Good morning, folks, and welcome to day one of the nationwide work-from-home experiment, and a blessed Palm Sunday to those who celebrate. Both the public and private sectors — excluding factories, public services, water stations, gas stations, water treatment stations, hospitals, schools, and universities — are dusting off their Zoom accounts as the country works from home on Sundays throughout April to cut down on energy use and, by extension, the country’s mounting energy import bill.

While we’re sure many of you are split on this Covid-era throwback, we want to hear from you about what your company’s done to prepare, how the first day at home goes, what you will do differently the second time around, and how you think the month-long decision will affect your business. Just hit “reply” to this email.

Kicking off this morning’s packed issue is the central bank’s decision to put the easing cycle on ice as inflation risks resurface following the war, amendments to scrap banks’ 40% ownership cap of financial companies that could lead to a wave of acquisitions, listing procedures for five state-owned companies, and much more. We’re reaching our word limit, so let's jump right in.

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ENERGY — Electricity bills are going up for businesses this month, but most households will be shielded from increases, as the government looks to ease the burden of increased production and power infrastructure costs on the state, according to a government document seen by EnterpriseAM. While households in the first seven brackets will see rates charged at the same amount, high-consumption households will face an EGP 0.35 increase per kWh consumed to EGP 2.58.

But those with code-based meters will see a significant increase on their bills at the end of the month, with the system now based on a unified price of EGP 2.74 per kWh and not on tiered consumption brackets.

Commercial energy consumers will see rates for the first 100 kWh used rise 91% to EGP 1.62, while consumption above this will also see further increases at smaller incremental increases per bracket. Energy used for irrigation will increase 32.5% in price to EGP 2.65 per kWh.

Why this matters: With oil well above USD 100 per barrel, LNG import prices soaring, and Israeli gas imports still only a trickle, the government is dealing with a rising energy import bill and the prospect of potential energy shortages in the future. Higher energy costs aren’t just a way of sharing the cost burden but also work toward rationalizing energy use by encouraging households and businesses to use less energy.

ECONOMY — Egypt’s net foreign assets contracted for the first time in five months in February, falling by 7.2% m-o-m to USD 27.4 bn, according to data (pdf) from the central bank. The decline marks a reversal from January’s record high of USD 29.5 bn and reflects the first tangible balance-sheet impact of the build-up to the US-Israel war on Iran, which triggered a partial exit of foreign investors from local debt.

COMMODITIES — Egypt and Russia are mulling the establishment of a Russian grain and energy hub here at home, as Russian President Vladimir Putin floated the idea during talks in Moscow with Foreign Minister Badr Abdelatty, Reuters reports. The move reflects Moscow’s broader strategy of setting up regional hubs to bypass Western sanctions and maintain its commodity exports.

Why this matters: The hub would play an essential role in Egypt’s food and energy security, as the country could secure its own supply of Russian wheat and gas — for which it is a major buyer — at lower prices. The project would also position Egypt as a key logistics and storage center for Russian exports in Africa and the Middle East, generating significant revenue for the country’s coffers.

ENERGY — Israel has resumed production at the 1.4 bn cf/d Leviathan gas field after a roughly one-month shutdown linked to the Israeli conflict with Iran, with operator Chevron bringing the platform back online despite US President Donald Trump signaling a war dragging on for at least another 2-3 weeks, according to energy industry publication Mees. The restart is set to increase supply to the Israeli market and allow exports to Egypt and Jordan to recover from reduced wartime levels.

Why this matters: For Egypt, higher Israeli gas flows could help ease pressure after LNG imports surged and pushed the monthly import bill to USD 1.7 bn in March. However, flows are still unlikely to return to pre-conflict levels until all fields resume operations. In the long run, expansion plans at Leviathan remain intact, but still depend on how the security situation evolves.

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Happening today

The General Authority for Industrial Development is offering 414 ready-to-use industrial units across 11 governorates starting today until 19 April, according to a statement from the Industry Ministry. The units range from 48 to 792 sqm and are available for factories operating in sectors including food, engineering, chemicals, plastics, textiles, construction materials, metals, pharma, and leather. Applications are submitted online through the Made in Egypt platform.

Data point

USD 7.4 bn — that’s how much Egypt’s digital exports reached in 2025, up from USD 3.3 bn the year before, driven by outsourcing services revenues increasing to USD 4.8 bn for the year, Information Technology Industry Development Agency CEO Ahmed El Zaher tells EnterpriseAM. El Zaher expects digital exports to increase 20% over the current year as global demand for services increases.

The war “could ultimately have a positive effect on the growth of the sector’s exports,” with attention potentially turning to Egypt due to the favorable security situation, digital infrastructure, and talent pool of skilled workers, according to El Zaher. Despite it being “too early to determine the impact of the current events,” international companies in discussions are showing an interest in opening up operations in Egypt in light of the conflict in the region.

Global customer services giant TTEC is one of the companies looking to expand its footprint in Egypt, with a plan to hire an additional 330 new employees by April for its already 500-strong workforce, Egypt Executive Director Manno Ragab tells EnterpriseAM.

PSA

WEATHER- It’s a warm and sunny day in Cairo today, with a high of 28°C and a low of 13°C, according to our favorite weather app.

It’s a fair bit cooler in Alexandria, with sunny skies, a high of 23°C, and a low of 11°C.

The big story abroad

Tehran has 48 hours to open the Strait of Hormuz or face intense attacks, according to US President Donald Trump’s latest threat to the Islamic Republic. Tensions are especially high as Washington continues to search for a missing airman from one of two downed warplanes. Trump’s emphasis on the waterway contradicts previous signaling that his administration had largely abandoned the task of reviving traffic in the strait.

Closer to home, the conflict continues to damage key infrastructure. Kuwait Petroleum Corporation’s headquarters caught fire after an Iranian strike. The building — which also houses the nation’s Oil Ministry — was evacuated, and no injuries were reported.

Five EU countries have called for a windfall tax on the income of energy companies, following the spike in fuel prices stemming from the US-Iran war and the closure of the Strait of Hormuz. Finance ministers from Germany, Italy, Spain, Portugal, and Austria have argued that such a levy would help fund relief for consumers currently facing high fuel costs.

Meanwhile, in the world of finance: The jury is still out on whether the recent strain on theprivate credit sector — with investors demanding their money back from some funds — will simply blow over or usher in a full-blown financial crisis. Concerns surrounding the sector are rooted in how much private lending backs software companies, which are currently facing existential threats due to innovations in artificial intelligence.

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