Madbouly virtually sits down with over 200 investors in a bid to attract more investments

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WHAT WE’RE TRACKING TODAY

Shareholders can buy into EGX-listed Qalaa’s debt today

Good morning, friends. We have already started the countdown to the Eid Al Adha break, but until then we have plenty of business news to catch up on.

HAPPENING TODAY-

#1- Egypt hosts three-way talks to reopen Rafah crossing: Egyptian, US, and Israeli officials will convene today in Cairo to discuss reopening the Rafah crossing, a high level source told Al Qahera News. Egypt is demanding Israeli forces give up control of the Palestinian side of the crossing before it agrees to reopen it. The crossing has been closed for weeks now following Israel’s occupation.

#2- Qalaa Holdings shareholders can buy into its debt today after its ordinary general assembly approved the debt payback plan. Shareholders can buy into the debt purchase transactions — a series of transactions that will see Qalaa retire some USD 430 mn in foreign-currency debt — in EGP or USD.

What’s next? If the company doesn’t raise the full debt amount tomorrow, it will open a second round of subscription on 9 June.

Read more: We spoke with Qalaa founder and chairman Ahmed Heikal last month to get the full picture.

#3- House gears up to vote on the state budget: The House is back in session today and tomorrow to discuss and vote on the proposed state budget and socioeconomic development plan for the next fiscal year.

Oil exploration in the Western Desert is also on the House’s agenda: The House will also discuss four draft bills allowing the Oil Minister to contract foreign and local companies to explore for oil in Siwa, El Alamein, and to the east of the Ghazalat area.

WATCH THIS SPACE-

#1- Another IPO to stay on the lookout for? Cairo-focused Al Ismaelia for Real Estate Investment is currently looking into a capital increase ahead of making its market debut in two years time, CEO Karim Shafie told Asharq Business.

#2- Land-for-FX initiative put on ice for expats: The New Urban Communities Authority (NUCA) has suspended land-for-FX sales for Egyptians abroad until it assesses the compatibility of the initiative with the central bank’s policies, according to a statement. Foreign investors and companies are excluded from this decision.

Refresher: Introduced in December 2022, the land-for-FX initiative offers land for local and foreign investors and companies for FX, provided that it is sourced from outside Egypt. The initiative was part of government programs set in motion to shore up the country’s FX reserves and attract more foreign currency investments.

THE CRYSTAL BALL-

Bread subsidy cuts forecasted to push up monthly inflation: The Madbouly government’s decision to hike the price of subsidized bread 300% — the first time bread subsidies have been touched in 30 years — could see m-o-m inflation rise by up to 3.5% in June, analysts say.

The largest forecasted jump came from CI Capital, which predicts that the subsidy cut will increase m-o-m inflation 2.5-3.5% in June, the firm said in a note seen by Enterprise. However, their average forecast for 2024 is more optimistic, seeing inflation averaging between 26-29%, down from 34% the year before.
Naeem Brokerage anticipates a m-o-m 2.2% rise on the back of the price hikes, the firm said in notes seen by Enterprise
Fitch Solutions’ MENA country risk chief Ramona Moubarak sees m-o-m inflation rising an additional 1.0 percentage points on the back of the price rise. Fitch now sees inflation averaging around 30% for the year and 18% in 2025.

NEWS TRIGGERS-

It’s the first week of June — here are the key news triggers to keep your eyes on in this month:

Checking up on the nation’s non-oil private sector: S&P Global will publish Egypt’s PMI figures for May on Tuesday, 4 June, measuring the country’s non-oil private sector activity, which has been in contraction for the last 41 months. We’re still yet to see the hoped for uptick in business activity following the float of the EGP in March, recent policy shifts, the expanded IMF package, Gulf investments and funds from international lenders, and focus on clearing backlogs.
Inflation nation: Capmas and the CBE are expected to publish the inflation data for May on Tuesday 10 June. Policy makers and the business community will be hoping that headline inflation cools for a third consecutive month in May, after having eased on the back of slower food price increases as traders continued to price in a lower exchange rate than in the now-defunct parallel market.
Egypt and the EU will host a joint investment conference on 29-30 June with President Abdel Fattah El Sisi and European Commission President Ursula von der Leyen in attendance. The conference is expected to bring together some 450 European companies and is being hyped up as something for the business community inside and outside of Egypt to get excited about. Watch this space.

