Our net foreign asset position remained in the green in June

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WHAT WE’RE TRACKING TODAY

Egypt received the third USD 820 mn tranche from the IMF on Thursday

Good morning, everyone. We are kicking off the workweek with a whole lot of good news — IMF funds landed in Egypt on Thursday, KSA wants to boost its investments here, auto sales continue to rise, and our net foreign assets remained in the green in June.

WATCH THIS SPACE-

#1- The recently-approved USD 820 mn tranche from the IMF has officially landed in state coffers, Prime Minister Moustafa Madbouly said on Thursday. The news follows the IMF Executive Board greenlighting the third review of our USD 8 bn loan program last week, which also allows us to apply for an additional USD 1.2 bn in long-term, low-cost climate financing from the IMF’s Resilience and Sustainability Facility.

#2- Another round of LNG imports: The government is reportedly planning to import up to 17 shipments of LNG in 4Q 2024 to ensure the lights stay on after an extended period of power cuts, an unnamed government official told Asharq Business.

ICYMI: The government last week announced that it had secured five LNG shipments for the months of August and September.

AND- Eni’s LNG export ambitions seem to be on hold: “We cannot rule out that a few cargoes [of LNG] may be exported next winter. But for sure, it is not very likely,” Eni COO Guido Brusco said during an earnings call, according to a report from industry publication Mees. The Italian oil and gas giant and major player in Egypt’s energy ecosystem has received no assurances it will be able to soon restart exporting LNG, according to the report.

#3- Another industrial zone in Alexandria: The government is planning to set up an industrial zone focused on chemical and plastic industries — as well as engineering industries complementary to the chemical sector — in Alexandria, according to a cabinet statement. Dubbed Margham 3, the industrial zone will be the third in the area of Margham, Amreya.

#4- Green bonds incoming: Local banks are gearing up to issue green bonds between this month and September, the European Bank for Reconstruction and Development (EBRD) managing director for the SEMED region Heike Harmgart told Al Mal, adding that the multilateral lender plans to invest in them.

Remember: The EBRD in 2022 snapped up USD 100 mn worth of Scatec’s USD 334.5 mn green bond issuance to refinance its six solar plants in Benban.

An update on our long-awaited green hydrogen strategy: It will be launched this month, Harmgart says Prime Minister Moustafa Madbouly told her. The EBRD is also in talks with the government to implement the next phase of the strategy, she added.

Do you want to attend our 2024 Enterprise Finance Forum on 24 September? Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders.

Why attend? We’re in the early days of a generational realignment of power in our industry — in our region and beyond — and on the cusp of the biggest intergenerational transfer of wealth that the world has ever seen. With that as the backdrop, we’re going to take stock of where we stand six months after the float of the EGP and ask what’s next for finance in our country and the wider region. Among the questions we’ll be asking:

What’s Egypt’s role in the regional industry?
What are foreign investors looking for right now?
Is real estate the only asset class in Egypt?
What does the next generation of leaders think as they take over established family businesses?

Do you want to request an invitation? Tap or click the image above.

HAPPENING TODAY-

#1- Turkish Foreign Minister to touch down in Egypt: Turkish Foreign Minister Hakan Fidan will arrive in Egypt today for a two-day visit to discuss bilateral relations as well as regional and international developments with state officials, the Turkish Foreign Ministry said yesterday.

On the agenda: Some 20 agreements are expected to be signed during Fidan’s visit — which will mark his first official meeting with newly-appointed Foreign Minister Badr Abdelatty — Turkish state broadcaster TRT World reports. The visit will also see the pair discuss preparations for the Egypt-Turkey high-level Strategic Cooperation Council meeting that is set to take place during President Abdel Fattah El Sisi’s upcoming visit to Turkey. The two will also discuss potential cooperation in the energy, health, tourism, and defense sectors, and developments in Gaza, Libya, Sudan, and Somalia.

Remember: Egypt and Turkey have been working to mend a decade of tense relations triggered by a host of issues including Turkish President Recep Tayyip Erdogan’s support for the Muslim Brotherhood, competing interests in Libya, and tensions over gas resources in the Eastern Mediterranean. They restored diplomatic ties and reappointed ambassadors last summer and relations progressed even further when Erdogan visited Egypt in February, where he met with President Abdel Fattah El Sisi and agreed to boost the volume of trade between them to USD 15 bn over the next few years.

