IMF wants increased efforts on the structural reforms agenda

Wednesday, 12 Mar 2025

IMF wants increased efforts on the structural reforms agenda

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Today at a glance

Economy

IMF calls for increased efforts on the structural reforms agenda and more from its fourth review.

Capital Markets

Gov’t readies new incentive package for listing on the EGX.

What We're Tracking Today

Another LNG regasification vessel coming our way?

EARNINGS WATCH

Orascom Development sees revenues rise 42.2% in 2024.

Also on our Radar

Another Hassan Allam subsidiary secures Neom contract.

Planet Finance

Big banks rush into stablecoins.

HARDHAT

We fell behind in global logistics ranking while Gulf nations climbed.

What We're Tracking Today

Another LNG regasification vessel coming Egypt’s way?

Good morning, ladies and gentlemen. We are almost halfway through what is shaping up to be a very calm Ramadan. In today’s issue we dive into the IMF’s take on our economy — what’s working and what needs to be worked on — as highlighted in a statement that came out in the early hours of the day following the Fund’s Executive Board approving our fourth review.

So, when do we eat? Maghrib prayers are at 6:01pm in the capital, and you’ll have until 4:41am tomorrow to hydrate and caffeinate ahead of fajr.

PSA-

WEATHER- It’s another sunny day in Cairo, with a high of 27°C and a low of 16°C, according to our favorite weather app.

It’s a touch cooler in Alexandria, with a high of 25°C and a low of 14°C.

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

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

WATCH THIS SPACE-

#1- Another LNG regasification vessel coming our way? The government is exploring the possibility of leasing a German LNG regasification vessel, with a delegation of Egyptian experts expected to visit Germany by the end of this month to finalize the terms of the potential agreement, the Oil Ministry said in a statement.

Our sixth floating regasification unit? Egypt has been expected to ink an agreement this month to rent its fifth floating regasification unit from Cyprus, with the ship reportedly expected to dock in Egypt to cover high energy demand in the summer months. The government also reportedly chartered a third floating storage regasification unit to dock at Ain Sokhna by June 2025 and a fourth unit from Turkey to dock during the summer.

Gov’t is prepping for summer demand surge: The state-owned Egyptian Natural Gas Holding Company has reportedly sent new pricing and payment conditions to global LNG suppliers in a bid to secure direct contract offers for LNG supplies for the summer months, with the government reportedly aiming to import 155-160 shipments of LNG in 2025 to close the gap between supply and demand.

#2- The Houthis are once again targeting Israeli-linked vessels crossing the Red Sea, according to a post on X from the group’s spokesman. The resumption of the attacks comes as Israel blocks aid from entering Gaza in a move aimed at pressuring Hamas into accepting revised ceasefire terms.

#3- Egypt’s green data center plans are back in focus: Investment Minister Hassan El Khatib met with Income Egypt Chairman Hesham Sheta and a group of green energy investors to review plans for a renewable-powered data center complex — dubbed the Atlas Project — which will be supported by a dedicated solar plant, according to a statement. The project appears to build on a January MoU a consortium of Swicorp Infra Capital, Income Egypt, and Record Digital Asset Venture signed with the Communications Ministry to develop a 200 MW solar- and wind-powered data center to export digital services abroad.

ALSO– El Khatib’s meeting covered other projects, including the Rosetta Minerals Project, which aims to process kaolin sand to boost local production and exports.

THE BIG STORY ABROAD-

It’s another morning with Trump tariffs dominating the front pages: US President Donald Trump backed down from plans to hike US tariffs on Canadian steel and aluminum to 50%, just hours after he first announced the plans. The reversal followed Canada’s decision to halt a planned 25% surcharge on electricity exports to the US — one of Trump’s key justifications for the tariff escalation. (FT | Reuters | CNBC | AP)

ALSO FROM THE TRUMP ADMINISTRATION- The US decided to resume military aid to Ukraine after Kyiv agreed to accept a US-backed 30-day ceasefire — the proposal is yet to be presented to the Russian side. (Reuters | AP)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look at how the local logistics sector fared in Agility’s 2025 Emerging Markets Logistics Index and how Egypt measured up to the Gulf’s top performers.

