Sovereign EGP-denominated sukuk in the works for next fiscal year

Wednesday, 27 Nov 2024

Sovereign EGP-denominated sukuk in the works for next fiscal year

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Today at a glance

Economy

Egypt to issue its first local currency sukuk in FY 2025-26.

Automotive

Al Mansour Automotive and China’s SAIC to build MG assembly plant.

What We're Tracking Today

United Bank retail offering to kick off today.

LAST NIGHT’S TALK SHOWS

ICC arrest warrants and the incoming Trump administration's threats of sanctions caught the interest of the nation’s hosts.

Also on our Radar

Gov’t targeting 50% vaccine localization by 2030 and self-sufficiency by 2040.

PLANET FINANCE

In a trade war, there are no winners, cautions China following Trump’s tariff pledges.

HARDHAT

Visa’s new payment threats report breaks down the latest in fraudulent activities.

What We're Tracking Today

United Bank retail offering to kick off today

Good morning, all. In a refreshingly slim issue of EnterpriseAM this morning, we’ve got news that a local currency sovereign sukuk is in the works, news of yet another Chinese auto factory, United Bank’s retail tranche kicking off, and much, much more.

There’s a money story in the Gulf. Take one look at the news, and you’ll see headlines about Saudi Arabia’s rapidly changing economy, Qatar’s investment in mass infrastructure, and the UAE’s transformation into a global tech hub. The geopolitical tectonic plates are shifting.

To stay up to date on the business happening in the Gulf that is impacting the world around you, check out our friends at Semafor Gulf. Each issue uncovers the economic forces shaping the region — and the world. Subscribe without charge.

PSA-

WEATHER- Cool weather continues in Cairo today, with a high of 20°C and a low of 15°C, according to our favorite weather app.

It’s just as cold in Alexandria, with a high of 20°C, a low of 15°C, and spots of rain throughout the day.

** 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.

HAPPENING TODAY-

#1- Retail investors will have the chance to buy up a piece of United Bank in the offering’s retail placement set to begin later today and run until 3 December. Retail investors will be able to pick up 5% of the offered up shares — totalling 16.5 mn shares — in the bank.

The bank’s private placement that wrapped earlier this week was 6x oversubscribed, Al Mal reported. The placement offered up 95% of the offered shares — equivalent to 313.5 mn shares.

Remember: The total offering could see the bank raise up to EGP 5.1 bn by floating 330 mn of its shares — equivalent to a 30% stake.

#2- It’s day two of Egypt Energy, which wraps up tomorrow. The event — promoted as North Africa’s largest energy gathering — will bring together local and international energy companies from the entire energy value chain from energy storage to transmission and renewable along with government officials from at home and the region. In addition to the 10k attendees and 180 exhibitors, 70 speakers are also booked to take part in the show’s conference.

Day one of the conference saw SCZone head Walid Gamal El Din deliver a keynote address, wherein he emphasized the SCZone's commitment to continue advancing the localization of green energy production by strengthening partnerships with all those involved in its production, according to an SCZone statement.

#3- It’s the third and final day of the Federation of Egyptian Industries-organized International Manufacturing Convention and Exhibition at Cairo’s Al Manara International Conference Center.

Day two of the event saw President Abdel Fattah El Sisi meet with the heads of a number of major international companies taking part in the event, with the president discussing Egypt’s “keenness to exert all efforts to stimulate the industrial sector, with the aim of localizing the industry,” according to an Ittihadiya statement. El Sisi also mentioned specific key sectors the state has earmarked for localization, including “providing water desalination and recycling requirements, to support relevant national projects.”

DATA POINT-

Egypt is looking to raise the industrial sector’s contribution to the country’s total GDP to 20-30% from its current 14%, Prime Minister Moustafa Madbouly said. He also highlighted the government’s plan to up the local component ratio in the industrial sector to 70-80%, up from no more than 40-50% at the moment.

DEBT WATCH-

The CBE sold EGP 443 mn worth of 3-year, fixed-rate, EGP-denominated treasury bonds — out of total EGP 10.5 bn in submitted bids — in Monday’s auction as investors demanded higher yields, according to data from the Central Bank of Egypt. The 29 bids on offer carried yields ranging from 24.1% to 32.0%, with the four accepted bids carrying a weighted average yield of 24.1%.

