Crédit Agricole matches state bank benchmark to defend deposit portfolio

Good morning, friends. Today’s issue is packed with news from the bourse. Egypt Education Platform is officially joining the IPO waiting room after filing a request to list some 199.4 mn shares on the main market.

And it couldn’t be better timing. The EGX completely erased its March war shock, surging 14.2% in April to add EGP 433 bn to its market cap — and the education sector was the frontrunner.

MEANWHILE- The local automotive sector saw a surprising 3.2% pump in March sales as buyers scrambled to secure inventory ahead of anticipated price hikes. We spoke to a who’s who of industry players and analysts to see what drove growth.

A quick programming note before we dive in: EnterpriseAM Egypt won’t be landing in your inbox tomorrow — we’re taking the day off in observance of the Labor Day holiday. Enjoy the long weekend, and we will be back in your inboxes bright and early on Sunday.

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Another day, another CD

Credit Agricole Egypt joins the wave of private-sector lenders offering high-yield deposit products, with three-year certificates of deposit (CDs) including a fixed-rate 17.25% CD and a variable rate 18.5% CD, the bank said in a statement. Credit Agricole is matching the benchmark set by the National Bank of Egypt and Banque Misr.

Why it matters: Private-sector banks are raising rates on CDs to protect their deposit franchises after state bank alternatives including NBE and Banque Misr rolled out higher rates. The sector-wide repricing is effectively siphoning excess EGP to contain inflation and curb dollarization without the Central Bank of Egypt raising its formal corridor rate. The CBE will next meet to set interest rates on 21 May.

Petrojet is heading to Algeria

Petrojet has signed a USD 1.1 bn contract to lead development on the second phase of Algeria’s Hassi Bir Rekaiz oil field, according to a statement from the Oil Ministry. The signing finalizes the contract that the state-owned petroleum projects firm was awarded in late 2025 after beating out major international players in a competitive bid.

Why it matters:The signing is a proof of concept for the government’s push to turn its specialized firms into hard-currency earners. Petrojet has been leaning on its track record at home to expand in Saudi Arabia, Oman, and Jordan. Petrojet is on a list of high-profile oil and gas-related outfits that the Madbouly government could IPO on the EGX or otherwise partially privatize, we’ve previously reported. Others include GPC and Enppi.

PLUS- We’re lining up to buy Algerian crude. The Egyptian General Petroleum Corporation inked an MoU with Algeria’s state-owned Sonatrach, setting the stage for us to buy Algerian crude to meet domestic demand, according to a statement.

PSA

Just like the rest of us, the bourse is taking tomorrow off in observance of Labor Day. Trading will resume on Sunday, 10 May.

WEATHER- The mercury remains low today in Cairo, with a high of 24°C and a low of 16°C, according to our favorite weather app.

It’s two degrees chillier in Alexandria, with a high of 22°C and a low of 12°C.

And over the weekend, expect to see the mercury gradually rise in the capital to 29°C and 23°C for our friends on the Mediterranean.

Riyadh to Mumbai. Abu Dhabi to Singapore. Dubai to London. Cairo to Shenzhen.

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The big story abroad

The wavering ceasefire in the US-Iran conflict is in the headlines this morning. Despite Iran's strikes on the UAE, US Defense Secretary Pete Hegseth has maintained that the truce still holds. President Donald Trump announced a “short” pause on US efforts to escort ships out of the Strait of Hormuz “to see whether or not the Agreement can be finalized and signed.” Echoing sentiments of deescalation, Secretary of State Marco Rubio confirmed that the offensive stage of Washington’s campaign is over.

Could we bid farewell to quarterly earnings? The Securities and Exchange Commission isconsidering dropping the mandatory requirement of quarterly reporting, opting to keep disclosures a semi-annual occasion. The move by the US regulator coincides with Trump’s call for deregulation for Wall Street.

Meanwhile, in the world of AI: Meta is developing a personalized AI assistant designed to streamline daily tasks for its global user base. Sources with knowledge of the matter compared the initiative to services offered by OpenClaw, which enables users to deploy autonomous agents capable of executing complex tasks independently.

But is AI a bubble waiting to pop? JPMorgan CEO Jamie Dimon and BlackRock CEO Larry Fink say no. They have argued, in separate comments, that Wall Street’s massive investments in AI tech and infrastructure are justified. Fink argues that AI spending is the “opposite” of a bubble, saying that “we have supply shortages; demand is growing much faster than anyone has anticipated.”

*** 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 examine whether the Europe-Egypt-GCC land bridge, established as an emergency workaround for maritime disruptions, can transition into a permanent fixture of regional trade.