We’re days away from GEM’s official opening

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What We're Tracking Today

Remittances recorded USD 3.5 bn in August

Good morning, friends. We kick off the last week of October with a brisk issue, led by HSBC’s next moves as it reviews its retail business in Egypt and BMI upgrading our growth forecast. We also have plenty to look forward to when the week draws to a close, with the Grand Egyptian Museum’s official inauguration taking place next Saturday.

PSA-

The countdown to GEM’s official opening has officially begun, with the long-anticipated opening event festivities for the world’s largest archaeological museum kicking off in six days. To ensure smooth operations, Prime Minister Moustafa Madbouly announced the day — Saturday, 1 November — a paid day off for public sector workers.

Who will be in attendance? While we’re yet to see a list of which world leaders will be in town to attend the event, a cabinet statement says “a large number of kings and heads of states” are expected to attend.

REMEMBER- The government delayed the opening of the museum following Israel striking Iran mid-June, pushing the grand opening from 3 July to the last quarter of the year. The museum is expected to attract up to 5 mn visitors a year and provide a boost to a sector that employs around 10% of Egypt’s workforce.

WEATHER- It’s another sunny day in Cairo, with a high of 30°C and a low of 19°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 27°C and a low of 19°C.

WATCH THIS SPACE-

#1- Egypt is eyeing itself as a future commercial producer of rare earth minerals, with a plan underway to establish an integrated industrial complex for the extraction of rare earth elements, according to a statement from the Electricity Ministry. The state wants to exploit the presence of rare earth minerals in earth ores that are already mined, but not fully utilized. Due to the presence of rare earth elements within existing phosphate deposits, the facility will also produce organic fertilizers.

SOUND SMART- Despite the misleading name, rare earth minerals aren’t actually that rare, with the rarest of the 17 elements falling under the label being at least a hundred times more prevalent than gold. What gives them the label is the fact that they are usually so dispersed that mining is not economically viable and the process of refining them into usable materials is incredibly difficult and costly.

#2- Saudi renewables giant Acwa Power is planning to manufacture water desalination components and establish desalination plants in partnership with the government, CEO Marco Arcelli said during a meeting with Prime Minister Moustafa Madbouly.

Madbouly asked for the final proposal to be presented to him “within the coming weeks” and emphasized that “localizing this industry is what matters to us now, and it is a prerequisite for negotiations with companies seeking to build desalination plants in Egypt.”

#3- Juhayna shareholders’ move to disqualify Qatar’s Baladna from running for the board was shot down by the Financial Regulatory Authority, citing the second-largest shareholder’s legal right to representation despite running a company in a similar business, according to a statement (pdf) from the authority. Shareholders had previously voted to ban candidates from companies understood to be in competition with Juhayana from ascending to the board.

REMEMBER- The Qatari company has been increasing its stake in Egyptian dairy giant Juhayna over the last few years and is now its second-largest shareholder with 16.3% of the company. Baladna first bought into the company in July 2021, after which it raised its stake to 5% in March 2022 and to 10% two months later.

DATA POINT-

Remittances rose 32.6% y-o-y to USD 3.5 bn in August, continuing their post-EGP-float momentum with 18 consecutive months of y-o-y remittance growth, according to a statement (pdf) from the Central Bank of Egypt. Over the first eight months of 2025, remittances went up 47.2% y-o-y to a record USD 26.6 bn.

It’s not just the post-float collapse of the parallel market driving remittances, but rising inflation also. Many Egyptians abroad have continued to increase the amount they send to their families at home to meet the rising cost of living for Egyptian households, one analyst told EnterpriseAM. Despite the welcome news that inflation is now at its slowest pace since March 2022, prices are still rising.

On a monthly basis, remittances were down 8% — but don’t fret. Month-on-month comparisons are subject to numerous factors, so slight dips between months are “perfectly normal,” HC Securities' Heba Mounir told us.

Total remittances for the year should hit USD 38 bn, up from USD 36.5 bn the previous fiscal year, Al Ahly Pharos’ Hany Genena told EnterpriseAM.

CIRCLE YOUR CALENDAR-

Fresh industrial land plots up for grabs: The Industry Ministry is offering 1,128 industrial land plots across 16 governorates through the Made in Egypt platform, according to a statement from the ministry. The plots — ranging from 190k-500k sqm — are designated for projects in the food, engineering, chemical, pharma, textile, and building materials sectors. Investors have between 29 October and 6 November to apply.

