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VAT Law amendments incoming

1

What We're Tracking Today

Egypt recorded a primary surplus of EGP 330 bn in 8M FY24-25

Good morning, ladies and gentlemen. It appears the Ramadan news slowdown has taken a break for the day — we have a packed issue for you this morning led with news of upcoming amendments to the VAT Law, a hike to fuel prices, and fresh Indian investments as Investment Minister Hassan El Khatib continues to drum up investments during his official visit.

So, when do we eat? Maghrib prayers are at 6:06pm in the capital, and you’ll have until 4:32am tomorrow to hydrate and caffeinate ahead of fajr.

PSA-

WEATHER- After a few warm days, the temps are dropping once again. Cairo is in for a high of 24°C and a low of 12°C, according to our favorite weather app.

It’s a tad cooler in Alexandria, with a high of 20°C and a low of 12°C.

** 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.

DATA POINT-

How are we doing this fiscal year? The state recorded a primary surplus of EGP 330 bn in the eight months between July 2024 and February 2025, Finance Minister Ahmed Kouchouk said during a meeting with Prime Minister Moustafa Madbouly. Kouchouk said that this is the highest surplus achieved during the period. Meanwhile, tax revenues rose 38.4% y-o-y during the eight months, marking its highest growth rate in years.

CIRCLE YOUR CALENDAR-

You can now apply to the Australian government’s master’s scholarship program Australia Awards. The scholarship program grants funding for citizens of certain African nations — including Egypt — to study climate change, agriculture and food security, mining and energy, foreign policy and international security, and gender, disability, and social inclusion. Applications are open until 30 April, and women, people with disabilities, and marginalized groups are encouraged to apply. You can find out more about the program here (pdf) and apply through the Australia Awards website.

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: The anticipated phone call between US President Donald Trump and Russian President Vladimir Putin ended with Putin agreeing to halt strikes on Ukrainian energy and infrastructure facilities for 30 days. The discussion also touched on tensions in the Middle East, with the two sides saying they would make “joint efforts to stabilize the situation in crisis zones.” Trump described the conversation as “a very good and productive one,” in a post on his social media platform Truth. He said the two sides “will be working quickly to have a complete ceasefire and, ultimately, an end to this very horrible war.” (Bloomberg | Reuters | Financial Times | New York Times)

ALSO MAKING HEADLINES- Gaza sees deadliest day in two months: Israeli airstrikes and shelling killed more than 400 Palestinians in Gaza yesterday, marking the deadliest day in the strip in over two months. The attacks marked the collapse of January’s ceasefire agreement, dashing any immediate hopes of extending the truce into its second phase, originally set to begin this month. Israel vowed to escalate its military operations, with Prime Minister Benjamin Netanyahu’s office saying it would act with “increased military strength.” (BBC | CNN | New York Times | AP)

*** 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 Mostakbal Misr’s efforts to bolster food security and its plans to reclaim 4.5 mn feddans for agriculture by 2027.

Celebrate Eid with unforgettable moments at Somabay. From storytelling and upcycling to thrilling adventures, live music, and beachside yoga — there’s something for everyone. Join us for a season of joy, movement, and magic by the sea.

2

Tax

Egypt’s FinMin to issue amendments to the VAT Law

The gov’t is working on amending the VAT Law: The Finance Ministry is moving to reduce tax exemptions under the Value Added Tax (VAT) Law, with the government looking to review goods currently exempt from the law and limit goods subject to special tax treatments, either higher than the standard VAT rate — such as telecommunications and cars — or lower at 5%, three government sources told EnterpriseAM.

The measure comes as part of our reform program with the International Monetary Fund, one source said, adding that applying different tax rates instead of the standard 14% prevents businesses from deducting VAT on input costs. This, in turn, leads to manufacturers paying a higher tax and the consumer bearing the full tax amount.

