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Monday, 12 Feb 2024

What We're Tracking Today
Economy
Privatization
Earnings Watch
Last Night’s Talk Shows
Also On Our Radar
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We’re inching closer to new “large” IMF loan -Georgieva

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Today at a glance

1

Economy

We’re looking at a deval, not a float + Egypt is inching closer towards a larger IMF agreement.
2

Privatization

Compass Capital to promote gov’t’s stake in EPP.
3

What We're Tracking Today

Philip Morris hikes cigarette prices.
4

What We're Tracking Today

House is voting on El Sisi’s EGP 180 bn support package today.
5

Also on our Radar

UK to help Egypt build sustainable infrastructure.
6

What We're Tracking Today

It’s day one of Dubai’s World Governments Summit.
7

EARNINGS WATCH

CIB’s net income rose 83% in 4Q 2023.
8

PLANET FINANCE

IMF head lays out plan to help Arab world withstand headwinds.
9

BLACKBOARD

Why do Egyptian edtech startups love the Gulf?

Monday, 12 Feb 2024

What We're Tracking Today
Economy
Privatization
Earnings Watch
Last Night’s Talk Shows
Also On Our Radar
Planet Finance
Blackboard
Calendar
1

What We're Tracking Today

Philip Morris raises cigarette prices by up to 18%

Good morning, everyone. We have a relatively compact issue for you this morning, led by IMF Managing Director Kristalina Georgieva’s comments on our IMF program.

No float here: Our talks with the Fund have been about a more flexible exchange rate, but not a float of the EGP, Georgieva said.

^^ We have the full story in the news well, below.

PSA- Your smokes just got pricier: Cigarette manufacturer Philip Morris has hiked the price of cigarettes by up to 18%, the company said in a press release (pdf). The price of a pack of Merit has risen 15% to EGP 85, while the L&M brand will now go for EGP 59 a pack, up 18%. Marlboro prices have increased 14-17%, with a standard pack priced at EGP 79 and a pack of Crafted at EGP 69.

IQOS smokers haven’t been spared: The company has also raised the price of its HEETS Selections, HEETS Dimensions, and TEREA products 14% to EGP 64.

EGP WATCH-

Deval, rate hike incoming? JP Morgan expects the government to devalue the EGP to 45-50 against the USD, alongside raising rates by 200 bps, the bank wrote in a note on Friday. “We think the CBE will be looking to secure some FX inflows and engineer a lowering of the parallel market FX rate before considering a move to a managed float FX regime,” the report said. JP Morgan sees the central bank cutting rates in 4Q 2024 “as inflation is likely to ease, largely helped by base effects and a converging parallel rate” after unifying the official and parallel exchange rates.

More optimistic than other estimates: Oxford Economics sees the EGP falling to 55-60 to the USD in banks by the end of the year if the central bank moves to a flexible exchange rate regime, while Bloomberg’s chief emerging markets economist Ziad Daoud sees the greenback officially changing hands at EGP 50 or more by the end of the year. Capital Economics is even less optimistic, seeing the EGP falling further to sit at 65 against the greenback.

And in line with one: Societe Generale sees the government devaluing to 40-45 against the greenback, up from the current official rate of EGP 30.9.

WAR WATCH-

Another caution from Biden against civilian harm in Rafah: An Israeli invasion of Rafah should not happen without a “credible and executable” plan to ensure the safety and support of those living there, US President Joe Biden told Israeli Prime Minister Benjamin Netanyahu in a phone call last night, according to a White House readout. Biden last week called Israel’s attack on Gaza “ over the top.”

Israel is supposedly “working out a detailed plan” to evacuate Rafah’s civilians, Netanyahu told ABC News in a televised interview, without offering further information on the plan. “We're going to get the remaining Hamas terrorist battalions in Rafah … We're going to do it while providing safe passage for the civilian population.”

Mahmoud Abbas is in Qatar: Palestinian President Mahmoud Abbas is due to meet Qatari Emir Sheikh Tamim bin Hamad Al Thani in Doha today to look into ways to halt the Israeli aggression in Gaza, Palestinian news agency WAFA reported last night. It was not clear if other parties would be present.

Remember: Cairo is hosting another round of ceasefire talks tomorrow, featuring Mossad chief David Barnea, the head Shin Bet, Ronen Bar, intelligence chief Abbas Kamel, Qatari Prime Minister Mohamed Bin Abdul Rahman Al Thani, and CIA head William Burns, the Jerusalem Post and Axios reported on Saturday, citing what they said are Israeli and US officials.

