FinMin to kickstart secondary sukuk market

Good afternoon, friends, and happy almost-weekend. At home, we’ve got news that the Finance Ministry is set to activate secondary trading for sovereign sukuk, and abroad, there seems to be yet another sell-off. Also in today’s issue: we break down the latest AI safety report and see whether or not the world’s “most beautiful love story” is indeed so.

THE BIG STORY TODAY-

📍 FinMin moves to kickstart secondary trading for sovereign sukuk: The Finance Ministry is preparing to activate secondary trading for sovereign sukuk on the Egyptian Exchange (EGX), a move aimed at boosting liquidity and returns as Egypt’s Islamic finance market matures, a senior official told EnterpriseAM. The step comes as demand for the EGP 200 bn Sukuk Al-Ijara program has softened, with yields around 21% lagging conventional debt, and after seven issuances since its launch last November.

Exchange trading will not affect state ownership of the underlying assets — such as the Ras Shukeir land backing the program — as only usufruct rights are transferred, our source stressed. The ministry also plans to introduce variable-rate sukuk, extend the program through FY 2026/2027, and roll out new instruments, alongside preparations for a USD 2–2.25 bn eurobond issuance and the launch of retail bonds in 1H 2026.

^^ Read the full story and more details in tomorrow’s edition of EnterpriseAM.

THE BIG STORY ABROAD-

🌐 Global software stocks entered their second sell-off day following the launch of Anthropic’s new AI model for lawyers, which sparked fresh concerns over industry disruption. Industry analytics providers, including Britain’s RELX and the Netherlands’ Wolters Kluwer, each shed nearly 3% in early European trade. European data analytics, financial services, and software stocks fell further. Meanwhile, safe-haven assets rallied — gold bounced back to the USD 5k mark, gaining nearly 3%, while silver jumped 5.8% to USD 90 an ounce.

^^Read more on Bloomberg, CNBC, and Reuters.

CLOSER TO HOME- Israeli strikes on Gaza earlier today killed 19 Palestinians — most of whom were women and children. The attack came in response to an alleged ceasefire violation by Hamas, with Israel pledging to continue its strikes.

^^Read more on AP News.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Egypt saw its non-oil private sector slip back into the red for the first time in four months, but it’s not all bad news. Despite the country’s headline figure, output rose for the third consecutive month;
• Egypt’s engineering exports are eyeing a massive leap from USD 6.5 bn in 2025 to USD 13 bn by 2030. To get there, the council is betting on a 15% annual growth rate — which the sector nearly met last year with a 13% y-o-y uptick;
• Mobile phone prices jumped locally by as much as 20% this week in response to a 50% rise in the cost of local production inputs. Vivo prices are up by 17%, Oppo is up 15%, and Samsung is up by 5%).

☀️ TOMORROW’S WEATHER- Temperatures are somewhat back on the rise in Cairo, with the mercury set to peak at 24°C before cooling down to 15°C, according to our favorite weather app.