PSA-

WEATHER- The heatwave returns. The capital is in for another hot week with highs reaching 40°C. Today we are looking at highs of 37°C and lows of 24°C, according to our favorite weather app.

It’s cooler in Alexandria, with a high of 33°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.

CIRCLE YOUR CALENDAR-

Opening the door for the private sector: Companies looking to go green and leverage privately produced renewable energy have until the end of August to send their requests to the Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera), according to a statement. This comes under the first phase of an Egyptera initiative which will allow the private sector to use the state’s electricity grid to transmit electricity to their end clients.

Remember: The EBRD has been working with Egyptera on improving its regulatory framework to promote a more competitive market and increase the private sector’s role in producing, distributing, and selling power. Private-sector players have long been asking for the ability to use the state’s electricity grid to transmit electricity to their end clients. Currently, clients operating solar and wind facilities generate electricity and sell it to the state under a long-term offtake agreement.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

WAR WATCH-

Fresh hopes for a ceasefire agreement? Israel has proposed a three-part plan that would end with a permanent ceasefire in Gaza and the release of all hostages, US President Joe Biden said on Friday. Hamas reportedly “had a positive view” of the plan.

The details: The first phase will include a full six-week ceasefire, the withdrawal of Israeli forces from all populated areas of Gaza, the release of some Israeli hostages in exchange of hundreds of Palestinians, and the entrance of 600 trucks of humanitarian aid into Gaza every day. During the first six weeks, Hamas and Israel would negotiate “the necessary arrangements to get to phase two.” A final phase would see the start of reconstruction in Gaza.

Netanyahu is dead-set on destroying Hamas first: Israeli Prime Minister Benjamin Netanyahu said that the Israeli side will not agree to a permanent ceasefire before the destruction of Hamas’ military and governing capabilities.

A joint call from the three mediators: Egypt, the US, and Qatar are “ jointly calling on both Hamas and Israel to finalize the agreement.” The news got on ink from: Reuters | FT | Associated Press.

THE BIG STORY ABROAD-

MEANWHILE, IN INDIA- Another term for Modi? The ruling Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, will likely lead the world’s fastest-growing economy for another five years, according to exit polls. Pundits see the BJP winning up to 401 seats in India’s 543-seat lower house — aka Lok Sabha. Election results will be announced on Tuesday. (FT | BBC | CNBC)

Dive deeper: Bloomberg senior editor Menaka Doshi has deep dive on what Modi’s exit poll victory tells us about his dominance across India.

TO THE SOUTH: There’s nothing but uncertainty in South Africa after the ruling African National Congress lost its 30-year parliamentary majority, putting the country on a “new political path for the first time since the end of the apartheid system of white minority rule 30 years ago,” the AP writes.

Why does this matter? This change in parliamentary leadership puts the presidency of Cyril Ramaphosa in question. It now needs to form a coalition with partners it has spent months badmouthing, and at least one of them wants Ramaphosa out before it will consider talks. (BBC | FT | Reuters)

Business will be watching closely: The ANC’s potential coalition partners include a right-leaning group popular with Afrikaaners that wants to end black-ownership and -employee quotas — and a left-leaning party that wants to nationalize key industries.

IN BUSINESS NEWS- KSA HQs for all. The Saudi government is ramping up efforts to lure Wall Street firms to the Kingdom, Bloomberg reports, citing people it says are familiar with the matter. The Kingdom’s sovereign wealth fund has reportedly amended the documents it sends out to bankers who are looking to secure business contracts in Saudi to include inquiries into whether or not they’ve secured a regional headquarters license.

