Growth picks up to 3.5% in 1Q FY 2024-25 despite drops in energy production and Suez Canal revenues

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WHAT WE’RE TRACKING TODAY

Coptic Christmas announced as paid holiday for public, private sectors

Good morning and a happy new year to you all. In our first issue for 2025, the local business news cycle is already heating up — but sadly not yet the weather.

PSA-

#1- Workers in the private and public sectors are set for another shorter than usual workweek, with Prime Minister Moustafa Madbouly confirming in a statement last night that Tuesday, 7 January, will be paid holiday for the public and private sector in observance of Coptic Christmas. You can expect the central bank and the EGX to follow suit.

Students won’t be as lucky though, with exams scheduled for the day set to go ahead as planned.

#2 Instapay will remain transfer fee free for another three months, the Central Bank of Egypt said in a statement (pdf) announcing the extension starting 1 January.

The platform clocked up 1.5 bn transactions in 2024, amounting to EGP 2.9 tn that was sent and received by the applications 12.5 mn users.

WEATHER- It’s another overcast and chilly day in Cairo today, with a high of 20°C, a low of 10°C, and a chance of light rain, according to our favorite weather app.

Our friends in Alexandria should get their umbrellas at the ready, with moderate rain forecast throughout the day, followed by heavy rain and thunder forecast for the evening, along with chilly temperatures reaching a high of 17°C and a low of 9°C.

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

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DATA POINT-

An all-time record high of 15.7 mn tourists visited Egypt in 2024 — marking a 5.4% y-o-y on an already record year — Prime Minister Moustafa Madbouly said at his first weekly presser of the year. Tourist footfall could have reached up to 18 mn if it wasn’t for ongoing conflicts in the region — a target that the prime minister hopes the country will be able to achieve in 2025.

Remember: The government aims to attract some 25 mn tourists annually by 2030. To that end, it plans to add some 240-250k rooms to existing hotel room capacity. The finance and tourism ministries launched the EGP 50 bn subsidized loan program for hospitality players last month.

HAPPENING TOMORROW-

S&P Global will tell us tomorrow how Egypt’s non-oil private sector performed in December when it publishes its latest purchasing managers’ index. November’s reading showed the sector’s activity contracted for a third consecutive month, albeit at a softer pace, to 49.2 points.

CIRCLE YOUR CALENDAR-

Egyptian expats will be able to start picking up housing units through the Your Home in Egypt initiative starting in February 2025, with more than 5k residential units and villas offered up in the new administrative capital, New Alamein, New Mansoura, Sixth October, Sheikh Zayed, New Cairo, and other areas. The initiative — initially set to launch this month — will let Egyptians living abroad purchase up to two premium housing units using FX through an online platform. Applicants must have a foreign bank account that has been active for at least six months and units will be allocated on a first-come, first-served basis.

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-

As is often the case, Donald Trump is once again topping much of the international press this morning, with news out that the president-elect will be sentenced on 10 January on charges that he allegedly paid hush money to a [redacted] star. However, the incoming decision — pencilled in for just ten days before he is set to take his place at the Oval Office — will not lead to Trump facing jail time, the judge overseeing the case signalled. (Financial Times | Reuters)

Our corner of the world is also continuing to rank highly on the world’s digital front pages amid Israel’s unrelenting assault on Gaza, with at least 70 killed since Friday by strikes on the besieged enclave. The escalation comes as another round of ceasefire talks mediated by Qatari and Egyptian officials take place in Qatar. (Reuters)

Despite talk of restraint, the Biden administration provisionally approved a USD 8 bn weapons sale to Israel, which includes precision-guided missiles, artillery shells, and air-to-air missiles. (Wall Street Journal | Financial Times)

Egyptian GDP growth picks up to 3.5% in 1Q FY 2024-25 despite drops in energy production and Suez Canal revenues

GDP growth was up 0.8 percentage points y-o-y in 1Q FY 2024-2025, coming in at 3.5% y-o-y for the three month period, according to a statement from the Planning and International Cooperation Ministry. The figures mark a recovery from the slowdown in 1Q FY 2023-2024, which had declined sharply from the 4.4% a year earlier amid global economic headwinds and domestic challenges.

Non-oil manufacturing picks up steam with customs relief: Customs clearance facilitation for production inputs has helped drive a resurgence in non-oil manufacturing, which expanded 7.1% y-o-y in 1Q, marking its second consecutive quarter of growth. Government data suggests industrial output rose 6%, recovering from last year’s 7.7% contraction, with export-led sectors like chemicals, fertilizers, and ready-made garments leading the way.

Improvements were seen across the board: Transport and storage (+15.6%), ICT (+12.2%), tourism (+8.2%), electricity (+7.4%), social services including health and education (+4.5%), and agriculture (+2.7%) all posted growth.