The details: Applicants can apply for two plots — their first choice and their second choice. Priority will be given to applicants from previous rounds whose technical and financial studies were approved but who did not secure land — provided they did not refund their booking deposit. The plots are available under ownership or usufruct systems.

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

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THE BIG STORY ABROAD-

Trump announces higher tariffs on Canadians goods: US President Donald Trump announced a 10% increase in tariffs on Canada — imports from the country are currently subject to a baseline 35% tariff — in response to a television ad sponsored by Canada’s Ontario province, featuring former Republican US president Ronald Reagan criticizing tariffs as harmful to the economy. “Their Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD,” Trump said in a post on Truth Social. A day earlier, the US president had ended all trade negotiations with Canada because of the ad, which he referred to as “fraud” and “hostile”.(Reuters | AP | WSJ | NYT | Bloomberg | The Guardian)

ALSO IN THE US- Former US Vice President Kamala Harris may run for president once again, telling the BBC that a woman will likely become president in the coming years — “possibly” her. She added that she hadn’t decided yet whether to run for the 2028 presidential elections, but told the Associated Pres s a week earlier that running again in 2028 is “still on the table.”

From October 12–16, Somabay hosted the Somabay World Cup for the first time in Egypt, welcoming 173 participants from 19 countries to its signature Red Sea course. The tournament spotlighted Egypt’s growing presence on the global golf map, set against Somabay’s year-round sunshine, luxury resorts, and world-class sports and leisure scene.

HSBC says it’s here to stay for corporate clients as it reviews the fate of its retail business

HSBC Group is launching a “strategic review” of its retail business in Egypt, the global bank said in a statement (pdf) released on Thursday afternoon. HSBC Egypt’s commercial and institutional banking units are not part of the review and remain core to its strategy here, it said.

(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 difficult to name a multinational (or large Egyptian corporation) that doesn’t have a meaningful banking relationship with HSBC — and that doesn’t look likely to change. “Egypt is an important market for HSBC and has strong potential for growth. HSBC will continue to focus on driving two-way trade and investment flows to support multinational clients operating in Egypt and enable domestic wholesale clients to achieve their international ambitions,” the bank said in a statement.

So will HSBC sell? Not necessarily. A review is just that: They’re weighing options. “The HSBC Group review will cover HSBC Egypt’s retail banking business only. It will consider all options for the retail banking business, and no decisions have been made,” the bank said. In the meantime, it’s business as usual, particularly for what HSBC calls the “wholesale” side of the business, which includes its commercial and institutional banking units.

BACKGROUND- HSBC Group is positioning the review as part of its “ongoing simplification globally.” It has been pulling back from retail around the world, opting to focus in most markets on corporate and institutional banking as well as its private banking or “wealth” business. That process got underway in mid-2023, when then-CFO Georges Elhedery put 12 countries on an “exit watchlist” — and accelerated after he became CEO of the global bank in 2024 with a strategy to streamline and drive growth in core markets including Asia and the Middle East.

The bank exited South Africa this year and is in the process of selling its retail arm in Australia. This follows its full exit from Canada in March 2024, which saw its operations sold to RBC. HSBC has also announced or concluded plans to fully exit or sell its retail operations in France, Argentina, Bahrain, and Bangladesh.

HSBC isn’t alone: Multinational banks are “right-sizing” their emerging market operations, shedding capital-intensive retail arms to double down on higher-margin institutional and wealth management businesses.

However the review turns out, we expect HSBC’s corporate and institutional franchise to remain in Egypt for years to come. Egypt is material to the bank and HSBC Egypt for years now has been working overtime under CEO Todd Wilcox to lure fresh business here from Asia and other corridors. Serving high-margin corporate clients at home and abroad is HSBC’s bread and butter.

Depending on which way the review goes, HSBC’s options range from “do nothing” to “find a new home for the retail business.” If it’s the latter, individual clients could find their accounts transferred en masse to a different institution — it’s not without precedent in Egypt.

Back in August 2015, Citi’s local unit sold its retail portfolio to EGX-listedheavyweight CIB. CIB bought Citi’s deposit accounts, credit card portfolio, book of personal loans, and network of branches and ATMs. Many of Citi’s 900 employees joined CIB at the time, moving over at the same time as some 100k accounts, 90k credit cards, and nine branches. The transaction wrapped up over the course of 2016 and into 2017 as the Central Bank of Egypt shepherded the two institutions through the process.

