{"id":659475,"date":"2025-01-28T00:00:00","date_gmt":"2025-01-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/28\/long-awaited-grand-egyptian-museum-opening-ceremony-set-for-3-july\/"},"modified":"2025-01-28T00:00:00","modified_gmt":"2025-01-28T00:00:00","slug":"long-awaited-grand-egyptian-museum-opening-ceremony-set-for-3-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/28\/long-awaited-grand-egyptian-museum-opening-ceremony-set-for-3-july\/","title":{"rendered":"Long-awaited Grand Egyptian Museum opening ceremony set for 3 July"},"content":{"rendered":"

Good morning, all.<\/strong> As we approach the end of the first month of the year, talk of approaching IPOs on the EGX are once again leading the conversation in the local business press. After several years of little IPO activity, stories like this are giving some hope that the local IPO market won\u2019t be as dry in 2025.<\/p>\n

<\/a> BUT FIRST- We\u2019ve finally been given a date for the much anticipated official opening of <\/strong>the Grand Egyptian Museum (GEM)<\/strong>, with the opening pencilled in for 3 July, GEM CEO ahmed Ghoneim told Lamees El Hadidi yesterday on her show Kelma Akhira (watch, runtime: 36:20<\/a>). United Media Services will organize the opening event festivities for the world\u2019s largest museum that \u201cmay extend over more than a day, perhaps three days, a week, or even months,\u201d he added. <\/p>\n

PSA-<\/p>\n

WEATHER- It\u2019s a sunny January day in Cairo today<\/strong>, with a high of 20\u00b0C and a low of 12\u00b0C, according to our favorite weather app.<\/p>\n

The skies are set to be a bit overcast in Alexandria<\/strong>, with a high of 20\u00b0C, a low of 11\u00b0C, and chance of light showers.<\/p>\n

Heavy fog is forecast for the morning<\/strong> across most parts of the country<\/strong>, so take care on the roads.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Prime Minister Moustafa Madbouly has directed officials to fast-track plans to list <\/strong>military-owned companies on the EGX<\/strong>, calling for a clear roadmap and timeline during a meeting<\/a> earlier today. The PM has also tasked Investment Minister Hassan El Khatib with following up on the stake sales\u2019 progress.<\/p>\n

Remember:<\/strong> Madbouly announced last month<\/a> that the government would be offering stakes in four military-owned companies during 2025, with the PM later confirming<\/a> that the firms on the chopping block would include filling station operator Wataneya, bottled water company Safi, food manufacturer Silo Foods, and fuel retailer Chill Out. Wataneya and Safi are expected to IPO by mid-2025, while the IPOs for Silo Foods and Chill Out would come closer to the end of the year, Madbouly said at the time. <\/p>\n

\n

\n

#2- The Entrepreneurship Ministerial Committee has settled on a definition of a startup<\/strong>, which they say will help support the sector\u2019s growth and provide a legal framework to encourage venture capital investment, according to a Planning and International Cooperation Ministry statement<\/a>. <\/p>\n

The new definition will also help startups take advantage of soon-to-be announced<\/strong> incentive and support program<\/strong>, which the newly formed committee<\/a> hopes will advance its ambitious plan to increase investments in Egypt\u2019s startups tenfold to USD 5 bn<\/a> in the coming period from a current USD 500 mn over an unspecified timeframe.<\/p>\n

The committee\u2019s four working groups have presented over 90 recommendations for <\/strong>supporting the sector<\/strong>, with input from the working groups and private sector players set to be included in the committee\u2019s forthcoming startup charter set to be finalized in 2025<\/a>.<\/p>\n

** We have everything you need to know about the committee <\/strong>and the government\u2019s plan to position Egypt as a regional startup hub in a story we published last month<\/a>.<\/p>\n

\n

<\/a> #3- Bank of Khartoum is seeking regulatory approval to enter the Egyptian market<\/strong>, with a paid-up capital of USD 150 mn, which it aims to increase to USD 250 mn as part of a broader expansion plan, Asharq Business<\/a> reports, citing an unnamed official from the bank. The lender plans to open four branches in Egypt to serve the growing Sudanese diaspora and boost cross-border trade and investment.<\/p>\n

\n

IN THE HOUSE-<\/p>\n

The 540-article Criminal Procedures Law will continue its long march through the House<\/strong> today<\/strong>, with articles 195-235 set to be discussed and voted on. Lawmakers are also set to debate and vote on an agreement with the International Bank for Reconstruction and Development focussed in improving the socio-economic conditions of the population.<\/p>\n

Yesterday saw the House approved a EUR 318 mn loan for a high speed rail line <\/strong>connecting Sokhna and Marsa Matrouh from the Islamic Development Bank. An amended protocol with Russia to extend the repayment start date for the Dabaa nuclear power plant to 2031 and spread repayments out over 22 years also got the green light. <\/p>\n

\n

HAPPENING TODAY-<\/p>\n

The <\/strong>newly formed private sector advisory committees<\/strong> will hold their first meeting with<\/strong> Prime Minister Moustafa Madbouly today <\/strong> \u2014 set from now on to be at least a monthly occurrence with the PM as chair \u2014 according to a cabinet statement<\/a>.The six advisory committees were put together in an effort to ensure continued and deepened communication between policymakers and the private sector as the state pushes its reform drive into the new year.<\/p>\n

