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1

What We're Tracking Today

When can we expect the newly unlocked USD 1.2 bn from the IMF to land in state coffers?

Good morning, everyone. After a busy Wednesday, we have a brisk issue for you this morning as we slide into the last weekend of the year.

WATCH THIS SPACE-

#1- When can we expect the newly unlocked USD 1.2 bn from the IMF to land in state coffers? The IMF executive board is yet to put Egypt on its public calendar — the calendar appears to be cleared for the holidays. If the board doesn’t add Egypt to its calendar by Friday, then its discussion and vote on the country’s latest tranche will likely be pushed till after the new year celebrations, a government source told EnterpriseAM.

Remember: The International Monetary Fund reached a staff level agreement with the Egyptian authorities on the fourth review of its USD 8 bn loan program yesterday. The agreement grants Egypt access to USD 1.2 bn — the biggest tranche of the program so far — after the executive board gives its stamp of approval.

After the green light from the board, the USD 1.2 bn will be transferred to the central bank, which will then transfer its EGP equivalent to the Finance Ministry, our source added.

AND- In line with commitment to protect vulnerable groups: Next fiscal year’s budget — which goes to the House at the end of March — will include a new social program that focuses on increased spending to protect vulnerable groups amid soaring inflation.


#2- Real estate interest rates to stay at 15% until mid-2026: The Housing Ministry will extend its 15% cap on the interest rate on installments for real estate developers until 15 May 2026, Mubasher reports. The cap was introduced back in August to reduce financial burdens on developers and allow for faster project completion.

HAPPENING TODAY-

#1- To cut, or not to cut? The Central Bank of Egypt’s Monetary Policy Committee will meet later today to review interest rates. The committee has left rates unchanged for five consecutive meetings this year, since the committee delivered a 600 bps rate hike following a surprise monetary policy meeting in March in conjunction with the float of the EGP and a larger loan package from the IMF being approved soon after.

The MPC is expected to leave interest rates unchanged amid ongoing price volatility, mixed signals in inflationary trends, and the depreciation of the EGP against the greenback, according to our poll of ten analysts and economists.

One vote for a cut: The National Bank of Kuwait sees “an early window for the central bank to embark on interest rate cuts from its final meeting of the year on December 26, potentially with a heavily front-loaded cut of 2-3%,” it said in a note seen by EnterpriseAM. The lender explained that while keeping rates unchanged would be a “more measured approach,” it would result in a “more compressed timeline for cuts in 2025.”

The outlook for 2025: The lender sees inflation averaging 13% in 2025, giving the central bank the chance to “bring policy rates down by a minimum of 8-10% in 2025 and further in 2026.”


#2- CBE to hold EGP t-bill auction: The Central Bank of Egypt will auction off EGP 60 bn worth of one-year and six-month EGP-denominated treasury bills with the submission deadline penciled in for 11am today, according to data on the central bank’s website. The central bank will auction off EGP 35 bn worth of six-month bills and EGP 25 bn worth of one-year bills.

DATA POINT-

Egypt repaid USD 38.7 bn in outstanding debt this year, Prime Minister Moustafa Madbouly told the cabinet yesterday. Some USD 7 bn were repaid during November and December.

PSA-

WEATHER- It’s another cold day in Cairo, with a high of 18°C and a low of 10°C, according to our favorite weather app.

It’ll be partly cloudy but much the same temperature in Alexandria, with a high of 18°C and a low of 10°C.

And over the weekend, expect to see a high of 18°C and a low of 10°C in the capital.