China has become the first nation to land on the far side of the moon: A Chinese spacecraft touched down on the far side of the moon a few hours ago, helping China gain points in the “ global rush to the moon.” The far side of the moon has remained unexplored by humans until now, seeing as it is more challenging when it comes to communications because it never faces Earth. With its robotic lunar exploration mission Chang’e-6, the nation will try to collect lunar material and bring it back to earth — another first for humankind.

AND ON THE CLIMATE FRONT- Up to 300 families are preparing to permanently leave behind their homes on a small Panamanian island due to rising sea levels. They are expected to be the first of 63 communities living on Panama’s Caribbean and Pacific coasts to evacuate their homes due to rising sea levels.

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.

UAE’s Electra bid for Elsewedy receives the regulatory greenlight

Emirati Electra’s bid for Elsewedy Electric moves forward: The Financial Regulatory Authority (FRA) approved Abu Dhabi-based electrical equipment manufacturer Electra Investment Holding’s bid to acquire a 24.5% stake in Elsewedy Electric, according to an FRA statement (pdf) out Thursday.

The pricing: Electra will pay USD 1.05 a pop — marking an 11.37% premium to Elsewedy Electric’s share price of EGP 44.51 (USD 0.94) at the end of trading before the weekend. If Electra succeeds in getting the whole 24.5% of the company it’s after, the transaction would be valued at USD 558.4 mn, by our math.

What’s next? Elsewedy Electric’s board will meet on Wednesday to discuss the offer and appoint an independent financial advisor to gauge the fair value of the company’s shares, two unnamed sources told Asharq Business. According to the FRA, Elsewedy Electric will need to tap a financial advisor and clarify the board’s decision within the next 15 days. The share sale will be conducted via the special operations market (OPR) within the next 20 days.

Remember: Elsewedy Electric had a good 2023 with the company’s net income jumping 87% y-o-y to EGP 10.1 bn and revenues rising 65% y-o-y to EGP 152.2 bn.

Advisors: EFG Hermes is Electra’s sole financial advisor for the transaction, an informed source told Enterprise.

Market reax: Elsewedy Electric’s shares rose 0.47% to EGP 44.51 a share after the news broke on Thursday.

El Sisi, Xi agree to balance out trade relationship

El Sisi in China: Promoting a more balanced trade relationship between Egypt and China topped discussions between President Abdel Fattah El Sisi and Chinese President Xi Jinping during El Sisi’s visit to China for the China-Arab States Cooperation Forum in Beijing, a joint statement said on Thursday. The two agreed to allow more high-quality Egyptian products into the Chinese market and to explore local currency-denominated local trade.

What trade imbalance? Despite consistent talk of balancing out our trade relationship with the country, Egyptian exports to China halved from 2022 to 2023, according to data (pdf) released by state statistics agency Capmas. While China imported only USD 909 mn worth of Egyptian goods in 2023, Egypt imported USD 12.9 bn from China.

Chinese investments look set to keep up the momentum: The two countries agreed to prioritize localizing industry and transferring technology by expanding Egypt-bound industrial investments

Industries to keep an eye on: The statement namechecked manufacturing EVs and solar panels — two products that China is leading the way in terms of affordability and the tech behind them. Chinese companies may also have a new incentive to expand their production outside the country after the US slapped Chinese imports of the two products with massive tariffs. Chemical industries, building materials, agritech, and hotels were also named as targets for investment. The two sides also agreed to strengthen cooperation in AI, science, culture, and media.

Egypt’s Madbouly holds a virtual meeting with investors from across the globe

A virtual sit down with international investors: Prime Minister Moustafa Madbouly and several high-level government officials on Thursday held a virtual meeting with over 200 international investors, representing 110 companies, according to a cabinet statement. The conversation centered around the local investment environment and gave investors the chance to ask questions.

International representation: While the meeting saw investors of various nationalities, Gulf investors dominated the meeting. Some 59 Emirati investors and 37 Saudi investors were in attendance. Investors from the US, UK, and South Africa were also present.

