The third tranche of our IMF loan program is imminent — an IMF delegation is in town

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What We're Tracking Today

Egypt’s central bank is meeting today to review rates

Good morning, ladies and gentlemen. We are closing out this extremely hot week on a high note, with an IMF delegation in Cairo, making us believe the third tranche of our USD 8 bn loan agreement is around the corner. We are also keeping our eyes peeled for the central bank’s decision on interest rates when its Monetary Policy Committee meets up later today.

WATCH THIS SPACE-

#1- Third review on the way? Representatives from the IMF are in town to conduct the third review of our loan program, two government sources told Asharq Business. The review will unlock the third USD 820 mn tranche of our USD 8 bn loan program. The third review is expected to be completed around 15 June, with the fourth review scheduled for September.

Remember: The IMF’s Executive Board signed off on a USD 5 bn extension for Egypt’s extended fund facility and completed its long-delayed first and second reviews of the facility in late March, when it approved a decision to let the state immediately draw USD 820 mn. We unlocked the second tranche in April.

#2- Trading and settlement rules for the soon-to-be-established voluntary carbon market will be released within “the next few weeks,” Financial Regulatory Authority (FRA) head Mohamed Farid said in a statement. Once launched, the market will be the first voluntary carbon market in Africa.

Remember: The EGX in 2022 announced that it would set up the market, which will allow companies in Egypt and Africa working on emissions-reducing projects to sell certified carbon credits, which can then be bought by other companies wanting to offset their emissions. The FRA released its carbon credit verification and certification standards in August 2023.

#3- NUCA to sell land for FX: The New Urban Communities Authority is planning to sell land plots to 34 companies in exchange for foreign currency, after the cabinet greenlit the move. The land is located across eight governorates and will be used for residential, commercial and administrative purposes.

IPO WATCH-

#1- More on Act Financial’s IPO: Investment management firm Act Financial has set EGP 3.65 as the maximum price per share when it makes its market debut between the end of May and beginning of June, writes Asharq Business, citing two sources close to the discussions. Act Financial got the green light last month to list its shares on EGX. The company is looking to raise some EGP 1.3 bn from taking a 30% stake to market.

#2- ACUD IPO pushed back again: The Administrative Capital for Urban Development (ACUD) will be ready to make its EGX debut in 2025, chairman Khaled Abbas told Al Borsa. The company recently pushed back its timeline for selecting an international financial advisor for the offering until 4Q 2024, Abbas said earlier in the week. ACUD was aiming to offer 5-10% of its shares on the EGX in 2Q 2024.

HAPPENING TODAY-

It’s decision time for the central bank: The Central Bank of Egypt’s Monetary Policy Committee (MPC) will meet later today to review rates. This will mark the committee’s first meeting since it delivered a jumbo 600 bps rate hike alongside the EGP float at a special meeting in early March.

To cut, or not to cut: HSBC’s chief economist for Central and Eastern Europe, the Middle East, and Africa Simon Williams told us earlier this week that it's possible, but unlikely that the MPC will start cutting rates today. A cut now “would be premature … given the stress placed on restoring monetary policy credibility in the March IMF program and the importance of anchoring the new FX regime,” he said. .

The polls agree: The MPC is expected to hold interest rates steady as inflation cools, FX inflows pick up, and the EGP exchange rate against the greenback stabilizes, as unanimously forecasted in our interest rate poll of 11 analysts and economists earlier this week.

Goldman’s goes against the grain: Goldman Sachs expects the MPC to cut rates by 150 bps, readjusting its previous forecast of a 2% rate cut, it said in a research note seen by Arab World Press.

PSA-

WEATHER- Make sure your a/cs are on high as we brace for another hot day. Cairo is looking at a high of 39°C and a low of 24°C, according to our favorite weather app.

It’s significantly cooler in Alexandria, with a high of 28°C and a low of 21°C.

And over the weekend, expect to see highs of 34°C and lows of 21°C in the capital.

