Egypt’s USD bonds are underrated - Glodman, Pictet

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What We're Tracking Today

Erdogan coming to Egypt?

Good morning, fellow Popsicles. We hope you are warm and looking forward to the weekend as much as we are on this very chilly morning.

Before we get underway: If we’re cold, imagine how folks in Gaza feel today. It’s a good time to remember that while we all face limits on USD use, there are good people doing good work for Gazans to whom you can donate in EGP, including the Egyptian Food Bank and Misr El Kheir.

Check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

ICYMI- EnterpriseAM KSA and Enterprise UAE have joined the growing Enterprise family of publications. Our two newest additions to the Enterprise suite are written for business leaders in Saudi Arabia and the United Arab Emirates as well as investors, and others doing business or deploying capital there. You can check out EnterpriseAM KSA here and EnterpriseAM UAE here.

And for the climate and logistics professionals out there, check out Enterprise Climate and Enterprise Logistics for a daily regional rundown of your industry.

THE BIG STORY HERE AT HOME-

Erdogan is coming to town in two weeks: Turkish President Reccep Tayyip Erdogan is reportedly coming to Egypt on 14 February to meet with President Abdel Fattah El Sisi, Bloomberg reports, citing Turkish officials it says are familiar with the matter. The two leaders will discuss the war on Gaza, ways to boost trade exchange, and the possibility of redrawing maritime borders between Egypt and Turkey to allow Ankara to look for more energy sources in the Mediterranean.

Mending broken ties: Erdogan’s visit will mark his first in over 10 years as the two sides work to mend a decade of tense relations triggered by a host of issues including Erdogan’s support for the Muslim Brotherhood, competing interests in Libya, and tensions over gas resources in the Eastern Mediterranean. The two countries restored diplomatic ties and reappointed ambassadors last summer after a decade of severed diplomatic ties.

HAPPENING TODAY-

#1- It’s interest rate day: The Central Bank of Egypt’s Monetary Policy Committee is meeting for the first time this year later today to review rates.

Analysts were split on what the central bank’s next move would be in a poll Enterprise ran this week. Four of the nine predicted that rates will be left unchanged as inflation cools, while other analysts told us that we could see hikes between 150-200 bps.

But this could all change if chatter about an agreement with the IMF is more than just rumors, with a number of analysts we spoke to telling us that updates on the future of the IMF package will play a big role in the CBE’s next move. An IMF delegation has been in Cairo for two weeks to work out an agreement, and while the rumor mill went into overdrive with suggestions that we’re in for a bigger package and soon, we are yet to hear anything official.

Speaking of the IMF- “There are negotiations between the IMf team and Egyptian authorities and they are making progress,” Jihad Azour, the IMF director for the Middle East, North Africa, said during a press briefing yesterday (watch, runtime: 36:27). “The first and second revisions are being looked into. The goals of the program approved in October 2022 remain the same and that’s the base of the discussions now,” he explained.

** Read more: Yesterday’s issue of EnterpriseAM had a deep dive into everything you need to know about our imminent IMF package and EGP devaluation.

#2- OPEC+ members will review the oil cartel’s ongoing production cuts during a Joint Ministerial Monitoring Committee today, Reuters reports. But don’t expect any breaking news from the meeting, as several OPEC+ sources told the newswire that they expect any decisions regarding extending production cuts into April to come later in the month.

TODAY IS ALSO THE START OF A NEW MONTH- Here are the key news triggers on which to keep your eyes on during the first few weeks of February.

PMI: S&P Global will publish Egypt’s PMI figures for January on Monday.
Inflation: Capmas and the CBE will publish the latest inflation data on Saturday, 10 February.
Foreign reserves: The central bank should release January’s foreign reserves figures at some point next week.

EGX WATCH-

EGX30 nosedived by 6.8% at today’s close amid heavy selloff from local investors. CIB was the best performer on the index for falling only by 1%. This came one day after a 3.8% increase saw the market achieve a historical high surpassing the 30,000 points level for the first time ever. The index is up 13.6% YTD.

Blame the impending devaluation: Investors have taken a “sell the fact” stance, offloading equities as the EGP devaluation appears to be inching closer and closer, East Capital International’s Emre Akcakmak told Bloomberg. The EGX30 has been on a months-long rally as investors looked to stocks as a hedge against high inflation and a weakening EGP.

