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Tuesday, 20 Feb 2024

What We're Tracking Today
Tourism
Energy
M&a Watch
Economy
Startup Watch-
Moves
Last Night’s Talk Shows
Also On Our Radar
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Going Green
Calendar

Value of Egyptian M&As fell 62% in 2023

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Today at a glance

1

Tourism

Egypt sees an uptick in tourist arrivals in 2024, despite Gaza war straining tourism targets.
2

Energy

Israel to up Tamar gas exports to Egypt by 4 bn cubic meters per year over the next decade.
3

M&A WATCH

Value of Egyptian M&As fell 62% in 2023.
4

Economy

Maait unveils more details on the new Unified Budget Act.
5

Startup watch

Partech closes USD 300 mn Africa-focused fund.
6

Also on our Radar

BP has USD 1.5 bn of investments in the pipeline for Egypt.
7

LAST NIGHT’S TALK SHOWS

El Sisi says Suez Canal revenues down by 40-50% amid Red Sea disruptions.
8

PLANET FINANCE

Foreign direct investment in China hits lowest level since 1993.
9

Going Green

What is Egypt doing to move towards its goal of turning the Suez Canal green by 2030?

Tuesday, 20 Feb 2024

What We're Tracking Today
Tourism
Energy
M&a Watch
Economy
Startup Watch-
Moves
Last Night’s Talk Shows
Also On Our Radar
Planet Finance
Going Green
Calendar
1

What We're Tracking Today

US to call for temporary Gaza ceasefire in UN resolution

Good morning, folks. We may have been off to a slow start this week in local business news, but it seems that everyone’s been saving up their announcements for today.

We’ve got a packed issue for you today with news that the Tamar field is set to triple its annual gas exports to Egypt, welcome news that tourism numbers in 2024 are still up despite instability in the region pushing some holidaymakers away, some not-so-welcome news that the value M&As in 2023 dropped on the back of geopolitical and macroeconomic challenges, and plenty more for you to dig into this morning.

WATCH THIS SPACE-

#1- Egypt might have an ambitious new renewables target: Egypt is now aiming to have renewables make up 60% of its energy mix by 2030, according to an Oil Ministry statement yesterday citing Oil Minister Tarek El Molla, which has already done the rounds in the local press.

Remember: Only a few months back in July, Electricity Minister Mohamed Shaker announced an already ambitious new target that the country was aiming to increase renewables to cover 60% of the country’s energy needs by 2040 — a whole decade later than the date given in yesterday’s statement and a target 18 percentage points above existing goals for 2030 unveiled in 2021.

#2- Another USD 1 bn from the IFC? The International Finance Corporation plans to invest some USD 1 bn in Egypt this year — the same amount invested in the country last year — Cheick-Oumar Sylla, the IFC’s North Africa director, said yesterday, according to Al Borsa.

HAPPENING TODAY-

It’s day two of the Egypt Energy Showat the Egypt International Exhibition Center in NewCairo. The three-day event will gather 35k energy industry professionals and host over 80 conferences on energy transition and sustainable production. President Abdel Fattah El Sisi opened the event yesterday and we have coverage of his time there in the news well, below.

HAPPENING NEXT WEEK-

The tax policy framework is heading to the National Dialogue: The Finance Ministry will present its five-year tax policy framework to the National Dialogue next week, Finance Minister Mohamed Maait said in astatement yesterday.

What we know about the tax policy: We first heard of the policy in October, when a ministryofficial told us that the initiative aims to reassure investors and promote investment by introducing tax reductions for new projects and setting fixed, lower tax rates.

DATA POINT-

Gov’t trims next fiscal year’s growth forecast: The Madbouly government has downgraded its growth forecast for the fiscal year 2024-2025 to 4.2%, Planning Minister Hala El Said told Asharq Business. The new target is 0.5 percentage points below projections penciled in last month.

What others think: The International Monetary Fund sees Egypt’s economy growing at a 4.7%clip in the next fiscal year — slightly below previous projections of 5.0% — while the World Bank is penciling in growth of 3.9%.

