Goldman Sachs on Egypt’s economic reform agenda

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What We're Tracking Today

Blinken is in Beijing as China looks to broker peace in Palestine. PLUS: IFC Managing Director in Cairo + Egyptian Senate is back in session

Good morning, wonderful people, and happy Sunday. We’re starting the week off busy, with news on everything from the outlook for our economic reform program to an African diplomatic attempt to get Russia and Ukraine to the negotiating table to end their 16-month conflict.

THE BIG STORY here at home: Goldman Sachs says our FX shortage could stall economic reforms. MENA strategist Farouk Soussa thinks we need to drum up USD 5 bn to facilitate the transition to a full float of the EGP — a key condition of our delayed loan program with the IMF.

AND- There’s diplomatic developments in every direction. African leaders including our PM were in Russia and Ukraine to call for peace at the weekend; new acquaintances Saudi and Iran are getting closer; China wants to broker peace in Palestine; and the US’ top diplomat just touched down in Beijing. We bring you all the details in the newswell, below.

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THE BIG STORY ABROAD-

Blinken in Beijing: US Secretary of State Antony Blinken’s arrival in China today is front and center in the foreign press. The trip makes Blinken the first top American diplomat to visit the country in five years — and comes as US-China tensions are running particularly high over issues from tech to trade. Blinken will meet with Chinese Foreign Minister Qin Gang and China’s top diplomat Wang Yi and potentially President Xi Jinping. “There's a recognition on both sides that we do need to have senior level channels of communication,” a US official told reporters. (Reuters | Bloomberg | Financial Times | WaPo | AP)

HAPPENING TODAY-

International Finance Corporation managing director Makhtar Diop is in Egypt today:Diop will sign an agreement to mobilize private-sector investment and meet with Prime Minister Moustafa Madbouly, central bank governor Hassan Abdalla, and senior cabinet ministers.

HAPPENING THIS WEEK-

It’s interest rate decision week: The Central Bank of Egypt’s monetary policy committee will meet on Thursday, June 22, to set its rate policy until its next meeting in August.

The fourth week of the National Dialogue will see sessions on the law regulating civil society organizations and activity; freedom of scientific research and building partnerships with the international scientific community; reforming the management of public finances, including the budget, state spending, and upping state revenues; industrial policies; and the threats to communities and families posed by domestic violence and “online dangers.”

IN THE SENATE-

The Senate will reconvene this week ahead of the Eid break, meeting today and on Monday. Senators will discuss a report that calls on the government to unify legislation governing cooperatives and offer them tax incentives to help them boost exports.

Also in the Senate committees today:

The Agriculture Committee will hold meetings on smart irrigation systems, rice cultivation, and livestock wealth.
The Energy and Environment Committee will look into the role of circular economies in achieving sustainable development and eliminating waste and pollution.
The Financial and Economic Affairs Committee will review the government’s administrative reform policy.
The Tourism Committee will hold meetings to discuss the government’s efforts to boost visitors to the Nile Delta and Rosetta.
The Health Committee will review problems facing public hospitals.

The House will reconvene on Tuesday and Wednesday.

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

WATCH THIS SPACE-

Masdar-led consortium seeks consultant for mega wind farm: The UAE’s Masdar, Infinity Power, and Hassan Allam Utilities are in talks with four unnamed consulting firms — one British, one Canadian, one French, and one American — to advise on their planned 10-GW wind farm in Sohag, Al Borsa quotes Infinity General Manager Hesham El Gamal as saying. The consortium plans to sign contracts with the consultant within the next month, Gamal said, adding that they aim to complete feasibility studies and reach financial close on the project within 12 months. At a cost of USD 10 bn, the wind farm is set to be one of the largest in the world.

DATA POINT-

The National Navigation Company (NNC) posted a net gain for the first time in 14 years in 2022, according to a Transport Ministry statement. The state-owned shipping company saw net earnings of around USD 30.2 mn last year, the statement reads, without giving further details. The last time the company was in the black was 2009 — the same year it was delisted from the EGX for failing to comply with listing regulations. NNC has reportedly been mulling a return to the bourse.

