In line with expectations … the central bank leaves rates unchanged

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WHAT WE’RE TRACKING TODAY

British Vivo Energy wants in on Egypt’s Wataniya

Good morning, friends. It’s an econ-heavy morning here in Egypt as we bring you the latest from the central bank and IMF.

WATCH THIS SPACE-

#1-Vivo Energy in the running for Wataniya stake: UK-based and Africa-focussed petroleum firm Vivo Energy has reportedly submitted an offer of around USD 100 mn for 174 gas stations currently owned by state-owned fuel retailer Wataniya, Cairo24 reports, citing a source it says is familiar with the negotiations.

Remember: Wataniya has received seven international and local acquisition offers, Planning Minister Hala El Said told Asharq Business last week, adding that the government is filtering the offers for the long-awaited stake sale and will select one soon. Taqa Arabia remains to be the only firm to have publicly declared interest in the filling station operator.

#2- Cabinet calls on ministries and agencies to trade in FX for EGP: The Madbouly government has reportedly instructed ministries and associated agencies to exchange any USD they have with the Central Bank of Egypt for EGP, Al Arabiya reports, citing what it says is a document it obtained detailing the instructions.

But what should they do when they’ve got bills to pay in FX: Any ministry or agency that needs to source foreign currency will need to approach the central bank with the equivalent amount in EGP to gain access to FX, according to the outlet.

#3- T-bill trading through brokerage firms? Trading of treasury bills will be made available through brokerage firms on the bourse within the next three to four months, bourse head Ahmed El Sheikh told Asharq Business. The bourse is working with the Financial Regulatory Authority and the Finance Ministry to make this happen, El Sheikh added. Currently, only a select group of banks are allowed to trade in the government debt instrument.

HAPPENING TODAY-

#1- It’s day two of the Techne Summit at the Cairo International Stadium. The investment- and entrepreneurship-focused event is hosting some big name speakers from leading VC firms and companies from the region and across the globe. The summit continues until tomorrow and you can register to attend here.

#2- Calling renewable energy enthusiasts: The USAID-backed Center of Excellence for Energy will hold its stakeholder’s meeting on Egypt’s energy transition today at the Cairo Marriott Hotel in Zamalek. You can view the full agenda here (pdf).

PSA-

WEATHER- It’s looking like another hot day in Cairo, with a high of 36°C and a low of 23°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 35°C and a low of 22°C.

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

** Want to subscribe? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

CORRECTION- In Thursday’s issue of EnterpriseAM Egypt, we mistakenly said that Act Financial will price its shares at EGP 3.65 for its upcoming market debut. The investment management company instead set the maximum offering price per share at EGP 3.65. The story has been amended on our website.

THE BIG STORY ABROAD-

Is the G7 angling for a trade war with China? Finance ministers meeting in Italy yesterday warned that they are upset with the role China is playing in global business — and could move to take action. “While reaffirming our interest in a balanced and reciprocal collaboration, we express concerns about China’s comprehensive use of non-market policies and practices that undermines our workers, industries, and economic resilience. We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field.” Bloomberg has more.

MEANWHILE- Israel continues to attack Rafah despite the International Court of Justice (ICJ) order to immediately cease all military operations in Rafah on Friday. The court also ordered Israel to open the Rafah crossing to aid and allow investigators into the area. The court’s non-binding rulings come days after the ICJ chief prosecutor requested arrest warrants for a number of Israeli and Hamas officials.

Egypt welcomed the court’s decision, saying it holds Israel “fully responsible for the deteriorating humanitarian conditions in the Gaza Strip as the occupying power,” a Foreign Ministry statement said.

Another round of talks ahead? Mediators are expected to return to the negotiating table this week, one official with knowledge of the matter told Reuters. Negotiations will reportedly discuss “new proposals led by the mediators, Egypt and Qatar and with active US involvement,” the official said. Israeli, Qatari, and US officials met in Paris over the weekend for preliminary discussions.

