Inflation drops to its lowest level since January 2023

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What We're Tracking Today

All eyes on Rafah

Good morning, wonderful people. We are kicking off the workweek with a packed issue filled with a little bit of everything — privatization, economy, diplo, and M&A. But before we dive in:

All eyes are on Rafah this morning after Israel launched airstrikes on the southern town of Gaza. The attack resulted in regional and international uproar, with Egypt threatening to suspend its peace treaty with Israel.

Burns + Shin Bet head are coming to town: Cairo is hosting another round of Israel-Hamas ceasefire talks on Tuesday, featuring a number of Israeli, US, Qatari, and Egyptian officials, including CIA’s William Burns, head of Israeli intelligence agency Shin Bet Ronen Bar, and Egyptian intelligence chief Abbas Kamel. We have the full story in the news well, below.

DATA POINTS-

#1- Savers have so far deposited EGP 612 bn into the high-yield certificates of deposit taken to market last month by the National Bank of Egypt and Banque Misr, Al Masry Al Youm reported on Thursday. NBE has attracted inflows of EGP 395 bn, while Banque Misr has taken in EGP 217 bn. The 12-month CDs offer either a one-time return of 27% at maturity or monthly payouts at a 23.5% annualized rate.

#2- Finance Ministry has revised crude price estimates up 6% to USD 85 a barrel for the current fiscal year,up from USD 80 per barrel originally penciled into the budget, according to the ministry’s semi-annual Financial Performance Report (pdf).

HAPPENING TODAY-

Today is the last day to apply for the Chicago Booth Executive Program in El Gouna: The two-week program will kick off on 22 June and offer executives from the Egyptian public and private sectors the skills to help them “become better leaders for their organization and support Egypt’s growth in the years ahead.”

IN THE HOUSE

The House is back in session after a two week break: The Budget Committee will meet to discuss and vote on the EGP 180 bn social support package announced last week by the presidency. “Once approved, the laws will be up for discussion and vote before the House on Monday to be effective on the first of March,” a parliamentary source said.

On the agenda for tomorrow: The House will discuss and vote on a number of agreements that include:

A EUR 500 mn grant from the European Investment Bank to support the Environment Ministry's Sustainable Green Industry project;
A EUR 80 mn grant from Germany to support the Environment Ministry's solid waste management program, build 25 technological schools and centers, and support the central bank’s financial risk management program;
An agreement to scrap double taxation and clamp down on tax evasion between Egypt and Croatia.

RED SEA WATCH-

“We’ve not seen the level of threat peak, to the contrary,” warned Maersk CEO in a televised interview with Bloomberg TV centered around maritime security in the Red Sea. Maersk CEO Vincent Clerc continued, “the amount or the range of weapons that are being used for these attacks is expanding and there is no clear line of sight to when and how the international community will be able to mobilize itself and guarantee safe passage for us.”

Safety first: Danish shipping firm Norden CEO Jan Rinbo mirroried Clerc’s comments by telling Bloomberg that “you need to have a de-escalating situation” before shipping lines return to the region.

WATCH THIS SPACE-

Shalateen gold exploration tender extended yet again: State-owned Shalateen Mining Company has for the fourth time extended the deadline of its international gold exploration tender to 7 March, Al Borsa reported, citing an official source. The tender has been live for almost a year now — it launched on 10 April, 2023 and its deadline was extended time and time due to lack of bidders.

Another tender brewing? The company is looking to launch a fresh gold exploration tender after it wraps the current one, the source added.

THE BIG STORY ABROAD-

The age of the two men who are vying to become America’s oldest-ever president is front and center in the United States after a press conference on Thursday in which US President Joe Biden cleared, “My memory is fine.”

Biden mistakenly described President Abdel Fattah El Sisi as the president of Mexico (watch, runtime; 12:35) at a press conference called to address claims in a special prosecutor’s decision not to recommend Biden be charged with mishandling state secrets. The report said in part that Biden was a “sympathetic, well-meaning, elderly man with a poor memory” who has “diminished faculties in advancing age.”

Both Biden and Trump have made high-profile gaffes in recent weeks. Biden has twice referred to recent conversations he’s had with long-dead European leaders, while Trump has confused the leaders of Hungary and Turkey, said he defeated Barack Obama (not Hilary Clinton) for the presidency, and confused his primary challenger, Nikki Haley, with former house speaker Nancy Pelosi.

It has all raised questions: How old is too old to be president?And while we’re at it: Why isthe age question hurting Biden more than Trump?