CIRCLE YOUR CALENDAR-

This year’s Food Africa Expo is set to take place between 3-5 December, with the event set to take place at the Egypt International Exhibition Center. The three-day event will bring together wholesalers, distributors, and retailers in food and beverage industries from countries across the world. You can register on the event’s website.

Premium Healthcare’s extraordinary general assembly to vote on acquisitions next month: Premium Healthcare’s — formerly City Lab — extraordinary general assembly will meet on Thursday, 19 December to discuss and vote on a number of previously announced acquisitions, according to an EGX disclosure (pdf). The ten acquisitions have a combined price tag of EGP 1.7 bn.

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

CORRECTION #1- We mistakenly referred to Souhoola as CI Capital’s consumer finance firm in yesterday’s issue of EnterpriseAM Egypt — the firm operates under Banque Misr. The story has been amended on our website.

CORRECTION #2- In yesterday’s issue of EnterpriseAM Egypt, we mistakenly reported that Concrete Fashion Group got the greenlight from the Financial Regulatory Authority to convert all its shares in subsidiaries Swiss Garments and Cristall for Making Shirts into indirect ownership. The move is still pending the necessary approvals from the FRA and other relevant entities. The story has been amended on our website.

THE BIG STORY ABROAD-

Israel and Hezbollah agreed to a ceasefire agreement that is set to take hold this morning, after the Israeli cabinet voted in favor of a pact brokered by the US and France. The agreement will see Israel “gradually withdraw its remaining forces” from its border with Lebanon over the next 60 days, while “the Lebanese Army and the State Security Forces will deploy and take control of their own territory [in the south] once again,” US President Joe Biden said yesterday.

Ceasefire coming for Palestine soon? Washington is planning to “make another push with Turkey, Egypt, Qatar, Israel, and others” to reach a similar ceasefire agreement in Palestine, Biden said. An agreement would see Israel halting its assault on Gaza while removing Hamas from its position as de facto rulers of the enclave, and securing the release of remaining Israeli hostages.

Biden is looking to also push through with a set of agreements with Saudi Arabia, including a defense pact and other forms of economic cooperation, which would also see Riyadh recognize and create diplomatic ties with Israel. The agreements have stalled since earlier this year as Saudi has made its recognition of Israel contingent on having a “clear and credible” pathway for Palestinian statehood. The story is topping front pages in the international press this morning: Reuters | Bloomberg | New York Times | CNBC | Wall Street Journal | Financial Times

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look at the latest in fraudulent activities as broken down in Visa’s new payment threats report.

Tags:

United Bank What We're Tracking Today

Somabay, every reason to fall in love.

DEBT WATCH

Egypt to issue its first local currency sukuk in FY 2025-26

An EGP-denominated sovereign sukuk issuance is in the works: The government is planning to issue its first EGP-denominated sovereign sukuk in the domestic market in the next fiscal year, a senior government source told EnterpriseAM. The move aims to finance public investments outside of the general budget, and comes as government entities begin to prepare their FY 2025-26 budgets, the source noted.

Remember: Our maiden sovereign sukuk issuance in international markets in 2023 raised USD 1.5 bn and was more than 4x oversubscribed, attracting an order book of USD 6.1 bn.

The details: The sukuk will be issued in a series of tranches for government entities under the sovereign sukuk program, with the government currently exploring various sukuk types, including ijara, murabaha, and istisnaa, among others.

The rationale: The new issuance comes as the government seeks lower domestic and international borrowing costs alongside financing for development projects at a time when the state has capped public investment at EGP 1 tn for the current fiscal year. It also comes as the government has been exploring potential routes for re-entering international debt markets, with previously discussed options, including the issuance of USD-denominated bonds, sukuk to meet rising global demand, or bonds backed by guarantees from institutions like the IMF to lower borrowing costs.

We had an inkling that a sukuk issuance was coming: Finance Minister Ahmed Kouchouk last month said that the government was considering EGP 5-10 bn worth of green bond and sukuk issuances during the last two quarters of FY 2024-25.

