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Monday, 2 Dec 2024

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Hassan Allam-ADP France alliance submits airport management privatization proposal

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Today at a glance

1

Privatization

Hassan Allam and ADP France submit joint proposal to manage Egyptian airports.
2

Automotive

Alkan, NATCO, and Zero Carbon plan major EV launches in 2025.
3

What We're Tracking Today

LNG imports to continue until at least 2029?
4

EARNINGS WATCH

CIRA Education’s topline climbs 35% in FY 2023/24.
5

Also on our Radar

Gov’t and World Bank collaborate on building our FDI strategy until 2030.
6

PLANET FINANCE

BlackRock pushes further into alternative assets with planned USD 12 bn acquisition.
7

BLACKBOARD

Will golden licenses spark a revival in Egypt’s private education sector?

Monday, 2 Dec 2024

What We're Tracking Today
Privitisation Watch
Automotive
Capital Markets
Earnings Watch
Also On Our Radar
Planet Finance
Diplomacy
Blackboard
Calendar
1

What We're Tracking Today

LNG imports to continue until at least 2029?

Good morning, folks. Automotive localization and privatization is leading the local business news once again this morning — two areas that have increasingly popped up over the last year and will likely continue to do as we near the end of the year. But that’s not all, as we’ve got energy updates, real estate news, and more in today’s issue for you to read through this morning.

PSA-

WEATHER- It’s a cool, but dry day in Cairo today, with a high of 22°C and a low of 13°C, according to our favorite weather app.

There are intermittent light showers forecast for Alexandria, along with a high of 23°C and a low of 11°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.

WATCH THIS SPACE-

LNG imports to continue until at least 2029? Egypt is planning to carry on importing liquefied natural gas until the country closes the gap between domestic production and consumption in either 2029 or 2030, Asharq Business reported, citing an anonymous government official. EnterpriseAM was unable to verify the story with the Oil Ministry when we reached out to them.

By the numbers: Natural gas production declines have reduced output to 4.3 bn cubic feet per day, against a daily demand for 6 bn cubic feet, according to the outlet.

IN THE HOUSE-

Lawmakers to vote on cash-based subsidies bill today: MPs are expected to give their final approval to a government-drafted cash-based subsidies bill aimed at supporting citizens living under the poverty line. The legislation, which received preliminary approval yesterday, establishes a Takaful and Karama fund to distribute payments, funded by the state budget, private contributions, foreign grants and loans, and investments.

MPs are also set to decide on five draft agreements authorizing the Oil Ministry to partner with foreign companies for oil and gas exploration in the Mediterranean, Nile Delta, and Western Desert.

HAPPENING TODAY-

Cairo is hosting a ministerial conference on the humanitarian response in Gaza today, with senior government ministers from across the globe and UN Secretary-General António Guterres expected to be in attendance, according to the Egyptian State Information Service

HAPPENING TOMORROW-

#1- Can Egypt’s non-oil private sector reverse its slump? S&P Global will publish Egypt’s Purchasing Managers Index (PMI) figures for November tomorrow, measuring the country’s non-oil private sector activity. Last month, non-oil private sector activity continued to contract, but at a slower pace, as rising raw material and utility costs pressured prices and hit new order volumes.

#2- The retail tranche of United Bank’s EGX offering closes tomorrow, giving retail investors only today and tomorrow to put their hat in the ring. The bank’s private placement that wrapped last month was 6x oversubscribed.

Remember: The total offering could see the bank raise up to EGP 4.6 bn by floating 330 mn ofits shares — equivalent to a 30% stake.

HAPPENING THIS WEEK-

eSIM services are coming to Egypt this week: eSIMs are set to arrive in Egypt this week after months of speculation over their planned arrival, an official at the National Telecom Regulatory Authority told EnterpriseAM. eSIMs will be offered by four operators for EGP 270. The technology will be supported on Android and iOS operating systems, with the service set to be launched simultaneously by all providers.

eSIMs? eSIMs are a digital version of a SIM card that can be put in your phone by scanning a QR code or putting in a code. The newest Apple, Samsung, and Google phones are already eSIM-compatible, and many believe it is only a matter of time before physical SIM cards are tossed into the dustbin of history.