ALSO- Farewell Year of the Rabbit, and hello Year of the Dragon. To our friends celebrating the Lunar New Year, we wish you wealth, health, and longevity.

AND- It’s Super Bowl Sunday. The Kansas City Chiefs face the San Francisco 49ers for this year’s National Football League finale. And if American football isn’t your thing, 2000s heartthrob Usher will be taking the stage for his first Super Bowl halftime show midgame. Wanna catch the game? Prepare for an all nighter as the game kicks off tomorrow at 1.30am CLT.

Egyptian gov’t, Talaat Moustafa Group could retain 20% stake in Ras El Hekma following sale to Gulf investor

More details regarding a potential Ras El Hekma sale: The government and Talaat Moustafa Group (TMG) could together retain a 20% stake in the North Coast’s Ras El Hekma after Abu Dhabi takes over the USD 22 bn development of the parcel of seaside land, Bloomberg reported on Thursday, citing people it says are familiar with the talks.

Refresher: The news came a day after the General Authority for Investment and Freezone (GAFI) head Hossam Hieba confirmed that officials were in talk about a potential investment and its size after days of rumors regarding the project. He also said that an Emirati consortium had been picked to develop the 180 mn sqm parcel of land.

Cabinet said in a statementon Thursday that only the prime minister’s office will make an announcement regarding “large investment projects” and while it doesn’t name Ras El Hekma, the timing of the statement has led us to believe that the statement was triggered by Hieba’s remarks on the project. The cabinet is yet to confirm that the project is happening, while the press is yet to offer any indications of who the buyer would be (ADQ, a consortium of developers, or another institution) or what the development timeline might look like. It’s also unclear how much of the purchase price would be paid up-front or what the construction timeline would look like. Heiba made clear in his remarks earlier in the week that the buyer would be responsible for lining up project finance.

By the numbers: The land is likely valued at USD 18-21.6 bn, given the average price per square meter along the North Coast stands at USD 100-120, according to Bloomberg calculations.

More to come? A committee of ministers is currently reviewing “investment offers for important projects that are expected to generate huge resources of foreign currency,” Prime Minister Moustafa Madbouly said on Thursday. The state will announce the details “following the completion of negotiations with investors,” Madbouly said.

Gearing up for the expected devaluation: The agreement comes as the government seeks to fill up the central bank’s USD coffers ahead of the anticipated currency devaluation. Cabinet is said to want at least USD 6 bn in hand before floating the EGP — a key requirement for unlocking a larger IMF package.

Egypt’s annual headline Inflation drops to its lowest in a year in January

Inflation hits a one-year low: Inflation eased for the fourth consecutive month in January to reach its lowest level in a year on the back of a continued deceleration in food price increases. Figures published last week by state statistics agency Capmas showed that annual inflation in urban areas slowed to 29.8% in January from 33.7% in December.

Monthly Inflation, however, inched up again in January to 1.6%, compared to 1.4% the month before.

Core Inflation falls: Annual core inflation — which excludes volatile items such as food and fuel — fell to 29% in January, down from 34.2% in December, according to central bank figures. Meanwhile, monthly core inflation accelerated to 2.2% from 1.3% in December.

A decline in food prices is still leading the trend: Food and beverage price growth — the largest component of the basket of goods and services — slowed to 47.9% y-o-y in January from 60.5% in December.

A favorable base effect is still at work, as the rapid rise in inflation at the end of 2022 and the first half of 2023 will help ease annual figures over the coming months. It is yet to be determined, however, whether this would offset the inflationary pressures expected should the CBE go ahead with a currency devaluation.

Inflation dropped more than expected: January’s inflation figures came below a median of 32.5% that was projected by analysts polled by Reuters. Inflation has been on a downward track since a never-seen-before 38% recorded in September, though analysts have warned of uncertainty in the inflation outlook ahead of the anticipated currency devaluation and recent price hikes by the government.

Still a long shot from gov’t inflation targets for FY 2024-2025: The Madbouly government wants to see annual headline inflation fall to an average of 15% in the coming fiscal year, which is significantly below the estimated 38% for the current year. The central bank’s average inflation target is 7% (±2%) by 4Q 2024.

The international press also took note: Reuters | Bloomberg.

Goldman Sachs calls for Egypt to build liquidity buffers and curb FX demand before devaluation

We’re not ready for a devaluation, Goldman Sachs says: Under current conditions, it is unlikely that a managed devaluation would the Madbouly government’s policy objectives, according to a Goldman Sachs report seen by Enterprise.