But Suez Canal revenues plunged and energy output stumbled: Suez Canal revenues plunged 68.4% y-o-y in 1Q as geopolitical tensions slashed transit volumes, delivering a sharp blow to one of Egypt’s main revenue streams. The energy sector also struggled, with extraction activity contracting 8.9% y-o-y amid sluggish oil and gas production.

Private spending up, public investment down: Private investments rose 30% y-o-y in 1Q to EGP 133.1 bn, up from EGP 102.3 bn last year, driven by stricter governance on public spending. Public investments, meanwhile, contracted 60.5%, falling to EGP 57 bn from EGP 144.4 bn in 1Q FY 2023/24.

The bigger picture: The Planning Ministry projects GDP growth of 4.0% for FY 2024-2025, supported by private sector reforms and gradual economic recovery.

Egypt receives first EUR 1 bn tranche under macro-financial assistance package from the EU

EUR 1 bn down, EUR 4 bn to go: The first EUR 1 bn of a wider EUR 5 bn macro-financial assistance package arrived in the state coffers just before the New Year on 27 December, Prime Minister Moustafa Madbouly said in his weekly presser of the year. The newly arrived funds with the central bank will “accompany (Egypt’s) reform agenda,” European Commission President Ursula von der Leyen said last month after the EU approved the disbursement.

The funds will go towards alleviating external financing constraints, easing the government’s balance of payments and budget needs, and boosting FX reserves, which will in turn boost macroeconomic stability, competitiveness, improve the business environment, and support our green transition.

Remember: The total EUR 5 bn in concessional loans stems from a wider EUR 7.4 bn package of loans, grants, and investments through 2027 that was agreed to under a joint strategic and comprehensive partnership inked between the two sides back in March. In addition to the EUR 5 bn in macro-financial assistance, the EU pledged EUR 1.8 bn of “additional” investments under the Southern Neighborhood Economic and Investment Plan and EUR 600 mn in grants, including EUR 200 mn for migration management.

Madbouly was eager to highlight that the private sector have also been benefitting from soft financing facilitated by the government, with the amount of concessional financing going its way witnessing a significant upturn last year. The amount of soft financing that was organized by the Planning and International Cooperation Ministry and directed to the private sector rose some 45% y-o-y to USD 4.2 bn in 2024, the prime minister said.

The private sector has also increasingly been the source of investment in the country, with 63.5% of investment in the first quarter of the fiscal year originating from outside the state. The uptick in investment reflects not just the state reeling back its own investments, but also a 30% y-o-y jump in private sector growth, Madbouly argued.

Beltone eyes majority stake in African financial services provider Boabab through put option agreement

Beltone looking to acquire a majority stake in Baobab: Beltone Holding subsidiary Beltone Capital has entered into a put option agreement to acquire a majority stake in African service financial provider Baobab, according to a company sta tement (pdf). The acquisition is set to drive Beltone’s regional growth strategy through expansions in Africa.

Boabab? Founded in 2005, the company is a leading financial service provider offering financial access to African small businesses and micro entrepreneurs. Baobab operates across seven African nations, including Senegal, Côte d’Ivoire, Madagascar, Burkina Faso, Mali, Democratic Republic of Congo, and Nigeria and has 500k customers.

The details: Beltone’s board of directors approved obtaining a shareholder’s loan to finance the acquisition, contingent on signing a binding share purchase agreement and securing regulatory approvals.

What they said: “This marks a significant milestone in our strategic data driven expansion into high-potential and digitally scalable African and Emerging Markets. We are committed to a

transformational impact in financial services backed by Data Science and AI to ensure

ongoing sustainable growth.” Beltone Holding Group CEO Dalia Khorshid said.

Cabinet approves amendments to Public Shops Law, methane reduction roadmap, two Japanese grants, and free-trade agreement

The Madbouly cabinet kicked off 2025 with a raft of decisions and measures during its weekly meeting on Wednesday, including agreements on methane emissions and trade, and amendments to business licensing regulations, according to a cabinet statement.

#1- Business licensing deadline extended: The ministers passed amendments to the executive regulations of the Public Shops Law, extending the deadline for businesses to comply with licensing requirements to December 2026 from last December. The amendments also allow judicial officers to inspect businesses without prior notice and require them to give violators up to 60 days to address infractions before referring cases to authorities.

#2- Egypt is working on a methane reduction roadmap: Cabinet approved a presidential decree on an agreement between the state-owned Egyptian General Petroleum Company and the United States Trade and Development Agency to prepare a “roadmap to reduce methane emissions in Egypt.” The study will determine current methane emissions in the oil sector and set reduction targets with implementation timelines.