!_ImageURLWeb_! https://ent.news/2024/2/9.jpg

THE BIG STORY ABROAD-

Fed leaves rates unchanged: The US Federal Reserve left interest rates unchanged for the fourth consecutive meeting yesterday, it said in a statement. Interest rates will stay at a 22-year high of 5.25%-5.50% following an aggressive monetary tightening cycle, which has pushed rates to their highest level since 2001.

Everyone saw it coming: Traders, investors, and economists alike, were expecting the Fed to leave the current policy rate as is. However they can’t seem to agree about when the Fed may move forwards with its long-awaited rate cut.

March cuts seem unlikely: Despite the Fed officials saying that “the risks to achieving their employment and inflation goals are moving into better balance,” Fed chair Jerome Powell made it clear that rate cuts are further down the line than many had hoped. “Based on the meeting today, I would tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting,” he said.

The story is on every front page this morning: Reuters | FT | CNBC | WSJ | Associated Press | NYT | Bloomberg.

On the issue of regional tensions and the Red Sea:

Iran has threatened a “decisive response” if the US strikes its “territory, or its interests or citizens abroad,” Iran’s UN Ambassador Amir Saeid Iravani said, according to Iranian state media. The statement came as the US Navy launched another attack against Houthi infrastructure in Yemen.
The European Union is set to send ships into the Red Sea by mid-February, Reuters writes, in a bid to help deter Houthi attacks on shipping. EU forces will not participate in attacks on Houthi positions, the bloc’s foreign policy chief added.

AND IN BUSINESS NEWS- Judge quashes Elon Musk’s “unfathomable” USD 56 bn Tesla pay package, arguing that the package — set to be the biggest in US corporate history — was excessive and unfair to shareholders. (Reuters)

CIRCLE YOUR CALENDAR-

#1- The National Dialogue 2.0 wants to hear your thoughts on the economy: Organizations and individuals have until Sunday, 11 February to submit proposals to be discussed during the second round of the National Dialogue, which is set to be focussed on economic issues, the dialogue’s general coordinator Diaa Rashwan told Hadith El Akhbar (watch, runtime: 3:43). The dialogue’s board of trustees will meet and set its timetable shortly after the proposal submission deadline.

What can we expect from this round of talks? The second round of the dialogue is set to address the exchange rate, monetary policy, soaring commodities prices, and the economic impact of geopolitical tensions, the dialogue’s Samir Sabry told local media last week..

#2- The Egypt Energy Show will take place from 19 February to 21 February in the Egypt International Exhibition Center. The event — centered around the year’s theme of Driving Energy Transition, Security, and Decarbonization — will gather 35k energy industry professionals and host over 80 conferences. You can sign up to attend here.

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

Goldman Sachs and Pictet Asset Management see Egypt’s USD bonds gaining momentum, playdown defaulting fears

The yield spread between Egyptian USD bonds and US treasuries currently stands at 990 bps

Goldman, Pictet are upbeat about Egypt’s USD bonds: Egypt’s USD-denominated bonds are being touted byGoldman Sachs and Pictet Asset Management as they brush away concerns about defaulting and low credit rating, Bloomberg reports.

No defaults expected: Goldman Sachs’ Head of Global Foreign Exchange Kamakshya Trivedi said that a default is less likely to happen in Egypt compared to what the market has priced; likewise, Pictet doesn’t expect to see any developing nation default this year, according to the firm’s CIO for fixed income Mary-Therese Barton.

Macroeconomic conditions are shifting in favor of lower-rated countries, especially with the Federal Reserve expected to start cutting interest rates this year, Trivedi said.

“That’s already beginning to play out,” as hard-currency bonds in emerging markets have boasted “positive momentum,” Trivedi said. This sentiment was also echoed by Barton, who said that multilateral-backed developing markets like Egypt can drive “high single-digit” returns for investors.

Teetering on the edge of distress? No Problem. The yield spread between Egyptian USD bonds and US treasuries stood at 990 bps on Wednesday — just shy of the 1k bps level that marks distress, according to data from JP Morgan Chase cited by Bloomberg. Nonetheless, Trivedi said “there is probably quite a lot of upside in the distressed sovereign category,” with Egypt being a lead example.

