IMF officials arrive in Egypt for loan discussions

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What We're Tracking Today

Telecom Egypt gears up to launch 5G pilot

Good morning and welcome to the beginning of the work week. We start the week with news of an IMF delegation in town and look likely to finish the week with some bigger news once we find out what has actually been discussed — and hopefully agreed — during their trip.

But it’s not all about the IMF on the agenda today, with news of another downgrade sovereign credit rating from Moody’s making the front pages of the local business press and riling up our talk show hosts. We’ve also got news of the latest credit card fx restrictions, disruptions in the Red Sea, and a construction update from ACWA Power’s Kom Ombo solar plant set to be completed this year.

PSA- We’re in for a four-day work week as the nation takes a holiday this Thursday,25 January in observance of Police Day and the 25 January revolution. Both the public and private sectors will be off, according to a cabinet statement. You can expect the central bank and EGX to follow suit with announcements soon.

** EnterpriseAM Egypt will also take a break from your inbox this Thursday, but we will be back bright and early on Sunday with all the business and finance news from the long weekend.

HAPPENING TODAY-

The Senate is back in session: The Senate will reconvene today after a two-week break to discuss a report detailing the government’s policy and promotion strategies to ramp up tourist traffic and tourism-linked investments into the country.

It’s also a busy day for Senate committees: The Economic and Financial Affairs Committee will evaluate the impact of 2008’s building tax law on real estate investment, the Industry Committee will evaluate plans to develop the SZone, and the Agricultural Committee will figure out how to develop our fish farm industry. While the government’s plans for building affordable housing for low-income families will be inspected by the Housing Committee and the Legislative and Constitutional Affairs Committee will take a look at 1996 law on rental contracts.

HAPPENING TOMORROW-

#1-BEBA is serving up cyber security for breakfast: The British Egyptian Business Association’s (BEBA) briefing breakfast on cyber security will start tomorrow at 9:30am CLT. You can register for Cyber Security: How to Mitigate the Growing Digital Risks and Hazards here.

Why you should care: Last year saw unconfirmed reports alleging that two Egyptian blue chip companies were hacked by LockBit — the world’s most successful ransomware gang — compromising personal and financial data. We have been unable to verify all of LockBit’s claims, but the hack suggests that LockBit has turned its sights on Egypt and other emerging markets — likely banking on companies here taking a less-sophisticated approach to cybersecurity.

#2- Tomorrow in the Senate: The Senate will meet again tomorrow to discuss a report about localizing the electronic games industry through partnerships with foreign investors with the aim of — you guessed it — increasing FX revenues.

3#- Arab summit tomorrow in Brussels to seek Gaza ceasefire: Arab foreign ministers and Arab League representatives will land in the Belgium capital to meet their European counterparts tomorrow to discuss how to reach a ceasefire in Gaza.

HAPPENING THIS WEEK-

The EU-Egypt Association Council will meet in Brussels on Tuesday, 23 January, according to a statement by the EU. Foreign Minister Sameh Shoukry will lead the delegation for the meeting chaired by the EU foreign policy chief Josep Borrell. The talks are set to discuss cooperation under the Egypt-EU partnership priorities 2021-2027 framework and address “human rights, security, counter-terrorism, and migration – as well as cooperation in economic and social issues – ranging from investments to environment and energy,” the EU statement adds.

CIRCLE YOUR CALENDAR-

TE to pilot 5G in 3 months: Telecom Egypt aims to start rolling out fifthgeneration (5G) network services by the end of year, Mohamed Nasr told Asharq Business, adding that trial operations will start within the coming three months. Telecom Egypt earlier this month received the country’s first license to install and operate 5G networks at a cost of USD 150 mn.

Do Egyptians have the hardware to handle 5G?While currently only 8% of mobile phones inEgypt currently support 5G technology, Nasr sees the figure increasing over the coming period.

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-

Talk of an “undeclared regional war” is driving the conversation in our part of the world in a growing number of global business news outlets. “Risk of a regional conflagration is growing daily,” Bloomberg reports, noting that the UAE’s ambassador to the UN, Lana Nusseibeh, said in an interview that “the risks are high, the war in Gaza is very clearly an open wound and it’s destabilizing the region.” The US, she said, needs to support an immediate ceasefire in Israel’s war in Gaza.