#3- Two Japanese grants for agritech incoming private players: The cabinet also approved a JPY 35 bn — currently equivalent to USD 222.7 mn — financing agreement with Japan to support private sector development and economic diversification. Ministers also greenlit a JPY 500 mn grant agreement — worth roughly USD 3.2 mn — with the Asian nation to support economic and social development through digital agricultural transformation.

#4- Free trade agreement with Serbia gets approval: The Madbouly cabinet greenlit a presidential decree on the Egypt-Serbia free trade agreement that was announced during President El Sisi’s visit to Serbia in July 2022 and signed during the Serbian president’s visit to Egypt last June.

Auto sales continue to rise 12.5% for the second consecutive month in November

Auto sales continue to rise in November: Auto sales in November rose by 12.5% m-o-m to 10.8k vehicles, up from 9.6k in October, according to figures from the Automotive Marketing Information Council (AMIC) seen by EnterpriseAM. The surge marks a continued rebound in monthly vehicle sales that began in October, which had broken a two-month streak of declines following four months of growth between April and July.

Remember: The vehicle market witnessed a 43% m-o-m drop back in March of last year, with sales plummeting to just 4.2k vehicles — the lowest number of auto sales we’ve seen since we started keeping track in January 2019.

Increased passenger car sales drove the growth: Passenger car sales registered a 14.8% increase m-o-m to 8.5k vehicles in November. Truck sales also continued to rise, growing 14.2% m-om to 1.6k trucks — up from 1.4k trucks in October. Bus sales fell slightly to 746 units sold, down from 760 during the same period.

On a yearly basis, total auto sales in November were up 9.1% from the same time last year, driven by a 45.8% increase in truck sales and a 7.5% increase in passenger car sales. Bus sales fell 19.7% during the same period.

The figures don’t quite tell the whole story: AMIC figures reflect data contributed by member distributors, who include most, but not all, industry participants.

Finance, CIT ministries launch digital platform to tighten control over the mobile phone market, push localization efforts

Introducing, Telephony: The Finance and CIT ministries have launched a new digital platform on Wednesday, that will help the government execute better control over the smartphone market in Egypt, and collect duties and taxes for imported devices, according to a joint statement from the ministries. The platform — dubbed telephony — is now available on Apple’s App Store and Google Play for android users.

The last day of the year saw 1.2 mn smuggled devices activated in the country to avoid the incoming regulations, NTRA CEO Mohamed Shamroukh said in a press conference (watch, runtime: 0:21).

The details: After a three-month grace period for one device, users can register their mobile phones through the application and pay any owed customs fees. The new system applies only to new mobile phones imported and activated starting 2025. The application will also let users verify whether devices are counterfeit or smuggled into the country without paying for customs.

Remember: Imported mobile phones are subject to customs and tax fees totaling 38.5% — including a 5% development fee tax — as part of incoming government regulations to support the country’s mobile phone manufacturing localization efforts, a high-ranking government source previously told EnterpriseAM.

Tasaheel Finance Company, Badr University in Assiut, GB Lease and Factoring, Premium Card, and Al Ahly Securitization Company hit the securitization market

The end-of-year securitization rush carried over to the new year, with two entities announcing that they had closed securitization issuances over the first few days of the year and a few others that squeezed in issuances just before 2024 came to a close.

TASAHEEL FINANCE COMPANY KICKS OFF 2025 WITH MULTI EGP BN ISSUANCE-

Tasaheel Finance Company issued EGP 5.1 bn worth of securitized bonds, the transaction’s financial advisor, lead manager and bookrunner Al Ahly Pharos Investment Banking said in a statement (pdf). The issuance is secured by a EGP 6.4 bn portfolio.

The details: The issuance is composed of six tranches with tenors ranging from 6 to 32 months rated between P1 to A- by the Middle East Ratings and Investors Service (MERIS).

Who bought in? Bank NXT, Al Ahli Bank of Kuwait, Ebank were among those that subscribed to the issuance, alongside underwriters Al Ahly Pharos, National Bank of Egypt, Arab African International Bank, and the Suez Canal Bank.

Advisors: Alongside Al Ahly Pharos Investment Banking, which acted as the transaction’s financial advisor, lead manager and bookrunner, CIB acted as custodian, the National Bank of Egypt acted as the arranger, and Matouk Bassiouny was the legal advisor.

CIRA’s BADR UNIVERSITY HITS THE SECURITIZATION MARKET

Badr University issues an EGP 500 mn future flow securitized bonds: Our friends at EFG Hermes have provided advisory on a future flow securitization issuance worth EGP 500 mn for Badr University in Assiut (BUA), marking the university’s first standalone future flow securitization, the company said in a statement (pdf ). The issuance was backed by future revenues generated by the CIRA Education-owned university.