Tags:

oil and gas WHAT WE’RE TRACKING TODAY

Somabay partners with Marriott International to launch an Autograph Collection Hotel, opening in 2027 with 194 sea-view rooms, world-class dining, and wellness facilities. This marks its second collaboration with Marriott after Sheraton Soma Bay (1999). Somabay is home to a collection of renowned hotels, including Kempinski, The Cascades, Robinson Club, and The Breakers, offering a diverse range of luxury, wellness, and lifestyle experiences along the Red Sea.

Economy

IMF calls for increased efforts on Egypt’s structural reforms agenda and more from its fourth review

Egypt’s fourth loan review showed that more needs to be done on the structural reform agenda. “Progress with the implementation of the structural reform agenda was mixed, with notable delays on critical reforms related to divestment and leveling the playing field,” the IMF said in a statement after its Executive Board completed the fourth review.

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

Not the first time we hear of this: The two sides had previously agreed that more needs to be done to accelerate the privatization program. And while we kicked in 2025 with big privatization aspirations after Prime Minister Moustafa Madbouly announced that the government is planning to offer up stakes in ten state-owned companies throughout the year, we are yet to see any of that materialize.

It’s not all bad: “The authorities have taken more decisive action this year with the implementation of a number of critical structural reforms, including through steps to enhance the operational independence of the Egyptian Competition Authority (ECA), with a view to improving competition in product and service markets, and selecting an international consulting company to prepare a study on governance practices related to public banks to increase financial sector efficiency and transparency,” the statement read.

ICYMI- The Board completed the fourth review of Egypt’s USD 8 bn program earlier this week, allowing for the disbursement of USD 1.2 bn — the biggest tranche of the program so far.

We’ll see the money very soon: IMF executive director and former finance minister Mohamed Maait told local news that we can expect the funds to land in state coffers within days.

REFRESHER- The Fund completed its third review of the country’s loan program in late July and the USD 820 mn tranche landed in state coffers just days later. Egypt received its second USD 820 mn tranche in April shortly after the IMF’s executive board signed off on a USD 5 bn extension for the facility and completed its long-delayed first and second reviews.

Where does that leave the program? With this latest disbursement, Egypt will have received a little over USD 3.2 bn from the USD 8 bn.

Our request for some leniency was also okayed by the board: The Board also approved “the authorities’ request for waivers of nonobservance and modification of performance criteria” and their requested to “recalibrate [their] medium-term fiscal commitments.” The two sides had agreed to “recalibrate the fiscal consolidation path to create fiscal space for critical social programs” when they signed the staff-level agreement back in December.

What does this entail? The primary balance surplus is now expected to hit 4% of GDP next fiscal year, down 0.5 percentage points from previous commitments. The figure is expected to reach 5% of GDP in the fiscal year 2026-2027.

Falling off track: “Progress toward fiscal consolidation in the first half of FY 2024-25 was less strong than initially projected under the program despite strong growth in tax revenue collections. The authorities are taking steps to contain spending in the second-half of the fiscal year, to ensure that the end-year fiscal target for FY 2024-25 is met,” the statement read.

And external challenges beyond our control aren’t helping, the Fund says, pointing to Red Sea trade disruptions and the war in Sudan and what it resulted in from an influx of refugees.

We’re also making progress maintaining macroeconomic stability, the Fund said, referring to the country’s growth and primary fiscal balance despite regional tensions that have hurt revenues from the Suez Canal.

But we still have ways to go: “Looking ahead, continuous vigilance will be needed to ensure that this reform is consolidated further over time so that economic agents perceive the exchange rate as truly flexible,” the statement said referring to the float of the EGP.

MAAIT LETS US IN ON THE DETAILS OF THE CLIMATE FINANCING-

We have an idea of what projects could receive financing: The USD 1.3 bn in funds we secured under the under the Resilience and Sustainability Facility are set to be directed towards climate-related projects in Egypt — namely ones that pertain to the expansion of renewable energy, emission reduction, water, and combating desertification, Maait told EnterpriseAM. “The RSF arrangement will support key reforms to accelerate decarbonization, strengthen the management of environmental risks, and assess the effects of investment plans on achieving resilience,” the IMF said in its statement.

The sizes of the tranches, as well as the disbursement and repayment mechanisms, remain unknown, Maait told us, adding that they will be determined with the Egyptian government at a later stage.

More green financing in the pipeline? The Finance Ministry has been planning to issue USD 1-1.5 bn worth of eurobonds or green bonds in international markets, followed by an issuance of sovereign sukuk, to take advantage of rising investor interest in Egyptian debt, a senior government official told EnterpriseAM back in January. The Madbouly government has been holding discussions with international offering advisors to identify the best options for debt issuances in the coming period, the source added.