Unifying the 14% VAT rate across most goods has long been a demand of the business community, one source said, adding that Saudi Arabia, for example, has implemented VAT on all goods and services at a flat rate of 15% without exceptions.

What’s been done so far: The government has reviewed 20 of the 56 tax-exempt goods, with the aim of gradually removing all exemptions, the sources said. Sugar, tea, and coffee are among the goods that are expected to be removed from the list of exemptions, while taxes on oils and detergents will also be adjusted to reflect inflationary pressures. The changes will require legislative amendments, which are expected to be presented to the House of Representatives soon, with implementation likely before the start of FY 2025-26.

It’s all about simplifying procedures: While the amendments will generate additional tax revenue, the sources emphasized that the primary goal is to correct tax distortions and simplify procedures.

The amendments will not affect the VAT registration threshold — currently set at EGP 500k — despite requests from the business community to increase the threshold. The Finance Ministry won’t alter any core provisions of the law, including the tax rate.

DATA POINT- The government is hoping to reach EGP 1.8 tn in tax revenues by the end of the fiscal year in June, with VAT making up EGP 719 bn of that sum. Tax revenues grew by 30% y-o-y in fiscal year 2023-24 to record EGP 1.49 tn.

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3

Economy

Egypt could raise fuel prices next month

Fuel bills could go up again next month: The government is expected to raise fuel prices in April as it works to phase out fuel subsidies, a government source told EnterpriseAM. The anticipated move is part of the government’s plan to have energy prices reach cost recovery levels by the end of the year. The fuel pricing committee last raised fuel prices in October, bumping up bills by 8-17% in what was the third and final fuel hike of 2024.

The game plan: The committee is expected to raise prices by EGP 1-1.25 to narrow the gap between selling prices and production costs, our source said. The current costs per liter stand at EGP 21-22 for 92-Octane fuel and around EGP 23 for 95-Octane, our source added. That’s compared to their current selling prices of EGP 15.25 and EGP 17.0 per liter, respectively.

More hikes to follow: The committee is expected to implement a price hike at each upcoming meeting this year, our source said.

Staying the course: The government is set to press ahead with the planned hikes despite global oil prices standing at a lower level than what the current state budget pencils in, our source said. The fuel pricing committee is conducting an ongoing evaluation of prices based on global oil forecasts, exchange rates, and other variables.

Diesel and butane gas cylinders to remain subsidized: Diesel is set to continue to be sold at a subsidized price, while butane gas cylinders will also continue to receive a significant subsidy, Prime Minister Moustafa Madbouly said in last week’s presser. Subsidies for diesel and gas cylinders will be covered through revenues from other petroleum products, cabinet spokesperson Mohamed El Homsani said last week, adding that selling diesel at its actual cost is not feasible due to its impact on citizens, especially low-income groups.

Until then, the government plans on extending its oil hedging strategy to hedge against any potential increase in oil prices or price shocks, the source told us. The government also plans to accelerate investment in the domestic oil sector to achieve self-sufficiency and possibly pave the way for exports, which would help balance Egypt’s overall fuel consumption bill.

The gov’t previously planned on extending the timeline of implementing the fuel hikes past 2025: The government held talks with the IMF back in December about postponing a fuel hike planned for December of last year to early this month and postponing a subsequent hike in June to September, followed by quarterly hikes. This would effectively push the timeline for fully eliminating fuel subsidies to June 2026, rather than December 2025, our source said at the time, noting that such a decision would likely help bring down inflation in the interim.

It’s not just fuel prices that are set for an increase: Electricity prices hikes for both residential and industrial sectors are set to take effect by July, another government source told EnterpriseAM, without disclosing the expected price increase. The government will continue to provide support for lower-consumption households, alongside carrying out efforts to regulate consumption through expanded control centers and prepaid meters, the source said.

REMEMBER- The Electricity Ministry last hiked electricity prices for households, businesses, and the public sector in September of last year. Prices rose 14-40% across the board, with the sharpest increases faced by households with the heaviest consumption.

