German companies mull EUR 1 bn iron factory, EUR 30 mn flame-resistant material factory, EUR 5 mn bicycle parts factory

1

WHAT WE’RE TRACKING TODAY

Common Arab electricity market incoming?

Good morning, folks, and welcome to the last month of the year. We have a busy issue for you today, so without any further ado, let’s jump right in.

PSA-

WEATHER- Take care on the roads this morning in Cairo today with heavy fog forecasted, along with a high of 22°C and a low of 13°C, according to our favorite weather app.

It’s also set to be a foggy day in Alexandria, with a high of 22°C and a low of 13°C.

** 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.

HAPPENING TODAY-

#1- We will soon be one step closer to a common Arab electricity market: Arab nations are set to sign two agreements to establish a common Arab electricity market during a two-day session of the Arab Ministerial Council for Electricity being held at the new capital that kicks off today, according to a statement from the Electricity Ministry. The agreements cover the legal and legislative framework for the joint market.

The unified market aims to connect and harmonize the energy systems of 22 Arab countries by 2038, with phased implementation starting 2025, Arab League Energy Director Jamila Matar previously said. The market is expected to operate on a commercial mechanism, enabling energy exchange by utilizing surplus electricity from member states. The initiative, Matar added, could draw on the Gulf electricity interconnection project as a model for success.

#2- The Industry Ministry is offering up 2.6k plots of land to investors across 24 governorates and totalling 15 mn sqm, according to a ministry statement. The plots will be offered up on the newly launched Egypt Digital Industrial Platform for a three week period. The plot sizes range from 120 sqm to 500 sqm, covering industries including food processing, engineering, pharmaceuticals, chemicals, textiles and construction materials.

**We did an Inside Industry deep dive into Egypt Digital Industrial Platform shortly after it launched in September. You can check out the story here.

#3- MPs are back in session today after a two-week break, and are set to discuss and vote on a draft cash-based subsidies bill today that aims to give cash-based subsidies to citizens under the poverty line without access to social insurance. The payments will be made from a Takaful and Karama fund affiliated with the Social Solidarity Ministry funded from the state budget, private contributions, foreign grants and loans, and investments.

NEWS TRIGGERS-

It’s the first day of December — here are the key news triggers to keep your eyes on before the year comes to an end:

Will the non-oil private sector extend its two-month slide? S&P Global will publish Egypt’s PMI figures for November on Tuesday, 3 December, measuring the country’s non-oil private sector activity. Last month, non-oil private sector activity contracted again, as rising raw material and utility costs pressured prices and hit new order volumes.
Will inflation rise for the fourth month in a row? Capmas and the CBE are expected to publish November’s inflation data early on Tuesday, 10 December. Data for October saw inflation rise 0.1 percentage points to 26.5%, extending its upward trajectory for a third consecutive month.
Foreign reserves: The CBE is expected to release November’s foreign reserves figures within the coming days. Reserves hit a fresh high of USD 46.9 bn at the end of October. Egypt’s net foreign reserves have increased by around USD 11.6 bn in the six months since the government announced the USD 35 bn Ras El Hekma agreement.
Interest rates: The central bank’s Monetary Policy Committee will meet on 26 December to review interest rates. The CBE left rates unchanged when it last met in November.

FX WATCH-

“It’s natural for this type of movement to occur, so we shouldn’t worry about temporary increases in the USD,” Prime Minister Moustafa Madbouly said in his weekly press conference, responding to concerns about the depreciation of the EGP against the greenback. Madbouly doubled down on the state’s commitment to a flexible exchange rate and explained that the EGP’s recent weakening against the greenback was mirrored by other currencies around the globe as the world’s reserve currency underwent a post-US election uptick in value. “The EGP is part of an existing global system, so it is natural for this type of movement to occur, and therefore we should not worry about temporary increases in the USD.” The EGP is likely to continue fluctuating within a 5% range in the near term, Madbouly added (watch, runtime: 13:13).