#2- Attention, Egyptian expats: The Foreign Ministry-backed Egypt Expat Forum will kick off today and hold sessions on investing in Egypt, the education of young Egyptians abroad, and the services offered to Egyptian expats, according to a statement. The two-day event wraps up tomorrow.

HAPPENING THIS WEEK-

CBE auctions incoming: The Central Bank of Egypt is looking to raise EGP 60 bn from auctioning off EGP-denominated treasury bills today — it is auctioning off EGP 35 bn worth of three-month bills and EGP 25 bn of nine-month bills, according to its website. The submission deadline for both auctions is today at 11 am. The central bank is also auctioning off EGP 6 bn worth of t-bonds tomorrow — the bonds will have tenors of 2 and 3 years.

KUDOS-

Boosting financial inclusion among Egyptian women: Contact Financial Holding has partnered up the Women’s Economic and Social Empowerment Program (WESEP) — an initiative funded by the USAID and carried out by US-based NGO Pathfinder International — to boost financial inclusion and empower low-income women across Egypt, according to a press release (pdf). Under the partnership, Contact will help WESEP achieve its goal to “stimulate demand for financial services, enhance market-based solutions tailored specifically for women’s economic empowerment, and strengthen efforts to combat and respond to violence against women, thereby promoting their economic and social empowerment.”

The details: The program will target women in the governorates of Cairo, Giza, Beheira, Minya, Qena, Sohag, and Assiut and will run through February 2027.

PSA-

WEATHER- It’s another hot day in Cairo, with a high of 35°C and a low of 26°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 32°C and a low of 24°C.

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

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THE BIG STORY ABROAD-

No single story leads the front pages of the global business press this morning as we disgest a busy weekend of news on both the business and politics fronts.

The rundown:

The Financial Times is giving plenty of ink to Warren Buffett’s big sell-down of Apple shares.
The Wall Street Journal is leading with Trump’s (lack of) strategy for countering rival Kamala Harris.
The New York Times is running with a take about Republican VP candidate JD Vance’s thoughts on power.
Reuters notes that Trump has pulled out of an agreed ABC debate and is pitching instead a showdown with Harris on Fox News.

IN OUR PART OF THE WORLD- Iran has detained more than two dozen people, including top intelligence and military officials, in the wake of the assassination of Hamas leader Ismail Haniyeh in Tehran. Tehran has pledged to retaliate against Israel, which has neither confirmed nor denied its involvement. (New York Times | Reuters)

AND- Another round of ceasefire talks in Cairo ends empty-handed after Israeli Prime Minister Benjamin Netanyahu made fresh demands, Axios reports. An Israeli delegation led by Mossad chief David Barnea was in Cairo yesterday for a day of ceasefire negotiations after “strong US pressure on both Egypt and Israel” following the recent killing of Hamas’ top political leader Ismail Haniyeh in Tehran. Some believe the Israeli prime minister only “sent the delegation only to create an appearance of negotiations to relieve some of the pressure from President Biden.”

What demands? Netanyahu’s latest include an international mechanism that puts an end to weapon transfers through Gaza and other new demands that make the agreement “impossible,” Israeli officials said.

WATCH THIS SPACE- Kamala Harris is expected to announce her choice of running-mate on Tuesday. The NYT and Politico have great rundowns on where the search stands.

OLYMPICS-

It was an historic day for Caribbean nations at Paris 2024 as Julien Alfred won the first medal for St Lucia in its history by winning the women’s 100m race. Jamaican veteran Shelly-Ann Fraser-Pryce didn’t make the final after skipping the semis for reasons that remain unclear. St Lucia was not the only Caribbean island to make history yesterday, as Dominica won its first-ever medal when Thea Lafond secured gold in the women’s triple jump.

Algerian boxer Imane Khleif advanced to the semifinals in the 66 kg category, securing a medal for her country. Khleif broke into tears after her victory, following an international smear campaign on social media in recent days that accused her of being a “man.”

More history making: American swimmer Katie Ledecky — the most ever decorated US female athlete — made history by winning the women’s 800m freestyle, securing her ninth olympic gold medal, matching the record of Soviet gymnastics legend Larisa Latynina.

