non-executive chairman of the board, representing majority shareholder Banque Misr, according to an EGX disclosure (pdf). Okasha, currently the CEO of Banque Misr, succeeds our friend Ahmed Issa, the former Minister of Tourism. Issa is now CEO of FAB Misr, while Okasha is one of the deans of the Egyptian banking sector, having served as chairman of the National Bank of Egypt for over a decade before moving to Banque Misr in a leadership swap in late 2024.

El Araby eyes localization, exports with USD 480 mn New Quesna City investment

El Araby targets export growth + localization with multi-mn-USD investment

El Araby Group is planning a USD 480 mn expansion in New Quesna City over the next five years, according to an Industry Ministry statement. While details about the homeware appliances manufacturer’s plan for the city are few and far between, what we do know is that it targets increasing exports and the ratio of local components used in production, which it claims already reaches 90% for some of its products.

E-finance sees broad-based growth in 2025

State-owned fintech giant E-finance reported a 35.4% increase in net income to EGP 2.4 bn in FY 2025, fueled by broad-based growth across the group’s core business segments, which pushed revenue up 30% y-o-y to EGP 6.8 bn, according to its latest earnings release (pdf). Growth was largely led by the cloud hosting segment, which jumped by 51% y-o-y to EGP 2.4 bn following new large-scale contracts and expanded client services. Also, transaction revenue rose 29.9% y-o-y during the year to EGP 2.7 bn, driven by higher throughput from variable-fee transactions.

Ibnsina Pharma’s financials surge, market share dips

EGX-listed Ibnsina Pharma’s bottom line jumped 54.9% y-o-y in FY 2025 to EGP 952 mn, it said in its latest earnings release (pdf). Meanwhile, revenue came in at EGP 76.6 bn, up 37.2% y-o-y, primarily driven by a 36.3% y-o-y increase in pharmacy revenues, which hit EGP 39.8 bn to account for nearly half of total top-line volume. Wholesale revenues also grew 33.8% y-o-y during the year to EGP 24.8 bn, while tenders and private hospitals revenues jumped 52.2% y-o-y to EGP 15 bn.

Market share: Despite the company’s strong financial performance, the distributor’s market share dipped slightly to 30.2% from 30.8% in FY 2024.

Fawry sees top-line + bottom-line growth in 2025

EGX-listed fintech giant Fawry saw its net income surge 79.8% y-o-y in 2025 to around EGP 2.9 bn, according to its latest earnings release (pdf). Its top line rose 57% y-o-y to EGP 8.7 bn for the same period thanks to “robust” growth across its business lines.

Behind the growth: Financial services led growth — it contributed 43.6% to the y-o-y top-line growth — with revenues up 135% y-o-y to EGP 2.4 bn. Revenues from banking services were up 52% y-o-y to EGP 3.5 bn, while alternative digital payments saw a 17.6% y-o-y jump in revenues.

In 4Q terms: Fawry’s net income rose 70.7% y-o-y in 4Q 2025, reaching EGP 853.6 mn. Revenues for the period climbed 55.6% y-o-y to around EGP 2.6 bn.

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

Is Wall Street’s private credit party hitting a wall?

Wall Street’s private markets are rattled: Leaders of private markets firms at Wall Street are warning of incoming turbulence for both private credit and equity, following the sector’s worst start to a year in over a decade, Bloomberg reports.

Fueling the concerns: Inflows are slowing, withdrawals are mounting, and analysts caution that defaults could spike amid growing corporate debt levels tied to the AI boom. Executives flagged AI as a particular risk that could potentially erode the valuations of software-heavy portfolios and see lenders ask for more collateral. Conflict in the Middle East is also hitting the asset class, weighing on investor sentiment and credit indicators, Reuters reports.

Executives framed the challenge as a reckoning after years of rapid growth. Apollo CEO Marc Rowan told Bloomberg Invest attendees that chasing higher yields “felt really good on the way up. That’s not going to feel so good on the way down.” Soros Fund Management’s CIO Dawn Fitzpatrick said investors face a “painful 18 to 24 months.”