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CIRCLE YOUR CALENDAR-

#1- A big week ahead for Arab diplomacy? The foreign ministers of Egypt, Saudi Arabia, the United Arab Emirates, Jordan and Qatar will join their 27 European Union counterparts in Brussels on Monday for talks. Look for the war in Gaza and the post-war order there to take center stage.

#2-One for the renewable energy enthusiasts: The USAID-backed Center of Excellence for Energy is holding a stakeholder’s meeting on Egypt’s energy transition next Sunday at the Cairo Marriott Hotel in Zamalek. You can view the full agenda here (pdf).

#3- GITEX Africa 2024 places Egyptian tech startups at the forefront: Set to take place between 29-31 May, the second edition of GITEX Africa in Morocco will see prominent enterprises, startups, and voices in tech from Egypt play a primary role in the event, according to a press release on the event’s website. The event will feature “some of the most innovative enterprises and startups,” as well as government officials, tech leaders, and industry experts from 130 countries.

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

THE BIG STORY ABROAD-

One story is on every front page this morning: AI darling-of-the-moment Nvidia.

The chipmaker’s 1Q 2024 earnings showed that sales had more than tripled to USD 20 bn, topping analyst estimates and prompting many of them to suggest that the AI boom has legs. Net income was up almost 7x — sending its stock to a record USD 1,004 in after-hours trading.

Why does it matter? “Nvidia’s results have become a way for investors to gauge the strength of the AI boom that has transfixed markets in recent months,” CNBC writes.

MEANWHILE- Saudi Arabia and the US could be “weeks away” from a wide-ranging set of accords that Washington hopes will pave the path for Riyadh to normalize relations with Israel. On the agenda are pacts on security and defense and nuclear power, Reuters reports, while EnterpriseAM Saudi also expects there to be an agreement on artificial intelligence and advanced technologies.

AND- Ireland, Norway, and Spain have said they will formally recognize the state of Palestine. The Irish Times has more and we take note of local reaction in this morning’s Talk Shows, below.

ALSO- An early UK general election: A very wet UK Prime Minister Rishi Sunak called a general election for 4 July, ending months of speculation about when he would make the call. The elections are likely to mark a turning point in the UK government, with the Conservatives likely to lose to the opposition Labour Party — this would mark the end of a 14-year of Conservatives in power. (Reuters | The Guardian | AP)

WORTH READING THIS MORNING- Reuters is out with an investigative piece on how wealthynations are capitalizing on climate funding to developing nations, while the Wall Street Journal looks at the highest-paid CEOs in America last year.

CORRECTION- In the original version of this story, we mistakenly wrote that Act Financial will price its shares at EGP 3.65 for its upcoming market debut. The investment management company instead set the maximum offering price per share at EGP 3.65.

A week packed with joy. Experience the magic of Eid at Somabay:Celebrate the upcoming Eid El Adha holiday with us at Somabay, from 14-22 June. Get ready for an exciting program packed with activities for families and kids, enchanting beach experiences, vibrant nightlife, revitalizing wellness offerings, and a delectable selection of culinary delights.

Philip Morris snaps up 14.7% stake in Eastern Company

Philip Morris snaps up minority stake in Eastern Company: US-based tobacco giant Philip Morris International has acquired an indirect 14.7% stake in state-owned cigarette maker Eastern Company, it said in a statement. Philip Morris bought the stake from new shareholder Emirati Global Investment Holding (GIH), Eastern CEO Hany Aman told Asharq Business. GIH sold 49% of its stake in the tobacco company, he added.

What’s next? The acquisition will pave the way for the two companies to explore “long-term collaboration” in manufacturing, technology, and innovation — including heated tobacco products that aim to replace cigarettes — the statement reads.

We had an idea this was coming: Phillip Morris was reported to be eyeing a minority stake in Eastern Company back in August — at the time it was said that Philip Morris will acquire the stake through its Egyptian subsidiary United Tobacco. United and Eastern are the only companies licensed to manufacture cigarettes in Egypt.