Could a Eurobond issuance be next? Finance Minister Ahmed Kouchouk told foreign investors in London earlier this year that Egypt was set to issue USD 3 bn in Eurobonds and other debt instruments in FY 2024-25.

Tags:

debt debt watch economy sukuk

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Automotive

Al Mansour Automotive and China’s SAIC to build MG assembly plant

China’s automotive footprint in the country continues to grow: Al Mansour Automotive is partnering with China’s state-owned SAIC and another unnamed partner to establish a factory for assembling both traditional and electric cars for SAIC-owned brand MG in Egypt, company CEO Ankush Arora told Asharq Business. The factory is expected to begin production within the next two years.

The two have been working together for some while now: Al Mansour sec ured the rights to be MG’s exclusive distributor back in 2018. Just a year after this, we first heard about Al Mansour Automotive’s plans to produce MG-badged vehicles in partnership with MG Motor parent company SAIC.

Chinese automakers are more and more looking towards Egypt: In just this month alone, we’ve heard that FAW Group is re-entering the Egyptian market in 1Q 2025, Chery International subsidiaries Omoda and Jaecoo are in talks to enter the Egyptian market, an El Nasr Automotive and El Safy Group JV will begin producing three models for an unnamed Chinese automaker, Chery subsidy Exeed officially launched local assembly, Al Nasr Automotive delivered its first batch of buses in partnership with Yutong, Jinbei will soon assemble its models locally, and an unnamed Chinese company is looking to set up a USD 360 mn tire factory — now take a breath.

** We did a deep dive into the challenges facing automakers in Egypt in our weekly Inside Industry last month. Check out the story here.

AND- General Motors, which also works with Al Mansour Automotive as its exclusive distributor, plans to introduce two new car models — one electric and one conventional — to the Egyptian market in 2025, the company’s chair and managing director Sharon Nishi told Asharq Business. The company is particularly focused on opening up new export markets in Africa, Nishi added.

ALSO- Nissan Egypt’s exports are expected to grow by more than 50% y-o-y by the end of this year, Managing Director Mohamed Abdel Samad told Asharq Business. The firm’s sales in Egypt are expected to increase by 20% y-o-y by the end of the year, Abdel Samad added, saying that the automotive market has begun recovering from the downturn that followed the float of the EGP.

Tags:

automotive GB Auto Mansour Group Manufacturing MG Motor SAIC Motor

LAST NIGHT’S TALK SHOWS

ICC arrest warrants and the incoming Trump administration's threats of sanctions caught the interest of the nation’s hosts

The nation’s hosts responded to sanctions threats from the incoming Trump administration to ICC prosecutor and officials in response to its decision to issue arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant. "This is not the first time Washington has made such threats. Previously, it imposed sanctions on the former ICC prosecutor and senior staff. Yet, this did not deter the current or former prosecutor from proceeding with the measures and issuing decisions they deemed correct," ICC Spokesperson Fadi El Adallah told Sherif Amer (watch, runtime: 8:32).

ALSO- The search for survivors in the Red Sea continues, and the nation’s talking heads are continuing to keep their ears to the ground for any developments. Red Sea Governor Amr Hanafi provided updates on the situation and the government’s ongoing rescue efforts during a phone call with Yahduth Fi Misr’s Sherif Amer (watch, runtime: 3:33 | 2:15 | 3:32).

Tags:

LAST NIGHT’S TALK SHOWS Middle East politics tourism

EGYPT IN THE NEWS

Four bodies recovered, five survivors found following tourist boat capsizing

Outlets across the globe are continuing to provide updates on search and rescue efforts in the Red Sea: Four bodies were recovered yesterday from the tourist yacht that capsized in Egypt’s Red Sea on Monday, with rescue efforts continuing for the seven people still missing, according to the Red Sea Governorate. Authorities reported five additional survivors on Tuesday — two Belgian tourists, one Swiss tourist, one Finnish tourist, and an Egyptian — bringing the total number of survivors to 33. (Reuters | AP | New York Times | CNN | France24 | Sky News | Xinhua | NBC News)

Tags:

tourism

Also on our Radar

Gov’t targeting 50% vaccine localization by 2030. PLUS: Flydubai, E-finance + Cassava, Ezz Steel

HEALTHCARE-

#1- The government is planning to localize 50% of all vaccine production by 2030, according to a statement from the Health Ministry. There will then be efforts to increase this to 75% by 2035 and full self-sufficiency by 2040.

