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Fitch upgrades Egypt’s growth outlook for 2025-2026

1

What We're Tracking Today

Mr. Beast is renting the Giza Pyramids for a YouTube video

Good morning, friends. We have made it to the end of one very busy week and couldn’t be happier as we slide into one of the very last weekends of 2024.

TOPIC OF THE HOUR- Mr. Beast is taking over the pyramids. Internet sensation and the biggest YouTuber in the world, Mr. Beast is renting the Giza Pyramids for 100 hours to film a YouTube video, he said. “We’re gonna sleep at the pyramids … we worked with the Egyptian government … I want to find secrets and go through all the rooms and tombs,” he said.

People aren’t happy: The public response to the news was mostly negative, with people unhappy with the pyramids being rented out to someone they expect won’t be too respectful.

What to expect? Jimmy (aka Mr. Beast) is known for his fast-paced, over-the-top videos that accumulate 100s of mns of views —- some of his most popular include “Ages 1 - 100 Fight For USD 500k ” and “ Would You Sit In Snakes For USD 10k? ” And while the pyramids video is yet to be filmed and Jimmy gave us no indication of when it would be released, odds are good it will follow a similar formula.

WATCH THIS SPACE-

Could the new capital host the annual Forbes Forum? Forbes International is looking to hold its annual forum at the new capital, Prime Minister Moustafa Madbouly said during a meeting with Forbes Global President Peter Hung, where the two sides followed up on the construction of the Forbes International Tower in the new capital.

HAPPENING TODAY-

#1- It’s the last chance for investors to subscribe to Catalyst’s SPAC capital increase: Investors have only today to subscribe to impact investor Catalyst Partners’ SPAC, Catalyst Partners Middle East’ (CMPE) capital increase. The offering aims to raise the SPAC’s capital to EGP 235 mn through 22.5 mn shares — valued at EGP 10 per share — and was fully covered during its first day, sources close to the transaction told EnterpriseAM.

Remember: The SPAC is looking to acquire six to ten companies — including two fintech and NBFS firms — the firm’s Chairman Maged Shawky previously said.


#2- D-8 Summit kicks off in Cairo today: Egypt is hosting the D-8 Organization for Economic Cooperation summit today, bringing together leaders from member nations to discuss efforts to confront economic and political challenges under the theme Investing in Youth and Supporting Small and Medium Enterprises Shaping Tomorrow's Economy.

Remember: Egypt took over the rotating presidency of the D-8 cooperation and is heading the group until the end of 2025. During its time as president, Egypt aims to set up several networks, including those of economic research centers and diplomatic training centers.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 21°C and a low of 14°C, according to our favorite weather app.

It’s a tad colder in Alexandria, with a high of 20°C and a low of 12°C.

And over the weekend, expect to see a high of 21°C and a low of 12°C in the capital.

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

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

DATA POINT-

Egypt makes up 58% of the region’s USD 7.2 bn gaming industry market, eProjects CEO Sherif Elbassiouny said at a press conference announcing the upcoming Gamergy festival to take place in Egypt next month, according to Almotawwer.

CIRCLE YOUR CALENDAR-

Global tender for raw materials exploration: The Egyptian Mineral Resources Authority launched a global tender for the exploration of kaolin sand, glass sand, and other minerals yesterday, according to a statement from the Oil Ministry. Investors have until 13 February to submit their offers.

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-

One single story is on every front page this morning: The Federal Reserve has slashed rates for the third time this year but will be more cautious moving forward, Fed Chair Jerome Powell said in remarks that sent US stocks falling. (CNBC | Bloomberg | FT | AP | Reuters)

^^ We have the full story in this morning’s Planet Finance.

IN TECH NEWS- The US Supreme Court will next month hear TikTok’s challenge to a law that could potentially ban the application in the US. Meanwhile, the EU is pushing Apple to make its operating system more compatible with rivals.

Somabay, every reason to fall in love.

2

Economy

Fitch upgrades its growth outlook on Egypt for 2025-2026

Fitch Solutions’ research unit BMI now expects the Egyptian economy to grow 5.1% in FY 2025-2026, up 0.4 percent points from its previous 4.7% projection, it said in its latest country risk report for Egypt. The decision was supported by an expected improvement in Red Sea navigation, an uptick in the services sector on the back of calming geopolitical risks, and lower borrowing costs pushing up investment.

