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Monday, 11 Dec 2023

What We're Tracking Today
Economy
Tax
Privatization
War Watch
Moves
Last Night’s Talk Shows
Egypt In The News
Also On Our Radar
Planet Finance
Blackboard
Calendar

Inflation hits six-month low in November

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Today at a glance

1

Economy

Inflation hits six-month low in November.
2

Tax

FinMin scraps rule allowing businesses to pay VAT on FX sales in local currency.
3

What We're Tracking Today

Election 2023: Day 2.
4

What We're Tracking Today

Egypt expects Israeli gas imports to rise 38% this year.
5

Privatization

National Investment Bank wants to sell down stake in Misr Cement Qena.
6

WAR WATCH

UN, Arab officials say Israel plans to force Palestinians into Egypt.
7

What We're Tracking Today

COP28 negotiations are going down to the wire.
8

BLACKBOARD

What is the state of Egypt’s corporate L&D in 2023?

Monday, 11 Dec 2023

What We're Tracking Today
Economy
Tax
Privatization
War Watch
Moves
Last Night’s Talk Shows
Egypt In The News
Also On Our Radar
Planet Finance
Blackboard
Calendar
1

What We're Tracking Today

It’s the second day of the 2023 presidential election

Morning all: We have a brisk issue for you this morning, with not a lot happening on the local business front as we inch towards the end of 2023.

HAPPENING TODAY-

#1- It’s day two of presidential elections:Voters nationwide are casting their ballots for one of four presidential hopefuls: incumbent President Abdel Fattah El Sisi, Al Wafd Party’s Abdel Sanad Yamama, the Egyptian Social Democratic Party’s Farid Zahran, and the Republican People Party’s Hazem Omar.

On the ground: There was a strong turnout at yesterday’s opening of the polls, National Elections Authority Executive Director Ahmed Bendari told the press.

Want to get out and vote? Find your nearest polling station by entering your national ID number on the National Elections Authority website. You can also text your national ID numberto 5151 or call the same number to find your polling station and receive your voting number. Voting is open from 9am through 9pm, today and tomorrow.

What’s next? Results of the vote are scheduled to be announced on 18 December. A runoff, if necessary, will take place in early January 2024.

#2- It’s the next-to-last (regularly scheduled) day of COP28 in Dubai — but there are signs the gathering may need to go into overtime to hammer out a final agreement.

What gives? Two things. First: Saudi Arabia and other hydrocarbon producers are digging in their heels, refusing to accept text that speaks to a phase-out of oil and gas. On the other side of the ring, International Energy Agency (IEA) chief Fatih Birol is demanding delegates reach a consensus on an “orderly and just decline in fossil fuels in line with our international climate goals” before the summit wraps up,” he told the Financial Times.

Second: And some developing countries think text on funding for climate adaptation is “weak.” The UN Environment Program has already identified an adaptation funding gap of around USD 387 bn.

Need more on COP? Enterprise Climate has the rundown.

#3- Trade run to KSA: The Engineering Export Council of Egypt is almost half-way through a weeklong trade mission to Saudi Arabia, the largest importer for our engineering sector. The delegation is gunning for more orders and investments from the kingdom for pumps, car parts, boilers, and everything in between. The visit wraps up on Friday.

HAPPENING THIS WEEK-

#1- A new round of GERD talks: Egypt, Ethiopia, and Sudan are set to resume talks over the filling and operation of the Grand Ethiopian Renaissance Dam (GERD) on 16-18 December in Addis Ababa. This will be the fourth round of talks since President Abdel Fattah El Sisi and Ethiopian Prime Minister Abiy Ahmed agreed to re-enter negotiations in July and reach an agreement within four months.

#2- It’s interest-rate week in (many) western economies: The US Federal Reserve, European Central Bank and the Bank of England will hold their final policy meetings of the year this week amid growing pressure to pivot to rate cuts next year, Bloomberg notes. None are expected to move rates higher this week with inflation steadily easing and attention shifting to slowing economic growth. Fed boss Jay Powell, in particular, is under pressure to clarify whether the Fed is going to start slashing borrowing costs next year. (Financial Times | Wall Street Journal)

Closer to home: The Central Bank of Egypt will hold its final policy meeting of the year next Thursday, 21 December.

#3- Napkins on:Food Africa Expokicks off tomorrowat the Egypt International Exhibition Center. The three-day trade show aims to connect wholesalers, distributors, and retailers in food and beverage industries across Africa and the Middle East.