El Sisi, Biden discuss ways to deliver aid: President Abdel Fattah El Sisi and US President Joe Biden discussed the latest developments in Gaza during a phone call on Friday, agreeing to deliver aid and fuel to the United Nations at the Karam Abu Salem Crossing until an agreement is reached to reopen the Rafah crossing, according to an Ittihadiya statement.

Not working: The USD 320 mn pier built by US forces, who are not allowed by White House policy to set foot in Gaza to help distribute aid. The equivalent of 71 truckloads of aid made it in through the pier last week — far short of the 90 per day US officials were hoping for. The Wall Street Journal has a deep dive.

AND IN AI NEWS- Google’s AI Overview is under fire for being extremely flawed. AI Overview shows users quick summaries when they Google a question, supposedly saving users a lot of scrolling, but it has become the subject of scrutiny online for its complete nonsense results. AI Overview has suggested users use glue to ensure their cheese sticks to their pizza base or recommended users consume “at least one small rock a day.” Google is taking swift action to tackle the issue, a company spokesman told CNBC — an approach that right now involves taking down some of the dumbest suggestions by hand.

Not seeing AI Overview on your search results page? The feature is only widely available in the US right now.

Expect a quiet news day out of the USA today and tomorrow: Our American friends are off through Monday for a three-day weekend in observance of Memorial Day.

A week packed with joy. Experience the magic of Eid at Somabay: Celebrate the upcoming Eid El Adha holiday with us at Somabay, from 14-22 June. Get ready for an exciting program packed with activities for families and kids, enchanting beach experiences, vibrant nightlife, revitalizing wellness offerings, and a delectable selection of culinary delights.

What’s on the IMF’s checklist as it conducts the third review of Egypt’s loan program?

A look at the IMF’s playbook for the third loan review: The International Monetary Fund is currently conducting the third review of our expanded USD 8 bn loan program, two high-level government sources told Enterprise, confirming reports that an IMF delegation is currently in town for the review. The discussions are centered around the use of Ras El Hekma’s sale proceeds and the implementation of the state ownership policy, the sources said.

Remember: The review — which is expected to be completed around 15 June — will unlock the third USD 820 mn tranche of our loan program. We unlocked the second tranche in April, nearly a month after the IMF’s Executive Board signed off on a USD 5 bn extension for the facility and the immediate dispersal of our first tranche.

THE BREAKDOWN-

#1- Ras El Hekma funds: The IMF delegation is looking into how the government’s use of the Ras El Hekma sale proceeds aligns with the state’s new spending goals and fiscal targets — including reducing public debt, capping government investments, and narrowing the budget deficit.

We’re on the right track: Some USD 11 bn of Egypt’s external debt is expected to be written off using funds from the Ras El Hekma sale.

#2- State ownership policy: The Fund will also review the steps taken by the government to advance its ownership policy, taking stock of offers received and progress made in the privatization of state assets. It’s also reviewing the growth of foreign direct investment and measures taken by the government to improve the investment environment, our sources said.

The latest on privatization: Planning Minister Hala El Said said last week that state-owned fuel retailer Wataniya has received seven international and local acquisition offers, while the US government’s US International Development Finance Corporation was reported to be considering financing UK-based private equity giant Actis’ planned acquisition of the Gabal El Zeit wind farm.

Things are looking up: The Fund sees improved economic indicators, strengthened cash flows, and positive steps by the government towards implementing the privatization program, the sources said

Even more funds incoming? Negotiations are underway for Egypt to access USD 1.2 bn in long-term, low-cost climate financing from the IMF's Resilience and Sustainability Facility.

Egypt’s central bank leaves interest rates unchanged in line with expectations

Holding steady: The Central Bank of Egypt (CBE) left interest rates unchanged on Thursday. The Monetary Policy Committee (MPC) cited a slowdown in growth rates and cooling inflation, it said in a statement (pdf).

Where rates stand: The overnight deposit rate stands at 27.25%, the overnight lending rate at 28.25%, and the main operation and disc. rates at 27.75%.

