EU package coming our way?

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What We're Tracking Today

Could the EU announce Egypt’s EUR multi-bn package today?

Good morning, wonderful people. It’s another econ-heavy morning with the newsflow still driven by the float of the EGP — and that’s not going to change as we look ahead to the announcement today of an assistance and investment package from our friends in the European Union.

A delegation led by European Commission President Ursula von der Leyen will be in town today. Word is that the prime ministers of Greece, Italy, and Belgium will also be making the trip — the first two are long-time allies of Egypt in the bloc. It’s rare, to say the least, to see Von Der Leyen here with three heads of government.

The expectation is that we’re in line for a multi-bn EUR support package, but it won’t be the EUR 7.4 bn that the Financial Times says we’re getting.

Look for a package worth EUR 5 bn through 2027, with as much as EUR 1 bn of that fast-tracked for disbursal 1-2 weeks down the road, a senior EU diplomat tells us. The remaining EUR 4 bn in medium-term support will need to go through the European Parliament, where a number MEPs have been vocally critical of Egypt.

EUR 5 bn tracks with what Finance Minister Mohamed Maait has guided us all on: He’s said previously that he expects EUR 4.6-5.5 bn from our European allies. Greece and Cyprus remain strong regional allies of Egypt and business and economic ties with Italy are warming, but many in the bloc are backing support for Egypt as part of a broader policy to stem illegal migration to Europe.

WATCH THIS SPACE #1- The IMF executive board has yet to put Egypt on its public calendar, which now extends through 26 March. We expect the board to meet by month’s end provided the staff-level agreement on our assistant package gets circulated in time to give the board two weeks’ notice of what they will be voting on.

AND- Separate talks are still continuing that could see officials line up another USD 1-1.2 bn in climate finance under the Fund’s Resilience and Sustainability Facility.

WATCH THIS SPACE #2- There’s still no word on how much funding we may be getting from the World Bank. The Madbouly government has suggested we could be getting as much as USD 3 bn from the lender

So, when do we eat? Maghrib prayers are at 6:05pm in the capital, and you’ll have until 4:34am tomorrow to hydrate and caffeinate ahead of fajr.

PSA- Greater Cairo will experience light rain and wind throughout the day, according to the Egyptian Meteorological Authority and our favorite weather app.

The search for the next IMF chief begins: The International Monetary Fund has begun its official selection process for its next director. The Fund’s current head Kristalina Georgieva is widely expected to be nominated again to serve a second five-year term. The Fund’s board expects to make its decision by the end of April.

Egypt and Georgieva have history: Under her leadership, Egypt was able to secure a USD 3 bn loan from the fund, which was then expanded to USD 8 bn. In the process, she held talks with basically every higher up in the country — President Abdel Fattah El Sisi, Prime Minister Moustafa Madbouly, CBE governor Hassan Abdalla, and Finance Minister Mohamed Maait.

SIGN OF THE TIMES-

MAF revenues take hit on the back of weakening currencies + boycotts: Dubai-based conglomerate and long-time key investor to Egypt Majid Al Futtaim saw revenue from its retail sector fall 4% y-o-y to AED 24.7 bn (c. USD 6.7 bn) in 2023, according to its latest earnings release (pdf). The company — which owns and operates French supermarket brand Carrefour in some 70 locations across Egypt — attributed the slump to “currency devaluation in Egypt, Lebanon, Pakistan, and Kenya … and a shift in consumer sentiment related to geopolitical tensions in the region.” Carrefour last year entered Israel, putting it on the list of brands boycotted by consumers.

How might this impact Egypt? “The company is still on track to open 200 additional grocery retail stores between now and 2030,” the company assured in a statement seen by Bloomberg, and still intends to pump EGP 30 bn over the next ten years into expanding grocery retail, real estate, shopping mall and entertainment companies in Egypt.

HAPPENING TODAY-

The EGX will halt trading on Arafa Holding, the company behind fashion brand Concrete, starting today as the holding company carries out a demerger, according to an EGX disclosure (pdf). The transaction will see our friends at Arafa rebrand to Concrete Fashion Group for Trade and Industrial Investment and spin off subsidiary Gtex for Trade and Industrial Investments.

Shares of the two companies will be trading on the EGX starting Sunday, 24 March. We’ll have more soon, but the star to watch will be Concrete Fashion Group, which will make its market debut with an impressive board, strong management team, and assets that include domestic fashion player Concrete as well as a strong export portfolio.