Eastern and United are already intertwined: Eastern Company agreed to purchase a 24% stake in United Tobacco for EGP 100 mn in May 2022, a month after it struck an agreement to allow the Philip Morris subsidiary to locally manufacture cigarettes.

Who owns what: Prior to the acquisition, the two biggest shareholders in Eastern were GIH and Chemical Industries Holding Company. GIH and an affiliate company owned a combined 33.29% stake in Eastern, while the state held a 20.95% share through its Chemical Industries Holding Company, according to an EGX disclosure (pdf).

Remember: GIH in November completed the purchase of a 30% stake in Eastern in a USD 625 mn transaction, becoming its single-largest shareholder.

Seven investors are lining up for a stake in Egyptian government-owned Wataniya

Wataniya stake sale racks up seven bids: State-owned fuel retailer Wataniya has received seven international and local acquisition offers, Planning Minister Hala El Said told Asharq Business. The government is filtering the offers for the long-awaited stake sale and will select one soon.

That’s more than double the offers than we knew of: Last we heard, there were three final offers remaining on the table for a 30% stake in the company, according to unconfirmed local media reports in February, and Prime Minister Moustafa Madbouly held a meeting a week later to assess the final offers submitted. Taqa Arabia is the only firm to have publicly declared interest in the filling station operator.

THE SFE’S INDUSTRY SUB-FUND IS MONTHS AWAY-

SFE’s industry sub-fund to launch in July: The government is working with seven local investors across different industries to launch the Sovereign Fund of Egypt's (SFE) industry-focused sub-fund, Fund chair El Said told Al Masdar yesterday. The government plans to launch the sub-fund in July, she added.

What industries? The government is currently in talks with investors in the food, engineering, and building materials industries, as well as those working in industries that can feed into the National Egyptian Railway Industries Company’s (NERIC) manufacture of railway and train supplies. Discussions are set to wrap up in June, just before the fund’s launch.

Remember: The SFE will be touring the Gulf next month to drum up investment. The fund will meet with investors, financial institutions, and other sovereign funds to discuss potential investments on offer.

Egypt’s Health Ministry to work with private sector to open ten new hospitals over the next two years

Health Ministry to work with private sector to set up ten hospitals over two years: The Health Ministry is in talks with local and foreign private players to to build ten hospitals across ten of the country’s governorates within the next 24 months, the ministry’s spokesman Hossam Abdel Ghaffar told Al Arabiya. The ten hospitals will add 3k beds to the country’s capacity, with 200-300 beds in each hospital.

Hot on the heels of an approved hospital privatization bill: The move comes following the approval from the House earlier this week to a bill allowing the private sector to manage and operate public hospitals and healthcare facilities in Egypt.

It’s not just public hospitals that are on track for more private sector involvement: The government is aiming to up the private sector’s role in the universal health ins. system to 50%, up from 30%, according to a Finance Ministry statement.

This mirrors its private sector targets for the sector as a whole: The Madbouly government is also looking to increase the private sector’s share in healthcare to 50% by 2027 — up from a current 30%.

AL MOUNEER TO POWER EYE CARE AT CAIRO’S INT’L MEDICAL CENTER

More advanced ophthalmic care at the International Medical Center: Local healthtech startup Almouneer has partnered with Cairo’s International Medical Center to provide tech for ophthalmology and eye surgeries, according to a statement (pdf). It will also set up a specialized center for eye care.

Almouneer? The women-owned startup supports sufferers of chronic diseases such as diabetes via its digital platform DRU. Almouneer currently maintains a customer base of over 120k users. Almouneer raised USD 3.6 mn from investors in a seed round in November.