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

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

THE BIG STORY ABROAD-

Two stories are dominating the front pages this morning:

#1- An Azerbaijani passenger jet crashed in Kazakhstan yesterday, killing 38 people and injuring 29 others. The flight was en route from Baku to Grozny in southern Russia when it flew miles off course, then eventually crashed on shore. While it remains unclear why the flight diverted course, Reuters explains that the flight diverted “from an area of Russia that Moscow has recently defended against Ukrainian drone attacks.” Initial investigations by Russian authorities suggest that the accident was the result of the plane colliding with birds. (Reuters | The Guardian | AP | BBC | CNN | New York Times)

#2- Russia launched a missile attack targeting Ukraine’s energy infrastructure yesterday, which caused Ukrainian state-owned electricity transmission company to restrict electricity in efforts to minimize damage to the country’s energy system. (Bloomberg | Financial Times | Reuters | New York Times | France 24)

Countdown to Christmas Magic at Somabay

This holiday season, Somabay transforms into a wonderland of joy, entertainment, and unforgettable moments. The Playpark Christmas Carnival, running from 19 December to 7 January, offers Christmas carnival games, shopping, and a delightful food experience wrapped in a festive atmosphere.

Wyte Soma Beach Club promises an outstanding beach experience daily from 9am til sunset blending delicious cuisine, serene beach settings, and an upbeat atmosphere.

From 24 December to 7 January, Cairo Jazz Club takes over the Sobar rooftop delivering vibrant performances by talented artists, energetic DJs, and an exquisite menu against the stunning Red Sea backdrop.

For the little ones, the Soma Junior Winter Camp with WG Camps from 29 December to 2 January provides a five-day adventure filled with fun, creativity, and team-building activities in a breathtaking setting. Plan your holiday getaway now and join the celebrations at Somabay this festive season.

2

Economy

Madbouly, private sector heavyweights discuss challenges, propose solutions

Private sector players, assemble: Prime Minister Moustafa Madbouly held a meeting with a number of prominent players in the local private sector yesterday (watch, runtime: 2:21:47). The two sides discussed the challenges facing the private sector and the measures private sector players want from the state in the years to come.

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

In attendance: The meeting brought together big names in the private sector including: Sherif El Kholy, partner and head of Middle East and Africa at Actis, Palm Hills Chairman Yassin Mansour, Ezz Steel’s Ahmed Ezz, Elsewedy Electric CEO Ahmed Elsewedy, Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa, AlDau Chairman, Bassel Sami Saad, Microsoft Egypt General Manager Mirna Arif, and Hassan Heikal, founder of Kazyon and the former EFG Hermes CEO.

The challenges: “The private sector cannot bear the 32% interest rates for long,” Moustafa said. Ezz, meanwhile, touched on the topic of construction — “The state cannot build apartments and buildings on its own. This will flourish not only iron and cement factories, but furniture and appliances industries as well,” he said.

A push for more private sector involvement: Moustafa put forward a proposal to have the private sector manage every archaeological site in the country “in order to achieve the state’s tourism targets and in turn solve the FX crunch and see the Egyptian economy thriving.” Meanwhile, El Kholy proposed localizing the manufacturing of wind turbines used in wind farms.

What can we expect moving forward: Madbouly agreed with a proposal to form specialized sectoral groups to work alongside the cabinet, adding that the cabinet can start with forming groups for sectors at the top of its list of priorities ie. tourism.

Two mega tourism projects in the pipeline: “We are currently putting the final touches on two very large tourism projects with the aim of doubling hotel capacity in the area surrounding the Giza Pyramids, the Grand Egyptian Museum, and downtown,” Madbouly said.

And on the aviation front: Saad emphasized the need for a separation between the Civil Aviation Ministry and state-owned airlines to level the playing field in the sector, increase the number of tourists, and maximize the state’s FX revenues from the sector.

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.

Also put forward: Heikal said that Egypt needs to ask its many lenders to forgive some of its debts and work towards improving its relationship with multilateral lenders. Meanwhile, Ezz said that the state needs to reopen the door for employment in the government sector and start appointing young people in the government sector.

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DEBT WATCH

Madinet Masr secures EGP 9 bn syndicated loan

Madinet Masr secures fresh funds to complete Sarai, Taj City projects: Property developer Madinet Masr has secured an EGP 9 bn mid-term revolving loan facility from a syndicate of local and regional banks to fund part of the investment costs of its Sarai and Taj City projects, the company said in a press release (pdf).

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

The syndicated loan comes in two tranches: The first EGP 4 bn tranche will go towards the developer’s mixed-use Taj City project in New Cairo, while the second EGP 5 bn tranche will help fund Sarai, another mixed-use development near the new capital. The 89-month loan agreement will also be used to settle outstanding debts, the statement reads.

