IMF Board approves our fifth and sixth reviews

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WHAT WE’RE TRACKING TODAY

EGP slides amid talk of incoming US attack on Iran

Good morning, friends. We bring the first full workweek of Ramadan to a close with news that the IMF approved the fifth and sixth reviews of our USD 8 bn loan program, putting a USD 2.3 bn disbursement within our eyesight.

ALSO- Egypt is preparing for a major return to international debt markets with a EUR 1 bn bond issuance as early as 2Q 2026. Debt issuance plans are up, and so are growth forecasts according to the central bank, which upgraded its forecasts for the current fiscal year and the next.

The local currency is facing its first major test of the year, as the EGP slipped toward the 48 mark against the USD while geopolitical pressures increasingly coalesce in the region and Trump ratchets up the rhetoric. Meanwhile, the government is doubling down on localization, expanding tax incentives for strategic industries, and moving to push for the reduction of the required Israeli component percentage in QIZ agreements. We’ve got these stories and more in the issue for an unusually busy news day for Ramadan.

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WISH THIS MORNING’S ISSUE was a podcast? We’ve got you. Tap or click here to listen to Morning Drive, a 10-minute version of today’s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.
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Watch this space

The EGP continued its losing streak against the greenback over the past three days, with the USD briefly surpassing the 48 mark during early yesterday’s trading, before easing at close to EGP 47.88 for buy and EGP 47.98 for sell, according to the National Bank of Egypt. Foreign investors pulled roughly USD 1.2 bn during Monday and Tuesday alone. Meanwhile, total interbank transactions have exceeded USD 2.2 bn since the onset of the current regional crisis mid-last week, according to our sources.

Regional unrest behind the exodus: The speculation over a potential US strike on Iran triggered sharper foreign investor activity in debt markets yesterday, marking the most significant outflows so far compared to the partial exits seen in recent days, two banking sources tell EnterpriseAM.

Why it matters: Despite the current partial outflows from the secondary market for local debt instruments, the episode represents a real test of the central bank’s flexible exchange rate regime introduced in March 2024, the sources tell us. While sufficient FX liquidity remains available to accommodate foreign exits, they warned that continued uncertainty and cautious market sentiment could lead to further depreciation pressures on the EGP and additional foreign outflows from regional emerging markets.

But while a flexible exchange rate can lead to the EGP falling, it also “encourages those who left to come back quickly,” Ahly Pharos Head of Research Hany Genena tells EnterpriseAM. In addition, it also means the “central bank isn’t forced to intervene to defend a specific exchange rate,“ he added.

Norway’s renewables giant Scatec is set to double its investments in Egypt, with plans to set up a wind turbine factory and a solar-powered desalination plant, the Foreign Ministry said in a statement. This is the second time wind manufacturing has become the center of conversation, after the idea first surfaced in discussions involving China’s Sany, yet nothing official has been signed.

It’s a theme we’ve tracked before: We sat down with Hans Bruins, CEO of Ras Ghareb Wind Energy and Red Sea Wind Energy — two of Egypt’s flagship wind projects — to discuss what it really takes to build a supply chain that lasts.

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Data point

USD 5.1 bn — that’s the value of the country’s outsourcing service exports in 2025, marking a 157% jump from USD 2 bn in 2021, according to a statement from the CIT Ministry. The government aims to more than double the figure to USD 12 bn by 2029 and increase employment in the sector from 181k jobs in 2025 to 630k by 2029.

PSA-

WEATHER- The sun is out in Cairo today, but you may still need a jacket, with a high of 21°C and a low of 11°C, according to our favorite weather app.

It’s a fair few degrees cooler up north in Alexandria, with a high of 18°C and a low of 12°C.

And over the weekend, expect to see temperatures in the capital and for our friends on the Mediterranean drop a couple of degrees — but on the plus side, the sun will still be out.

The big story abroad

A single story is dominating headlines this morning: Nvidia’s latest earnings came in above analyst expectations, calming investor fears about a potential AI slowdown. The most valuable company in the world reported record revenues of USD 68.1 bn for the three-month period ending in January, up 73% y-o-y, driven by data center revenues.

Looking ahead: The company penciled in USD 78 bn in sales this quarter, excluding any income from China data centers, as the company remains unsure whether it will be able to do business in the country.

Markets reax: Nvidia shares gained 3% in after-hours trading following the news, pushing Wall Street up. “It’s clear from Nvidia’s latest numbers and [investors’] forecast that concerns about an AI slowdown simply are not showing up yet,” TECHnalysis Research’s Bob O’Donnell told Reuters.