WAR WATCH-

US to call for temporary Gaza ceasefire in UN resolution: After 230 days of Israel’s war on Gaza that has killed over 29k Palestinians — two-thirds of which are women and children — the US will now call for a temporary ceasefire. The US has reportedly put forth a UN Security Council draft resolution calling for a temporary ceasefire and warning against a ground incursion into Rafah — now the world’s most densely populated area hosting 1.5 mn people.

Every EU member country — bar Hungary — warned Israel against launching a military offensive in Rafah in a joint statement issued by the 26 countries. “We ask the Israeli government not to take military action in Rafah that would worsen an already catastrophic humanitarian situation and prevent the urgently needed provision of basic services and humanitarian assistance,” the statement reads.

WHILE OVER IN THE RED SEA- Crew abandons cargo ship after a Houthi missile struck the ship while it was passing through the Red Sea on its way to Bulgaria from the UAE. The UK-registered ship is at risk of sinking, according to a Houthi spokesperson. (Associated Press | Financial Times)

THE BIG STORY ABROAD-

One story is dominating the front pages of the global business press this morning: Two of the US’ biggest credit card lenders are getting married. Capital One is acquiring Discover Financial Services in a USD 35 bn all-stock transaction, it said in a statement overnight. The transaction will see Discover shareholders receiving 1.0192 shares in Capital One for every share in Discover, “representing a premium of 26.6% based on Discover’s closing price of USD 110.49 on February 16, 2024,” the statement said. The merged company will see Capital One shareholders holding 60% and Discover shareholders taking the remaining balance.

The story got plenty of ink:Bloomberg | Financial Times | Wall Street Journal | CNBC | Reuters

Yulia Navalnaya accuses Putin of killing her husband and vows to carry on the struggle: Yulia Navalnaya, the widow of the recently deceased Alexei Navalnaya, declared that she would continue her late husband’s work and called on Russian citizens to rally around her in her efforts to “build a free Russia.”

WHILE OVER IN TECH NEWS- US, EU, and UK are joining forces to launch an operation against Lockbit, the notorious ransomware gang that has launched cyberattacks against some of the world’s largest organizations — and even some Egyptian ones in recent months.

CORRECTION- In yesterday’s issue, we mistakenly reported that Egypt Post’s investment armPost for Investment could invest as much as EGP 6 bn throughout the year. Egypt Post will be doing the investing and not Post for Investment. The story has been updated on our website.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We take a look atwhat Egypt is doing to move towards its goal of turning theSuez Canal green by 2030.

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Escape to Somabay, where the sun-kissed shores await your arrival. Immerse yourself in the warmth of a perfect vacation, starting each day with the radiant embrace of the sun. Unwind, explore, and create unforgettable memories in this paradise by the sea.

2

Tourism

Egypt sees an uptick in tourist arrivals in 2024, despite Gaza war straining tourism targets

2024 off to a good start despite regional tensions: Tourist arrivals in the first 40 days of this year were up 5%from the same period last year, Tourism Minister Ahmed Issa said at the CEO Thoughts conference yesterday, according to a Tourism Ministry statement. Egypt received a record 14.9 mn tourists in 2023 — in line with the state’s target to reel in 15 mn tourists during the year, despite the headwinds that the industry has been facing — marking a 27.4% y-o-y increase.

But hitting the country’s target for the year will still be a challenge: Hitting Egypt’s target to welcome 18mn tourists this year is looking increasingly difficult due to the geopolitical tensions in the region, but a turnout close to the target is still possible, Issa said at the conference, according to AsharqBusiness.

The ministry has ambitious plans to ramp up tourist numbers even more: The countryaims to add 25k keys to its current hotel inventory of 220k this year and eventually bring the total number of rooms up to 432k by 2028 to welcome 30 mn tourists a year — double the amount of visitors that came to Egypt last year.

