IDH wants to delist from the EGX

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WHAT WE’RE TRACKING TODAY

Egypt has kicked off negotiations with the IMF over a USD 1.2 bn green financing package

Good morning, friends. We are kicking off the workweek with a packed issue, so let’s jump right in.

WATCH THIS SPACE-

#1- USD 1.2 bn in green financing in the works: Negotiations have started for Egypt to access USD 1.2 bn in long-term, low-cost climate financing from the IMF's Resilience and Sustainability Facility, the Environment Ministry said yesterday, following a meeting between Minister Yasmine Fouad and IMF mission chief for Egypt Ivanna Hollar. The USD 8 bn expanded facility agreement in March opened up the right for the country to apply for the additional low-cost climate financing.

Remember: Our third loan review with the IMF scheduled for June will also discuss the climate financing package, Hollar said in April. “To qualify, countries need to have in place a strong set of policies that are intended to address the bases of climate change," she added.

#2-More Saudi investments ahead? A Saudi delegation spoke about upping investment and economic cooperation with high-level Egyptian officials including Prime Minister Moustafa Madbouly and Finance Minister Mohamed Maait, according to a cabinet statement. The two sides confirmed ongoing negotiations to open “areas for joint cooperation in various economic sectors.”

Remember: The Sovereign Fund of Egypt is off to the Gulf next month to meet with investors, financial institutions, and other sovereign funds to discuss potential investments on offer and hopefully drum up some fresh inflows.

#3- In efforts to bring down inflation: The PM called for a directive to identify commodities that contribute the most to high inflation rates, according to a cabinet statement. Madbouly said that the government will hold meetings with the heads of the Egyptian Poultry Association, as well as officials in the fruit and vegetable sector, with the aim of reducing prices across some of the biggest identified contributors to higher inflation rates.

#4- Three new members aboard the regional industrial integration partnership? Oman is on track to join the Integrated Industrial Partnership that includes Egypt, the UAE, Jordan, Bahrain, and Morocco, Shorouk News reports, citing an unnamed government source. Negotiations are also reportedly underway to welcome two additional countries into the fold. The initiative, which was launched back in May 2022, initially brought together Egypt, the UAE, and Jordan in a bid to support industrial integration between the three countries and boost sustainable growth. The member countries could also look into the possibility of conducting trade in their local currencies, the source said.

PSA-

WEATHER- The heat wave continues in Cairo today, with a high of 38°C and a low of 24°C, according to our favorite weather app.

It’s almost as hot in Alexandria, with a high of 34°C and a low of 22°C.

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HAPPENING TODAY-

The Egypt International Summit for Digital Transformation and Cybersecurity kicks off today and continues until Tuesday at the Egypt International Exhibitions Centre. Launched by the people behind the FDC Summit and the Egypt Cybersecurity & Defense Intelligence Systems, the three-day event will focus on integrating efforts and raising awareness on the importance of cybersecurity and digital transformation. Register for the event here.

HAPPENING TOMORROW-

Over 2k tourism industry professionals from across Africa are heading to Sharm El Sheikh for the Africa Tourism Forum that will run from Monday to Tuesday at the Sharm El Sheikh International Convention Center. Check out the schedule and register for the event here.

CIRCLE YOUR CALENDAR-

The EBRD will head to Sharm El Sheikh for its 2027 annual meeting: Egypt is set to host and organize the annual meeting of the European Bank for Reconstruction and Development (EBRD) in 2027, after being selected to do so on Friday during the bank’s 2024 annual meeting and business forum in Armenia, International Cooperation Minister Rania Al Mashat said a statement.

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-

It’s a fairly quiet morning in the global business news, with one story dominating the front pages.

TROUBLE IN THE ISRAELI CABINET? Benny Gantz, a central member of Israel’s three-man war cabinet, said he’ll resign his post unless Prime Minister Benjamin Netanyahu adopts a new war plan by 8 June. Netanyahu called Gantz’s ultimatum “washed-up words whose meaning is clear: the end of war and defeat for Israel, abandoning most of the hostages, leaving Hamas intact and the establishment of a Palestinian state.” (Bloomberg | Reuters | AP)

What would Gantz’s departure mean? Gantz leaving “would leave Netanyahu even more beholden to far-right allies who have taken a hard line on negotiations over a cease-fire and hostage release, and who believe Israel should occupy Gaza and rebuild Jewish settlements there,” CNBC writes.