Private equity managers are also feeling the squeeze, struggling to sell assets and return capital, often relying on costly debt to deliver returns. As for private credit, it’s seeing mixed responses to redemption pressures. Blackstone allowed a record 7.9% of its flagship fund to be redeemed, while Blue Owl temporarily halted withdrawals to give itself time to liquidate assets.

Some are downplaying the panic: Ares CEO Mike Arougheti dismissed UBS analysts’ 15% default-rate forecast for private credit as “absolutely wrong,” though he stressed that diversification is key to surviving the shakeout. Brookefield’s Connor Teskey called the current hurdles “hiccups” rather than structural threats, noting that bank and corporate balance sheets remain strong.

Even so, shares of private-market players like Apollo, Ares, and Blackstone have lost over 25% in value this year, far underperforming the S&P 500’s 0.3% decline. Fitzpatrick warned that once banks reassess collateral, private credit firms may need to scramble for liquidity — a harbinger of deeper stress ahead.

Scott Adelson, CEO of Houlihan Lokey, noted that shakeouts are natural after rapid expansion. “There are some credit providers that could have a difficult time,” he cautioned, while maintaining that private credit as an asset class is “here to stay.”

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

MARKETS THIS MORNING-

Asia-Pacific markets are in the green in early trading this morning for the first time this week, signaling a recovery in risk appetite. The Kospi is leading gains, up nearly 10%, while the Nikkei and Hang Seng are looking at more moderate gains. “Geopolitical risk can flare up again very quickly, so ⁠any early gains we see this morning across Asia-Pacific region share markets may not last,” Moomoo Australia and New Zealand’s Paco Chow said.

EGX30	46,452	-0.6% (YTD: +11.1%)
USD (CBE)	Buy 50.12	Sell 50.26
USD (CIB)	Buy 50.14	Sell 50.24
Interest rates (CBE)	19.00% deposit	20.00% lending
Tadawul	10,623	+1.2% (YTD: +1.9%)
ADX	10,252	-1.9% (YTD: +2.6%)
DFM	6,197	-4.7% (YTD: +2.5%)
S&P 500	6,870	+0.8% (YTD: +0.4%)
FTSE 100	10,568	+0.8% (YTD: +6.3%)
Euro Stoxx 50	5,871	+1.7% (YTD: +1.4%)
Brent crude	USD 81.40	0.0%
Natural gas (Nymex)	USD 2.92	+1.1%
Gold	USD 5,182	+0.9%
BTC	USD 72,855	+6.9% (YTD: -16.9%)
S&P Egypt Sovereign Bond Index	1,031	0.0% (YTD: +3.8%)
S&P MENA Bond & Sukuk	152.34	-0.4% (YTD: +0.3%)
VIX (Volatility Index)	20.77	-11.9% (YTD: +57.7%)

THE CLOSING BELL-

The EGX30 fell 0.6% at yesterday’s close on turnover of EGP 8.1 bn (27.4% above the 90-day average). International investors were the sole net sellers. The index is up 11.1% YTD.

In the green: Egypt Aluminum (+7.6%), Qalaa Holdings (+4.0%), and Fawry (+2.0%).

In the red: Kima (-4.9%), Eastern Company (-3.7%), and GB Corp (-3.5%).

My Morning Routine: Maged El Tawil, creator of Cars by Maged

Maged El Tawil, creator of Cars by Maged: For a special Ramadan edition of our weekly My Morning Routine column, which we are running through the holy month, we spoke to Cars by Maged creator Maged El Tawil (LinkedIn). We asked El Tawil the usual questions to find out how a successful member of the community starts their day, and threw in a few more to find out how he adjusts to Ramadan and what he looks forward to in the holy month. Edited excerpts from our conversation:

My name is Maged, and I’m a businessman — cars have always been a secondary thing. Cars by Maged started with me reviewing my own car, and it took off from there. I’ve been a car enthusiast all my life and I’ve done practically everything with cars.