FROM THE DEBT MARKETS-

The central bank sold EGP 60.4 bn worth of three-month t-bills with an average yield of 31.20%, up 0.28 percentage points from its last auction and surpassing the EGP 40 bn target.

DATA POINT-

International financial institutions invested nearly USD 890 mn in Egypt’s private sector during November, with climate finance, SMEs, sustainable tourism, and renewable energy projects as part of the government’s Nexus for Food, Water, and Energy initiative (NWFE) being the key targeted sectors, according to a statement from the Planning and International Cooperation Ministry

The breakdown: The International Finance Corporation contributed the lion’s share of the total with USD 605 mn in investments, followed by the European Bank for Reconstruction and Development with USD 184 mn, and British International Investment with USD 100 mn.

Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at the state’s plans to offer up plots of land across the country to help boost local manufacturing. Check out the story here.

CLARIFICATION- Our report on Compass Capital and CI Capital’s C3 Capital Fund in yesterday’s edition that we picked up from a local media report said that the project had been approved by the Financial Regulatory Authority. 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." The story has been amended on our website.

THE BIG STORY ABROAD-

The never ending drama that is US politics is once again topping the digital front pages of the global press, with news out in the early hours of this morning that Joe Biden has pardoned his son Hunter Biden, who had earlier been convicted on gun and tax charges. The outgoing president justified the decision — and reversal of a previous pledge not to do so — by arguing that “Hunter was singled out only because he is my son” and that “raw politics” had infected the process. (New York Times | Washington Post | Wall Street Journal | Reuters | Associated Press | Financial Times | Guardian)

Diplomats, foreign policy wonks, and journalists are continuing to try to figure out how rebel forces were able to rapidly take over Syria’s largest city Aleppo, with a growing consensus emerging that the offensive came as Iran, Hezbollah, and Russia scaled back their presence in the country to focus on conflicts of their own. All eyes are now on the Syrian Armed Forces as it regroups to launch a counterattack backed by Russian airstrikes. (Financial Times | Reuters | AP | WSJ | New York Times | BBC | Guardian | Bloomberg)

Trump’s pick for his Middle East advisor is also turning heads, with the president-elect appointing Lebanese-American businessman — and "coincidentally" his daughter’s father-in-law — Massad Boulous to the role. (Reuters | Financial Times | Washington Post)

While in business news, the CEO of automotive giant Stellantis Tarlos Tavares has abruptly resigned, amid a slump in profits and sales that led to a 43% drop in share value from the start of the year. (New York Times | Financial Times | Bloomberg | Guardian)

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We take a look at what industry insiders in the private education system are calling for to encourage investors to build more schools.

Tags:

Somabay, every reason to fall in love.

2

PRIVITISATION WATCH

Hassan Allam and ADP France submit joint proposal to manage Egyptian airports

Is this the “positive news” on aviation privatization that Madbouly told us to look out for? Hassan Allam Holding and France’s Groupe Aéroports de Paris (ADP France) have submitted a joint proposal to manage and operate Egyptian airports, according to a cabinet statement. The alliance aims to increase airport capacity, facilitate passenger and cargo movement, and boost airport efficiency. The announcement follows Prime Minister Moustafa Madbouly’s comments last week that “positive news” on the government’s airport privatization plans was imminent.

Remember: The Madbouly government first revealed plans last November to invite private sector players — including foreign companies — to take over the management of airports in the country in order to improve services and increase revenues collected by the state coffers. Momentum has been gaining around the project in the last couple of months, with the government announcing in October that the first phase of the private sector offering would include Cairo International Airport, Sphinx International Airport, El Alamein International Airport, Sharm El Sheikh International Airport, and Hurghada International Airport.

This isn’t ADP France’s first time in Egypt: ADP deputy general director Xavier Hurstel noted that ADP France had previously collaborated with the Egyptian government to improve its airports in the early 2000s.

Next steps: The Egyptian-French alliance will hold a series of workshops with the Civil Aviation Ministry to further discuss the partnership, allowing both sides to “clearly present their visions regarding potential partnerships and the progress of consultations on the airport offering plan.”