What is cabinet aiming to do? Unify the parallel and official exchange rates, ensure medium-term FX stability EGP, and do it all with as little devaluation as possible. That’s unlikely to happen without further policy tightening and a bigger war chest of FX ahead of a devaluation, the bank said in the report.

The conditions we’re missing: Demand for FX in Egypt must be in line with anticipated supply inflows following a devaluation — and the system will need enough cash on hand to ensure FX needs can be met by allowing the official FX rate to adjust.

Goldman Sachs believes that demand for foreign currency remains “high and inconsistent with an official FX clearing rate,” making it difficult for the central bank to choke out the black market without deeper devaluation (or a full float) of the EGP. On top of this, GS thinks the banking sector lacks the FX liquidity it needs to close the gap amid a high FX backlog and much of the country’s FX inflows going through unofficial channels.

Goldman doesn’t see a full float taking place: The bank sees policymakers continuing to manage the official exchange rate, but possibly with more flexibility than has been the case in recent years. The report’s author, Goldman MENA economist Farouk Soussa, attributes the conservative approach to the state’s concerns about the exchange rate overshooting and the possibility of an even more volatile exchange rate than the parallel market in the event of a full float.

What do we need to do next? Act now to “to curb FX demand and build liquidity buffers ahead of any prospective attempt to clear the market through a devaluation of the official FX rate.” Specifically:

Continuing to raise policy rates to address high inflation levels by reducing demand, which in turn will help clamp down speculative hedging of FX;
Fiscal tightening to reduce the amount we spend financing the deficit and to slow the increase of debt monetization, which the bank partly blames for helping push FX demand and inflation;
Less off-budget spending on projects reduce both FX demand and overall aggregate demand;
Borrowing from external lending partners to build up FX liquidity and ease FX supply constraints;
Continued asset sales to help rebuild long-term FX buffers.

BACKGROUND- The CBE recently hiked interest rates by 200 bps, with many analysts expecting further hikes paired with the anticipated devaluation. Ministers approved a decision two weeks ago slashing allocations for investment in fiscal year 2023-2024, extending a series of cutbacks to governm ent spending that initially targeted non-essential projects and spending that placed demand on foreign currency.

Vodafone Egypt to raise its stake in fintech platform Basata to 20%

Vodafone Egypt is getting a bigger slice of Basata: Vodafone Egypt is set to raise its stake in B Investments subsidiary and fintech platform Basata Holding for Financial Investments from 10% to 20% through a capital increase, with the agreement pending the approval from the Central Bank of Egypt (CBE), B Investments said in an EGX disclosure (pdf). No information was given about the value of the transaction.

What’s next? The CBE is expected to give its final sign off on the acquisition during 1Q 2024, Asharq Business reported last week, citing an unnamed source it says has knowledge on the agreement.

Basata? Initially dubbed Ebtikar, Basata was established as a JV between B Investments, BPE Partners, and MM Group for Industry and International Trade in 2017.Basata’s e-payment arm provides point-of-sale (POS) machines to merchants, has its own app — dubbed Basata Pay — for consumers to pay bills and make other transactions remotely.

A long time coming: Vodafone Egypt acquired its existing 10% stake in the firm in April 2022 — then split between Bee and Masary before they were merged into Basata. The telecom giant had plans to acquire 20% of Basata under an MoU signed in 2021. The acquisition was set to take place in two phases, wherein Vodafone would purchase the remaining 10% stake after receiving final regulatory approvals, a Vodafone Egypt representative told us at the time.

Egypt’s cabinet approves amendments to the Unified Budget Act

Cabinet greenlit amendments to the Unified Budget Act aimed at improving budget indicators so they're more in line with international standards, during its weekly meeting last Thursday. Under the amendments, the budgets of all 59 of the state’s economic bodies will be laid out in the state budget, Finance Minister Mohamed Maait said.

What we know about the act: Approved by the House in 2022, the law requires the government to be more transparent in how it plans public finances, forcing it to present an annual medium-term budgetary and fiscal strategy to the House and set spending limits for each ministry.

ALSO APPROVED-

#1- Public-sector wage, pension hikes that were introduced by President Abdel Fattah El Sisi a day earlier to alleviate the effects of the ongoing economic crisis on citizens.The measures approved by the cabinet include a 50% hike to the public sector minimum wage to EGP 6k, a 15% increase in pension payouts, and salary increases for those in the education and healthcare sectors.