The news received a lot of ink in the international pages: Reuters | Bloomberg | The National.

Tags:

economy IMF

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Capital Markets

Egypt readies new incentive package for listing on the EGX

Gov’t prepares new incentive package for listing on the EGX: The Madbouly government is working on a package of incentives for listing on the stock exchange in an effort to stimulate government offerings and encourage private listings on the EGX, a senior government official told EnterpriseAM.

Reduced taxation on first-time listings is among the incentives: A committee made up of representatives from the Finance Ministry, the EGX, and the Financial Regulatory Authority (FRA) is exploring the possibility of tax exemptions on gains from new listings, the source said. The government had previously approved a 50% tax reduction in 2023, but the failure to implement the long-delayed capital gains tax prevented investors from benefiting from this incentive.

This could lead to more listings on the bourse: Tax exemptions on earnings from new public offerings would attract more private listings and ensure strong subscription volumes for both government and private offerings, the source said.

The implementation of stamp tax is drawing nearer: The move to reinstate a 0.15%stam p tax on all EGX transactions as a simpler alternative to the capital gains tax is currently in its final stages before cabinet approval, after which it will be referred to the House. The tax would apply to both resident and non-resident investors, the source added.

REMEMBER- A government source last month told EnterpriseAM that the long-awaited and repeatedly delayed capital gains tax on EGX transactions may never come, with the cabinet having held discussions over the last few months over alternatives to the capital gains tax — particularly a stamp tax on EGX transactions.

Tags:

capital markets EGX

EARNINGS WATCH

Orascom Development sees revenues rise 42.2% in 2024

Orascom Development Egypt’s (ODE) net income rose 10.5% y-o-y in 2024, coming in at EGP 3.4 bn, according to the company’s latest earnings release (pdf). When excluding EGP 1.8 bn in FX losses that pulled down the company’s bottom line, net income for the 12-month period increased 55.5% y-o-y to EGP 5.3 bn.

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

Revenues rose 42.2% y-o-y during the same period, clocking in at EGP 21.8 bn. The company’s real estate revenues made up more than half of the overall figure, coming in at EGP 12.9 bn and marking a 28.5% y-o-y increase. International sales made up 41% of the year’s real estate sales. Revenues from hotels — its second largest segment — rose 41.6% to EGP 4.3 bn. Driving the increase was a 317.5% y-o-y rise in revenue from its land segment to EGP 1.6 bn, as well as revenue from commercial assets rising 58.4% y-o-y to EGP 3.0 bn.

Breaking down real estate revenues: O West made up the lion’s share of the real estate developer’s sales for the year, making up 39%. It was followed by El Gouna at 38% and Makadi Heights at 23%. “We have successfully increased our average selling prices per square meter across all destinations,” the release read.

On a quarterly basis, net income rose 11.6% y-o-y in 4Q 2024 to EGP 1.2 bn, which the company attributed to growth across all its segments and a EGP 370 mn land sale in El Gouna. Revenues increased 27.4% y-o-y to EGP 6.3 bn during the quarter, with revenues from real estate rising 3.3% y-o-y to EGP 3.8 bn and those from hotels rising 78.8% y-o-y to EGP 1.4 bn. In addition, revenues from commercial assets jumped 58.9% y-o-y to EGP 903.7 mn, and those from land sales reached EGP 312.1 mn, up from only EGP 3.1 mn in the same period last year.

What they said: “Our resilient and diversified business model has been crucial in mitigating the negative effects of inflation that have impacted numerous sectors. This accomplishment underscores our steadfast commitment to innovation and operational efficiency, which have proven essential in navigating the complexities of the market,” the company said in the release.

Tags:

earnings earnings watch Orascom Development Egypt

Also on our Radar

Another Hassan Allam subsidiary secures Neom contract

INFRASTRUCTURE-

Hassan Allam secures another Neom project: Hassan Allam Holding’s subsidiary Hassan Allam Roads and Bridges was awarded a roads and paving works contract at the Port of Neom in Saudi Arabia, according to a statement from the company. The work — which covers a total area of 375k sqm — will include supplying and installing pavement across multiple zones.