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

But its forecast for the current fiscal year is not as rosy: The Fitch research unit trimmed its growth projection by 0.5 percentage points for FY 2024-2025 and now sees Egypt’s economy growing at a 3.7% clip, down from the 4.2% forecast in September. BMI attributed the cut to weaker performance in the last quarter of the 2023-2024 fiscal year alongside the ongoing disruptions in the Red Sea that are cutting down on Suez Canal receipts.

Despite the downgrade, we’re still up on the previous fiscal year, with the report noting that the recovery of non-oil exports and increased investment will keep the country’s growth above the 2.4% mark, seen last fiscal year.

BMI’s forecast is more pessimistic than most, sitting below both the government's 4.2%growth target for the year and the IMF’s expected 4.1%. However, the forecast remains above the World Bank’s penciled 3.5% growth.

PLUS- Fitch doesn’t expect the EGP to weaken any further against the greenback thanks to improved investor sentiment and market intervention. Projections of a weaker USD and easing geopolitical tensions, which will help Suez Canal revenues recover, will help the EGP regain some of its losses.

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3

Logistics

AD Ports taps Hassan Allam Construction for Safaga terminal infrastructure in Egypt

Hassan Allam secures another big port construction project: The Emirati, ADQ-owned port giant Abu Dhabi Ports has chosen local construction and contracting leader Hassan Allam Construction to build the infrastructure for its Noatum Ports at the Safaga terminal in the Red Sea, according to a joint statement (pdf). Details about the cost of the agreement are yet to emerge.

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

Remember: AD Ports will develop and operate the container terminal at Safaga Port under a USD 200 mn, 30-year concession agreement that has been in the works since at least 2021. The project — that was finalized in an agreement in late 2023 — initially pencilled in operations kicking off in in 2Q 2025, handling some 5 mn tons of dry bulk, 1 mn tons of liquid bulk, 450k TEUs of containerized cargo, and 50k car-equivalent units (CEUs) of roll-on, roll-off cargo. Needed infrastructure includes administrative buildings, warehouses, roads, utilities, security systems, and more.

What they said: “We welcome this opportunity to work with AD Ports Group, one of the fastest growing trade, transport and logistics groups in the Middle East, to deliver Noatum Ports – Safaga Terminal, which will be a key addition to Egypt’s maritime and ports infrastructure on the Red Sea,” Hassan Allam Holding CEO Hassan Allam said. “With our track record of more than 90 years, Hassan Allam Holding looks forward to delivering this large-scale, strategically important project for Egypt.”

Data point: AD Ports has invested some USD 349 mn in Egypt over the last three years when it really began to establish itself in the country. The global port operator has now acquired local logistics firms TCI and Transmar and maritime services provider Safina. It has also landed an agreement to develop, operate, and manage three cruise terminals in Hurghada, Safaga, and Sharm El Sheikh and another for a planned roll-on, roll-off ship terminal and cruise terminal in Ain Sokhna Port.

4

Automotive

Egypt allocates plot for Al Mansour Automotive and SAIC’s MG assembly plant

All gas, no brakes for plans to locally assemble MG-branded vehicles: Al Mansour Automotive and Chinese state-owned SAIC’s project to assemble traditional and electric cars for SAIC-owned brand MG in Egypt are moving along, with the government allocating a 21k sqm plot in Sixth of October for the project, Al Mal reports, citing unnamed Industry Ministry sources.

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

We got a more definite date of when to expect production to kick off, with the outlet's sources saying that vehicles should start rolling off the assembly lines in 2026. The factory will put out a total of 15k cars a year.

Remember: The two have been working together for some time now, with Al Mansour securingthe rights to be MG’s exclusive distributor in Egypt back in 2018. Just a year after this, we first heard about Al Mansour Automotive’s plans to produce MG-badged vehicles in partnership with MG Motor parent company SAIC.

Much like other recently announced projects, localization is the name of the game, as the project aims to have a local component ratio of up to 45%. The ratio of local components will be increased as time goes on, with Al Mansour reportedly eager to take advantage of the government incentives to localize production.

** We did a deep dive into the challenges facing automakers in Egypt in our weekly Inside Industry column. Check out the story here.

5

Cabinet watch

AMEA Power’s 1 GW solar plant in Egypt’s Benban gets golden license

It was a busy Wednesday at the cabinet, with ministers approving a slew of decisions. Among the most notable are:

#1- Fast tracking AMEA’s Benban solar plant: UAE’s AMEA Power will receive a golden license for its 1 GW solar power plant with 600 MWh battery storage system in Benban after the cabinet approved the move. The project will see investments of USD 850 mn and will be carried out across two phases, the first will start operations next August and see 300 MW of power and half the battery storage capacity come online and the second will kick off operations in April.