Beijing may be able to step up its diplomacy in the region in a bid to keep a lid on the conflict. While officials are yet to signal formal diplomatic or military involvement, policymakers in China are becoming worried that disruption to Red Sea shipping could threaten their economy as it causes “huge losses for Chinese companies,” the Financial Times writes. The salmon-colored paper believes that Washington has asked Chinese diplomats to consider pressuring Iran to rein-in the Houthis.

Per the Wall Street Journal: “Violence from Lebanon to Iraq to the Red Sea all but amounts to an undeclared regional war, with Iran-backed militants fighting Israel and the US,” it writes in what it’s pitching as “ a guide to the Middle East’s growing conflicts.”

Tell us something we didn’t know: The oil market is “bracing for a weeks-long disruption” to shipping in the Red Sea, Bloomberg reports, saying data shows a growing number of tanker charters are being booked for routes that go around the Cape of Good Hope. Cruise lines are also giving the Red Sea a pass, Reuters notes.

ALSO MAKING HEADLINES:

Nikki Haley is stepping up her assault on her former boss, Donald Trump, questioning his age and mental health after he confused her with Nancy Pelosi. Republicans in New Hampshire hold their primary on Tuesday, so expect lots of noise from the campaign trail in the days to come.
OpenAI impresario Sam Altma is back to raising funds from the GCC and other backers for a global network of chip factories to serve the booming AI industry, Bloomberg reports. Abu Dhabi’s G42 is said to be interested in investing and Saudi Arabia’s Public Investment Fund has a track record of exploring chip investments with Altman.
A Japanese lander has made it to the surface of the moon, making Japan only the fifth country to make it to the surface after the US, the Soviet Union, China, and India. The mission could be curtailed by a power problem on the Slim lander, the Guardian writes.
Germany eases citizenship rules and drops bar on dual citizenship in a move that opens up the possibility of German citizenship to tens of thousands of Egyptians living there. German lawmakers hope the new legislation will attract skilled workers and better integrate migrants.

WAR WATCH-

Biden pushes for a Palestinian state as he breaks four-week silence withNetanyahu: US President Joe Biden has pushed for the two-state solution during a call with Israeli Prime Minister Benjamin Netanyahu — the first time they spoke in nearly a month. Biden insisted following the call that a two-state solution was possible during Netanyahu’s tenure, even as the Israeli PM had publicly rejected any notion of forming a Palestinian state the day before.

Things had been left on a sour note: The last phone call on 23 December between Biden andNetanyahu was described by a US official cited by Axios as one of the most “frustrating” conversations that Biden has had with the Israeli PM since the onset of war as the pair disagreed over Israel's decision to withhold part of the tax revenue it collects for the Palestinian Authority.

AND-Iran has accused Israel of carrying out a strike in Damascus on Saturday that targeted the residence of Iranian military advisors and killed at least five people. In turn, Iran’s parliament speaker Mohamed Bagher Qalibaf promised to take “severe response”. (Bloomberg)

MORNING MUST READ-

The Davos round-up: Reuters and CNBC are out with their Davos round-ups for thisyear’s World Economic Forum in Davos. The key takeaways? Red Sea disruption will increase inflationary pressures; investors remain cautious towards China amid its economic slowdown; more firms are looking to monetize from AI; and demand for oil won’t peak any time soon, according to Aramco.

ALSO- MNT Halan CEO Mounir Nakhla joined National Bank of Cambodia Governor Serey Chea, CNBC Africa Chief Editor Godfrey Mutizwa, Old Mutual Emerging Markets CEO Iain Williamson, the Queen Máxima of the Netherlands for a panel on financial inclusion. Catch the full panel here (watch, runtime: 47:40).

AND-Saudi Arabia will host a World Economic Forum meeting on 28-29 April this year — marking the forum’s first meeting outside of Davos since Covid, Reuters reports. The kingdom’s foreign minister said that the meeting is set to center around global collaboration, growth, and energy.

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IMF officials are in Egypt to discuss loan program. PLUS: Moody’s downgrades Egypt’s credit outlook

Another round of IMF talks is underway: Representatives from the IMF, led by themission chief for Egypt Ivanna Hollar, are in town to discuss the two long-stalled reviews of Egypt’s loan program, an IMF spokesperson told Reuters on Friday. The visit comes on the heels of IMF Mideast and Central Asia head Jihad Azour’s trip to Cairo, where he met with Egyptian authorities and “regional stakeholders,” the spokesperson added. Updates and outcomes will follow the end of Hollar’s visit, the spokesperson added.

