Oil Ministry launches USD 530 mn project to pursue country’s green aviation fuel ambitions

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What We're Tracking Today

“Old rent” law set for an overhaul?

Good morning, folks, and welcome to the first day of a new work week. We’re off to a strong start this week in terms of investment, with a handful of big ticket projects announced that will be music to the ears of those banging the localization drum. But that’s not all, with the Supreme Constitutional Court’s ruling on the “old rent” law yesterday, nine-figure financing for the renewables sector, and more in today’s issue.

PSA-

WEATHER- It’s another refreshingly cool day in Cairo today, with a high of 24°C and a low of 16°C, with a chance of light-to-moderate rain in the capital city and various parts of the country, according to our favorite weather app.

It’s only a tiny bit cooler in Alexandria, with a high of 23°C and a low of 15°C, with a chance of moderate-to-heavy rain in the whole north of the country.

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

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

WATCH THIS SPACE-

Will the “old rent” law soon be revamped? The Supreme Constitutional Court ruled yesterday the fixed rent for residential properties stipulated in the so-called “old rent” law as unconstitutional and called on lawmakers to amend the first two articles of the law before the legislative season comes to a close. The court argued that the fixed annual rent cap set at 7% of the land and building’s value at the time of licensing showed the law’s failure to take into account inflation is unfair and denies landlords rights afforded to them under the constitution.

The House got the message: The parliament’s housing committee had already prepared a preliminary report on the “old rent” laws and it is scheduled to be presented at the upcoming general sessions, the House of Representatives said in a statement (pdf) yesterday.

The state has had the old rent law in its crosshairs for some time now: After years of talk of overturning the law, efforts picked up a gear last year after President Abdel Fattah El Sisi urged lawmakers to address the old rent law, telling a conference in the new capital that it is “unacceptable” that property owners are unable to take economic advantage of what he said amount to 2 mn housing units across the country. The then-newly elected chair of the House Housing Committee, Mohamed Attia El Fayoumi, told the media that amending the old rent law will be at the top of the committee’s agenda in the coming legislative season.

**We have more in Last Night’s Talk Shows below.

DATA POINT-

Tourist footfall is expected to reach a record high of 15.3 mn in 2024, increasing 5% y-o-y from the year before, according to a statement from the Tourism Ministry. The ministry’s most current projection is down from initial targets to welcome 15.7 mn tourists made earlier in the year.

We’ve got five years to up annual arrivals by nearly 10 mn: The government is working towards welcoming 25 mn tourists annually by 2030, down from a previously-set goal of hitting 30 mn tourists by 2028.

HAPPENING TODAY-

#1- It’s inflation day: State statistics agency Capmas and the Central Bank of Egypt will release inflation data for October today.

A Reuters poll of 17 analysts see headline inflation accelerating 0.6 percentage points to 27.0% y-o-y in October, with fingers firmly pointed at fuel price hikes that came into effect during the month and education costs.

This would mark the third consecutive monthly increase in inflation, as transport and energy costs continue to push up the headline figure despite food and beverage price inflation continuing to retreat on an annual basis.

But there’s still optimism that inflation will start cooling before the end of the year: Capital Economics’ James Swanston said they “expect for inflation to slow over the remainder of Q4 and more sharply in Q1 2025 to allow the central bank to start its monetary loosening cycle."

#2- Malaysian Prime Minister Anwar Ibrahim is in Cairo for a four-day trip to discuss Egypt-Malaysia relations, Malaysian state news agency Bernama reports. The visit, which began yesterday, will focus on developing bilateral ties in trade and investment, defense and security, tourism, education, and religious affairs, renewable energy and water.

Stay tuned for: Ibrahim is set to launch an assembly operations center for Malaysian automaker Proton during his visit and ink MoUs with Al Azhar to strengthen religious education and religious affairs cooperation.

#3- It’s day one of Falak Startups’ Fund Manager Masterclass: Emerging fund managers, entrepreneurs, and angel investors are gathering in Cairo today to attend the three-day, EBRD- and USAID-supported event to learn everything you need to know about VC funds from raising funds to successfully exiting companies.

THE BIG STORY ABROAD-

It’s a mixed bag in the international press this morning, giving us a mix of stories focused on the latest in US politics and the peace talks between Israel and Hamas.