Remember: AMEA inked the purchase power agreement for the project with the Egyptian Electricity Transmission Company in September. The project is expected to be the continent’s largest.

AMEA has been keeping busy: The firm is working to set up a USD 600 mn, 5 GW wind power project in the Gulf of Suez in cooperation with the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority. And earlier this month, it inaugurated its 500 MW Abydos solar plant in Kom Ombo.

#2- Expanding the scope of those receiving funding for retrofitting and purchasing green vehicles: The cabinet a draft law amending the Traffic Law to include expand the list of those eligible for financing under the fund granting support to those who purchase green vehicles to include those retrofitting vehicles — only those manufactured in the past 20 years — to run on clean energy as well as for purchasing eco-friendly vehicles.

#3- Cabinet approves NUCA’s 80% rule: The cabinet has approved the New Urban Communities Authority’s (NUCA) practice of considering any project completed so long as 80% of it has been constructed as long as all financial dues must be settled and the project meets safety standards.

#4- The cabinet has approved a draft presidential decision to form the Egyptian-Saudi Supreme Coordination Council. The council was announced in October and will be chaired by President Abdel Fattah El Sisi and Saudi Crown Prince Mohammed Bin Salman.

#5- Land allocation for silos: Ministers approved the allocation of land in Luxor, Assiut, and New Valley governorates for the establishment of grain silos.

6

LAST NIGHT’S TALK SHOWS

El Sisi discusses boosting ties with Indonesia’s president

It was another night all about diplomacy: President Abdel Fattah El Sisi received his Indonesian counterpart Prabowo Subianto yesterday — the two held a meeting alongside a number of ministers, before holding a joint presser (watch, runtime 17:53) and releasing a joint statement.

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

The two leaders discussed strengthening ties in the fields of trade, investment, industry, manufacturing, as well as food security, renewable energy, education, and tourism, according to an Ittihadiya statement.

Could we be looking at more Egypt-Indonesia trade? The Indonesian president highlighted “the importance of increasing Indonesian investments in Egypt,” and the possibility of the two sides working together to localize certain industries. Subianto noted his country’s willingness to develop a preferential trade agreement with Egypt.

The two sides agreed to set up a logistics zone in the Suez Canal Economic Zone, with participation from public and private players from both countries, El Sisi said during the presser without providing any further details. Indonesia will send a delegation to Egypt soon to look into the matter as well as to explore palm oil investments.

Regional developments were also among the topics discussed, with both leaders emphasizing the need for a ceasefire in Gaza.

The news received coverage from Ala Masouleety’s Ahmed Moussa (watch, runtime 22:04).

7

Also on our Radar

Hassan Allam Utilities secures USD 40 mn facility for renewables projects

ENERGY-

Leading energy and infrastructure outfit Hassan Allam Utilities secured a USD 40 mn facility from the Private Infrastructure Development Group’s Emerging Africa and Asia Infrastructure Fund, according to a press release (pdf). The funds will help the firm finance 2.3 GW worth of renewable energy projects, including the 1.1 GW wind farm in the Gulf of Suez and 1.2 GW Benban and Wahat Solar photovoltaic plants with linked 720 MWh battery energy storage systems.

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

By the numbers: The projects will add to the 6.7 GW of renewables capacity Egypt had installed at the end of last year.

A boost of confidence in the industry: The transaction “underscores the growing investment potential in Egypt's transition to sustainable energy,” said Hassan Allam Utilities CEO Dalia Wahba.

M&A WATCH-

CIRA taps financial advisor: CIRA Education has appointed BDO Keys Financial Consulting to prepare the fair value study of the company, according to an EGX disclosure (pdf). CIRA shareholders have until 16 January to respond to an offer from Social Impact Capital for up to an additional 48.78% of the country’s leading private education company.

ICYMI- PIF-backed SIC has offered to purchase some 284.3 mn of CIRA’s shares at EGP 15 a piece putting the transaction’s value at EGP 4.26 bn. SIC currently holds a 51.2% stake in the private education company. The FRA greenlit the offer earlier this week.

TAX-

Finance Minister Ahmed Kouchouk has extended the window for settling tax disputes until 30 June 2025 and will offer taxpayers a quick and effective method to settle their custom and tax disputes, according to the decision published in the Official Gazette.