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3

Automotive

Alkan, NATCO, and Zero Carbon plan major EV launches in 2025

The EV sector is set for a boost in 2025 with Alkan Auto debuting Arcfox EVs, NATCO launching Neta Auto EVs, and UAE’s Zero Carbon introducing high capacity chargers to bolster EV infrastructure.

#1- Alkan Auto to bring another Chinese EV brand to market by February: Chinese BAIC group’s local agent Alkan Auto is preparing to launch BAIC subsidiary Arcfox’s EVs to the market in 1Q 2025, Al Mal reports, citing sources familiar with the matter. The vehicles will be launched through a distribution network that will be exclusive to the new models, with the sources saying that the firm is preparing to launch the first Arcfox vehicle in early February.

Remember: BAIC and Alkan Auto inked an agreement in October to establish an EV factory with the start of production penciled in for the end of 2025. The facility is expected to produce 20k cars in its first year, scaling up to 50k by year five, with a local content ratio starting at 48% and targeting 58% as production ramps up.

#2- NATCO to distribute Chinese Neta Auto EVs by mid-next year: The National Automotive Company (NATCO) is planning on launching Chinese firm Neta Auto’s EV models in the domestic market during the first half of 2025, Al Mal reports, citing an unnamed source from NATCO. The company is currently negotiating with representatives from Neta Auto to launch the brand and select the models most suited for the local market. The plan focuses on importing vehicles in the first phase, with a view to starting local assembly in the future.

#3- UAE’s Zero Carbon eyes Egypt’s EV market: UAE-based EV infrastructure company Zero Carbon is currently undertaking feasibility studies ahead of a launch in the Egyptian market, with the company planning to introduce a high-capacity EV charger locally in 3Q 2025, Al Mal reports. Zero Carbon — which offers services ranging from EV charging solutions to software support and spare parts — is also exploring partnerships with other EV industry players to grow into the Egyptian market.

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4

Capital markets

EFG Hermes retains top spot in EGX brokerage rankings for November for third month in a row

EFG Hermes’ brokerage arms topped the EGX brokerage league table in November, with a market share of 24.2%, according figures released by the EGX (pdf). Rounding up the top five were Thndr Securities Brokerage (7.0%), CI Capital (6.6%%), Mubasher Securities (5.6%), and Pioneers Securities (4.3%).

This marks the EFG’s third consecutive month in the top spot, Thndr’s second month in second place, and CI Capital’s third month in third place.

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5

EARNINGS WATCH

CIRA Education’s topline climbs 35% in FY 2023/24

Increased enrollment pushed up CIRA’s topline: EGX-listed education services provider CIRA Education posted a 35% y-o-y increase in revenues to EGP 2.7 bn for the fiscal year ending 31 August 2024, according to its latest earnings release (pdf). The growth was due not to “fee increases but by an expanding student base, a reflection of our commitment to affordability and accessibility for Egypt’s middle class,” said CEO Mohamed El Kalla.

Driving the growth: Tuition revenues increased 34% y-o-y to EGP 2.5 bn — accounting for 91.9% of the company’s total revenues — as more students enrolled across all segments, supported by the opening of three new faculties and two schools. Higher education tuition fees contributed the most to the overall rise in tuition fee income, increasing 43% y-o-y to EGP 1.7 bn on the back of increased enrollment at Badr University in Cairo and the Badr University in Assiut. Its K-12 platform saw tuition fee revenues rise 19% y-o-y to EGP 848.5 mn as new students enrolled in recently opened schools.

Financing costs pushed down the company’s bottom line: Net income dropped 56% y-o-y to EGP 61 mn as a 68% y-o-y increase in finance costs pitched the company’s bottom line. The reduction can also be attributed to “the unique financial dynamics within the education segment, where the fiscal year captures approximately 9.5 months of revenue against a full 12 months of costs,” according to the release.

Looking ahead: “In the coming months, we look forward to sharing our groundbreaking initiatives that will reshape not just our offerings, but the way the education industry is perceived and delivered in Egypt and beyond,” said El Kalla.

