What we’re tracking this week and beyond
Elsewedy Electric and Arab Contractors will sign tomorrow final contracts for a USD 3 bn, 2.1 GW hydroelectric dam in Tanzania
Get briefed on Egypt’s tourism reform program when Tourism Minister Rania Al Mashat speaks at AmCham on 13 December. Members and their guests may register here.
The Autotech auto exhibition starts this Friday, December 14, at the Cairo International Exhibition and Convention Center.
SWF expected before the end of this month: The bylaws and regulations for Egypt’s in-the-works EGP 200 bn sovereign wealth fund should be ready by late December after Cabinet has completed its review, Planning Minister Hala El Said said. Media reports had previously suggested the fund will move into ‘setup phase’ within a month of finishing the bylaws and naming a chief executive. El Said is hoping a CEO will be selected by mid-January. The selection committee has so far interviewed 12 candidates from a shortlist of high-powered names.
Egypt and Cyprus will sign by the end of the month an MoU on the building of a USD 1.5 bn subsea power cable to link Egypt’s electricity grid with Cyprus, Minister Mohamed Shaker said, The interchange agreement is part of a USD 4 drive to connect Egypt’s grid to countries in Africa and in Europe, including Greece.
The government will announce the second phase of its privatization program before year-end, Public Enterprises Minister Hisham Tawfik said. The committee overseeing the state privatization program is also scheduled to hold a meeting next month to look into how market conditions developed since the privatization program was put on ice last October amid the emerging markets selloff.
Pitch for a spot in Fintech Cairo: Global seed program organizer Startup Bootcamp and Pride Capital have launched Fintech Cairo. The six-month accelerator program will select 10 companies from a pool of applicants. Our friends at Pharos Holding, along with Bank of Alexandria and the German development agency GiZ are proud supporters and sponsors of the program. You can submit applications here. The deadline for submissions is 31 December.