DATA POINT

More imported cars on the road: Some 25k cars have been delivered to Egyptians under the Madbouly government’s expat car import initiative with 250k import approvals issued, according to a statement from the Finance Ministry. Some 470k Egyptian expats have signed up for the scheme.

WAR WATCH

Ceasefire talks to resume as Rafah assault looms: Despite agreeing over the weekend to send a delegation to Qatar for ceasefire negotiations today, Israel has doubled down on its intentions to attack Rafah — one of the world’s most densely populated places that is home to nearly 1.5 mn displaced Palestinains. Ceasefire talks should restart today in Doha, but could be pushed to tomorrow, the Associated Press reports, citing unnamed Egyptian officials.

THE BIG STORY ABROAD-

It’s unusually quiet in the global press even for a Sunday, with no single story dominating the headlines.

Joe Biden gave a thumb-up to the US Senate majority leader’s speech slamming Benjamin Netanyahu, in which Chuck Schumer called the Israeli PM an obstacle to peace in our region.

On planet finance: Sam Bankman-Fried could face up to 50 years in jail — that’s the recommendation from prosecutors, while his lawyers are saying he should face no more than 6.5 years behind bars. He was found guilty of seven charges in a crypto scheme last year.

The latest sign that PE loves advisory firms: The US arm of Grant Thornton is selling a majority stake to buyout firm New Mountain Capital. Check out the joint press release.

AND- Consulting firms may be doing amazing business in our part of the world, but it’s not like that in the US of A, prompting the Wall Street Journal to ask on its front page why, if consultants are paid to fix businesses, can’t they fix their own?

Standard Chartered, Goldman Sachs, and Fitch chime in on Egypt’s economic forecasts

What does the Egyptian economy look like post float? Goldman Sachs, Standard Chartered, and Fitch all weighed in over the weekend on the future of the economy, updating their forecasts and predictions of where they see the EGP / USD exchange rate settling, FX inflows, and FX liquidity.

In context: The fresh forecasts came one week after the central bank moved forward with highly-anticipated reforms — floating the EGP and hiking rates by 600 bps — in efforts to boost FX liquidity in the banking system, clamp down on black market trade, and reignite investor confidence in the economy.

#1- Significant FX inflows around the corner: Egypt has delivered a “long-awaited inflection point” that is expected to attract portfolio inflows of over USD 50 bn, Standard Chartered MENA economist Carla Slim said in an interview with Bloomberg TV (watch, runtime: 4:13). The British multinational lender expects forthcoming Saudi investments of around USD 5 bn to flow into the country as the Ras El Hekma agreement becomes a “template” for further investments.

Inflows to peak this year? Goldman Sachs expects foreign direct investment to more than triple y-o-y to USD 33.5 bn in 2024, before falling back to USD 12.9 bn next year, economist Farouk Soussa wrote in a note seen by Enterprise. He also sees portfolio inflows growing over 16x from 2023 to USD 15 bn this year, before settling at USD 2 bn in 2025 and 2026.

#2- Exchange rate realignment: Standard Chartered now sees the EGP ending the year at 45 against the greenback on the back of the sizable USD inflows, Slim said. “So far what we've seen is an overshooting of the FX to about 50 levels. We've already started to see the currency retrace a little bit,” which suggests that “there are more volumes [of FX] in the markets,” she added. Fitch Ratings, on the other hand, expects “a broadly stable USD-EGP exchange rate for the rest of 2024,” it said on Thursday.

#3- External funding surplus: Goldman Sachs is penciling in a cumulative funding surplus of USD 26.5 bn through to 2027 — compared to previous projections of a funding deficit of USD 13 bn — as external financing arrives to the state coffers. The funding surplus is expected to reach USD 15.7 bn in 2024 before a deficit of USD 209 mn is incurred next year, followed by a USD 3.5 bn surplus in 2026.

#4- FX reserves to rise: Goldman Sachs sees gross FX reserves rising to c. USD 61 bn by the end of 2027, and is projecting an even greater jump in net reserves as deposits from GCC countries at the central bank are converted into equity for new projects.

#5- FX liquidity in banking sector to pick up: The banking sector’s foreign currency liquidity is expected to “improve significantly” following the float and as the country unlocks fresh financing from the UAE, IMF, and other lenders over the next few months, according to Fitch. As a result, the sector’s net foreign liabilities will “narrow significantly” in 2024 from USD 17.6 bn in January, the agency said, stopping short of providing a future estimate.