THE BIG STORIES ABROAD-

No one story is dominating the news this morning:

  • Israel’s war on Gaza continues to make the front pages, with US media covering Israel’s assault on Khan Younis, Washington’s response to Houthi attacks in the Red Sea, and the latest on the antisemitism outcry in US universities. (Reuters | New York Times | Washington Post)
  • Biden’s foreign policy is hurting his election chances: Almost half of American voters believe that Biden is spending too much on Ukraine aid, and his support for Israel is alienating at least a third of democratic voters. (Financial Times | Bloomberg)
  • The Donald won’t testify again in New York fraud trial: Former US President Donald Trump said that he won’t testify in a New York courtroom this week, where he was expected to make the case that his company didn’t misrepresent the value of its properties to receive favorable financing. (Associated Press | Reuters)

SIGN OF THE TIMES-

The world’s 25 richest families have gotten USD 1.5 tn richer over the last year — equivalent to a 43% annual increase — according to Bloomberg’s yearly ranking of family fortunes. The Nahyans of Abu Dhabi, despite being new entrants to Bloomberg’s ranking, topped the list with a whopping USD 305 bn fortune — USD 45 bn more than the second-placed Walton family.

HELP GAZA-

Want to support relief efforts in Gaza, but don’t know how? We’ve got you. More than 1 mn people in Gaza have been thrown from their homes and every human being there lacks access to food, water, and fuel amid the most intense bombardment any population has endured this century.

The folks at Talabat are processing donations for a range of Gaza relief appeals by charities including the Egyptian Food Bank and Misr El Kheir. Pay in EGP using your credit card.

Or check out our list of charities to which you can make direct donations via bank deposit and / or Fawry.

DATA POINT-

290 bn cubic feet per day: The amount of gas Egypt expects to import from Israel this year. That’s 38% higher than 2022 volumes. (Asharq Business)

ICYMI-

Missed this week’s Inside Industry? We have our Manufacturer of the Month column, whereinwe profile an industrial player with a manufacturing base here in Egypt. Manufacturer of the month is dedicated to looking at locally bred or international players to examine the success and challenges that came with being a manufacturer in Egypt, as well as their paths forward. Today, we speak to plastic product manufacturer El Khanagry Plastics. Read it here.

COME WORK FOR OUR ADVISORY ARM- Enterprise Advisory (formerly known as Inktank Communications) is looking for smart, talented people to help us tell the stories of exciting companies. Enterprise Advisory is the region’s leading investor relations advisory company and works on investor and strategic communications issues that take you deep inside the c-suite. Our clients are in Egypt, Saudi Arabia, the UAE, and beyond. Egyptian and foreign nationals alike are welcome to apply, but native-level verbal and written English fluency is a must.

WHO YOU ARE- We're looking for gifted storytellers with a minimum of four years of work experience in investor relations, finance, banking, economics, or a related field to develop cutting-edge products and maintain relationships with a portfolio of clients. Candidates should have a bachelor's degree or higher in finance, accounting, economics, business administration, or a related discipline. We're looking for someone whose passion for storytelling is matched with strong analytical and problem-solving skills, as well as the ability to interpret and present financial data — with a keen eye for details and accuracy.

INTERESTED IN APPLYING? To apply for the position, drop us a line at jobs@enterprisemea.com and mention “Enterprise Advisory” in your subject line. Please send a solid cover letter telling us a bit about who you are and why you’re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We take a deep dive into what Egypt’s corporate L&D looks like amid economic headwinds and the growing importance of tech.

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2

Economy

Egypt inflation hits six-month low

A second month of encouraging inflation figures: Inflation eased for the second consecutive month in November to reach its lowest level in six months on the back of slowing food price increases. Figures published yesterday by state statistics agency Capmas showed that inflation in urban areas slowed to 34.6% y-o-y during the month from 35.8% in October.

But pressures persist: Monthly inflation accelerated to 1.3% in November from 1% the month before.

Core inflation fell significantly: Core inflation — which excludes volatile items such as food and fuel — fell to 35.9% y-o-y in November from 38.1% the month prior, according to central bank figures. Meanwhile, monthly core inflation fell to 1% from 1.8%.

DRIVING THE TREND- Once again, you can thank food prices: Food and beverage price growth — the largest component of the basket of goods and services used to calculate inflation — slowed to 64.5% y-o-y from 71.3% in October.