Beltone VC arm leads funding round for Egyptian proptech startup:

Proptech startup Birdnest has closed a pre-series A funding round led by Beltone Venture Capital — Beltone Holding’s venture capital arm — and the UAE’s Citadel International Holding’s CI Venture Capital, the startup said in a statement (pdf ). The investors poured an undisclosed sum in Birdnest in exchange for a 20% stake in the company.

Where are the funds going? The funds will support the expansion of Birdnest’s regional team and the development of its technology and marketing strategies to extend the company’s market access, the statement said. The fresh funds will also help the company expand its footprint locally and step foot into new markets, namely Athens, Dubai, and Riyadh, as “part of Birdnest's ambitious strategy to partner with real estate developers, institutional investors, and independent property owners.”

Birdnest? The home grown proptech startup provides tech-enabled rental management services facilitating checking in, making rent payments and unlocking doors. Birdnest has over 200 properties across Egypt in its portfolio for short and long-term rental. The startup also provides furnishing services for properties, offering “pre-curated designs,” the website said.

Advisors: Arch Capital acted as Birdnest’s financial advisor, while White & Case served as Beltone’s legal advisor.

Tarek El Gamal to join UN Global Compact board

Redcon Properties Chairman Tarek El Gamal (LinkedIn) has joined the board of the United Nations Global Compact — the world’s largest corporate sustainability initiative with over 24k participants from across 167 countries — for a three-year term, according to a press release (pdf). El Gamal will be leveraging his experience to offer strategic guidance to the council and collaborate with key stakeholders to achieve the council’s goals, the statement said.

What he said: “Green and sustainable building are the cornerstone of contemporary construction,” El Gamal said. “We are relentless in pursuing cutting-edge technologies and sustainability solutions, aligning with the UN’s sustainable development goals.”

Could Egypt hang its hat as a mediator in Israel-Hamas negotiations?

It was a politics-heavy night on the airwaves last night, as the nation’s talking heads focused on Egyptian-Israeli relations.

Could Egypt hang its hat as a mediator? “Continuous attempts to undermine Egypt’s role as a mediator [in the negotiations between Israel and Hamas] with misinformation will only lead to further complicating the situation in Gaza and the entire region. It may even push Egypt to completely withdraw its mediation role,” State Information Service head Diaa Rashwan said in a statement. His comments came in response to a CNN report that claimed Egyptian mediators changed the terms of a ceasefire proposal and hurt negotiation efforts.

That being said, Egypt will never abandon the Palestinian cause, Rashwan told Sherif Amer’s Yahduth fi Masr (watch, runtime: 9:25). Rashwan’s comments also caught the attention of Reuters.

ALSO- Norway, Ireland and Spain officially recognize the State of Palestine: The three nations officially announced their recognition of the State of Palestine during press conferences held simultaneously in each of their capitals. The decision is scheduled to take effect on 28 May.

One for the history books: Irish Prime Minister Simon Harris said that this day is “historic and important for Ireland and Palestine,” adding “we are confident that more countries will join us in this step,” according to Al Arabiya. Al Hayah Al Youm had coverage (watch, runtime: 31:49).

Agthia wants to boost its exports out of Egypt

EXPORTS-

UAE’s Agthia wants to level up its export base here: ADQ-owned F&B firm Agthia plans to ramp up its exports from Egypt to other countries to AED 100 mn this year, up from AED 70 mn in 2023, the company’s CFO Sherif Elfaham told CNBC Arabia (watch, runtime, 6:36). Exports from Egypt hit AED 24 mn in the first quarter of the year, Elfaham said, adding that the local market “represents about 18-19% of the company’s business volumes.”

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The rationale: The firm — which also owns 70% in Abu Auf’s parent company and 75% of the parent company behind frozen meat brand Atyab — wants to leverage Egypt’s “low production costs, strategic location, and strong commercial relationships,” Elfaham said. Agthia is looking to make Egypt a regional export hub by setting up an export facility here to serve markets in the Gulf and North Africa.