#2- A draft law that would allow the private sector to build, manage, and operate state-run health facilities. The bill, if passed, would authorize the government to award local and foreign investors 3-15 year contracts, at the end of which the awarded parties will be required to hand over all the medical equipment it used to run the facilities to the government.

#3- Amendments to oil agreements that aim to bring in more investments into the sector. The amendments apply to two agreements inked between the General Petroleum Corporation and local and international firms for the exploration of oil in West Delta and Gulf of Suez. Under the amendments, the firms will have to drill no less than 8 wells and invest some USD 232 mn.

Israel strikes Rafah, ignoring warnings from regional leaders + Another round of negotiations scheduled for Tuesday

Israel strikes Rafah: Israel launched airstrikes in Rafah yesterday, killing at least 44 Palestinians, the Associated Press reported. This came after Israeli Prime Minister Benjamin Netanyahu ordered his military on Friday to plan for evacuating Palestinians from the city, where more than 1 mn displaced Palestinians are currently sheltering. Rafah is the southernmost region of Gaza and borders Egypt.

Egypt +Arab nations warn of disastrous consequences if Israel presses into Rafah: Foreign Minister Sameh Shoukry warnedagainst storming of the city and called for the international community to intervene to prevent a potential humanitarian catastrophe. Saudi Arabia, the UAE, Qatar and Jordan have made similar statements. Arab foreign ministers met in Riyadh on Thursday to discuss the situation.

Egyptian officials have reportedly gone as far as threatening the suspension of our peace treaty with Israel if Israel forces Gazan refugees residing in Rafah into Sinai.Egypt has in the last two weeks sent around 40 tanks and armored personnel carriers to northeastern Sinai and as part of its measures to scale up security across its border with Gaza, Reuters reports, quoting what it says are two security officials.

US pushes back against operation in Rafah, voicing its sharpest critique of Israeli conduct yet: White House National Security Council spokesperson John Kirby said that a military operation in Rafah under the current circumstances could be a “disaster.” US President Joe Biden also issued his bluntest criticism of Israel’s handling of the war yet, saying on Thursday that “the conduct of the response in the Gaza Strip has been over the top.”

Egypt refutes Biden’s claims that it was reluctant to open Rafah crossing: Egypt stressed that it has kept its side of the Rafah crossing open since the beginning of the war on Gaza, claiming that it has done so “without any restrictions or conditions and has mobilized massive humanitarian aid and relief.” The statement came in response to remarks by Biden claiming President Abdel Fattah El Sisi “did not want to open the gate to humanitarian material to get in” and that it was Biden who convinced El Sisi to open the gate.

MORE CEASEFIRE TALKS-

Cairo is hosting another round of ceasefire talks this week:Mossad chief David Barnea and the head Shin Bet, Ronen Bar, could be heading to Cairo this week to meet with intelligence chief Abbas Kamel, Qatari Prime Minister Mohamed Bin Abdul Rahman Al Thani, and CIA head William Burns, high-ranking Israelis told the Jerusalem Post. The officials are meeting on Tuesday “to deliberate on efforts to secure the hostages' release.”

A power move by the US? Axios believes that “sending Burns to Cairo puts pressure on Qatari and Egyptian mediators to press Hamas to agree to a reasonable agreement.”

Where do things stand now? Israeli officials last week told mediators that they are “ready to launch negotiations” based on Egypt’s three-step proposal to end the war put forward late December — and not based on the proposal put forward by Hamas last week, which Israel dismissed as “delusional.”

Egypt, Bulgaria ink MoUs to boost natgas + defense cooperation

Egypt, Bulgaria inked three agreements during their first joint cooperation committee meeting yesterday. The two countries signed two MoU to cooperate in the fields of natural gas and defense. They also agreed to exempt diplomatic and service passport holders from short-stay visa requirements, according to a joint statement. Foreign Minister Sameh Shoukry and Bulgaria’s Deputy Prime Minister Mariya Gabriel chaired the meeting, where they agreed to boost bilateral trade and investments in the Suez Canal Economic Zone, as well as cooperation in the sectors of energy, IT, and tourism.

A Bulgarian Industrial Zone? Bulgaria floated the idea of setting up its own industrial zone in Egypt, similar to Russia and China’s, to serve as an industrial hub for Bulgarian products; this came during a meeting between Trade Minister Ahmed Samir and Bulgarian Deputy Economy Minister Nikolay Pavlov. Samir highlighted sectors that may be of interest to potential Bulgarian investors — car components, artificial intelligence, tourism, petrochemicals, and medicine.