Remember: The MPC delivered a jumbo 600 bps rate hike following a surprise monetary policy meeting in March, which coincided with the float of the EGP and a bigger package from the IMF.

Rising non-food inflation has offset deaccelerating food inflation: While food price increases have been steadily slowing down, they have been offset by rising non-food inflation since November 2023, the CBE said. The central bank also voiced concern about potential run-ups in global commodity prices — especially energy — as they are susceptible to supply shocks and geopolitical tensions.

ICYMI: Inflation cooled for the second consecutive month in April, recording 32.5% down from 33.3% the month before. The central bank’s average inflation target is 7% (±2%) by 4Q 2024 and 5% (±2%) in 4Q 2026.

No surprise there: The CBE’s decision was unanimously forecasted in our interest rate poll of 12 analysts and economists last week. Those surveyed argued that a premature rate cut wouldn’t bode well for either inflation or the EGP stability.

When can we expect rate cuts? “The CBE must ensure monetary policy remains restrictive to stabilize inflation expectations. Cutting rates at this stage would be premature due to negative real rates that still prevailed,” economist Mona Bedeir said in a note shared on LinkedIn. Bedeir expected the CBE to keep interest rates steady throughout the year and potentially start cutting in 1Q 2025.

Premature rate cuts will hurt the EGP: Cutting rates now would be premature “given the stress placed on restoring monetary policy credibility in the March IMF program and the importance of anchoring the new FX regime,” Simon Williams, HSBC’s chief economist for Central and Eastern Europe, the Middle East, and Africa told us last week. Cutting rates now will also weaken the EGP against the greenback, which will in turn push inflation higher. It will also trigger FX outflows, IBIS Consultancy economist Ali Metwally told us.

How much are we talking? Cutting rates too aggressively and too quickly will send the wrong message to short-term foreign investors, Cairo Capital Securities Chief Economist Hany Genena told Al Arabiya. He pointed to a 200-300 bps rate cut, saying that it will keep local debt attractive to investors.

What does the MPC think? “A significant decline in inflation is anticipated in H1 2025 due to the combined impact of recent monetary policy tightening, unification of the foreign exchange market, and favorable base effects,” the MPC said in the statement.

What’s next? The MPC’s next meeting is scheduled for 18 July.

EFG Holding’s net income more than doubles in 1Q 2024

EFG Holding’s financials off to a “good start” this year: EFG Holding’s net income after tax and minority interest jumped 110% y-o-y in 1Q 2024 to EGP 1.8 bn, the company said in its latest earnings release (pdf). Revenues during the quarter climbed 92% y-o-y to EGP 8.6 bn on the back of strong growth across its lines of business as well as FX gains driven by the float of the EGP.

The breakdown:

Investment bank EFG Hermes’ revenues were up 104% y-o-y to EGP 6.2 bn during the quarter, driven primarily by holding and treasury activities, which picked up after the EGP lost more than half of its value. The investment bank’s net profit after tax and minority interest was up 94% y-o-y to EGP 1.4 bn
NBFI EFG Finance reported revenues of EGP 1.1 bn, up 58% y-o-y primarily due to growth at fintech platform Valu and leasing activity. Net profit after tax and minority interest jumped 280% y-o-y to EGP 142 mn.
aiBANK’s revenues climbed 75% y-o-y to EGP 1.3 bn, underpinned by higher net interest income — which grew on the back of loan book growth as well as an increase in corridor rates. Net profit after tax came in at EGP 475 mn, up 173% y-o-y.

What they said: “Our strong first quarter results underscore the resilience and adaptability of our diversified business model. Despite a dynamic and sometimes challenging market environment, we have successfully leveraged strategic initiatives and operational efficiencies throughout the group,” said group CEO Karim Awad in a separate statement (pdf).

ALSO FROM EFG HOLDING-

EFG Holding to roll out share buyback program: EFG Holding’s board of directors has approved the repurchase of 25 mn shares — equivalent to 1.7% of the company’s shares — on the open market.