AVIATION-

The US Transportation Security Administration (TSA) will help set up a regional center for security training in Egypt, the Civil Aviation Ministry said in a statement, after a TSA delegation met with ministry officials. The US side will provide the center with the latest equipment at no cost. The US side will also provide “all means of support and expertise” necessary for the redesign of Cairo International Airport, terminal 3.

TELECOMS-

#1- Vodacom and Orange want to support Africa’s mobile network: Africa’s largest mobile operator Vodacom is in talks to set up a strategic partnership with Orange France that would involve infrastructure agreements in Africa, building connectivity in rural areas, and cutting costs in the continent, reported Asharq Business, citing unnamed sources it said are familiar with the negotiations. The two telecoms players are eyeing agreements in Egypt as well as the Democratic Republic of Congo.

#2- Huawei launches region’s first ever public cloud in Egypt: China’s Huawei Cloud in cooperation with Telecom Egypt has launched a public cloud services platform in Egypt, the first in the country and North Africa, Telecom Egypt said in a statement on Tuesday.

DEBT-

Telecom Egypt has secured a USD 200 mn loan from Banque Misr UAE to refinance its existing short-term facilities, TE said in a statement. The two parties agreed that the loan will be repaid within five years from TE’s FX revenues. TE is currently undertaking a refinancing strategy to reduce borrowing costs, assure liquidity and increase its financial flexibility, the statement notes.

Emerging markets’ credit ratings are on the up at last

Sovereign credit ratings in the emerging markets are back on the up on the bank of hoped-for rate cuts, post-Covid recovery, and policy moves in select markets, Reuters reports. The newswire points to Turkey, Brazil, Nigeria, Zambia and also us here in Egypt as adding to the growing evidence that there’s a turnaround in ratings after decades of downgrades.

Economies are in a very different place than they were during the pandemic: Three-quarters of sovereign credit rating movements in 2024 have been in a positive direction, while almost all were negative when we were all working from home during the pandemic, according to data from the Bank of America cited by Reuters.

The why: It varies by economy, Fitch Ratings’ Ed Parker told the newswire. Some economies have benefited from a recovery following the pandemic and energy price spikes from Russia’s invasion of Ukraine, while others have had a change of fortunes on the back of policy improvements, and frontier economies are reaping the rewards of their new-found access to debt markets, he added.

Remember: Egypt has had Moody’s, Fitch Ratings, and S&P Global Ratings upgrade its sovereign credit outlook to positive since March 2024 — though none of the “big three” have upgraded Egypt’s credit rating itself.

Good news for sure, but EMs still have a long way to go: Ratings upgrades and better access to debt markets are obviously a positive sign, especially after a long period of high interest rates and a strong USD. But getting too excited about the ratings upgrades risks ignoring long-term trends in developing countries’ debt markets.

MARKETS THIS MORNING-

Major Asian benchmarks slumped into the red this morning after the minutes of the US Fed’s latest meeting were released. Traders and bankers alike are concerned that the central bank is getting “cold feet on possible rate cuts” after data showed inflation was surprisingly stubborn. Of the big Asian indexes, only the Nikkei is in positive territory this morning.

Looking ahead: Nasdaq and S&P futures were up overnight after Nvidia reported record earnings — but futures have the Dow headed for a lower open at the start of trading today. European futures declined overnight.

EGX30	27,227	0.0% (YTD: +9.4%)
USD (CBE)	Buy 46.74	Sell 46.88
USD (CIB)	Buy 46.74	Sell 46.84
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,157	+0.3% (YTD: +1.6%)
ADX	8,973	-0.4% (YTD: -6.3%)
DFM	4,058	-0.4% (YTD: -0.1%)
S&P 500	5,307	-0.3% (YTD: +11.3%)
FTSE 100	8,370	-0.6% (YTD: +9.7%)
Euro Stoxx 50	5,025	-0.4% (YTD: +11.1%)
Brent crude	USD 81.90	-1.2%
Natural gas (Nymex)	USD 2.84	+6.4%
Gold	USD 2,4116	-1.4%
BTC	USD 69,423	-0.5% (YTD: +64.4%)

THE CLOSING BELL-

The EGX30 remained flat at yesterday’s close on turnover of EGP 4.0 bn (17.3% below the 90-day average). International investors were net sellers. The index is up 9.4% YTD.