Qatar suspended its negotiation efforts between Israel and Hamas for a ceasefire and hostage release agreement, and will resume the talks “when the parties show their willingness and seriousness” to end the war, Qatar’s Foreign Ministry said. The ministry pointed to “manipulation” and “blackmail” Qatar is facing as a mediating party, while “obligations agreed upon through mediation” are not being met.

As the negotiations stalled, media reports suggested that Qatar has requested that Hamas leaders leave the country, although the foreign ministry said in its statement that “media reports regarding the Hamas office in Doha [are] inaccurate,” without providing further details. Reuters, Bloomberg, and the Financial Times have the story.

In other regional news: Israeli airstrikes killed another 40 people in Lebanon in the past day, including in Tyre and Baalbek, bringing the total death toll in Lebanon from Israeli attacks in the past year to 3,136 people, including 619 women and 194 children, Reuters reports.

ACROSS THE POND- Republicans are on track to secure control of Congress, with the party already securing enough votes to take over control of the Senate, while the House looks likely to end the election with its Republican majority intact. Axios and Reuters have more.

Egypt’s Oil Ministry kicks off USD 530 mn sustainable aviation fuel project

Oil Ministry launches new company to pursue green aviation fuel ambitions: The Oil Ministry launched the Sustainable Aviation Fuel Production Company, which will invest USD 530 mn to develop production facilities and integrate the facility with other petroleum companies in Alexandria governorate, according to a ministry statement. The project aims to produce 120k tons of sustainable aviation fuel (SAF) and reduce carbon emissions by 400k tons a year, after production kicks off “within the next few years.”

We knew this coming: The ministry has been working on a plan that will see state-owned firm Egyptian Petrochemicals Holding Company (ECHEM) producing the country’s first SAFs, which a government source told us should kick off in 2025 once the necessary studies are completed.

The move dovetails with Honeywell wrapping up its SAF feasibility study: US multinational conglomerate Honeywell has finished its feasibility study with the European Bank of Reconstruction and Development for SAF production in Egypt, according to a separate statement from the ministry.

Sound smart: SAF is a biofuel used to power aircraft that is made from non-petroleum feedstock such as waste cooking oil, animal fats, and non-food crops. It can reduce carbon emissions by up to 80% compared to traditional jet fuel. Aviation was responsible for 2% of energy-related carbon emissions in 2022, the International Energy Agency’s most recent figures show.

FYI: If you don’t know your blue hydrogen from your green hydrogen or your biodiesel from your sustainable aviation fuel, you can check out our explainer on green fuels.

OUR TRADITIONAL HYDROCARBON SECTOR IS ALSO SET FOR A BOOST-

Dana Gas to embark on USD 100 mn drilling project once gov’t dues received: Emirati oil and gas giant Dana Gas is waiting for USD 24 mn out of a total USD 59 mn of outstanding dues owed by the government to be paid before it launches a USD 100 mn project to develop production, the company said in a statement (pdf) accompanying its latest earnings release. The investment includes the drilling of 11 new wells and is expected to add 80 bn cbf of gas reserves, according to the company.

The project could mean big savings for the state: The company claims the increased gas supplies from the project would save “over USD 1 bn for Egypt’s economy, reducing reliance on imported LNG and mazut for power generation.”

PLUS- Dragon Oil and the Oil Ministry look to AI to boost efficiency and sustainability: The UAE’s Dragon Oil and the Oil Ministry inked a cooperation MoU to use AI in the company’s operations in the Gulf of Suez, according to a ministry statement. The agreement aims to enhance production efficiency, data analysis, and reservoir management in its offshore fields.

Egyptian-Chinese JV to set up USD 360 mn tire factory in the SCZone

Another Chinese company eyes our auto sector: An unnamed Chinese company is looking to set up a USD 360 mn tire factory in the Suez Canal Economic Zone (SCZone) in partnership with the state-owned Arab Organization for Industrialization (AOI), Asharq Business reports, citing what it says are two informed anonymous sources.

Who will do what? The Chinese company will own 52% stake of the JV and will be responsible for securing financing for the project, while AOI will provide the land for the factory and will own the remaining stake.

The project is expected to begin production by the end of 2025, and will produce some 6 mn tires annually in its first phase, with plans to increase production to 12 mn tires in the future.