How would a spinout work? The move would need CBE approval to sell or transfer its card, loan, and account portfolios to an acquiring bank. This involves a tough stress-test to make sure that the acquirer has the capital, liquidity, and operational capacity to take on the new assets and liabilities without taking a hit to its financial health. The CBE would also require the two to create a customer transition plan outlining what borrowers and depositors alike can expect — everything from assurances that credit cards and accounts will keep working to how loyalty points will be handled.

A rare transaction: The last big move in Egypt’s banking industry was FAB’s 2021 acquisition of Bank Audi. Pundits have long suggested that with 37 banks (pdf), the industry here is ripe for consolidation. That has seen the CBE guiding institutions interested in entering the Egyptian market to look at acquisitions instead of applying for a new banking license. Standard Chartered entered Egypt last year not with a full domestic banking license, but under rules that allow foreign banks to upgrade representative offices here to a full branch that focuses primarily on corporate and investment banking, not taking deposits from retail investors.

HSBC by the numbers: The bank opened here in 1982 as the Hong Kong Egypt Bank and today has 4.2k staff and 53 branches. Egypt is also home to an HSBC “global service center” that provides support to HSBC operations globally.

BMI ups Egypt’s growth forecast to 5% for FY 2025-26

Fitch Solutions’ research unit BMI now sees the country’s GDP approaching 5% this fiscal year, marking a 0.3 percentage point increase from its latest forecast in August, Fitch Solutions’ MENA Country Risk Head Ramona Moubarak said in a webinar attended by EnterpriseAM. She cited investment recovery and a smaller drag in net exports as some of the main reasons behind the upgraded forecast.

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

The growth drivers: “Lower interest rates and inflation will support increased private sector investments, particularly in the manufacturing sector, while an attractive EGP will drive new FDI inflows and keep export growth strong,” Moubarak said.

REMEMBER- The Central Bank of Egypt (CBE) has now cut rates a whole 625 bps since kicking off its easing cycle in April, most recently slashing rates 100 bps earlier this month. The continued rate cuts were prompted by a continued dip in inflation, which hit its lowest level in years last month.

Inflation outlook: BMI now expects inflation to average 14% this year, a 0.4 percentage point decrease from August’s projection, Moubarak said, adding that the recent fuel price hike will trigger a temporary uptick in inflation readings over the coming few months, yet inflation will maintain a downward trajectory. Looking ahead, BMI raised next year’s inflation forecast to 10.5%, from the 10% pencilled in in August.

ICYMI- The country raised fuel prices for the second time this year earlier this month, as part of efforts to phase out energy subsidies and bring domestic prices in line with international energy markets.

Monetary policy outlook: Despite expected inflationary pressures resulting from the fuel price hikes, BMI sees the CBE slashing the interest rate by an additional 100 bps in December, dragging the lending rate to 21%. This forecast is supported by the “massive decline in inflation levels, the strong currency and the global monetary policy easing,” Moubarak said. Looking ahead, all these factors, along with the need to boost private investment and curb debt service costs, will prompt the CBE to cut rates by a total of 975 bps over 2026, according to Moubarak.

The CBE could take its foot off the gas to protect our carry trade as investors continue to seek high returns, Moubarak said, noting that “the priority for authorities is to continue to support the currency and to keep portfolio investments flowing and capital inflows strong.”

A closer look at the EGP / USD exchange rate: The EGP has recently strengthened to trade below EGP 48 against the greenback, exceeding BMI's expectations. The ceasefire further boosted sentiment and raised optimism regarding the potential return of Suez Canal traffic and higher tourism inflows, Moubarak said.

The EGP could face some pressures before the year is out due to capital outflows — investors tend to cashout their profits and withdraw capital in December — especially seeing that we have some USD 8 bn in short-term debt due to mature in December. Early next year, BMI expects the EGP to regain some of its losses and remain stable throughout the year, bearing any external shocks.

THE REGIONAL OUTLOOK-

Regional growth is expected to accelerate for the second year running to hit 3.6% in 2026, up from the 3% projected for 2025, supported by stronger growth forecasts across most countries in the region, Moubarak said. Growth in North Africa is projected to come in at 4.1% next year, up from 4% in 2025, driven by faster growth in Egypt.

Egypt rolls out tax workaround for contractor contracts inked before VAT shake-up

The Finance Ministry has stepped in to resolve a major transitional headache for the construction sector following new VAT rules, approving a new accounting mechanism to effectively apply the new 14% VAT law to contracts inked before the new VAT rules while technically maintaining the original 5% rate, according to an official decision seen by EnterpriseAM.