Fitch wants to see signs of sustained progress before upgrading Egypt’s credit rating

Fitch doesn’t see a credit rating upgrade in the cards just yet: Egypt’s recent string of positive economic developments — the USD 35 bn Ras El Hekma agreement, our expanded USD 8 bn IMF program, and the central bank’s decision to float the EGP that seems so far to be going to plan — are not enough for Fitch Ratings to upgrade the country’s sovereign credit rating or outlook, the agency’s head of Middle East and Africa sovereigns Toby Iles told Reuters. The developments were “already sort of baked into the rating and its stable outlook,” Iles said.

Remember: The credit rating agency in November cut our credit rating to B- from B and revised its outlook to stable from negative.

Fitch is concerned about the sustainability of our reforms: “To think about positive rating action, a reduction in external vulnerabilities was one thing we identified. And I think we certainly have that in the near term. It's the question of whether vulnerabilities re-emerge,” Iles told the newswire.

Fitch seems skeptical about the float: Recent EGP gains could quickly be wiped out — as was the case following the 2016 devaluation — if the country doesn’t see a durable move towards a flexible exchange rate regime, Iles explained. “Some sign that it's actually floating, that would clearly be positive, because it means they have this way of absorbing shocks which they have not had before,” Iles said.

Debt affordability is also a sticking point: The country’s debt trajectory is "quite severe” with the debt-to-GDP ratio close to 100% and the interest cost to government revenue nearing 50%, he noted, adding that curbing inflation could help lower interest rates and, in turn, the government’s debt costs.

On the bright side: The central bank’s decision to float the EGP “will have quite a powerful impact on remittances” and could help offset financial losses triggered by the war on Gaza, he said.

Remember: Remittances from Egyptian expats abroad have reportedly increased 10-fold since the float of the EGP earlier this month after dipping 30% y-o-y to USD 22 bn in 2023.

The verdict will be out in a couple of months: Fitch will review the country’s rating in May, which Iles reckons is too early to judge the trajectory of Egypt’s public finances.

Moody’s is a lot more optimistic: Fitch’s view stands in contrast to Moody’s, which earlier this month upgraded Egypt’s outlook to positive from negative on expectations that FX flows from the Ras El Hekma agreement will cover the country’s external financing gap until the fiscal year 2025-2026 and strengthen “macroeconomic rebalancing.” Moody’s also upgraded the long-term deposit ratings outlook of five local banks to positive from negative a few days later.

Foreign investors have poured USD 3 bn into Egypt following the float of the EGP

Everyone wants a piece of Egypt: Foreign investors have poured over USD 3 bn into Egypt since the central bank floated the EGP and announced a jumbo 600 bps rate hike over a week ago, a government source told Enterprise. The number is expected to jump to USD 30 bn before the end of the year, they added.

Another successful EGP t-bill auction: The CBE raised EGP 217.9 bn-worth of one-year t-bills and EGP 46.8 bn-worth of six-month t-bills on Thursday, according to data on the bank’s website. The bank’s one-year bills received offers over 13x its original ask and its six-month bills 4x its ask.The average yield for the one-year bills dropped down to 30.14% from 32.30% the week before, while the six-month bills’ average yield dropped to 29.91% from 31.84% the week before.

Why the love for EGP t-bills? Investors have been loving Egypt’s short-term debt instruments post-float and their confidence was affirmed after JPMorgan and Citigroup recommended buying one-year EGP t-bills. And the CBE has been taking full advantage of that, auctioning off EGP bns worth of t-bills since the float.

Bonds have been having a tougher time: Last week, the government declined all bids in an auction of local currency t-bonds, reluctant to meet the high interest rates demanded by investors. Higher pricing on longer-term instruments generally reflects investors’ views of risk on that time horizon — but can also simply be a case of investors waiting to lock in better returns by seeing whether they can bid up the yield.

Bills or bonds?The government is currently looking into what kind of local debt investors prefer to help it decide on what local debt instruments to lean more towards moving forward. The government will work to extend the average maturity of medium-term debt to 4-5 years, instead of three, the source added.

ALSO- Euroclear talks back on the table: Talks between the Madbouly government and European clearinghouse Euroclear have resumed after breaking down in November due to disagreements about the taxation of Egyptian debt, our source said. We have for years been in talks to make our debt “euroclearable,” a step that would make local-currency bonds more accessible to foreign investors and boost capital inflows.