About the issuance: The issuance included three tranches with tenors ranging from 34 to 82 months, all of which were rated A by MERIS and backed by future revenues that will be generated by the university.

Who bought in: The Abu Dhabi Commercial Bank subscribed to the issuance, while EFG Hermes, Al Barak Bank, and the Suez Canal Bank acted as underwriters.

Advisors: EFG Hermes was the sole financial advisor, transaction manager, book-runner, underwriter, and arranger. The Suez Canal Bank acted as the subscription bank, Ahli United Bank was the custodian bank, PwC was the auditor, and Zulficar and Partners was the legal advisor.

GB LEASE AND FACTORING SQUEEZE IN ONE LAST ISSUANCE OF THE YEAR-

GB Lease & Factoring close 11th issuance of EGP 15 bn program: GB Lease & Factoring issued EGP 1.8 bn worth of securitized bonds as part of a three-year EGP 15 bn program, Dreny and Partners said in a statement (pdf).

The details: The issuance was backed by a receivables portfolio originated by GB Lease & Factoring, and was composed of four tranches that received credit ratings rated AA+, AA, A, and A- from MERIS.

Who bought in: CIB, Arab African International Bank, National Bank of Egypt, and Banque du Caire acted as the transaction’s underwriters.

Advisors:CIB and CI Capital acted as the financial advisor and lead arranger of the transaction. CIB also acted as the transaction’s custodian and Banque du Caire was the transaction’s bookrunner. Fathalla & Co. United Accountants and Ahmed Yehia Auditors were the official auditors for the transaction.

PREMIUM CARD RAISES EGP 400 MN IN SECURITIZATION ISSUANCE-

Premium Card close third securitization issuance of three-year EGP 2 bn program: Premium International for Financial Services — often known by its sole product Premium Card — closed a EGP 400 mn issuance at the end of January, according to a statement (pdf) from EFG Hermes and another statement (pdf) from Dreny and Partners.

The details: The issuance was backed by a receivables portfolio originated by Premium Card, and was composed of two tranches with tenors of 12 and 36 months rated P1 and A by MERIS.

Who bought in: EFG Hermes, Arab African International Bank, and the Suez Canal Bank all acted as underwriters.

Advisors:Our friends at EFG Hermes acted as the financial advisors and lead arrangers of the transaction. Arab African International Bank also acted as the custodian, while the Suez Canal Bank acted as the subscription bank. KPMG was the transaction’s auditor and Dreny & Partners were legal advisors.

AL AHLY TAMKEEN HITS THE SECURITIZATION MARKET-

Al Ahly Tamkeen wraps up 2024 with EGP 760 mn issuance: Al Ahly Tamkeen for Microfinance closed an EGP 760 mn securitization issuance at the end of December, the transaction’s financial advisor Al Ahly Pharos Investment Banking said in a statement (pdf).

The details: The issuance was backed by a portfolio of receivables worth EGP 928 mn assigned by Al Ahly Tamkeen Microfinance Company. It included five tranches with tenors ranging from 6 to 24 months, which received credit ratings of P1 and A- from MERIS.

Who bought in: Al Ahly Pharos, National Bank of Egypt, Arab African International Bank, and the Suez Canal Bank were underwriters of the transaction.

Advisors: Al Ahly Pharos Investment Banking was the transaction’s financial advisor, lead manager and bookrunner. Arab African International Bank acted as the placement agent and the Suez Canal Bank acted as the custodian, while the National Bank of Egypt acted as the arranger, Matouk Bassiouny acted as the legal advisor, and Baker Tilly acted as the auditor.

The National Front Party’s debut and Lamees’s comeback dominated the airwaves last night

Last night’s talk shows covered an array of topics and saw the return of Lamees El Hadidi and Lobna Assal to the screen after a four-month hiatus (watch, runtime 1:42 and 3:28).

With the EGP weakening against the USD, where will the greenback land in 2025? “The moderate scenario suggests the USD could range between EGP 59 and 61.5 by the end of 2025,” economist Medhat Nafie said in an interview with Lamees El Hadidi (watch, runtime: 8:44). He added that a pessimistic scenario might see even higher rates, driving up prices and exacerbating economic challenges, while the optimistic outlook anticipates the USD settling at around EGP 55.

Nafie also predicted inflation could drop below 20% by the end of FY 2024-2025, hitting 16% by December 2025.

Customs and tax hikes on imported mobile phones also grabbed attention of the nation’s hosts, including Lamees El Hadidi (watch, runtime: 10:58) and Lobna Assal (watch, runtime: 4:34). We have more on this story in the news well above.