4

Investment Watch

India’s Sterlite Power proposes USD 6 bn energy infrastructure project in Egypt

El Khatib continues to drum up investments during his time in New Delhi: Indian energy transmission and cable manufacturing company Sterlite Power is mulling a USD 5-6 bn electricity grid specifically for green hydrogen projects, company representatives told Investment Minister Hassan El Khatib during the second day of his India visit. The project aims to enhance Egypt’s energy infrastructure and support the country's transition toward clean energy.

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

That’s not all: Company representatives highlighted their readiness to invest in long-term strategic projects that support Egypt’s goal of becoming a renewables hub.

Speaking of renewables: El Khatib also met with representatives from renewable energy firm ReNew Power — the two sides discussed potential cooperation in renewables and followed up on plans to build a USD 8 bn green hydrogen plant in the Suez Canal Economic Zone.

Indian energy players have been ramping up investments here, El Khatib said. These include Rana Group, which in November was said to be looking to set up a USD 12 bn green hydrogen project in Egypt, and Ocior Energy, which is setting up a USD 4.3 bn green ammonia plant here under an agreement inked last year — the first phase of the plant is expected to begin operating in 1Q 2027, El Khatib said.

El Khatib also discussed potential investments with Tata Chemicals, particularly in the chemical manufacturing and renewable energy sectors. The company reportedly expressed interest in the two sectors.

ICYMI- Earlier this week in India, El Khatib discussed plans by several Indian players to expandin Egypt, including an additional USD 300 mn investment by TCI Sanmar, more branches by Lulu Group, and increased investments from Ocior Energy.

THE BIGGER PICTURE- Egypt and India want to nearly triple trade volumes to USD 12 bn over the next five years from USD 4.2 bn in 2024, according to a readout of a meeting between El Khatib and Indian Commerce and Industry Minister Piyush Goyal.

Egypt wants to attract Indian investments into a handful of key sectors: El Khatib highlighted Egypt’s interest in attracting investments into renewable energy, chemicals, automotive manufacturing, pharma, textiles, and IT. The government, he said, is prepared to offer Indian investors all necessary support and incentives.

India’s very own zone in the SCZone? The Indian side is interested in setting up an industrial zone in the Suez Canal Economic Zone — the project will be the focus of an upcoming visit to Egypt by a delegation from the Indian Ministry of Commerce and Industry and representatives from the Confederation of Indian Industry.

Keeping the ball rolling: El Khatib invited Goyal to visit Egypt this year to further explore avenues for economic cooperation and ways to strengthen ties.

5

Investment Watch

China's SBH Kibing Solar New Energy wants to set up a USD 700 mn solar panel glass factory in Egypt

China’s SBH Kibing Solar New Energy is looking to set up a USD 700 mn solar panel glass manufacturing facility in the Suez Canal Economic Zone, according to a statement. The plant — which will be built over two phases — is expected to produce 1.5 mn tons of solar panel glass and 1.1 mn tons of high-purity silica sand — a component used in the production of solar glass — annually. The majority of output will be exported.

On the fast track: Prime Minister Moustafa Madbouly voiced his support for the expedited construction of the project, directing the relevant authorities to provide the needed utilities and supplies for the project to go live “as soon as possible.” The company is currently working to secure the necessary approvals for the project.

More to come? If the project proves successful, the company will look into further cooperation with the Madbouly government to produce other types of glass in Egypt.

Localizing the production of solar power components is a top priority, with the government naming solar cells in October as among 12 products that it wants to begin manufacturing locally.

CORRECTION: In the original version of the story, the actual company name got lost in translation. We mistakenly wrote that the company was called Xinyi Glass and not SBH Kibing Solar New Energy. The story was amended on 25 March, 2025.