OTHER SIGNS THE FLOAT IS DOING ITS JOB-

More foreign currency inflows at the state’s FX bureaus: Customers have sold over EGP 2.3 bn worth of foreign currency at the National Bank of Egypt’s foreign currency exchange bureau Al Ahly Exchange, Banque Misr’s Misr Exchange, and Banque du Caire’s Cairo Exchange, Al Borsa reported yesterday. Most of the transactions at the bureaus were USD sales, with SAR and EUR accounting for a smaller portion of the transactions.

Demand for the USD is on the decline thanks to a better supply of the hard currency in banks and a faster release of goods stuck at ports, CBE governor Hassan Abdalla said during a meeting that covered the “positive indicators” of the size of FX inflows.

Chevron to drill first gas well in Egypt’s Nargis 2 concession by end of 2024

Chevron pushes ahead with EastMed drilling plans: US energy Chevron plans to start drilling the first extraction well in its Nargis 2 gas field in the eastern Mediterranean by the last quarter of this year, with initial investments amounting to USD 60 mn, an unnamed government source told Asharq Business.

Nargis is one of the largest gas fields in the country, sprawling 1,800 sq. km and holding an estimated 3.5 tn cf of gas. Chevron will reportedly invest USD 3 bn over two years starting in 1H 2024 to develop the gas field, according to unconfirmed media reports in September.

The ownership breakdown: Chevron and Italy’s Eni each own a 45% stake in the concession, while state-owned Tharwa Petroleum holds the remaining 10%.

ICYMI- Production of gas from Nargis 1 is slated for 1H 2025 with expected production to reach 600 mn cubic feet (cf) per day during the first phase of production, before ramping up to 1 bn cf per day within two years.

Upping production is a pressing concern for the government: Natural gas production has fallen to 5.5 bn bcf per day on the back of the natural decline of gas fields, Oil Minister Tarek El Molla said at the Egypt Energy Show last month. Natural gas production had stood at an average of 6.2 bcf/d in the previous year — and 6.7 bcf/d the fiscal year before that. The Oil Ministry wants to attract around USD 7.5 bn in foreign direct investments from foreign partners in the Egyptian oil sector during the next fiscal year, compared to the USD 6 bn in investments expected in the current fiscal year to drill new wells and expand production, El Molla said.

Mohamed Ismail Khaled tapped as head of Egypt’s Supreme Council of Antiquities

The Supreme Council of Antiquities has a new head: Mohamed Ismail Khaled has been appointed as secretary-general of the Supreme Council of Antiquities, according to a statement from the Tourism Ministry. Khaled, who has already served in leadership roles in the council and has taught at universities across the world including Yale University and the University of Würzburg, will take over the role from Mostafa Waziri who had held the position since 2017.

What does the UAE stand to gain from its investment in Egypt’s Ras El Hekma?

Ras El Hekma is once again leading the conversation on Egypt in the international pages: Bloomberg is out with a piece and a 48-minute podcast exploring the strategic aims of the UAE that lie behind its decision to invest USD 35 bn in Egypt’s North Coast.

Fast fact that we here at Enterprise hadn’t twigged to: The UAE is deploying a sum equal to 7% of its GDP, write Mirette Magdy, Ziad Daoud, and Michael Gunn.

ALSO- A major fire broke out at Al Ahram Studio in Giza in the early hours of Saturday, destroying the 80-year-old production site and causing damage to the facades of seven neighboring buildings, according to a cabinet statement. At least 14 people were injured.

The story received ink from: BBC and AFP.

Al Ahly Sabbour wants in on Ras El Hekam

REAL ESTATE-

Al Ahly Sabbour wants a piece of Ras El Hekma: Egyptian real estate developer Al Ahly Sabbour plans to purchase 1k feddans in the Ras El Hekma project for an urban and tourism project, chairman Ahmed Sabbour told Al Arabiya Business.

INFRASTRUCTURE-

Kharafi to boost the capacity of Roubiki Leather City’s sewage plant: Kharafi National, a subsidiary of Kuwait's M.A. Kharafi & Sons, has inked an EGP 2.8 bn agreement with the Egyptian government to triple the capacity of the sewage treatment plant in Roubiki Leather City to 24k cubic meters per day, according to a statement. The upgrade will take two years to implement.

TELECOMS-

A better-connected Egypt? Homegrown satellite operator Nilesat has purchased a satellite ground network system — dubbed JUPITER — from a US-based broadband satellite services provider Hughes, according to a statement. The system aims to provide satellite broadband connectivity in Egypt and mainly aims to provide internet access to rural areas.

