MNT-Halan kicks off one of Egypt’s biggest IPOs in years

☀️ Good morning, friends, and happy first Friday of October. It’s been a busy week in the press, and we’ve got the recap below. This month’s Founder of the Month is Shaden El Olimi, who trained her Arabic voice AI on Egyptian dialect rather than Modern Standard Arabic. The first clients, she says, were shocked that something like it existed.

Elsewhere in today’s issue: We also have Brad Pitt and a German Shepherd lost in the Alaskan wilderness, an all-day brasserie in EDNC, a podcast about investigative journalism that grew out of a lawsuit against its own host, and a book on what repeated displacement does to a country over time.

But first, your weekly recap…

🗞️ LAST WEEK IN 3 MINS-

CAPITAL MARKETS-

MNT Tech Holding for Financial Investments, the Egyptian arm of fintech group MNT-Halan, announced yesterday that it will list on the EGX. The parent plans to sell 320 mn shares, equivalent to a 20% stake, in a fully secondary offering open to both institutional and retail investors, according to an intention-to-float notice seen by EnterpriseAM. This is set to be one of the largest IPOs Egypt has seen in years, and bankers are wagering it can do what no recent listing has: pull foreign institutional money back into the market.

AND- Egypt’s first hedge fund framework cleared the Official Gazette on 23 September, giving the Financial Regulatory Authority (FRA) the green light to license funds that can short stocks, trade derivatives, and borrow to invest, with each fund setting its own risk limits, signed off by the FRA one prospectus at a time. The framework covers equities, debt, futures and forwards, exchange-traded options, and borrowed stock for short selling on the EGX.

BANKING-

Fitch says the proposed US clampdown on Banque Misr’s (BM) UAE branches will have a limited impact on the bank’s credit rating, affirming BM at B/Stable/b. The outpost accounts for less than 5% of BM’s assets and net income. The agency flagged potential reputational spillovers that could weaken BM’s business profile or its ability to raise foreign-currency funding, either of which could pressure its Viability Rating.

AND- The Central Bank of Egypt (CBE) issued a full licensing and supervision framework for credit guarantee companies, six years after Central Bank and Banking Sector Law No. 194 of 2020 first brought them under its oversight. The CBE board approved the rules at its 23 September meeting. For the first time, the framework sets binding prudential ratios, a formal licensing process, and ownership limits, moving them from a largely contractual model to a regulated financial activity.

PHARMA-

The government has put drug pricing on a new rules-based footing, with the Egyptian Drug Authority tying price reviews to a weighted mix of FX movements, inflation, and interest rates, under a new framework published in the Official Gazette on Wednesday, effective Thursday, 24 September. FX carries 60% of the formula, urban inflation 30%, and changes in the CBE’s overnight deposit rate the remaining 10%.

LOGISTICS-

The Suez Canal Economic Zone signed a contract to develop and operate a EGP 1 bn digital truck-management yard at Ain Sokhna Port — and its link to Nafeza, Egypt’s national single window for foreign trade, is already live. The 167k sqm yard will handle up to 1.1k trucks a day at full operation, using real-time planning and digital yard management to regulate truck flow.

REAL ESTATE-

Majid Al Futtaim will invest around USD 3.4 bn in Egypt over the next five years, more than it has spent here in 27 years. The Emirati group’s cumulative investment in the market stands at some USD 2.8 bn. The new money goes into urban development, business complexes, and hospitality.

AND- Grova Developments awarded sister company Hassan Allam Construction a USD 1 bn contract to build its 303-acre (c. 1.2 mn sqm) Grova Westfields project in Sheikh Zayed, West Cairo. The development is being delivered with the Egyptian Kuwaiti Company for Real Estate Development, near Sphinx International Airport, the Grand Egyptian Museum, and the Pyramids Corridor.

ENERGY-

BP is pushing ahead with its USD 700 mn, four-well drilling program in Egypt as it negotiates the sale of roughly USD 1 bn of its local assets to Med-focused Energean. The wells fall on both sides of that dividing line: the first is in a field Energean is lined up to buy, and two of the next three go to Arcius Energy, the joint venture BP is keeping.

The future of engineering in the age of AI with Youssef Rizk: What do you risk when you build your business on top of the world’s frontier AI models?

Youssef Rizk, CEO of Windfall and co-founder and CTO of Wondercraft, says,

“Look at Google’s graveyard.”