6

Banking

Banque Misr, NBE slash rates on three-year USD CDs

Banque Misr, NBE cut rates on their high-interest USD CDs. State-owned Banque Misr (pdf) and the National Bank of Egypt reduced interest rates on their high-interest USD certificates of deposit by 0.5 percentage points yesterday. NBE’s Al Ahly Fawran and Al Ahly Plus USD certificates now offer annual returns of 7.5% and 5.5%, respectively. Similarly, Banque Misr’s Al Qema and Elite certificates now offer annual returns of 7.5% and 5.5%, respectively. The lenders slashed rates by a similar 0.5 percentage points both in December and October.

Driving the move: “Both the National Bank of Egypt and Banque Misr have reduced interest rates on their three-year USD savings instruments, which were initially introduced with exceptionally high interest rates compared to USD deposit rates in the US or other emerging markets. These instruments were designed to attract USD deposits from Egyptians working abroad into the Egyptian banking system to help bridge the FX gap that existed before the reform measures announced by the central bank in March 2024,” banking expert Mohamed Abdel Aal told us.

“These products have now become too costly compared to similar interest rates globally,” Abdel Aal continued. “Since they have fulfilled their purpose, banks need to reconsider the pricing of these certificates. Such reviews are conducted periodically, and this latest reduction marks the third downward adjustment for these instruments. The aim is to maintain a competitive advantage for Egyptian banking products with a reasonable interest margin for customers while ensuring they remain sustainable for banks.”

Yet, the reduction is not expected to affect the attractiveness of these certificates, as there remains a significant interest rate gap between USD deposits abroad and the Egyptian banking sector’s offerings, Abdel Aal added.

This move reflects the banks’ confidence in the stability of the economy and comes in response to falling interest rates globally, economist Hany Abou El Fotouh told EnterpriseAM. “I expect the lenders to continue slashing rates if the exchange rate and FX flows remain stable,” he told us, adding that this may prompt savers to seek alternatives to CDs. Abou El Fotouh expects other local banks to follow in NBD and Banque Misr’s footsteps and cut interest rates.

7

Also on our Radar

Arcius Energy to take over Shell’s stake in Harmattan field

ENERGY-

Adnoc-BP’s joint venture ArciusEnergy is in advanced negotiations to acquire Shell’s 50% stake in the Harmattan gas field in the Mediterranean, Asharq Business reports, citing an unnamed government official.

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

The project in a nutshell: In December, BP and Shell signed an agreement with the Egyptian Natural Gas Holding Company to begin production at the Harmattan field by 1Q 2026, with initial investments estimated at USD 370 mn. The field is expected to produce 125 mn cubic feet of gas and 3.3k barrels of condensate daily.

EXPANSION-

Homegrown TBS Holding plans to invest USD 40 mn in the Saudi market over the coming three years, Al Borsa quotes CIO and co-founder Sameh El Sadat as saying. The F&B player had announced that it will open a commercial-scale bakery in Saudi Arabia in partnership with Saudi food and beverage player Shahia Investments under a strategic partnership inked between the two sides.

We have more details on the expansion plans: TBS will allocate USD 10-15 mn to set up its factory — it will hold a minority 49% stake and Shahia will hold the remaining 51%. The company is in talks with two milling firms to set up a USD 15 mn joint snack factory, expected to launch by the end of 2026 and it has plans to further expand its retail presence in the Kingdom with a USD 10 mn investment, El Sadat said.

FINTECH-

Fawry, Contact Financial expand BNPL partnership: Fawry inked a strategic agreement with Contact Financial Holding to integrate Contact’s buy now, pay later (BNPL) service into its 370k+ POS network and online platform, according to a joint statement (pdf). The partnership will also extend to electronic payment solutions, bill collection, and other services.

8

PLANET FINANCE

US stocks see historic “bull crash” amid recession, trade war fears, with investors shifting towards long-term bonds and gold

There are more signs than ever before that interest in US equities has peaked, with a Bank of America survey showing investors have slashed their allocations by the most ever in March, the Financial Times reports. Investors raised their cash allocation from 3.5% to 4.1%, with the speed of the sell-off “consistent with end of equity correction,” Reuters reports. Some 70% of investors said the “US exceptionalism” theme prevalent in the first few months of the year following US President Donald Trump's inauguration is long gone.