DIPLOMACY-

Spanish Foreign Minister José Manuel Albares was in town, where he held discussions centered around the situation in Gaza and Egyptian-Spanish cooperation with President Abdel Fattah El Sisi and Foreign Minister Sameh Shoukry. A ceasefire in Gaza is the “first step” to a two-state solution, Albares said during his joint presser (watch, runtime: 31:14) with Shoukry.

MANUFACTURING-

More on Agthia’s plan to make Egypt an export hub: ADQ-owned Emirati F&B company Agthia plans to set up an export facility in Egypt to serve markets in the Gulf and North Africa, Mubarak Al Mansoori, head of the company’s snack sector and government relations, told the Middle East News Agency. No details were given on the project’s value, location or timeline.

This isn’t the first time Agthia mentions its plan: Last year, Agthia unveiled its plans to make Egypt an export hub for its products.

Dubai’s first IPO of the year was 165x oversubscribed

Dubai’s public parking operator Parkin raised AED 1.57 bn (c. USD 429 mn) from its IPO, with over AED 259 bn in orders from local, regional, and international investors at the close of the offering period, according to a statement (pdf). The order book was 165x oversubscribed, breaking the Dubai Financial Market record for oversubscription, the company said. Dubai Taxi most recently set that record when it went public in December.

Share price set: The company set its final IPO price at the top of its initial price range at AED 2.1 per share.

Shares will start trading on the DFM on Thursday, 21 March,under the ticker PARKN.

ICYMI-Dubai’s Road and Transport Authority launched Parkin in January, just a few months after saying it would go public with its taxi and parking assets. The company takes care of the design and management of public and private parking spaces in the emirate and issuing parking permits.

Advisors: Rothschild & Co’s Middle East division is the independent financial advisor, while our friend at HSBC are joint global coordinators alongside Emirates NBD, Goldman Sachs, and Abu Dhabi Commercial Bank. Our friends at EFG Hermes UAE FAB are joint bookrunners.

EGX30	31,316	+1.0% (YTD: +25.8%)
USD (CBE)	Buy 47.77	Sell 47.90
USD at CIB	Buy 47.75	Sell 47.85
Interest rates CBE	27.25% deposit	28.25% lending
Tadawul	12,729	0.0% (YTD: +6.4%)
ADX	9,221	-0.4% (YTD: -3.7%)
DFM	4,262	-0.7% (YTD: +5.0%)
S&P 500	5,117	-0.7% (YTD: +7.3%)
FTSE 100	7,727	-0.2% (YTD: -0.1%)
Euro Stoxx 50	4,986	-0.1% (YTD: +10.3%)
Brent crude	USD 85.34	-0.1%
Natural gas (Nymex)	USD 1.66	-4.9%
Gold	USD 2,156	-0.3%
BTC	USD 66,109	-3.3% (YTD: +57.0%)

THE CLOSING BELL-

The EGX30 rose 1.0% at Thursday’s close on turnover of EGP 4.5 bn (6.7% below the 90-day average). Local investors were net buyers. The index is up 25.8% YTD.

In the green: GB Corp (+10.0%), Edita (+5.0%), and Delta Sugar (+3.8%).

In the red: Egypt Kuwait Holding (-7.7%), E-Finance (-3.2%), and Juhayna (-2.1%).

CALENDAR

2024

MARCH

20 March (Wednesday): End of sugar export ban.

28 March (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

28 March (Thursday): Industrial Development Authority to close applications for 1 mn sqm of land in 10 different governorates.

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

APRIL

1 April (Monday): Deadline to bid for 23 blocks in an international oil and gas tender.

2 April (Tuesday): President Abdel Fattah El Sisi swearing in ceremony, New Administrative Capital.

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).

26 April (Wednesday): Clocks move forward one hour at midnight as daylight saving time starts.

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).

20 May (Monday): Malaysian Palm Oil Forum in Cairo, with attendance from Malaysian Plantation and Commodities Minister Johari Abdul Ghani.

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.

April 2024: President Abdel Fattah El Sisi will visit Turkey.

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

1Q 2024: Opening of the newly developed Pyramids Plateau in Giza.

1Q 2024: The government is set to finalize the sale of the Gabal El Zeit wind farm.

February-May: The Grand Egyptian Museum could officially open to visitors.

March 2024: The USD 2.7 bn MIDOR Refinery is set to begin full operations.

May 2024: Arab Finance Ministers’ meeting at Egypt’s administrative capital.

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.

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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