Good morning, friends. It’s another busy morning here in Egypt, with a few stories competing for your attention — in a first for the country, the first round of the parliamentary elections could be deemed null after El Sisi called on the authority in charge to investigate claims of fraud, our second local sovereign sukuk issuance was 11x oversubscribed as investor appetite for the instrument show no sign of weakening, and analysts are divided over what the CBE will do when it reviews rates later this week.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 26°C and a low of 17°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 25°C and a low of 15°C.

WATCH THIS SPACE-

#1- Banking goes digital: The Central Bank of Egypt is preparing to roll out “Haweyeti,” a digital banking platform that allows users to set up bank accounts and conduct financial transactions electronically, Sub-Governor for Cybersecurity Sherif Hazem said.

#2- The CIT Ministry launched a new service allowing individuals to access their credit reports and credit scores through the Digital Egypt Platform, in partnership with credit bureau I-Score, according to a ministry statement. The service gives users instant secure access to their credit data without the need to physically visit banks’ or lenders’ branches.

DATA POINT-

#1- Remittances surged 30.9% y-o-y to USD 3.6 bn in September, continuing their post-EGP-float momentum with 19 consecutive months of y-o-y growth, according to a statement (pdf) from the Central Bank of Egypt. Over the first nine months of 2025, remittances soared 45.1% y-o-y to a record USD 30.2 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.

It’s not just the post-float collapse of the parallel market driving remittances, but rising inflation also. Many Egyptians abroad have continued to increase the amount they send to their families at home to meet the rising cost of living for Egyptian households, one analyst told EnterpriseAM.

#2- The New Urban Communities Authority has so far collected EGP 13 bn in fees imposed on real estate developers for projects in the North Coast, a government official told Asharq Business.

REMEMBER- Local and foreign developers with projects in the North Coast were hit with newfees over the summer. Local developers were charged a standardized EGP 1k per sqm fee on land used for tourism developments, while foreign developers faced a flat USD 20 per sqm fee. Foreign players are currently in negotiations with the government to settle their dues in EGP.

HAPPENING TODAY-

The National Elections Authority will hold a presser today at 2pm to announce the results of the first phase of the House elections, which wrapped up last week. The presser should give more details about the status of the elections after President Abdel Fattah El Sisi called on the authority to look into alleged fraud in the voting process.

^^ We have more on El Sisi’s directives in the news well, below.

HAPPENING THIS WEEK-

Egypt will host a high-level delegation this week to review investment plans for the Climate Investment Fund’s (CIF) industry decarbonization program, according to a statement. The delegation will include representatives from the CIF, European Bank for Reconstruction and Development, African Development Bank, World Bank, and International Finance Corporation.

On the agenda: The delegation will meet with stakeholders to review Egypt's industrial carbon reduction plans, explore how to implement the program effectively, and hopefully approve the country’s investment plans under the program.

IN CONTEXT- Egypt is among the seven countries selected to benefit from the USD 1 bn developing nations-focused package, receiving USD 250 mn in concessional financing to support projects that reduce industrial emissions. This comes alongside a USD 500k technical assistance grant and additional funding from development banks and private sector partners.

SUKUK WATCH-

Weekly sukuk roundup: The yield to maturity on our February 2026 sovereign sukuk fell to 6.35% last Friday, down from 6.61% the week before, according to the Egyptian Financial Company for Sovereign Taskeek’s weekly report (pdf). Sovereign sukuk prices were almost unchanged at USD 101.22, compared to USD 101.24 a week earlier.

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THE BIG STORY ABROAD-

The Epstein files are still taking Washington, DC by storm, pushing even US President Trump to walk back his earlier stance and call for Republicans to release the full stack of documents to the public. Trump’s call comes amid wide defection in the ranks of the House’s Republicans who were poised to vote in favor of a bill to release the files.

The heat is intensifying against names mentioned in the batch released days before, with former US Treasury secretary and ex-Harvard president Larry Summers announcing yesterday he’ll step back from public commitments to take responsibility for his “misguided” actions. (Financial Times | CNBC | CNN)

CLOSER TO HOME- The UN Security Council passed a resolution endorsing Trump’s 20-point ceasefire plan for Gaza, authorizing an international stabilization force in the enclave to demilitarize and destroy military infrastructure, and calling for a “Board of Peace” to govern Gaza in a transitional period and oversee reconstruction and economic recovery.

Hamas rejected the resolution, saying it “does not meet the level” of Palestinian political and humanitarian demand, and “imposes a mechanism to achieve the occupation’s objectives.” (Associated Press | Washington Post | Reuters)

ALSO WORTH NOTING THIS MORNING-

  • Amazon will raise USD 15 bn in its first USD-denominated bond offering in three years to fund AI infrastructure expansion. (Reuters)
  • Bangladesh’s ousted PM Sheikh Hasina was sentenced to death, following a trial in absentia over protests crackdown. (BBC)

*** It’s Going Green day — your weekly briefing of all things green in Egypt: EnterpriseAM’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 dive into recent improvements in Egypt’s air quality.

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