The decision responds to the industry’s concern that it would be charged a flat 14% VAT for already inked contracts without the ability to deduct input purchases, potentially leaving many with much higher tax bills than they had budgeted for. Needless to say, concerns about unrecoverable losses, unsolvable contractual disputes, and project stoppages are more than understandable.

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

REMEMBER- The move follows VAT amendments ratified in July that subjected all new construction and contracting contracts to the standard 14% VAT rate. Under the previous system, construction and contracting services were taxed at a flat 5% schedule rate without allowing companies to deduct input VAT. During the transition period, VAT will be applied based on the date of the contract, rather than the payment date, to reflect the sector’s phased payment structure.

The Finance Ministry will tax old contracts with the new statutory 14% VAT rate — but, importantly, for only 36% of the total contract value. Doing this taxes these contracts in practice at the originally planned-for rate of 5% while technically keeping to the letter of the law. The ministry took this action because it is not able to amend an already-issued law, a government source told EnterpriseAM.

The Finance Ministry is targeting around EGP 6 bn in tax revenues from the updated VAT treatment of the construction sector during the current fiscal year, according to the source.

The New York Times takes a deep dive into Egypt’s divided North Coast

The tale of two Sahels: The New York Times is out with a piece diving into the social and economic divides reflected in our North Coast. The article highlights the contrast between the Good Sahel, or El Sahel El Tayeb — known for its modest family holidays and simple beach life — and the Evil Sahel, or El Sahel El Shireer — which is known for its expensive houses, high-end resorts, pricey parties, and exclusive beach clubs.

NYT writes that the two Sahels — separated by less than an hour’s drive — symbolize Egypt’s widening class gap and conflicting cultural values. While Good Sahel remains accessible and conservative, Evil Sahel has become a gated enclave of affluence and Western-style freedom. The article suggests that the social tensions on these beaches mirror the broader reality of Egypt today, where questions of identity, privilege, and belonging continue to play out against a backdrop of economic strain.

Capital Agro launches USD 25 mn cold storage complex

LOGISTICS-

Local agrifood company Capital Agro launched a USD 25 mn integrated logistics complex in Sharqia for frozen food storage, according to a press release. The 30k sqm facility, set to hold an operational capacity exceeding 30k pallets, will operate using renewable energy. It includes large-scale cold storage units, as well as washing, sorting and packaging lines for fruits and vegetables. The company will invest USD 15 mn before the year is out and the remaining USD 10 mn by 2027.

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

This marks the second big cold storage project announced in as many months after DP World and Elsewedy Industrial Development announced that they will set up a USD 29 mn cold storage facility in 6th of October last month.

What is cold storage and could it be the future of Egypt’s storage industry? We dove into the topic in a Hardhat published earlier this year — check it out here.

MANUFACTURING-

#1- Chinese smartphone maker Oppo officially kicked off production at its Tenth of Ramadan factory as part of a USD 50 mn investment plan that will create 2k jobs, according to a company statement (pdf). The facility produces 400k units per month with plans to expand to 500k units in early 2026. Oppo also plans to raise the local component ratio in its Egypt-assembled phones, up from a current 42%.

DATA POINT- Egypt now manufactures some 15 brands of mobile phones, with a combined production capacity of 20 mn phones a year, backed by USD 200 mn in investment.

#2- Rubex International will dedicate one of its production lines to produce bathtubs for Turkish bathroom fixture manufacturer Sanica under a cooperation contract inked with the Fatinoglu Holding subsidiary, Rubex said in a EGX disclosure (pdf). Output will be exported, helping raise Rubex’s export revenues by at least USD 350k per month in 2026.

M&A WATCH-

#1- Egypt Kuwait Holding’s board of directors greenlit selling its entire 63.4% stake in Delta Ins. to Casablanca-listed Wafa Assurance, according to an EGX disclosure (pdf). Wafa’s mandatory tender offer values Delta shares at EGP 40 per share, and shareholders have until tomorrow to render their holdings.

REFRESHER- The liquid MTO is live at EGP 40 per share for up to 125 mn Delta shares (100% of the company), with a minimum acceptance threshold of 51%. This values the transaction at up to EGP 5 bn and gives Wafa a pathway to either majority or full control of the company. Wafa submitted the MTO to the FRA in June.