MARKET WATCH-

Saudi oil tankers carrying a record volume of crude oil have been spotted off our Red Sea coast: Oil tankers carrying over 20 mn barrels of Saudi crude oil have reportedly anchored off the Red Sea coast of Egypt, marking the highest volume of stationary oil observed since the covid pandemic in 2Q 2020, according to a Vortexa note seen by Asharq Business. This increase could possibly be attributed to an increase in demand for the Saudi crude oil in Europe, Vortexa’s lead crude oil analyst Jay Maroo wrote in the note.

THE REALIGNMENT-

The Saudi-Iran thaw continues: The foreign ministers of Saudi Arabia and Iran held a joint press conference in Tehran yesterday following talks that covered cooperation in fields from regional security to trade, according to the Saudi Press Agency and Iranian state TV reports quoted byBloomberg. The visit marks the latest step in an unexpected Beijing-brokered rapprochement between the two longtime foes in March.

After the Saudi-Iran pact, China proposes Palestinian peace conference: Chinese president Xi Jinping offered to hold an international peace conference to mediate peace between Palestine and Israel, Bloomberg reports. “We must adhere to the right direction of the peace talks,” Xi told Palestinian Authority head Mahmoud Abbas last week on his visit to Beijing, calling for a “push for the holding of a larger, more authoritative and influential international peace conference,” according to the Chinese Foreign Ministry statement.

Saudi and UAE press Europe to restore ties with Assad: Saudi Arabia and the United Arab Emirates are lobbying European countries to resume diplomatic relations with Syria’s government to end the 12-year conflict and alleviate sanctions to revive its economy, people familiar with the matter told Bloomberg. The Arab League last month welcomed Syria back into the organization but Europe and the US remain against restoring relations with Damascus, the latter of which could soon introduce harsher sanctions targeting countries doing business with Damascus.

ALSO- International donors pledged more than USD 6 bn to support people in Syria and the neighboring countries hosting Syrian refugees on Thursday at the EU-hosted Brussels conference, according to Reuters.

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Egypt needs USD 5 bn for orderly currency float -Goldman

Egypt is going to need some USD 5 bn in FX for an orderly EGP float: That’s the conclusion of Goldman Sachs MENA economist Farouk Soussa after meeting with local policymakers, analysts, and local market players during a trip to Cairo earlier this month. “The view in Cairo is that the CBE requires a war chest of around USD 5 bn in unencumbered FX reserves which it can deploy to manage an orderly transition to a more flexible FX regime,” Farouk Soussa wrote in the note last Monday.

This is going to be “challenging”: “Given our cautious view on prospects for asset sales in the medium term, we believe it will be challenging for the authorities to accumulate sufficient FX buffers for an orderly transition to greater FX stability,” Soussa wrote.

Remember: Transitioning to a fully flexible exchange rate was a key condition of the IMF program. The Fund was due to carry out the first review in mid-March but has postponed it amid a lack of progress in meeting several of its key commitments, namely the currency float and raising bns of USD via sales of state-owned assets.

El Sisi seemed to rule out a currency float last week, telling an audience that further flexibility will not be allowed if it damages the country’s national security and its people. Authorities have devalued the currency three times in the past year, which has seen it lose almost half its value against the USD.

Where does all this leave the program? Goldman sees two paths ahead:

The central bank goes ahead with a currency float without a stock of FX, risking a “significant” devaluation;
The IMF program remains on hiatus while the Fund waits for authorities to move on the currency, “with risks to programme continuity.” Goldman doesn’t believe that the Fund will be willing to compromise on currency flexibility.

Good news / bad news: Privatization will continue but the pace will be slow. The investment bank is expecting “some asset sales” to take place over the coming weeks though says that the pace of the program will remain “modest given structural impediments.” The government is targeting generating USD 2 bn from asset sales by the end of June and has so far received around USD 153 mn from its sales of Pachin and a 10% stake in Telecom Egypt.