Egypt once again expressed its “complete rejection” of Israel’s plans to enter Rafah in a statement yesterday, urging for a coordinated international and regional response to stop the invasion from going ahead.

RED SEA WATCH-

Vessels continue to avoid the Suez Canal: Some 60% of the ships usually passing through the Suez Canal have been opting for the route around South Africa's Cape of Good Hope in response to ongoing Red Sea disruptions, Al Arabiya quotes International Maritime Organization (IMO) secretary-general Arsenio Dominguez as saying.

By other metrics: Some 12.8 mn tons of goods passed through the canal in the first six days of February, a 33% m-o-m drop, according to data from the IMF’s PortWatch.

HAPPENING TODAY-

Madbouly, Maait are in Dubai for the World Governments Summit: PrimeMinister Moustafa Madbouly and Finance Minister Mohamed Maait will be joining a large number of world leaders and decision makers, including IMF Managing Director Kristalina Georgieva, in the UAE to partake in the three-day World Governments Summit. The summit “explores the agenda of the next generation of governments, focusing on harnessing innovation and technology to solve universal challenges facing humanity.” The summit kicks off today and wraps up on Wednesday.

Panels to watch out for today: On the first of the summit, a number of Egyptian officials will be taking the stage.

** Check out the full agenda for the three-day summit here.

IN THE HOUSE-

The House is in session: MPs are meeting today to discuss and vote on the EGP 180 bn social support package announced last week by the presidency. The Budget Committee approved the package when it met yesterday after the cabinet approved it on Thursday.

On the agenda for today: The House will discuss and vote on a number of agreements that include:

  • A EUR 500 mn grant from the European Investment Bank to support the Environment Ministry's Sustainable Green Industry project;
  • A EUR 80 mn grant from Germany to support the Environment Ministry's solid waste management program, build 25 technological schools and centers, and support the central bank’s financial risk management program;
  • An agreement to scrap double taxation and clamp down on tax evasion between Egypt and Croatia.

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we took a close look at Egypt’s trade figures for 2023 with a rundown of what we exported and to whom. You can check it out here.

THE BIG STORY ABROAD-

It’s all war and technology in the global business press this morning.

War:

Tech:

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We speak to local edtech startup founders to find out why Egyptian edtech startups have been expanding in the Gulf.

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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

Economy

Reviews of previous IMF loan program for Egypt near completion as Fund prepares “large amount” of additional funding

Reviews of Egypt’s previous IMF loan program near completion: The IMF’s long-stalled first and second reviews of Egypt’s USD 3 bn loan program are in their final stages and are expected to be completed “in a few short weeks,” IMF Managing Director Kristalina Georgieva told Asharq Business yesterday on the sidelines of the World Governments Summit in Dubai. Egyptian officials and the IMF have already agreed on all “the key issues for the review,” Georgieva told Al Arabiya Business in a separate interview at the summit.

More encouraging words on the size of the package: Georgieva said that the Fund is preparing a “large amount” of additional funding to “give a dose of confidence to the Egyptian economy by enhancing the size of the support program.”

No word on the exact size of the package, but Enterprise sources with knowledge have put it in the USD 6-9 bn ballpark. Meanwhile, one government source believes the government is closing in on a combined USD 12 bn in financing, with the IMF doubling the value of the package it had offered to USD 6 bn and other, unnamed “development partners” contributing a further USD 6 bn — a figure echoe by Gooldman Sachs.

Multiple exchange rates are “disastrous” for Egypt, Georgieva told Al Arabiya Business. She emphasized the need for Egypt to move in a direction that allows the exchange rate to be determined by market forces and eliminate the parallel market. Georgieva has been very vocal about the need for Egypt to devalue its currency, explaining that otherwise the country risks bleeding reserves.

No full float on the cards: Georgieva confirmed that the Fund’s talks with Egypt have been about a more flexible exchange rate, but not a float of the EGP. The Fund is currently waiting on Egyptian authorities to allow a more flexible exchange rate and fulfill other conditions before it grants us more funding, she added, without specifying what those other promises are.