#2- Gov’t allocates EGP 10 bn to settle debts owed to pharma firms: The Madbouly government has allocated a total of EGP 10 bn to settle a significant portion of debts owed to pharma and medical supplies companies, to be paid over the next three weeks, according to a cabinet statement. The government will allocate EGP 4 bn this week and EGP 3 bn for each of the next two weeks to be spent on paying the debts, with Prime Minister Mostafa Madbouly affirming the government’s efforts to fully settle the dues owed to these firms, the statement reads.

#3- Health Ministry oversees signing of MoUs with international healthcare firms: The General Authority for Healthcare inked cooperation protocols with healthcare firms Edge and Mindray, according to a statement. The agreement with Edge will help the government utilize surgical robots and advanced technologies, while the agreement with Mindray aims to localize health solutions and train medical personnel.

Additional agreements were made with local entities: The General Authority for Healthcare also signed an agreement with the head of Egypt’s National Food Safety Authority to work on promoting nutritional and health policies through awareness programs, as well as another agreement with a member of the National Alliance for Civil Development Work to “to support developmental projects, improve healthcare services, and boost medical tourism.” the statement reads.

AVIATION-

Dubai-based airline Flydubai will start offering daily, direct flights between Dubai International Airport and Alamein International Airport starting next summer, FlyDubai announced. The seasonal route will operate between 21 June and 7 September, with tickets starting from AED 1.9k.

EXPANSION-

E-finance and Cassava Technologies to explore joint expansion in Africa: State-owned fintech giant E-finance and Africa-focussed digital solutions company Cassava Technologies signed an agreement that will see the two firms identify areas for collaboration and joint expansion in Egypt and Africa, according to a Cassava statement.

MANUFACTURING-

Ezz Steel suffers operational malfunction in one of its facilities: One of the steel meltshops of steel giant Ezz Steel’s subsidiary Ezz Flat Steel has suffered a serious malfunction, with the repair period expected to extend for approximately nine months, the company said in a disclosure to the London Stock Exchange.

Tags:

ALSO ON OUR RADAR automotive aviation e-finance Ezz Steel Manufacturing pharma

PLANET FINANCE

In a trade war, there are no winners, cautions China following Trump’s tariff pledges

“No one will win a trade war or a tariff war,” warned a Chinese embassy spokesperson in Washington yesterday, reacting to president-elect Trump’s pledge via social media on Monday to impose a blanket additional 10% tax on all incoming Chinese goods. Trump alleged that China had failed to crack down on narcotics — in particular Fentanyl — from being sent to the US and that the tariff would remain in place until China takes definitive action, including a death penalty for drug smugglers.

The incoming administration also put neighbors — and historically close trading partners — Mexico and Canada on notice, pledging a 25% tariff on “ALL products” from its top two trading partners. Trump posted on his Truth Social platform — with his characteristically bizarre use of capital letters — that the “Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country.”

Mexico is already saying that it is prepared to respond, with the country’s president Claudia Sheinbaum warning that “to one tariff will follow another in response and so on, until we put our common businesses at risk” at a press conference yesterday. This would lead to job losses and inflation on both sides of the border, Sheinbaum argued.

Trade is also a two-way street, and the prospect of a trade war between the US and the three countries could have a big impact on American businesses and the economy at large — especially considering that the three countries are also the top three importers of US-made goods.

The three targeted countries are already feeling the squeeze in the currency markets, with the MXN falling 2.5% against the greenback yesterday, along with the CAD that fell 0.7% and CNY that dropped 0.2%.

But so too are US automakers — who rely on Mexico for much of their production — with shares in General Motors slipping 8.9% and Ford dropping 2.6% despite both the Nasdaq and S&P 500 ending the day comfortably in the green. "If implemented, this would spell disaster for the U.S. auto industry and Detroit Three manufacturers, all of whom import significant numbers of vehicles from Canada and Mexico," Bernstein analyst Daniel Roeska said in a note seen by Reuters.