Muddling through: While a slower pace of the state-asset sales coupled with scarce FX might increase the risk to external creditors, Soussa believes that a “muddle-through scenario is most likely” to take place. Low commercial external debt, a willingness to pay. and a low likelihood of social instability will all lower the risks, he writes.

Egypt could pay for potential India credit line with goods -report

Barter + non-USD trade on the negotiation table with India: Egypt could start bartering goods such as fertilizer and natural gas with India under a wider set of trade arrangements expected to be announced when Indian PM Narendra Modi visits Egypt later this month, Reuters reports, citing sources it says are familiar with the matter.

Talks of a credit line continue: The proposal is part of a wider deal that could see New Delhi extend a credit line worth “several bn USD” to help Egypt pay for imports. “The agreement would allow Egypt to make purchases in INR and bartering is being considered as a means to settle this debt through the sale of Egyptian products that might be of use for India,” one of the newswire’s sources reportedly said.

This isn’t the first we’ve heard about a proposed credit line:Reports of the credit line surfaced earlier this month when Bloomberg quoted Supply Minister Ali El Moselhy as saying that India would provide us with a loan of unspecified value. The minister later told Reuters that “nothing of the sort has been implemented.”

Wheat not part of the plan? While Egypt has expressed interest in using the facility to import wheat — among other supplies — from India, the country's wheat export ban makes this an unlikely trade, an Indian official told Reuters. India — the world’s second largest wheat producer — banned wheat exports in May 2022 to help rein in local prices.

It’s all still up in the air: “It’s a negotiation. Which companies will be involved and in which commodities? All of that is still in discussion,” El Moselhy told Reuters. “There are a lot of discussions but up until now the model is not defined.”

A lifeline amid an FX crunch:The agreement would allow Egypt to pay for imports from India without needing hard currency. The prolonged FX shortage triggered by the war in Ukraine and tighter US monetary policy has made it harder for the government to pay for imports. The supply minister and traders told Reuters last month that the crisis had forced state grains supplier GASC to delay opening letters of credit to pay for wheat imports.

EBRD supports Egyptian youth-led businesses with loan to microlender Reefy

Reefy gets more EBRD support: CI Capital’s microfinance arm Reefy will receive an EGP 200 mn (EUR 6 mn) senior unsecured loan from the European Bank for Development and Reconstruction (EBRD) for on-lending to private MSMEs, according to the lender’s website. The loan will target companies owned or led by young people under the EBRD’s Youth in Business (YiB) program and is expected to help Reefy adopt new lending practices and business models as it expands its customer base among this underserved segment, the EBRD said Thursday.

Technical assistance is part of the package: The loan will be supported by a technical cooperation program funded by the EU and EBRD Shareholder Special Fund to help Reefy train staff, build capacity, and develop skills to more effectively cater to the financial needs of the target group. The loan beneficiaries will also receive direct capacity-building and advisory services. The EU will also provide grants to help alleviate the impact of macroeconomic challenges on loan beneficiaries.

Reefy’s microfinance portfolio reached a total of EGP 2.9 bn by the end of May, according to the EBRD. The company targets “untapped and low-income individuals located in non-urban areas” through its 154 branches across the country.

Reefy and the EBRD know each other well: In 2021, the multilateral lender supported Reefy with an EGP 80 mn loan under its Women in Business (WiB) program to address the financing gap for women in rural areas.

La Mancha backs USD 1 bn Brazil metals acquisition

La Mancha chips in USD 100 mn for Brazilian mine acquisitions: The Naguib Sawiris-run LaMancha Fund is backing the USD 1 bn acquisition of two Brazilian mines by London-listed SPAC ACG Acquisition Company, ACG announced (pdf) on Monday. The fund has invested USD 100 mn in support of the deal, which will see the blank-check firm acquire the Santa Rita nickel sulfide and the Serrote copper mines in the South American country.

Big name investors behind the takeover: The acquisition is also being backed by global commodities giant Glencore, Chrysler parent Stellantis, and VW’s battery unit PowerCo. Each will invest USD 100 mn including La Mancha. PowerCo’s USD 100 mn investment will come int the form of a nickel prepayment.