Reducing inflation is still the main target: “Policy makers in Egypt must focus on inflation,” Georgieva told Asharq Business, reiterating earlier comments from the international lender’s director of communications, Julie Kozack, who said last month that the IMF is supporting the government “to reduce inflation and to gradually move to an inflation-targeting regime.”

IMF calms tone on state asset sales: “The situation in Gaza has put pressure on Egypt, including its state assets sales program, and we want Egypt to sell at the appropriate time,” Georgieva said. She called for the government to not “rush to sell shares in government companies under the current circumstances,” in contrast to the Fund’s position in April last year, when it postponed the first review of the country’s USD 3 bn assistance package partly due to the lack of progress on privatizing state-owned companies.

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3

Privatization

Gov’t appoints Compass Capital to promote its stake in EPP + TMG’s Icon finalizes acquisition of 51% in Legacy hotels

Gov’t taps Compass Capital to promote its stake in EPP: State-owned Egyptian Petrochemicals Holding Company(ECHEM)has tapped private equity firm Compass Capital to promote part of the 22% stake it owns — along with the Egyptian Natural Gas Company (GASCO) — in state-owned thermoplastic producer Egyptian Propylene and Polypropylene (EPP) to Gulf- and China-based investors, a government source told Enterprise.

Déjà vu: Local media reported in October that the government was looking to sell 10-15% of its 22% stake in EPP to a foreign investor and that an unnamed Saudi private company has shown interest.

Remember: The plastic maker is one of 35 state-owned companies earmarked for privatization. The government said it is aiming to raise USD 5 bn from asset sales between October 2023 and June 2024.

TMG’S ICON NOW OWNS 51% OF LEGACY-

TMG is now the major shareholder of Legacy hotels: Talaat Moustafa Group’s (TMG) subsidiary Icon Investments has inked the final contract for acquiring a 51% stake in Legacy Hospitality — a group of seven historic hotels — after completing a capital increase, TMG said in a bourse disclosure (pdf) yesterday.

The acquisition is set to double Icon’s topline: TMG expects the seven newcomers to “more than double Icon’s consolidated USD hotels revenues in 2024 to more than USD 250 mn.” The acquisition will also double Icon’s hotel room capacity to a total of 5k, “making the group the largest luxury hospitality platform” in Egypt, the company said.

Refresher: Icon first bought a 39% stake in Legacy Hospitality under an agreement inked with the Sovereign Fund of Egypt and the Egyptian General Company for Tourism and Hotels in December. The plan was to eventually bring Icon’s stake in Legacy to 51% bringing the transaction’s value to USD 800 mn. TMG sold a 40.5% stake in Icon to Abu Dhabi wealth fund ADQ and its subsidiary Adnec Group last month for USD 882.5 mn, helping it secure the remaining funds to up its stake in Legacy.

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4

EARNINGS WATCH

CIB’s net income soared 83% in 4Q 2023

CIB saw its net income surge 83% y-o-y to EGP 7.2 bn in 4Q 2023, the EGX-listed lender said in its latest earnings release (pdf). Revenues rose 71% y-o-y in the quarter to EGP 16.3 bn in the same period.

2023 was a good year: CIB’s bottomline for the year rose 84% y-o-y to EGP 29.6 bn in 2023. The company’s topline for the year also saw stronger performance, climbing 70% from the year before to reach EGP 56 bn. CIB’s gross loan portfolio increased 20% over 2023 to record EGP 266 bn, while deposits in local and foreign currencies grew 27% to record EGP 675 bn.

What they said: “Despite adverse market conditions caused by the simultaneous and sequential global and local events, CIB has demonstrated the strength and sustainability of its business model by achieving yet another record year of financial performance, while maintaining industry-leading solvency levels in the market,” the bank’s management said.

ALEX CONTAINER SEES INCOME RISE IN 1H FY 23-24-

Alex Container and Cargo Handling saw its net income rise 22% y-o-y to EGP 2.2 bn during the first half of the fiscal year 2023-2024, according to the company’s earnings release (pdf). The EGX-listed company’s revenues grew 27% y-o-y during the same period to EGP 2.5 bn.

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5

LAST NIGHT’S TALK SHOWS

Egyptian talk shows cover IMF chatter, new rules from the CBE, Gaza’s latest

All eyes on the IMF: The nation’s talking heads were all about IMF chief Kristalina Georgieva’s statements on our loan program. New rules from the Central Bank of Egypt and the situation in Gaza also received some airtime.