IN OTHER TOURISM NEWS- The Tourism Ministry issued a ministerial decision establishing the formation of a chambers within the Egyptian Tourism Federation to promote private sector involvement in the hospitality sector and allow more room for self-regulation, according to a statement from the ministry.

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3

Energy

Israel to up Tamar gas exports to Egypt by 4 bn cubic meters per year over the next decade

We’re getting more gas from Israel: The Israeli Energy Ministry has greenlit anagreement that will see Israel increase its gas exports to Egypt from Chevron’s offshore Tamar field starting July 2025, according to Israeli newspaper Calcalist. Under the agreement, Israel will raise gas exports by an additional 4 bn cubic meters (bcm) annually for the next 11 years — triple what is currently exported from the field, according to the Israeli outlet.

The fine print: The increased volumes will depend on output from the Tamar field increasing,the expansion of its export capacity, and Chevron and its partners laying a third pipeline between the wells and production rig.

ICYMI: Partners in the Tamar field on Sunday agreed to invest USD 24 mn to expandproduction by up to 1.6 bn cubic feet a day by 2026, up 60% from current production levels.

We knew this was coming: Then-Israeli Energy Minister Israel Katz said last August that Israelwould increase gas exports to Egypt from Tamar by 3.5 bcm per year over the next 11 years, with the potential for this to increase to 4 bcm per year.

It’s part of a plan to supply gas to the EU as the continent looks to phase out reliance onRussian fossil fuels. To this end, Egypt and Israel signed a landmark gas export agreement in June 2022 to allow Israel to send more gas to Egypt’s LNG facilities for export to Europe.

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4

M&A WATCH

Value of Egyptian M&As fell 62% in 2023

Macroeconomic challenges weighed on M&As last year: Egypt saw a 53% y-o-ydecrease in the number of mergers and acquisitions in 2023 to 139 transactions, whose total value also dropped 62% to USD 3.5 bn amid geopolitical and macroeconomic challenges, according to a report (pdf) by law firm Baker McKenzie.

But on the plus side, activity picked up in the second half of 2023: The value of M&A transactions increased 383% in 2H 2023 compared to the first half of the year to reach USD 2.8 bn. The number of M&As also increased 32% over the same period.

What they said: “While the M&A landscape in Egypt faced notable challenges throughout 2023, the surge in total value in the second half of the year signals resilience … within the market,” said Hani Nassef, managing partner at Helmy, Hamza & Partners, Baker McKenzie Cairo.

The details: While the value of cross-border transactions — including inbound and outbound transactions — dropped 80% y-o-y in 2023 to USD 1.6 bn, domestic transactions increased in value to USD 1.8 bn — despite a drop in the number of domestic M&As by 51% during the same period.

By country: Saudi Arabia was the primary target for Egyptian investors, accounting for 25 transactions, followed by the UAE and Kuwait. While for foreign investors interested in Egyptian companies, the US led the pack with 14 agreements, followed by Saudi Arabia and the UAE.

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5

Economy

Egypt’s Maait reveals more details about the new Unified Budget Act

More on the new Unified Budget Act: Finance Minister Mohamed Maait unveiledfresh details on the proposed amendments to the Unified Budget Act, under which the budgets of all 59 of the state’s economic bodies and the state budget will be presented in a new consolidated budget — dubbed the Public Government Budget.

Better financial indicators: The amendments will help improve the state’s financial indicators— at the moment the budget only accounts for the EGP 2.1 tn in revenues penciled in, leaving behind EGP 2.9 tn in revenues generated by the state’s economic bodies. The new Public Government Budget will account for the entire EGP 5 tn of revenues.

The timeline: The move to incorporate all of the state economic bodies’ budgets into the Public Government Budget will happen gradually over a five-year period starting the fiscal year 2024-2025, Maait said. Forty economic bodies’ budgets will be presented in next fiscal year's Public Government Budget if the amendments receive the necessary approvals.

Debt limits for economic bodies: Maait added that the government is currently setting debt limits for all government bodies, which can only be overridden by the House.The government is also working to extend the average maturity of medium-term debt to four years, instead of three.