Amr Adib put a spotlight on the newly formed National Front Party, which has stirred controversy since its announcement last month. Adib hosted founding representative and former Housing Minister Assem El Gazzar, along with founding committee member Diaa Rashwan, head of the State Information Service (watch, runtime 51:05) to discuss the newly formed party.

“This party does not belong to any individual,” El Gazzar said, addressing concerns over Al Organi Group chairman, Ibrahim Al Organi’s financial backing. He explained that sponsorship from business men such as Al Organi, Yassin Mansour, Ayman El Gameel, or Kamel Abu Ali is meant to “give back to the state through community work.” He added that no party can survive on membership fees alone — it needs business funding to ensure its strength and sustainability.

“The National Front Party came out of a political scene that doesn’t resonate with most citizens, despite the abundance of parties,” El Gazzar said. Rashwan framed the party as a “product of the National Dialogue,” aimed at revitalizing Egyptian politics. He emphasized that Egypt’s political landscape has matured post-stabilization and clarified that the party has no plans to become the sole ruling party or form a government anytime soon.

Suez Canal extension trial run opens the door for up to eight additional vessels per day. PLUS: Aman + Jarir Bookstore + Al Manea, Eni, Telecom Egypt

INFRASTRUCTURE-

The Suez Canal has successfully tested a new 10 km lane in the southern section of the waterway, according to a statement from the Suez Canal Authority. The trial saw the passage of two ships through the new stretch. The extension increases the length of the canal’s two-way section to 82 km — up from 72 km. “The extension is set to enhance navigational safety, reduce the impact of winds and currents, and raise the canal’s capacity by an additional 6-8 vessels daily,” Suez Canal Authority head Osama Rabie said.

The news also caught the attention of the foreign press: Reuters.

MANUFACTURING

NERIC to set up railway industrial complex: The National Egyptian Railway Industries Company (NERIC) is establishing an industrial complex for railway manufacturing in the East Port Said industrial zone, according to a statement from the Investment Ministry. The complex is 60% complete, with the start of production pencilled in for July. The complex will hace two production lines — one for metro cars with 35-40% local components and another for railway cars with 65% local content — whose output will serve both the domestic market and export to regional markets, particularly in Africa.

EXPANSION-

Raya’s Aman eyes Saudi Arabia expansion with consumer finance venture: Raya Holding’s fintech arm Aman has partnered with Saudi retailers Jarir Bookstore and Al Manea under a strategic partnership to establish a consumer finance company in Saudi Arabia, according to a company statement (pdf). The venture aims to provide tailored financial solutions to individuals and entrepreneurs in the Saudi financial market.

What they said: “This collaboration represents a significant step in Aman’s regional expansion strategy, enhancing our presence in one of the region’s most dynamic financial markets. Through this partnership, we aim to deliver innovative and effective financial solutions that address the needs of individuals. This initiative will contribute to enhancing financial inclusion and supporting sustainable economic growth. We are confident that this partnership will serve as a successful model for strategic collaboration,” Aman Holding CEO Hazem Moghazi said.

ENERGY-

Oil Ministry rejects reports Eni has delayed plans to up Zohr field production: The Oil Ministry refuted recent media reports claiming that the Italian energy giant Eni had pushed back plans to ramp up its drilling operations in the Zohr gas field at beginning of this month to May 2025 because of unstable weather, according to a ministry statement. A drilling ship is set to arrive at the offshore field later this month to start work on increasing production, Reuters reports, citing comments from the Oil Ministry.

TELECOMS-

Telecom Egypt expects offers for tower sale in early 2025: Telecom Egypt plans to sell 2.5k telecom towers in an agreement valued at USD 200-250 mn, expecting offers by early 2025, informed sources told Asharq Business.

US equities end first week of trading in 2025 with a rally

After a rocky start to the year, Wall Street closes out first week of 2025 on a high: US equities rallied on Friday to end the first week of the year on a positive note, with all three major indexes closing up. The Friday rally saw Wall Street changing directions after stocks fell the previous day — the first day of trading in 2025 — on the back of a soaring USD and Tesla shares falling 6.1% after reporting its first drop in annual deliveries, according to Reuters.

Snapping the streak: Friday’s market performance saw the S&P 500 closing up 1.3%, marking “its biggest rise since November 6 — the day after Donald Trump’s US election victory. The benchmark index’s gains on Friday also brought an end to five consecutive days of losses — the longest such streak since April,” the Financial Times notes. The Nasdaq also had a similar reversal of a losing streak, closing up 1.8% on Friday, buoyed by Nvidia and a rebound in Tesla shares.

