{"id":661339,"date":"2025-02-26T00:00:00","date_gmt":"2025-02-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/26\/preparations-are-underway-for-the-grand-egyptian-museums-grand-opening-on-3-july\/"},"modified":"2025-02-26T00:00:00","modified_gmt":"2025-02-26T00:00:00","slug":"preparations-are-underway-for-the-grand-egyptian-museums-grand-opening-on-3-july","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/26\/preparations-are-underway-for-the-grand-egyptian-museums-grand-opening-on-3-july\/","title":{"rendered":"Preparations are underway for the Grand Egyptian Museum\u2019s grand opening on 3 July"},"content":{"rendered":"

Good morn<\/strong>ing, f<\/strong>riends.<\/strong> In today\u2019s issue we have news of more tax facilities, fresh investments, and what\u2019s happening with Egyptian exports held up at Moroccan ports. <\/p>\n

<\/a> MARK YOUR CALENDARS- <\/strong>The countdown to the Grand Egyptian Museum\u2019s official opening is on, with the government now in full prep mode ahead of the 3 July launch<\/a> after President Abdel Fattah El Sisi approved the date. Prime Minister Moustafa Madbouly met with key ministers and officials yesterday<\/a> to lock in logistics, security, and other arrangements. Invites for the multi-day event will go out to world leaders and top officials.<\/p>\n

<\/a> AND- <\/strong>Keep your ears peeled for Madbouly\u2019s weekly presser today: <\/strong>Prime Minister Moustafa Madbouly will likely unveil the details of the awaited social protection package during his weekly presser later today. Madbouly could announce more details on the package set to come into effect with the new fiscal year, as well as an additional package of one-time allowances and expansion to the Takaful and Karama program that could come into effect in March, sources tell EnterpriseAM. <\/p>\n

Remember: <\/strong>The Madbouly government is working on a new social protection package<\/a> of raises in the minimum wage, tax thresholds, social protection coverage, and pensions. While the size of the increase has not yet been decided on, our sources anticipate the government to opt to raise the minimum wage by EGP 1k to EGP 7k, with adjustments for other income brackets.<\/p>\n

PSA- <\/p>\n

<\/a> Ramadan hours kick in next week: <\/strong>The EGX will move to its customary shortened Ramadan hours next week, with trading beginning at 10am and ending at 1:30pm. Banks will be open to clients from 9:30am to 1:30pm (9am to 2pm for staff) throughout Ramadan. Shops, restaurants, and caf\u00e9s will be allowed to stay open until 2am during Ramadan and Eid Al Fitr.<\/p>\n

WEATHER- <\/strong>Cairo is in for another cold day, with a high of 19\u00b0C and a low of 11\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s just as cold in Alexandria<\/strong>, with a high of 19\u00b0C and a low of 10\u00b0C.<\/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

IN THE HOUSE- <\/p>\n

The House of <\/strong>Representatives preliminarily approved the redrafted Labor Law yesterday<\/strong>, after the law got the thumbs up<\/a> from the House\u2019s Manpower Committee late last week. The law introduces significant reforms across its 297 articles, aiming to balance the rights of workers and employers and ensure a framework that supports both job security and investment growth. <\/p>\n

WATCH THIS SPACE-<\/p>\n

#1- Egy<\/strong>pt and the UAE kicked off talks for a Comprehensive Economic <\/strong>Partnershi<\/strong>p Agreement<\/strong>, according to a statement<\/a>. Investment Minister Hassan El Khatib and UAE Economy Minister Abdulla Bin Touq Al Marri chaired the Egyptian-UAE Joint Economic Committee\u2019s fourth session, agreeing to strengthen trade, investment, industry, energy, and infrastructure collaboration.<\/p>\n

\n

#2- <\/strong>EKH has plans to step into Europe: <\/strong>Eg<\/a>ypt Kuwait Holding<\/a> is planning to make renewables-focused investments in Europe marking the company\u2019s entry into the continent, CEO Jon Rokk told Asharq Business (watch, runtime: 9:00<\/a>). The company plans to invest USD 150-200 mn over the coming 18 months, he said, adding that the company will unveil its first project in the Saudi market within two months.<\/p>\n

DATA POINT-<\/p>\n

<\/a> The number of banked Egyptians continues to rise: <\/strong>Egypt\u2019s financial inclusion rate \u2014 the percentage of citizens above the age of 15 who hold bank accounts, mobile wallets, or prepaid cards \u2014 jumped to 74.8% by the end of 2024 up from 71% at the end of 2023, according to central bank data<\/a>(pdf)<\/a>. Some 52 mn adults in Egypt were banked as of December 2024. <\/p>\n

\n
\n
\n
\n

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

Former US ambassador to Egypt Frank G. Wisner has passed away at age 86<\/strong>, the New<\/a>York<\/a>Times<\/a> reports. Wisner, who reportedly died from lung cancer complications, played a significant role in global diplomacy as well US-Egypt relations during his diplomatic career. As ambassador to Egypt from 1986 to 1991, he worked to ease tensions following the US-led invasion of Iraq. His strong ties to Egypt, which included a close relationship with former president Hosni Mubarak, prompted the Obama administration to call on him to negotiate a resolution to the Egyptian revolution in 2011 \u2014 long after his retirement from public duty. Beyond Egypt, the veteran diplomat also headed embassies in India, Zambia, and the Philippines.<\/p>\n

\n

Give your little ones the chance to stock trade: <\/strong>EFG Hermes has partnered with KidZania Cairo to introduce MENA's first-ever stock trading experience designed for children aged 8-14. The mock stock market will include 35 real companies and allow children to build up their trading portfolios, giving them a taste for investing and stock trading. Trading activities will take place in KidZania Cairo\u2019s new EFG Hermes branch. <\/p>\n

What they said: <\/strong>\u201cBy partnering with KidZania in Cairo \u2026 we are taking a meaningful step toward empowering the next generation with essential financial knowledge in an engaging and interactive manner. Educating children about money, how to manage it, and making it work for them from a young age is crucial for cultivating a new generation that is informed and empowered,\u201d EFG Holding Group Chief Marketing and Communications Officer May El Gammal said. <\/p>\n

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

Ukraine has reportedly <\/strong>agreed to a framework<\/a><\/strong> for an economic agreement that will see the US tap its revenues from rare minerals<\/strong>. US President Trump \u2014 who pushed hard for the agreement with personal attacks on his counterpart Volodymyr Zelensky \u2014 had earlier hinted<\/a> the Ukrainian President could arrive in Washington as soon as Friday to sign the agreement.<\/p>\n

Trump is active as usual: <\/strong>The US president also signed an order yesterday to examine tariffs on copper<\/a>, and said he will introduce a \u201cgold card\u201d visa program<\/a> that provides a route to US citizenship for the low price of USD 5 mn. Meanwhile, his controversial USD 4.5 tn tax cut plan narrowly passed the House<\/a>.<\/p>\n

ALSO WORTH NOTING-<\/strong><\/p>\n