Good morning, friends, we’ve got quite an issue for you today. Leading the issue today — and setting the tone for government policy for the next few years — is a new cabinet sworn in. Unlike what many of us had been expecting, the cabinet economic team has been dramatically shaken up, with a whole host of new faces to head some of the most important ministries.

On the capital markets front, Gourmet broke the IPO drought with a blockbuster EGX debut, with its shares soaring the regulatory maximum of 40%.

The nation’s disinflation story continued yesterday with annual urban inflation cooling to its lowest level since September, undoubtedly emboldening the Central Bank of Egypt to pull the trigger on a rate cut tomorrow. This shift in the monetary cycle is already reverberating through the real estate sector, which we dive into in today’s Hardhat.

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We’re hiring a technology reporter: EnterpriseAM is looking for a tech reporter to own the beat across Egypt, the UAE, Saudi Arabia, and beyond.

This is a reporting job — not a desk job. You’ll be working sources, breaking stories, and writing about trendlines (not just headlines) in our voice and with the authority our readers expect. AI and digital infrastructure are huge features of the beat, but our interests are broad: fintech, telecoms, regulation, SaaS, and the bajillion ways tech is reshaping how businesses operate across the region.

We want someone who can pick up the phone or WhatsApp, get people talking, and turn what they say into stories that senior decision-makers need to read. We also expect you to attend industry events and maintain relationships with PR folks across the industry without selling out. If you’ve got 2-3 years of experience and the hunger to build a beat from the ground up, we want to hear from you. We’re also interested in hearing from veteran reporters. Spoken Arabic is strongly preferred.

The role is based in Cairo, though we’re open to remote for the right candidate. If you’re reading EnterpriseAM, you know what we’re about: A no-BS daily news outlet that tells busy execs, investors, founders, and ambitious people what they need to know about the trends shaping business, economy, finance, regulation, and public policy across our region. We write stories that have impact — about issues that matter — for a global audience of decision-makers.

Do we sound like the type of place where you want work? Send your CV and three clips to jobs@enterpriseamea.com. Also enclose a great cover letter that tells us who you are, what you do, and why you’d be a great fit for this job.

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From the bourse

Gourmet made its debut on the EGX yesterday, with shares hitting the 40% regulatory limit to close at EGP 9.66 a pop. The stock opened at its IPO price of EGP 6.90 — the top end of its indicative range — after a bookbuilding process that saw the private tranche 12.2x oversubscribed and the public tranche 55.8x oversubscribed.

This is the first EGX listing of 2026, and it effectively breaks the IPO drought with a high-quality private sector name. By hitting the 40% discovery-day limit, the market is signaling that EFG Hermes and B Investments priced the entry at a level that invited immediate secondary demand.

What’s next? Starting today, the daily price limits will tighten from 40% back to the standard ±20%. The Price Stabilization Fund is now live for 30 days (until 11 March). EFG Hermes is obligated to maintain a buy order at the EGP 6.90 IPO price for the public tranche, essentially putting a floor under the stock for the first month.

AND WHILE WE’RE ON THE TOPIC OF IPOs- El Ezaby Pharma could make its EGX debut next year, significant shareholder B Investments’ Chairman Hazem Barakat told Asharq Business. It’s still early days, with an offering manager still to be appointed and the stake size yet to be determined.

Watch this space

ENERGY — International oil companies were told to double production by 2030, but the economics don’t stack up under current contracts, Reuters reports, citing Energean CEO Nicolas Katcharov. The pricing framework that supported earlier development phases has “expired,” making it harder for companies to justify new capital, especially at brownfield assets, Katcharov said. Domestic gas prices no longer reflect costs, he added, pointing to a wide gap with imported gas.

Why this matters: Output has fallen to its lowest level since 2016, just as LNG imports and Israeli inflows have become structural in the energy mix. Brownfield expansions are a near-term fix that can stabilize supply without ballooning the import bill, but they require pricing that reflects the higher cost of squeezing gas out of aging reservoirs.

The state says it wants to fix the issue, having agreed to increase the price it pays for domestically produced gas from five foreign partners by 30-50%, with deepwater fields set for the highest increases. If contract terms shift to better reflect the true cost of gas and arrears drop, investment could accelerate.

CYBER SECURITY — No hack here, EgyptAir told EnterpriseAM in response to claims by a hacker that they are selling 104k stolen records from the state-owned airline’s HR and recruitment databases, which was reported by cybersecurity intelligence firm Hackmanac. The leak allegedly included accounts and passwords, national ID details, personal details, and other documents.

EgyptAir told us no data breach or leak has been detected, and that no signs of a cyber attack have appeared on its system in connection with the files in question. The national flag carrier added that its HR and employee data is stored at its primary data center, which is “subject to strict security procedures and systems implemented according to the highest protection standards adopted by the company” with the support of a specialized cybersecurity firm.

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** DID YOU KNOW that we cover Saudi Arabia, the UAE and the MENA-IndiaCorridor?

Happening today

It’s day one of Gitex Global’s AI Everything Middle East & Africa summit at the Egypt International Exhibition Center, which brings together startups, investors, and policymakers from more than 60 countries to explore investments and innovation in the AI sector. The two-day event will feature a ministerial AI policy summit, exhibitions, panel discussions, networking sessions, and a hackathon.

Happening tomorrow

The Central Bank of Egypt’s Monetary Policy Committee will hold its first meeting of the year tomorrow, with yesterday’s January inflation data strengthening expectations for further easing. We’ve got more on inflation reaching its slowest pace since September in the newswell below.

The consensus among 11 analysts and economists polled by EnterpriseAM is clear: the country is ready to continue, if not accelerate, its easing cycle. Of the analysts we surveyed, nine are calling for an immediate reduction in the overnight deposit rate. Projections range from a cautious 100 bps to a more aggressive 200 bps, which would bring the deposit rate down from its current 21.00%.

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WISH THIS MORNING’S ISSUE was a podcast? We’ve got you. Tap or click here to listen to Morning Drive, a 10-minute version of today’s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.
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PSA

You can now get your international driving license straight from Cairo International Airport. The Automobile and Touring Club of Egypt inked a protocol with the Interior Ministry to expand the service to the airport, effective as of the end of last month, it said in a statement. Licenses are being issued at Terminal 3 and the Air Mall shopping area.

Get your papers right: To apply, you’ll need your original local driving license (held for at least one year) and a copy, two passport-style photos with a white background, and a valid national ID or passport along with a copy. You will also need to provide a completed application form and payment for the issuance fees.

WEATHER- We will enjoy a cooler, more comfortable day in Cairo today, with a high of 23°C and a low of 14°C, according to our favorite weather app.

It’s a couple of degrees cooler still in Alexandria, with a high of 21°C and a low of 13°C.

The big story abroad

Recent Wall Street gainers have one thing in common — they are not tech: Amid mountingfears over AI advancements superseding software firms, equities of formerly disfavored sectors have risen, namely supermarkets, energy companies, and manufacturers. Investors have poured USD 62 bn into funds focused on non-tech stocks in recent weeks, outgrossing the USD 50 bn they attracted in the whole of 2025.

Brokerages were not spared: Major US brokerages were also hit by the selloff — Charles Schwab, Morgan Stanley, and Raymond James saw shares sharply drop.

MEANWHILE- US retail figures lag, raise doubts over spending: US retail sales during the December holiday season remained flat, suggesting that consumers remain held back by high living costs and job market precariousness.

*** 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 how lower interest rates are beginning to break the gridlock in Egypt’s mortgage market.

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