This week will be a truer test of the durability of the rally, as the holiday season comes to a close and trading volumes — which have been thin over the past several days of trading — begin recovering to their usual levels, analysts say. Friday’s rebound came as the market “finally saw some buyers step in” following weakness at the end of the year “and a very oversold market,” but tomorrow’s trading session will mark “when a lot of the big money managers come back to the desk,” Carson Group’s chief market strategist tells Reuters. Analysts also expect more volatility in the coming weeks as Trump’s inauguration draws closer, with questions remaining “around what’s likely to come from the new administration,” the FT says.

EGX30	30,060	+1.1% (YTD: +1.1%)
USD (CBE)	Buy 50.70	Sell 50.84
USD (CIB)	Buy 50.72	Sell 50.82
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,103	+0.2% (YTD: +0.6%)
ADX	9323	+0.01% (YTD: -1.0%)
DFM	5127	-0.5% (YTD: -0.6%)
S&P 500	5942	+1.3% (YTD: +1.0%)
FTSE 100	8224	-0.4% (YTD: +0.6%)
Euro Stoxx 50	4871	-0.9% (YTD: -0.5%)
Brent crude	USD 76.51	+0.8%
Natural gas (Nymex)	USD 3.35	-8.4%
Gold	USD 2654.70	-0.5%
BTC	USD 98,350.40	+0.8% (YTD: +5.1%)

THE CLOSING BELL-

The EGX30 rose 1.1% on Thursday’s close on turnover of EGP 2.2 bn (44.4% below the 90-day average). Local investors were the sole net buyers. The index is up 1.1% YTD.

In the green: Palm Hills Developments (+6.1%), Beltone Holding (+5.3%), and Telecom Egypt (+4.5%).

In the red: Talaat Moustafa Group (-1.3%), Eastern Company (-0.9%), and Ezz Steel (-0.3%).

FM Abdelatty jumps on the phone with his new Syrian counterpart following Assad’s ouster

Egypt reaches out to Syria’s new transitional government: Foreign Minister Badr Abdelatty held a phone call with Syria’s newly appointed transitional government Foreign Minister Asaad Al Shaibani on Wednesday, according to a Foreign Ministry statement. Abdelatty reaffirmed Egypt’s support for Syria’s stability and territorial integrity, emphasizing the importance of an inclusive political transition process free from foreign interference. The ministers agreed to maintain communication in the coming period.

Egypt’s stance on regional conflicts in focus during talks with UK national security advisor: Foreign Minister Badr Abdelatty met with national security advisor to the British Prime Minister Jonathan Powell on Thursday to discuss regional developments, according to a statement from the Foreign Affairs Ministry. The meeting covered Egypt’s efforts to secure a ceasefire in Gaza and ensure humanitarian aid delivery, alongside discussions on the Syrian crisis and Sudan conflict, with Abdelatty emphasizing the importance of preserving state institutions and territorial integrity in both countries.

Egypt sends first aid flight to post-Assad Syria: The Egyptian Red Crescent sent 15 tons of food and medical supplies to Damascus on Saturday, marking Egypt’s first aid flight to Syria since Bashar al Assad’s ousting in December, according to a statement by the Foreign Ministry.

CALENDAR

JANUARY

8 January (Wednesday): Trilateral summit between Cyprus, Greece, and Egypt in Cairo to focus on energy, regional security, economy, and technology

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

15 January (Wednesday): Launch of Egypt’s first joint-stock ship waste management company in Port Said.

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.

Early January 2025: Health Ministry finalizes partnership with Gustave Roussy to operate Dar El Salam Hospital.

January: CBE to launch InstaPay remittances for Egyptians abroad

January: Building permit applications in Egypt’s new cities will go online

January 2025: Accor Group to open Sofitel Cairo Downtown Nile, the world’s largest Sofitel.

January 2025: Egyptian National Railways to launch tender for Tanta-Mansoura-Damietta railway line upgrades

January 2025: Food products will require food safety and validity certificates from the National Food Safety Authority (NFSA)

January 2025: Bavarian Delegation visit to Egypt

FEBRUARY

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

2 February: Energy Day Conference, Cairo, Egypt.

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

20 February (Thursday): Monetary Policy Committee’s first meeting.

February 2025: BP to bring the second well of its Raven natural gas project online, with additional production capacity expected

February 2025: Subscription period for Your Home in Egypt initiative opens

MARCH

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

March 2025: Alwaad Investment to inaugurate a new cold beverage plant with an annual production capacity of 14.5 mn units

March 2025: Al Ahly Sabbour to finalize preparations for its EGX listing, offering 20-25% of its shares, with an advisor to be tapped in early 2025

March-April 2025: The government plans to start collecting taxes on capital gains from EGX transactions

APRIL

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

17 April 2025 (Thursday): Monetary Policy Committee’s second meeting.

28-30 April 2025 (Monday-Wednesday): FDC Regional Digital Industry Summit will launch cybersecurity index.