This isn’t the first time we heard about a Chinese company interested in local tire production: The Military Production Authority signed a contract with China’s Poly Group in December 2019 to jointly establish a tire production facility with an annual capacity of 3 mn tires, but we haven’t heard much on the project since then. We also heard that the China National Tire & Rubber Corporation was in talks with the military production and public enterprise ministers all the way back in 2018 to discuss setting up a tire factory, but likewise didn’t hear anything more about the project later down the line.

There’s also other sizable tire factories in the pipeline: Rolling Plus Chemical Industries signed a contract last year to establish a EUR 1 bn tire factory to produce some 7 mn tires. The government is also reportedly working with the private sector to revive and develop state-owned tire manufacturer Trenco with estimated investments of USD 160 mn.

**Read more about our fledgling domestic tire industry — and the challenges it’s facing — in this Inside Industry two-parter we published last year (Part I | Part II).

IN OTHER MANUFACTURING NEWS-

Austrian wood panels manufacturer Kronospan wants to partner with Nag Hamady Fiberboard Company to set up a 150k sqm production line in the Egyptian company’s existing factory to produce MDF, according to a statement by the Industry Ministry. The statement also confirmed that the company’s plans to set up a USD 50 mn wood panel factory to produce chipboard, MDF, and floorboards, among other products announced in 2023 is still in the study phase.
Egyptian food giant Edita signed a toll manufacturing agreement with Misr Food Additives, according to a disclosure (pdf). The agreement will enable Edita to expand their offerings in the biscuit sector, specifically for their flagship brand Oniro.
Oriental Weavers and Orascom’s Gemini Enterprises launched an entrepreneurial initiative titled Weavers of Tomorrow. The program will build an integrated business ecosystem to support youth and startup founders, aimed at advancing the textile industry, according to a statement.
Leading tissue maker eyes expansion: Facial tissues manufacturer Fine Hygienic Holding is set to inaugurate new upgrades and expansions at its Easy Care factory in mid-November, Al Mal writes, citing CEO Mohamed El Damardash. The facility has added three production lines since Fine acquired Easy Care in April 2023.

EBRD mulling USD 200 mn loan for Hassan Allam Utilities and ACWA Power’s 1.1 GW Gulf of Suez wind farm

Gulf of Suez mega wind farm looks close to securing 20% of its total funding: Saudi renewables giant ACWA Power and Hassan Allam Utilities (HAU) are in talks with the European Bank of Reconstruction and Development (EBRD) over a proposed USD 200 mn loan to help finance the alliance's USD 1.06 bn mega wind farm planned for the Gulf of Suez, according to a project summary from the development bank. No further details about the terms of the financing were provided.

This isn’t the only piece of financing the consortium is hoping to finalize by the end of this year: The two companies are reportedly set to secure close to USD 900 mn in financing by the end of the year for their 1.1 GW wind farm in Gulf of Suez, a source with knowledge of the matter told EnterpriseAM in September.

The details: When operational, the project will offset 2.2 mn tons of carbon dioxide annually and produce enough power for nearly 1.1 mn households. The wind farm’s 1.1 GW capacity will mark it as the largest wind project in both Africa and the Middle East.

Remember: The consortium signed a 25-year land usufruct agreement with the New and Renewable Energy Authority for the wind farm back in January. Commercial operations are set to begin by the end of 2026, according to a statement released at the time.

IN OTHER DEVELOPMENT FINANCE NEWS-

A USD 120 mn top-up for Scatec’s solar project? EBRD also gave its initial approval to a USD 120 mn equity bridge loan to Obelisk Solar — a special purpose vehicle owned by Norway’s Scatec — to fund part of Scatec’s 1-GW solar power plant in Nagaa Hammadi, the lender said in a project summary. The funds, if given the final green light, will come in two tranches and will be used to help build the solar farm and equip it with a 200 MWh battery energy storage system.

Remember: The Norwegian renewables developer inked an agreement earlier this year to build a USD 1.1 bn solar plant to power EgyptAlum’s Nagaa Hammadi industrial complex with 2 GW of green energy. The project is part of the state-owned aluminum producer’s plan to ramp up production, comply with global sustainability and manufacturing standards, and lower its carbon footprint.