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We look forward to welcoming you and sharing what’s next for Somabay.

Hall 6.2B | Stand 317

3–5 March 2026

IMF clears the way for a USD 2.3 bn disbursement

Fifth, sixth reviews completed: The IMF Executive Board completed its fifth and sixth reviews of our USD 8 bn Extended Fund Facility (EFF) as well as its first review of our Resilience and Sustainability Facility (RSF), allowing for the immediate disbursement of USD 2.3 bn — USD 2 bn from the EFF and USD 273 mn from the RSF. The Madbouly government and IMF staff reached a staff-level agreement on the reviews late December.

The message is clear: We’re on the right track, but more needs to be done. The Fund pointed to an improvement in macroeconomic conditions and fiscal performance, citing a dip in inflation, a narrowing account deficit, and higher tax revenues.

But the tone criticizing lagging privatization efforts saw little change, with the Fund noting “slower than envisaged” progress on the divestment agenda. “While rapid progress in trade facilitation, digitalization, and business climate reforms is expected to yield positive growth effects, their impact will remain limited without tangible progress on divestment,” IMF Deputy Managing Director Nigel Clarke said. The IMF has been calling for more privatization efforts for some time now, but we’ve constantly missed our targets on that front.

We’re hopeful that 2026 bears some good privatization news: The IPO calendar is heavy with anticipated state offerings, including Banque du Caire and at least two companies affiliated with the Armed Forces’ National Service Projects Organization. And we’re bracing for more offerings after sources told us that the government is preparing to unveil a new list of state-owned enterprises slated for listing on the EGX, in a renewed push to revive its privatization program.

We’re nearing the end of our program with the Fund — it’s set to conclude on 15 December. So far, we’ve unlocked some USD 5.2 bn from the EFF and the RSF.

The road ahead: “Continued progress in state-owned enterprise and bank governance reforms, alongside the climate agenda, will be essential to support resilient, inclusive, and durable growth,” the Fund said. Exchange rate flexibility, disinflation, and debt management were also high on its list of policy recommendations.

Risk-wise, the future offers good and bad news. The fund remains wary of the knock-on effects of heightened regional geopolitical tensions and the possibility of tighter global financial conditions squeezing recovery. A clear path for overperformance, though, is possible if a faster-than-expected pickup in Suez Canal traffic and a rebound in hydrocarbon production are seen.

What about the RSF? Two key reforms helped us unlock this tranche of sustainability-linked funding: The government publishing an implementation schedule to meet its ambitious renewables target — 42% of our energy mix by 2030 — and issuing directives requiring banks to monitor and report their exposure to climate transition risks.

What’s next? The seventh review will likely be pushed back to late April or May after the IMF and World Bank’s annual spring meetings, a source has previously told EnterpriseAM.

Egypt eyes EUR 1 bn bond issuance in 2Q

Egypt is eyeing a return to the EUR-denominated bond market for the first time in years, with the Finance Ministry weighing a EUR 1 bn issuance in 2Q 2026, two senior government officials tell EnterpriseAM. A separate eurobond tranche is also being considered for later in the year, provided international market conditions remain stable.

Why it matters: The potential issuance is part of Egypt’s broader strategy to gradually re-enter international debt markets while diversifying funding sources to lower borrowing costs and tap investor demand, alongside continued progress on structural economic reforms. Egypt currently plans to issue between USD 2 bn and USD 2.5 bn in international bonds during 1H 2026 after shelving a planned February offering due to global market volatility.

Structure and timing under review: The Finance Ministry is working with issuance advisors to determine the optimal structure, timing, and target markets for the planned issuance, according to the officials. One official noted that “EUR markets are currently more stable, and we have a maturity falling due next April that will be repaid.” The final timeline has yet to be determined pending the outcome of consultations with our advisor investment banks, they added.

ADVISORS: Potential lead managers for the issuance include BNP Paribas, Bank of Alexandria, Deutsche Bank, and Standard Chartered, one of the officials tells us.

Another USD issuance is in the pipeline: In addition to the EUR-denominated tranche, a USD-denominated offering is expected before the end of the fiscal year on 30 June to help close the funding gap. According to an official document reviewed by EnterpriseAM, Egypt faces upcoming maturities including EUR-denominated bonds and Panda bonds due in October.