FROM THE DEBT MARKETS-

The average yield on six-month t-bills rose 0.27 percentage points to 30.86% in last Thursday’s auction by the Central Bank of Egypt from the last time they were auctioned, according to official data released by the CBE. The bank sold EGP 47.0 bn worth of the bills, surpassing its EGP 35.0 bn target.

Year-long bills saw their yields remain stable at 26.25%, with the bank selling EGP 5.6 bn worth of notes out of a targeted EGP 30.0 bn.

CIRCLE YOUR CALENDAR-

The German-Egyptian Joint Economic Committee will next take place on 18-19 February in Cairo, according to a statement from the Investment Ministry.

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-

Our corner of the world is once again in the focus of the global press, with outlets across the world — including the business papers — leading with news of the surprise offensive by Syrian rebels led by former Al Qaeda-affiliate Hayat Tahrir Al Sham that has taken over large chunks of Syria’s largest city Aleppo. Following the government retreat, the rebel forces are consolidating their control of the city and are pushing into the neighbouring governorate of Hama — marking the rebel forces’ most significant advance since 2016 and a major challenge to President Bashar Al Assad’s regime. More than 300 people — including at least 20 civilians — have been killed since the offensive began on Wednesday. (Reuters | Bloomberg | Financial Times | AP | New York Times | France 24 | BBC)

In a depressingly familiar story, more aid workers were killed in Gaza yesterday following a deadly weekend of aerial assaults on the enclave. Israel claimed that one of the aid workers was involved with the 7 October attack on Israel — a claim that Israel did not provide any evidence to support and which his family and the charity deny. (New York Times | Reuters)

There’s some hope that a ceasefire could be revived following the ceasefire in Lebanon, with a Hamas and Fatah delegation arriving in Cairo on Saturday for talks with Egyptian officials aimed at securing a ceasefire and planning how Gaza will be governed once the war ends, Al Arabiya reports, citing an unnamed Fatah official.

WHILE IN TRADE WAR NEWS- Trump is setting his sights on Brics nations’ efforts to challenge the dominance of the greenback, with the president elect threatening 100% tariffs unless they abandon plans to challenge the USD’s status as the global reserve currency. “The idea that the BRICS Countries are trying to move away from the USD while we stand by and watch is OVER,” Trump said in a social media post today. (Reuters | Financial Times | Bloomberg | AP)

AND IN BUSINESS NEWS- Asia’s second-richest man Gautam Adani denied allegations that his conglomerate or its officials are facing charges under the US Foreign Corrupt Practices Act, following a federal indictment alleging a USD 250 mn bribery scheme. Adani reaffirmed his company’s commitment to “world-class regulatory compliance” and described the accusations as another hurdle in the group’s resilience-building journey.

Adani blamed “vested reporting” and negative narratives for the controversy, comparing the situation to the short-seller attack by Hindenburg Research in early 2023, which also caused turmoil for the group. (Reuters | Financial Times | Bloomberg)

German companies mull EUR 1 bn iron factory, EUR 30 mn flame-resistant material factory, EUR 5 mn bicycle parts factory

It looks like El Khatib’s visit to Germany to talk investment wasn’t a wasted trip: Investment Minister Hassan El Khatib was in Germany over the weekend for the first ever Egypt–North Rhine-Westphalia Economic Summit and meetings with senior figures from the country’s private and public sectors. Companies from the EU’s biggest economy — and the world’s fourth largest — signalled their interest in building:

#1- A EUR 1 bn direct reduced iron factory, courtesy of German Metal manufacturer SMS Group, according to a statement from the Investment Ministry. The factory is expected to have a capacity of 2.5 mn tons per year, which could be expanded to 4 mn tons. The project will create 1k jobs.

An SMS delegation is set to arrive in Egypt for further negotiations soon, with the company still looking for a company to partner with for the project and wanting to explore establishing the factory in the Suez Canal Economic Zone.

#2- A EUR 30 mn flame-resistant material factory, which would be built by German advanced textile material producer Belchem, according to a separate statement from the ministry. The factory will be built on a 100k sqm plot and cover all stages of production, from creating fiber glass and then turning it into flame-resistant fibres for use in the automotive, aviation, and cookware appliance industries, among others.

