Good morning, all. We end this shorter-than-usual work week with another packed issue, led primarily by capital markets news, including Bonyan’s muted market debut and a breakdown of the driving forces behind the EGX30’s rally earlier this week. Momentum in the benchmark index’s rally momentum fizzled out before Bonyan could capture it in the company’s first day of trading, despite analysts suggesting that real estate players were a driving force behind the EGX30 hitting record highs on Sunday and Monday.

PLUS- We have a secondary macroeconomics theme going for us this morning, as the EGP strengthened against the greenback to its highest level in around eight months, while central bank figures indicate our current account deficit narrowed in 9M 2024-25.

** A QUICK PROGRAMMING NOTE- EnterpriseAM Egypt will be joining the rest of you in taking tomorrow off in observance of the 23 July Revolution. We’ll be back in your inboxes bright and early on Sunday with everything you may have missed from over the long weekend.

Something to look forward to in the weeks to come: The committee organizing the Grand Egyptian Museum’s (GEM) opening ceremony met yesterday to set a new date for the long-awaited event, Prime Minister Moustafa Madbouly said. The museum was initially scheduled to officially open its doors on 3 July, but the long-anticipated event was delayed to the last quarter of the year following Israel striking Iran mid-June. Coordination is now underway between the relevant authorities to decide on a new date and announce it.

ICYMI- We spoke to Aly Khattab, founder of Egyptian specialty coffee brand ReQaf, for our weekly Founder of the Week column yesterday. Check out the interview here.

Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend. Want to partner with us? Reach out to Moustafa Taalab at mtaalab@enterpriseadvisory.com to explore sponsorship opportunities.

WATCH THIS SPACE-

#1- The EGX is in advanced talks with six to seven temporarily listed companies to kick-start their public offering and begin actual trading on the market, AlArabiya reports, citing EGX Chairman Ahmed El Sheikh. No further information was disclosed.

#2- Al Mashat, AFC, Infinity Power talk green funding: Planning Minister Rania Al Mashat met yesterday with representatives from the African Finance Corporation's (AFC) asset management arm and our friends at Infinity Power to explore avenues to mobilize concessional finance for climate-resilient infrastructure, according to a statement. The discussions focused on AFC's Infrastructure Climate Resilient Fund for Africa which is backed by the Green Climate Fund and supports green energy and sustainable transport projects.

The end goal: The government is prioritizing partnerships with international institutions to unlock more green financing and expand private sector involvement in development, Al Mashar said. She directed technical teams to coordinate with AFC and Infinity Power to explore how local companies can take advantage of the new fund and assess next steps for implementation.

HAPPENING TODAY-

#1- We’re keeping our fingers crossed for Egyptian finance legend Mohamed El Erian to be elected the next chancellor of Cambridge University, with results expected to be published online later today. El Erian is pitching himself as a “guardian of tradition and a catalyst for innovation” in the race against the nine other competing candidates.

#2- Investment Minister Hassan El Khatib is currently in Japan to discuss ways to boost trade and joint investments, according to a ministry statement. During his visits to Tokyo and Osaka, El Khatib is scheduled to meet with senior government officials and representatives from four leading Japanese investment firms.

Keep your eyes peeled for Egypt-bound Japanese investments: El Khatib will meet with representatives from six investment and financial institutions and funds and take part in a seminar, which will bring together around 200 representatives from Japanese companies and institutions. He will also hold one-on-one meetings with four Japanese investment giants.

We’re going to be on the lookout for talks about an upcoming Samurai bond issuance, which a senior government source has recently told us about. Egypt is currently awaiting approval from the African Development Bank for a USD 400 mn guarantee for a new tranche of JPY-denominated bonds, the source noted.

PSA-

Thanaweya Amma results are out: Education Minister Mohamed Abdellatif yesterday announced the results of the Thanaweya Amma exams, according to a ministry statement. Over 73% of students who took the exams passed.

WEATHER- It’s another hot day in Cairo, with a high of 39°C and a low of 27°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 34°C and a low of 25°C.

ENERGY WATCH-

Egypt is importing some 1.1 bcf/d of natural gas from Israel, Oil Minister Karim Badawi told Asharq Business. The imports are up from around 650-750 mcf/d we were importing at the end of last month, when Israel ramped up its gas exports to Egypt from its Leviathan field after a brief halt as Israel exchanged airstrikes with Iran.

Egypt’s current domestic gas output — excluding production from Zohr — stands at 3.2 bcf/d, according to Badawi. Zohr alone is producing some 1.4 bcf/d.

2026 target in sight: The government aims to increase total production to 4.4 bcf/d by the end of 2026 as part of efforts to boost energy security.

IN CONTEXT- The country is facing a gas shortfall of about 2.5 bcf/d as local production and pipeline imports from Israel fall short of the 6.5 bcf/d needed to meet peak demand.

DATA POINT-

Our gold and precious metals exports jumped 194% y-o-y in 1H 2025, rising to USD 3.9 bn, the Federation of Egyptian Industries’ gold division said in a statement to the press seen by EnterpriseAM. The lion’s share of exports went to the UAE, which accounted for USD 3.2 bn of total exports, followed by Switzerland with USD 705 mn, and Canada with USD 6.3 mn.

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THE BIG STORY ABROAD-

The US announced several trade agreements with Asian countries as we inch closer to the 1 August implementation date for reciprocal tariffs.

#1- The US and Japan reached a trade agreement setting reciprocal tariffs for Japan at 15%, in exchange for some USD 550 bn in Japanese investments in the US, US President Donald Trump said in a social media post (with no confirmation yet from the Japanese government). (Reuters | Wall Street Journal | Financial Times | Bloomberg | CNBC)

#2- Trump also agreed to a 19% tariff with the Philippines and Indonesia, with zero tariffs on US goods exported to both countries. (Reuters | Axios | CBS)

Meanwhile, China could be in for a deadline extension as officials are set to meet for talks in Stockholm next week, US Treasury Secretary Scott Bessent said. The discussions will also set out to “rebalance” the US-China relationship, Reuters reports.

Speaking of the US and China, Microsoft said Chinese hacking groups were involved in a major hack of its SharePoint software, which has affected hundreds — if not thousands — of firms and organizations hosting the software on-premise. (CNBC | Washington Post)

ALSO GETTING PLENTY OF INK- Black Sabbath frontman and heavy metal legend Ozzy Osbourne has died aged 76, just weeks after his retirement concert. The Internet is flooded with obituaries for the singer. (Guardian | Time | New York Times | BBC)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: EnterpriseAM’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look at local companies’ role in Africa’s USD 170 bn a year infrastructure push.

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