Who’s providing the financing? Spearheaded by CIB — which is acting as primary arranger, marketer, agent, and the account bank — the lenders include First Abu Dhabi Bank (FAB), Al Baraka Bank, Abu Dhabi Commercial Bank, the Export Development Bank, the Housing and Development Bank, and the Industrial Development Bank.

Remember: Madinet Masr aims to invest EGP 20 bn in construction across its projects in 2025, doubling its EGP 10 bn spend on developments this year, the company’s managing director Abdullah Sallam told Al Borsa earlier this month.

OILEX GRANTED EGP 3 BN SYNDICATED LOAN-

Oil extraction firm Oilex secured a EGP 3 bn syndicated loan from a consortium of local and regional banks, aimed at funding the company’s expansion plans, unnamed sources tell Al Mal. Both sides will sign the loan’s contracts next month, according to the sources.

The list of lenders: The consortium is led by the National Bank of Egypt and FAB, and includes Banque Misr, Banque du Caire, Al Baraka Bank, Arab African International Bank, and Suez Canal Bank.

4

Kudos

Beltone Holding CEO Dalia Khorshid honored at Forbes Middle East Women's Summit 2024

Beltone Holding CEO Dalia Khorshid was recognized at the Forbes Middle East Women's Summit 2024 for her leadership in the investment sector, according to a statement(pdf). She was recognized for her role in driving the success of Beltone Holding, earning a spot in the 100 Most Powerful CEOs in the Middle East list and being included in Forbes Middle East Sustainability Leaders list for her green finance efforts.

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

A busy week for Beltone: Beltone Holding announced yesterday that it got the green light from its board to move forward with an EGP 10.75 bn capital increase — The capital increase will be one of the largest ever on the EGX.

Another Beltone exec recognized: CEO and managing partner of Beltone Venture Capital Ali Mokhtar (LinkedIn) was recognized by Forbes Middle East as one of the Top Venture Capitalists of 2024 for his transformative leadership and contributions to the MENA startup ecosystem, according to a separate statement (pdf). Mokhtar has led Beltone Venture Capital’s drive to build a USD 40 mn portfolio of 14 startups since April 2023, including WayUp Sports, Bosta, Trella, ariika, VelyVelo, Lychee, Khazna, and BirdNest.

** We recently spoke with Mokhtar to learn more about BVC’s expansion plan moving forward and what it has gotten done since its inception. Check out the full interview here.

5

Moves

Tarek El Hadidi to helm Metallurgical Industries Holding as non-executive chairman

Tarek El Hadidi appointed Metallurgical Industries Holding’s non-exec chairman: Public Enterprises Minister Mohamed El Shimi has appointed Tarek El Hadidi as the new non-executive chairman of state-owned Metallurgical Industries Holding. The move aims to “maximize affiliated companies’ contribution to the national economy, align them with modern management trends, and achieve the highest standards of transparency,” according to a statement.

El Hadidi brings over 40 years of experience in the oil sector to the role, having held positions as CEO of the Egyptian General Petroleum Corporation and CEO of state oil tanker company MIDTAP.

6

ALSO ON OUR RADAR

Revised Labor Act to soon head to the House

LEGISLATION-

The cabinet reviewed the revised Labor Act during its meeting yesterday ahead of sending it to the House for approval, according to a statement.

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

Remember: The Madbouly government approved the redrafted act this November following several rounds of discussions with workers and businessmen. The government pulled the bill from the House last year after it received backlash from the business community, many of whom claimed that the original version’s terms were lopsided in favor of workers.

REGULATION-

Paying back delayed export subsidies: The cabinet approved a proposed mechanism to settle overdue payments owed under the export subsidy program — around EGP 60 bn — according to a cabinet statement. The move follows presidential directives and the first phase will see companies receiving 40-50% of total overdue payments.

DATA POINT- The Madbouly government has disbursed some EGP 70 bn in export subsidies to 2.5k exporters since the program kicked off in 2019.