“Georgieva’s statements confirm that the new agreement with the IMF will be reached within a few weeks and that the Fund will encourage other partners — the World Bank and Gulf states — to also provide Egypt with urgent support,” Kelma Akhira’s Lamees El Hadidi said (watch, runtime: 3:23). “They also confirm that there is an upcoming devaluation of the EGP. The size of the devaluation will be left to the central bank and the state to decide,” she continued.

Georgieva's comments got a lot of attention last night: Al Hayat Al Youm (watch, runtime:1:50), Alaa Masouleety (watch, runtime: 7:18), and El Hekaya (watch, runtime: 13:29) all had the news. We have the full story in the news well, above.

AND- On the CBE’s latest rules to clamp down on credit card misuse: The central bank has issued new directives requiring credit card holders to provide proof that they have traveled abroad within 90 days of their bank lifting their FX spending limit or else will have their card suspended. They will also be barred from issuing new credit cards and or having their FX spending limits lifted again. This move and the new central bank directives issued every couple of weeks “raise concerns in the market and confirm the scarcity of foreign exchange,” El Hadidi said (watch, runtime: 1:50).

ALSO- Rafah still on the airwaves: “Israel continues to vigorously provoke the Egyptian side,” Amr Adib said on El Hekaya, describing the matter as “incomprehensible” (watch, runtime: 24:11). "There is an Israeli insistence on expanding the scope of the conflict in the region,” he added. Meanwhile, El Hadidi pointed the finger at the US, calling it “the official sponsor of expanding the conflict in the region” (watch, runtime: 5:32).

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6

Also on our Radar

UK to support Egypt’s efforts to build sustainable infrastructure and cities

INFRASTRUCTURE-

#1-UK to back Egypt’s sustainable infrastructure projects: The New Urban Communities Authority has signed an MoU with the UK to form a task force that will support Egypt’s efforts to build sustainable infrastructure and cities, according to a statement from the UK Department for Business and Trade. The task force, which will meet twice a year, will be responsible for bringing together government bodies and industry representatives to “exchange technical knowledge, training, expertise and best practice in the prioritization, financing and management of infrastructure projects,” the statement read.

#2-Gov’t to offer Shaq El Tebaan dry port to private sector: The Public Authority for Land and Dry Ports will launch a tender for companies hoping to manage and operate the Shaq El Tebaan dry port during the first half of the year, Al Borsa wrote, citing unnamed sources. The port, located in Shaq El Tebaan — the largest marble and granite industrial cluster in the country — will be used as the country’s base for marble exports and is expected to bring in some USD 100 mn in investments.

** We take a closer look at what the government is doing to boost Egypt’s marble and granite industry in an Inside Industry published last year.

TAXATION-

Egypt, UAE double down on canceling double taxation: Egypt and the UAE’s finance ministries signed a supplementary agreement to avoid double taxation between the two countries and clamp down on income tax evasion, according to a statement. While it remains unclear what the supplementary agreement entails and what has changed from the original agreement, the statement says it “aims to boost joining investments in both countries.”The original agreement was signed in November 2019 and ratified by President Abdel Fattah El Sisi in June 2021.

RENEWABLES-

Acwa Power begins research on its USD 4 bn green hydrogen + ammonia project: Renewables giant Acwa Power has begun conducting feasibility studies to develop its large-scale, two-phase green hydrogen and ammonia project in the Suez Canal Economic Zone (SCZone), Vice Chairman and Managing Director of Acwa Power Saudi Arabia Raad Al Saady told Asharq Al Awsat on Friday. Acwa Power is working with a number of local entities, including the Sovereign Fund of Egypt and the SCZone, on the project, which is part of the company’s wider plans to become a major exporter of the green fuel to the Middle East and Europe, he added.

BANKING-

Digital remittance transfers just got easier: Visa has signed an MoU with the Egyptian Banks Company (EBC) to introduce new features in a bid to facilitate remittance transfers by Egyptian expats, Visa said in a press release (pdf). The features allow expats to carry out wire transfers to local bank accounts using Visa-linked accounts abroad and allowing transfers using the phone number or username either through digital payment platform InstaPay or through Instant Payments Network (IPN).