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

This isn’t Hassan Allam’s only Neom project: One of the company’s other subsidiaries, Hassan Allam Construction Saudi, was tapped in July to design and construct a container terminal and marine services area, along with the infrastructure of the terminal at the futuristic city’s port. Hassan Allam Construction Saudi is also designing and building warehouses, a wastewater treatment plant, and other facilities for the expansion of one of Neom’s communities under a contract awarded in 2023.

REAL ESTATE-

Majid Al Futtaim plans to set up a residential and hotel project in East Cairo in partnership with Midar Investment and Urban Development, two sources in the know told Ashraq Business. The project will span 1k feddans within Midar’s Mada project. The two sides are expected to sign the project agreement in 3Q 2025. Representatives from Majid Al Futtaim declined to comment on the news when EnterpriseAM reached out.

DEBT-

Sodic’s Tabrouk secures EGP 2.5 bn loan: Sodic subsidiary Tabrouk for Development inked an EGP 2.5 bn bridge loan with the CIB to fund the development of its June project in the North Coast, according to a disclosure to the EGX (pdf).

INVESTMENT-

Finance in Motion plans to invest USD 100 mn in Egypt: Germany-based global asset manager and impact investor Finance in Motion plans to invest USD 100 mn in Egypt this year, with a focus on renewable energy, banking, and green tech, the company’s country head Mohamed Morsy told Al Arabiya. The company will also sign its first investment in the country’s agricultural sector within weeks, Morsy said.

This is not Finance in Motion’s first investment in Egypt: Finance in Motion currently has USD 400 mn invested in Egypt across long-term bank loans, the Benban solar plant, and startups like Khazna and Cartona.

Tags:

ALSO ON OUR RADAR debt Finance in Motion Hassan Allam Holding infrastructure investment watch Neom real estate SODIC

Planet Finance

Big banks rush into stablecoins

Major banks and fintech firms are entering the stablecoin space, aiming to carve out a share of the growing cross-border payments market, long dominated by crypto firms like Tether and Circle, the Financial Times reports. Institutions including Bank of America, Standard Chartered, PayPal, Revolut, and Stripe are moving into the sector as regulatory frameworks take shape and transaction volumes rise.

The market is heating up fast: Stablecoin transactions hit USD 710 bn last month, up from USD 521 bn a year prior. The number of unique stablecoin wallets also grew 50% to 35 mn, according to Visa data. Companies are also finding practical use cases — SpaceX, for example, uses stablecoins to move Starlink revenues from Argentina and Nigeria, while AI firm ScaleAI pays international contractors in digital tokens.

More developments are underway: Stripe dropped USD 1.1 bn to acquire stablecoin startup Bridge, and PayPal is planning to expand its PYUSD rollout this year. Meanwhile, the EU has implemented compliance regulations for stablecoins, while the UK is gearing up for its own regulations, and US politicians are discussing stablecoin-related bills. Bank of America CEO Brian Moynihan acknowledged the shifting landscape, saying, “If they make that legal, we will go into that business.”

Regulations are taking shape here in the region too: The Financial Services Regulatory Authority issued a regulatory framework for the issuance of stablecoins in the ADGM last year, after which the Central Bank of the UAE granted final approval for the launch of AE Coin, making it the country’s first AED-pegged stablecoin.

EMs could become leaders in this space: The real momentum for stablecoins is in emerging markets, where currency risk and weak banking infrastructure make them a preferred option for commodities, agriculture, and shipping. In Western markets, however, their role is “not as obvious,” Index Ventures’s Martin Mignot said.

Stablecoins still carry risks: Analysts warn that stablecoins function as digital IOUs rather than true cash, meaning users are exposed to the financial health of the issuing company. “Essentially what the brand of the stablecoin tells you is that this is who the issuer is,” fintech consultant Simon Taylor said. “Therefore, because the issuer is that organisation, your credit risk is X or Y. That’s not something you do with the USD.”

ALSO FROM PLANET FINANCE-

Our friends at EFG Hermes completed advisory on Alpha Data’s USD 163 mn IPO on the ADX, the investment bank said in a stat ement (pdf). The IT services firm floated a 40% stake in what was the UAE’s first IPO of the year, cashing-in on heightened investor appetite for tech players operating in AI.

Also part of the transaction: EFG Hermes joined Emirates NBD as joint global coordinators on the transaction and — alongside Abu Dhabi Commercial Bank — they also acted as joint bookrunners. Ashurst and Latham & Watkins provided legal counsel and Deloitte & Touche served as auditors.