What’s on the agenda? Cabinet spokesperson Mohamed El Homsani had mentioned earlier this month that IMF officials are likely to pay Egypt a visit in January to finalize the timeframe for the Fund’s new loan to the country. Asharq Business also reported yesterday, citing people it says attended the meetings, that Sovereign Fund of Egypt head Ayman Soliman, and Planning Minister Hala El Said held hours-long talks with the IMF team, briefing them on the state’s structural reform program and other economic performance indicators.

Remember: The IMF postponed reviews scheduled for March and September of 2023 afterauthorities failed to meet several conditions of the facility. Unlocking the remainder of the facility is contingent on the reviews happening — the first and second reviews should release almost USD 700 mn. The Fund will need to sign off on the two reviews before any announcement is made about potentially topping up the loan.

What are the conditions? The Fund wants Egypt to fulfill key policy requirements — includingtighter fiscal and monetary policy, and moving towards a flexible exchange rate — before signing off on the first two reviews, the Fund’s communications head Julie Kozack reiterated last week.

We’ve seen mounting signs of a larger package: Kozack said that a larger package would be“critical” for the success of Egypt’s loan, amid the growing strain on the economy triggered by Israel’s war on Gaza and its impact on tourism and Red Sea trade movement. IMF Managing Director Kristalina Georgieva said in November that the Fund was “seriously considering” increasing Egypt’s USD 3 bn loan program.

How much are we talking? Talk show host Lamees El Hadidi told viewers that she was told by unnamed sources that the authorities are in talks with the Fund over potentially raising the value of the loan to USD 10-12 bn, up from the USD 3 bn originally pencilled in by the Fund. Previous unconfirmed reports in October said that the government was looking boost its loan to USD 5 bn.

What’s next? The IMF delegation is also expected to hold meetings with the ministries of transport, oil, and finance along with the Central Bank of Egypt and other institutions in the next few days, according to the outlet.

MOODY’S DOWNGRADES EGYPT’S CREDIT OUTLOOK-

IMF progress is not enough to remedy Egypt’s credit outlook:Moody’s hasdowngraded Egypt’s credit outlook to negative from stable, affirming its Caa1 rating — seven rungs into junk territory — the credit rating agency wrote on Thursday. The agency cites concerns that IMF support may be insufficient to ward off macroeconomic challenges and currency instability in the country.

Foreign debt will weigh more heavily as the EGP depreciates in value: Interest payments are expected to burn up to two thirds of the government’s revenues by the end of fiscal year 2023-2024 due to the widening gap between the official USD-EGP exchange rate and the parallel market rate, the report noted. “While a debt restructuring in the near term is not Moody's current baseline expectation, the risks have increased,” it added.

It seems Lamees Al Hadidi isn’t the only one predicting a larger package: “Moody's assigns a high likelihood to a program enhancement to up to USD 10 bn from the previously approved USD 3 bn,” Moody’s said.

ICYMI: Moody’s last downgraded Egypt’s sovereign credit rating in October on the back ofworsening debt affordability and the impact of the FX crunch on the state’s ability to meet repayments. Moody’s cut Egypt’s rating to Caa1 with a stable outlook from B3.

FinMin reax: The government is working “with extreme caution” to manage the risks of geopolitical tension and successive economic headwinds, the Finance Ministry said on Friday, adding that Moody’s outlook did not take into account the state privatization program, which is expected to reduce the need for external financing for the coming two years.

EGP WATCH: The EGP weakened to a record low against the greenback in the parallel marketover the weekend, with local media reporting that the currency is changing hands at more than EGP 60.0 per USD, almost double the official exchange rate of EGP 30.96.

But remember, the usual caveats apply: The parallel market is by definition thin and opaque, making it difficult to figure out what a fair value is. The exchange rate on the parallel market depends on where you are, who you are, and what you’re buying.

The war on Gaza is partially to blame, hurting our already dwindling FX reserves. The warhas delayed the resumption of Egypt’s LNG exports, which were already on hold due to a long summer heatwave and declining local production, meanwhile disruptions to the Red Sea trade movement has halted much of the traffic passing through the Suez Canal, causing revenues from the canal since the beginning of the year to decline 40% y-o-y.

The international press also has the story:Bloomberg

National Bank of Egypt becomes the latest bank to cut credit card limits on FX spending

Egypt’s largest bank has lowered its FX withdrawal limits: TheNational Bank of Egypt (NBE) has lowered credit card limits (pdf) on foreign exchange transactions executed at home and abroad, according to its website..