Ledecky’s compatriot Simone Biles showed no sign of relaxing, as she increased her gold medal tally to three in Paris and seven overall by winning the gold in the women’s vault gymnastics competition yesterday. Biles still has a chance to add to her total in today’s events.

The highlight for host France yesterday was its victory over Japan in the mixed team judo competition, decided by a golden score bout won by legendary Judoka Teddy Riner.

TEAM EGYPT- Our football team has advanced to the semifinals of the men’s soccer tournament at the Paris Olympics after a thrilling 5-4 penalty shootout win against Paraguay. Egypt will face host France’s national team in Lyon on Monday at 10:00pm.

It’s a busy day for team Egypt today, with the nation’s finest set to compete in:

Shooting: Omar Khaled Abdelhady will take part in stage 1 of the 25m rapid fire pistol men’s qualification at 10:00am.
Handball: The country’s men’s handball team will face Argentina at 12:00pm.
Fencing: At 12:50pm today, the nation’s foil team will face the USA.
Sailing: Aly Badawy will be taking to the water for the men’s dinghy race at 01:05pm, followed shortly by Khouloud Mansy at 03:35pm for the women’s dinghy race.

You can follow Team Egypt through this schedule or by heading over to our Paris 2024 Guide.

Want to see when your favorite sport is on? Check out the official schedule here.

Saudi Arabia to use CBE deposits to fuel Egypt investments

Saudi Arabia eyes expanding its Egypt investments: Saudi Arabia is looking to turn its deposits with the Central Bank of Egypt into investments, Saudi investment Minister Khalid Al Falih told Prime Minister Moustafa Madbouly during an investment-centered meeting that brought together officials from the two sides, according to a cabinet statement. “We see Egypt as a supporting companion to the kingdom, as well as a promising market and important export platform for the countries of the region,” Al Falih said

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

How much could we be talking here? Saudi Arabia is the second largest contributing nation to our long-term deposits, making up USD 5.3 bn of the USD 14.9 bn long-term deposits currently sitting at the central bank at the end of 2023, according to data from the Central Bank of Egypt. In terms of overall debt, Saudi Arabia has provided us with USD 12.9 bn, accounting for 7.7% of our entire debt.

Legislation and initiatives to boost bilateral investment between the countries are already in the works: The government is planning to ink an agreement with the kingdom this month that would help cut red tape and provide investment guarantees, Investment and Foreign Trade Minister Hassan El Khatib told Asharq Business. The General Authority for Investments and Freezones has also set up an office to cater to the needs of Saudi investors looking to invest in Egypt, according to an Investment Ministry statement.

More to come: The agreement will open the door for Saudi Arabia to double its investments in Egypt.

Sectors to keep an eye on: Key sectors that boast investment potential include industry, tourism, ICT, logistics, and green energy, El Khatib said during his meeting with Al Falih.

Investment is a two-way street: There are now 4k Egyptian companies operating in the kingdom, representing SAR 50 bn (c. USD 13.3 bn) in investments, Egyptian-Saudi Joint Business Council Chairman Bandar Al Ameri said.

Auto sales in Egypt continue rising for the third consecutive month in June

Auto sales jump 27.6% from May to June: Auto sales in June rose 27.6% m-o-m to just over 8k vehicles, according to figures from the Automotive Marketing Information Council (AMIC) seen by Enterprise. The increase follows a 10.8% m-o-m uptick in May and a significant 35.1% m-o-m increase in April, which saw sales rebound to 5.7k units from March’s 4.2k — the lowest number of auto sales we’ve seen since we started keeping track in January 2019.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

But not every auto segment saw sales increase over the month: Passenger car sales jumped 34.4% m-o-m to some 6.5k units in June, while bus sales rose 36.2% m-o-m to 613 units. However, truck sales saw a 8.1% decline to 938 units during the same period.

Remember: Auto sales have been relatively volatile — but overall on the decline — for the last few years. In late 2023, auto sales fell even further on the back of FX shortages that limited supply in the market and gave distributors leverage to hike prices as they pleased. Despite prices reducing following the float of the EGP in March, the anticipated uptick in car sales did not happen as some believe customers adopted a wait-and-see approach in hopes of further price reductions down the line. The last three months of consecutive auto sales increases may be a sign that consumers are starting to return to the market.