Remember: The program is in for a facelift: The government will reduce the percentage payout under the revamped export subsidy program to an average of 3% of the total value of exports depending on the sector — down from 8-10%. We have the details in our deep dive into the revamped subsidy program.

SMES-

#1- MSMEDA contributes USD 3 mn to Foundation Ventures fund: The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) is contributing USD 3 mn to homegrown VC firm Foundation Ventures ’ startup fund, according to a statement. The funds will provide essential financing to promising Egyptian startups across various sectors, supporting innovation and fostering business growth.


#2- NBE, ILO to promote financial inclusion: The National Bank of Egypt inked a partnership agreement with the International Labor Organisation to enhance investment opportunities in Egyptian MSMEs, according to a press release (pdf). The partnership will focus on implementing programs for entrepreneurs, especially youth and women, in industries like leather and marble.

DIPLOMACY-

Deeper ties with Uzbekistan: Egypt and Uzbekistan signed six cooperation agreements in the antiquities, health, environment, and education sectors during the Egyptian-Uzbek Joint Committee on Economic, Scientific, and Technical Cooperation, according to a statement from the Planning Ministry. The committee meeting — the first between the countries in 15 years — also saw the duo sign a protocol for the joint committee “which outlined collaboration in 14 developmental sectors, including trade, investment, public-private partnerships, industry, energy, health, agriculture, higher education, ICT, culture, tourism, civil aviation, and transportation.”

A joint business council? The two sides touched on forming an Egyptian-Uzbek Business Council to enhance private sector collaboration, with Uzbekistan inviting Egyptian companies to participate in exhibitions in 2025 and expressing interest in investing in Egypt’s pharma industry.

INVESTMENT-

A platform for green investments? The Investment Ministry is looking into launching an online platform to promote environmental and climate investments, Investment Minister Hassan El Khatib said during a meeting with Environment Minister Yasmine Fouad. The meeting also saw El Khatib highlight the potential investments in solid waste management, sustainable energy, and bio-economy projects.

SOCIAL MEDIA-

A new MENA-focused content creation award is on the calendar for April: The Content Player Awards, an event aiming at spotlighting and supporting the digital content industry in Egypt and the MENA region, is set to launch in April 2025, according to a statement. A collaboration between Tayarah, ievents, and DigiSay Group, the awards will bring together creators, brands, and media professionals to foster collaboration and recognize achievements in digital storytelling. The event will begin with a two-day forum featuring workshops, panels, and networking opportunities, followed by an awards ceremony honoring top content creators and brands.

7

PLANET FINANCE

Private equity returns remain subdued in 2024 as transaction drought drags on

Private equity payouts will deliver just half the value of their usual annual cash returns to investors this year, marking the third consecutive year of underperformance, driven by a slowdown in dealmaking activity, the Financial Times reports, citing industry executives. Buyout firms typically sell approximately 20% of their holdings each year, but funds have collectively underdelivered on USD 400 bn in payments to investors over the past three years, according to Cambridge Associates.

Sales are closing at discounts: A recent Goldman Sachs report said that sales often close at discounts of 10-15% below internal valuations.

The slowdown comes on the back of a challenging environment for agreements: Higher interest rates have driven up financing costs and caused corporate valuations to slide, making it difficult for firms to secure attractive transaction terms, the salmon-colored paper notes. M&As are expected to end the year with a 15% y-o-y growth to USD 3.5 tn, marking a 7% y-o-y increase in volume — falling short of earlier hopes for a bigger recovery amid hopes for lower rates and more investments from private equity players.

Recovery in 2025? Industry executives and advisors expect M&A activity to pick up pace next year, potentially helping PE firms address what Bain & Company describe as a “towering backlog” of USD 3 tn in maturing agreements requiring exits. Popular public listings in 2024 — including Lineage Logistics, Standard Aero, and Galderma — have also buoyed confidence among PE players looking to exit their investments, along with the rally on Wall Street in the past couple of months since Donald Trump’s election in the US.

