Good morning, folks. In today’s packed issue, there’s little sign that the business community is starting to slow down in the run-up to Ramadan.

Leading the issue today is news that state is cooking up a list of 20 state-owned companies to offer up stakes for on the EGX. But the state isn’t only selling, it’s spending too, with a EGP 40.3 bn social support package in the works to accompany Ramadan.

Also catching our attention is the race to launch the country’s first digital bank, the IMF pencilling the final greenlight for fifth and sixth reviews later this month, EgyptAir’s efforts to expand its fleet, and much, much more.

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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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Watch this space

SOVEREIGN DEBT — The International Monetary Fund’s Executive Board has penciled in 25 February to hopefully greenlight our fifth and sixth reviews, according to the board’s calendar. Provided the board gives the final sign-off, the Fund will release USD 2.3 bn to Egypt — split between USD 2 bn from the extended fund facility and another USD 300 mn from the resilience and sustainability fund (RSF) — Managing Director Kristalina Georgieva said earlier this month.

Why it matters: While we here at EnterpriseAM, and others, often focus on the USD 2 bn tranche from the combined reviews, the smaller RSF is also worth taking note of. The USD 300 mn tranche shows that the Fund is no longer interested in just emergency stabilization and is instead looking towards long-term structural resilience that doesn’t only address purely economic concerns.

The seventh review will likely be pushed back to late April or May after the IMF and World Bank’s annual spring meet-up, a source familiar with Egypt’s negotiations with the Fund tells EnterpriseAM. The review was originally scheduled for mid-March, but delays in completing the fifth and sixth reviews have created a knock-on effect for the remainder of the program’s schedule, the source tells us.

The acceleration of the state privatization program and further budget consolidation will be the main requirements moving ahead, with the purpose of ensuring the sustainability of reforms, increasing private sector participation, boosting investment, and improving macroeconomic indicators like the deficit we were told.

The eighth review currently scheduled for October — which together with seventh review would unlock USD 2.5 bn — could also be pushed back to the end of the year, according to the source. But if macro conditions continue to improve, the final review could still happen on time in October, our source told us.

REGULATION — NBFIs will need to start offsetting their emissions soon. Non-banking financial institutions with issued capital exceeding EGP 100 mn have to disclose their carbon emissions annually starting no later than June 2026, according to a decision from the Financial Regulatory Authority. The firms will be obligated to offset 20% of emissions declared in their annual report within 90 days of reporting. Compliance is now a mandatory licensing condition.

INVESTMENT — Chinese textile companies have turned their attention to Egypt: The Hong Kong Garment and Textiles Business Mission was in town, hosted by HSBC Egypt and the Hong Kong Trade Development Council, according to a press release (pdf). The mission’s time in Egypt focused on garment and textile investment prospects and Egypt’s position as a hub for exports and skilled labor.

“Egypt is emerging as an important hub for global trade. It offers investors a strategic export base with multiple trade agreements, and access to key markets in the Middle East, Europe, the US and beyond. Egypt’s garment and textiles sector offers strong potential for international investors supported by skilled and cost-effective workforce which could contribute significantly to job creations,” HSBC Egypt’s Deputy Chairman and CEO Todd Wilcox said.

Egypt’s apparel exports in 2025 exceeded USD 3 bn, coinciding with strong interest from Chinese and Turkish investors.

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Data point

4.15 bcf/d— that’s the average amount of gas produced in 4Q 2025, down 1.2% from the quarter before and marking a nine-year low, according to Oil Ministry data cited by industry publication Mees. The drop in production follows a brief moment of optimism after output increased in the third quarter of the year for the first time in three years.

Why it matters: Digging into the data reveals a widening rift between offshore fields and the growth of smaller, onshore plays. While the Mediterranean struggled, the Western Desert reached a multi-year high of 835 mn cfd and the Nile Delta showed modest gains, both buoyed by the government’s shift toward offering higher gas prices and improved terms to firms like Apache and Dana Gas.

PSA-

Need to run to the bank this Ramadan? Make sure you get there early as banks will be open to the public from 9:30am-1:30pm, according to a CBE statement seen by EnterpriseAM. Staff working hours will also be running on a reduced 9-2pm schedule during the holy month.

WEATHER- The summery weather continues in Cairo today, with a high of 30°C and a low of 18°C, according to our favorite weather app.

But it’s a different story in Alexandria, with a much cooler high of 21°C and a low of 15°C.

Correction: In yesterday’s edition of EnterpriseAM, we mistakenly referred to the Semiramis Intercontinental as part of the group of government hotels being moved to the Sovereign Fund of Egypt and that it had recently secured an Indian partner. The Semiramis Intercontinental is a privately owned hotel that is unrelated to the story. This story has been corrected on our website to refer instead to the Continental Hotel in Downtown Cairo.

The big story abroad

The Netflix-Paramount-Warner Bros dance is back in the news after Bloomberg broke the news that Warner Bros Discovery is mulling a renewed hostile bid from Paramount Skydance which could potentially nix a prior agreement with Netflix. Paramount has vowed to pay the termination fee — at USD 2.8 bn — owed to Netflix if the streaming giant’s bid is turned down, as well as backstop Warner Bros’ debt refinancing. Netflix’s bid of USD 27.75 per share for Warner Bros’ namesake studio and HBO Max streaming business was accepted late last year.

ALSO WORTH NOTING THIS MORNING- The automotive industry is reeling from a USD 65 bnhit following a sweeping reversal of US climate policy. The downturn has disproportionately affected the companies that wagered the most on EVs, with global automotive player Stellantis being hit the hardest after suffering a USD 26 bn write down.

AND- The CHF has appreciated recently — driven by geopolitical turmoil and the greenback’s recent dip — against the EUR and USD and is undermining the competitiveness of Swiss exporters. The haven currency has already recorded a 3% rise in 2026 and has especially pressured small and medium-sized companies, trade associations have said. Switzerland’s exported goods and services make up more than 70% of its GDP.

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We take a look at how trucking’s education and training problem risks holding the sector back.

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