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6

Also on our Radar

Gov’t and World Bank collaborate on building our FDI strategy until 2030. PLUS: Madinet Masr + ASEC Automation, Mountain View, Saudi Egyptian Developers, Sokna, e&

INVESTMENT-

Gov’t and World Bank collaborate on FDI strategy for 2025-30: The General Authority for Investment and Freezones (GAFI) is working with the World Bank and relevant ministries to develop a national strategy for foreign direct investment from 2025-30, with the complete strategy to be announced in “the coming months,” according to an authority statement.

What we know: The strategy breaks down targeted sectors into two categories based on the World Bank’s sectoral survey methodology: those that will provide significant benefits for the state and offer high returns for investors, and those that require reforms to enhance their attractiveness. GAFI Vice President Dalia El Hawary noted that the strategy will focus on “several key pillars, including fostering linkages with complementary industries and activities, improving the business environment, and promoting investment effectively.”

REAL ESTATE-

#1- Madinet Masr to partner with ASEC Automation on second phase of its Sarai project: Real estate player Madinet Masr has partnered with Qalaa Holding subsidiary ASEC Automation to invest over EGP 580 mn in the second phase of infrastructure development for its Sarai project in New Cairo, according to a press release (pdf). The second phase of the project will cover road networks and infrastructure over 4.2 mn sqm set to house 14 residential neighborhoods, with delivery targeted by 2026.

ICYMI: Madinet Masr and ASEC signed an MoU in September for the construction of an EGP 100 mn infrastructure and road network for the Cavana project at Sarai.

DATA POINT- Madinet Masr’s Sarai project accounted for 77.7% of the company’s total sales in 3Q 2024.

#2- Mountain View contracts Consolidated Contractors Company to build final EGP 2.5 bn phase of iCity: Mountain View has partnered with Consolidated Contractors Company (CCC) to construct the remainder of its iCity project in New Cairo with investments of EGP 2.5 bn, according to a statement seen by EnterpriseAM. CCC will construct 19 buildings as part of the EGP 10 bn project’s final phase.

Remember: iCity is a partnership between the New Urban Communities Authority, Mountain View, Saudi’s SISBAN, and the Housing Ministry.

#3- Saudi Egyptian Developers delivers first phase of EGP 8.7 bn Bleu Vert project: Real estate company Saudi Egyptian Developers (SED) has completed the first phase of its EGP 8.7 bn Bleu Vert project in the new administrative capital, according to a company press release (pdf). The company plans to hand over 300 apartments and 104 villas as part of the first phase, with the 70-feddan project set to house some 1.4k units once completed.

STARTUPS-

Housing Ministry mulls partnering with Sokna on modern cemetery development: Housing Minister Sherif El Sherbiny and officials from funeral services provider Sokna met to discuss possible collaboration on modernizing cemetery infrastructure in Egypt, according to a ministry statement. The meeting saw El Sherbiny welcome possible cooperation in developing existing cemetery sites and allocating areas for new cemeteries in Egypt’s new cities.

MANUFACTURING-

#1- Locally manufactured 4.5G routers are here: The Egyptian arm of UAE state-owned telecom company e& has announced the launch of the country’s first locally manufactured 4.5G routers, according to a statement seen by EnterpriseAM. The new routers were produced in partnership with Sico Egypt and designed in collaboration with Chinese router manufacturer Tozed.

**We ran an Inside Industry in October that breaks down current efforts to expand Egypt’s local router manufacturing industry. Check out the story here.

#2- EGFCO launches new polyethylene pipe plant: EGFCO — a joint venture between the Swiss GF Piping Systems, Egypt Gas, and the UAE’s GF Corys — has launched its new polyethylene pipe factory in the Tenth of Ramadan City, according to an EGX disclosure (pdf) from Egypt Gas. The 25k sqm facility will manufacture piping systems for water, gas, and energy infrastructure, with an annual production capacity of up to 25k tons.