Continuation funds — where assets are sold between funds managed by the same firm to facilitate exits — will be a key strategy to return capital to investors. Jefferies forecasts that these funds will account for a record USD 58 bn in PE exits this year, representing 14% of total activity, up from just 5% during the 2021 peak.

Even so, it won’t happen overnight. “There is an expectation that the wheels of the exit market will start to turn. But it doesn’t end in one year; it will take a couple of years,” Cambridge Associates’ global head of private investments, Andrea Auerbach, said.

ALSO WORTH KNOWING ON PLANET FINANCE-

US banking giants take over US banking industry in 2024: US banks JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo generated a net income of USD 88 bn in 9M 2024, accounting for 44% of the sector’s income in the US, according to Financial Times calculations. Including US Bank, PNC, and Truist, the seven largest banks generated 56% of the sector’s income during this period, up from 48% in 2023. This marks the largest share of industry net income in the first nine months of the year in nearly a decade.

MARKETS THIS MORNING-

Asian markets are mostly up in trading, with Japan’s Nikkei and Topix gaining ahead of news of a bumper budget set to be announced for its fiscal year starting April. South Korea’s Kospi is also up, while China opened lower, and Hong Kong’s market remained closed for Boxing Day.

Wall Street futures are little changed as markets come back from the Christmas holiday, with investors holding their breath for a so-called “Santa Claus rally” to end the year on a strong note.

EGX30

30,005

+0.1% (YTD: +20.5%)

USD (CBE)

Buy 50.85

Sell 50.98

USD (CIB)

Buy 50.84

Sell 50.94

Interest rates (CBE)

27.25% deposit

28.25% lending

Tadawul

11,892

-0.2% (YTD: -0.3%)

ADX

9,415

-0.2% (YTD: -1.7%)

DFM

5,084

+0.1% (YTD: +25.2%)

S&P 500

6,040

+1.1% (YTD: +26.6%)

FTSE 100

8,137

+0.4% (YTD: +5.2%)

Euro Stoxx 50

4,858

+0.1% (YTD: +7.4%)

Brent crude

USD 73.58

+1.3%

Natural gas (Nymex)

USD 3.95

+7.9%

Gold

USD 2,636

+0.3%

BTC

USD 98,535

+0.2% (YTD: +133.1%)

THE CLOSING BELL-

The EGX30 rose 0.1% at yesterday’s close on turnover of EGP 2.0 bn (51.5% below the 90-day average). International investors were the sole net buyers. The index is up 20.5% YTD.

In the green: Alexandria Container and Cargo Handling (+4.7%), AMOC (+2.2%) and Cleopatra Hospitals (+2.2%).

In the red: GB Corp (-3.6%), Telecom Egypt (-1.6%) and Oriental Weavers (-1.4%).

8

My Morning Routine

Ibrahim Nofal, founder of Sportanza and Egypt Padel Tour

Ibrahim Nofal, founder of Sportanza and Egypt Padel Tour: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Ibrahim Nofal (LinkedIn), founder of Sportanza and Egypt Padel Tour.

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

My name is Ibrahim Nofal. I graduated in 2010 with a degree in electronics and communication engineering. I was always interested in business and how companies operate, so after college I pursued an MBA to build my business skills.

I began my career in IT, business development, and account management before moving into supply chain management at P&G, where I managed large-scale operations across 14 countries for five years. Later, I joined Decathlon during its entry into Egypt. Over nearly two years, I helped build their operations before leaving in November 2019 to pursue new opportunities.

During this time, I began volunteering in international competitions and working with sports federations, using my business skills to enhance event organization and management. Instead of coaching or starting a sports academy, I focused on improving Egypt’s sports ecosystem by elevating competitions — crucial to any athlete’s journey. Despite Egypt’s strong sporting culture and infrastructure, the system was disorganized, and my efforts aimed to bridge that gap.

In 2014, I began the drive to move sports championships to premium venues, elevating the experience with better facilities, branding, and professionalism. I started organizing regional and world championships in iconic Egyptian locations rather than traditional venues like Cairo International Stadium, which I found impractical and outdated. Leveraging my experience and contacts in sports like fencing, squash, and taekwondo, I helped modernize and professionalize competitions across Egypt, creating a more appealing ecosystem for athletes, sponsors, and fans.