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

Tech stocks in particular are falling out of favor: The survey found that investors had moved to a net 12% underweight position on US tech stocks, the lowest allocation for more than two years. Shares in tech firms like Elon Musk’s Tesla continued to witness a sell-off yesterday, with the blue-chip S&P 500 closing yesterday 1.1% down, and the tech-heavy Nasdaq falling 1.7%. Tesla’s shares dipped more than 5%, while Nvidia’s shares fell 3.4%.

In context: Investors have turned bearish towards US stocks after being raging bulls for months earlier this year due to concerns over stagflation, trade tensions, and a potential slowdown in economic growth. Global growth expectations recorded their second-largest decline on record, according to the survey.

The US bond market is also seeing investors shift away from riskier assets amid recession fears and uncertainty over Trump’s tariff policies, Reuters reports separately. Investors have been extending bond duration for at least a month, positioning for lower yields. JP Morgan’s Treasury Client Survey revealed that long positions on treasuries are now at their highest level since 2010.

On the other hand, gold is having a much better week, with investors’ shift towards safe-haven assets pushing its price past the USD 3k mark yesterday for the second time this week, Reuters reports. The rally was fueled by a weaker USD and ongoing tariff uncertainty, as well as renewed tensions in the Middle East after Israel broke the ceasefire in Gaza with airstrikes yesterday, killing more than 400 people. Trump’s inauguration has also given gold a new impetus, with the asset hitting record highs 14 times, reflecting strong demand.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei and Topix both up, along with South Korea’s Kospi, while China’s CSI 300 opened flat, and Hong Kong’s Hang Seng is down 0.25%. Over on Wall Street, little has changed in futures markets following yesterday’s losses.

EGX30

31,609

+0.5% (YTD: +6.3%)

USD (CBE)

Buy 50.41

Sell 50.55

USD (CIB)

Buy 50.42

Sell 50.52

Interest rates (CBE)

27.25% deposit

28.25% lending

Tadawul

11,792

-0.8% (YTD: -2.0%)

ADX

9,463

+0.1% (YTD: +0.5%)

DFM

5,149

-0.4% (YTD: -0.2%)

S&P 500

5,615

-1.1% (YTD: -4.5%)

FTSE 100

8,705

+0.3% (YTD: +6.5%)

Euro Stoxx 50

5,485

+0.7% (YTD: +12.0%)

Brent crude

USD 70.56

-0.7%

Natural gas (Nymex)

USD 4.06

+0.2%

Gold

USD 3,040

0.0%

BTC

USD 82,342

-2.1% (YTD: -12.1%)

THE CLOSING BELL-

The EGX30 rose 0.5% at yesterday’s close on turnover of EGP 4.8 bn (37.9% above the 90-day average). Local investors were the sole net sellers. The index is up 6.3% YTD.

In the green: Egypt Aluminium (+7.4%), Palm Hills Developments (+7.0%) and Ibnsina Pharma (+6.3%).

In the red: Juhayna Food Industries (-2.7%), Alexandria Containers and Goods (-1.9%), and Emaar Misr (-1.7%).

CORPORATE ACTIONS-

Al Baraka Bank’s Ordinary General Assembly approved distributing EGP 620 mn in dividends to shareholders for its 2024 earnings at EGP 0.85 per share, according to a disclosure to the EGX (pdf).

9

HARDHAT

Mostaqbal Misr is working toward reclaiming 4.5 mn feddans for agriculture by 2027

Egypt is ramping up efforts to bolster food security through the Mostakbal Misr Agency for Sustainable Development — a new initiative and agency now helping to secure the country’s strategic reserves of staple crops and expand agricultural exports. The Egyptian Armed Forces-linked agency was founded in 2022 and initially appeared to only focus on the land reclamation project of the same name in the New Delta initiative but has since established itself as an important part of the country’s entire agricultural production and distribution ecosystem.