The new limits abroad: NBE trimmed the monthly limit on FX purchases made whilecardholders are abroad to the equivalent of EGP 7k-85k, depending on credit card type, down from EGP 10k-100k. It also lowered the monthly ceiling on cash withdrawals abroad to the equivalent of EGP 1.5k-4.5k from EGP 2.5k-10k.

The new limits at home: The bank reduced local FX transactions to the equivalent of USD 50-250 depending on the card type, down from a standard USD 250 across the board. The same limits will be applied for customers abroad who didn’t notify the bank of their travel.

Remember: The new limits come on the heels of similar restrictions imposed by CIB, Abu Dhabi Islamic Bank (ADIB), and others. The central bank has been tightening its grip on FX transactions in recent monthsamid an FX shortage. A six-month bar on FX transactions for newly issued credit cards was issued last month in addition to credit card and debit card restrictions for FX transactions that began in October.

IN OTHER BANKING NEWS-

The new high-yield CDs have attracted a combined EGP 380 bn in NBE and Banque Misras of last Thursday, Al Masry Al Youm reports, citing Banque Misr Chairman Mohamed El Etreby and an unnamed banking source.

Remember:NBE and Banque Misr introduced two record-high 12-month CDs paying out annual interest rates of 23.5% and 27.0% earlier in the month, after CDs worth around EGP 500 bn introduced by the two banks last year began maturing.

CIB is also out with its own high-yield CDs: Commercial International Bank (CIB) hasrolled out a trio of fixed high-yield three-year certificates of deposit (CDs), according to the bank’s website. The bank’s new 20% yield CD has a minimum buy-in of EGP 100k, its 21% yield requires a minimum booking of EGP 1 mn, and to get their highest interest rate of 22%, customers need to put in a minimum of EGP 5 mn.

US, UK look for ways to step up campaign against Houthis. PLUS: Suez Canal transit volumes drop

US and UK threaten to up the ante in the Red Sea: The US and the UK are looking to step up their fight against the Houthis in Yemen following fresh Houthi attacks on vessels sailing through the Red Sea, Bloomberg reports. The two countries — who began carrying out strikes on Houthi facilities across Yemen in the middle of January — are looking to attack Iranian resupplies and amp up their attacks against Houthi militants without having the conflict escalate into a broader war. Biden has pledged that US airstrikes on Yemen will continue, despite telling reporters that they have done little to curb the Houthis’ attacks in the Red Sea.

The Houthis show no sign of slowing down: Houthi fighters launched two anti-ship ballisticmissiles at a US-owned commercial vessel on Thursday, marking the third such attack in a three-day period, US Centcom said in a statement. The Houthi’s leader said in a televised speech on Friday that his group is “confronting America directly,” and vowed that it would continue to attack vessels in the Red Sea until Israel’s blockade on Gaza is lifted.

The ramifications are being felt at home: Egypt has lost about USD 150 mn in Suez Canalrevenue due to ongoing Red Sea disruptions, Bloomberg’s chief emerging markets economist Ziad Daoud said on X. Daoud added that the amount is small in relation to our annual GDP of USD 400 bn+, but cautioned that the costs of disruption will continue to pile up and come amid a currency crisis in the country. Trade volumes through the canal fell almost 44% y-o-y during the week ending 19 January to a seven-day moving average of 2.8 mn tons, according to data from the IMF’s PortWatch.

More and more shipments are avoiding the canal following the US-led strikes on Yemen: Oil shipments from Saudi Arabia and Iraqtotalling around 9 mn barrels are rerouting away from the Red Sea and Suez Canal and are instead sailing around Africa’s Cape of Good Hope, according to Bloomberg ship tracking data. Most of the shipments were diverted following the US and UK’s airstrikes on Yemen on 12 January.

CMA CGM’s NEMO service joins the exodus: France’s CMA CGM, the world’s third-largest container shipping group, said on Friday that its NEMO service connecting Europe with the Indian Ocean and Australia will temporarily stop crossing through the Suez Canal and will reroute around the Cape of Good Hope instead.

Red Sea disruptions threaten global food security: Vessels carrying shipments of food andagricultural produce are among those avoiding the Red Sea by rerouting around the Cape of Good Hope, according to Bloomberg. However, unlike shipments of oil, gas, or consumer goods, food shipments — especially shipments of agricultural produce — are at risk of spoiling as a result of lengthier shipping times.