MEANWHILE- Another Houthi attack in the Red Sea. A Panamanian-flagged oil tanker was hit by a Houthi anti-ship missile yesterday, US Centcom said in a statement yesterday.

From the Dept. of Flying Cars: Chinese EV manufacturer XPeng’s plans to deliver its flying car to customers in two years, the company’s co-president told CNBC. The flying car — dubbed the Land Aircraft Carrier —- will be available for people to pre-order this year.

AND IN AI NEWS- OpenAI has disbanded its long-term AI risk team less than a year after announcing it. The team was announced in July with the aim to “to steer and control AI systems much smarter than us.”

IDH looks to delist from the Egyptian Stock Exchange

IDH wants out of the EGX: Integrated Diagnostics Holdings (IDH) could soon delist its shares from the Egyptian Stock Exchange due to “limited trading activity” and the “absence of any investment potential in maintaining the listing on the secondary market,” the consumer healthcare giant said in a disclosure to the EGX (pdf). All listed shares will be transferred to their primary market on the London Stock Exchange (LSE) if the extraordinary general assembly approves the voluntary delisting, the company’s board said in the disclosure.

What’s next? The company will announce later a timetable of the delisting procedures, which include the date of extraordinary general assembly meeting to vote on the move and dates of the proposed delisting.

Objecting shareholders can then sell their shares back to the company at the highest price of the following: (a) The highest closing share price on EGX during last month, (b) the highest close share price on LSE during last month, (c) the average closing price on EGX in the past three month, or (d) the average closing price on LSE in the past three month based on the average exchange rate in EGP during this period.

Remember: The Cairo-based company had the first technical listing of its kind on the Egyptian stock market in May 2021 when it transferred 5% of its shares from the LSE to the EGX after having a blockbuster debut in London back in 2015.

Advisors: The company tapped Clifford Chance, Matouk Bassiouny, and Ogier LLP as legal advisors.

Egyptian government readies land transfer, following arrival of final tranche of Ras El Hekma funds

Ras El Hekma land to be transferred soon: Egypt will finalize the transfer of the land for the Ras El Hekma project to the newly established Ras El Hekma for Urban Development Project Company “in the coming days, ”cabinet spokesman Mohamed El Homsani told Al Arabiya (watch, runtime: 5:46). The announcement shortly follows the second and final tranche from the USD 35 bn agreement landing in state coffers last week.

What’s next? The project is expected to break ground when the company wraps up the necessary studies early next year, El Homsani added.

Remember: Ras El Hekma for Urban Development Project Company will be granted golden licenses to develop a freezone and investment zone and will also be setting up an international tourist port, as per a cabinet decision last month.

A NEW SAUDI PROJECT IN RAS EL HEKMA-

Al Maraseem and Inertia are also lining up a project for Ras El Hekma: The Saudi Al Marasem Development and Inertia Egypt have agreed to set up a 640-feddan integrated tourism project with expected revenues of EGP 55 bn by 2029, Asharq Business reported, citing two unnamed sources it says are familiar with the contract. Al Marasem will be responsible for the development of the project, while Inertia will contribute the land.

Egypt could lose up to USD 20 bn due to war in Gaza, UNDP estimates

The UN Development Program (UNDP) estimates that the war in Gaza could cost Egypt’s economy between USD 5.6 bn and USD 19.8 bn — 1.6-5.2% of our annual average GDP — throughout the current and upcoming fiscal years, depending on how far the conflict escalates, according to a recent report (pdf).

Suez Canal and tourism revenues are expected to take a big hit, with the UN body penciling in a loss of between USD 3.7 bn and USD 13.7 bn during the course of the two fiscal years. The UNDP warned that lower FX inflows coupled with a widening current account deficit would strain the country’s FX reserves and increase inflationary pressures.

The war’s downstream effect on unemployment and the poverty rate is also a source of worry: The report projects an increase in the unemployment rate between 0.5-1.3% in FY 2023-2024 and a 1.3-2.5% decrease in households’ real disposable income.