What’s next? Egypt will receive a Belchem delegation to work on trying to make the proposal a reality.

#3– A EUR 5 mn first phase of a bicycle parts factory, spearheaded by German bicycle manufacturer Cube that would manufacture carbon-reinforced bicycle parts for export to European factories assembling bicycles. The project is expected to have a production capacity of 300k parts per year, generating EUR 10 mn in exports annually.

The wheels are already in motion for the project, with the bicycle manufacturer set to visit Egypt for a second time to secure a 40k sqm plot in Tenth of Ramadan City for the project.

This could just be the first of Cube’s Egypt investments, with the company also to study the proposal of opening up a factory to produce complete bicycles “completely” manufactured in Egypt, according to the statement.

#4- German auto parts manufacturer Mutares Group is looking to establish a factory in Egypt, according to a statement by the Investment Ministry. The 10k sqm factory would export 90% of its production, according to the statement, which provided no details on the potential cost or timeline for the project

What’s next? A delegation from Mutares is set to arrive in Egypt in the coming period to determine suitable partnerships for the project and to discuss establishing the project in an area under the SCZone.

PLUS- It was agreed that the German-Egyptian Joint Economic Committee will next take place on 18-19 February in Cairo in a meeting between El Khatib and Germany’s economy minister and vice chancellor, Robert Habeck.

AND- German airline Eurowings announced the launch of direct flights between Düsseldorf and Cairo, according to another statement from the ministry.

China Glass begins construction of USD 300 mn glass factory

Another company sets up shop in China’s Teda zone: China Glass Holding subsidiary CNG Egypt New Energy Glass kicked off construction work on a USD 300 mn glass factory, according to a statement from the Suez Canal Economic Zone (SCZone). The factory will be located in the China-Egypt Teda industrial zone across a 500 sqm area.

The specs: The project will have a flat glass production line with a daily capacity of 1k tonnes and a photovoltaic glass production line with a daily capacity of 800 tonnes. Once completed, the project is set to create some 1k jobs.

We heard about this before: The agreement for the factory was signed back in September amidst a raft of contracts and MoUs inked between Egypt and Chinese companies — totaling over USD 1.1 bn — during the Forum on China-Africa Cooperation.

DATA POINT- Teda currently has around 200 Chinese companies operating in it, according to SCZone head Walid Gamal El Din.

**Want to know more about Chinese industrial investments in the country? We took a deep dive into growing Chinese industrial investments and government efforts to attract more Chinese capital across various sectors in a recent Inside Industry. You can read the story here.

Italy-bound shipment times cut by more than half thanks to newly launched ro-ro line

All aboard the ro-ro line: The ro-ro shipping line connecting Damietta Port with Italy’s Port of Trieste kicked off operations on Thursday with its first shipment setting sail, according to a cabinet statement. The new line reduces the time to send goods between the two ports to two and a half days, down from a previous six.

Sound smart: A roll-on, roll-off maritime line — known more commonly as just a ro-ro line — loads and unloads cargo using either lorries or platform vehicles and then unloads them using the same set of wheels. Instead of the more laborious use of cranes and containers, using a ramp and wheeled cargo helps to dramatically reduce shipping times and in turn cut down costs — especially for short routes across the Mediterranean.

The line will focus on transporting perishable agricultural goods, including fruits to Italy and the rest of Europe, taking advantage of the reduced shipping and “enhancing the competitiveness of Egypt’s exports in these markets,” according to Industry Minister Kamel El Wazir

The line will currently see a ship make a return journey to Trieste every week, in addition to dedicated freight space to transport Egyptian goods to the Dutch city of Rotterdam by rail, before then being sent to cities in Holland, Belgium, and the UK.

The government is confident that the new line will help increase trade, pencilling an annual 3.5% annual jump in container traffic between Egypt and Mediterranean ports until 2027 on the back of the project.

Incentives have been put in place to try to persuade companies to send goods though the route, with a 88% reduction in port fees — provided that Trieste does the same — and reducing the USD 300 traffic fee for ingoing trucks and USD 350 for outgoing trucks to a flat USD 100 for both.