MARKETS THIS MORNING-

Asian markets broke away from the losing streak on Wall Street, with most markets up in trading as of dispatch. South Korea’s Kospi and Japan’s Topix were both up, while the Nikkei was flat in early trade. On Wall Street, futures are pointing to a stronger open after another volatile day in trading as the Trump administration’s whispering trade policy continued to breed uncertainty among investors.

EGX30	30,935	-0.7% (YTD: +4.0%)
USD (CBE)	Buy 50.54	Sell 50.68
USD (CIB)	Buy 50.55	Sell 50.65
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,718	-0.2% (YTD: -2.7%)
ADX	9,376	-0.2% (YTD: -0.5%)
DFM	5,122	-0.3% (YTD: -0.7%)
S&P 500	5,572	-0.8% (YTD: -5.3%)
FTSE 100	8,496	-1.2% (YTD: +4.0%)
Euro Stoxx 50	5,310	-1.4% (YTD: +8.5%)
Brent crude	USD 69.56	+0.4%
Natural gas (Nymex)	USD 4.35	-2.4%
Gold	USD 2,923	+0.1%
BTC	USD 83,167	-4.6% (YTD: -11.1%)

THE CLOSING BELL-

The EGX30 fell 0.7% at yesterday’s close on turnover of EGP 3.2 bn (8.9% below the 90-day average). Local investors were the sole net buyers. The index is up 4.0% YTD.

In the green: Palm Hills Development (+2.4%), Emaar Misr (+2.3%), and Egypt Kuwait Holding -EGP (+1.1%).

In the red: TMG Holding (-3.0%), E-finance (-1.8%), and Sidpec (-1.4%).

Tags:

cryptocurrency Financial Markets Planet Finance

HARDHAT

Egypt falls behind in global logistics ranking while Gulf nations climb

Egypt’s logistics sector drops in global ranking: Egypt slid four spots to rank 24th in Agility’s 2025 Emerging Markets Logistics Index (pdf), which ranks the world’s top 50 emerging markets by assessing their logistics infrastructure, business environment, and digital capabilities. The country was outpaced by peers in the GCC, including the UAE, which sustained its spot as the third most attractive market for the second year in a row, and Saudi Arabia, which came in fourth after moving up two places.

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

How is this performance measured? The index, which surveyed 567 logistics and supply chain executives, factors in four main indicators — domestic and international logistics prospects, business fundamentals, and digital readiness. Here is the rundown on how Egypt fared across these sub-indices and how it measured up to the top GCC performers.

#1- Egypt dropped seven spots on the domestic potential sub-index to land in 20th place amid economic headwinds and sluggish domestic activity. Meanwhile, Saudi Arabia climbed to fourth place, supported by a resilient oil and gas industry and strong GDP per capita, and the UAE retained fifth place. The two countries also benefited from urbanization and industrial clustering.

#2- Our international logistics potential strengthened, climbing five ranks to 18th place. This indicates that Egypt continues to have strong potential in global trade and connectivity. Other nations also stepped up; KSA and the UAE each climbed one spot to fifth and sixth places, respectively, helped by the growth and sea freight market and higher volumes of exports and imports that require advanced logistics services, among other drivers.

#3- Egypt’s business fundamentals ranking fell seven places to 23rd. The drop came on the back of inflation coupled with political unrest and economic instability, which made the country less attractive to investors compared to business-friendly GCC markets. The UAE holds the top spot in this category while KSA ranks third — positions supported by effective inflation control, debt management, access to credit, anti-corruption measures, and law enforcement.

#4- Egypt moved up seven spots to rank 30th in digital readiness, a sub-index that assesses performance in digitalization and the adoption of green technologies. The UAE remained in second place while Saudi Arabia climbed one spot to fifth place. The two countries were helped by reduced greenhouse gas emissions, e-commerce sales, access to mobile broadband services, and digital inclusion, among other factors.

KEY TRENDS ACROSS THE GCC-

UAE + KSA leading the way in economic diversification: Some 28.8% of the respondents said the UAE observed the highest level of progress in diversifying over the past decade, while about 26% said the KSA had seen the most progress. The UAE’s non-oil economy accounted for 80% of the nation’s GDP in 2024, whereas KSA saw its non-oil activity rise 4.6% y-o-y the same year, Reuters reports.

UAE is developing its digital infrastructure by investing in late-stage startups in Abu Dhabi and cutting e-commerce operational costs — including storage, customs, and transportation costs — by 20%. That said, the UAE will have to balance its relationships with the US and China over the use of advanced technologies in the year ahead, Agility says.