Part of a larger program: The share buyback is part of a wider program that will see EFG Holding return an additional EGP 400 mn to shareholders within 18 months — either through the distribution of dividends or more share buybacks.

Egyptian F&B logistics startup OneOrder raises USD 16 mn in series A round

OneOrder closes USD 16 mn Series A round: Tech-enabled F&B logistics startup OneOrder has raised USD 16 mn in equity and debt in a Series A round, which will fuel the company’s expansion into the GCC, the company said in a statement (pdf) last week. The round was led by follow-on investor Delivery Hero Ventures with participation from tech-growth fund Norrsken22, Nclude, and A15.

OneOrder will be heading to the Gulf this year: The company said it will use the funds to set up shop in the GCC this fall, starting with the UAE. It also plans to roll out financing solutions for its Gulf customers.

About OneOrder: Founded in 2022 by Tamer Amer (LinkedIn), OneOrder is a one-stop shop that allows restaurants and hotels to order supplies online. It seeks to address inefficiencies and fragmentation in the restaurant supply chain and standardize quality, prices and delivery times. OneOrder secured a USD 3 mn seed round led by Nclude in December 202 2.

Leveraging AI: The startup has implemented a “one-of-a-kind” AI-assisted system, which has helped customers cut down on time and money spent in the ordering process.

** We interviewed Amer for our Founder of the Week vertical back in 2022. Read the full interview here.

Vodafone Egypt delivers stellar financial performance

Vodafone Egypt proudly announces its end-of-year results for the year ended March 2024. The company delivered a robust performance with total revenue reaching EGP 55.4 bn, marking +37.2% year-on-year growth as the company celebrates its 25th anniversary. Vodafone continues to be an agile pioneer in technological innovation, significantly enhancing the lives of its customers and adapting to major industry and global changes. Serving 48.3 mn customers in Egypt, Vodafone's unwavering commitment to expanding connectivity and introducing new innovative services to the market has solidified its position as a leader in Egypt’s telecom sector.

Watch

Digitize moves to EGX’s main market less than a year after its SME market debut

Digitize pivots to the EGX’s main market: ICT solutions firm Digitize for Investment and Technology has moved from the EGX’s small and medium enterprises (SME) market to the main market, according to an ICT Ministry statement. The move will give Digitize access to a wider financial market in a bid to fund the company’s expansion plans, Chairman Yousry Atlm said.

The company has come a long way: Digitize has grown its capital 8x since its debut on the SME market in October, Atlm told Asharq Business, adding that the company’s earnings have doubled over the past two years.

About Digitize: Founded in 2015, Digitize offers a range of ICT solutions and engineering services that seek to aid its clients’ digital transformation. These include communications infrastructure, cloud solutions, fiber optic cabin maintenance, and data center and surveillance solutions.

The SME market is a launchpad for growth: Five companies have so far completed their transition from the SME market to the main market, bourse head Ahmed El Sheikh said. The SME market serves as a “business incubator” where companies can list for 3 to 5 years as they work to raise capital and implement expansion plans that ultimately propel them to the main market, he said.

Zakaria Hamza tapped as CEO, MD of EMX

The Egyptian Mercantile Exchange has a new CEO: Zakaria Hamza has been tapped as the new CEO and managing director of the Egyptian Mercantile Exchange (EMX), according to a statement from the exchange. Hamza is the EGX’s VP for the disclosure and governance sector and he has over thirty years of experience in stock exchanges and financial services.

A quick turnover: Hamza succeeds EGX-veteran Hossam El Garrahi, who has been in the job for about six months.

24/7 electricity would double, triple household electricity bills -Egypt’s El Sisi

It was a mixed bag on the airwaves last night, with the nation’s talking heads taking note of President Abdel Fattah El Sisi’s comments on power outages and Al Ahly’s CAF victory.