A NEW ADDITION TO EGYPT’S TRANSPORT FLEET-

Egypt also saw an addition to its commercial maritime fleet, — the Wadi Al Arish — Madbouly said at the inauguration of the line, according to a separate cabinet statement. The 82k ton-capacity ship is part of wider goals to increase the fleet from 20 to 36 vessels by 2030, capable of transporting 25 mn tons of goods annually, Madbouly said in another statement.

The transport ministry is also contracting to build two ships of the same model and tonnage to be received in 2026, Madbouly said without specifying any other details.

Egypt’s net foreign assets fell by 11% to USD 9.2 bn in October

Net foreign assets in the Egyptian banking system fell to USD 9.2 bn by the end of October, down from USD 10.31 bn in September, according to EnterpriseAM calculations based on Central Bank of Egypt figures. This marks the lowest surplus in net foreign assets in the country’s banking system since its shift from deficit in May for the first time in more than two years.

Driving the decline were commercial banks: The net foreign asset deficit in commercial banks deepened in October to USD 1.4 bn, up from a deficit of USD 132 mn in September. Assets in commercial banks fell by USD 362.8 mn to USD 27.7 bn, while liabilities rose by around USD 920.6 mn to USD 29.2 bn by the end of October.

The central bank’s foreign assets partially offset the overall decline: The CBE saw its net foreign assets increase by 1.9% to USD 10.6 bn in October to help offset the overall decline in net foreign assets in the banking system during the month. The CBE’s assets rose by USD 800.6 mn to USD 45.4 bn, while liabilities rose by around USD 493.5 mn to USD 34.8 bn by the end of October.

Remember: Net foreign asset deficit in the Egyptian banking system reached its all-time high back in January, recording USD 29.0 bn, before gradually dropping in the months that followed the Ras El Hekma agreement, the float of the EGP, and later foreign portfolio inflows.

Cabinet approves public transport protection law, food factory golden license, and desert land development chamber

The cabinet approved key legislative amendments and economic initiatives during its weekly meeting on Thursday, including reforms in public transport infrastructure, industrial licensing, and agricultural land development.

#1- Public transport infrastructure protection law approved: The cabinet approved amendments to the law covering the National Authority for Tunnels, classifying metro lines, electric railways, and related infrastructure as public property that cannot be sold, seized, or acquired by prescription. The amendments also empower the cabinet to define buffer zones around these networks based on a proposal from the Transport Minister’s proposal.

#2- Golden license granted to Balkan for Food Industries: The cabinet granted a golden license to Balkan for Food Industries for the establishment of a new factory in New October City to produce tomato paste and other food products. With an investment of over EGP 850 mn, the factory will use 100% locally sourced raw materials. Operations are scheduled to begin in March 2026, with the project expected to enhance local manufacturing capabilities and reduce import dependence.

#3- New desert land development chamber established: The cabinet approved the creation of a desert land development chamber under the Federation of Egyptian Industries. This chamber will oversee activities including land reclamation, post-harvest processing, grain storage, agricultural waste recycling, and soil stabilization. The initiative aims to boost agricultural productivity, promote sustainable land use, and support water management and anti-desertification projects across reclaimed desert areas.

Egypt’s El Sisi shuffles CBE’s board headed by Abdalla: HSBC Holdings taps Selim Kervanci as new Middle East CEO

President Abdel Fattah El Sisi has reappointed the Central Bank of Egypt’s board for another one year headed by governor Hassan Abdalla, according to a decision published in the Official Gazette on Thursday. El Sisi reappointed Abdalla as the acting governor of the central bank for a third one-year term in August.

Former Assistant Director of International Monetary Fund Khaled Sakr joined the central bank’s board as an economic expert, replacing Hassan El Khatib, who left the board earlier this year to become the investment and foreign trade minister.

The rest of the board remained unchanged, with deputy governors Tarek El Kholy and Rami Aboul Naga, FRA’s Mohamed Farid, former Microsoft VP’s Ali Faramay, former International Cooperation Minister Naglaa El Ahwani, AUC’s Sherif Kamel, former Trade and Industry Minister Samiha Fawzy, banking veteran Essam Amer, and banking veteran Mohamed El Dib reappointed as board members.