And KSA is targeting logistics and warehousing: The Kingdom plans to develop 59 logistics centers across the nation, which are slated to boost access to key transportation and sea freight facilities, says Agility. This includes plans that are underway for a new link between Saudi and Bahrain, dubbed the King Hamad Causeway, and a USD 266 mn Logistics Park in Dammam.

The GCC benefited from freight shifts amid Red Sea disruptions: Ports in the Gulf were “key beneficiaries” of a trend that saw two-thirds of shipping companies shift away from sea freight services amid trade disruptions in the Red Sea. Some 17.2% of these shippers made a switch to air freight — the most popular alternative. Multi-modal solutions, like air/sea and sea/land combinations, account for nearly 20% of shipments in aggregate.

Optimism is high for the GCC: The region “stands out as a beacon of stability” amid geopolitical turmoil in the region, Agility says. A myriad of events this year — the fall of the Assad regime in Syria, the ongoing disruption to traffic in the Red Sea, and Israel’s attacks on Gaza and Lebanon — have provided “economic headwinds” yet have not obstructed the region’s development trajectory. Economic growth is projected to rise in the short to medium term, with the World Bank economists forecasting a 4.2% growth in FY 2025/26, says the report.

Despite the GCC optimism, the majority of respondents — around 54% — forecast a global recession to hit in 2025, up by 4% from last year’s report and driven by global headwinds including "uncertainties, geopolitical tensions and upheaval in major economies.”

Your top infrastructure stories for the week:

The SCZone has begun the EGP 5 bn first phase of Adabiya Port’s expansion, building four berths over two years. Suez Steel will operate two of the berths under a USD 120 mn preliminary agreement. (A l M al)
Elsewedy Electric will build a USD 500 mn subsea cable factory in the newly-announced zone in Damietta Port. The factory will be the first of its kind in the region and only the sixth in the world.

Tags:

Hardhat logistics Saudi Arabia UAE

CALENDAR

MARCH

Arla Foods’ deadline for Domty acquisition offer.

Alwaad Investment to inaugurate a new cold beverage plant with an annual production capacity of 14.5 mn units.

Al Ahly Sabbour to finalize preparations for its EGX listing, offering 20-25% of its shares, with an advisor to be tapped in early 2025.

March-April 2025: The government plans to start collecting taxes on capital gains from EGX transactions.

APRIL

7-9 April (Monday-Wednesday): Narrative PR Summit’s 9th edition, Somabay

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

10 April (Thursday): Capmas expected to release inflation data for March.

17 April (Thursday): Monetary Policy Committee’s second meeting.

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

Business-to-business forum of Egyptian and Moroccan companies to promote bilateral trade, Cairo, Egypt.

The Suez Canal Container Terminal will begin trial operations for its expanded East Port Said facilities.

Government begins talks with EU on the second tranche of the of the EUR 5 bn concessional loans package

Saxony Delegation visit to Egypt.

Egypt to launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi electricity interconnection project, ahead of schedule

Tahya Misr 1 container terminal to begin operations, adding 3.5 mn container capacity to the port.

MAY

10 May (Saturday): Capmas expected to publish inflation data for April.

1 May-10 July (Thursday-Tuesday): 500 Global's Scale Up Program, Cairo

18-20 May (Sunday-Tuesday): First Arab International Exhibition for Sustainable Development.

22 May (Thursday): Monetary Policy Committee’s third meeting.

Egyptian Exporters Association (Expolink) exhibition, Italy

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

Egyptian-Russian Business Forum

JUNE

10 June (Tuesday): Capmas expected to publish inflation data for May.

June 2025: MPs approveextension of tax dispute resolution window until 30 June 2025, with potential for further extension

June 2025: Nissan and Honda finalise talks about possible merger to create the world’s third largest automobile company by sales.

June 2025: Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

JULY

10 July 2025 (Thursday): Monetary Policy Committee’s fourth meeting.

15-16 July 2025 (Tuesday-Wednesday): Egypt Mining Forum.

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

July 2025: Etihad Airways to launch twice-weekly flights to Alamein

July 2025: Israel to begin increasing gas exports to Egypt from Chevron’s offshore Tamar field

AUGUST

28 August 2025 (Thursday): Monetary Policy Committee’s fifth meeting.

August 2025: Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

September 2025: Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay

September 2025: Egypt Otsuka’s nutritional products factory in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026

OCTOBER

2 October 2025 (Thursday): Monetary Policy Committee’s sixth meeting.

NOVEMBER

20 November 2025 (Thursday): Monetary Policy Committee’s seventh meeting.

DECEMBER

1-4 December: Egypt Defence Expo (EDEX), Egypt International Exhibition Centre.