A favorable base effect is also at work: The rapid rise in inflation at the end of 2022 and firsthalf of 2023 should help temper the annual figures over the coming months (all else being equal). The key question: Whether this outweighs the inflationary impact if the EGP loses further ground against the greenback should we move to a floating FX regime after the presidential elections.

This was better than what analysts had predicted: Analysts polled by Reuters had forecast core inflation to slow to 37.2% and the headline rate to decelerate to 34.8%.

THE BIG PICTURE- Inflation has hit record highs this year on the back of a series of currency devaluations and supply shortages caused by the shortage of foreign currency.

Slowing prices are yet to soothe the private sector: PMI data last week showed that business confidence fell to record lows in November on the back of continued inflationary pressures.

A long way to target: The central bank wants to bring inflation back down to 7% (±2%) by 4Q 2024.

WHAT’S NEXT- All eyes on the EGP. Where inflation goes from here will depend on when Hassan Abdalla’s CBE floats the EGP — and how the EGP fares against the greenback when it does. A float is widely expected at some point after the presidential election as authorities look to comply with the terms of the USD 3 bn IMF loan and release almost USD 700 mn in vital financing — and potentially a commitment to even more funding.

What to watch for: The market has already priced-in the USD at around EGP 50. Does it settle there? What’s the market-clearing rate that will prompt folks hoarding USD (or holding back from pulling the trigger on investments) to transact?

We could know more as soon as next week: The Central Bank of Egypt will hold its final policy meeting of the year on 21 December. Some have speculated that policymakers could look to raise interest rates, but we think it more likely that the Monetary Policy Committee will act on rates only in tandem with a move to a floating currency regime.

FYI- The international press had the story: Bloomberg | Reuters.

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3

Tax

FinMin scraps rule allowing businesses to pay VAT on FX sales in local currency

Do business in FX? You won’t be able to settle your VAT dues in EGP after all:All businesses pricing goods and services in foreign currency will now have to settle their VAT dues in FX after the Finance Ministry scrapped a rule that would have allowed them to pay in EGP, according to a ministry document seen by Enterprise.

The background:

  • The rules: The ministry last month began requiring companies and sole traders doing business in FX to pay VAT in hard currency.
  • There was a degree of flexibility: Under the rules, the ministry said it would allow businesses to pay in EGP provided they had evidence that they had exchanged an equivalent amount of FX.

That flexibility is now gone: The ministry will no longer allow businesses to pay in EGP because there was no sure-fire way to verify whether they had actually exchanged hard currency, an official at the Finance Ministry told Enterprise. There was also no established set of rules to punish those that failed to follow the procedures, they said.

We should know more soon: The new rule will be published soon in the Official Gazette, and the ministry will issue detailed directives listing sectors that are required to pay their VAT dues in FX, a second ministry source told us.

What we know so far — from the Finance Ministry:

  • Importers are exempt;
  • VAT will only be collected in FX from companies that are licensed to transact in foreign currency, like tourism companies.
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4

Privatization

National Investment Bank wants to sell down stake in Misr Cement Qena

State-owned National Investment Bank (NIB) wants to sell its 10% stake in the EGX-listed cement producer Misr Cement Qena to a private-sector investor, Al Borsa reported Saturday, citing anonymous sources.

Advisors: The bank’s investment bank arm, NI Capital, will launch a tender to choose an advisor for the sale, according to Al Borsa.

Misr Cement denies knowledge: The company said it had no knowledge of the NIB’s reported plans in a bourse disclosure (pdf) yesterday.

Refresher: Planning Minister Hala El Said said last year that up to USD 3 bn worth of assets owned by the NIB could be offered to investors by the Sovereign Fund of Egypt (SFE).

Which other NIB assets could be up for grabs? NIB and Banque Misr together own almost 75% of state-owned real estate firm Midar, which the SFE is reportedly preparing to list on the EGX in 1H 2024. NIB’s stakes in Al Ezz Dekheila, Egyptian Media Production City and Misr Fertilizers Production Company (MOPCO) could also be in the cards.

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5

WAR WATCH

UN, Arab officials say Israel plans to force Palestinians into Egypt

UN, Arab officials warn about forced displacement: As the Israeli military’s assault on south Gaza pushes thousands of Palestinians closer to the Egyptian border, Arab and UN officials have voiced fears that the ultimate goal of its war is to displace the territory’s population into Egypt.