On a yearly basis: Auto sales in June came 26.6% higher than the 6.3k units sold in June 2023, driven by a 33.4% y-o-y increase in truck sales, and a 29.5% increase in passenger cars sales. Bus sales were down 3.6% compared to the same period last year.

The caveat: AMIC figures reflect data contributed by member distributors, who include most, but not all, industry participants.

Egypt’s net foreign asset position remains in the green in June despite surplus falling 10%

The country’s net foreign asset surplus shrank 10% to USD 12.9 bn in June, down from USD 14.3 bn in May, according to Enterprise calculations based on Central Bank of Egypt figures. The decline comes a month after our net foreign assets shifted from deficit to surplus — the first time our net foreign asset position had been in the green since February 2022.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Commercial bank outflows drove the decline: The net foreign asset surplus at commercial banks shrank 41.0% from the month before in June to USD 2.7 bn on the back of a nearly USD 2.0 bn drop in assets and insignificant dip in liabilities.

But it was still a good month for the central bank: The decline was offset by a 4.8% m-o-m increase in the CBE’s net foreign assets to USD 10.2 bn in June. The central bank saw its liabilities drop USD 716 mn to USD 34.2 bn, while its foreign assets fell USD 250 mn to USD 44.4 bn.

We’re a long way away from where we were a few months ago: Despite the slight dip, net foreign assets remain happily in surplus after over two years in the red following the flight of nearly USD 20 bn as a result of the outbreak of the Russia-Ukraine war.

Remember: Egypt’s net foreign asset deficit hit an all-time high back in January, recording USD 29.0 bn, before starting to gradually drop in the months that followed following the Ras El Hekma agreement, float of the EGP, and the flood of inflows that followed.

Egypt’s run to the Olympic semis dominated the airwaves last night

Another night all about the Olympics: Last night’s talk shows zeroed in on Egypt’s historic advancement to the Olympic football semifinals following the Pharaohs’ penalty shootout victory over Paraguay. Football experts discussed the victory and the team’s chances of securing a medal on Ala Mas’ouleety (watch, runtime: 50:20), El Hekaya (watch, runtime 4:03), and Salet El Tahrir (watch, runtime: 3:36).

AND- Foreign Minister Badr Abdelatty phoned his Iranian counterpart Ali Bagheri yesterday to discuss regional stability following escalating regional tensions in the wake of Hamas leader Ismail Haniyeh’s assassination. Abdelatty emphasized the “unprecedented and highly dangerous” nature of the recent developments, underscoring the “need for all parties to exercise calm and restraint to prevent the situation from spiraling out of control.” Ala Mas’ouleety (watch, runtime 4:56 | 2:39) had coverage.

Egypt launches USD 660 mn ethane gas import company

ENERGY-

#1- New USD 660 mn supply chain company for Alexandria’s petrochemicals industry: The Oil Ministry has announced the establishment of Alexandria for Supply Chain Company — a USD 660 mn joint venture aimed at setting up a permanent offshore facility at the Dekheila Port in Alexandria, according to a statement.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The details: The new company is a collaboration between the state-owned entities Egyptian Petrochemicals Holding, Sidi Kerir Petrochemicals, and Egyptian Natural Gas Company alongside private sector player Gama Construction. The company aims to import 1.1 mn tons of liquefied ethane gas a year, ensuring a steady supply of raw materials for the petrochemical industry in the region.

Remember: Plans to establish a company to facilitate ethane imports emerged in then-unconfirmed reports back in June after Sidpec was forced to shut down operations due to a “lack of feed gasses,” a result of high temperatures, increasing electricity consumption prices, and cuts to the regional gas supply.

#2- Assiut refinery set for a major expansion: The government is reportedly planning to set up a new atmospheric distillation unit at its Assiut oil refinery in 2027, with investments exceeding EGP 10 bn, an unnamed government official told Asharq Business.

What we know: The new unit will have an annual capacity of 5 mn tons of crude oil and also include a facility for producing butane cooking gas. The expansion is part of a broader plan to upgrade the Assiut refinery, which currently has an annual capacity of 4.5 mn tons.