25 December: (Thursday): Monetary Policy Committee’s eighth meeting.

December: Taqa Arabia and Voltalia to complete studies for repowering the 545-MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power

EVENTS WITH NO SET DATE

Early 2025: ADQ to break ground on the development of Ras El Hekma

Early 2025: Al Ismaelia to begin working on two new hotels and hotel apartments in Downtown Cairo.

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

Early 2025: The Suez Canal Authority to launch an IPO for the Canal Company for Mooring and Lights (CCML) on the EGX.

Early 2025: Orange Egypt to launch 5G services, with EGP 10 bn planned for network upgrades.

Early 2025: BP to begin drilling at the King Mariout Offshore concession.

Early 2025: Jinbei Royal Egypt to begin local assembly of 3k Jinbei vehicles, including the country’s first electric cargo van and microbus

1Q 2025: The Egyptian-Italian business forum

1Q 2025: Investment Minister Hassan El Khatib to visit Italy

1Q 2025: Eipico’s biopharma plant to begin operations

1Q 2025: Finance Ministry to launch public consultations on its tax policy document

1Q 2025: Egypt to sign trade agreements with Bahrain and UAE to slash customs clearance times

1Q 2025: Government to launch EUR 271 mn green industry program to cut emissions

1Q 2025: Egypt-Azerbaijan joint committee to meet to bolster trade and investment ties

1Q 2025: Turkish Automotive Manufacturers Association and Turkish Contractors Association to visit Egypt following an invitation from the Investment Minister

1Q 2025: One of four companies, including Abu Qir Fertilizers, Mopco, Egyptian Petrochemicals Holding Company, and a Saudi-affiliated firm, to be selected for the USD 450 mn redevelopment of Delta Fertilizers

1Q 2025: GV Auto to begin local production of FAW Group’s cheapest EV model.

1Q 2025: Alkan Auto to launch BAIC subsidiary Arcfox’s EVs to the market.

1Q 2025: Dynamic Distribution to launch a new competitively-priced Fiat model in Egypt.

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta.

1Q 2025: Port Said for Engineering Works to begin construction on a USD 80 mn aluminum foil factory in the SCZone, targeting initial production of 60k tons annually.

1Q 2025: Pearl Polyurethane Systems to start production at its EGP 100 mn polyurethane factory in the Sokhna Industrial Zone.

1Q 2025: Sumitomo Electric to officially open its EUR 22 mn cable factory in Tenth of Ramadan, with production set to begin next month.

1Q 2025: Construction of the USD 600 mn natural gas treatment plant in the Western Desert’s Meleiha concession to wrap up, followed by a pilot run.

1Q 2025: El Araby Group and Sharp to break ground on a USD 50 mn fridge and freezer manufacturing plant in the Quweisna zone.

1Q 2025: Hangzhou Henneway Travel Goods to begin production at its USD 50 mn factory in the West Qantara Industrial Zone

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta

Mid-2025: EGX launches sustainability index.

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

2Q 2025: Safaga Terminal 2 to start operations

2Q 2025: Hassan Allam to build infrastructure for AD Ports' Noatum terminal at Safaga

2Q 2025: EgyptSat Auto to start production at its EV factory in Tenth of Ramadan City

1H 2025: EGX launches a sharia-compliant sustainability index.

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

1H 2025: The Egyptian-US Investment Forum.

1H 2025: The Egyptian Mineral Resources Authority will relaunch a global tender for gold exploration through Shalateen Mineral Resources company.

1H 2025: Internal Trade Development Authority (ITDA) to establishfour logistics zones with EGP 18-20 bn investments

1H 2025: Natco to launch Chinese firm Neta Auto’s EV models.

1H 2025: OCI Global to complete the sale of its entire methanol business to Methanex for USD 2.05 bn.

1H 2025: Egypt and the UAE to begin construction of a USD 3 bn petroleum logistics zone at Al Hamra Port

1H 2025: HoldiPharma to list 25-30% stakes in Misr Pharma and Chemical Industries Development (CID) on the EGX

1H 2025: Korra Energi to list up to 20% stake on the EGX

1H 2025: Smart Villages Development and Management Company plans to list 30-35% of its shares on the EGX

1H 2025: Halliburton to bring three gas wells online as part of the Burullus project.