Remember: Egypt’s USD bonds were well into the distressed territory before the war on Gaza, with yield spreads between Egyptian USD bonds and USD treasuries reaching 1,165 basis points by the end of September. Escalation of the conflict in Gaza has caused bond markets to price in a lower likelihood of default on expectations that our international backers will ride to the rescue, which helped the spread with US treasuries narrow.

ICYMI- Citibank this week downgraded its recommendation for Egypt’s USD bonds issued in October to “marketweight” — a rating given to fixed-income securities to indicate that their yields align with market expectations — after giving the bonds an “overweight” recommendation last year.

Egypt’s credit rating has been taking hit after hit: Moody’s downgraded Egypt’s credit outlook to negative from stable last month, affirming its Caa1 rating — seven rungs into junk territory, citing concerns that IMF support would be insufficient in warding off macroeconomic challenges and currency instability in the country. Moody’s, alongside Fitch Ratings and S&P Global downgraded our sovereign credit rating twice last year.

War on Gaza will cut into Egypt’s foreign exchange inflows, spike gov’t expenditure - IMF

The International Monetary Fund is out with its latest Regional Economic Outlook (pdf) for the Middle East and North Africa, giving us a regional deep dive into its headline growth projections it released a day earlier in its World Economic Outlook (pdf).

ICYMI- The Fund on Tuesday once again cut our growth outlook to 3.0% for the fiscal year 2023-2024, down 0.6 percentage points from its last projection in October. The picture for the region as a whole wasn't much better either, with its growth projection for the year cut 0.5 percentage points to 2.9%.

WHAT’S BEHIND THE CUT + WHERE DOES EGYPT STAND-

Israel’s war on Gaza is “exacerbating an already challenging environment for neighboring countries and beyond,” warns the IMF. The report also cautions that if the conflict spreads outside the enclave and disruption in the Red Sea escalates, the region could face a “severe economic impact, including on trade and tourism” — and you don’t need to be a world-renowned regional economic expert to know which country this applies to most.

Nevertheless, tourism in Egypt has proved to be resilient: The Fund highlights that our tourism industry has fared much better than in Lebanon and Jordan, but high-frequency tourism data nonetheless “show signs of a possible deterioration.”

But we’re not through the storm yet: “With an escalation of the conflict, a more severe or persistent negative impact on tourism could materialize” in the region, the report adds.

A dark cloud is hanging over our Suez Canal revenue expectations: The halting of numerous shipping lines through the Suez Canal has not gone unnoticed by the IMF, with the Fund warning of the knock-on effect this could have on foreign exchange flows. The Suez Canal provided “2.2% of GDP in annual balance of payment receipts and 1.2% of GDP in fiscal revenue,” the report added

Investors could get spooked: “Heightened uncertainty is expected to weigh on investor sentiment and net foreign direct investment inflows,” the Fund wrote.

A dip Suez Canal revenues and FDI will only add to our existing FX shortages: Reductions of foreign exchange flows from the the Suez Canal and FDI will add to the “sustained adverse impact of foreign exchange shortages on private sector activity” and “are projected to negatively impact the external sector and economic growth,” the statement added.

Inflation nation: As in most other countries in the region, says the Fund, inflation is easing here at home. However, the IMF singles out our FX shortages as one of the reasons why inflation has proven more persistent than hoped regardless of promising inflation data in recent months.

This is all in addition to rising expenditures here at home: “On the fiscal side, expenditures could rise amid needs to support vulnerable households and displaced communities and to bolster security, particularly for economies in close proximity to the conflict,” the Fund writes. On top of this, the Fund also adds that the public and private sectors will have to contend with “higher energy and borrowing costs from an unexpected tightening of regional financing conditions,” which is forecasted to further hold back growth.

If this is the best case scenario, we’re not sure we want to hear the worst case scenario:The IMF’s outlook for the region and headline growth figures are based upon the assumption that the war on Gaza and wider disruptions stemming from it start to ease in the first quarter of 2024. However, with Israeli military officials predicting the conflict continuing throughout the year, Israeli ministers calling for ethnic cleansing and settlements in Gaza, and ceasefire negotiations hitting roadblocks, the conflict shows few signs of ending soon.