HEALTHCARE-

Updates on China’s CSCEC planned medical city: The General Organization for Teaching Hospitals and Institutes has inked an MoU with Chinese state-owned construction firm China State Construction Engineering Corporation (CSCEC) to design and construct its planned medical city off the Ain Sokhna Road that we first heard about back in March, according to a ministry statement.

The details: The project will house around 300 clinics, research centers, central laboratories, a blood bank, and other services — it will have a total capacity of more than 4.2k beds. Establishing a residential area to house staff and a hotel to cater to medical tourism is also part of the plan.

Remember: Egypt has been trying to position itself as a medical tourism hub to attract FDI and to open fresh FX revenue streams from patients from Africa, the Middle East, and Europe coming here for treatment.

EGX-

EGX speeds up capital increases: Cabinet has issued an amendment to the Capital Market Law that reduces the minimum subscription period for capital increases to 15 days from 30, according to an EGX bulletin. The amendment also allows the subscription period to end once all existing shareholders have fully subscribed to their allotted shares.

DEBT-

#1- Creditors pressure Ibn Sina Pharma to offload assets: Ibn Sina Pharma plans to sell EGP 900 mn worth of assets to settle part of its outstanding debt after banks demanded that the pharma distributor reduce its debt-to-equity ratio, Al Shorouk reports, citing sources it says have knowledge of the matter. The company’s net debt climbed to EGP 4.1 bn in 1Q 2024, up from EGP 3.9 bn a year earlier, as it worked toward a “debt optimization strategy [that relies] on spontaneous financing,” it said in its latest earnings release (pdf). Meanwhile, net debt-to-equity stood at 2.7x in 1Q 2024, down from 2.9x in the previous quarter.

#2- EEHC seeks loan to pay off gov’t dues: The Egyptian Electricity Holding Company (EEHC) is reportedly getting a 5-year EGP 20 bn syndicated loan, led by the National Bank of Egypt, Al Shorouk reports, citing banking sector sources. Guaranteed by the Finance Ministry, the loan will be used to pay off the company’s debt to the government.

TECH-

Mobi Egypt to set up data center in KSA: Telecom infrastructure company Mobi Egypt plans to set up a data center in Saudi Arabia in partnership with Saudi ICT solutions firm Al Rajhi Telecom, Al Mal reports, citing Mobi Egypt Chairman and CEO Emad El Fakharany. Mobi Egypt aims to capture 20% of the Saudi telecom infrastructure services market, he added. The company also wants to grow its annual business volume — which currently stands at EGP 500 mn — by 30% next year.

BANKING-

Remittances made easy: Customers can now receive and disburse transfers in both USD and EGP across 20 Banque du Caire branches, under a partnership between the bank and Western Union Egypt’s official agent IBAG, according to a press release (pdf).

TOURISM-

Meta-powered tourism: A virtual reality project by tech giant Meta and the Tourism Ministry will soon be launched at the Egyptian Museum in Downtown Cairo and the National Museum of Egyptian Civilization in Fustat, according to a ministry statement. The project will see the museums use VR to recreate the original appearances of select artifacts, allowing visitors to view these simulations through specific apps on their smartphones.

More to come? The Tourism Ministry and Meta are also discussing ways to leverage metaverse technology to promote local tourism destinations.

AVIATION-

Almost daily flights between Istanbul and Cairo: AJet — the low-cost carrier under Turkish Airlines — has launched flights between Istanbul and Cairo for the summertime, the airline said in a statement. Flights will operate five days a week — the first flight took off on Friday.

The Nasdaq is in correction territory. Warren Buffett is shifting to cash. Investors fret about AI. Things are getting interesting on Planet Finance.

Markets in the US and Western Europe saw a sharp selldown on Friday, sending the Nasdaq into correction territory following a weaker-than-expected US jobs report. That just added momentum to a selloff of Big Tech shares as traders worry about the commercial viability of artificial intelligence.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The Nasdaq is now down more than 10% since 11 July after losing 2.4% on Friday and the Dow lost 600 points heading into the weekend, good for a one-week drop of 2.1%.

Investors pummeled Intel, sending its shares down 26% after it announced it would lay off 15k people as part of a plan to cut bns of USD in spending.