Solid repayment track record: Egypt met its external debt obligations earlier this year through the repayment of two eurobond tranches worth USD 750 mn and USD 1.5 bn in February. “Egypt does not default on its obligations,” an official said, adding that this commitment to repayment has led to a sharp decline in Egypt’s Credit Default Swaps (CDS). Our five-year CDs have recently hit their lowest level since 2020, falling below 270 bps in January, and helped drive foreign investment in government debt to USD 45 bn by the end of 2025.

Incentives umbrella stretches as gov’t eyes more localization

The state expanded the types of businesses eligible for special tax incentives, hoping to attract investors, reduce reliance on imported goods, and build strong local supply chains, according to a decree by Prime Minister Moustafa Madbouly. Companies that invest in strategic industries, including automotive, appliances and engineering, food, and chemicals, will get a large discount on their taxes spread over seven years. They are allowed to deduct up to 50% of their initial investment costs directly from their taxable profiles. The size of this tax discount depends on where the business is built.

Two geographic zones: To make sure that all parts of the country develop evenly, the government divided the incentives into two zones. Zone A, which includes the areas that need the most economic push — such as the most in-need regions, Upper Egypt, the New Capital, and the Suez Canal Economic Zone — will get a 50% tax discount. Zone B, on the other hand, which covers the rest of the country, will get a 30% tax discount.

The industries: To support value-added industries and deepen local manufacturing, the decree adds several high-priority industrial activities to the incentives program. In Zone A, newly eligible activities include the manufacture of all types of vehicles (traditional and electric), electric motors, refrigerator evaporators and compressors, sheet metal for electrical and electronic appliances, pipes and tubes, fruit and vegetable concentrates, and concentrated sulfuric acid. Meanwhile, the eligible additions for Zone B specifically include vehicle manufacturing, refrigerator evaporators, fresh fruit and vegetable concentrates, and concentrated sulfuric acid.

Why it matters: The government is doubling down on tax-based incentives to steer industrial investment toward priority sectors and underdeveloped regions while trying to deepen the local component in key industries.

What’s next? The Investment Ministry is studying adding further industrial activities targeted for localization, suggesting this list may further expand in the coming months.

House committee initially approves property tax overhaul

Homeowners may be in for a property tax cut: The House’s Planning and Budget Committee approved in principle a government-drafted bill amending the Property Tax Law. The amendments push the annual rental value exemption threshold to EGP 100k (equivalent to an EGP 8 mn market value) for units used as primary private residences, according to a copy of the draft seen by EnterpriseAM.

This is double the exemption threshold the Finance Ministry had initially proposed, but in line with the Senate’s recommendation. The current law sets the exemption threshold at a net annual rental value of EGP 24k or less.

There’s more to come: Finance Minister Ahmed Kouchouk approved additional committee-proposed amendments to the draft law that introduce a property tax deduction for taxpayers who pay on account and ensure that any overpaid amounts are refunded. The bill also expands the pool of beneficiaries by waiving late-payment penalties retroactively for those who filed their taxes before the law’s enactment, while doubling the grace period from three to six months.

AND- New ID criteria for hotels and residential compounds are in the works. Under the draft amendments, companies running hospitality facilities, and homeowners’ associations — or whoever effectively performs their role — are required to submit a statement to the relevant real estate tax office listing the names of owners (or beneficiaries with rights of usufruct or exploitation), their national ID numbers, addresses, and any additional data set out in the executive regulations.

Growth is back, but the CBE won’t rush to slash interest rates

The Central Bank of Egypt expects real GDP growth to hit 5.1% this fiscal year, up 0.3 percentage points from its last prediction, while its predictions for the following fiscal year are up by a greater 0.4 percentage points from its last outlook to 5.5%, according to the bank’s Monetary Policy Report (pdf) for 4Q 2025.

The upgrade comes on the back of “anticipated contributions from non-petroleum manufacturing and services sectors, which are expected to accelerate at a faster pace, supported by the projected progress in monetary easing, which is likely to further support real private sector credit growth,” the bank said.

It also follows 4.9% GDP growth during 4Q, which the CBE says was “mainly driven by non-petroleum manufacturing, tourism, and communications.” The previous quarter clocked in at 5.3% y-o-y — a 1.8 percentage point increase y-o-y and the quickest quarterly growth figures since the start of 2022.

The bank seems confident that this growth shouldn’t have a serious impact on inflation, seeing inflation “well on track to reach the CBE target of 7% (± 2%), on average, in 4Q 2026” with demand-side inflationary pressures “expected to remain contained.”