Metals refined for EV batteries: The metals will be refined at Glencore’s facilities in Western Europe and North America and the refined metals will then be used by Stellantis, PowerCo and other manufacturers to make electric vehicle (EV) batteries.

ACG gets a new name and new owners: The firm will change its name to ACG Electric Metals and issue new shares, giving Glencore, Stellantis and La Mancha a 51% ownership stake and leaving 49% for free float, ACG CEO Artem Volynets told Reuters.

BACKGROUND: La Mancha in 2021 transformed itself into a USD 1.4 bn miningfund that includes all of La Mancha’s current gold mining assets as well as a USD 100 mn contribution from an unnamed strategic investor.

SDX could sell Egyptian assets after receiving offers. PLUS: El Molla meets with BP, Chevron, Baker Hughes, Cap Drill execs

Investors want SDX’s Egypt assets:UK-based, Egypt-focused SDX Energy’s board is currently looking into the multiple offers it has received for its Egyptian assets, it said last week, without providing any details. “The company will be providing further details in due course,” the announcement said.

SDX in Egypt: SDX has a 55% working interest in two gas fields and a 100% working interest in a third field at the South Disouq concession in Egypt’s Nile Delta. It also holds a 50% working interest in two blocks in the West Gharib concession in the Eastern Desert, according to its website.

AND- Oil majors meet the ministry: Oil Minister Tarek El Molla met with representatives from energy players Chevron, BP, Baker Hughes, and Capital Drilling during a trip to London last week. El Molla and the company representatives looked at potential cooperation on exploration and reducing emissions. He also met with representatives from BNY Mellon to discuss financing carbon reduction projects.

Egyptian PM Madbouly joins African leaders’ call for peace in visits to Kyiv, Moscow

African peace mission meets with Putin, Zelenskyy: Prime Minister Moustafa Madbouly and Foreign Minister Sameh Shoukry joined leaders and officials from six other African countries on a mission to Kyiv and then Moscow over the weekend to call for an end to the Russia-Ukraine conflict, according to separate Ittihadiya statements (here and here). The delegation met with Russian President Vladimir Putin on Saturday, according to a Kremlin statement, having met with Ukrainian President Volodymyr Zelenskyy in Kyiv the day before.

Ten-point plan for peace: In a speech in Moscow, South African President Cyril Ramaphosa laid out the mission’s ten points to resolve the conflict, which include mutual de-escalation and entering negotiations to end the conflict, Bloomberg reports. “We are convinced that the time has come for both sides to start negotiations and end this war,” Ramaphosa said. He called for a reopening of the Black Sea — a crucial trade route for the export of Ukrainian and Russian grain, on which many African nations rely for their food security.

The warring parties were not convinced: Zelenskyy reiterated to the mission Ukraine’s stance that it will not negotiate until Russia withdraws all of its troops from Ukrainian territories. Putin took issue during the meeting with the argument that the conflict was threatening African food security, Reuters reports, instead blaming the West for rising global food prices. A spokesperson for the Russian president later said that while he had “shown interest in considering it,” the African peace plan would be “very difficult” to implement.

Airstrike kills civilians in Khartoum, Sudanese refugees reportedly stuck at border with Egypt

Sudanese airstrike kills civilians: An airstrike in Khartoum has killed 17 people, including five children, the Associated Press reports citing health officials in the country. It is not yet clear whether the Sudanese Armed Forces or the paramilitary Rapid Support Forces was responsible for the attack, which is one of the deadliest since civil war broke out in the country in mid-April. Fighting continues.

Over 120k Sudanese people are stuck in the Sudanese border town of Wadi Halfa and surrounding areas because they lack the necessary travel documents to cross the border to Egypt, AP reports citing a Sudanese migration official. Those waiting to enter the country include people who never had passports and those whose passports have expired or were lost amid the chaos of the war. Egypt recently tightened its entry rules to require all Sudanese people to obtain visas before crossing.