The Egyptian government slashes public investments until July

Ministers had a busy cabinet meeting yesterday: The Madbouly cabinet yesterday greenlit a raft of decisions in their weekly meeting. Among the most notable are:

#1- Slashing public spending: Ministers approved a decision slashing allocations for investment in fiscal year 2023-2024, extending a series of cutbacks to government spending that initially targeted non-essential projects and spending that placed demand on foreign currency.

The details: The decision will cut funds allocated for investment in the current fiscal year’s budget by 15% and push back any new projects until 30 June 2024 — that means not launching any new tenders or inking new contracts until then. Additionally, the law prohibits state entities from inking any external financing agreements or start working on any projects that will require FX spending.

The exception: The decision would exempt any investment project specifically approved by cabinet. The government will prioritize “necessary investments” and projects that are over 70% completed.

#2- A law scrapping tax breaks for state companies is getting exec regs: The cabinet greenlit the executive regulations for the law scrapping tax exemptions previously granted to state entities and public-sector companies and projects. The bill cancles long-criticized preferential treatment that tipped off the competition balance between public and private sectors and aims to level the playing field for investors. The law was approved by the House back in July.

** We dive into the ins and outs of the law in our coverage last year.

#3- Another golden license granted: Hassan Allam for Strategic Warehouses in Luxor — the newly established logistics arm of Hassan Allam Holding — has been handed a golden license to build, operate, and maintain an EGP 1.5 bn warehouses complex in Luxor. The Hassan Allam subsidiary was the first to use the golden license e-platform when it launched in November.

Egypt’s Giza Systems, VAS are getting USD 175 mn from local, Gulf banks + Tanmeyah is in line for USD 10 mn from the EBRD

Sharia-compliant facilities for Giza Systems, VAS: Local tech consultancy firm Giza Systems and its subsidiary VAS Integrated Solutions have secured a number of Sharia-compliant syndicated credit facilities from several local and Gulf banks totalling USD 175 mn — split between USD 84 mn and EGP 2.82 bn — Giza Systems’ majority owner solutions by STC said in a Tadawul disclosure.

The breakdown: The agreements include medium- and short-term facilities — USD 48 mn and EGP 1.1 bn five-year facilities and USD 36 mn and EGP 1.8 bn one-year facilities. Solutions is guaranteeing the whole package.

Who’s doling out the funds? Abu Dhabi Islamic Bank (ADIB), Bank ABC Egypt, Credit Agricole, Emirates NBD, Arab Bank, Abu Dhabi Commercial Bank (ADCB), Ahli United Bank, and Al Baraka Bank are all partaking in the EGP facilities. Meanwhile, Bank ABC Bahrain, Ahli United Bank Bahrain, and ADCB UAE will provide the USD facilities.

Advisors: ADIB led the transaction and its investment banking arm ADI Capital was financial advisor.

TANMEYAH SECURES EBRD FUNDING-

Tanmeyah is getting USD 10 mn from the EBRD: The European Bank for Reconstruction and Development (EBRD) will be granting EFG Holding’s microfinance arm Tanmeyah the EGP equivalent of up to USD 10 mn — EGP 309 mn according to the official exchange rate — through two USD 5 mn senior unsecured loan to be on-lent to micro, small, and medium enterprises (MSMEs), the bank said in two separate statements (here and here).

Loan 1: The first loan will target local MSMEs with a focus on undeserved segments with limited access to finance — 50% of the loan will go towards women-led or owned businesses, especially those outside Greater Cairo and Alexandria.

Loan 2: The second loan will be disbursed in two EGP 77-mn tranches and will be used for on-lending to private agriculture MSMEs in a “gender-responsive manner.” At least 70% of the loan will go to investments that fall under the EBRD’s Green Economy Transition.

Lots of EBRD funding to go around: This month, the multilateral lender completed its review for a proposed USD 75 mn equity investment into Hassan Allam Utilities’ green projects — the funding should be approved on 21 February. It also started disbursing a senior loan of up to USD 50 mn for Turkish home appliances retailer Beko’s USD 100 mn home appliance factory in the 10th of Ramadan.