To do that, the bank’s Monetary Policy Committee is committed to making sure “any interest rate cuts remain conditional upon a stable inflation path,” EG Bank board member Mohamed Abdel Aal tells EnterpriseAM. “Expected rate cuts during 2026 will be limited and incremental, maintaining positive real interest rates to ensure price stability,” he says.

Egypt moves to add firms to QIZ as negotiations begin on lowering Israeli component

The government is moving to expand participation in the Qualifying Industrial Zones (QIZ) agreement, just as talks begin to reduce the required Israeli component under the framework, a source familiar with the matter tells EnterpriseAM. The push comes at a pivotal moment for Egyptian exporters, who are seeking to seize fresh openings created by the latest shifts in US protectionist trade policies under US President Donald Trump.

Other countries’ loss is Egyptian exporters’ gain: Egyptian exports routed through the QIZ continue to enjoy zero customs duties, even under Washington’s new tariff regime, giving local producers a clear edge over competitors facing steeper barriers, Magdy Tolba, a member of the Apparel Export Council of Egypt (AECEG), tells us. While rivals like Bangladesh and Turkey grapple with higher US import duties, Egyptian goods are entering the market unscathed.

Yet, the agreement’s potential remains largely untapped. Participation has plummeted since the QIZ was launched in 2004, dropping from around 700 active companies to between 150 and 200 today. To entice manufacturers back into the fold, officials have opened talks to aggressively trim the Israeli component — currently at 10.5% — down to a sliding scale of 5-8%. Tolba tells us that after several rounds of talks, Egypt has secured a preliminary nod to begin a phased reduction of the threshold. If finalized, the move would significantly lower the entry barrier for local factories looking to hitch their wagons to the QIZ and capitalize on the shifting US trade environment.

While the QIZ is currently dominated by ready-made garments, there is a strategic push to include other sectors that could benefit from zero tariffs, such as glassware and sports footwear, among other products.

By the numbers: QIZ exports were up 12% last year, reaching USD 1.33 bn, up from USD 1.19 bn in 2024, according to RMGEC data. The council is now setting its sights on a USD 2 bn target for QIZ-linked exports this year, which would account for a significant chunk of its USD 5 bn total export goal for 2026, a government official tells us.

While current growth is promising, Tolba argues the agreement remains “drastically underutilized” compared to its true potential. He suggests that if the government successfully diversifies the product mix and secures lower component ratios, QIZ exports could realistically jump to as much as USD 15 bn annually. “If we secure a reduction in the Israeli component and diversify our [product categories], we will have a golden [window] in the US market under the new tariffs — and that is exactly what we are aiming for this year,” Tolba tells us.

Rising overheads in neighboring markets are also fueling a wave of industrial relocations that are directly benefiting the Egyptian manufacturing base. Spiking inflation and a rising minimum wage in Turkey have pushed at least four major Turkish garment giants, alongside a cluster of SMEs, to move their operations to Egypt, according to Tolba. This influx is about more than just volume — these firms are bringing advanced manufacturing technologies that are expected to significantly upmarket the quality of Made in Egypt products for the global stage.

This global uncertainty has also forced local exporters to get creative with their hedging strategies. Tolba tells us the current uncertainty has prompted exports to markets including Turkey and Japan as a form of hedging, but argues that Egypt has a bigger opening if it revisits its agreements and brings the business community into shaping the next phase of export-oriented manufacturing.

Chambers and Partners is out with its 2026 list of top arbitration litigators

Chambers and Partners unveiled its 2026 list of top arbitration firms andlawyers in Egypt. Youssef + Partners and Zulficar & Partners retained their position in the top-ranked band for the seventh consecutive year. Matouk Bassiouny, Shahid Law Firm, and Shalakany Law Office once again secured spots in Band 2, while ALC Alieldean Wehashi & Partners and Khodeir & Partners placed in Band 3.

On the individual front, Youssef + Partners’ Karim Youssef earned the top distinction as a Star Individual. Kosheri, Rashed & Riad’s Tarek Riad and Shalakany Law Office’s Khaled El Shalakany were named Senior Statepeople.

This year’s expanded list is “a positive development that shows the field is widening and becoming more diverse in Egypt”, Youssef + Partners’ Chairman Karim Youssef tells EnterpriseAM. Yet, it still lacks female representation, signaling that “Egypt still lags behind other jurisdictions on that front,” Youssef said.