An Egyptian naval ship carrying hundreds of tons of food and meds arrived in Port Sudan, a statement from the Egyptian Armed Forces said. The supply ship also transported a number of Egyptian and Sudanese nationals back to Egypt.

More talk of the EGP exchange rate + migrant shipwreck on the Egyptian talkshows

President Abdel Fattah El Sisi’s comments last week on the direction of the USD-EGP exchange rate continued to dominate the airwaves last night. The talking heads also dedicated time to the boat that sank in the Mediterranean last week.

The USD lost 5% against the EGP in the parallel market as a result of El Sisi’s comments, Amr Adeeb said on El Hekaya (watch, runtime: 2:26 | 3:32 | 5:05). Economist Mustafa Badra told Ala Mas’ouleety’s Ahmed Moussa that the figure was closer to 10% (watch, runtime: 21:30). El Sisi last week suggested that there would be no further depreciation of the local currency against the USD if it harmed people’s livelihoods.

Rice traders should release any surplus stock they have into the market as global prices are on the decline, Mustafa Al Najari, the head of the cabinet’s rice committee, said during an interview with Al Hayah Al Youm’s Lubna Assal (watch, runtime: 6:53). Ragab Shehata, head of the Federation of Industries’ rice division, called on traders to stop price gouging during an interview with Ahmed Mousa (watch, runtime: 8:37).

There were 43 Egyptians among the survivors of last week’s shipwreck off the Greek coast, including five minors, according to an Emigration Ministry statement. Assistant Emigration Minister Amr Abbas gave the same figures in an interview with Lamees El Hadidi on Kelma Akhira (watch, runtime: 13:37). The number of Egyptians who drowned in the disaster is still unknown, said Emigration Minister Soha Gendy in the statement, offering her condolences to the family members of those who lost their lives. The Foreign Ministry also put out a statement offering its condolences

Some of the family members of those missing after the incident spoke to El Hekaya, accusing Greece of failing to rescue them (watch, runtime: 4:24 | 2:06). The bodies of 78 people have been recovered since the migrant boat sank Wednesday, but hundreds more are feared to have died in the incident.

Egypt joins African peace mission to Russia, Ukraine

The big story in the foreign press this morning: The African peace delegation to Ukraine and Russia over the weekend, which included Prime Minister Moustafa Madbouly among its delegates, according to a cabinet statement. We have all the details in this morning’s Diplomacy section, below. (Reuters | Washington Post | Financial Times | New York Times | AP | Bloomberg)

Also making headlines:

The EU’s plan to supply green hydrogen from African countries, including Egypt: Europe has set eyes on six African countries, including Egypt, as key suppliers of green hydrogen that will be key to realizing its ambitious target of producing and importing 10 tons of the gas by 2030. (Financial Times)
Cheap prices outweigh shark attacks for tourists looking at Egypt: Tui — Britain’s biggest tour operator — announced its plan to nearly double its tours to our Red Sea resorts for the upcoming winter season. (Telegraph)
Press freedom on the agenda at the National Dialogue: Journalism syndicate head Khaled El Balshy called for an end to jail sentences and pretrial detentions for journalists at a session of the National Dialogue. (The National)
Egyptian Premier League club Al Masry blasted TV program Al Laaeb for a prank call involving one of their footballers, calling it “an unprofessional media performance that violates all media codes of honor.” (Reuters)

MSC awarded tender to build Egypt’s Tenth of Ramadan dry port. PLUS: USD bonds drop on BRICS news + Al Gioshy Steel mulls IPO + RIZ in two parts + Adani Group eyes SCZone

INFRASTRUCTURE-

#1- MSC awarded tender for Tenth of Ramadan dry port: A consortium led by Italy’s Mediterranean ShippingCompany (MSC) snagged the bid to establish and operate the 250-feddan Tenth of Ramadan dry port, Transport Minister Kamel El Wazir said Thursday, without giving further details. The dry dock aims to serve the industrial area in Badr, Ain Sokhna, East Port Said, the new capital and the Tenth of Ramadan.