M&A-

Amethis gets a piece of BBI: Africa-focused investment fund manager Amethis has acquired an undisclosed minority stake in data management consultancy BBI via its MENA Fund II, according to a joint press release (pdf). The move would help BBI expand its geographical coverage and offer more services, the statement read. BBI currently operates in Egypt, Algeria, UAE and KSA.

Advisors: Arc Capital acted as Amethis’ financial advisor and Matouk Bassiouny & Hennawy was legal counsel. BBI tapped Tanami Financial Advisory as its financial advisor for the transaction and Dawoud & Dawoud Law Firm as legal counsel.

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7

PLANET FINANCE

IMF head lays out the recipe to help the Arab world withstand headwinds

Three courses of action could help the Arab world withstand economic headwinds and uncertainties resulting from geopolitical conflict and crises, IMF Managing Director Kristalina Georgieva said during her keynote speech at the World Government Summit in Dubai.

  • Phasing out energy subsidies could save the region USD 336 bn and help address pollution and improve social spending;
  • Implementing tax reforms and diversifying away from hydrocarbon revenues is also key;
  • and Improving state-owned companies’ performance.

Support from GCC countries — and the IMF — will also be crucial for the region moving forward, the IMF head said.

Remember- The IMF recently lowered its MENA growth outlook for the year by 0.5 percentage points, now expecting regional growth to pick up to 2.9% in 2024 from 2.0% the year before. The Fund pointed to temporary oil cuts in Saudi Arabia as the main driver behind the slashed outlook.

ELSEWHERE- More gains for the S&P 500 incoming? The S&P 500 is poised to hit fresh peaks and deliver returns in the double digits in the upcoming months after surpassing the 5,000 mark last week, the Financial Times reported. The blue-chip index has traditionally reached numerous all-time highs within a year of hitting a previous record in cases where over a year had elapsed since its last peak — and this pattern has held since 1950, Truist Advisory Services’ Keith Lerner told the salmon-colored paper.

Asian markets are quiet this morning — and will likely remain so for the week asChina is closed for a weeklong Lunar New Year holiday. Exchanges in Hong Kong, Shanghai, and Korea are all off today. The Nikkei is up slightly, and futures suggest a mixed open in Europe and on Wall Street.

EGX30

28,199

-0.8% (YTD: +13.3%)

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

12,209

+0.1% (YTD: +2.0%)

ADX

9,344

-0.1% (YTD: -2.4%)

DFM

4,184

+0.6% (YTD: +3.1%)

S&P 500

5,027

+0.6% (YTD: +5.4%)

FTSE 100

7,573

-0.3% (YTD: -2.1%)

Euro Stoxx 50

4,716

+0.1% (YTD: +4.3%)

Brent crude

USD 82.19

+0.7%

Natural gas (Nymex)

USD 1.85

-3.7%

Gold

USD 2,039

-0.5%

BTC

USD 48,204

+1.1% (YTD: +13.9%)

THE CLOSING BELL-

The EGX30 fell 0.8% at yesterday’s close on turnover of EGP 4.8 bn (30.4% above the 90-day average). Regional investors were net sellers. The index is up 13.3% YTD.

In the green: Alexandria Containers and Cargo Handling (+9.4%), Qalaa Holdings (+3.3%) and Abou Qir Fertilizers (+1.7%).

In the red: E-Finance (-3.2%), Orascom Development Egypt (-3.0%) and Egypt Kuwait Holding (-2.6%).

CORPORATE ACTIONS-

Eastern Company wants to raise its capital: The tobacco giant’s board of directors has decided to raise the company’s issued capital by EGP 770 mn to EGP 3 bn and to increase its authorized capital to EGP 15 bn from EGP 3 bn, Eastern Company said in an EGX disclosure (pdf). The board also approved a USD 400 mn credit facility from local banks, which will go towards opening up letters of credit to the company’s suppliers. Its General Assembly is meeting on 4 March to discuss and vote on the decisions.

Tags:

Our weekly deep dive into education in Egypt, from K-12 to post-secondary.

Published every Monday in EnterpriseAM.

Read Blackboard
8

BLACKBOARD

Why is there an Egyptian edtech startup expansion to the Gulf?

Egypt’s edtech sector is booming and it’s heading abroad: In almost every edtech press release that Enterprise comes across, startups always seem to mention that they are — or are planning to — expand into the Gulf. We spoke with industry insiders to find out what is driving Egypt’s edtech startups to make the move abroad to our Gulf neighbors and why Gulf venture capital firms are so eager to get a piece of our edtech startup scene.