Majid Al Futtaim is now fully green-certified across its mall network

Majid Al Futtaim became the first retail operator in the region to secure sustainability certifications across its entire shopping mall portfolio, the company said in a statement (pdf). All of its 23 fully-owned malls are now certified green assets — including 18 certified Leadership in Energy and Environmental Design (LEED) Platinum, four certified LEED Gold, and one holding Estidama Three Pearls rating.

Egypt tops global gains in women’s legal rights

Egypt ranked as the most improved country for women’s legal rights between October 2023 and October 2025, jumping nearly 10 points to 48.50 in the legal frameworks index of the World Bank’s Women, Business, and The Law 2026 report (pdf). Driving the improvement was a new labor law introduced in April that scrapped restrictions on women working night shifts and certain jobs labeled hazardous. The law also mandated equal pay for work of equal value, introduced flexible work arrangements, and extended paid maternity leave to 120 days while granting fathers one day of leave.

But despite the improvement, Egypt is still a long way from the global average score of 67. The report points to remaining restrictions on women’s employment, including in certain positions in the energy sector — specifically those connected to the generation, transmission, or conduction of electricity.

Retail investors are becoming a force to be reckoned with

Individual investors are increasingly shaping price action across stocks and ETFs, with retail traders accounting for USD 5.4 tn in trading activity last year, marking a 47% y-o-y jump and the highest level on record since at least 2014, according to data from the research firm Vanda cited by the Associated Press.

After years of being dismissed on Wall Street as “dumb money,” retail investors have, at times, outperformed two of the most popular professionally managed index ETFs — SPY and QQQ. They are now a force to be reckoned with, or as Interactive Brokers’ Steve Sosnick puts it, “if you put enough ants together, they can move a very big log.”

No-commission trading apps, social media investing communities, and digital research tools have encouraged individuals to trade independently rather than entrusting their savings to managed funds. The pandemic lockdowns offered time and motivation, drawing mns to investment platforms during a period when the S&P 500 posted an almost uninterrupted climb since 2015.

At the same time, households accelerated the shift of moving idle money from checking accounts into investment vehicles, increasing transfers by 50% from 2023 to early 2025, according to a JPMorgan Chase report cited by the newswire. Analysts also note that some younger Americans, priced out of the housing market, have redirected their savings into equities instead.

Retail traders also have an increased appetite for risk. When the S&P 500 shed more than 10% over two days last April following unexpected tariff announcements by US President Donald Trump, retail investors bought more than USD 5 bn in stocks during the selloff. They did the same in October during another tariff-driven decline. Retail investors have also moved beyond stocks into riskier vehicles, with options trading alone accounting for roughly USD 650 bn of retail activity last year, according to Vanda.

MARKETS THIS MORNING-

Asia-Pacific equities started out early trading in the green, as upbeat earnings from Nvidia eased panic over AI-driven disruption and ballooning costs. Japan’s Nikkei rose to a record high this morning. Meanwhile, futures edged much lower.

EGX30	49,014	-2.7% (YTD: +17.2%)
USD (CBE)	Buy 47.89	Sell 48.02
USD (CIB)	Buy 47.88	Sell 47.98
Interest rates (CBE)	19.00% deposit	20.00% lending
Tadawul	10,848	-0.5% (YTD: +3.4%)
ADX	10,638	0.0% (YTD: +6.5%)
DFM	6,676	+0.1% (YTD: +10.4%)
S&P 500	6,946	+0.8% (YTD: +1.5%)
FTSE 100	10,806	+1.2% (YTD: +8.8%)
Euro Stoxx 50	6,173	+0.9% (YTD: +6.6%)
Brent crude	USD 70.97	+0.3%
Natural gas (Nymex)	USD 2.87	+1.3%
Gold	USD 5,226	+1.0%
BTC	USD 68,383	+6.8% (YTD: -22.0%)
S&P Egypt Sovereign Bond Index	1,031	-0.1% (YTD: +3.9%)
S&P MENA Bond & Sukuk	153.66	0.0% (YTD: +1.2%)
VIX (Volatility Index)	17.93	-8.3% (YTD: +19.9%)

THE CLOSING BELL-

The EGX30 fell 2.7% at yesterday’s close on turnover of EGP 6.2 bn (1.4% below the 90-day average). International investors were the sole net sellers. The index is up 17.2% YTD.

In the green: Eastern Company (+4.7%), Oriental Weavers (+1.3%), and Raya Holding (+0.9%).

In the red: Edita (-5.1%), Misr Cement (-5.0%), and Beltone Holding (-4.5%).