The rationale: The report assesses the economic impact of the Gaza war across three possible scenarios, all backdated to February 2024. These are a low-intensity scenario in which there is little regional escalation and the war lasts six months, a medium-intensity scenario in which there is limited regional escalation and the war lasts nine months, and a high-intensity scenario in which there is more significant regional escalation and the war lasts 12 months.

What the doctor ordered: The UN recommended several policies which could mitigate the impact of the war on Egypt, including facilitating access to social protection programs, supporting the tourism value chain and shifting to sustainable tourism, and boosting the resilience of sectors most vulnerable to the crisis while doubling down on shock-proof sectors like textiles and agriculture.

Take it with a grain of salt: The report is based on information out until February 2024, meaning it doesn’t take into account the float of the EGP and the bns of funds we secured from the Gulf and international partners since then.

Fitch upgrades four Egyptian banks’ credit rating outlook to positive

Fitch Ratings has upgraded its outlook on four local banks — the National Bank of Egypt, Banque Misr, Banque du Caire, and CIB — taking their long-term debt outlook to positive from stable, while affirming their ratings at B-, according to a statement.

The why: Fitch pointed to greater FX liquidity from the Ras El Hekma agreement and IMF package. “Banks' performance will remain strong in the medium term supported by high interest rates, stronger business growth and greater macroeconomic stability,” the statement said.

This mirrors Fitch’s decision earlier this month to upgrade Egypt’s sovereign outlook to positive from stable. The credit rating agency cited a reduction in near-term external financing risks on the back of an influx of foreign capital from the Ras El Hekma agreement, fresh funds from international financial institutions, non-resident holdings of domestic debt doubling since January to USD 35.3 bn in March, the float of the EGP, and interest rate hikes.

The four banks are exposed to Egypt's sovereign debt through their holdings of government debt and their lending activities to public sector firms, which explains the correlation between the sovereign credit rating and that of the banks, the statement writes.

Remember: Fitch lowered the bank’s credit ratings to B- from B in November after downgrading the country’s credit rating.

Moody’s did it first: Moody’s in March upgraded five Egyptian banks’ credit rating outlook to positive from negative shortly after upgrading Egypt’s outlook to positive.

Chinese investors ink USD 9.5 mn worth of industrial project in Egypt’s TEDA

More Chinese investments incoming: The Suez Canal Economic Zone (SCZone) has allocated land for two new projects worth a combined USD 9.5 mn in China’s special economic zone TEDA, according to a statement from the SCZone.

#1- Xinjin Textile, Printing, and Dyeing will establish a USD 5.5 mn project on an area of 20k sqm;

#2- Shengyuan Construction Engineering Company will establish a USD 4 mn project on an area of just under 16k sqm.

ALSO NEW TO TEDA- During the signing of the land allocation agreement, the Egyptian and Chinese sides witnessed the unveiling of a number of projects new to TEDA: The Kemedi Chemical Company’s USD 17.2 mn project, the Jasmine Industrial Investment’s USD 1.9 mn project, and the Tiger King Tools’ USD 1.9 mn project.

The SCZone wants to house 1k Chinese companies by 2030: “The SCZone succeeded in attracting 128 projects worth USD 6 bn in the past 2 years, of which Chinese investments represent 40%. This success also extends through the expansions of the industrial developer TEDA. SCZone is working to provide all types of support to attract more investments. There is a legitimate ambition to level up the number of Chinese companies in SCZone to reach 1k by 2030,” SCZone head Walid Gamal El Din said.

e-Finance, Contact Financial report 1Q earnings

E-Finance starts the year “on a high note:” State-owned fintech giant e-Finance’s net income after non-controlling interest rose 64% y-o-y in 1Q 2024 to EGP 462.5 mn, according to its latest earnin gs release (pdf). Revenue rose 49.6% y-o-y to EGP 1.1 bn, driven by a strong performance across the company’s subsidiaries, especially its flagship Digital Operations

Driving the trend: e-Finance’s Digital Operations contributed the lion’s share (89%) of the group’s revenues for the quarter. The subsidiary saw its top line increase of 43.8% y-o-y to a little over EGP 1 bn, on strong results “across its cloud hosting services, its transaction revenue, and its build & operate services.”

