EGP extends gains, hits nine-month high against USD

Good morning, friends, and welcome to the weekend. We’re manifesting cooler weather — and calmer days. Haven’t planned out your time yet? We might have a few ideas for you.

For this week’s Enterprise Guide, we’re taking a look at ways to give back to our communities. Looking to lend a hand? We’ve gathered a list of where you might want to volunteer in your spare time this summer. Whether you’re seeking to help families get back on their feet or clean up the environment one plastic bottle at a time, here’s how you can help.

LAST WEEK IN 3 MINS-

EGP WATCH-

EGP extends gains, hits nine-month high against USD: The EGP continued strengthening against the greenback this week, reaching its highest level since October 2024. The USD was changing hands at EGP 48.62-48.72 at the National Bank of Egypt and at EGP 48.60-48.70 at the CIB at the end of the banking day yesterday.

REAL ESTATE-

Back-to-back shocks for the real estate sector: Real estate developments and urban land along the Dabaa Axis — from the Cairo-Alexandria Desert Road to the Middle Ring Road — are now subject to new fees, according to a document seen by EnterpriseAM. Land near the axis will face the same tiered levies imposed on Cairo-Alex Desert Road projects: EGP 500 per sqm for land 3-7 km back from the highway, EGP 750 for 1-3 km, and EGP 1.5k for land within 1 km. Agricultural land along the Desert Road and Wadi El Natrun-Alamein Road will also be charged an EGP 15k per feddan improvement fee.

These new charges follow similar fees introduced last week on the Cairo-Alex Desert Road and North Coast, which drew criticism from developers who said the measures add pressure to the sector.

RETAIL-

NTRA denies applying mobile import fees retroactively: The National Telecom Regulatory Authority (NTRA) confirmed that returning travelers can still bring one mobile phone into Egypt exempt from import fees every three years, despite speculations to the contrary. This comes after some buyers reported receiving notifications of unpaid fees on phones they believed were exempt, prompting refund demands from local sellers who had sourced devices through the grey market.

NTRA suspended 13k devices over suspected fraud, while reactivating 47k after verification. The system is currently under review to prevent abuse, particularly by expats reselling phones.

ENERGY-

Cabinet is reportedly debating whether to push planned hikes in the price of electricity back as far as early next year instead of next month. No decision has been taken yet. This potential delay could be largely driven by two factors. First, the energy sector has secured its natural gas needs at a price below global rates through recent short and medium-term agreements. Then, there is the decline in the EGP/USD exchange rate — providing the government the flexibility needed to absorb the cost of pushing back these anticipated hikes.

INDUSTRY-

Some factories have received surprise letters demanding they pay retroactive fines for exceeding water consumption limits, execs at two manufacturers told EnterpriseAM earlier this week. The newly imposed water consumption quotas are being applied retroactively to all consumption records since 2020, the sources said. Industry insiders described the bar for being classified as a low-end water consumer as “unworkably” low.

M&A WATCH-

Raya looks to acquire up to 90% of subsidiary RCX: Raya Holding’s board greenlit plans to submit a mandatory tender offer for up to 90% of its subsidiary Raya Customer Experience (Raya CX). Raya Holding is offering to purchase 184.6 mn shares at a preliminary price range of EGP 6.87-7.50 per share, valuing RCX between EGP 1.41 bn and EGP 1.54 bn. We sat down with CEO AhmedKhalil to learn more about what we can expect from Raya in the years to come.

CAPITAL MARKETS-

#1- National Printing public offering was 23.6x oversubscribed following the close of the subscription period yesterday. The company priced its EGX IPO at EGP 21.25 per share, while the fair value was set at a fair value of EGP 28.27 per share. The company is floating a 10% stake via a secondary two-tranche offering that is expected to raise some EGP 449.9 mn in proceeds, implying a market cap of EGP 4.5 bn at listing. The offering included a 5% private placement tranche fully allocated to anchor investor Omran Mohamed Al Omran of Saudi Arabia, and a 5% public tranche offered to retail and individual investors in the local market.

#2- Hassan Allam’s SPAC has gotten an initial green light from the EGX’s listing committee to list its shares on the bourse as of yesterday. The SPAC — dubbed Hassan Allam Investments & Venture Capital — will list 10 mn shares at a par value of EGP 1 per share. The shares will be listed on the main market and the company will have up to three months to meet listing requirements and obtain regulatory approvals before the shares start trading.