  • UNRWA head: “The developments we are witnessing point to attempts to move Palestinians into Egypt,” Philippe Lazzarini, the head of the UN agency for Palestinian refugees (UNRWA), writes in an op-ed in the LA Times. “If this path continues, leading to what many are already calling a second Nakba, Gaza will not be a land for Palestinians anymore.”
  • Jordan’s foreign minister: Israel is embarking on a “systematic effort to empty Gaza of its people,” an act that falls within the “legal definition of genocide,” Jordan's Foreign Minister Ayman Safadi said yesterday.
  • UN Sec-Gen: The intolerable conditions in the enclave could “increase pressure for mass displacement into Egypt,” UN Secretary-General Antonio Guterres said.

Israel denies: A spokesperson for the Israeli defense ministry denied the suggestions, claiming that “there is not, never was, and never will be an Israeli plan to move the residents of Gaza to Egypt.”

Remember:Reports published in the Israeli and Western press last month provided evidence of Israeli plans to resettle Gaza’s population in the Sinai, and quoted sources suggesting that Israeli Prime Minister Benjamin Netanyahu had been lobbying European leaders to back the plan. Egypt has reportedly warned Israel that any attempt to displace Palestinian refugees into Sinai could cause a “rupture” in the two countries’ relationship.

ON THE GROUND: 18k Palestinians have been killed in Gaza since 7 October | 130+ UN staff killed | WHO chief: Improving the current health situation in Gaza is “impossible.”

Israel is threatening to take things regional:

  • Netanyahu to Biden: If you don’t hit the Houthis, we will: The Israeli PM reportedlytold US President Joe Biden that his country will take military action against Yemen’s Houthi movement if the US and the international community fail to prevent the Iran-aligned group from targeting Israeli ships.
  • Violence escalates on the Lebanese border: Israeli air strikes leveled multiple areas in southern Lebanon and Hezbollah launched explosive drones and missiles at Israeli positions. The flare up came a day after Israel’s national security adviser warned that Israel “can no longer accept” Hezbollah on its border and will “act” if they continue to pose a threat.
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6

Moves

CEO of Egypt’s Raya CX Ahmed Aboulezz resigns

A change of leadership at Raya CX: Raya CX CEO Ahmed Aboulezz (LinkedIn) has stepped down from his position effective 7 December after less than a year in the job, the company said in an EGX disclosure (pdf) yesterday. Hisham Abdel Rasoul(LinkedIn) — who heads up the company’s IT arm Raya IT — has stepped in as interim CEO while the board finds Aboulezz’s successor.

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7

LAST NIGHT’S TALK SHOWS

Last Night’s Talk Shows: Wall-to-wall coverage of Egypt’s presidential election on first day of voting

Last night’s talk shows were heavy on superlatives as the nation’s talking heads talked about the first day of voting in the presidential election.

Among the key messages:

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8

EGYPT IN THE NEWS

Presidential election steals limelight in foreign press as polls open across the country

The presidential election continues to dominate the conversation on Egypt internationally this morning: The foreign press is focusing on the troubling economic and geopolitical backdrop to the vote, the high likelihood of President El Sisi securing a third term in office, and scenes at polling stations on the first day of voting yesterday.

Take your pick: Associated Press | Reuters | AFP | Bloomberg | New York Times | Washington Post | BBC | The Guardian

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9

Also on our Radar

World Bank to help localize climate-friendly agritech in Egypt + An African PE outfit wants a stake in a local pharma firm

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10

PLANET FINANCE

India’s stock market poised to overtake Hong Kong as leading trading center

India’s stock market is on track to eclipse Hong Kong: Recent surges in Indian share prices have put the country’s stock exchange on track to surpass Hong Kong and become one of the world’s largest trading centers, according to the Financial Times. The National Stock Exchange of India’s total market cap stood at USD 3.7 tn at the end of October, and with strong earnings and growth projections pushing share prices higher in the weeks since, the Mumbai-based market is poised to take the place of the Hong Kong stock exchange (October market cap: USD 3.9 tn) as the world’s seventh-largest exchange.

The hometown angle: Egypt is looking to raise (debt) finance in the Indian capital markets for the first time ever next year with an INR-denominated bond sale.