In the green: Edita (+7.0%), Orascom Development Egypt (+6.5%), and Heliopolis Housing (+4.2%).

In the red: Abu Qir Fertilizers (-2.9%), Mopco (-2.3%), and AMOC (-2.2%).

Shoukry heads to Iran to attend Raisi’s funeral

Shoukry makes first ever trip to Iran to mourn passing of late president: Foreign Minister Sameh Shoukry was in Tehran yesterday to attend the funeral of Iranian President Ebrahim Raisi after he died in a helicopter crash on Sunday, according to a ministry statement. This marks the first visit by an Egyptian foreign minister to Iran since 1979.

Remember: Egypt and Iran have been in talks for some time now about normalizing ties and reopening embassies, as part of a wider Iranian diplomatic push to mend relations with the Arab world. Raisi called President Abdel Fattah El Sisi to congratulate him on a third term in office in December.

My Morning Routine: Hala Riad, lawyer, entrepreneur and co-founder of Hekouky

Hala Riad, lawyer, entrepreneur, and co-founder of Hekouky: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Hala Riad (LinkedIn), lawyer, entrepreneur, and co-founder of Hekouky.

My name is Hala Riad, lawyer, entrepreneur and co-founder of Hekouky. I’m an avid tech and investment enthusiast with a particular interest in legal tech. On top of that, I’m a lawyer at Tarek Riad & Partners, my family’s law firm that was formerly known as Kosheri, Rashed & Riad Law Firm, and I will soon be a postgraduate student at Columbia and a future startup-friendly investor, slash investment manager.

A startup wasn’t always on the cards: When I was younger, I really wanted to work in something that provides access to justice to those in need. When we — my co-founders Mayy, Fatma, and I — started Hekouky, we were sharing posts online to help individuals. For example, what you need to register a trademark or how to start your own company — but also what can you do if you get assaulted and who to call. After spending time analyzing where the need is, we turned Hekouky into a digital platform where companies are incorporated and entrepreneurs can facilitate their legal and tax needs.

I read a book called The End of Lawyers by Cambridge professor Richard Susskind, which underlines that in the next 20 years, most — if not all — legal processes will be digitalized and we need to prepare for this. I wanted to be part of that future, so we decided to build technology that automates tax and legal processes to make things easier for young business people and entrepreneurs. Hekouky was able to incorporate companies, provide the contracts required to operate safely and the tax services needed to be in good standing.

I think that if you believe in justice, you believe in legal tech. Accessibility increases justice and creates a world where individual rights are preserved.

On being a woman startup founder: Globally, women-run startups receive less than 1% of all VC funding — the percentage is even less than that in the MENA region. As a woman founder, you know that you’re being underestimated — I’ve walked into meetings where people have assumed that I am Hala Riad’s secretary. But you can’t give yourself the luxury of focusing on that, you can only be laser focused and avoid looking left or right. I try to remind myself that I carry the strength of my grandmother with me — she was the first Egyptian woman to get a PhD from Yale Law School and to become a professor at Cairo University.

The startup community is the nicest place to exist because everyone is in such different sectors and wants to see others succeed. Every time I see the founder of a product I love, I tell them to call me when they need legal help. It’s a very open community.

Hekouky received tremendous support from accelerators and mentors: The company was incubated by Mint by EG Bank, who we’ve received ongoing support from until today. We also were part of the Google for Startups and Plug and Play accelerators. Google provided us with public policy, technological, and investment readiness support. I believe in the saying “ask for money, get advice, ask for advice, get money.”