Remember: In just the last few months, we heard from iSchool that they’re planning to expand into Saudi Arabia, the UAE, Oman, Qatar, Kuwait, and Bahrain, with sub-Saharan Africa on the cards for 2025. Post-acquisition Orcas is also hoping to expand into Saudi Arabia, Bahrain, Jordan, while Akhdar and OBM also name check KSA in recent press releases.

ICYMI- It’s been a good year for Egyptian edtechs: Tutoring outfit Orcas was wholly acquired by Kuwaiti edtech Baims for an undisclosed sum earlier this year, while gamified classes creator iSchool raised USD 4.5 mn in a round led by Irish VC VentureWave only the month before. Gulf VCs have also been investing big in local edtech firms —- Saudi accelerator Value Makers Studio (VMS) has recently made six-figure USD investments towards Arabic-language audiobook summary and education platform Akhdar and student career advisor OBM Education.

SO WHY THE GULF EXPANSION?

Expansion abroad = FX: The instability of the national currency limits startups' valuations and consequently their fundraising capacity, but firms with a profile in the Gulf will receive greater access to markets where transactions occur in foreign currencies, Moataz Abouonq CEO of VMS told Enterprise. “This diversification of revenue streams not only contributes to financial stability, but also positions startups favorably for international financial transactions, mitigating risks associated with currency fluctuations,” he added.

Startups are struggling to pay for services and supplies with local credit cards following FX limits: After the central bank restricted FX transactions on local currency credit cards to EGP 7,750 per month (about USD 250 at the official rate) in October, every business without access to FX that needs to pay Google or Microsoft — or that wants to run an ad campaign online, pay for cloud infrastructure, subscribe to a monitoring service, or pay for an industry-specific software tool — has been struggling to keep these services online. “In the short-term, business will have to survive by going to other markets,” Acasia Ventures managing partner Aly El Shalakany told Enterprise in December.

The Gulf over Europe is a no-brainer: For any local startup looking to become a large company, it needs to be multinational, which is why it makes sense to start regionally, Baim’s CSO Hossam Taher told Enterprise. The Gulf and wider Middle East have a culture of tutoring and after-school learning that is not as present in Europe, not to mention that startups looking outside of the MENA region would face higher taxes and competition, he said.

** We spoke with Hossam Taher for a Blackboard deep-dive into the Baims’ acquisition of Orcas the day after the news broke back in January. You can check out our conversation here.

Our edtechs have the edge on localizing their offerings: Egyptian edtech startups have been able to quickly understand customer behavior in the region and integrate into the market well on the back of a shared language and common cultural values, Abouonq said. On top of this, the talent pool in Egypt is “very sophisticated and highly competitive because everyone is competing for such a small number of jobs,” Taher told us.

And it’s also mutually beneficial: Gulf VCs look to Egyptian edtechs to address the region’s educational needs, Abouonq told us. Initiatives such as VMS’ Bridge Program aim to facilitate the entrance of Egyptian startups into the Saudi market and contribute towards national education targets.

But Egypt still remains a great place to launch startups: “Egypt is a diverse, huge, and cheap market, meaning you can practically launch anything and experiment with it at a very low cost, and then end up exporting that product or that service or that offering elsewhere. The level of maturity and know-how that we can reach in such a short time in Egypt cannot be compared with anything in the region,” Taher told Enterprise.

Your top education stories for the week:

  • Vocational training initiative aims to qualify 1 mn Egyptians: The Labor Ministry announced the launch of an initiative — dubbed Mehany 2030 — to train and qualify 1 mn young Egyptians for local and foreign vocational markets. (Statement)
  • Teachers and university faculty to get pay bump: The presidency introduced a raft of social support measures worth EGP 180 bn last week to alleviate the effects of the ongoing economic crisis on citizens, which included EGP 15 bn dedicated to increase the wages of doctors, nurses, school teachers, and university faculty.
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CALENDAR

2024

FEBRUARY

12-14 February (Monday-Wednesday): World Governments Summit in Dubai.

15-16 February (Thursday-Friday): Brazilian President Luiz Inácio Lulada Silva meets with President El Sisi in Cairo.

18 February (Sunday): The Senate reconvenes.

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.

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).

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.

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.

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.

2024: Standard Chartered Bank to open a branch in Egypt.

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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