El Sisi on blackouts: “To ensure the lights stay on the electricity bill would have to double or triple,” El Sisi said yesterday (watch, runtime: 3:54). The Oil Ministry needs “an additional USD 300 mn per month in order to import the energy needed to put an end to the power cuts,” Finance Minister Mohamed Maait told Kelma Akhira’s Lamees El Hadidi (watch, runtime: 14:27), adding that this would end up costing the state an annual USD 2.5-3 bn.

Remember: Egyptians have been suffering from rolling blackouts since last summer, as the government works to ration the consumption of natural gas production. The power cuts were originally blamed on summer heat waves, but after temperatures have fallen, officials noted that the one-hour cut saves the country some USD 300 mn per month.

The comments received coverage from El Hekaya (watch, runtime: 1:49) and Al Hayah Al Youm (watch, runtime: 2:50).

ALSO- Al Ahly makes history: Al Ahly Club defeated Tunisia’s Espeance 1-0 during the CAF final, securing the CAF Champions League title for the twelfth time. The news received coverage from Ala Masouleety (watch, runtime: 43:50), Kelma Akhira (watch, runtime: 27:26) and El Hekaya (watch, runtime: 2:26).

An Egyptian film wins best documentary at Cannes

Egyptian film named best documentary at Cannes: The Brink of Dreams, directed by Egyptian filmmakers Nada Riyadh and Ayman El Amir, shared with another film the L’Oeil d’Or prize for the best documentary at the Cannes Film Festival this year, AFP reports. Watch the trailer (watch, runtime: 1:46). More about the documentary in our coverage here.

The details of Philip Morris’ Eastern Company stake acquisition

M&A-

Eastern Company outlined Philip Morris’ position in the company’s shareholder structure following stake acquisition, which saw the American tobacco giant acquire an indirect 14.7% stake in the state-owned cigarette maker, in an EGX disclosure (pdf).

The who’s who of who owns what: Philip Morris snapped up 49% of the UK-registered UK Egypt Investments Holding Limited, the sole owner of Global Investment Holding, which in October acquired 30% of Eastern Company in a USD 625 mn transaction. The remaining 51% is owned by the UAE’s Ruby Ventures FZC.

ENERGY-

#1- Croatia’sINA mulls expanding its investments in Egypt: Croatian energy producer INA is considering carrying out upstream acquisitions in Egypt as part of its plans of investing up to USD 400 mn annually in the coming years, INA management board head Zsuzsanna Ortutay told Bloomberg. The company’s current investments in Egypt include stakes in four production concessions and one exploration concession.

#2- Italy pushes for SAF cooperation with Egypt: Italy’s Maire Tecnimont wants to partner with an Egyptian oil company as it looks to kick off sustainable aviation fuel (SAF) tests at an Italian airport, according to an Oil Ministry statement. This came during a meeting between Oil Minister Tarek El Molla and a number of Italian officials, including a Maire Tecnimont delegation.

Remember: State-owned firm Egyptian Petrochemicals Holding Company should kick off a project to produce the country’s first SAF in 2025. US multinational conglomerate Honeywell is currently working on the feasibility study for the project.

RETAIL-

Azza Fahmy expands in the Gulf: Artisanal jewelry company Azza Fahmy will open a new branch in Saudi Arabia in partnership with Mediterranean-focused investment fund Bidayat, Azza Fahmy CEO Fatima Ghaly told Al Mal. Azza Fahmy is pursuing a local and regional expansion plan with an eye on the Gulf, Ghaly added.

Azza Fahmy and Bidayat are old friends: Back in 2022, the investment fund acquired an undisclosed minority stake in the jewelry brand through a capital increase.

LEGISLATION-

A new education council: The cabinet has greenlit a draft law to form the National Council for Education, Research, and Innovation that will outline and develop education policies, according to a cabinet statement. The council will be headed by Prime Minister Moustafa Madbouly and be made up of relevant government officials, specialists, and businessmen.

TRANSPORT-

Spain to play a larger role in Egypt’s railway system: Transport Minister Kamel El Wazir met with his Spanish counterpart Oscar Puente last week and agreed to form a working group to explore Spain's state-owned railway company Renfe managing and operating trains in Egypt, according to a statement from the Transport Ministry. The two ministers also discussed plans to further localize the production of trains in Egypt by expanding the operations of Spanish firms in Egypt.