We have now come to an agreement to wind down operations at Hekouky as it currently stands, a decision we came to as we didn’t see a clear path to profitability. Businesses zigzag and this experience has made me a much tougher business person and helped me gain a tremendous amount of experience.

Data is the name of the game: We’ve already seen the drive towards leveraging data to create cooler technology, for example with Elon Musk using data collected from Tesla to create self-driving cars and now he is looking to rival Chat GPT by using data collected from X. It’s no longer what your company can do, it’s about how the data you collect will create the products of the future.

Mornings are my spiritual sanctuary: As soon as I wake up, I’m stretching on the mat and doing my morning yoga. This is followed by five minutes of meditation, prayers, and a gratitude practice. I read EnterpriseAM over a mug of tea with milk. Tea is a must, I drink about six cups a day, probably because it reminds me of my grandmother.

My workday starts at 9am with an hour of responding to emails and I close my laptop at 8pm at the latest, with the final hour of the day dedicated to planning for the following day. Organization is the name of the game — I use Microsoft To Do for daily tasks, Google Calendar for scheduling and plan my quarters, months, weeks, and days down to a point — If it’s not on my Google Calendar, I’m not doing it.

I don’t want a work-life balance, I need work that gives me excitement. For me, burnout is a thing that happens when I feel my efforts are not being rewarded. I don’t think this means that entrepreneurs shouldn’t be kind to themselves or work themselves into the ground, but I also don’t believe in balance. I believe in a rich personal and professional life that looks different across stages of life.

A book I recommend is Daring Greatly by Brené Brown. I love the Theodore Roosevelt quote she mentions, “the credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly…who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly.” I promised myself long ago to live my life in the arena, and to dare greatly every single day in every aspect of my life.

The best piece of advice comes from my mom, who never allowed me to say I couldn’t do something unless I had empirical evidence to prove it. She never let me feel less than capable of doing something.

CALENDAR

2024

MAY

23 May (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

25-27 May (Saturday - Monday): Techne Summit, Cairo International Stadium.

26 May (Sunday): Center of Excellence for Energy’s stakeholder’s meeting on Egypt’s energy transition, Cairo Marriott Hotel, Zamalek.

29 May (Wednesday): Virtual launch of Chicago Booth Executive Program.

29-31 May (Wednesday-Friday): The second edition of GITEX AFRICA Morocco 2024.

JUNE

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

29-30 June (Saturday-Sunday): EU-Egypt Investment Conference.

30 June (Sunday): June 30 Revolution Day (national holiday).

JULY

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

18 July (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

23 July (Tuesday): Revolution Day (national holiday).

AUGUST

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

SEPTEMBER

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

5 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

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

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

OCTOBER

6 October (Sunday): Armed Forces Day.

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

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

NOVEMBER

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

DECEMBER

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

EVENTS WITH NO SET DATE

April 2024: President Abdel Fattah El Sisi will visit Turkey.

1Q 2024: Egyptian-Qatari Joint Supreme Committee.

1Q 2024: Opening of the newly developed Pyramids Plateau in Giza.

1Q 2024: The government is set to finalize the sale of the Gabal El Zeit wind farm.

February-May: The Grand Egyptian Museum could officially open to visitors.

March 2024: The USD 2.7 bn MIDOR Refinery is set to begin full operations.

May 2024: Egypt to receive USD 20 bn of Ras El Hekma funds.

May 2024: Arab Finance Ministers’ meeting at Egypt’s administrative capital.

June 2024: Gov’t expects to finalize sale of Beni Suef combined-cycle power plant.

Mid-year: The fifth Japan-Arab Economic Forum.

1H 2024: Gov’t expects to finalize sale of four water desalination plants.

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

3Q 2024: Egyptian-Armenian Joint Committee.

November 2024: Egypt to host the World Urban Forum (WUF12).

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

End of 2024: Shalateen Mining Company to launch a gold exploration bid in the Eastern Desert.

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

20 January-7 February: Egypt to host the African Games

EVENTS WITH NO SET DATE

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

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