When I started the channel, I had maybe 50 subscribers, and they were all family members that I forced to subscribe. In my first review, the photography and editing were horrific because I was learning everything on my own, but somehow it got a lot of views. It hit 70, then 100k views, and I was shocked.

I have a couple of businesses. We’ve been working with uninterruptible power supply systems since 1993, and I have my own line of work for IT support. And recently, my partner and I started a car importation company called Autoforsa.

We saw a need because the market was full of false promises. We had both been suckered many times buying expensive cars and paying hefty prices through local suppliers. We officially started the company on 25 June and we’re happy with the progress.

The most interesting trend in the industry is range-extender EVs. These are cars that have a generator to supply current to the battery system. Even with the biggest batteries, pure electric range is limited at high speeds or long distances. It suits Egypt perfectly because our charging infrastructure isn’t fully there yet. In a sprawling city like Cairo, a pure electric car is challenging and usually remains a second car. Eventually, battery capacities will increase and costs will fall, but for now, this is the practical solution.

I’m an early bird and usually wake up at 5am. I’m not a night person at all, so my workout and everything else centers around the morning. Ramadan days might start later, but they stay on longer. Clients looking to buy cars often come in around 7 or 8pm. It’s happily chaotic and my partner and I are both workaholics, so we’re always on it.

I don’t switch off easily. I’ll usually watch something monotonous on YouTube or the news, and then I’m out.

The only thing I can say with confidence is that I’m a disciplined person. Discipline helps in any situation. If you plan your day and your life ahead — even your eating — you don't get surprises.

Professionally, we are getting deeper into the car world. We’ve been developing an online platform that will hopefully change the trading scene. We’re also expanding into car services. Personally, I’m a gym rat, so I’m always chasing that rush. And I’m a curious person, so I’m always looking to be educated and learn something new.

My father told me a long time ago — because I was quite cocky back then — that I need to listen more and talk less. The more you listen, the more intel you get. It gives you time to process data and come up with something smart instead of just reacting.

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

CALENDAR

2026

MARCH

10 March (Tuesday): Capmas expected to release inflation data for February

21 March: (Saturday): Eid El Fitr starts (TBC).

30 March - 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).

APRIL

2 April (Thursday): Monetary Policy Committee’s second meeting of 2026.

12 April (Sunday): Coptic Easter.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

21 May (Thursday): Monetary Policy Committee’s third meeting of 2026.

27-29 May (Wednesday-Friday): Eid El Adha (TBC).

JUNE:

30 June (Tuesday): National holiday in observance of the June 30 Revolution (TBC).

JULY

9 July (Thursday): Monetary Policy Committee’s fourth meeting of 2026.

23 July (Thursday): National holiday in observance of Revolution Day (TBC).

AUGUST

20 August (Thursday): Monetary Policy Committee’s fifth meeting of 2026.

26 August (Wednesday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

SEPTEMBER

15 September (Tuesday): IMF to hold its eighth review of Egypt’s USD 8 bn EFF arrangement.

24 September (Thursday): Monetary Policy Committee’s sixth meeting of 2026.

27-29 September (Sunday-Tuesday): Global Conference on Population, Health, and Human Development.

OCTOBER

6 October (Tuesday): Armed Forces Day.

29 October (Thursday): Monetary Policy Committee’s seventh meeting of 2026.

DECEMBER

17 December (Thursday): Monetary Policy Committee’s eighth meeting of 2026.

EVENTS WITH NO SET DATE

Early 2026: Passenger operations on the New Administrative Capital-Nasr City monorail scheduled to begin.

1Q 2026: Trial operations for the Ain Sokhna-Sixth of October section of Egypt’s first high-speed rail line scheduled to begin.

May 2026: End of extension for developers on 15% interest rates for land installment payments.

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

2027

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

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings.

2027: Egypt-EU Summit 2027.

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

September 2028: First unit of the Dabaa nuclear power plant begins operations.

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