ALSO- The EBRD has launched a EUR 35 mn unfunded portfolio risk-sharing facility with QNB Egypt to support SMEs, which will help cover 50% of the credit risk of new on-lending, according to a statement from the development bank. This facility — which the bank says is the first of its kind in Egypt and the southern and eastern Mediterranean region — aims to reduce the financing gap for these businesses. The EBRD will also implement a pilot climate-risk assessment tool with QNB to help the bank assess and monitor climate-related risks in its portfolio, in line with international best practices.

Vodafone Egypt welcomes Mohamed Moaz as the new business and strategy development director

Vodafone names a new business and strategy director: Vodafone Egypt has appointed Mohamed Moaz (LinkedIn) as the firm’s new strategy and business development director, Al Mal reports. Maoz started at Vodafone Egypt in 2006 as a pricing team leader, and assumed many positions in the company’s Egypt branch, before he took the chief marketing officer post in Vodafone Albania. He also served as chief marketing officer in fintech startup Superpay in 2024. Moaz founded his own AI and SaaS solutions company — AIM Technologies — in 2019.

The Supreme Constitutional Court’s ruling on the “old rent” law touted as “historic” by the nation’s talking heads

A historic ruling: El Hekayah’s Amr Adib described the Supreme Constitutional Court’s ruling that the fixed rent for residential properties stipulated in the so-called “old rent” law is unconstitutional as "historic" (watch, runtime: 32:37). Adib added that the decision and directive to lawmakers to amend the first two articles of the law before the legislative season comes to a close will significantly impact Egypt's rental system, noting that it ends the stalemate that "no one has been able to approach for more than 40 years,"

The ball is now in the parliament's court: The ruling puts the law "in parliament's court," according to Ala Masouleety’s Ahmed Moussa. The new law must create "balance between landlord and tenant," Housing Committee head Mohamed Attia El Fayoumi told Moussa (watch, runtime: 9:50). Low-income groups unable to afford new rental rates will be prioritized in social housing programs, he added.

There are two ways forward from here: El Fayoumi outlined two potential approaches to resolve this long-standing issue, by either gradually amending the old law with different increase rates or drafting an entirely new law.

**We have more on the court’s decision and what the House will do going forwards in the news well above.

ALSO ON THE AIRWAVES- Qatar suspends Gaza mediation: Qatar's announcement that it's suspending its Gaza ceasefire mediation efforts caught the attention of Adib (watch, runtime: 17:40) and other hosts last night, which has made Egypt the sole mediator between Hamas and Israel. Adib emphasized that — contrary to media reports — the Qatari Foreign Ministry’s statement announcing the move did not say that the nation had ordered the closure of Hamas' political office in Doha and eviction of its officials and questioned where Hamas leaders would go if they were expelled.

But Adib is still hopeful of an approaching ceasefire: Despite the breakdown in ceasefire negotiations, a ceasefire could still be possible in the medium term as “Tel Aviv wants to gift a ceasefire to Trump,” Adib added.

Art, irregular outward migration, and grain sales catch the attention of the global press

It’s a mixed bag for Egypt in the international press this morning, with an art exhibition, irregular outward migration, and grain sales catching the attention of the global press.

The annual Forever is Now sculpture exhibition overlooking the Giza Pyramids is once again doing the rounds, with cultural commentators once again split on the merits of the new show. As with previous editions, the lack of artists from the region is being pointed out and people, while some are praising the show for adding “another important stop to the annual art week calendar.” The Guardian, Bloomberg, Reuters, and ArtNet all have the story.

AND- Undocumented Egyptian migrants have been sent by Italy to Albania as Rome attempts to resurrect a plan to process asylum applications outside of its borders. Egypt is among 22 countries that were deemed safe by Italy for repatriation of those who failed to secure asylum.

PLUS- Egypt turns to Ukraine for grain amid rising Russian export costs and restrictions: Ukraine's recent grain sales have benefited from shifts in global market dynamics partly due to Russia's strict export policies, which have redirected some demand toward alternative suppliers, including Egypt — often for inflated prices — Reuters reports.

Kazyon to fuel Morocco expansion plans with USD 30 mn from the IFC

EXPANSION-

IFC to finance Kazyon’s expansion ambitions with USD 30 mn loan: Local budget supermarket chain Kazyon is in line for a USD 30 mn loan from the World Bank’s International Finance Corporation (IFC) to fund the company’s expansion agenda in Morocco, the lender said in a project summary.