BACKGROUND- Four consortiums submitted their final bids and proposals at the end of April tobuild and operate the EGP 3.5 bn dry port and logistical hub.

#2- El Sisi inaugurates container terminal at Alex port: President Abdel Fattah El Sisi on Thursday inaugurated the Tahya Misr multi-purpose terminal at the Alexandria Port, according to two cabinet statements (here and here). Part of a national plan to develop the country’s ports, TahyaMisrseeks to transform the Alexandria Port into a global trade and logistics hub and has an annual capacity of 12-15 mn tons of goods.

CMA CGM is ambitious for more: French container and shipping giant CMA CGM, which manages the terminal, hopes to operate more logistical areas and stations in other ports, CEO Rodolphe Saadé said at the inauguration.

AGRICULTURE-

Kom Ombo sugar cane plant: The government has inaugurated an EGP 300 mn facility growing sugar cane seedlings in Aswan’s Kom Ombo under the Decent Life initiative, according to an Agriculture Ministry statement. The plant will grow some 15 mn seedlings each year — enough to cultivate 4k acres of land.

CAPITAL MARKETS-

Egypt’s USD bonds decline on request to join BRICS: The price of Egypt’s USD bonds fell more than 2% on Thursday after a Russian official said the country had officially applied to join the BRICS alliance, Asharq Business reports, citing Bondblox data.

Remember: BRICS members are considering creating a common currency that will allow them to drop the greenback, while Egypt and Russia are working to reduce the use of the USD in bilateral trade in favor of the RUB.

Al Gioshy reviving EGX listing plans? Al Gioshy Steel wants to offer a 30% stake on the EGX in 2024, company chair Tarek Al Gioshy is quoted as telling Al Borsa. The steel manufacturer has been considering an IPO since at least 2019 but tough market conditions amid the pandemic saw it put the listing plans on hold.

INVESTMENT-

Russia to divide its SCZone industrial zone, pending approval: Russia is waiting on approval from MPs to divide its industrial area at the Suez Canal Economic Zone (SCZone) into two parts — one near Port Said at the north end of the Canal and one to the south at Ain Sokhna — TASS reports citing Russian Ambassador to Cairo Georgy Borisenko. Construction on the zone can begin once MPs give their sign-off, Borisenko said.

SUEZ CANAL-

Adani Group discusses Suez Canal projects: Suez Canal Economic Zone Chairman Walid Gamal El Din discussed cooperation projects in ports, renewable energy, logistics, and infrastructure withSudipta Bhattacharya, CEO of Indian conglomerate Adani Group, according to an SCZone statement shared with the press. Adani Group founder Gautam Adani met with President Abdel Fattah El Sisi earlier this year to discuss potential investment in our infrastructure.

US-China trade spat could be good for business in emerging markets

EMs could stand to gain from US-China competition: Non-aligned emerging and frontier markets could benefit from tensions between the US and China as global investors look for ways to avoid the superpowers’ rivalry, the Financial Times quotes Rich Nuzum, chief investment strategist at US consulting firm Mercer, as saying. Countries that are able to attract investments from both sides without being hit by retaliatory actions will be prized by investors, Nuzum said.

The caveats: The most attractive EMs have growing populations and strong regulatory frameworks — but even those that tick all the boxes shouldn’t expect inflows until after the Fed completes its tightening cycle. “Once the US monetary policy becomes more expansionary, they’re really going to take off, but [before then] why would you fight the Fed?” Nuzum said.

Chinese economy hits a speed bump in May: China’s economic performance fell below expectations in May, with industrial output and retail sales both failing to meet forecasts, Reutersreports. Output growth in the country’s vital industrial sector slowed to 3.5% in May from 5.6% April, while retail sales growth slipped to 12.7% during the month from 18.4% in April, according to new figures out Thursday.