April 2025: Saxony Delegation visit to Egypt

April 2025: Egypt to launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi electricity interconnection project, ahead of schedule

April 2025: Tahya Misr 1 container terminal to begin operations, adding 3.5 mn container capacity to the port.

MAY

22 May 2025 (Thursday): Monetary Policy Committee’s third meeting.

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

JUNE

June 2025: MPs approveextension of tax dispute resolution window until 30 June 2025, with potential for further extension

June 2025: Nissan and Honda finalise talks about possible merger to create the world’s third largest automobile company by sales.

June 2025: Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

JULY

10 July 2025 (Thursday): Monetary Policy Committee’s fourth meeting.

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

July 2025: Etihad Airways to launch twice-weekly flights to Alamein

July 2025: Israel to begin increasing gas exports to Egypt from Chevron’s offshore Tamar field

AUGUST

28 August 2025 (Thursday): Monetary Policy Committee’s fifth meeting.

August 2025: Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

September 2025: Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay

September 2025: Egypt Otsuka’s nutritional products factory in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026

OCTOBER

2 October 2025 (Thursday): Monetary Policy Committee’s sixth meeting.

NOVEMBER

20 November 2025 (Thursday): Monetary Policy Committee’s seventh meeting.

DECEMBER

25 December 2025 (Thursday): Monetary Policy Committee’s eighth meeting.

December 2025: Taqa Arabia and Voltalia to complete studies for repowering the 545-MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power

EVENTS WITH NO SET DATE

Early 2025: ADQ to break ground on the development of Ras El Hekma

Early 2025: Al Ismaelia to begin working on two new hotels and hotel apartments in Downtown Cairo.

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

Early 2025: The Suez Canal Authority to launch an IPO for the Canal Company for Mooring and Lights (CCML) on the EGX.

Early 2025: Orange Egypt to launch 5G services, with EGP 10 bn planned for network upgrades.

Early 2025: BP to begin drilling at the King Mariout Offshore concession.

Early 2025: Jinbei Royal Egypt to begin local assembly of 3k Jinbei vehicles, including the country’s first electric cargo van and microbus

1Q 2025: The Egyptian-Italian business forum

1Q 2025: Investment Minister Hassan El Khatib to visit Italy

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

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

1Q 2025: Egypt to sign trade agreements with Bahrain and UAE to slash customs clearance times

1Q 2025: Government to launch EUR 271 mn green industry program to cut emissions

1Q 2025: Egypt-Azerbaijan joint committee to meet to bolster trade and investment ties

1Q 2025: Turkish Automotive Manufacturers Association and Turkish Contractors Association to visit Egypt following an invitation from the Investment Minister

1Q 2025: One of four companies, including Abu Qir Fertilizers, Mopco, Egyptian Petrochemicals Holding Company, and a Saudi-affiliated firm, to be selected for the USD 450 mn redevelopment of Delta Fertilizers

1Q 2025: GV Auto to begin local production of FAW Group’s cheapest EV model.

1Q 2025: Alkan Auto to launch BAIC subsidiary Arcfox’s EVs to the market.

1Q 2025: Dynamic Distribution to launch a new competitively-priced Fiat model in Egypt.

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta.

1Q 2025: Port Said for Engineering Works to begin construction on a USD 80 mn aluminum foil factory in the SCZone, targeting initial production of 60k tons annually.

1Q 2025: Pearl Polyurethane Systems to start production at its EGP 100 mn polyurethane factory in the Sokhna Industrial Zone.

1Q 2025: Sumitomo Electric to officially open its EUR 22 mn cable factory in Tenth of Ramadan, with production set to begin next month.

1Q 2025: Construction of the USD 600 mn natural gas treatment plant in the Western Desert’s Meleiha concession to wrap up, followed by a pilot run.

1Q 2025: El Araby Group and Sharp to break ground on a USD 50 mn fridge and freezer manufacturing plant in the Quweisna zone.

1Q 2025: Hangzhou Henneway Travel Goods to begin production at its USD 50 mn factory in the West Qantara Industrial Zone

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta

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

2Q 2025: Safaga Terminal 2 to start operations

2Q 2025: Hassan Allam to build infrastructure for AD Ports’ Noatum terminal at Safaga

2Q 2025: EgyptSat Auto to start production at its EV factory in Tenth of Ramadan City

3Q 2025: AMEA Power to bring 500 MW Amunet wind farm online in Ras Ghareb

4Q 2025: Abou Ghaly Motors to introduce the Subaru Solterra to the market

4Q 2025: Two new projects in food manufacturing and home textiles to begin operations in the Qantara West Industrial Zone

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

1H 2025: The Egyptian-US Investment Forum.