Acquisitions in the works: “Our investment strategy remains focused on expanding our presence in the payments sector. Toward this objective, we are in the final stages of two strategic investments in strategic companies. Upon completion, these investments are poised to offer additional avenues for delivering value-added services to our clients, solidifying our leading position in Egypt's digital payments landscape,” the chairman Ibrahim Sarhan said.

ICYMI- e-Finance has been in talks to acquire two retail-focused digital payments companies, the first of which was approved by the board in November 2023.

MACRO CHALLENGES WEIGH ON CONTACT’S EARNINGS-

Contact Financial’s bottom line drops in 1Q 2024: Non-banking financial services firm Contact Financial’s normalized net income dipped 68% y-o-y in 1Q 2024 to EGP 57.4 mn, according to the company’s earnings release (pdf). The drop came on the back of macroeconomic headwinds, which weighed on the company’s financing division.

In detail: Net income at the NBFI’s financing division fell 83% y-o-y to EGP 20 mn on the back of the company’s decision to delay a part of its portfolio transfer activities — a significant source of revenue — due to an unfavorable interest rate environment. Additionally, interest rates and product price instability triggered a slowdown of issuances at Contact’s Auto and Consumer Finance segments, driving down new financing 38% y-o-y to EGP 2.6 bn.

The ins. division fared better: Net income at the ins. division rose 45% y-o-y to EGP 36 mn thanks to robust results at Sarwa Life and Sarwa Ins., whose total gross written premiums grew 59% y-o-y to a combined EGP 696 mn during the quarter.

GB Corp’s Drive Finance raises EGP 1.4 bn in securitized bonds

GB Corp’s car finance arm Drive Finance has raised EGP 1.4 bn in securitized bonds, the second of a three-year EGP 5 bn securitization program the company kicked off in December, the company said in a statement (pdf). The issuance — which was more than 2x oversubscribed — came in three tranches, rated AA+, AA, and A, by the Middle East Rating and Investors Services (MERIS).

Where is the money going? And while the statement doesn’t detail how the funds will be used, the company’s head of finance said that the continued diversification of the company’s funding has helped it expand its financing services and expand geographically.

Advisors: CIB served as the financial advisor, issuance manager, and arranger, while the Arab African International Bank was underwriter of the issuance as well as the sale’s custodian. Dreny & Partners was counsel, and Russell Bedford Sherif Dabbous acted as auditor.

The future of the Ras El Hekma funds in question

Last night’s talk shows zeroed in on the way forward following the Ras El Hekma agreement and buzzed with rebuttals against Israeli media reports claiming that Egypt is scrapping plans to join South Africa’s case against Israel at the ICJ.

Egypt last week secured the full USD 35 bn from the Ras El Hekma agreement, now what? Egypt should form a national committee to follow up on the recommendations laid out by the IMF to ensure it doesn’t repeat the mistakes it made after it inked the initial loan agreement in December 2022, Economist Medhat Nafei told El Hekaya’s Amr Adib (watch, runtime: 22:49). This committee could be given the power to negotiate with the Fund on key terms, Nafie added.

The government’s trajectory is so far unclear: There are no clear indications that the government is using the proceeds wisely or that there are concrete plans for sustained reforms, Nafei said.

The EGP is currently undervalued, Nafei said, explaining that while it’s possible for the currency to appreciate, a gradual adjustment is preferable to avoid a flight of hot money from the local market.

Shutting down the rumor mill: Reports by Israeli media claiming that Egypt plans to withdraw from its bid to join South Africa’s genocide case against Israel at the International Court of Justice are untrue, Al Qahera News quoted a high-ranking source as saying yesterday. The denial made the rounds on Kelma Akhira (watch, runtime: 0:58), Masa’a DMC (watch, runtime 0:42), and Al Hayah Al Youm (watch, runtime: 2:15).

Reuters weighs in on Egypt’s economic reforms

Our economy under the spotlight: Reuters takes a deep dive into what the future may hold for the Egyptian economy following the recent wave of economic reforms introduced by the central bank. This round of reforms is looking different — sources the newswire spoke to cite the government slowing spending on large infrastructure projects and the belief that the government will pay arrears to foreign companies.

That’s not enough: “Our cash flow issue has been resolved temporarily, but we need to solve the root causes,” one banker told Reuters.