BIG US M&A NEWS-

  • US health ins. firm Cigna pulled out of a planned merger with Humana — a transaction that would’ve created a USD 140 bn ins. giant. (Financial Times)
  • An investor consortium has submitted a USD 5.8 bn bid for American department store company Macy’s. (Wall Street Journal)

EGX30

24,190

-2.0% (YTD: +65.7%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

11,297

+0.6% (YTD: +7.8%)

ADX

9,401

-0.7% (YTD: -7.9%)

DFM

3,952

-0.1% (YTD: +18.5%)

S&P 500

4,604

+0.4% (YTD: +19.9%)

FTSE 100

7,554

+0.5% (YTD: +1.4%)

Euro Stoxx 50

4,523

+1.1% (YTD: +19.2%)

Brent crude

USD 75.84

+2.4%

Natural gas (Nymex)

USD 2.58

-0.2%

Gold

USD 2,014.50

-1.6%

BTC

USD 43,807

-0.3% (YTD: +165.4%)

THE CLOSING BELL-

The EGX30 fell 2.0% at yesterday’s close on turnover of EGP 3.4 bn (9.4% above the 90-day average). Local investors were net buyers. The index is up 65.7% YTD.

In the green: Madinet Masr (+3.9%), Fawry (+1.0%) and EFG Holding (+0.6%).

In the red: Mopco (-10.1%), Orascom Development Egypt (-6.9%) and Palm Hills Development (-5.5%).

Asian markets are largely up this morning as investors welcome Chinese inflation falling at its fastest pace since 2020, according to CNBC. Equities futures suggest Europe will largely open in the green later today, while Wall Street could be looking at a mixed open.

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Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard
11

BLACKBOARD

What is the state of Egypt’s corporate L&D in 2023?

What Egypt’s corporate L&D looks like amid economic headwinds + growing tech importance: Across different sectors, Egyptian corporates — both local and multinational — continue to place significant focus on the learning and development (L&D) of its employees throughout varying seniority levels. Globally, most university-based executive education programs work with corporate clients — as opposed to Egypt, where individuals are investing a lot in their own L&D for better job prospects, according to a recent AUC School of Business report (pdf) that surveyed 40 companies in Egypt across 12 different sectors to map the L&D landscape from a corporate perspective. Broadly speaking, many of the same key market gaps from 2022 have carried over into 2023, albeit with different weights and with some gaps narrowing since last year, the report shows.

THE KEY TAKEAWAYS-

  • Nearly two thirds (60%) of the market is up to date on the latest L&D trends;
  • Companies are placing greater emphasis on the need for experiential learning and application-based learning and development programs;
  • A large market gap remains when it comes to effective assessment support, which, despite being costly, companies are willing to pay for.

Who’s seeking out L&D in Egypt? Companies broadly identify their L&D training needs through their L&D department, which the report says “was the key identifier of training needs in 79% of the studied cases,” while other departments and circumstances or market developments prompted accounted for 18%. Coming in last with 3% of the cases is “strategic vision and management-driven triggers,” according to the report. However, the bottom-up process has become less predominant at SMEs in Egypt (23% weight in 2023 vs. 33% in 2022) as “the ongoing economic uncertainty and disruption in the Egyptian market has driven SME managers to be more involved in decisions related to various cost streams, which includes training expenditures.”

And who’s keeping up with the L&D landscape? Some 60% of respondents indicated that they “are always updated with the latest trends” in L&D, with these respondents noting that they are able to keep up thanks to top-level support of the importance of L&D, having adequate access to resources, how the organization functions, and “evolving industry trends.” Multinational players also cited global directives as being a key driver.

The biggest gap in L&D: Companies also really want to see experiential learning taking the lead. The largest gap in the L&D market that respondents identified is the need for experiential learning and programs that prioritize knowledge application, although a smaller percentage of respondents cited it as a gap this year than did in 2022. While 48% said this is a key market gap in 2023, this is down from 71% in 2022. “There is a clearly visible gap in the local L&D sector between conveying concepts and providing theoretical knowledge on the one side, and the application of that knowledge in practice on the other,” the report says.

Not seeing as much progress as desired: Digital learning tech. Although the covid-19 pandemic changed workplace dynamics and introduced fully remote or hybrid work models, “simultaneously increasing the reliance on technology and digital tools … many L&D professionals believe that corporates and providers are still behind when it comes to making full use of digital learning technology,” the report says. This gap persists even though earners surveyed in the report were most keen to learn more about digital transformation, with 48% of respondents identifying it as the most important topic for L&D. Digital transformation was followed by “financial inclusion, disruptive management, healthcare forecasting and systems, [and] storytelling,” the report notes.