Remember: The cabinet in October approved a draft law to settle the status of taxpayers and end existing tax disputes — part of its wider drive to ease the burden on taxpayers and unify and improve tax services. Cabinet spokesperson Mohamed El Homsani previously said that all tax disputes predating the announcement will be settled as part of wider efforts to build trust with taxpayers.

DEBT-

#1- Fresh funds for petrochemical projects: The National Bank of Egypt is leading two syndicated loans worth a combined USD 700 mn for two petrochemical companies — the Egyptian Soda Ash Company and an undisclosed silicon production firm, Al Arabiya reports citing unnamed sources. Emirates NBD, the National Bank of Kuwait, and QNB are all participating in the funding.

The details: Each of the companies will receive USD 350 mn in ten-year financing — they are expected to ink the final contracts in two months.

#2- Ashry Steel secured EGP 2.35 bn worth of credit facilities from Suez Canal Bank to finance its working capital, Hapi Journal reports. The fresh funds will help the company carry out expansion plans, boost production capacity and exports.

DEVELOPMENT FINANCE-

Fresh concessional loans from Japan: Egypt secured a USD 230 mn concessional loan from Japan to support the state budget, promote private sector development, and diversify the economy, according to a Planning Ministry statement. This came during Planning and International Development Minister Rania Al Mashat’s visit to Japan to celebrate the 70th anniversary of Egyptian-Japanese development cooperation.

And more: Egypt also received a USD 1.2 mn grant from the Japanese side to renovate the Cairo Opera House and another USD 2.3 mn grant to expand agricultural mechanization.

REAL ESTATE-

Real estate developer Namaa Al Khaleej plans to invest EGP 35 bn in Egypt’s real estate sector in 2025, Al Arabiya reports. The company operates in Egypt and GCC nations, and most recently launched its Celesta Mall in Sheikh Zayed.

8

PLANET FINANCE

Fed cuts rates by another 25 bps, signals slower easing cycle next year

The US Federal Reserve cut interest rates for the third time in 2024 by 25 bps, bringing its overnight borrowing rate to 4.25%-4.5%, it said in a press release yesterday. This brings interest rates down a full percentage point this year, after it cut rates by 50 bps in September, and by 25 bps in November.

The Fed is now expected to make two rate cuts next year, according to the closely watched “dot plot,” CNBC reports — half the amount of cuts expected the last time the dot plot was updated in September. The next meeting will take place on 28-29 January.

Still, all options are on the table: The Fed is currently not on “any preset course,” Powell says, and restraint can be “dialed back more slowly” if the economy remains strong, Fed chair Jerome Powell said in a press conference (watch,runtime: 6:53). However, with the current, less restrictive policy stance, coming steps can be more cautious as further adjustments are considered.

Inflation to come in higher than expected: Expectations on inflation remain “well-anchored,” says Powell, with numbers currently still above, but moving steadily toward, the longer term 2% goal. Officials now see inflation coming in at 2.5% by the end of next year, with the 2% target likely out of reach until 2027.

Tariffs? We’ll cross that bridge when we get to it: The effect of Donald Trump’s potential tariffs on the economy is not a present situation to handle, Powell said, according to Reuters, with the proper assessment mainly taking place after the policies are officially issued.

Market reax: US stocks slid after the Federal Reserve’s decision, with the S&P 500 falling 3%, Nasdaq sliding 3.6%, and the Dow Jones declining 2.6%.The USD also hit a two-year high on the news.

MARKETS THIS MORNING-

Asian markets are also in the red following the sell-off on Wall Street, with Japan’s Nikkei down 1.2%, South Korea’s Kospi down 1.7%, and Hong Kong’s Hang Seng falling 0.9%. Wall Street futures are hovering near the flatline.

EGX30

30,503

-0.3% (YTD: +22.5%)

USD (CBE)

Buy 50.81

Sell 50.94

USD (CIB)

Buy 50.81

Sell 50.91

Interest rates (CBE)

27.25% deposit

28.25% lending

Tadawul

11,961

+0.1% (YTD: +0.2%)

ADX

9,293

+0.3% (YTD: -3.0%)

DFM

5,037

-0.8% (YTD: +24.1%)

S&P 500

5,872

-3.0% (YTD: +23.1%)

FTSE 100

8,199

+0.1% (YTD: +6.0%)

Euro Stoxx 50

4,957

+0.3% (YTD: +9.6%)

Brent crude

USD 72.98

-0.3%

Natural gas (Nymex)

USD 3.37

+2.0%

Gold

USD 2,653

-0.3%

BTC

USD 100,112

-5.0% (YTD: +138%)

THE CLOSING BELL-

The EGX30 fell 0.3% at yesterday’s close on turnover of EGP 3.4 bn (19.1% below the 90-day average). International investors were the sole net buyers. The index is up 22.5% YTD.