FOOD-

Egypt's Food Safety Authority partners with FEDIS to digitize food monitoring system: The National Food Safety Authority announced a strategic partnership with Fixed Egypt for Digital Solutions and Information Security (FEDIS) to modernize and digitize the monitoring system for food production and distribution in the local market, according to an authority statement. This initiative aims to streamline inspections, certifications, and compliance processes through an integrated digital platform that is expected to enhance workflow efficiency, increase transparency in food safety operations, and support decision-making with advanced analytics.

Remember: The government announced in October that food products will require food safety and validity certificates from the National Food Safety Authority starting January 2025.

MINING-

Hamash to restart gold mining operations: Hamash Company, a JV between the state and Cyprus’ Matz Holding, is looking to restart its gold production and development operations in 2025, following significant challenges with company structure, assets and public funds, company chairman Assem Seddik told the Middle East News Agency.

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7

PLANET FINANCE

BlackRock pushes further into alternative assets with planned USD 12 bn acquisition

BlackRock is closing in on a USD 12 bn acquisition that would help its push to become a major player in alternative assets. The world’s largest asset manager is reportedly in the final stages of acquiring US-based investment firm HPS Investment Partners, Bloomberg reports, citing sources with knowledge of the matter. The transaction could be announced as early as this week following the Thanksgiving holiday in the US, according to the Financial Times.

For what it’s worth: If the acquisition goes through, BlackRock would have more than USD 500 bn of alternative assets to its name. The asset manager currently manages USD 11.5 tn in total.

Background: HPS Investment Partners had reportedly been looking at a potential IPO earlier this year, with Bloomberg reporting in September that the firm was in talks with potential investors for a listing that would value the company at USD 10 bn or more. Reports of BlackRock’s interest in acquiring HPS emerged the following month.

With domination of the public equity market under its belt, BlackRock wants to recreate its success in private assets. “BlackRock Chief Executive Officer Larry Fink has moved aggressively to expand in private markets, and buying HPS would mean BlackRock has clinched the two largest-ever acquisitions of alternative asset managers in less than a year,” Bloomberg says. The firm acquired Global Infrastructure Partners for USD 12.5 bn in October, marking “the biggest asset management merger of the decade,” according to Pitchbook.

The era of asset manager consolidation: 2024 is on track to become a record year for M&A in asset management in terms of transaction value, according to Pitchbook. As of 8 October, some 112 asset manager consolidation transactions worth USD 27.3 bn, with the global wave “driven by more managers seeking to develop into increasingly diversified multi-strategy platforms to attract a broader class of investor,” Pitchbook says.

MARKETS THIS MORNING-

Asian markets are mostly starting the day in the green, with China’s Shanghai index up +1.0%, Hong Kong’s Hang Seng in the green by +0.2%, and Japan’s Nikkei inching up to +0.1%, while Korea’s Kospi is down -0.1%

EGX30

30,497

+0.8% (YTD: +22.5%)

USD (CBE)

Buy 49.52

Sell 49.66

USD (CIB)

Buy 49.53

Sell 49.63

Interest rates (CBE)

27.25% deposit

28.25% lending

Tadawul

11,742

+0.9% (YTD: -1.6%)

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 97,781.70

+1.0% (YTD: +130.2%)

THE CLOSING BELL-

The EGX30 rose 0.8% at today’s close on turnover of EGP 3.2 bn (23.3% below the 90-day average). Regional investors were the sole net sellers. The index is up 22.5% YTD.

In the green: Cleopatra Hospitals (+8.6%), Palm Hills Development (+8.4%), and Juhayna (+4.6%).

In the red: Credit Agricole (-0.9%), TMG Holding (-0.6%), and Oriental Weavers (-0.5%).

CORPORATE ACTIONS-

Heliopolis Housing and Development’s general assembly has elected to postpone plans to raise its issued capital, citing a need for further study, the company said in an EGX disclosure (pdf). The real estate company had been planning to raise its issued capital to EGP 1 bn, up from EGP 333.8 mn.

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8

Diplomacy

Abdellaty discusses rebel takeover of Aleppo with Syrian counterpart

Egypt signals its support to Syria amid rebel advances: Foreign Affairs Minister Badr Abdelatty and Syrian Foreign Affairs Minister Bassam El Sabbagh discussed the rebel capture of Aleppo in a phone call, according to a ministry statement. Abdelatty emphasized Egypt’s support for Syria’s sovereignty, state institutions, and territorial integrity

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Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard
9

BLACKBOARD

Will golden licenses spark a revival in Egypt’s private education sector?