The weak jobs report has some wondering whether the Fed will need to cut rates by more than a quarter point when it meets in September. While rate cuts should be good for equities (lower rates sends money into the stock market looking for better returns), the concern is that the Fed may have waited too long to act, setting up worries about the health of the US economy.

WATCH THIS SPACE #1- Berkshire nearly halves its stake in Apple: Warren Buffett’s Berkshire Hathaway cut its massive stake in Apple by nearly 50% to USD 84.2 bn in 2Q 2024, the firm’s latest earnings filing (pdf) showed. The stake sale, which raised the conglomerate’s cash holdings to a record USD 277 bn, is part of a wider sell off that saw Berkshire offload some USD 75.5 bn worth of stock on a net basis during the quarter as the S&P 500 rallied.

Could this add momentum to a risk-off, signaling that cash is king? “You could conclude this is another sell signal,” Edward Jones analyst Jim Shanahan said. “This was a far higher level of selling activity than we were expecting.”

WATCH THIS SPACE #2- Is all of this a signal that we’re in for a turbulent fall? Mayhaps, to quote the resident 17-year-old. Bloomberg has a rundown of views well worth your reading.

The bottom line? “This is what a growth scare looks like,” Wasif Latif, president and chief investment officer at Sarmaya Partners, told Reuters. “The market is now realizing that the economy is indeed slowing.”

Want more? See reports in the Financial Times | Reuters | CNBC

MEANWHILE- The Bank of England on Thursday cut interest rates for the first time in four years, delivering a quarter-point cut to 5% after maintaining a 16-year high of 5.25% since last August.

EGX30	29,360	-0.1% (YTD: +17.9%)
USD (CBE)	Buy 48.62	Sell 48.76
USD (CIB)	Buy 48.62	Sell 48.72
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,046	-0.5% (YTD: +0.7%)
ADX	9,292	-0.8% (YTD: -3.0%)
DFM	4,237	-1.0% (YTD: +4.4%)
S&P 500	5,347	-1.8% (YTD: +12.1%)
FTSE 100	8,175	-1.3% (YTD: +5.7%)
Euro Stoxx 50	4,639	-2.7% (YTD: +2.6%)
Brent crude	USD 76.81	-3.4%
Natural gas (Nymex)	USD 1.97	-0.5%
Gold	USD 2,470	-0.4%
BTC	USD 60,600	-2.1% (YTD: +43.3%)

THE CLOSING BELL-

The EGX30 fell 0.1% at Thursday close on turnover of EGP 4.6 bn (24.4% above the 90-day average). Local investors were the sole net sellers. The index is up 17.9% YTD.

In the green: Ezz Steel (+3.9%), E-finance (+3.6%), and Alex Containers and Cargo Handling (+3.4%).

In the red: Palm Hills Development (-4.5%), EFG Holding (-2.7%), and Abu Qir Fertilizers (-2.4%).

CORPORATE ACTIONS-

Dice ups stake in United Dyers: Local clothing company Dice Sports and Casual Wear has acquired an additional 16.7% stake in United Dyers, upping its ownership in the company to 99.3%, according to an EGX disclosure (pdf).

ICYMI- Dice’s board last month approved the purchase of a 17.4% stake in United Dyers for some EGP 37 mn.

CALENDAR

2024

AUGUST

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

SEPTEMBER

3-5 September (Tuesday-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).

24 September (Tuesday): Enterprise Finance Forum, Cairo, Egypt

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

25-28 September (Wednesday-Saturday): Cityscape Egypt, Egypt International Exhibition Center, Cairo.

OCTOBER

6 October (Sunday): Armed Forces Day.

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

13-17 October (Sunday-Thursday): Cairo Water Week, Water and Climate: Building Resilient Communities, Cairo, Egypt.

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

30 September (Monday): Ban on sugar exports expiration.

NOVEMBER

4-8 November (Monday-Friday): World Urban Forum, Cairo, Egypt.

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

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

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

DECEMBER

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

EVENTS WITH NO SET DATE

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

3Q 2024: Egyptian-Armenian Joint Committee.

September 2024: Turkish-Egyptian Business Council meeting in Turkey.

September 2024: US-Egypt Strategic Dialogue, Cairo.

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 tender in the Eastern Desert.

2025

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

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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