Egypt’s government extends a helping hand to local startups

STARTUPS-

Tech startups are on the government’s whitelist: The CIT Ministry has launched a whitelist system for tech startups and emerging tech firms to help facilitate the process of importing essential production components and inputs, according to a ministry statement. The whitelist comes as part of the ministry’s efforts to help facilitate the process of launching startups, CIT Minister Amr Talaat said.

Gov’t to launch platform for startups within days: The government is set to roll out a unified platform for startups within days, Prime Minister Moustafa Madbouly told entrepreneurs and investors at the RiseUp Summit, according to a cabinet statement. The platform could be managed by the private sector.

Ears to the ground: Madbouly called on startups to come up with a clear proposal for the incentives, procedures, and government action that would help turbocharge the sector.

Background: Information Technology Industry Development Agency (ITIDA) Vice President Hossam Osman had told the local press back in February that the CIT Ministry would soon roll out a digital platform to serve startups. The platform will offer the full range of government services extended to startups, spanning establishment to marketing, according to Osman.

Chinese investment in north Africa, eastern Europe, central Asia more than double that of US and Germany combined

Chinese FDI accounted for almost 39% of the total greenfield investments in 2023of the 36 countries in which the European Bank for Reconstruction and Development (EBRD) operates, jumping up from 5.1% in 2022, the EBRD said in its latest Regional Economic Prospects report (pdf).

“China is dwarfing FDI from Germany and the US,” the EBRD’s chief economist Beata Javorick told the Financial Times. The world’s factory put forward more than twice as much investment last year than the US and Germany combined, who each accounted for less than 8% of total investment in the nations the bank works in.

The sudden splurge in investment may be more about circumventing US trade barriers than anything else: “China has tried to diversify production locations in terms of potential trade barriers,” Javorick told the salmon-colored paper. The Biden administration continued ramped-up trade tariffs on Chinese goods inherited from the previous administration and this week imposed additional tariffs on a further USD 18 bn worth of Chinese imports.

While China is looking to invest abroad to avoid tariffs, Russia is looking to China to avoid sanctions: China and Russia affirmed a “new era” of relations between the states during Russian premier Putin’s two-day visit to the nation over the weekend that will see Russia becoming ever-more reliant on the Asian nation. Putin seems to have secured a commitment to a closer economic relationship as Russian businesses increasingly look to China as imports of key production inputs from Europe and much of the rest of the world are cut off by sanctions from Russia’s invasion of Ukraine.

MEANWHILE ON WALL STREET- The Dow Jones Industrial Average closed above 40k for the first time in its 139-year history on Friday, amid optimism that the Fed will cut rates soon. (Reuters)

EGX30	26,143	+3.3% (YTD: +5.0%)
USD (CBE)	Buy 46.83	Sell 46.97
USD (CIB)	Buy 46.86	Sell 46.96
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,198	+0.8% (YTD: +1.9%)
ADX	9,042	+0.0% (YTD: -5.6%)
DFM	4,068	-0.4% (YTD: +0.2%)
S&P 500	5,303	+0.1% (YTD: +11.2%)
FTSE 100	8,420	-0.2% (YTD: +8.9%)
Euro Stoxx 50	5,064	-0.2% (YTD: +12.0%)
Brent crude	USD 83.98	+0.9%
Natural gas (Nymex)	USD 2.63	+5.3%
Gold	USD 2,414.40	+1.3%
BTC	USD 66,977	+0.1% (YTD: +58.4%)

THE CLOSING BELL-

The EGX30 rose 3.3% at Thursday’s close on turnover of EGP 3.4 bn (29.4% below the 90-day average). Local investors were net sellers. The index is up 5.0% YTD.

In the green: Mopco (+14.6%), E-finance (+9.6%), and Elsewedy Electric (+8.9%).

In the red: Egypt Kuwait Holding -USD (-2.3%).

CORPORATE ACTIONS-

CI Capital will pay out a dividend of EGP 0.2169 per share on its 2023 earnings, it said in an EGX disclosure (pdf).

Egypt’s El Sisi decries lack of international political will to end Gaza war during Arab Summit in Bahrain

El Sisi attends Arab Summit in Bahrain: President Abdel Fattah El Sisi and other Arab leaders collectively called for the immediate withdrawal of Israeli forces from Rafah and condemned Israel’s “obstruction of ceasefire efforts” at the Arab Summit in the Bahraini capital Manama on Thursday. The Arab leaders also called for an international peace conference to resolve the issue.