ALSO- The committee agreed to meet annually, with next year’s meeting scheduled to take place in Bulgaria.

Egypt + Cyprus: Foreign Minister Sameh Shoukry was in Nicosia, Cyprus, on Thursday where he discussed economic, trade, investment, energy, agriculture, and tourism cooperation with Cypriot President Nikos Christodoulides and Foreign Minister Constantinos Kombos, according to a statement. Talks also covered tripartite cooperation between the two countries and Greece, with Shoukry sharing Egypt’s intention to host the next three-way summit to put in place a cooperative framework.

Egyptian talk shows cover Israel’s attack on Rafah

Israel’s strike on Rafah gripped the attention of the nation’s talking heads last night, as the Israeli military prepared for a ground invasion of the southernmost town in Gaza. “An Israeli attack on Rafah —- where about 1.3 mn displaced Palestinians live in cramped conditions — would spell out massacres and bloodbaths,” Kelma Akhira’s Lamees El Hadidi said (watch, runtime: 4:03).

“We have entered a critical phase of this conflict,” writer and political analyst Abdel Moneim Saeed told El Hadidi (watch, runtime: 5:40). It’s likely that Western powers will remain complicit in the crisis and they won’t take any measures that would prevent the invasion from going ahead or dissuade Israeli Prime Minister Benjamin Netanyahu from his plan, Saeed added.

AND YOUR REGULARLY SCHEDULED ECON COVERAGE- The EGP 180 bn support package President Abdel Fattah El Sisi introduced last week was an important move to help the low earners, but the most important step forward will be unifying the official and parallel market exchange rates, El Hadidi said (watch, runtime: 1:36). “No matter how much you raise wages, it will never be enough to catch up with soaring inflation,” she said (watch, runtime: 0:58).

A devaluation must be coupled with reforms: “Without real economic reforms, the measures being taken — such as devaluing the EGP and raising interest rates — will be in vain,” said Catalyst Partners Chairman Maged Shawky (LinkedIn) in an interview on Kelma Akhira (watch, runtime: 5:11). “We are waiting for the foreign exchange market to be regulated. We are in a state of paralysis. The black market is closed and the official market does not meet the needs of manufacturers and importers.” El Hadidi added.

Dana Gas wants to reinvest USD 58 mn in Egypt

ENERGY-

#1-Emirati firm Dana Gas is planning to reinvest USD 58 mn of receivables in Egypt to drill more wells and increase production, the company’s CEO Richard Hall told Asharq Business.

ICYMI- Dana Gas said in November that it plans to invest USD 43 mn in Egypt in 2024, as part of an “intensive” natural gas drilling program. The company said it wants to drill 11 development wells and three exploratory wells in 2024, with the aim of increasing production by some 30 mn cubic feet per day.

#2- Ades gets extensions for three local jackup rigs: Egypt-born and Tadawul-listed oil and gas drilling company Ades Holding has received extensions for three of its local offshore jackup rigs, it said in a statement (pdf) last week. It said it expects the extensions for its Admarine III, Admarine VI, and Admarine V contracts to be executed in the coming weeks following the approval of the General Petroleum Corporation (GPC). “The extensions further solidify the group’s position in the Egyptian market and add visibility to the business with a total estimated backlog of c.SAR 450 mn (USD 120 mn),” it said.

HEALTHCARE-

Saudi German Hospital opens branch in Alexandria: Middle East Healthcare has opened a new Saudi German Hospital in the company’s medical complex in Alexandria — dubbed Batterjee Medical City — the company said in a Tadawul disclosure. The hospital will include 300 beds and 45 specialized clinics.

TRANSPORT-

Transport Ministry is on the hunt for a USD 1 bn loan for Cairo Metro Line 4: The Transport Ministry is gearing up for talks with international lenders to obtain a soft loan of USD 1 bn for the construction of Cairo Metro Line 4’s second phase — which runs from Fustat to New Cairo — Al Mal reports, citing sources it says are in the know.

LEGISLATION-

El Sisi ratifies law boosting military role in protecting critical facilities: President Abdel Fattah El Sisi ratified a law increasing the role of the armed forces in protecting critical facilities and infrastructure — power grids, gas pipelines, oil fields, railways, roads and bridges, according to a decision published in the Official Gazette. The law was passed by the House last month.