What’s next? The House will discuss the amendments next week, the statement read. Theamendments were greenlit by the cabinet earlier this month.

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6

STARTUP WATCH-

Partech closes USD 300 mn Africa-focused fund

Partech’s second Africa fund hits hard cap: Global tech investment firm Partech hasclosed its second Africa-focused fund — dubbed Africa II fund — at over USD 300 mn, it said in a statement(pdf). The close was oversubscribed, hitting the fund’s hard cap — i.e., the maximum capital that it aims to raise.

Where’s the money going? Africa II will invest in tech startups across Africa with initial tickets of USD 1 mn-15 mn in seed to series C funding. The fund will target startups that “use a combination of technology and excellent operations to address some of the hard-to-solve but very large opportunities the continent offers across all sectors,” Partech General Partner Tidjane Deme told Enterprise. “We do not do allocations by country. We will invest across the continent,” he added, explaining that Egypt was the second investment destination for the firm’s first Africa fund.

Who’s on board? The fund’s total 40+ investors include commercial investors as well as a slewof development finance institutions — such as the European Investment Bank, the International Finance Corporation, and British International Investment. The fund also received investments from “all major investors” from Partech’s first Africa fund and attracted US and Middle East pension and sovereign funds.

A good omen for Africa’s tech VC slump: Africa witnessed a sharp decline in VC investmentsin 2023, with total funding falling 46% y-o-y and transaction count dropping 28% y-o-y, according to a recent Partech report. Egypt was no exception, with funding volume declining 45% y-o-y to USD 432 mn, while the number of transactions dropped 58% y-o-y to 60.

Partech is no stranger to Egypt: The VC has invested in a number of Egyptian companiesover the years, including edtech platform Almentor, fintech startup MoneyFellows, and online grocery shopping service GoodsMart. The statement also lists an unnamed Egyptian real estate platform amongst the three companies in Africa II’s portfolio.

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7

Moves

Egyptian dairy giant Juhayna names Mohamed Sultan as managing director for centralized functions, Karim Ibrahim as IR head,

Juhayna Food Industries has appointed Mohamed Sultan (LinkedIn) as its managing director for centralized functions, according to an EGX disclosure (pdf). Sultan is a banking sector veteran who has taken on managerial roles at Mashreq Bank and the Bank of Oman. He later joined the CIB in 2008, where he became COO in 2015.

Karim Ibrahim (LinkedIn) was tapped as the new head of investor relations at Juhayna,according to an EGX disclosure (pdf). Prior to his appointment to the Egyptian dairy giant, Ibrahim served as a senior investor relations analyst at Orascom Development and a credit analyst for corporate banking at CIB.

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8

LAST NIGHT’S TALK SHOWS

The Egypt Energy Show was center stage on last night’s talk shows

All eyes were on El Sisi’s address at the ongoing Egypt Energy Show, with the nations’ talking heads unpacking the speech throughout the evening.

El Sisi calls for low-cost financing to drive Egypt’s green transition: “The developed countries in Europe, in America, and in other countries … when they make pledges, they can implement these pledges because of their organizational and economic ability … in African countries, such as Egypt, when you make these pledges, they’re difficult because they require financing, low-cost financing,” El Sisi said in his address at the Egypt Energy Show (watch, runtime: 2:28).

El Sisi’s comments were received well by the nations’ talking heads, including Kelma Akhira’s Lamees El Hadidi, who told viewers that “These problems originated from those developed countries. We’re a developing country — yes, we work on meeting these targets, but it will be increasingly difficult to meet them given the lack of funding and the economic struggles we face” (watch, runtime: 4:13). El Sisi’s address also got coverage from El Hekaya (watch, runtime: 3:12) and Al Hayah Al Youm (watch, runtime: 12:53)

ALSO FROM THE CONFERENCE- Suez Canal revenues are down by 40-50%, El Sisi also said during his televised address (watch, runtime: 6:46).