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

It’s already made progress on its target of reclaiming 4.5 mn feddans by 2027, with the agency’s agricultural reclamation project having reclaimed 800k feddans by the end of 2023 and aiming for 1.6 mn feddans by the end of 2025, according to Mostakbal Misr Executive Director Bahaa El Ghannam. The authority’s reclamation projects are spread across the country, including in Minya, Beni Suef, Fayoum, Aswan, and the New Valley governorates.

The newly reclaimed areas are focusing on certain strategic crops — wheat, beets, corn, potatoes, and other vegetables — which have been identified as in need of increased production. The move is part of a broader push to improve food security and reduce imports.

Surplus is earmarked for export, which may have helped play a part in the 17% y-o-y increase in agricultural exports this season to USD 10.6 bn in 2024, according to Prime Minister Moustafa Madbouly. The government is hoping that agricultural exports will play a role in flipping the country’s trade deficit by 2030.

The private sector isn’t absent from these efforts, with Mostakbal Misr inking partnerships with private companies to develop infrastructure, expand agricultural production, and operate agricultural manufacturing zones.

Mostakbal Misr is also increasing the country’s strategic reserves of commodities, inking a cooperation protocol early this year with the Supply Ministry’s Holding Company for Food Industries to set up an industrial complex for cooking oils. This agreement and others come amid Mostakbal Misr’s plan to build strategic reserves of commodities to hedge against market instability.

Strategic reserves need to be stored somewhere and Mostakbal Misr is in control of that too, developing around 100 grain silos in the New Delta with a total storage capacity of 500k tons, according to a statement. The project is part of a broader effort to construct 300 silos with a total storage capacity of 2 mn tons in partnership with China’s machinery manufacturer Famsun to address Egypt’s food security.

The silos will be part of the Mostakbal Misr’s 1k-feddan industrial zone, which will also house factories for animal feed, dried produce, frozen foods, and other food manufacturing ventures, targeting an annual output of 1.5 mn tons. The zone will include refrigerated storage and processing facilities to meet local demand and support exports. A 550-feddan logistics hub will handle over 20 mn tons of agricultural trade annually.

Mostakbal Misr is also preparing to turn its attention southwards, with a 320k feddan project planned for Aswan and El Owainat to take advantage of a large underwater reservoir. Up north, the El Hammam Canal project is set to cultivate 402k feddans. The canal is fed by an agricultural wastewater treatment plant, which has been labelled as the largest of its kind in the world.

The agency is not only involved in the growing and storing of crops but also the importing of strategic commodities, replacing the General Authority for Supply Commodities — often known by its acronym Gasc — as the nation’s sole strategic commodities importer. Under its new role, the agency has since been securing imports of wheat, after a bumpy start that saw traders object to the new controlling body not publishing data on big wheat tenders. A government source told EnterpriseAM that Mostakbal Misr had secured wheat contracts at good prices to build up strategic reserves ahead of a forecast rise in prices.

Taking over Gasc is no small or easy feat, with Egypt being the world’s largest wheat importer. The country imported 12.5 mn tons of wheat in the 2024-2025 season — more than the EU imported.

The agency will soon also be tasked with taking over the Egyptian Mercantile Exchange, our government source told us. Work is underway to reorganize the exchange, and Mostakbal Misr has been tapped to manage it with the aim of creating a more competitive market and bolstering food security.