1H 2025: Chevron to begin gas production from the offshore Nargis gas field, initially producing 600 mn cf.

1H 2025: Nile Recycling to launch USD 20 mn PET recycling facility in Ain Sokhna, targeting an annual capacity of 22k tons and reducing carbon emissions by 40k tons

3Q 2025: Nasr Automotive begins locally manufacturing passenger cars.

3Q 2025: AMEA Power to bring 500 MW Amunet wind farm online in Ras Ghareb

4Q 2025: Abou Ghaly Motors to introduce the Subaru Solterra to the market

4Q 2025: Two new projects in food manufacturing and home textiles to begin operations in the Qantara West Industrial Zone

2H 2025: National Printing Company to make its EGX debut after delayed IPO plans

2H 2025: Tabarak Holding to list 30% of its shares on the EGX

2H 2025: Turkish apparel company Denim Rise to open a garment manufacturing facility

2H 2024: Hi-Tech Apparel to break ground on a USD 20 mn sportswear factory in the SCZone

2H 2025: Eni to drill two new wells in the Zohr field with USD 160 mn in investments

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

Mid-2025: SN Automotive to launch three locally assembled models — one electric and two gasoline-powered — in Egypt

Mid-2025: Suez’s USD 1.8 bn coal and diesel production complex, developed by Enppi and Petrojet, to be completed

Mid-2025: Wataneya and Safi to debut on the EGX

End of 2025: The Egypt Digital Industrial Platform will expand to include additional services for manufacturers, including the issuance of licenses, building permits, and industrial records

End of 2025: An unnamed Chinese company and the state-owned Arab Organization for Industrialization (AOI) to begin production at a USD 360 mn tire factory in the SCZone.

End of 2025: A consortium including Redcon Properties and Al Baraka Bank to launch a local real estate investment fund with over EGP 1 bn in initial investments

Late 2025: Baron Hotels to open a new hotel in Sharm El Sheikh and debut its first international property in Zanzibar with 150 luxury suites

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2025: Nafeza to integrate air cargo into its digital customs platform, further streamlining trade logistics

2025: Africa50 completes 42.9% stake acquisition in Raya Data Centers for USD 15 mn to fund construction of a USD 35 mn Tier III data center.

2025: MM Group for Industry and International Trade is set to launch 16 new Tata vehicle models locally.

2025: China to issue USD 411 bn in special treasury bonds

2025: El Attal Holding to list 30-35% of its shares on the EGX

2025: The Administrative Capital for Urban Development (ACUD) to launch its EGX debut, offering 5-10% of its shares.**

2025: Basata Holding for Financial Investments to offer 25% stake on the EGX as part of a plan to double its capital to EGP 1.4 bn.**

2025: Hilton Cairo Nile Maadi to open early in the year, alongside debuts of Tapestry Collection and Curio Collection by Hilton.

2025: Palm Hills and Marriott to launch The Ritz-Carlton Residences in West Cairo, featuring 150 branded units across 45 acres

2025: Jaz Hotel Group to set up two new hotels in North Coast, two in Hurghada, and two in Marsa Alam

2025: Sunrise Resorts & Cruises to add 4k hotel rooms to its hotels capacity.

2025: Egyptian Petrochemicals Holding Company (ECHEM) to complete studies and kick off production of Egypt’s first sustainable aviation fuels (SAFs).

2025: Polaris Parks to begin development of the industrial park in New October City

2025: EgyptAlum to launch a USD 100 mn foil production line with a 50k-ton annual capacity

2025: Honor to begin operations at its proposed smartphone manufacturing facility in Egypt, with an initial investment of USD 10 mn

2025: Indorama and Phosphate Misr to begin implementation of the USD 400-500 mn phosphate fertilizers plant in Ain Sokhna

FY 2025-26: Egypt to issue its first EGP-denominated sovereign sukuk to finance public investments outside the general budget

FY 2025-26: The government to begin introducing cash-based subsidies on a trial basis in select areas of the country

2025-2027: EUR 4 bn in concessional loans to follow as part of a EUR 7.4 bn package

2026

Baron Hotels to launch two hotels in Egypt with 950 rooms, followed by another with 750 rooms.

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

2027

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

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings for 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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