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9

Also on our Radar

BP has USD 1.5 bn of investments in the pipeline for Egypt. PLUS: TAQA eyes offshore expansion, USD 1.5 bn ITFC top-up, EFG Corps-Solutions to provide EGP 10 bn financing, GoBus launches KSA arm

ENERGY-

#1- BP is set to invest at least USD 1.5 bn in Egypt: Global energy giant BP is planning to inject at least USD 1.5 bn in “new investments for development and exploration activities,” with the potential of an additional USD 5 bn in investments over the coming years, the company’s CEO Murray Auchincloss told President Abdel Fattah El Sisi on the sidelines of the Egypt Energy Show, according to an Ittihadiya statement.

#2- The Industrialization and Energy Services Company (TAQA) is planning to tap into Egypt’s offshore oilfield services sector in 2026, TAQA Executive Vice President of Well Solutions at TAQA Amir Nessim told Al Arabiya. He also said that the company, whose current activities in Egypt focus on the Western Desert, will invest three or four times the amount it invested in 2023 during the current year.

DEBT-

#1- AUSD 1.5 bn top-up from the ITFC: The International Islamic Trade FinanceCorporation (ITFC) has inked its USD 1.5 bn annual work program with Egypt, according to a Planning Ministry statement. The funds, earmarked for the Egyptian General Petroleum Corporation and the state grain buyer GASC, will support the state’s energy and commodities purchases.

#2- Banque Misr could tap a USD 30 mn credit line for SMEs: The Islamic Corporation for Private Sector Development, a subsidiary of the Saudi Islamic Development Bank, has signed a letter of intent with Banque Misr to provide a USD 30 mn line of credit to finance private sector and SME projects, according to a joint statement(pdf).

FINANCE-

EFG Corp-Solutions to dole out EGP 10 bn this year:EFG Corp-Solutions, theleasing and factoring arm of EFG Holding, plans to provide at least EGP 10 bn in financing in 2024, up from the EGP 8.5 bn provided last year, CEO Talal Elayat told Asharq Business. The financing target would be raised in the event of a devaluation, Elayat added.

IN THE HOUSE-

MPs vote to toughen hoarding penalties: The House’s Constitutional Affairs Committee gave its final approval yesterday to amendments to the Consumer Protection Law, whereby hoarding key food commodities will get offenders can now face one year in prison and fined between EGP 150k-3 mn. Repeat offenders will be faced with 2-5 years in prison and a fine of EGP 6 mn.

TRANSPORT-

GoBus to launch new company in Saudi Arabia: Local bus service GoBus is planning to establish a new company in Saudi Arabia set to launch in June — dubbed GoArabia Transportation Services — with an investment of SAR 45 mn, Al Borsa reports, citing the company’s CEO Fady Maher. The company is also looking to establish a new company in the UAE as part of its expansion plan.

HEALTHCARE-

Saudi Egyptian Company for Medical Laboratories is set to invest some EGP 400 mn in the Egyptian market this year, the company chairman — and former Speed Medical chairman — Mahmoud Lasheen said in an interview with Al Mal.

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10

PLANET FINANCE

Foreign direct investment in China hits lowest level since 1993

FDI inflows to China slow to a crawl: Foreign direct investment in China in 2023 hit itslowest level in three decades on the back of slow post-pandemic recovery and a spiraling property crisis, writes the Financial Times.

By the numbers: Direct investment liabilities — a gauge that measures foreign capital inflows — were down 82% y-o-y in 2023 at USD 33 bn — its lowest since 1993, according to government data cited by the salmon coloured paper.

But it’s not just the economic crisis driving investors away: Beijing has cracked the whip on foreign consultancies in recent months to prevent them from sharing basic information — such as in a televised police raid of NYC-based Capvision — alleging “national security” concerns. The crackdown has made it difficult for foreign investors to access needed information on potential acquisitions or suppliers.