El Sisi decried the lack of a “genuine international political will to end the occupation and address the root-causes of the conflict,” which he says should be done through implementing a two-state solution with the establishment of an independent Palestinian state along the 1967 borders with East Jerusalem as its capital.

During his time in Bahrain: El Sisi also met separately with his counterparts from Bahrain, Jordan, Iraq, Djibouti, as well as Palestinian Authority President Mahmoud Abbas and Yemeni Presidential Leadership Council Chairman Rashad Al Alimi on the sidelines of the conference.

ALSO WORTH NOTING FROM THE DIPLOMATIC HOMEFRONT-

Egypt to head the D-8 for the next year and a half: Egypt has taken over the rotating presidency of the D-8 Organization for Economic Cooperation and will head the group until the end of 2025, the Foreign Ministry said in a statement. During its tenure, Egypt will be focusing on women- and youth-empowerment through support to SMEs, as well as the harnessing of IT and communications to enhance trade.

On the agenda: Egypt aims to set up several networks, including those of economic research centers and diplomatic training centers that will benefit all D-8 member states — Bangladesh, Indonesia, Iran, Malaysia, Nigeria, Pakistan, Turkey, and Egypt. It will work on D-8’s ongoing efforts to set up a center to support SMEs, a fund to support sustainable projects, and a seed bank to bolster sustainable agriculture efforts.

CALENDAR

2024

MAY

19-21 May (Sunday-Tuesday): Egypt International Summit for Digital Transformation and Cybersecurity.

20 May (Monday): Malaysian Palm Oil Forum in Cairo, with attendance from Malaysian Plantation and Commodities Minister Johari Abdul Ghani.

22 May (Wednesday): Egypt will host the annual meetings of Arab financial authorities, at the New Administrative Capital.

23 May (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

25-27 May (Saturday - Monday): Techne Summit, Cairo International Stadium.

29 May (Wednesday): Virtual launch of Chicago Booth Executive Program.

JUNE

5 June (Wednesday): The Optimism Forum, Cairo, Egypt.

15-19 June (Saturday-Wednesday): Eid El Adha (TBC) (national holiday).

29-30 June (Saturday-Sunday): EU-Egypt Investment Conference.

30 June (Sunday): June 30 Revolution Day (national holiday).

JULY

7 July (Sunday): National holiday in observance of Islamic New Year (TBC).

18 July (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

23 July (Tuesday): Revolution Day (national holiday).

AUGUST

4-5 August (Monday-Tuesday): Egypt Expat Forum.

SEPTEMBER

2-5 September (Monday-Thursday): Egypt International Airshow, El Alamein International Airport.

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

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

25-26 September (Wednesday - Thursday): The Asian Infrastructure Investment Bank’s (AIIB) 2024 annual meeting, Samarkand, Uzbekistan.

OCTOBER

6 October (Sunday): Armed Forces Day.

17 October (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

21-27 October (Monday-Sunday): The World Bank and IMF annual meetings.

NOVEMBER

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

DECEMBER

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

EVENTS WITH NO SET DATE

April 2024: President Abdel Fattah El Sisi will visit Turkey.

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

1Q 2024: Opening of the newly developed Pyramids Plateau in Giza.

1Q 2024: The government is set to finalize the sale of the Gabal El Zeit wind farm.

February-May: The Grand Egyptian Museum could officially open to visitors.

March 2024: The USD 2.7 bn MIDOR Refinery is set to begin full operations.

May 2024: Egypt to receive USD 20 bn of Ras El Hekma funds.

May 2024: Arab Finance Ministers’ meeting at Egypt’s administrative capital.

June 2024: Gov’t expects to finalize sale of Beni Suef combined-cycle power plant.

Mid-year: The fifth Japan-Arab Economic Forum.

1H 2024: Gov’t expects to finalize sale of four water desalination plants.

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

3Q 2024: Egyptian-Armenian Joint Committee.

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.

End of 2024: Shalateen Mining Company to launch a gold exploration bid in the Eastern Desert.

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

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.

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