ALSO WORTH NOTING-

Citi to ax more jobs:Citigroup is set to slash 5k jobs by the end of June. (Financial Times)
Russia urged to adopt China’s Swift alternative: Russian authorities should start working to connect with China’s Swift alternative, the Cross-Border Interbank Payments System (CIPS), in order to resolve issues with cross-border payments, the head of the country’s fertilizer industry body has said. (Reuters)

EGX30	17,882	+0.1% (YTD: +22.5%)
USD (CBE)	Buy 30.84	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	18.25% deposit	19.25% lending
Tadawul	11,516	-0.2% (YTD: +9.9%)
ADX	9,447	+0.7% (YTD: -7.5%)
DFM	3,789	+1.5% (YTD: +13.6%)
S&P 500	4,410	-0.4% (YTD: +14.9%)
FTSE 100	7,643	+0.2% (YTD: +2.6%)
Euro Stoxx 50	4,395	+0.7% (YTD: +15.9%)
Brent crude	USD 76.61	+1.2%
Natural gas (Nymex)	USD 2.63	+3.9%
Gold	USD 1,971.20	0.0%
BTC	USD 26,531	+0.5% (YTD: +60.4%)

THE CLOSING BELL-

The EGX30 was essentially flat at today’s close on turnover of EGP 1.91 bn. Foreign investors were net buyers. The index is up 22.5% YTD.

In the green: Credit Agricole (+6.3%), Eastern Company (+3.9%) and Heliopolis Housing (+3.3%).

In the red: Telecom Egypt (-3.1%), Qalaa Holdings (-3.0%) and Juhayna (-2.3%).

CALENDAR

JUNE

June: Suez Canal Economic Zone India roadshow.

June: Egyptian-Saudi business forum.

June: Indian Prime Minister Narandra Modi to visit Egypt.

12 June - 15 July (Monday-Saturday): Thanaweya Amma exams.

18 June (Sunday): Senate reconvenes.

18-21 (Sunday-Wednesday): Afreximbank annual meetings, Accra International Conference Center, Ghana.

19-20 June (Monday-Tuesday):Forum for insolvency reform and corporate restructuring in the Middle East and North Africa.

19-21 June (Monday-Wednesday): Egypt Infrastructure and Water Expo, Egypt International Exhibition Center.

19-21 June (Monday-Wednesday): Big 5 Construct, Egypt International Exhibition Center.

20 June (Tuesday): The House reconvenes.

20 June (Tuesday): Capital Markets Annual Summit, Nile Ritz-Carlton Hotel.

22 June (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).

30 June (Friday): June 30 Revolution Day.

30 June (Friday): Application deadline for the Smart Green Projects initiative.

30 June (Friday): Egypt to exit Grains Trade Convention.

JULY

1 July: House of Representatives deadline to approve the FY 2023-2024 budget.

1 July: GAFI to launch the country’s first integrated electronic platform to facilitate setting up a business.

5 - 6 July (Monday - Tuesday): Gov’t to pay out subsidies to first wave of applicants under its sixth export subsidy program.

15 July (Saturday): Deadline for bids in EGPC’s mature oil fields tender.

18 July (Tuesday): Islamic New Year.

18-19 July (Tuesday-Wednesday): Egypt Mining Forum, Nile Ritz-Carlton, Cairo.

19 - 20 July (Wednesday - Thursday): Gov’t to pay out subsidies to second wave of applicants under its sixth export subsidy program.

20 July (Thursday): National holiday in observance of Islamic New Year (TBC).

23 July (Sunday): Revolution Day.

25-26 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.

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

Late July-14 August: 2Q2023 earnings season.

AUGUST

August: Hassan Allam Utilities + Agility to open Yanmu East logistics park.

2 - 3 August (Wednesday - Thursday): Gov’t to pay out subsidies to second wave of applicants under its sixth export subsidy program.

3 August (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

10 August (Thursday): Shalateen Mineral Resources gold mining tender closes.

22-24 August (Tuesday-Thursday): BRICS summit, Johannesburg, South Africa.

SEPTEMBER

September: Sustainable Debt Coalition Initiative agreed at COP27 to launch.

September: IDH to open first branch in Saudi Arabia.

September: The Egypt-Germany trade and investment joint conference in Cairo.