In the green: Juhayna (+4.0%), E-finance (+3.7%), and Faisal Islamic Bank -USD (+1.9%).

In the red: GB Corp (-4.8%), ADIB (-4.5%), and Credit Agricole (-3.5%).

9

My Morning Routine

My Morning Routine: Mohamed Sekkina, general manager of Talabat Mart Egypt

Mohamed Sekkina, general manager of Talabat Mart Egypt: 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 Mohamed Sekkina (LinkedIn), general manager of Talabat Mart Egypt. Edited excerpts from our conversation:

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

My name is Mohamed Sekkina. I'm the GM of talabat mart in Egypt. I’ve been with Talabat for almost four and a half years, and I was lucky enough to be part of the team that launched Talabat Mart in Oman and Egypt. I led the company in UAE for a short period of time before leading the Egypt team.

talabat mart is the online retail arm of Talabat. It started in the Middle East back in 2018. It's centered on dark stores — retail facilities or warehouses used for fulfilling online orders. Our network of dark stores enables us to deliver groceries and other products to our customers in an average of 20 minutes. We operate more than a thousand dark stores across the globe. In Egypt, we have 45 dark stores across 10 cities, operating 24/7 and serving hundreds of thousands of customers.

I would categorize my responsibilities into three main blocks. The first block, which is at the heart of everything I do, is people. A big part of my day involves connecting with people, ensuring they have the resources they need, and making sure the organization operates with the right spirit and culture.

The second block involves making sure that business operations run properly. This means looking at daily key performance indicators (KPIs) and customer reviews. My team and I often go through customer feedback to ensure we're in tune with our customers’ needs and make sure they’re happy.

The third block is solving big problems. I encourage myself and my team to ask big questions and think deeply about how to solve them. For example, when I first took the reins at talabat mart three years ago, a big question was “How can we make Talabat Mart Egypt the biggest online supermarket in Egypt?” We drew up a plan, executed it, and achieved that goal. Then we started tackling other benchmarks like how to make Talabat Mart Egypt the biggest in the region and then globally.

I have a pretty monotonous morning routine. I don’t believe a groundbreaking process is necessary for a successful start to the day. The first thing I do when I wake up is workout for ten minutes to reset my body. Then I have a simple breakfast — two boiled eggs — before I shower. I usually go for cold showers, which are very beneficial. I also do a lot of journaling and practice morning affirmations. When I get into the car, I recite Adhkar and Quranic verses.

I also read EnterpriseAM. It's a great source of what's happening in the market and keeps a very close eye on the technology industry. I particularly enjoy interviews with Egyptian leaders. I'm a firm believer that we have a wealth of talent here, and EnterpriseAM does a very good job spotlighting great minds across different industries.

I dedicate the first hour to hour and a half of the day to resetting my brainwaves and calming my nervous system to set myself up for success. I try as much as possible to avoid high-pressure situations — such as tending to crises, heated meetings, or debates — when I first arrive at the office.

In our team, we’ve embraced what we call a “sprint culture.” We recognize that our energy oscillates. So we break up our work into chunks — high intensity phases where everybody is hustling and other periods where we slow down intentionally. This is how I manage my energy and my team operates in the same way. For example, October was very intense. We would come into work before 9am and leave at 7pm. But we started to slow down a little bit last month.

The time I spend after work is a mix of sports, social activity, and art. I listen to my body, so what I do really depends on how I feel that day. Some days I just want to go back home, have a hot meal, and unwind. Other days, I feel social, I meet friends or spend time with the family. And on most days — three to four times a week — I play sports. I go to the gym, play paddle tennis, and go horse riding. I believe that it’s very easy to lose your artistic side unless you're very intentional about staying in touch with it, especially with a very practical job like mine. So every now and then I try to do something art-related, like painting or staying up to speed with music.