Your top infrastructure stories for the week:

  • Hassan Allam Roads and Bridges was awarded a contract to handle roads and paving at the Port of Neom in Saudi Arabia. The work — which covers a total area of 375k sqm — will include supplying and installing pavement across multiple zones.
  • Shipping giant MSC signed an MoU with the Holding Company for Maritime and Land Transport to explore cooperation in port management, rail cargo, and logistics. Under the agreement, the two sides will work to identify areas of potential cooperation in the management and operation of seaports, dry ports, railway cargo facilities, and logistics zones.
  • Medlog’s Tenth of Ramadan dry port will kick off operations in April 2027, unnamed sources told Al Mal. The USD 130 mn project started infrastructure work in January.

MARCH

Arla Foods’ deadline for Domty acquisition offer.

Egypt-Sierra Leone Business Forum.

Egypt to launch its Integrated National Strategy for Sustainability and Development Financing.

APRIL

7-9 April (Monday-Wednesday): Narrative PR Summit’s 9th edition, Somabay

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

10 April (Thursday): Capmas expected to release inflation data for March.

17 April (Thursday): Monetary Policy Committee’s second meeting.

28-30 April (Monday-Wednesday): FDC Regional Digital Industry Summit will launch cybersecurity index.

30 April (Wednesday): Deadline for Australia Awards Scholarships applications.

Business-to-business forum of Egyptian and Moroccan companies to promote bilateral trade, Cairo, Egypt.

The Suez Canal Container Terminal will begin trial operations for its expanded East Port Said facilities.

Government begins talks with EU on the second tranche of the of the EUR 5 bn concessional loans package

Saxony Delegation visit to Egypt.

Egypt to launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi electricity interconnection project, ahead of schedule

Tahya Misr 1 container terminal to begin operations, adding 3.5 mn container capacity to the port.

MAY

10 May (Saturday): Capmas expected to publish inflation data for April.

1 May-10 July (Thursday-Tuesday): 500 Global's Scale Up Program, Cairo

18-20 May (Sunday-Tuesday): First Arab International Exhibition for Sustainable Development.

22 May (Thursday): Monetary Policy Committee’s third meeting.

Egyptian Exporters Association (Expolink) exhibition, Italy

Egyptian-Russian Business Forum

May 2025: Egypt-Singapore Business Forum, Cairo.

JUNE

10 June (Tuesday): Capmas expected to publish inflation data for May.

MPs approveextension of tax dispute resolution window until 30 June 2025, with potential for further extension

Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

JULY

10 July 2025 (Thursday): Monetary Policy Committee’s fourth meeting.

15-16 July 2025 (Tuesday-Wednesday): Egypt Mining Forum.

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

Etihad Airways to launch twice-weekly flights to Alamein

AUGUST

28 August 2025 (Thursday): Monetary Policy Committee’s fifth meeting.

Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay

Egypt Otsuka’s nutritional products factory in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026

OCTOBER

2 October 2025 (Thursday): Monetary Policy Committee’s sixth meeting.

NOVEMBER

20 November 2025 (Thursday): Monetary Policy Committee’s seventh meeting.

DECEMBER

1-4 December: Egypt Defence Expo (EDEX), Egypt International Exhibition Centre.

25 December: (Thursday): Monetary Policy Committee’s eighth meeting.

EVENTS WITH NO SET DATE

1Q 2025: The Egyptian-Italian business forum

1Q 2025: Investment Minister Hassan El Khatib to visit Italy

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

1Q 2025: Finance Ministry to launch public consultations on its tax policy document

Mid-2025: EGX launches sustainability index.

2Q 2025: Financial Regulatory Authority (FRA) to introduce derivatives on the EGX

2Q 2025: Safaga Terminal 2 to start operations

1H 2025: EGX launches a sharia-compliant sustainability index.

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

1H 2025: The Egyptian-US Investment Forum.

1H 2025: The Egyptian Mineral Resources Authority will relaunch a global tender for gold exploration through Shalateen Mineral Resources company.

3Q 2025: Nasr Automotive begins locally manufacturing passenger cars.

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

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2026

May 2026: End of extension for developers on 15% interest rates for land installment payments

2027

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

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings for 2027.

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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