AND- HSBC Holdings named Selim Kervanci (LinkedIn) as CEO for the Middle East, according to a press release. Reporting to Surendra Rosha (LinkedIn) and David Liao (LinkedIn), co-CEOs for Asia and the Middle East, Kervanci steps into the role with nearly three decades at HSBC, including more than 10 years on the MENAT ExCo, and having most recently served as CEO of HSBC Turkiye.

Refresher: HSBC’s Middle East operations are now paired up with Asia Pacific after the lender kicked off its first major restructuring in more than a decade under new CEO Georges Elhedery.

The takeover of Aleppo by rebel forces was the main topic of conversation on the airwaves last night

Last night’s talk shows focused on the swift offensive by several armed factions targeting Syrian army positions in multiple cities in the country’s northwest, including Aleppo — Syria’s largest city.

“This is an extremely complex situation, and no one can decisively say what’s happening in Syria now,” Middle East Forum for Strategic Studies head Samir Ghattas told Amr Adib (watch, runtime: 17:54). “Turkey is deeply involved, as it sponsors these factions. The attack has been in the works for nearly six months, based on all indicators. Turkey wants to expand its influence over Syrian territory under the pretext of countering the formation of a Kurdish state, which may be a key driver behind these events,” Ghattas said. He also warned that “the partition of Syria is a very likely scenario” and argued that “Turkey is targeting Hezbollah and Iran in Syria as a way to align itself with the incoming US administration.”

Who’s benefiting from the chaos? Israel and Turkey are the two major players gaining from the current situation, argued Ahmed Moussa (watch, runtime: 1:14). “Israel has a significant role in supporting these militias, while the US is looking to reshape the political order in Syria and remove Bashar Al Assad from power,” he said.

“These are not opposition factions — they’re terrorist organizations,” Moussa added, questioning the timing of the attack, which coincided with the implementation of a ceasefire agreement between Israel and Hezbollah (watch, runtime: 3:12).

Baron to invest EGP 3 bn in five local hotels and Zanzibar expansion by 2026: PLUS: EFG Hermes + Maarif Education, Compass Capital + CI Capital, Green Coast, Edafa, Orascom Pyramids Entertainment, Bank NXT + Mindgate Solutions

HOSPITALITY

Baron Hotels and Resorts to pump EGP 3 bn into expansion plans through 2026: Egyptian hotelier Baron Hotels and Resorts is investing more than EGP 3 bn in self-financed projects to add 2k rooms in Hurghada and Sharm El Sheikh, plus 150 luxury suites in Zanzibar, over the next two years, Chairman Sherif Shahein told EnterpriseAM on the sidelines of the company’s annual meeting. The expansion will boost Baron’s total capacity to 3.6k rooms and suites across Egypt and abroad.

Baron is rolling out five new hotels in Egypt: Two hotels with 950 rooms will launch by 2026, followed by another with 750 rooms. The group also plans to open a Sharm El Sheikh hotel by late 2025 and is exploring a second Cairo hotel.

Zanzibar marks Baron’s first international foray: The group is heading to Tanzania in 2025 with its first hotel outside Egypt that will house 150 suites. The expansion is part of a strategy to strengthen tourism ties between the two countries and attract a more diverse international clientele.

EDUCATION-

Our friends at EFG Hermes advised Maarif Education on its takeover of Ibn KhaldounEducation, a transaction set to make Maarif the largest K-12 school provider in Saudi Arabia by revenue and geographic reach, according to a press release (pdf). The investment bank acted as the sole financial advisor on the transaction. While the transaction’s value wasn’t disclosed, EFG said this is one of the biggest investments in KSA’s domestic education sector.

The details: The acquisition includes eight Riyadh-based campuses catering to 13k students, pushing Maarif’s total enrollments to over 36k nationwide.

ICYMI: EFG Hermes launched a USD 300 mn fund last month to build an “institutional, world-class K-12 operator” in the Kingdom. The Saudi Education Fund has already secured USD 150 mn from Gulf-based institutional investors and family offices to fuel its private education push in the Kingdom, setting its sights on four additional school acquisitions beyond the seven Britus schools it bought from GFH Financial Group.

