Good morning, all. We often hear of big ticket investments in the works, but less often do we hear of the projects actually being followed through to completion. China’s Xin Feng, however, has put its money where its mouth is — and kicked off construction yesterday on a USD 1.7 bn industrial complex.

Also in this morning’s issue is a USD 10 bn TMG development reportedly in the pipeline in Iraq, USD 300 mn in budget support from the AIIB, fresh sukuk issuance news, and more.

BUT FIRST- As some of you may have noticed, yesterday’s issue was out on email later than usual yesterday due to a technical hiccup. We apologize to our readers for this error. We’ve got our tech back in order and will be back to our normal publishing schedule at 6am Cairo local time.

PSA-

Tomorrow is the last day for businesses to file their 2024 tax returns, with the deadline set for 30 April, the Egyptian Tax Authority said in a statement.

WEATHER- It’s another warm and partly cloudy day in Cairo, with a high of 29°C and a low of 22°C, according to our favorite weather app.

It might be worth keeping an umbrella handy if you’re in Alexandria, with a chance of light rain, a high of 23°C, and a low of 12°C.

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WATCH THIS SPACE-

#1- B Laban is back in business, with a sizable number of the dessert chain’s branches given the green light from the National Food Safety Authority (NFSA) to open up shop again, according to an authority statement. Among the reopened locations are 15 B Laban branches in Cairo and five in Alexandria, all of which cleared food safety and health compliance requirements in a re-inspection after their initial closing. Several branches under other brands — such as Whammy, 3m Shaltat, Kunafa w Basbousa, and Karam El Sham — have also been cleared to reopen after meeting corrective standards.

Production also resumed at B Laban’s factories in Kafr El Dawwar and Abis, and Karam El Sham’s factory in Borg El Arab following inspections during their trial operations. Factories still under review have been given a one-month grace period to finish implementing full health, food safety, and environmental standards, Industry Minister Kamel El Wazir said in a statement. The move was intended to keep production going and retain the affected workers, according to El Wazir.

REMEMBER- B Laban’s 110 stores and its affiliated brands were shuttered across the country earlier this month, following inspections by the NFSA uncovered food safety violations including the use of prohibited substances, expired products, and poor sanitation in several facilities. The Health Ministry also cited unlicensed outlets and staff without valid health certifications.

#2- Kuwait’s Bukhamseen Holding plans to invest between EGP 30-40 bn in Egypt over the coming two years, Asharq Business reports. The investment ticket — currently equivalent to USD 590.0-786.6 mn at today’s exchange rate — will go toward several sectors, with a focus on hospitality.

Negotiations are already underway for some of the projects, including talks with the government to invest in a hotel, hotel apartments, and commercial project — with details to be announced once the plans are finalized. Bukhamseen has also already begun the development of some plots with the Sovereign Fund of Egypt and in cooperation with a group of companies — including the Saudi Binladin Group.

This isn’t the first big ticket-investment plan we’ve heard from Bukhamseen, which was reportedly eyeing one of Egypt’s largest tourism and hospitality investment companies in a USD 4.9 bn transaction, according to local media reports in February. The acquisition of the still unnamed company would mark one of the largest transactions in Egypt’s tourism industry.

FROM THE DEBT MARKETS-

The central bank sold USD 984.9 mn in one-year USD-denominated t-bills yesterday at an average yield of 4.25%, surpassing its USD 950.0 mn target, according to data on its website. The issuance will go toward refinancing an outstanding debt worth USD 950 mn.

HAPPENING TOMORROW-

The deadline for the Australian government’s master’s scholarship program Australia Awards is fast approaching, with the application window coming to a close tomorrow. The scholarship program grants funding for citizens of certain African nations — including Egypt — to study climate change, agriculture and food security, mining and energy, foreign policy and international security, and gender, disability, and social inclusion. You can find out more about the program here (pdf) and apply through the Australia Awards website.

DATA POINT-

Egypt’s non-oil trade deficit narrowed by 27.7% y-o-y in 1Q 2025 to USD 6.3 bn, according to a government document seen by Asharq Business. This was supported by a 27% y-o-y rise in non-oil merchandise exports, reaching USD 12.7 bn, up from USD 10.0 bn.

Arab countries accounted for around 48% of Egypt’s exports in 1Q 2025, equivalent to USD 6 bn, followed by the European Union at 22% at USD 2.7 bn.

THE BIG STORY ABROAD-

It’s a busy day in the foreign press this morning as Canadian voters look on track to allow Mark Carney’s Liberals to form a new government, a mysterious power outage hits Spain and Portugal, and US President Donald Trump moves to alleviate some of the pressure of tariffs on automakers.

Former central bank governor and incumbent prime minister Mark Carney is projected to form a new government after one of the most consequential elections in Canadian history, as the country faces uncertainty from Trump’s tariffs and threats of annexation. The question: Will it be a minority or majority government? Either way, it would be the Liberals’ fourth consecutive term in office, a political turnaround that was unthinkable just a few months ago when former Prime Minister Justin Trudeau led the party. (Bloomberg | Reuters | BBC | AP)

In the latest tariff-related news, Trump has eased some of the levies on auto parts for domestically manufactured cars, and prevented duties on foreign-made cars from stacking on top of other tariffs like those on steel and aluminum. (WSJ)

Across the pond, Spain declared a state of emergency after a power outage across the Iberian peninsula left tens of mns without power for hours. Half of the country has seen power restored, with Spanish Prime Minister Pedro Sánchez saying he aims to restore power across the country today. There is no clear cause for the outage, though Portugal has blamed it on extreme temperature variations. (FT | Guardian | Reuters)

*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s 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.

In today’s issue: We take a look at how the government is looking to capitalize on agricultural waste with biofuels, animal feed, fertilizers — and why this makes not just economic, but environmental sense too.

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