Adnoc Drilling sells USD 935 mn stake in the secondary sale

Adnoc Drilling sells 5.5% stake to investors: Abu Dhabi National Oil Company (Adnoc) Drilling sold a 5.5% stake in a secondary sale for USD 935 mn, after attracting “strong demand from institutional investors in the GCC and internationally,” it said in an ADX disclosure (pdf) on Thursday. The share sale increases the Adnoc subsidiary’s freefloat to 16.5%, with Adnoc holding onto a 78.5% stake. The company set its final offering price at AED 3.90 per share, 70% above its IPO price of AED 2.30.

Remember: Adnoc announced plans to offer up a 5.5% stake (or 880 mn shares) in its drilling unit, Adnoc Drilling, in a secondary sale to institutional investors on Wednesday. The stake was initially valued at USD 989 mn, based on Adnoc Drilling’s closing share price of AED 4.13 at the time. Adnoc Drilling went public in October 2021, offering an 11% stake and raising USD 1.1 bn. Adnoc retained an 84% stake, while Baker Hughes held a 5% stake in the drilling arm.

It is not often that the UAE sees secondary listings, Adnoc Drilling’s was one of just a handful the country has seen.

The increased freefloat may provide a pathway to allow Adnoc Drilling to join the MSCI Emerging Market Index at the next quarterly index review, according to the disclosure. It will also “enhance liquidity and trading in Adnoc Drilling’s ordinary shares and diversify its shareholder base” the oil and gas giant said in an earlier disclosure (pdf).

Advisors: Our friends at EFG Hermes UAE, along with First Abu Dhabi Bank, Goldman Sachs International, and JP Morgan Securities are joint global coordinators and joint bookrunners for the offering.

EGX30	27,205	-0.1% (YTD: +9.3%)
USD (CBE)	Buy 47.06	Sell 47.18
USD (CIB)	Buy 47.10	Sell 47.20
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,996	-1.3% (YTD: +0.2%)
ADX	8,334	-0.6% (YTD: -4.6%)
DFM	4,013	-0.3% (YTD: -1.2%)
S&P 500	5,305	+0.7% (YTD: +28.1%)
FTSE 100	8,318	-0.3% (YTD: +7.6%)
Euro Stoxx 50	5,035	0.0% (YTD: +11.4%)
Brent crude	USD 82.12	+0.9%
Natural gas (Nymex)	USD 2.52	-5.2%
Gold	USD 2,356.90	-0.1%
BTC	USD 66,098	+0.4% (YTD: +63.6%)

THE CLOSING BELL-

The EGX30 fell 0.1% at Thursday’s close on turnover of EGP 5.3 bn (8.5% above the 90-day average). Regional investors were net sellers. The index is up 9.3% YTD.

In the green: Eastern Company (+5.3%), Madinet Masr (+4.8%) and EFG Holding (+3.3%).

In the red: Mopco (-7.1%), Qalaa Holdings (-2.5%), and Orascom Development (-2.4%).

CALENDAR

2024

MAY

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

26 May (Sunday): Center of Excellence for Energy’s stakeholder’s meeting on Egypt’s energy transition, Cairo Marriott Hotel, Zamalek.

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

29-31 May (Wednesday-Friday): The second edition of GITEX AFRICA Morocco 2024.

JUNE

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

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

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

JULY

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

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

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

AUGUST

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

SEPTEMBER

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

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

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

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

OCTOBER

6 October (Sunday): Armed Forces Day.

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

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

NOVEMBER

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

DECEMBER

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

EVENTS WITH NO SET DATE

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

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

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

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

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

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

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

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

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

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

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

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

3Q 2024: Egyptian-Armenian Joint Committee.

November 2024: Egypt to host the World Urban Forum (WUF12).

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

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

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

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

EVENTS WITH NO SET DATE

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

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