To stay organized at work, I turn recurring tasks into routine processes that don't consume a lot of energy. For example, if a task arises frequently on an ad hoc basis, I turn it into a process, a meeting, or a report so I don't need to worry about it again. I also try to utilize technology and tools. I heavily use my calendar, trend reports, and collaboration tools like Google Documents.

I also place a strong emphasis on defining business priorities. I create a document once a year and cascade it to every single department — all the way to the most junior individual in the organization — so that everyone could list their priorities. This is how we make sure that everybody's focused and aligned. We also have a monthly document where everybody lists just three things that they are going to deliver on, no matter what. Revisiting this document helps me regain focus when I get overwhelmed.

When I look back in 20 years, I hope to see myself as someone who has shaped the technology industry in the Middle East. In the midterm, my aspiration is to continue contributing to Talabat’s success — whether by continuing to lead Talabat Mart in Egypt, on the regional level, or spearheading a new vertical. It’s a great company with massive potential. I believe we're just scratching the surface — we've only accomplished a fraction of what this business is capable of becoming.

I don't think work-life balance should be an objective for everyone. The way I see it, if you opt for balance across your entire career, you will end up with an average set of results across the board. If you really want to deliver something exceptional — be it in your personal or professional life — it comes at a cost. Certain priorities take precedence over others across different stages in life. For example, early career might demand hustle, while later stages could emphasize family or personal growth. The caveat here is that there are two things you cannot compromise for long — health and family. The impact of neglecting either is irreversible.

There’s a verse in the Quran that’s a motto for me: Wa an laysa lil-insaan illa ma sa'a, which means that ultimately what really matters is the effort you make rather than the outcome. When I reflect on this verse, it brings me a sense of peace. It's easy to become obsessed with results, but the reality is that sometimes they don't materialize, and you can fail miserably. You just need to try your absolute best to problem-solve, be genuine with people, and remain honest. I know this might sound unconventional in the business world, where we meticulously build strategies, set KPIs, and pride ourselves on critical problem-solving skills. But at its core, everything truly boils down to this.

Good to Great was a really eye-opening book for me. It explores the principles that transform ordinary companies into exceptional ones. Two principles really resonated with me. The first is about prioritizing people over objectives — it stipulates the team you have on your bus matters more than the destination. The second principle is about brutal honesty, which means that leaders must remain realistic about their company's situation, because it's very easy to lose touch with what customers actually think and how they see the brand.


2024

DECEMBER

12-21 December (Thursday-Saturday): Turathna handicrafts and heritage exhibition, Egypt International Exhibitions Center, Cairo

22 December (Sunday): The Nahda University Economic Forum’s third edition is set to take place

22 December (Sunday): Waha Connect 2024, New Assiut Technology Park, Egypt

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

EVENTS WITH NO SET DATE

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

2025

January: CBE to launch InstaPay remittances for Egyptians abroad

February: Orascom Pyramids Entertainment to bring total investments in the Pyramids Plateau to EGP 1.5 bn

1 January (Wednesday): The minimum pension will increase to EGP 1.5k, and the maximum to EGP 11.6k

14 January (Tuesday): The 4th edition of the Egypt Economic Summit will take place.

28 January (Tuesday): Nigeria to inaugurate the USD 5 bn Africa Energy Bank in Abuja

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

17-19 February (Monday-Wednesday): EGYPES Technical Conference, Egypt International Exhibition Center, Cairo, Egypt.

18-19 February (Saturday-Sunday): German-Egyptian Joint Economic Committee meetings, Cairo, Egypt

7-10 April 2025 (Monday-Thursday): EFG Hermes One on One conference, Dubai, UAE

May 2025: Egyptian Exporters Association (Expolink) exhibition, Italy

May 2025: French rolling stock manufacturer Alstom will submit technical and financial bids for Cairo Metro Line 6.

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

March 2025: Operation of phase one of the Amotope wind farm

EVENTS WITH NO SET DATE

Early 2025: The Communications Ministry will unveil the second edition of its national AI strategy in early 2025

1H 2025: Digital Financial Identity Company will launch an electronic bank account opening service

1H 2025: The Egyptian-US Investment Forum.

1Q 2025: Eipico’s biopharma plant to begin operations

1Q 2025: Finance Ministry to launch public consultations on its tax policy document

2Q 2025: Financial Regulatory Authority (FRA) to introduce derivatives on the EGX

2Q 2025: Safaga Terminal 2 to start operations

Mid-2025: The Administrative Capital for Urban Developments to roll out the second phase of offering industrial plots to investors

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

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

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

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