Egyptian-British JV to set up animal feed factories worth USD 30 mn

A quartet of animal feed factories is in the works: Supreme Holding has formed a joint venture with an undisclosed British company — dubbed Continental Investments — that will invest the equivalent of a combined USD 30 mn into setting up four animal feed factories in Sharqia governorate’s 10th Ramadan City, Supreme Holding Chairman Moharam Helal told Al Arabiya. The project aims to localize the production of concentrated feed for poultry, livestock, dogs, and cats and will see the JV set up a number of subsidiaries to manage the factories.

The first launch is imminent: The first factory, which comes with a USD 15 mn price tag, is set to come online by March. Once the factory is up and running, the company will start building another two during the year, with the last factory set to become operational by 2025 at the latest.

The project could be a significant FX generator: The British firm holds a majority 90% stake in the JV and is set to finance its share in the project from resources outside the country. Supreme Holding owns the remaining 10% stake.

And could help lower our import bill: The project could help trim the USD 350 mn that the state spends each year to import dog and cat food, Helal told the outlet.

The economy was all everyone could talk about on the airwaves last night

The economy dominated the airwaves again last night, as the nation’s talking heads gave air time to the IMF delegation in Cairo, Moody’s latest downgrade of our sovereign credit rating, and our struggling national currency.

The IMF is in town: “There is speculation that [IMF loan] could reach USD 6 bn or more to control the parallel market and high inflation,” House Planning and Budget Committee head Fakhry El Fiqi said on Ala Masouleety (watch, runtime: 54:48). The IMF’s visit also got the attention of hosts and pundits on Masa DMC (watch, runtime: 1:46) and Kelma Akhira (watch, runtime: 6:44).

“Every Moody’s report, without exception, did not miss that Egypt has a deep and diverse economy… The problem lies in resource management policies,” Amr Hassanein, chairman of rating agency MERIS, told Lamees El Hadidi. He added that “we have [no options] but to work on attracting investment (watch, runtime: 8:19). Economist Medhat Nafea echoed a similar sentiment in an interview with Amr Adib (watch, runtime: 11:07), saying that the government needs to rebuild trust with all stakeholders by changing some of its policies.

A man with a plan: Former international cooperation minister and deputy PM Ziad Bahaa El Din appeared on Nazra and proposed five emergency measures to rectify the economy in an interview with Hamdy Rizk (watch, runtime: 52:24).

ACWA Power’s Kom Ombo solar plant to finish construction by April 2024. PLUS: MSME financing, GB Auto loan, Chinese investment, InDrive + Cargas

RENEWABLES-

ACWA Power’s Kom Ombo solar plant is nearing completion: The 200-MW solar plant being built in Upper Egypt is now 82% complete and is expected to be completed by April 2024 at an investment cost of USD 168 mn, according to a cabinet statement yesterday.

DEBT-

#1- A quarter of local banks’ loan portfolios will have to go to MSMEs this year:The central bank has extended the measure requiring banks to make micro, small, and medium enterprises’ (MSMEs) share of their loan portfolios no less than 25% for another year, until 31 December, according to a statement (pdf). The central bank first announced the requirement in 2021 as part of its financial inclusion strategy, which includes SME support as one of its key pillars.

#2-GB Auto is getting an EGP 1.2 bn facility: GB Corp’s automotive assembly anddistribution unit GB Auto has inked an EGP 1.2 bn long-term financing agreement with a banking consortium led by Banque Misr that includes HSBC Egypt and aiBank, according to a statement (pdf). The funding will help the company fund a car assembly factory in Sadat City. The facility will cover 60% of the estimated cost of the project, which amounts to around EGP 1.9 bn.

MANUFACTURING-

China’s Guangdong Vanward New Electric break ground on a USD 12 mn factory for home appliances and heat exchangers in the TEDA industrial zone in Ain Sokhna on Thursday, according to an SCZone statement. The factory seeks to produce 500K water heaters and 2 mn spare parts annually. Construction is slated to wrap up within 9 months.

Expect more Chinese investments soon: The SCZone is planning another roadshow in China in May to drum up investments from the country, SCZone chief Walid Gamal El Din said during a speech at the factory.

AUTOMOTIVE-

InDrive teams up with Cargas to convert cars to natural gas: State-own gas company Cargas has inked a cooperation protocol with ride-hailing app InDrive to encourage its drivers to turn their combustion engine vehicles into vehicles that run on natural gas, according to an Oil Ministry readout.

US stocks are in a bull market. Can it last?