EFG Holding acquires global standard cybersecurity certification

EFG Holding is taking cybersecurity seriously: Our friends at EFG Holding have obtained an ISO 27001 certification — the globally recognised standard for establishing, implementing, maintaining, and improving an information security management system — the investment bank said in a statement (pdf). The certificate “underscores EFG Holding’s unwavering commitment to prioritizing the security and privacy of our customers and investors’ information,” the group’s CEO Karim Awad said.

AND- Post for Investment receives innovation award: Egypt Post’s investment arm, Post for Investment, was named the Most Innovative Private Equity Investment Firm in Egypt by the International Finance Awards, it said in a statement (pdf).

ALSO- FRA looks to boost financial inclusion among women: The Financial Regulatory Authority (FRA) has inked an MoU with the USAID-funded Women’s Economic and Social Empowerment Program to work together to raise awareness of and promote long-term investing in the EGX, saving, microfinance, and microins. among women, according to an FRA statement.

Egyptian talk shows continue their coverage of the economy, a bigger IMF package

It was another econ-heavy night to wrap up one very econ-heavy week, as the nation’s talking heads continued their coverage of our IMF loan agreement.

A larger IMF package won’t come easy: The Fund is “seriously” considering at least doubling our USD 3 bn loan agreement to USD 6-10 bn but that hinges on two factors — the government providing sufficient proof that it can bring inflation down to a single digit figure and having sufficient FX reserves to keep the EGP from freefalling when the CBE floats the currency, House Budget Committee head Fakhri El Fiqi told Yahduth Fi Misr’s Sherif Amer (watch, runtime: 4:22). Amer also interviewed economist Mostafa Badra, who said that the IMF would increase the loan program proportionately with how much the central bank is willing to devalue the EGP (watch, runtime: 7:40).

Our FX shortage means price hikes all over: “As long as we have a USD problem, we’ll have problems regarding everything else,” Ala Masouleety’s Ahmed Moussa said (watch, runtime: 3:19). His statement echoed across the airwaves with deputy head of the Federation of Egyptian Industries’ (FEI) building materials industries division, Kamal El Dessouki telling Masaa DMC (watch, runtime: 4:11 | 6:38) that if the state doesn’t bridge the gap between the official and black market USD rate “none of the commodity-related issues in Egypt will be solved.”

CBE says no new daily withdrawal caps here:The central bank’s ceiling on cash withdrawals remains unchanged — at EGP 150k for both companies and individuals, it said in a statement (pdf) yesterday. This came following a number of local media reports that said otherwise. “Unfortunately, media outlets were sharing rumors based on a dated central bank statement,” Moussa said (watch, runtime: 7:10).

Japan’s Yazaki kicks off construction of auto parts factory in Egypt’s Fayoum

AUTOMOTIVE-

Yazaki breaks ground on auto parts factory: Japanese manufacturer Yazaki has broken ground on its EUR 30 mn auto parts factory in Fayoum’s first freezone, cabinet said in a statement. The entirety of the factory’s production is earmarked for exports, with plans to export EUR 100 mn worth of auto parts a year when fully operational by the end of 2024. The factory plans to kick off its first phase of production within the coming months.

ICYMI- The General Authority for Freezones and Investment approved the golden license for the factory in 2022, making Yazaki one of the first companies to receive a single-approval license in the country.

REAL ESTATE-

Ora goes to Iraq: Sawiris-owned Ora Developers inked an agreement with the Iraqi government to develop a new residential city in Iraq, according to the Iraqi News Agency. The project — dubbed Ali Al Wardi New City — will house 120k residential units and is set to be the biggest residential complex in Iraq.

INVESTMENT-

Bosta receives investment from Avanz Capital: Avanz Capital Egypt has made an undisclosed investment in local delivery startup Bosta through its SMEs-focused private equity vehicle Avanz Manara, alongside other institutional private capital firms, the two sides said in a joint statement (pdf). The funds will be used to aid Bosta’s expansion in Saudi Arabia, CEO and co-founder of Bosta Mohamed Ezzat told Enterprise. Ezzat refused to disclose the value of the investment when we asked.

Avanz Capital has more investments in the pipeline: Avanz Capital is looking to invest EGP 70-100 mn in three unnamed companies this year, managing director Haytham Wagih told Al Borsa. The firm also has plans to invest in MSMEs-, tech-, and fintech-focused funds.

