Good morning, all. We have made it to the end of what has been a very busy week and we can’t wait to slide into the last weekend of September.

IN TODAY’S ISSUE- Remittances rise again, hitting USD 3.8 bn in July, continuing a trend analysts think will persist, and the government wants to liberalize the natural gas market in a bid to bring more foreign investors into the sector.

A HELPING HAND FOR INDUSTRIES- The Industry Ministry unveiled a package of incentives targeting sheet metal producers and we have word that the government is mulling ways it can further support fertilizer players.

PSA-

WEATHER- It’s another cool day here in Cairo today, with a high of 31°C and a low of 22°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 28°C and a low of 21°C.

WATCH THIS SPACE-

UAE’s Modon is looking to tap local partners for the development of Ras El Hekma, the company’s Egypt General Manager Shehab Elorabi said on the sidelines of the Cityscape exhibition. The North Coast megacity is too large for any one developer to handle alone and will require a network of partners to execute projects at speed and scale, according to Elorabi.

REMEMBER- ADQ tapped Modon Holding to be the master developer on its landmark USD 35 bn Ras El Hekma project on the North Coast last October, with the firm also tasked with developing the first 50 mn sqm phase of the 170 mn sqm city. ADQ said last year that the remaining 120 mn sqm will be developed in partnership with leading developers from Egypt, the UAE, and global partners, under the supervision of ADQ subsidiary Ras El Hekma Urban Development Project Company and Modon Holding.

DATA POINT-

Remittances rose 26.3% y-o-y to USD 3.8 bn in July, marking 17 consecutive months of y-o-y remittance growth, according to a statement from the Central Bank of Egypt. Over the first seven months of 2025, remittances are up 49.7% y-o-y to USD 23.2 bn.

REMEMBER- Remittance inflows began returning to official channels after the float of the EGP back in March 2024, which effectively put an end to the parallel market that had pushed remittance flows to unofficial channels.

Analysts see inflows holding strong: Ahly Pharos Head of Research Hany Genena told EnterpriseAM that if the current pace of monthly inflows continues, Egypt could record USD 40 bn in remittances this year — up from the “low-30s” average just a few years ago. He attributed the surge to the unified exchange rate, which encouraged transfers back into official channels, a larger Egyptian workforce abroad, and stronger inflows from neighboring markets such as Libya.

HAPPENING TODAY-

#1- Willkommen in Deutschland, Herr Finanzminister Kouchouk. The Egyptian-German Business Forum kicks off today in Germany with Finance Minister Ahmed Kouchouk in attendance, according to a statement. The two-day German-Arab Chamber of Industry and Commerce-hosted event spread between Munich and Frankfurt will bring together government officials, representatives from German companies, and investors to explore opportunities for strengthening bilateral relations.

What’s on the agenda? Kouchouk will present Egypt’s latest tax incentives and fiscal policies designed to support production and exports, while also promoting priority investment opportunities for German companies. The forum will also highlight joint government efforts to cut trade costs, streamline procedures, and boost competitiveness.

#2- It’s day two of the 2025 Egyptian Entrepreneurial Sector Diagnostic Report launch summit. Organized by Entlaq in partnership with El Gouna — which is hosting the event — the three-day summit will bring together government officials, investors, development partners, and startup founders to discuss the findings of the report on the country’s entrepreneurial community.

What to expect from the report? The report “maps macro indicators, legal frameworks, access to finance and markets, institutional enablement, and regional dynamics — delivering actionable, evidence-based recommendations benchmarked against peer markets such as Morocco, Kenya, and India.”

#3- The country’s largest real estate exhibition, Cityscape Egypt, is now well underway at the Egypt International Exhibition Center. The expo is expected to welcome 40k visitors over its four-day run and host more than 80 developers showcasing over 1k projects. The event will come to a close on Saturday.

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THE BIG STORY ABROAD-

International pages are leading with news of a deadly shooting at a US immigration office — a gunman opened fire at an ICE facility in Dallas, killing one and critically injuring two others before taking his own life. FBI investigators are pointing to anti-ICE messages at the scene as evidence of a politically motivated attack. President Donald Trump pledged in a post on Truth Social an executive order to “dismantle these domestic terrorism networks.” (Financial Times | Reuters | New York Times | The Guardian | Associated Press | Bloomberg)

LOOKING TO APPLE FOR A LIFELINE- Intel has held early talks with Apple about a potential investment as part of its comeback strategy, a week after Nvidia announced an agreement that will see it invest USD 5 bn in the chipmaker, Bloomberg reports. Such a deal would be symbolically powerful: Apple abandoned Intel’s processors in its Macs five years ago but has touted big plans for US manufacturing.

ALSO WORTH NOTING THIS MORNING- Taiwan reels after deadly typhoon: At least 17 people were killed when a barrier lake burst in a Taiwan town, prompting residents to seek shelters and an inquiry into what went wrong with evacuation orders. (Reuters | BBC | New York Times | The Guardian)

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