Will golden licenses revive private investment in education? The Egyptian government, in partnership with the private sector, is working on a strategy to restore private investment in education. This initiative comes in response to challenges that have pushed private investors out of the market, including rising operational costs, expensive construction requirements, and restrictive regulatory processes, informed sources told EnterpriseAM.

By the numbers: The number of public sector schools currently stands at 49.8k, with a total of 463.2k classrooms, while private schools total 10.4k with 88.6k classrooms, according to data from the Education Ministry. Government schools have 11.6 mn male students and 22.7 mn female students. In contrast, private schools have 1.5 mn male students and 1.3 mn female students. The teaching staff at public schools has reached 843.5k, while private schools employ 115.3k teachers.

Demand for schools is on the rise: Egypt’s growing population and high birth rates are driving a sharp increase in demand for schools. A comprehensive sector review is underway to enhance the competitiveness and quality of education, which could pave the way for more private sector involvement, a source at the Education Ministry told us.

What are private investors asking for? Private sector players have presented several key demands to facilitate their participation. They are calling for the introduction of golden licenses to fast-track approvals, reducing wait times from years to just 20 days. Additionally, they seek affordable land through flexible pricing mechanisms, revised building regulations to ease construction in urban areas, gradual implementation of minimum wage policies to reduce financial burdens, and tax exemptions similar to those offered in other service sectors. They also want longer usufruct periods for public-private partnership (PPP) schools and special incentives for developing schools in remote areas.

1k new schools by 2030: The Education Ministry has set a target to establish 1k new schools by 2030. This plan is backed by the General Authority for Investment, which recently added the education sector to Egypt’s national investment map. Golden licenses are expected to be a cornerstone of this initiative, significantly speeding up the process for new investments and attracting foreign capital.

Relaxed construction requirements aim to lower costs: In a bid to encourage investment, the Education Ministry has reduced the minimum land requirement for private schools. This adjustment will help lower construction costs, while maintaining educational standards, according to Deputy Education Minister Yousry Salem. However, despite these efforts, the cost of building a school on average has surged from around EGP 2 mn to EGP 20 mn due to rising land prices and construction expenses, an industry insider told EnterpriseAM.

Financing challenges could stall new projects: With construction costs skyrocketing, private school operators are urging the government to ease access to land through partnerships with the New Urban Communities Authority and to offer flexible financing solutions. Many investors are calling for government-backed loans to help fund new school projects and expansions.

Foreign investors are showing increased interest: Golden licenses are not only aimed at attracting local investors, but are also designed to appeal to foreign investors. The government expects interest from international players in schools, technical institutes, and training centers, which could lead to broader investment in the education sector.

60 PPP schools on the horizon: The Finance Ministry is preparing the second phase of its public-private partnership program, which includes plans for 60 new schools. Sources at the ministry indicate that tender documents are nearing completion. However, Private School Owners Association Deputy Chairman Badawy Allam, has called for changes to the PPP terms, including extending the usufruct period from 30 years to 50 years. He also stressed the need to adjust tuition caps to account for inflation and rising operational costs.

Legislative reform needed to attract more investment: While the push for new schools is a positive step, legislative reform is essential for long-term success, Allam said, emphasizing the need to revise the 1981 Education Act to create a more attractive investment environment, reduce reliance on government funding, and encourage both local and international investors.

Your top education stories for the week:

  • Lafarge Egypt is partnering with ESLSCA University to offer specialized postgraduate programs, including MBAs and professional diplomas, to enhance employee leadership and managerial skills. (Statement)
  • EFG Hermes advised Maarif Education on its takeover of Ibn Khaldoun Education, a transaction set to make Maarif the largest K-12 school provider in Saudi Arabia by revenue and geographic reach. (Statement)
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CALENDAR

2024

DECEMBER

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

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

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

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.

7 December (Saturday): The Future of Finance Conference 2024, Conrad Cairo Hotel, Egypt.

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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