MARKETS THIS MORNING-

Asian markets are kicking the day off in the red, on the heels of gains on Wall Street with the Dow Jones and S&P 500 both closing on all-time record highs. Leading the pack in the red is Japan’s Nikkei at -0.8%, China’s Shanghai index at -0.5%, and Hong Kong’s Hang Seng at -0.1%. Korea’s Kospi is just in the green at +0.1%.

EGX30	30,284	+0.1% (YTD: +21.7%)
USD (CBE)	Buy 49.53	Sell 49.66
USD (CIB)	Buy 49.54	Sell 49.64
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,736	-0.4% (YTD: -1.6%)
ADX	9294	+0.7% (YTD: -3.0%)
DFM	4829	+1.3% (YTD: +18.9%)
S&P 500	6022	+0.6% (YTD: +26.2%)
FTSE 100	8259	-0.4% (YTD: +6.8%)
Euro Stoxx 50	4762	-0.8% (YTD: +5.3%)
Brent crude	USD 72.86	+0.1%
Natural gas (Nymex)	USD 3.43	+1.8%
Gold	USD 2658.20	+0.6%
BTC	USD 91,985.40	-1.8% (YTD: +116.2%)

THE CLOSING BELL-

The EGX30 rose 0.1% at yesterday’s close on turnover of EGP 3.1 bn (26.4% below the 90-day average). Regional investors were the sole net sellers. The index is up 21.7% YTD.

In the green: Telecom Egypt (+2.2%), Sidpec (+1.7%), and Eastern Company (+1.6%).

In the red: Alexandria Containers and Cargo Handling (-6.9%), Ezz Steel (-2.4%), and Edita (-2.3%).

Tags:

Financial Markets Planet Finance politics

HARDHAT

Visa’s new payment threats report breaks down the latest in fraudulent activities

New threats emerge as the digital payment infrastructure changes: As digital payments come to dominate our financial landscape, it’s becoming more important than ever to protect our payments and digital financial footprint — particularly when businesses’ bottom lines are at risk. Visa Payment Fraud Disruption’s (PFD) most recent Biannual Threats Report (pdf) takes a deep dive into how threat actors tried to target your business and your wallet in 1H 2024, with an eye on the increasingly sophisticated and targeted tactics being used in today’s digital age.

WHY IT MATTERS-

A growing number of banked citizens provides more possible inroads for payments attacks: Egypt has been making serious strides in financial inclusion in recent years, with the Central Bank of Egypt announcing earlier this year that some 48.1 mn Egyptians were banked as of June 2024. This brings the number of banked citizens — whether via bank, Egypt Post accounts, mobile wallets, or prepaid cards — to around 71.5% of eligible citizens, according to the CBE, with financial inclusion in June up 181% since 2016.

Our large proportion of fintech startups is also a relevant part of the discussion, with a number of firms like Fawry, MNT-Halan, Dopay, Paysky, Paymob, OPay, Valu, Thndr, Contact Financial, Aman Holding, Masria Digital Payments, Money Fellows, and many others operating in and adjacent to the digital payments space.

There’s even more in the pipeline on the digital payments front, too: Visa is working with the Central Bank of Egypt on operational trials for payment card tokenization on mobile applications, allowing contactless payments via these apps. The company is also working with the CBE on new regulations to develop digital payments in foreign trade transactions.

TL;DR: Digital payments safety is critical for safeguarding consumers and businesses alike, particularly as attackers come to exploit new areas of opportunity in the region and rapidly disseminating technologies, including AI.

THE TRENDS-

The first half of the year saw a big jump in fraudulent payment authorization cases: Visa PFD opened 81% more purchase return authorization cases during 1H 2024 compared to the preceding six-month period, with each successful attack resulting in potential losses of around USD 184k for the credit card company’s issuing partners, the report writes.

Third-party service providers and retailers’ digital wallets are two points of attack for fraudsters: While ransomware and data breach incidents were down 12.3% from the previous half in 1H 2024, attackers continue to target third-party service providers, with Visa PFD noting a 24% uptick in third-party service investigations during the first half of this year. Scammers have also begun targeting retailers’ digital wallets and using mobile point-of-sale devices to tap wallets and activate cards for a transaction.