My Morning Routine: Helmy Abouleish, CEO of Sekem

Helmy Abouleish, CEO of Sekem: For a special Ramadan edition of our weekly My Morning Routine column, which we are running through the holy month, we spoke to Sekem CEO Helmy Abouleish (LinkedIn). We asked Abouleish the usual questions to find out how a successful member of the community starts their day, and threw in a few more to find out how he adjusts to Ramadan and what he looks forward to in the holy month. Edited excerpts from our conversation:

I’m Helmy Abouleish, and I’ve been working as a farmer from Sharqia for 49 years to establish Sekem as a model for system change in Egypt and the world. My task is really to keep the whole Sekem initiative aligned to make sure that we are really working towards what we call our vision for Egypt 2057.

Ramadan is a wonderful time of the year because it gives us a chance to really reconnect with ourselves, our spiritual sources, our inner call, our outer call, and to review things.

I’m fortunate because in Ramadan I wake up as early as I always do as a farmer. I wake up at 5:30am, and it’s then that I have time to really reconnect with myself, do some mindfulness exercises, try to listen, and try to reflect on what I’m doing and what I’m going to do. This part of the day is very valuable to me as it prepares me very nicely for the day.

Days are often hectic, but I try to always remind myself that everyone faces the same stress. While in the afternoon, I take walks through our gardens and forests, I listen to the birds and other animals — we have many animals — and smell and look at the plants. I walk my 10k steps per day, which I do for my own health but also to stay connected to nature.

I love that Iftar is a chance to really connect with my family — not only my physical family, but also the Sekem family. Alongside connecting with my mother, daughters, and grandchildren, I’m also using iftars to connect with the Sekem community, the Sekem farm, students at our university, our farmers all over Egypt, our co-workers in all the companies, salespeople selling from Aswan to Alexandria, and, of course, to academics and the staff at Heliopolis University.

One constant in my day is being grateful for what I can do, being grateful that I can serve at this time and place, seeing that I can make a difference and an impact. Having reached out to 40k farmers over the last few years, along with the goal of expanding that impact to 250k in the next few years, is a huge source of inspiration, motivation, power, and energy for me.

For me, my work isn’t just my hobby — it’s something I’m in love with. Of course, I love to also take my family on vacation or play football every Friday afternoon with the Sekem community, but I’m lucky that my work is what I love to do.

The most significant trend I see in the industry is international organizations starting to understand that organic agriculture and food are neither more expensive nor exclusive for the elite. But instead, they are the more cost-effective, productive, and efficient solution for the major ecological, health, and social challenges we face. The reality is that organic food is much cheaper if you consider the impact, like the externalized costs on health, ecology, and social development.

CALENDAR

2026

MARCH

15 March (Sunday): IMF to hold its seventh review of Egypt’s USD 8 bn EFF arrangement.

21 March: (Saturday): Eid El Fitr starts (TBC).

30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).

APRIL

2 April (Thursday): Monetary Policy Committee’s second meeting of 2026.

12 April (Sunday): Coptic Easter.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

21 May (Thursday): Monetary Policy Committee’s third meeting of 2026.

27-29 May (Wednesday-Friday): Eid El Adha (TBC).

JUNE:

30 June (Tuesday): National holiday in observance of the June 30 Revolution (TBC).

JULY

9 July (Thursday): Monetary Policy Committee’s fourth meeting of 2026.

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

AUGUST

20 August (Thursday): Monetary Policy Committee’s fifth meeting of 2026.

26 August (Wednesday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

SEPTEMBER

15 September (Tuesday): IMF to hold its eighth review of Egypt’s USD 8 bn EFF arrangement.

24 September (Thursday): Monetary Policy Committee’s sixth meeting of 2026.

27-29 September (Sunday-Tuesday): Global Conference on Population, Health, and Human Development.

OCTOBER

6 October (Tuesday): Armed Forces Day.

29 October (Thursday): Monetary Policy Committee’s seventh meeting of 2026.

DECEMBER

17 December (Thursday): Monetary Policy Committee’s eighth meeting of 2026.

EVENTS WITH NO SET DATE

Early 2026: Passenger operations on the New Administrative Capital-Nasr City monorail scheduled to begin.

Early 2026: The government will launch the second package of tax breaks.

1Q 2026: Trial operations for the Ain Sokhna-Sixth of October section of Egypt’s first high-speed rail line scheduled to begin.

1Q 2026: Turkish President Recep Tayyip Erdogan to visit Egypt.

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

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

2027

20 January-7 February: Egypt to host the African Games.

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings.

2027: Egypt-EU Summit 2027.

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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