EGX30

29,452

+1.1% (YTD: +18.3%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

21.25% deposit

22.25% lending

Tadawul

12,595

+0.7% (YTD: +5.2%)

ADX

9,410

-0.2% (YTD: -1.8%)

DFM

4,273

+0.3% (YTD: +5.3%)

S&P 500

5,006

-0.5% (YTD: +4.9%)

FTSE 100

7,729

+0.2% (YTD: -0.1%)

Euro Stoxx 50

4,763

-0.1% (YTD: +5.3%)

Brent crude

USD 83.56

+0.1%

Natural gas (Nymex)

USD 1.56

-3.1%

Gold

USD 2,029.40

+0.3%

BTC

USD 51,896.09

0.0% (YTD: +22.6%)

THE CLOSING BELL-

The EGX30 rose 1.1% at yesterday’s close on turnover of EGP 6.6 bn (70.4% above the90-day average). Local investors were net sellers. The index is up 18.3% YTD.

In the green: Orascom Development (+7.7%), Talaat Moustafa Group (+6.8%), and GB Corp (+5.4%).

In the red: Oriental Weavers (-2.4%), Ibnsina Pharma (-2.1%), and Beltone Holding (-1.9%).

CORPORATE ACTIONS-

FRA approves ADIB capital increase: Abu Dhabi Islamic Bank will increase its authorized capital to EGP 10 bn, up from EGP 7 bn, and its paid and issued capital to EGP 6 bn, up from EGP 5 bn, after the Financial Regulatory Authority greenlit the move, according to an EGX disclosure (pdf).

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Our weekly deep dive into the green economy and ESG issue in Egypt.

Published every Tuesday in EnterpriseAM.

Read going Green
11

Going Green

What is Egypt doing to move towards its goal of turning the Suez Canal green by 2030?

The road to a green Suez Canal: Last year, the Suez Canal Authority (SCA) unveiled its plansto turn the shipping corridor into a “green canal” by 2030 that is in line with Egypt’s sustainable development goals. Now the project is underway, with the environmental impact study in motion ahead of moving forward with the first phase.

Remember: The Suez Canal is a vital source of FX for cash-strapped Egypt and it accounts forabout 12% of global sea-borne trade — or at least it did before recent disruption to the Red Sea shipping as the number of ships passing through the waterway fell nearly 37% in January. Annual receipts from the canal came in at USD 9.4 bn for the previous fiscal year.

The move is part of a wider plan to gradually greenify all of the country’s ports so they aremore sustainable. The plan also includes shifting maritime services to rely on renewables and treating waste from ships.

Incentives to help the plan gain momentum: The SCA is mulling a comprehensive program that would introduce incentives for vessels using green fuel alongside other steps to help reduce emissions, sources in the maritime transport sector told Enterprise.

The Suez Canal is already helping reduce emissions: The canal helps reduce the shippingdistance between India and Europe by some 7k km, helping cut down on some 31 mn tons of carbon emissions in 2021 alone — saving vessels some 10.3 mn tons of fuel — in comparison to alternative routes.

On the waste management front: The SCA last year inked an agreement with Antipollution, amember of the Greek environmental firm V Group, to set up a local waste management company in West Port Said, which Egypt will use to provide solid and liquid waste management services to ships using the canal. The project’s environmental impact assessment is currently underway.

What Antipollution said: “The project is the first step towards localizing the technology for thesustainable and safe collection of ship waste,” V Group Chairman Vyron Vasileiadis said. The project will create a sustainable future for the Suez Canal and its surrounding area, he added, explaining that it will be implemented over several stages, the first of which will cover the collection of solid waste from ships in waiting areas.

What the experts have to say: Egypt's geographical location helps it attract more investmentsin the logistics sector. Instead of ships getting their maintenance services and fuel needs before reaching Egypt, the availability of solid waste disposal, maintenance, and fueling services will help drive more investments in the area, Mohamed Daoud, the vice president of the Arab Academy for Science, Technology and Maritime Transport, told us.

The shift towards green fuel can help untap a new revenue stream: Egypt faces stiffcompetition when it comes to fuel supply, with its prices being the highest in comparison to fuel supplied by Greece, Cyprus, and Italy. However, with rapid developments in renewable energy and green hydrogen projects, Egypt stands to reap the benefits of vessels making the shift towards clean energy.