Wall Street confirmed on Friday that it’s in a bull market, but pundits are already wondering how much longer it can last. The S&P 500 gained 1% to close at an all-time high on Friday, confirming it’s in a bull market that began last October. The S&P, Dow, and Nasdaq composite are all now in positive territory for 2024 despite macro headwinds gathering globally and political uncertainty in the United States.

What gives? “The [US] stock market keeps scaling new heights as investors focus on the good and ignore the bad, no matter how bad the bad parts might look sometimes,” CNBC writes. The US economy is relatively solid, and one pundit refers to less-welcome international news (including the Houthis attacking Red Sea shipping) as “noise.”

Is it a sputtering bull market? The Financial Times is among a handful of outlet that sees clouds when it takes a step back: Tech stocks are doing a lot of the heavy lifting, whereas a month ago the rally was a much more broad-based. “A rally of almost 16% in the last two months of 2023 has ebbed in the new year,” it writes, and the S&P was dragged past the goalpost by a handful of tech stocks on Friday. Nvidia climbed 4.2%, and AMD surged 7.1%.

Don’t expect the Fed to give much support when it meets next week, Bloomberg suggests. “Investors eager for interest-rate cuts keep asking policymakers, ‘Are we there yet?’ The repeated reply so far: ‘Soon, but not quite yet.’” The business information service sees the Fed leaving rates unchanged for a fourth straight meeting when it meets 30-31 January, leaving investors to parse language about what they could expect from March onward.

Across the ocean: European shares closed down slightly on Friday, with only the FTSE100 bucking the trend (it closed flat).

EGX30	26,843	+0.3% (YTD: +7.8%)
USD (CBE)	Buy 30.83	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	19.25% deposit	20.25% lending
Tadawul	11,959	-0.9% (YTD: -0.1%)
ADX	9,712	-0.1% (YTD: +1.4%)
DFM	4,082	+0.7% (YTD: +0.5%)
S&P 500	4,840	+1.2% (YTD: +1.5%)
FTSE 100	7,462	+0.0% (YTD: -3.5%)
Euro Stoxx 50	4,449	-0.1% (YTD: -1.6%)
Brent crude	USD 78.56	-0.7%
Natural gas (Nymex)	USD 2.52	-6.6%
Gold	USD 2,048.60	+0.4%
BTC	USD 41,708.43	+0.3% (YTD: -1.3%)

THE CLOSING BELL-

The EGX30 rose 0.3% at Thursday’s close on turnover of EGP 4.4 bn (45.1% above the 90-day average). Local investors were net sellers. The index is up 7.8% YTD.

In the green: Credit Agricole (+6.0%), Palm Hills Development (+5.8%) and B Investments (+4.2%).

In the red: Telecom Egypt (-2.3%), Eastern Company (-2.0%) and Alexandria Containers and Cargo Handling (-1.8%).

CALENDAR

2024

JANUARY

22 January (Monday): The British Egyptian Business Association’s briefing Cyber Security: How to Mitigate the Growing Digital Risks and Hazards, Conrad Cairo Hotel.

25 January (Thursday): Revolution Day / Police Day (national holiday).

30 January (Tuesday): The IMF’s World Economic Outlook report due to be published.

FEBRUARY

1 February (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

1 February (Thursday): OPEC+ oil market monitoring online meeting.

8 February (Thursday): Deadline to apply to Shalateen Mining Company’s international gold exploration tender.

11 February (Sunday): Deadline to apply for the Chicago Booth Executive Programin El Gouna.

25 February 2024 (Sunday): Deadline to bid for 23 blocks in an international oil and gas tender.

MARCH

20 March (Wednesday): End of sugar export ban.

28 March (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

29 March (Friday): Egypt removed from JPMorgan Chase’s Emerging Local Markets Index Plus.

APRIL

9 April (Tuesday): Eid El Fitr (TBC) (national holiday).

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC) (national holiday).

28-29 April (Sunday-Monday): Saudi Arabia hosts a World Economic Forum (WEF) meeting on ‘global collaboration, growth, and energy.’

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC) (national holiday).

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (national holiday).

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

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

JUNE

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

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).

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.

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

January 2024: The Red Sea Ports Authority is set to finalize an agreement with the Abu Dhabi Ports Group for the operation and maintenance of the tourist passenger terminal in the Sharm El Sheikh Sea Port.

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

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

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

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

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

1H 2024: The European Union is set to hold an investment conference in Egypt during spring.

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

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.

2024: Standard Chartered Bank to open a branch in Egypt.

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

EVENTS WITH NO SET DATE

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

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