Remember: Kazyon Morocco CEO told Asharq Business last month that the company is investing USD 144 mn to expand in the Moroccan market — particularly in major cities — over the coming four years. The supermarket chain also first tapped into the Saudi market earlier in February, with its 50% stake purchase in Saudi Arabia’s sole discount retailer Dukan in a SAR 250 mn (c. USD 66.7 mn) transaction.

DEBT-

#1- Egypt to repay a chunk of its loans this November: The government will repay USD 3 bn in loans to Gulf banks by 24 November, Asharq Business reports citing an anonymous government source. The country will repay the loans from the state’s USD reserves, to be equally divided between the green and Islamic financing tranches.

It’s also repayment day for some of the country’s bonds: Egypt will repay some USD 1.3 bn in USD-denominated bonds today for debt issued in 2016, according to Al Arabiya, citing unnamed sources. This is expected to bring down external debt owed by the government to USD 80.2 bn, a 5.5% decrease from the USD 84.84 bn recorded at the end of 2023.

#2- ERC to repay USD 200 mn in debt by year-end: Qalaa Holdings’ subsidiary Egyptian Refining Company (ERC) plans to repay USD 200 mn of its outstanding USD 742 mn debt by December, company head Mohamed Saad told Al Borsa. This will bring the company's total debt down to USD 524 mn, which it plans to fully repay before the end of 2025.

Remember: The multi-bn USD greenfield refinery in Mostorod was funded by USD 2.4 bn worth of loans, which Qalaa has since been trying to pay off despite its businesses achieving good returns. Qalaa’s most recent earnings release shows that of the company’s total consolidated debt standing at EGP 111.2 bn at the end of the first quarter, 72.5% is related to the ERC.

Cutting back on costs is also part of the plan: The company’s success in reducing import, storage, and ins. costs helped cut back the government’s fuel subsidies bill by USD 300 mn per year, Hapi Journal reports, citing Saad.

RETAIL-

Another good reason to quit: US-based tobacco giant Phillip Morris increased the prices of its tobacco products for the the third time this year, upping prices by EGP 5 across its offerings in the local market, according to a letter from the company seen by EnterpriseAM. The price hikes apply to all of the company's offerings including its heated tobacco products, HEETS and TEREA, and traditional cigarette brands Merit, Marlboro, and L&M and their varieties.

Philip Morris isn’t the only smokes company upping prices in recent days: EGX-listed tobacco giant Eastern Company on Tuesday similarly hiked prices of its cigarettes by up to EGP 5. The increase came in response to the Finance Ministry enacting the law that allows companies to raise prices by 12% annually without moving into a higher per-pack tax bracket, the head of the Federation of Egyptian Industries’ tobacco division, Ibrahim Imbaby, told EnterpriseAM last week.

M&A-

New details emerge about Klivvr’s potential new majority owner: The newly established Klivvr Holding — which came to our attention last week with its offer to buy Orascom Financial Holding’s (OFH) entire 98.99% stake in fintech player Klivvr — is owned by the Sawaris family, unnamed sources told Al Mal. The potential transaction comes as part of B Investments' commitment to sell OFH's stake in Klivvr Electronics within a year of acquiring a 68.9% stake in OFH through a share swap earlier this year.

We may see more of Klivvr in the local market soon: Klivvr Holding is looking to acquire licenses to perform payment services and non-banking financial services in the local market, the sources added.

FOOD SECURITY-

Egypt and UK launch project to support local wheat farmers: The Planning and International Cooperation Ministry and the Agriculture Ministry are partnering with the British Embassy in Egypt to bolster food security by “increasing wheat production, addressing price fluctuations, and improving human capital,” the Planning and International Cooperation Ministry said in a statement. The two-year project aims to decrease Egypt's wheat imports by up to 25% by reducing dependency on chemical fertilizers and improving yields. The initiative follows an MoU signed last month, focusing on improving soil fertility and agricultural productivity.

LOGISTICS-

Egypt and Djibouti ink infrastructure projects agreement: Egypt’s Holding Company for Maritime and Land Transport and Djibouti's Ports and Free Zones Authority signed an MoU to develop infrastructure projects, according to a statement from the Transport Ministry. The statement named ports, roads, logistics zones, and renewable energy facilities as projects that Egyptian companies could offer their expertise and experience to Djibouti.