We sat with EFG Hermes Co-CEO Karim Moussa to learn more about the Saudi Education Fund and the firm’s Saudi expansion plan in a recent edition of Blackboard. Check out the interview here.

INVESTMENT-

#1- FRA studying EGP 3 bn investment fund: Compass Capital and CI Capital are awaiting the go-ahead from the Financial Regulatory Authority (FRA) to launch the C3 Capital Fund, targeting EGP 3 bn with an initial close of EGP 2 bn expected by year-end.

The details: The fund will invest in stakes of 10-33% in EGX-listed companies, enabling board representation and a focus on short- to medium-term growth strategies. The fund has received preliminary commitments from key financial institutions, including Banque Misr, CIB, Suez Canal Bank, Misr Life Ins., and Midbank.

Correction: The original version of this story based on a local media report stated that the FRA had already approved launching the fund. A CI Capital representative got in touch with EnterpriseAM to clarify that the new fund “is currently under study and has not yet received FRA approval.”

#2- Green Coast eyes USD 50 mn in investments in Egypt over next three years: Dubai-based Green Coast Enterprises is planning to put some USD 50 mn in new investments into the Egyptian market in the coming three years, with a focus on renewables and infrastructure, Managing Director Mohammed Abdulghaffar Hussain told Asharq Business. The company is currently investing USD 10 mn in pipe producer EGFCO, a JV between the Swiss GF Piping Systems and Green Coast’s investment arm Corys Investments.

#3- Saudi VC firm Edafa Venture Capital is looking to invest some USD 30 mn in Egypt over the coming three years, with USD 13 mn allocated for 2025, Asharq Business reports, citing Edafa CEO Essam Ali. The VC firm aims to acquire 13 companies by the end of the year and has no plans to exit any existing investments.

#4- Orascom Pyramids Entertainment to invest a further EGP 500 mn in the Pyramids Plateau: Orascom Pyramids Entertainment — a subsidiary of Orascom Investment Holding — plans to inject EGP 500 mn in the coming months to complete its overhaul of the Pyramids Plateau, Chairman Amr Gazarin told CNBC Arabia (watch, runtime: 2:38). This will bring total investment in the project to EGP 1.5 bn by February 2025.

FINANCIAL SERVICES-

Bank NXT teams up with Mindgate Solutions for a digital banking platform: EFG Holding’s commercial bank Bank NXT has partnered with global payment solutions firm Mindgate Solutions to launch a new digital platform for corporate clients, according to a press release (pdf). The platform will allow businesses to manage transfers, payments, payroll, corporate card requests, and check handling via online and mobile banking.

What they said: “By integrating Mindgate’s advanced digital technologies with our banking expertise, we will offer a platform to enhance the efficiency and security of financial operations for businesses across Egypt with seamless internet and mobile banking experiences,” said Bank NXT Managing Director and CEO Tamer Seif.

TRADE-

Egypt has reopened fish exports to the EU after a three-year freeze, following the National Food Safety Authority’s (NFSA) overhaul of its monitoring system across the supply chain, a statement from authority reads. The NFSA addressed all recommendations from a prior European Commission report, achieving full compliance by June 2023. A follow-up EU audit in mid-2024 gave the green light, confirming Egypt’s readiness to re-enter the bloc’s markets.

** Want to know more? We took a look at the fishing industry in Egypt and what fishermen are doing to boost their sustainability and food safety to reopen EU exports for a Going Green earlier this year. You can check out the story here.

TOURISM-

Partial exemption on late fines for tourism projects: The government will provide a partial exemption on fines for late payments for tourism companies whose project implementation rate reached 85% or more, following approval from the Tourism Development Authority’s board, according to a statement by the Housing Ministry.

US regulators greenlight round-the-clock stock exchange

The US could soon be a home to a 24/7 stock exchange: The US Securities and Exchange Commission (SEC) granted 24 Exchange, a platform supported by Point72 Ventures, approval to operate as a national securities exchange, marking the first step toward 24/7 stock trading, according to a notice (pdf) posted Wednesday. Initially running during standard hours, the exchange plans to extend trading to overnight sessions (8pm-4am, Sunday through Thursday) once infrastructure and funding requirements are met.