EVS-

More EV charging stations incoming: Taqa Arabia’s Taqa Power subsidiary Taqa Volt will develop, manage, operate, and maintain nine EV charging stations in New Cairo’s Cairo Festival City, under an agreement inked with Al Futtaim Real Estate, according to a statement (pdf).

Aramco could float more shares on Tadawul

More Aramco shares up for grabs? Saudi Aramco will reportedly move forward with stalled plans to list more shares on the Tadawul — in what is set to be one of the biggest share sales in recent years, sources told Bloomberg. The oil giant is looking to raise at least SAR 40 bn (USD 10 bn) in proceeds from the offering.

Aramco made its Tadawul debut in 2019, raising over USD 29 bn in what remains to be the biggest IPO in history. The company floated a 1.5% stake for a top of the range price of SAR 32 a piece in a transaction that valued the company at USD 1.87 tn.

The Enterprise take: Aramco would have to float 1.3 bn shares if it were to raise the minimum target of SAR 40 bn at yesterday’s closing share price. The share price fell 2.2% to SAR 30.6 per share on yesterday’s close.

ALSO WORTH NOTING-

#1- World’s largest sovereign fund had a bumper year: Norway's USD 1.6 tn sovereign wealth fund — the world’s largest — reported record gains of NOK 2.2 tn (USD 213 bn) over 2023, driven by strong returns on investments. This is a stark contrast to the record losses the fund saw in 2022. (Statement | CNBC)

#2- Binance customers wary: Beleaguered crypto exchange Binance will allow select traders to hold their assets with independent banks outside of the platform as customers seek safehaven custodians with regulatory oversight. (Financial Times)

#3- China embarks on banking shake-up: Hundreds of Chinese rural banks will soon merge into regional lenders as part of a consolidation push, as the country’s deepening property crisis has placed pressures on its USD 6.7 tn banking sector. (Bloomberg)

EGX30	28,282	-6.8% (YTD: +13.6%)
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	11,797	-1.6% (YTD: -1.4%)
ADX	9,508	-0.1% (YTD: -0.7%)
DFM	4,169	0.0% (YTD: +2.7%)
S&P 500	4,846	-1.6% (YTD: +1.6%)
FTSE 100	7,631	-0.5% (YTD: -1.3%)
Euro Stoxx 50	4,648	-0.3% (YTD: +2.8%)
Brent crude	USD 81.71	-1.4%
Natural gas (Nymex)	USD 2.13	+1.6%
Gold	USD 2,057	-0.5%
BTC	USD 42,578	-1.8% (YTD: +0.8%)

THE CLOSING BELL-

The EGX30 fell 6.8% at yesterday’s close on turnover of EGP 8.4 bn (148.2% above the 90-day average). Foreign investors were net buyers. The index is up 13.6% YTD.

In the red: Oriental Weavers (-15.9%), Talaat Moustafa Group (-15.3%), and Credit Agricole (-14.3%).

Asian markets are mixed in early trading this morning after the US Federal Reserve yesterday poured cold water on expectations that it could start cutting interest rates as early as March. The ASX 200, Nikkei, and Shanghai were all in the red, while the Kospi and Hang Seng are (just barely) clinging to the green. Futures point to a soft opening in Europe, with most major benchmarks in the red, while Wall Street could shrug off concerns — futures for the Dow, Nasdaq, and S&P 500 are all in the green at dispatch time this morning.

CALENDAR

2024

FEBRUARY

4 February (Sunday): The Senate 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.

15-16 February (Thursday-Friday): Brazilian President Luiz Inácio Lulada Silva meets with President El Sisi in Cairo.

19-21 February (Monday-Wednesday): Egypt Energy Show, Egypt International Exhibition Center

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).

15-21 April (Monday-Sunday): The IMF / World Bank Spring Meetings.

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC) (national holiday).

28 April (Sunday): Grace period to ins. brokerage firms to comply with Law 215 for 2023 expires.

28-29 April (Sunday-Monday): Saudi Arabia hosts a World Economic Forum (WEF) meeting on ‘global collaboration, growth, and energy.’

29 April (Monday): The government’s car export scheme expires.

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.

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

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.

February 2024: Egypt will sign a USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC).

February 2024: Funds from the Islamic Development Bank for the high speed electric railway will get the sign off.

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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