Also in attendance: Led by Madbouly, the meeting was attended by Vice Minister of Finance Ahmed Kouchouk, CBE Deputy Governor Rami Aboul Naga, and EFG Holding Group CEO Karim Awad.

Smart policy: The government is working to attract more investors into the local market by being more transparent, adopting clear economic policies, and building a stable legislative framework, Madbouly told the investors. This includes providing fresh investments for investors, backed by smart tax and financial policies.

What kind of investments? Madbouly points to industry, agriculture, ICT, and tourism as the main sectors under the government’s radar over the coming period.

More to come: The state will promote a list of “attractive investments” to Arab and foreign investors during the upcoming EU-Egypt Investment Conference, kicking off on 29 June.

ALSO FROM MADBOULY-

When can we see the entirety of Ras El Hekma’s investments? The USD 150 bn of investments expected to be attracted as Ras El Hekma is built out will come at a rate of USD 3-4 bn per year, Madbouly said. By our math, this means we should see the total amount come in after 37 to 50 years.

Egypt’s net foreign asset deficit continues to narrow in April for third consecutive month

Egypt’s net foreign asset deficit continued to narrow in April, as the country’s banking system continued to feel the effects of the float of the EGP and subsequent FX inflows following the Ras El Hekma agreement. Net foreign asset deficit fell to USD 3.7 bn in the Egyptian banking system, down from USD 4.2 bn in March, according to Enterprise calculations based on Central Bank of Egypt figures.

Data point: The country’s external position has improved for three consecutive months with the net foreign asset deficit narrowing 87% since reaching an all-time high of USD 29.0 bn in January.

You can thank the central bank’s net foreign asset position: The Central Bank of Egypt’s net foreign asset deficit nearly halved to USD 763 mn, down from USD 1.4 bn in the previous month. Foreign assets rose over USD 2 bn, while foreign liabilities at the CBE rose nearly USD 1.4 bn.

But commercial banks saw their net foreign asset deficit widen — albeit very slightly: The net foreign assets deficit in commercial banks recorded just under USD 2.9 bn, up from USD 2.8 bn in March. Commercial banks saw their foreign assets rise USD 1.3 bn, while liabilities rose USD 1.4 bn during the same period.

IDH, TMG, Eastern Company report 1Q earnings

More 1Q earnings released. More companies were out with their 1Q earnings over the weekend.

IDH’S NET INCOME MORE THAN DOUBLES-

Strong tests volume boosts IDH’s results: Regional diagnostic services provider Integrated Diagnostics Holding (IDH) saw its net income soar 139% y-o-y in 1Q 2024 to EGP 402 mn, the company said in its latest earnings release (pdf). Revenues saw a 28% y-o-y increase during the quarter to EGP 1.2 bn “on the back of strategic price hikes implemented across several of the company’s geographies.”

Egypt drove the growth: Revenues from Egypt operations accounted for some 84.5% of the company’s topline during the quarter, recording a 35% y-o-y increase to record EGP 989 mn. This came “despite the anticipated slowdown in patient traffic associated with the holy month of Ramadan which this year began in the second week of March,” IDH’s CEO Hend El Sherbini said.

A look at the other markets: Jordan came in second accounting for 14.1% of the company’s revenues, followed by Nigeria, Saudi Arabia, and Sudan.

Looking ahead: “In Egypt, we are beginning to see the early signs of a sustained economic recovery … As such, we expect volumes to continue growing steadily as inflation declines and patients’ purchasing power improves,” El Sherbini said. “Elsewhere across our footprint, we are particularly excited to continue ramping up operations in Saudi Arabia and begin to realize our new market’s full potential.”