Is another US banking crisis brewing? Here’s what you need to know.

It’s looking gnarly out there for bankers in the United States and investors in their stocks.Here’s what’s on everyone’s mind:

US regulators could be facing a rerun of the winter 2022-2023 regional banking crisis. Prospects of more trouble have captured the imagination of the financial press on both sides of the Atlantic after earnings in the US banking industry fell 45% last year and dismal earnings from New York Community Bancorp sparked a two-day run on regional bank stocks.

THE BACKGROUND- Bank nerds among our readers will remember that three high-profile regional lenders (Silicon Valley Bank, Signature Bank, and First Republic Bank) went bust in a single week, forcing US regulators to step in amid a run on all three. The irony: New York Community scooped up Signature Bank after regulators shut it down.

What’s worrying folks now: Banks in the US hold USD 2.7 tn in commercial real estate loans by most estimates — and pundits think regional lenders account for about 80% of that figure. Tenants are now letting go of leases after nearly four years of low use after covid and the post-covid shift to work from home. That comes as developers are already struggling to make payments amid low occupancy and high interest rates.

Possibly making things worse: Loans to what some in the industry like to call “shadow banks.”US lenders have more than USD 1 tn in exposure to non-bank financial firms including hedge funds, private equity firms, and mortgage lenders, many of whom are now under stress amid high interest rates.

Go deeper: American Enterprise Institute | CNN | Wall Street Journal | Financial Times

MEANWHILE- The S&P 500 closed above the 5,000 mark for the first time on Friday. The milestone can partially be attributed to Nvidia and Meta, which rose over 30% since we rang in 2024. The move was also driven by investor confidence fuelled by promising US inflation data, a strong run of earnings reports, and widespread expectations of monetary easing. (Financial Times | CNN Business)

EGX30	28,411	+1.8% (YTD: +14.1%)
USD (CBE)	Buy 30.83	Sell 30.96
USD at CIB	Buy 30.85	Sell 30.95
Interest rates CBE	21.25% deposit	22.25% lending
Tadawul	12,203	+0.3% (YTD: +2.0%)
ADX	9,344	-0.2% (YTD: -2.4%)
DFM	4,184	+0.6% (YTD: +3.1%)
S&P 500	5,027	+0.6% (YTD: +5.4%)
FTSE 100	7,573	-0.3% (YTD: -2.1%)
Euro Stoxx 50	4,716	+0.1% (YTD: +4.3%)
Brent crude	USD 82.19	+0.7%
Natural gas (Nymex)	USD 1.85	-3.7%
Gold	USD 2,039	-0.5%
BTC	USD 47,685	+0.5% (YTD: +13.4%)

THE CLOSING BELL-

The EGX30 rose 1.8% at Thursday’s close on turnover of EGP 4.9 bn (34.2% above the 90-day average). Foreign investors were net buyers. The index is up 14.1% YTD.

In the green: Madinet Masr (+7.9%), Ibnsina Pharma (+5.5%) and Telecom Egypt (+4.7%).

In the red: TMG Holding (-6.5%), Sidi Kerir Petrochemicals (-1.9%) and E-Finance (-0.2%).

CALENDAR

2024

FEBRUARY

15-16 February (Thursday-Friday): Brazilian President Luiz Inácio Lulada Silva meets with President El Sisi in Cairo.

18 February (Sunday): The Senate reconvenes.

19-21 February (Monday-Wednesday): Egypt Energy Show, Egypt International Exhibition Center.

22 February (Thursday): The executive regulations for the new building reconciliation law will be out.

24 February-1 March (Saturday-Friday): Egypt hosts the 71st African Airports Council International (ACI) Conference and Exhibition at the Alamera Hall Air Forces House Center and Le Méridien, Cairo Airport.

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

26 February (Monday): Eighth edition of the Capital Markets Summit at the InterContinental Semiramis Hotel, Cairo.

MARCH

1 March (Friday): New public-sector minimum wage goes into effect.

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

10 March (Sunday): First day of Ramadan (TBC).

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).

15-21 April (Monday-Sunday): The IMF / World Bank Spring Meetings.

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

28 April (Sunday): Grace period to ins. brokerage firms to comply with Law 215 for 2023 expires.

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

29 April (Monday): The government’s car export scheme expires.

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.

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

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.

February 2024: Egypt will sign a USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC).

February 2024: Funds from the Islamic Development Bank for the high speed electric railway will get the sign off.

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.

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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