September: JETRO’s second delegation arrives in Cairo.

9-10 September (Saturday-Sunday): G20 summit, New Delhi, India.

10-12 September (Sunday-Tuesday): The International Agricultural Exhibition for Africa and the Middle East, Sahara.

15 September (Friday): IMF to review USD 3 bn program.

15 September (Friday): Deadline for FX bureaus to comply with new capital requirements.

17-18 September (Sunday-Monday): Arab Security Conference and Exhibition, Nile Ritz Carlton.

17-19 September (Sunday-Tuesday): Sharm Rendezvous, Rixos Premium Seagate, Sharm ElSheikh.

19-20 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.

21 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

21-23 September (Thursday-Saturday): Narrative PR Summit, Somabay.

25 September (Monday): Nasdaq deadline for Swvl Holdings Corp to increase its market value of publicly held shares to a minimum of USD 15 mn.

25-26 September (Monday-Tuesday): Egypt to host the Asian Infrastructure Investment Bank’s annual board meeting, Sharm El Sheikh.

26 September (Tuesday): Prophet Muhammad’s birthday (TBC).

28 September (Thursday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

28-29 September (Thursday-Friday) Medical Tourism Conference, Sharm ElSheikh.

OCTOBER

October: Deadline for ins. providers to link their databases with the FRA.

2-4 October (Monday-Wednesday): Sharm Rendezvous - Ins. Market, Rixos Premium Seagate, Sharm ElSheikh.

2-5 October (Monday-Thursday): ADIPEC 2023, Abu Dhabi National Exhibition Center.

6 October (Friday): Armed Forces Day.

9-11 October (Monday-Wednesday): Arabs Savings and Financial Literacy Conference, Four Seasons Hotel.

13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).

Late October-14 November: 3Q2023 earnings season.

15-17 October (Sunday-Tuesday): Egypt Automotive Aftermarket Exhibition, Cairo International Convention Center.

26 October (Thursday): Daylight saving time ends.

29-31 October (Sunday-Tuesday): Egypt Energy, Egypt International Exhibition Center.

29 October - 2 November (Sunday- Thursday): Cairo Water Week.

30-31 October (Monday-Tuesday): Intelligent Cities Exhibition and Conference, Dusit Thani LakeView, Cairo.

30-31 October (Monday-Tuesday): Global Business School Network (GBSN), American University of Cairo.

31 October - 1 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.

NOVEMBER

2 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

9-15 November (Thursday-Wednesday): Intra-African Trade Fair, Cairo.

14-15 November (Tuesday-Wednesday): Destination Africa, Royal Maxim Palace Kempinski Hotel.

15-24 November (Wednesday-Friday): Cairo International Film Festival, Cairo.

19-22 November (Sunday-Wednesday): Cairo ICT, Egypt International Exhibition Center.

23 November (Thursday): Worldview Education Fair, Cairo. (Register here)

DECEMBER

10-11 December (Sunday-Monday): eGlobe Expo, St. Regis Almasa Hotel, Cairo.

12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

12-14 December (Tuesday-Thursday): Food Africa Expo, Egypt International Exhibition Center.

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

EVENTS WITH NO SET DATE

2023: The inauguration of the Grand Egyptian Museum.

Summer 2023: EGX to launch a shariah-compliant index.

1H 2023: GAFI roadshow set to launch to drum up foreign investment for golden licenses

1H 2023: Abu Dhabi Islamic Bank intends to launch a digital consumer finance company

2H 2023: Egyptian government expected to sign agreements with a consultant for the EuroAfrica electricity interconnector.

2H 2023: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan expected to hold a summit.

3Q 2023: E-Finance to launch in Saudi Arabia.

4Q 2023: EGX to launch its new futures exchange.

End of 2023: A Developments’ first phase of the Lazoghly development completed.

2024: Standard Chartered Bank to open a branch in Egypt.

November 2024: Egypt to host the 12th session of the World Urban Forum (WUF12).

2Q 2025: Safaga Terminal 2 to initiate operations.

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