This shift also marked my move into entrepreneurship. I co-founded a company focused on websites and apps before launching my own sports management company — Sportanza — in 2016. Through Sportanza I worked with federations to organize events, in addition to launching a sports website — dubbed Sports of Egypt — that aggregated official results, player statistics, rankings, and event information. It became the first platform in Egypt to digitize sports registration and payments, handling over 200 events and compiling data on 12k players. The platform also served as an online ticketing solution for event organizers and introduced innovations like online registration portals.

I eventually pivoted the platform into a commercial product, offering ticketing and results services for private events. This shift allowed me to move away from official federations and focus on commercial sports ventures, organizing events like the Gouna Squash tournament and Egypt’s CrossFit Games. In 2018, I achieved a milestone by securing and organizing the World Biathle/Triathle Championships in Sahl Hasheesh, leading the entire process from bidding to execution. This was a turning point in my events business, eventually forcing me to leave my corporate job.

Another longtime project of mine has been making padel a leading sport in Egypt. After pitching the idea to the authorities in 2018, we launched the Egypt Padel Tour in 2021, which saw us host 13 championships across Cairo, Alexandria, and the North Coast. Despite limited resources, the tour helped expand the sport’s player base to 2k in its first year. Today, the sport has exploded, with over 300k players, 1k courts, and at least 12 professional athletes making a living from padel.

My mornings usually start early, a habit from my days as a professional athlete. If the weather’s good I enjoy cycling or hitting the gym before starting my workday. I prefer working from cafes, where I can focus on thinking up new events, making calls, and exploring global sports trends and technologies. The Gulf region is creating significant buzz in the sports scene, so I stay updated on and engage in discussions about opportunities there. This week I’ve also had calls with regional contacts to discuss collaboration with African countries where Egypt plays a leadership role in sports. And of course, I always fit reading EnterpriseAM in during the time I schedule for personal development and reading.

I haven't had a normal workday since COVID, but before that, my routine included office work, meetings, and plenty of sports. I’d play ping pong after lunch, schedule squash sessions, and organize events like running clubs, marathons, and football tournaments — all outside my regular responsibilities. I’d usually finish by 5 or 6pm to focus on personal projects or more sports activities.

The one constant in my day is that I have to do something related to sports. Everybody who knows me knows that I practice what I preach.

My favorite way of relaxing and switching off is traveling — and because of sports, I've been able to go a lot of places. I also like to learn from other people's experiences, whether from podcasts or autobiographies. I particularly like to hear about success stories, which EnterpriseAM is useful for — I learn about a lot of stories and people through its coverage.

I believe I can make a difference through sports, and that belief is my driving force. It’s what keeps me motivated and focused on my goals. Personally, I want to inspire more people to adopt active, healthy lifestyles. Professionally, I have a big dream to revolutionize sports in Egypt and the region. My ultimate goal is to enhance the lives of everyone involved in sports in Egypt — whether through organizing impactful events or developing tools that both professional and amateur athletes can rely on in their daily routines.

Believe it or not, the best advice I've ever received is “take it easy.” When I was younger and in my twenties, I was all over the place — there was a time when I was a partner in four companies. Now when I see young people struggling, I tell them: slow down, regroup, write down your ideas, and sometimes, pivot. Sometimes you need to stop and take two steps back to find a way around the wall.


2024

DECEMBER

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

EVENTS WITH NO SET DATE

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

2025

January: CBE to launch InstaPay remittances for Egyptians abroad

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

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

1 January (Wednesday): Launch of the urgent plan for the National Population and Development Strategy.

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

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

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

January 2025: Bavarian Delegation visit to Egypt

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

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

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

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

April 2025: Saxony Delegation visit to Egypt

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

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

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

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

EVENTS WITH NO SET DATE

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

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

1H 2025: The Egyptian-US Investment Forum.

1Q 2025: 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

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

2Q 2025: Safaga Terminal 2 to start operations

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

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2026

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

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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