Ecommerce saw an uptick in skimming attacks: Ecommerce providers are increasingly being targeted by skimming attacks, in which threat actors target merchant websites with malicious code in order to gain access to payment data. While overall skimming has largely remained steady in 1H 2024, the report notes that fraud perpetrators are focusing their efforts on ecommerce merchants “as they are more likely to have direct access to sensitive payment account data stored within cardholder data environments or provided via the victims’ checkout webpages.”

Our region made up a much higher proportion of attacks at the gas pump: Automated fuel dispenser fraud — attacks targeting payments made while fueling up your vehicle — declined 19% compared to the previous half but increased 373% in terms of total value of fraud. The Central Europe, Middle East, and Africa (CEMEA) region fielded a growing proportion of these attacks, with issuers in the region making up 47% of all attacks in 1H 2024 compared to 4% in 2H 2023.

Summer is the high season for fraud: With its sporting events, concerts, and festivals, summer is an ideal time for scammers to take advantage of online ticket purchases as you fill up your busy social calendar. Summer travel is another weak link, with a number of scams imitating major airlines and cheating you out of expensive airfares.

AI is increasingly being used to perpetrate attacks, with the report noting more and more sophisticated attacks using the advanced technology. For instance, earlier this year an employee of a company in Hong Kong wired USD 25.6 mn to a number of bank accounts on the directions of his CFO — who actually turned out to be an AI-generated deepfake created by scammers, the report reads. AI is also being used for reconnaissance on individuals via data scraping, which helps threat actors construct more believable scams.

But don’t you fret, analog theft isn’t dead: Physical theft of payment cards and phones has only increased in recent months, with the report noting a marked increase in longstanding ATM scams, mail theft, vehicle break-ins, and pickpocketing as thieves increasingly target consumers. “The recent increase in physical theft reflects a broader trend wherein actors are encountering more friction in conducting fraud due to increased secure acceptance and fraud controls,” the report reads.

The situation may sound dire, but Visa’s fraud department is on the case: Major payment ecosystems players have a wealth of resources deployed toward monitoring and taking out threats to digital payments, many with great success. As a case in point, during the first six months of 2024, Visa’s Risk Operations Center “implemented pre-emptive, targeted blocks in coordination with impacted organizations,” resulting in over 51.8 mn declined transactions worth a total of USD 11.8 bn.

Your top infrastructure stories for the week:

SCZone signed a land usufruct agreement with Orascom Construction subsidiary Orascom Industrial Parks for its EGP 13 bn integrated industrial complex planned for the Sokhna Industrial Zone.
Turkish investment group Erciyas Holding is looking to set up a USD 60 mn oil, natural gas, and water pipelines factory, which is expected to generate USD 200 mn in revenues and will export 60% of its production.
Turkish clothing manufacturer Eroglu Holding began work in its USD 51 mnfactory in the Qantara West Industrial Zone. Spanning 84.2 sqm, the factory is expected to create some 5k jobs when operational.

Tags:

Fintech Hardhat Visa

CALENDAR

2024

NOVEMBER

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

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

27 November-3 December (Wednesday-Tuesday): United Bank IPO retail placement

28-30 November (Thursday-Saturday): 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.

29 November (Friday): Startup Sync, Cairo, Egypt.

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

DECEMBER

7 December (Saturday): The Scientific Society for Tax Legislation will hold its annual conference.

12-21 December (Thursday-Saturday): Turathna handicrafts and heritage exhibition, Egypt International Exhibitions Center, Cairo

15-17 December (Sunday-Tuesday): Nebu Expo for Gold & Jewelry, Cairo, Egypt.

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

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

3Q 2024: Egyptian-Armenian Joint Committee.

First week of November: Egypt-Turkey high-level trade consultation mechanism.

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.

22 December (Sunday): The Nahda University Economic Forum’s third edition is set to take place.

2025

January: Civil Society Support Fund to launch digital platform

January: CBE to launch InstaPay remittances for Egyptians abroad

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

1H 2025: Digital Financial Identity Company will launch an electronic bank account opening service

1Q 2025: Eipico’s biopharma plant to begin operations .

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.

September 2028: First unit of the Dabaa nuclear power plant begins operations.

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