#2- The UAE’s Amlak Finance sold its Egypt arm to Al Baraka Bank Egypt for EGP 400 mn, according to a disclosure (pdf) to the Dubai Financial Market. The move marks Amlak’s complete exit from the country.

ENERGY-

Energean inked a 15-year transmission agreement for Israel’s Nitzana pipeline to Egypt, the LSE-listed oil and gas company said in a statement (pdf). Under the agreement with the state-owned Israel Natural Gas Lines, the company will supply 1 bcm a year and cover USD 100 mn — or 16.4% — of construction costs.

REAL ESTATE-

Hills Development, PRD to develop EGP 50 bn worth of projects: Intro Group’s Hills Developments has inked a strategic partnership agreement with Protection Holding ’s PRD to develop five real estate projects with total investments of EGP 50 bn by 2030, according to an announcement made during a press conference attended by EnterpriseAM. The two sides will set up a joint venture to implement the projects.

The two players are well acquainted — they are gearing up to launch their EGP 4.5 bn Zia Park project in early November. The development covers 17.1 feddans in Sheikh Zayed, offering 800 units.

DEBT WATCH-

Madkour Holding’s Madkour Projects secured a EGP 4.5 bn syndicated loan from a group of lenders led by the Suez Canal Bank, according to a statement from the parent company. The funding will be used to finance infrastructure development on Suez Road. Al Baraka Bank, Industrial Development Bank, United Bank, Bank ABC, Abu Dhabi Commercial Bank, and the Egyptian Arab Land Bank were also part of the syndicate.

M&A on track for its best year since 2021 amid sovereign wealth fund push

Sovereign wealth funds (SWFs) are pushing global M&A activity to new highs, with volumes already surpassing the USD 3.5 tn mark this year, up 34% y-o-y, according to data compiled by Bloomberg. This puts us on track for the best M&A year since 2021, the business news information service said.

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

More than USD 1.3 tn in transactions were logged in 3Q, driven by a series of high-value mega plays. Much of that momentum came from our part of the world, where MENA-involved M&As brought in USD 157.3 bn in 9M across 963 transactions, up 166% y-o-y, driven by the UAE (USD 45 bn) and Saudi Arabia (USD 5.6 bn), according to LSEG data.

ICYMI- Some of the biggest plays YTD were SWF-backed: The Public Investment Fund (PIF) led a USD 55 bn leveraged buyout of video-game maker Electronic Arts last month, marking the largest global transaction so far this year. Mubadala’s AI arm, MGX, followed with a USD 40 bn partnership with BlackRock to acquire Texas-based Aligned Data Centers. Rounding out the list, Abu Dhabi’s ADIA and Singapore’s GIC most recently took minority stakes in Blackstone and TPG’s USD 18.3 bn acquisition of medical-device maker Hologic.

SWFs also ❤️ AI: Abu Dhabi’s ADIA backed Thoma Bravo’s USD 12 bn takeover of HR software firm Dayforce in August, while Mubadala’s MGX invested in OpenAI, xAI, and plans to join the Stargate venture. Meanwhile, Singapore’s GIC and Qatar’s QIA invested in rival AI firm Anthropic.

Cutting out the middle-men: Gulf SWFs are increasingly taking matters into their own hands, expanding in-house investment teams to execute transactions directly rather than relying on Wall Street intermediaries, Bloomberg wrote. The shift gives them greater control, lower fees, and access to co-investment rights alongside major private equity players.

The award for the most active sector for M&A in the region goes to: materials, which remained the top-performing sector in MENA M&A in terms of value, contributing USD 32.6 bn, or 57% of total regional transaction value. Momentum came largely from heavyweight corporates rather than sovereign funds, including ADNOC and OMV’s planned merger of Borouge and Borealis into a USD 60 bn chemicals giant, which also includes a USD 13.4 bn acquisition of NOVA Chemicals still pending completion. It was followed by energy and financials at USD 4.6 bn each.

Outlook is rosy for next year: Bankers expect the M&A rally to carry into 2026 as sovereign funds and corporates continue to deploy record dry powder, with both already scouting new targets. Goldman Sachs sees dealmaking momentum accelerating into year-end, with next year potentially setting a new global record.