TMG’S BOTTOMLINE UP ALMOST 6X-

TMG‘s bottomline logs sixfold increase: Talaat Moustafa Group Holding’s (TMG) net income surged 491% y-o-y in 1Q 2024 to over EGP 4.1 bn on the back of a landmark agreement that saw TMG acquire a majority stake in a group of seven historic hotels, the company’s earnings release (pdf ) showed. The acquisition spurred TMG’s hotel division to amass EGP 3.7 bn in revenue during the quarter, a 360% y-o-y increase,

Contractual sales drove growth: TMG’s topline rose 53% y-o-y during the quarter to EGP 6.8 bn. The company recorded EGP 115.3 bn in contractual real estate sales, a nearly 2.7-fold increase. The surge in sales was driven by EGP 32 bn in reservations for the Banan city project, which is being developed by the company’s Saudi arm in Riyadh.

EASTERN COMPANY’S NET INCOME UP 26% IN 1Q–

Tobacco giant Eastern Company saw its net income increase 26% y-o-y to nearly EGP 2.3 bn in the third quarter of the fiscal year 2023-2024, according to the company’s latest earnings release (pdf). Meanwhile, revenues rose 25% y-o-y to EGP 5.8 bn thanks to an increase in local cigarette sales.

The bigger picture: Eastern Company saw its net income dip 2% y-o-y during the first nine months of the fiscal year to EGP 5.2 bn. Meanwhile, revenues fell 5% y-o-y during the period to EGP 13.7 bn.

ICYMI: US-based tobacco behemoth Phillip Morris acquired an indirect 14.7% stake in Eastern Company in May. Eastern Company and Phillip Morris’ subsidiary United Tobacco are the only companies licensed to manufacture cigarettes in Egypt.

MTI’S NET INCOME ROSE 62% IN 1Q 2024

MM Group for Industry and International Trade (MTI) recorded a net income of EGP 248 mn in Q1 2024, up 61.8% y-o-y, according to the company’s latest earnings release (pdf). The company’s topline was up 11.8% y-o-y to EGP 2.8 bn, driven by strong growth in its consumer electronics segment, which accounted for three quarters of revenues.

Egypt’s Supply Minister weighs in on bread price hikes

Another carb-heavy night on the airwaves: The nation’s talking heads didn’t shift their attention from bread prices, following the Madbouly government’s decision to slash bread subsidies, hiking the price of subsidized bread by 300%.

Don’t point the finger at the IMF: The IMF had nothing to do with the government’s decision to cut down bread subsidies, Supply Minister Ali El Moselhy told Kelma Akhira’s Lamees El Hadidi (watch, runtime: 1:03:08), adding that there was a proposal to cut down on the daily bread allocation for citizens but the government rejected it. The decision aims to help the state reduce its budget deficit before the start of the new fiscal year.

No more hikes … unless. There won’t be further price hikes to subsidized bread, unless we see major price fluctuations, El Moselhy assured.

Pricier bread also means less waste: “Some 25-30% of the EGP 125 bn allocations for bread subsidies goes to waste,” House Planning and Budget Committee head Fakhri El Fiqi told Ala Masouleety’s Ahmed Moussa (watch, runtime: 4:01 | 4:03 | 3:25). “Around EGP 35 bn of the allocations go to undeserving beneficiaries,” he added.

Change is coming: The Supply Ministry will soon roll out prepaid cards for non-ration card holders, who will be able to purchase bread at EGP 1.25 a loaf.

The government cares about the public response: “We are monitoring the public opinion on [bread price hike]. We understand concerns about shifting from in-kind to cash subsidies,” cabinet spokesperson Mohamed El Homsani spoke to El Hekaya’s Amr Adib (watch, runtime: 46:45).

FACT CHECK- You’re not getting less bread on your ration cards: The cabinet denied rumors about reducing ration card holders’ monthly bread allocation.

Egypt’s Algebra Ventures backs Moroccan agritech startup

STARTUPS-

Homegrown Algebra Ventures invests in Morocco’s YoLa Fresh: Cairo-based VC firm Algebra Ventures participated in a pre-Series A funding round for YoLa Fresh, helping the Moroccan agritech startup raise USD 7 mn, according to a statement (pdf). The round was led by Al Mada Ventures and with participation from E3 Capital, Janngo Capital, and the Dutch entrepreneurial development bank FMO. YoLa will use the funding to expand its logistics network and introduce more farmers to its platform.