We have a lot of green fuel projects on the way: Last year, Egypt inked a frameworkagreement with Maersk’s green methanol company C2X to produce green fuel in the Suez Canal Economic Zone. The first phase of the project will require USD 3 bn of investment and will produce 300k tons of green methanol per year. The company expects to increase capacity to 1 mn tons a year by the final phase of the project. The project will also use a mix of solar and wind power to generate electricity for pilot stations.

Your top green economy stories for the week:

  • Schneider and ADCB Egypt ink green financing MoUs: Schneider Electric and Abu Dhabi Commercial Bank’s Egypt wing inked two MoUs to finance green and sustainable projects in Egypt, according to a statement (pdf)
  • EAIC to target green investments: The Egyptians Abroad Investment Company (EAIC) will likely kick off operations this year and will initially target investments in agriculture and trade, before expanding into renewable energy and green hydrogen.
  • KSA ups the competition in the green energy sphere: The Saudi National Grid and Greece’s Independent Power Transmission Operator have set up an SPV to prepare feasibility studies for connecting the power grids of the two nations.
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CALENDAR

2024

FEBRUARY

19-21 February (Monday-Wednesday): Egypt Energy Show, Egypt International Exhibition Center.

22 February (Thursday): The executive regulations for the new building reconciliation law will be out.

24 February-1 March (Saturday-Friday): Egypt hosts the 71st African Airports Council International (ACI) Conference and Exhibition at the Alamera Hall Air Forces House Center and Le Méridien, Cairo Airport.

25 February (Sunday): Deadline to bid for 23 blocks in an international oil and gas tender.

26 February (Monday): Eighth edition of the Capital Markets Summit at the InterContinental Semiramis Hotel, Cairo.

MARCH

1 March (Friday): New public-sector minimum wage goes into effect.

2-3 March (Saturday-Sunday): The Emigration Ministry’s International Health Tourism Conference at the St Regis Almasa Hotel, New Administrative Capital.

7 March (Thursday): Deadline to apply to Shalateen Mining Company’s international gold exploration tender.

10 March (Sunday): First day of Ramadan (TBC).

20 March (Wednesday): End of sugar export ban.

28 March (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

29 March (Friday): Egypt removed from JPMorgan Chase’s Emerging Local Markets Index Plus.

APRIL

9 April (Tuesday): Eid El Fitr (TBC) (national holiday).

15-21 April (Monday-Sunday): The IMF / World Bank Spring Meetings.

25 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC) (national holiday).

28 April (Sunday): Grace period to ins. brokerage firms to comply with Law 215 for 2023 expires.

28-29 April (Sunday-Monday): Saudi Arabia hosts a World Economic Forum (WEF) meeting on ‘global collaboration, growth, and energy.’

29 April (Monday): The government’s car export scheme expires.

MAY

1 May (Wednesday): National holiday in observance of Labor Day (TBC) (national holiday).

5 May (Sunday): Coptic Easter.

6 May (Monday): Sham El Nessim (national holiday).

20 May (Monday): Malaysian Palm Oil Forum in Cairo, with attendance from Malaysian Plantation and Commodities Minister Johari Abdul Ghani.

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

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

JUNE

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

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).

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

January 2024: The Red Sea Ports Authority is set to finalize an agreement with the Abu Dhabi Ports Group for the operation and maintenance of the tourist passenger terminal in the Sharm El Sheikh Sea Port.

February 2024: Egypt will sign a USD 1.5 bn financing agreement with the International Islamic Trade Finance Corporation (ITFC).

February 2024: Funds from the Islamic Development Bank for the high speed electric railway will get the sign off.

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

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

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

1H 2024: The European Union is set to hold an investment conference in Egypt during spring.

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

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.

2025

EVENTS WITH NO SET DATE

2Q 2025: Safaga Terminal 2 to start operations.

2027

EVENTS WITH NO SET DATE

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

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