EGX30	37,687	+0.3% (YTD: +26.7%)
USD (CBE)	Buy 47.52	Sell 47.66
USD (CIB)	Buy 47.54	Sell 47.64
Interest rates (CBE)	21.00% deposit	22.00% lending
Tadawul	11,612	+0.2% (YTD: -3.5%)
ADX	10,202	+0.1% (YTD: +8.3%)
DFM	6,066	+0.8% (YTD: +17.6%)
S&P 500	6,792	+0.8% (YTD: +15.5%)
FTSE 100	9,646	+0.7% (YTD: +18.0%)
Euro Stoxx 50	5,674	+0.1%(YTD: +15.9%)
Brent crude	USD 65.94	-0.1%
Natural gas (Nymex)	USD 3.30	-1.2%
Gold	USD 4,137	-0.2%
BTC	USD 111,854	+0.9% (YTD: +19.6%)
S&P Egypt Sovereign Bond Index	950.90	+0.1% (YTD: +22.3%)
S&P MENA Bond & Sukuk	152.49	0.0% (YTD: +9.0%)
VIX (Volatility Index)	16.37	-5.4% (YTD: -5.7%)

THE CLOSING BELL-

The EGX30 rose 0.3% at Thursday’s close on turnover of EGP 6.6 bn (42.6% above the 90-day average). Local investors were the sole net buyers. The index is up 26.7% YTD.

In the green: Misr Cement (+7.7%), Egypt Aluminum (+4.5%), and Beltone Holding (+2.3%).

In the red: Qalaa Holdings (-1.8%), Orascom Construction (-1.7%), and Abu Qir Fertilizers (-1.4%).

CALENDAR

OCTOBER

28 October (Tuesday): BEBA’s working dinner with Finance Minister Ahmed Kouchouk and Investment Minister Hassan El Khatib.

October: The third iteration of the Export Smart Exhibition and Conference.

October: The tenth session of the Egyptian-Lebanese Joint Higher Committee.

Mid-October: Capmas to publish the findings of its 2023-2024 income and expenditure survey.

NOVEMBER

1 November (Saturday): The official opening of the Grand Egyptian Museum.

3 November (Monday): S&P Global to release PMI data for September.

9-11 November (Sunday-Tuesday): The sixth edition of the TransMEA 2025 forum and exhibition, Egypt International Exhibition Center.

10 November (Monday): Capmas expected to release inflation data for October.

16-19 November (Sunday-Wednesday): Cairo ICT 2025, Egypt International Exhibition Center.

20 November (Thursday): Monetary Policy Committee meeting.

23-25 November (Sunday-Tuesday): NEBU Expo 2025 gold and jewelry exhibition, Egypt International Exhibitions Center, New Cairo.

November: Egypt to join the EU’s Horizon Europe research and innovation program.

November: The Conference on Early Recovery, Reconstruction, and Development in Gaza.

DECEMBER

1-4 December: Egypt Defence Expo (Monday-Thursday), Egypt International Exhibition Center.

4-7 December (Thursday-Sunday): Egy Stitch & Tex Expo 2025, Cairo International Conference Center.

15 December (Monday): Neo Gen PropTech and Sustainable Smart Cities Conference, The St. Regis Hotel New Capital

25 December: (Thursday): Monetary Policy Committee meeting.

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

December: Germany’s North Rhine-Westphala business delegation to land in Egypt.

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

3Q 2025: Polaris Parks to finalize contracts for two new industrial zones in the new capital and Sadat City.

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

2H 2025: Potential visit by Chinese President Xi Jinping to Egypt

4Q 2025: The beginning of construction works on China’s State Grid two solar projects.

4Q 2025: GB Auto starts assembling one of China’s Great Wall Motor models in 4Q 2025.

4Q 2025-1Q 2026: Kasrawy Group to launch first Avatr EV models in Egypt.

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

2025: Release of the government’s Startup Charter document.

Before 2025-end: The government will launch two ro-ro shipping lines with Saudi Arabia and Turkey.

2026

Early 2026: Passenger operations on the New Administrative Capital–Nasr City monorail scheduled to begin.

1Q 2026: Trial operations for the Ain Sokhna–Sixth of October section of Egypt’s first high-speed rail line scheduled to begin.

1 January: European Union’s Carbon Border Adjustment Mechanism (CBAM) to fully come into effect.

10-12 February (Tuesday-Thursday): Gitex Global’s AI Everything Middle East & Africa Summit

15 March 2026: IMF to hold its seventh review of Egypt’s USD 8 bn EFF arrangement.

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

15 September 2026: IMF to hold its eighth review of Egypt’s USD 8 bn EFF arrangement.

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

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.

2027: Egypt-EU Summit 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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