ICYMI: Egypt will supply and install a 276.5 kw solar plant in Djibouti under a bilateral agreement signed between the two sides inked last month. The plant is part of efforts to support Djibouti’s sustainable development plans, and will be implemented alongside training programs to transfer local expertise to Djibouti.

EARNINGS-

Ibnsina Pharma wraps up 3Q 2024 with record growth in net income: Ibnsina Pharma ended 3Q 2024 with strong financial results, reporting a record net income of EGP 184.9 mn, up 339.9% y-o-y, according to the company’s latest earnings release (pdf). The company’s revenues rose 71% y-o-y to EGP 15.6 bn in 3Q, driven by strong demand across retail and non-retail segments, strategic expansion in high-margin non-pharma products, and re-pricing approvals by the Egyptian Drug Authority that helped offset inflation and currency devaluation impacts.

REAL ESTATE-

The Social Housing Fund has a new social rent initiative in the works: The Housing Ministry’s Social Housing and Mortgage Finance Fund will design a subsidized rental model in collaboration with the private sector, the fund’s head Mai Abdel Hamid said at last week's World Urban Forum. A pilot rental project in partnership with a fintech company will be launched to test demand and feasibility, Abdel Hamid added.

Fed trims rate cuts by a further 25 bps as central bankers brace for an uncertain time for monetary policy

The US Federal Reserve cut interest rates for the second time, this time by 25 bps, bringing them to 4.5%-4.75%, it said in a press release on Thursday. The decision comes just a day after Donald Trump was voted president, with many investors now expecting a less certain path for monetary easing due to an anticipated rise in inflation when Trump begins to implement US tariffs and extend tax cuts.

The path ahead is uncertain, Powell says: Powell said he does not expect any “near-term” impact from the elections on monetary policy — but further down the line, nothing is set in stone. “We don’t know what the timing and substance of any policy changes will be,” Powell said. “We therefore don’t know what the effects on the economy would be, specifically whether and to what extent those policies would matter for the achievement of our goal variables: maximum employment and price stability.”

Powell left the door open for a potential policy pause during a press conference, refusing to rule anything out — though he committed to further rate cuts in the future, Reuters reports. The next meeting will take place on 17-18 December.

Market reax: The S&P 500 and Nasdaq both notched record highs, extending a rally that began in the wake of Trump’s reelection.

EGX30	31,267	+0.7% (YTD: +25.6%)
USD (CBE)	Buy 49.24	Sell 49.37
USD (CIB)	Buy 49.22	Sell 49.32
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,131	+0.3% (YTD: +1.4%)
ADX	9,449	-0.2% (YTD: -1.3%)
DFM	4,640	-0.1% (YTD: +14.3%)
S&P 500	5,996	+0.4% (YTD: +25.7%)
FTSE 100	8,072	-0.8% (YTD: +4.4%)
Euro Stoxx 50	4,803	-1.0% (YTD: +6.2%)
Brent crude	USD 73.87	-2.3%
Natural gas (Nymex)	USD 2.67	-0.9%
Gold	USD 2,695	-0.4%
BTC	USD 76,453.00	-0.1% (YTD: +80.7%)

THE CLOSING BELL-

The EGX30 rose 0.7% at Thursday’s close on turnover of EGP 4.3 bn (1.8% above the 90-day average). Local investors were the sole net buyers. The index is up 25.6% YTD.

In the green: Elsewedy Electric (+4.5%), Ezz Steel (+2.6%), and TMG Holding (+2.4%).

In the red: Oriental Weavers (-2.3%), Edita (-2.0%), and Emaar Misr (-1.2%).

CORPORATE ACTIONS-

Edita will pay out EGP 400 mn in dividends, amounting to EGP 0.571 a share, in addition to some EGP 35.5 mn to its employees, from the company’s income for 2023, according to an EGX disclosure (pdf).

El Sisi congratulates Trump on re-election, discusses bilateral ties with regional and global leaders

A busy weekend for Egyptian diplomacy: President Abdel Fattah El Sisi and Foreign Minister Badr Abdelatty discussed bilateral cooperation with African and global leaders, amid political shifts and regional instability.