What this means: The approval requires 24 Exchange to work with other exchanges to integrate into the consolidated market price feed — the “tape” — ensuring prices are public and official. This step allows the startup to operate in the “lit” market during its overnight sessions.

Sign of the times? The SEC’s decision, following a previously rejected application in 2023, reflects a broader shift in the industry. The New York Stock Exchange also recently filed to extend its trading hours to 22 hours per day, signaling a growing interest in accommodating investors across global time zones.

The move addresses growing demand from retail investors for after-hours trading, inspired by the 24/7 accessibility of cryptocurrency markets. Retail brokers like Robinhood already process after-hours stock trades in private “dark pools,” where transactions lack broader market visibility. “Traders are most at risk when the market is closed in their geographic location. (24 Exchange) will seek to alleviate this problem by facilitating around-the-clock US equities trading,” the Financial Times cites 24 Exchange founder Dmitri Galinov as saying.

But not everyone is on board: Critics warn of potential volatility during low-volume overnight sessions, which could result in exaggerated price swings. “Retail investors trading during an overnight session will be trading in a market where there are few buyers and sellers, and where prices will be more volatile and less favorable than during normal hours,” Benjamin Schiffrin, consumer advocacy group Better Markets’s director of securities policy, said in a statement, Bloomberg reports.

EGX30	30,242	+1.3% (YTD: +21.5%)
USD (CBE)	Buy 49.53	Sell 49.67
USD (CIB)	Buy 49.54	Sell 49.64
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,641	+0.4% (YTD: -2.4%)
ADX	9235	-0.3% (YTD: -3.6%)
DFM	4847	+0.5% (YTD: +19.4%)
S&P 500	6032	+0.6% (YTD: +26.5%)
FTSE 100	8287	+0.1% (YTD: +7.2%)
Euro Stoxx 50	4804	+1.0% (YTD: +6.3%)
Brent crude	USD 71.84	-1.3%
Natural gas (Nymex)	USD 3.36	+5.0%
Gold	USD 2,681.00	+0.6%
BTC	USD 96,807.60	-0.6% (YTD: +129.0%)

THE CLOSING BELL-

The EGX30 rose 1.3% at today’s close on turnover of EGP 2.5 bn (25.4% above the 90-day average). Foreign investors were the sole net buyers. The index is up 21.5% YTD.

In the green: CIB (+3.6%), Palm Hills Development (+3.2%), and Fawry (+2.7%).

In the red: Ezz Steel (-2.6%), Cleopatra Hospitals (-1.5%), and Egyptian Kuwaiti Holding -EGP (-1.5%).

CALENDAR

2024

DECEMBER

27 November-3 December (Wednesday-Tuesday): United Bank IPO retail placement

3 December (Tuesday): S&P Global will publish Egypt’s PMI figures for November

2 December (Monday): Egypt to host a ministerial conference on humanitarian relief efforts in Gaza.

4-5 December (Wednesday-Thursday): Russian trade mission to visit Egypt.

7 December (Saturday): The Scientific Society for Tax Legislation will hold its annual conference.

10 December (Tuesday): Capmas expected to publish inflation data for November

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

15-17 December (Sunday-Tuesday): Nebu Expo for Gold & Jewelry, Cairo, Egypt.

16-17 December (Monday-Tuesday): Mining World Conference 2024, London, UK.

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

EVENTS WITH NO SET DATE

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

3Q 2024: Egyptian-Armenian Joint Committee.

First week of November: Egypt-Turkey high-level trade consultation mechanism.

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.

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

2025

January: Civil Society Support Fund to launch digital platform

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.

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

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.

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

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

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

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

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.

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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German companies mull EUR 1 bn iron factory, EUR 30 mn flame-resistant material factory, EUR 5 mn bicycle parts factory

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German companies mull EUR 1 bn iron factory, EUR 30 mn flame-resistant material factory, EUR 5 mn bicycle parts factory

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