WHAT’S HAPPENING NEXT WEEK-

Belated exporter subsidy payouts begin: The Finance Ministry will begin disbursing overdue export subsidies totaling EGP 5 bn to some 2k exporters on 7 August under the revamped export subsidy program that will see exporters will receive 50% of their overdue dues in cash over four years, with the rest offset against liabilities.

Opening the door for more exporters: Exporters have between 17 August and 4 September to send their requests to receive payouts under the program.

AROUND THE WORLD IN SEVEN DAYS-

US President Donald Trump has published alist of new tariffs set to be implemented on trade partners, while leaving the global minimum reciprocal tariff at 10%.

Trading partners are sorted into three groups: Those who run a goods trade surplus with the US will be subject to a 10% tariff; while those who have reached agreements and run moderate trade deficits will see a 15% tariff, and those with large trade deficits and no trade agreements will see higher tariffs. Meanwhile, transshipped goods will be hit with a 40% tariff.

Among the highest tariffs: Canada will be slapped with a 35% tariff, higher than the earlier announced 25%, as diplomatic friction between the country continues and after it said it would recognize a Palestinian state; Switzerland was slapped with a 39% tariff; and India will be subject to a 25%. The tariffs will take effect next Friday.

Canada was the latest to pledge this week recognition of the Palestinian state at September’s UN summit, following in the footsteps of France and the UK.

MEANWHILE- More than 90 Palestinians were killed and 400 injured in Gaza yesterday as they lined up for aid, according to a Gazan hospital that received the casualties. The Israeli military claimed that it had intended to fire warning shots, and was “not aware of any casualties." The news comes just days after Israel announced a daily 10-hour pause on military operations in Gaza to allow for more aid corridors. (ABC | BBC | Guardian | AP)

☀️ THE WEATHER THIS WEEKEND-

It’s going to be a breezy couple of days with the worst of the heatwave behind us. Temperatures in Cairo set to peak at 35°C over the weekend, before cooling down to 23°C. Up north, we’re expecting some wind with a high of 29°C and a low of 27°C, according to our favorite weather app.

HAPPENING THIS WEEKEND-

Looking to change it up in Sahel? Medhat Saleh is bringing opera by the beach, performing with Maestro Amr Selim and his band at Porto Golf Alamein City tonight. Head to Ticketsmarché for tickets.

A Sahel night with El Hadaba. Join Egyptian megastar Amr Diab for a night of summer hits and timeless classics at U Arenas in Al Alamein tonight, as part of the New Alamein Festival. You can grab your tickets through Tazkarti.

The Martinez Brothers will be giving the North Coast’s Sol Beach a taste of what New York City’s nightlife scene has to offer tonight. The DJ duo — and brothers from the same mother — will be joined by Lebanese DJ and producer Rolbac, so you know things will be heating up quite fast. You can grab your tickets from Ticketsmarché.

Up for a treasure hunt? This weekend, Maadi’s Darb 15 is hosting a garage sale brimming with fashion pieces looking for a new home. The sale will run from 12pm to 10pm on both days, and we’d suggest getting there fast if you plan on digging for gold.

HAPPENING NEXT WEEKEND-

DJ and producer Peggy Gou hits the Sahel sands once again. The South Korean DJ brings her signature blend of house, techno and Korean fusions to the North Coast for an unforgettable night under the stars at D-Bay on Thursday, 7 August. You can grab your tickets through Ticket Egypt.

Get caffeinated and grab your polaroid camera, because on Friday 8 August, &ME — one fifth of Keinemusik — will be bringing the beats all through the night until sunrise at North Coast’s Sol Beach. Promising to have you dancing till the sun’s up, the German EDM DJ and producer will be going solo this time around. Tickets can be purchased through Ticketsmarché.

Sahel fun is still going strong at Porto Golf Alamein City with powerhouse performances from Hamid El-Shaeri, Masar Egbari, and Sharmoofers on Friday, 8 August. Still got some fuel in your tank? Make sure to get your tickets at Ticketsmarché.

Hussein Al Jassmi, Disco Misr, and Ahmed Saad will be performing back to back at Seashore by Hyde Park on Friday, 8 August. If you just so happen to be enjoying the weather on the North Coast that weekend, we’d suggest heading on over to Ticketsmarché to secure your spot for a concert you likely won’t be forgetting any time soon.