#1- Egypt, US reaffirm commitment to Middle East stability: El Sisi congratulated US President Donald Trump on his re-election in a phone call on Wednesday, according to an Ittihadiya statement. The two leaders discussed Egypt-US bilateral ties and emphasized collaboration on regional stability, peace, and development. Trump reaffirmed the United States’ commitment to its relationship with Egypt and its dedication to maintaining peace and security across the Middle East.

#2- Egypt, Estonia explore new avenues for cooperation: El Sisi welcomed Estonian president Alar Karis on his first visit to Egypt to discuss Egypt-Estonia collaboration and regional issues. Karis expressed Estonia’s interest in expanding investments and proposed a delegation visit to explore opportunities in the energy, mining, education, and food industry sectors.

Regional stability topped the agenda: El Sisi stressed the need for an immediate ceasefire and establishing a Palestinian state, with Karis advocating for humanitarian aid to Gaza and support for UN efforts with Palestinian refugees. The meeting also covered the importance of resolving the Russia-Ukraine conflict.

#3- Sudan’s new foreign minister visits Egypt: Sudan’s newly elected Foreign Minister Ali Youssef Ahmed Al Sharif met with Abdelatty, according to a Foreign Ministry statement. The two discussed Egyptian support for Sudan’s stability with Abdelatty reaffirming Egypt’s commitment to provide political and humanitarian aid — noting presidential directives to support Sudanese migrants and strengthen bilateral relations. Both countries also addressed water security, noting protection of downstream countries amidst tensions stemming from Ethiopia’s Grand Ethiopian Renaissance Dam.

#4- Strengthening ties with Cameroon: Abdelatty signed two MoUs with Cameroonian Foreign Minister Lejeune Mbella Mbella during his visit to Egypt, according to a statement from the Foreign Affairs Ministry. The first covers collaboration between Egypt’s Institute of Diplomatic Studies and Cameroon’s International Relations Institute, while the second is between Cairo International Centre for Conflict Resolution, Peacekeeping and Peacebuilding and Cameroon's National Disarmament, Demobilization and Reintegration Committee. Additional discussions included trade exchanges in pharmaceuticals and healthcare, collaboration in dam construction, and education — with Egypt’s top Islamic institution, Al Azhar, potentially providing scholarships for Cameroonian students.

#5- Supporting development in Congo: Egypt is looking to support Congo’s four-year national development plan by sharing expertise on agriculture, tourism, and developing special economic zones, Abdelatty said in a phone call with his Congolese counterpart Jean-Claude Gakosso. During the call, the countries agreed on ways to strengthen bilateral relations and provide mutual support on regional and international issues.

CALENDAR

2024

NOVEMBER

10-12 November (Sunday-Tuesday): Falak Startups’ Fund Manager Masterclass, Cairo, Egypt.

12-15 November (Tuesday-Friday): Arab African Investment and International Cooperation Summit, Aswan, Egypt.

17 November (Sunday): The House of Representatives reconvenes.

17-19 November (Sunday-Tuesday): Autotech Exhibition for Automotive Aftermarket & Feeder Industries, Cairo, Egypt.

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

25-27 November (Monday-Wednesday): Annual Digital Nation Conference, Cairo, Egypt.

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

28-30 November (Thursday-Wednesday): Cairo International Wood and Wood Machinery Show, Cairo, Egypt

29 November (Friday): Egypt and Italy to launch a ro-ro shipping line connecting Damietta Port with Italy’s Port of Trieste.

30 November (Saturday): Deadline to apply for renewable energy projects under the peer-to-peer (P2P) system.

DECEMBER

16-17 December (Monday-Tuesday): Mining World Conference 2024, London, UK.

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

EVENTS WITH NO SET DATE

3Q 2024: Egyptian-Armenian Joint Committee.

December: Conference on Gaza humanitarian aid mobilization, Cairo, Egypt.

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

2025

28 January (Tuesday): Nigeria to inaugurate the USD 5 bn Africa Energy Bank in Abuja.

7-10 April 2025 (Monday-Thursday) : EFG Hermes One on One conference, Dubai, UAE.

May 2025: Egyptian Exporters Association (Expolink) exhibition, Italy.

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

March 2025: Operation of phase one of the Amotope wind farm

EVENTS WITH NO SET DATE

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

2Q 2025: Safaga Terminal 2 to start operations.

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

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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