1H 2025: Internal Trade Development Authority (ITDA) to establishfour logistics zones with EGP 18-20 bn investments

1H 2025: Natco to launch Chinese firm Neta Auto’s EV models.

1H 2025: OCI Global to complete the sale of its entire methanol business to Methanex for USD 2.05 bn.

1H 2025: Egypt and the UAE to begin construction of a USD 3 bn petroleum logistics zone at Al Hamra Port

1H 2025: HoldiPharma to list 25-30% stakes in Misr Pharma and Chemical Industries Development (CID) on the EGX

1H 2025: Korra Energi to list up to 20% stake on the EGX

1H 2025: Smart Villages Development and Management Company plans to list 30-35% of its shares on the EGX

1H 2025: Halliburton to bring three gas wells online as part of the Burullus project.

1H 2025: Chevron to begin gas production from the offshore Nargis gas field, initially producing 600 mn cf.

1H 2025: Nile Recycling to launch USD 20 mn PET recycling facility in Ain Sokhna, targeting an annual capacity of 22k tons and reducing carbon emissions by 40k tons

2H 2025: National Printing Company to make its EGX debut after delayed IPO plans

2H 2025: Tabarak Holding to list 30% of its shares on the EGX

2H 2025: Turkish apparel company Denim Rise to open a garment manufacturing facility

2H 2024: Hi-Tech Apparel to break ground on a USD 20 mn sportswear factory in the SCZone

2H 2025: Eni to drill two new wells in the Zohr field with USD 160 mn in investments

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

Mid-2025: SN Automotive to launch three locally assembled models — one electric and two gasoline-powered — in Egypt

Mid-2025: Suez’s USD 1.8 bn coal and diesel production complex, developed by Enppi and Petrojet, to be completed

Mid-2025: Wataneya and Safi to debut on the EGX

End of 2025: The Egypt Digital Industrial Platform will expand to include additional services for manufacturers, including the issuance of licenses, building permits, and industrial records

End of 2025: An unnamed Chinese company and the state-owned Arab Organization for Industrialization (AOI) to begin production at a USD 360 mn tire factory in the SCZone.

End of 2025: A consortium including Redcon Properties and Al Baraka Bank to launch a local real estate investment fund with over EGP 1 bn in initial investments

Late 2025: Baron Hotels to open a new hotel in Sharm El Sheikh and debut its first international property in Zanzibar with 150 luxury suites

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2025: Nafeza to integrate air cargo into its digital customs platform, further streamlining trade logistics

2025: Africa50 completes 42.9% stake acquisition in Raya Data Centers for USD 15 mn to fund construction of a USD 35 mn Tier III data center.

2025: MM Group for Industry and International Trade is set to launch 16 new Tata vehicle models locally.

2025: China to issue USD 411 bn in special treasury bonds

2025: El Attal Holding to list 30-35% of its shares on the EGX

2025: The Administrative Capital for Urban Development (ACUD) to launch its EGX debut, offering 5-10% of its shares.**

2025: Basata Holding for Financial Investments to offer 25% stake on the EGX as part of a plan to double its capital to EGP 1.4 bn.**

2025: Hilton Cairo Nile Maadi to open early in the year, alongside debuts of Tapestry Collection and Curio Collection by Hilton.

2025: Palm Hills and Marriott to launch The Ritz-Carlton Residences in West Cairo, featuring 150 branded units across 45 acres

2025: Jaz Hotel Group to set up two new hotels in North Coast, two in Hurghada, and two in Marsa Alam

2025: Sunrise Resorts & Cruises to add 4k hotel rooms to its hotels capacity.

2025: Egyptian Petrochemicals Holding Company (ECHEM) to complete studies and kick off production of Egypt’s first sustainable aviation fuels (SAFs).

2025: Polaris Parks to begin development of the industrial park in New October City

2025: EgyptAlum to launch a USD 100 mn foil production line with a 50k-ton annual capacity

2025: Honor to begin operations at its proposed smartphone manufacturing facility in Egypt, with an initial investment of USD 10 mn

2025: Indorama and Phosphate Misr to begin implementation of the USD 400-500 mn phosphate fertilizers plant in Ain Sokhna

FY 2025-26: Egypt to issue its first EGP-denominated sovereign sukuk to finance public investments outside the general budget

FY 2025-26: The government to begin introducing cash-based subsidies on a trial basis in select areas of the country

2025-2027: EUR 4 bn in concessional loans to follow as part of a EUR 7.4 bn package

2026

May 2026: End of extension for developers on 15% interest rates for land installment payments

2026: Baron Hotels to launch two hotels in Egypt with 950 rooms, followed by another with 750 rooms

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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