** We put together a rundown of the committees and their members <\/strong>after the news broke last week. Read the story here<\/a>.<\/p>\n

\n
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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n

CIRCLE YOUR CALENDAR-<\/p>\n

<\/a> Attention, healthtech startups: <\/strong>Pan-African healthtech initiative Investing in Innovation Africa<\/a> (i3) has opened the application door for its third cohort, the organization announced in a statement (pdf)<\/a>. Startups have until 28 February to apply through the link<\/a> on i3\u2019s website. The selected startups will be announced on 30 April. <\/p>\n

What\u2019s on offer? <\/strong>The program \u2014 backed by the Gates Foundation<\/a>, MSD<\/a>, Sanofi<\/a>, Cencora<\/a>, Endless Foundation<\/a>, HELP Logistics<\/a>, and Chemonics<\/a> \u2014 offers startups grants, customer introductions, and guidance to scale their businesses. i3 will select 15 startups \u2014 including 10 early-stage companies focused on healthcare delivery or product distribution and 5 growth-stage startups working in pharma care. Early stage startups will receive USD 50k grants, while growth-stage startups will get USD 225k. <\/p>\n

i3 is well acquainted with the Egyptian market<\/strong>, with local startups Chefaa<\/a>, UltraTeb<\/a>, and Grinta<\/a> having been part of previous cohorts. \u201cEgypt stands out as a key target market for i3 due to its dynamic role as one of Africa's \u2018Big Four\u2019 tech hubs, alongside Nigeria, Kenya, and South Africa. These countries collectively attract the majority of venture capital investments on the continent, making them critical ecosystems for scaling health innovations,\u201d a representative from the initiative told EnterpriseAM. <\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

\n

THE BIG STORY ABROAD- <\/p>\n

Two stories are dominating headlines in the foreign press this morning: <\/strong><\/p>\n

#1- China\u2019s response to ChatGPT, DeepSeek, wiped USD 1 tn off of US stocks yesterday<\/strong>, with the prospect of a cheaper and much less energy-intensive AI chatbot rattling markets and raising questions around the US\u2019 alleged AI dominance. The startup was later hit by a cyberattack, which prompted its developers to limit registrations. We have more in Planet Finance, below.<\/strong> (Reuters<\/a> | FT<\/a> | Bloomberg<\/a>)<\/p>\n

#2- Hundreds of thousands of Palestinians returned to northern Gaza after months of displacement<\/strong>, following Israel\u2019s opening of military checkpoints after a 24-hour delay caused by claims that one of the Israeli hostages meant for release had not returned. Late night talks on Sunday shored up the agreement, making way for the opening of the routes yesterday and for more hostage transfers later this week. (Reuters<\/a> | Guardian<\/a> | FT<\/a> | Bloomberg<\/a>) <\/p>\n

<\/p>\n

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n

In today\u2019s issue: <\/strong>We dive into the Environment Ministry\u2019s most notable accomplishments of 2024 \u2014 launching the carbon market, preserving biodiversity, and launching new waste management initiatives.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, all. As we approach the end of the first month of the year, talk of approaching IPOs on the EGX are once again leading the conversation in the local business press. 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The opening of the state-of-the art museum is contingent on the stability of \u201ccoronavirus-related conditions,\u201d the minister saidThe\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/169.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573535,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/09\/2-ancient-statues-returned-to-egypt-ahead-of-gem-opening\/","url_meta":{"origin":659475,"position":1},"title":"2 ancient statues returned to Egypt ahead of GEM opening","author":"enterpriseam admin","date":"9 August 2020","format":false,"excerpt":"Two Ancient Egyptian statues were returned to the country on Thursday to be displayed at the Grand Egyptian Museum, cabinet said in a statement. The statues had been on the touring exhibition \u201cSunken Cities: The Enchanting World of Egypt\u201d since 2015. The exhibition included 293 artifacts recovered from the sunken\u2026","rel":"","context":"In "ON YOUR WAY OUT"","block_context":{"text":"ON YOUR WAY OUT","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-your-way-out\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593020,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/14\/luxor-sarcophagi-arrive-at-grand-egyptian-museum\/","url_meta":{"origin":659475,"position":2},"title":"Luxor sarcophagi arrive at Grand Egyptian Museum","author":"enterpriseam admin","date":"14 November 2019","format":false,"excerpt":"Luxor sarcophagi arrive at Grand Egyptian Museum: Thirty painted sarcophagi, found last month in Luxor\u2019s Asasif necropolis and collectively described as \u201cthe biggest coffin find in a century,\u201d have been transported to the Grand Egyptian Museum (GEM). 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The ad will be broadcast on the Discovery Channel as part of the government\u2019s GEM promotion campaign.","rel":"","context":"In "Worth watching"","block_context":{"text":"Worth watching","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-watching\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/56.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":564095,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/08\/khufu-solar-boat-gets-a-new-home\/","url_meta":{"origin":659475,"position":5},"title":"Khufu solar boat gets a new home","author":"enterpriseam admin","date":"8 August 2021","format":false,"excerpt":"Khufu solar boat moves to its new home at the GEM: Pharaoh Khufu\u2019s solar boat has been transferred from the Giza plateau to the Grand Egyptian Museum (GEM) as authorities gear up to open the flagship tourist attraction, the cabinet announced in a statement Saturday. 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