The VC has been doing a lot of investing: Algebra Ventures invested over 10 mn in ten companies in 2023 and plans to invest another USD 20 mn this year.

Want more about what’s in the pipeline for Algebra? We had coffee with Karim Hussein, managing partner of Algebra Ventures to discuss how the VC has been handling economic headwinds, what it looks for in startups, and what Algebra has planned for the coming period.

ENERGY-

Taqa Arabia subsidiary to supply Elsewedy Industrial City with LNG in Tanzania: Taqa Arabia subsidiary and Egypt-based LNG-focused energy company Rosetta for Energy Solutions will provide Elsewedy Industrial Development’s Elsewedy Industrial City in Tanzania with LNG under a recently inked MoU, according to a joint statement (pdf). The agreement will see Rosetta send LNG by truck in specialized containers from a small-scale liquefaction facility in Dar es Salaam to the industrial park some 100 km away, where it will be regasified for use.

PHARMA-

Pharma cooperation with Cuba: Egypt and Cuba will work to strengthen cooperation in the fields of pharma and biotechnology under an MoU inked between the Arab Company for Drug Industries and Medical Appliances (ACDIMA) and Cuba-based pharma company BioCubaFarma, according to a statement.

Aramco’s secondary share sale kicks off today

Aramco is pulling the trigger on a secondary sale of a 0.64% stake that could raise up to USD 11.6 bn today, it confirmed in a statement (pdf) on Thursday. The oil giant set the price range between SAR 26.70-29 (USD 7.12-7.73) per share. Institutional book-building gets underway in just a couple of hours, and will run until Thursday, 6 June, according to a separate statement (pdf).

The value of the sale could go up to USD 13.1 bn at the top end of the range under a “greenshoe option” which could see the size of the offering go up to a 0.7% stake if fully exercised, according to the statement. The option would allow bankers to buy some of the shares to stabilize the price of the offering.

A way to boost liquidity…: “The offering provides us with an opportunity to broaden the shareholder base amongst both Saudi and international investors,” Reuters quotes Aramco CEO Amin Nasser as telling reporters on a call after the announcement. “It also offers us an opportunity to increase liquidity and to increase our global index weighting.”

…and plug the budget deficit: The Kingdom is “resorting to the sale of equity in Aramco and to debt issuances,” Nasser is quoted as saying.

ALSO FROM ARAMCO- Aramco’s Prosperity7 fund backs Chinese AI startup Zhipu AI by taking part in a USD 400 mn investment round and becoming the first major foreign investor to back China’s attempts to challenge OpenAI and other Western tech companies . “The Saudis don’t want Silicon Valley dominating this industry,” a source close to the fund said. (Financial Times)

EGX30	26,923	-0.6% (YTD: +8.2%)
USD (CBE)	Buy 47.21	Sell 47.35
USD (CIB)	Buy 47.22	Sell 47.32
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,503	-1.7% (YTD: -3.9%)
ADX	8,863	+1.3% (YTD: -7.5%)
DFM	3,978	+0.2% (YTD: -2.0%)
S&P 500	5,278	+0.8% (YTD: +10.6%)
FTSE 100	8,275	+0.5% (YTD: +8.8%)
Euro Stoxx 50	4,984	0.0% (YTD: +10.2%)
Brent crude	USD 81.11	-0.9%
Natural gas (Nymex)	USD 2.59	+0.6%
Gold	USD 2,346	-0.9%
BTC	USD 67,790	+0.4% (YTD: +60.4%)

THE CLOSING BELL-

The EGX30 fell 0.6% at Thursday’s close on turnover of EGP 8.8 bn (81.4% above the 90-day average). Local investors were net buyers. The index is up 8.2% YTD.

In the green: Eastern Company (+7.4%), CIB (+2.2%), and Sidi Kerir Petrochemicals (+2.0%).

In the red: Mopco (-8.3%), TMG Holding (-4.7%), and Fawry (-4.6%).

CALENDAR

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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