The same goes for L&D providers finding the right balance between hard and soft skills, which the report notes also “did not see a noticeable change” y-o-y in terms of the size or weight of the market gap. Respondents indicated that there’s a lack of “optimally coupled” training that effectively blends hard skills — technical knowledge or training that are required for job-related duties — with soft skills — which include people, communication, and time management skills. “Most notably, local providers are still behind when it comes to offering hard skills training programs that are intensely functional or technical in nature, especially if they’re industry-, category-, or company-specific,” the report says. Local companies reported a greater need for this blended training, which the report suggests “stems from the push to produce faster results in order to better compete in the market.”

Looking ahead: As Egypt’s workforce is grappling with “repeated shocks and disruptions” on the macroeconomic level, the importance of companies keeping their employees trained and equipped to cope with a constantly evolving landscape is key, the report notes. “Upskilling and reskilling current employees is crucial for the success of both organizations and individuals,” and is significantly more cost-effective and beneficial to companies than consistently bringing on board new talent to fill talent gaps. This focus on upskilling and reskilling also needs to focus on providing employees with the needed L&D through experiential programs that provide a “local flavor.”

Your top education stories for the week:

  • We’re planning to sell off 44 schools to the private sector: Ten new schools and another 34 under development will be offered to private-sector investors by the Education Ministry, a cabinet statement said.
  • The Knowledge Hub Universities may have a new branch soon: Elsewedy Education’s Knowledge Hub Universities wants to open a branch in Sheikh Zayed, Al Borsa reports.
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CALENDAR

DECEMBER

30 November-12 December (Thursday-Tuesday): COP28, Dubai.

9-15 December (Saturday-Friday) :The Engineering Export Council of Egypt’strade mission to Saudi Arabia.

10-12 December (Sunday-Tuesday): Voting in presidential election takes place in Egypt.

12-13 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.

12-14 December (Tuesday-Thursday): Food Africa Expo, Egypt International Exhibition Center.

14 December (Thursday): Bidding deadline for five gold mine concessions in the Eastern Desert.

14-21 December (Thursday-Thursday): El Gouna Film Festival.

16-18 December (Saturday-Monday): Egypt, Ethiopia, and Sudan to resume talks over the filling of the Grand Ethiopian Renaissance Dam (GERD).

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

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

Signposted to happen sometime in December:

  • Gov’t expects to finalize sale of a stake in military-owned bottled drinks company Safi
  • Gov’t expects to finalize stake sale for military-owned fuel retailer Wataniya.
  • Gov’t expects to finalize sale of Zafarana wind farm
  • FRA to announce chosen consortium for credit rating license
  • Kenyan trade conference in Egypt.

EVENTS WITH NO SET DATE

2H 2023: Egyptian government expected to sign agreements with a consultant for the EuroAfrica electricity interconnector.

2H 2023: President Abdel Fattah El Sisi and Turkish President Recep Tayyip Erdogan expected to hold a summit.

3Q 2023: E-Finance to launch in Saudi Arabia.

4Q 2023: EGX to launch its new futures exchange.

4Q 2023: EGX to launch a shariah-compliant index.

End of 2023: A Developments’ first phase of the Lazoghly development completed.

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

25 February 2024 (Sunday): Deadline for bidders for oil and gas expansion in the 23 new regions.

Q1 2024: Opening of the new developed Pyramids Plateau in Giza.

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.

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

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

November 2024: Egypt to host the 12th session of the World Urban Forum (WUF12).

2Q 2025: Safaga Terminal 2 to start operations.

2024

EVENTS WITH NO SET DATE

The Grand Egyptian Museum could be officially open to visitors some time between February and May 2024 .

Q1 2024: Opening of the newly developed Pyramids Plateau in Giza.

JANUARY

1 January (Monday): Egypt to join the Brics.

7 January (Sunday): Coptic Christmas.

17 January (Wednesday): A delegation of Egyptian companies to visit Istanbul.

25 January (Thursday): Revolution day.

FEBRUARY

11 February (Sunday): The deadline to apply for the Chicago Booth Executive Program

APRIL

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

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

MAY

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

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (TBC).

29 May (Wednesday): Chicago Booth Executive Program

JUNE

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

30 June (Sunday): June 30 Revolution Day.

JULY

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

23 July (Tuesday): Revolution Day.

SEPTEMBER

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

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

OCTOBER

6 October (Sunday): Armed Forces Day.

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