We discuss the present moment in tech and take a pause to ponder the future. Does AI replace people? Or does it add more work?

Listen to the episode on: Apple Podcasts | Spotify | Anghami | YouTube

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🌍 AROUND THE WORLD IN SEVEN DAYS-

What you may have missed this week: This week’s headlines were dominated by Trump’s rejection of Iran’s ceasefire proposal alongside the most consequential week for AI governance since the technology entered the mainstream. Here’s the rundown.

US President Donald Trump rejected Iran’s seven-day ceasefire offer — which would have seen Tehran reopen the Strait of Hormuz and restart nuclear talks in exchange for Washington lifting its port blockade — with officials saying the US expects to resume bombardment after November’s midterm elections. Iran’s Foreign Minister said mediators had not officially passed along a US rejection despite Trump’s public comments and reiterated that meeting Tehran’s conditions is the only path to reopening the waterway.

Separately, UK counter-terrorism police arrested five men suspected of planning a “major incident” near RAF Fairford — the Gloucestershire base used by US forces to strike Iranian targets — with US State Secretary Marco Rubio saying a “foreign actor” was involved. The suspects were later released on bail.

ON AI- The week amounted to a reckoning. The CEOs of Google, Meta, Nvidia, OpenAI, Anthropic, and xAI signed the White House Accord on Super Intelligence — committing to internal controls on AI during training and deployment in biosecurity, cybersecurity, and chemical threat domains, alongside external audits. OpenAI axed the GPT-6.1 Astra model after internal testing found it regressed in human alignment and deceived users by misreporting its own actions. Altman said OpenAI’s IPO will not proceed until the company can confidently ensure its safety practices — following a lawsuit alleging its agents knowingly accessed Hugging Face without permission. Meanwhile, Australia summoned the CEOs of OpenAI and Anthropic to testify before a parliamentary AI inquiry triggered by last week’s Medicare breach.

IN TRADE- Washington and Beijing agreed to cut over USD 30 bn in mutual tariffs on non-sensitive goods — covering US farm exports and Chinese small appliances and toys — alongside an investment board and a November dialogue on AI risks. The move extends a cautious thaw in a relationship still defined more by competition than cooperation.

IN THE BUSINESS PRESS- Nvidia raised its share buyback authorization by a record USD 150 bn — surpassing Apple’s USD 110 bn move two years ago and bringing its total authority to USD 235 bn through FY 2028. A federal jury ordered Apple to pay USD 5.7 bn in damages to Taction Technology over haptics patent infringement in iPhones and Apple Watches; Apple plans to appeal.

We’re delighted to welcome Bedeir Rizk as a guest speaker at the 2026 EnterpriseAM Egypt Forum.

Bedeir Rizk is the CEO of Pargon Adeer, the joint venture redefining real estate development through a human-first, regenerative approach that bridges Saudi institutional strength with Egyptian innovation. Under his leadership, Paragon Adeer develops integrated, mixed-use communities where wellbeing, sustainability, and thoughtful design come together to create long-term value for people, businesses, and cities.

Before founding Pargon, Bedeir led the commercialization of Qopius, a robotics and AI startup, across France and Germany until its 2020 acquisition. His professional journey also includes key roles in investment banking with BNP Paribas and KPMG, focused on strategic growth and investment.

Bedeir currently also serves as CEO of Pargon Developments, extending his vision of regenerative development that integrates innovation, sustainability, and human-centered design to shape resilient urban ecosystems.

Join us on 5 October in Cairo. Attendance is by invitation only, and we've reached full capacity.

Registration is now closed. Thank you to everyone who registered. We look forward to welcoming you on Monday, 5 October.

☀️ THE WEATHER THIS WEEKEND-

This weekend looks like the start of even better weather. Friday will bring similar temperatures, with hazy sunshine, a high of 31°C, and a low of 21°C. Saturday will be slightly cooler, with temperatures peaking at 30°C before dropping to 20°C overnight, according to our favorite weather app.

🎤 HAPPENING THIS WEEKEND-

Please, sir, we want some more. Fabrica Musical Theatre’s Oliver is back for season 3, bringing the beloved Dickensian musical in Arabic back to Teatro 90 in New Cairo for three consecutive nights, still running today and tomorrow, for another round of big songs, big personalities, and plenty of Victorian-era drama. Whether you’re a longtime fan or meeting young Oliver Twist for the first time, expect a theatrical evening packed with mayhem and musical numbers you’ll be humming long after the curtain falls. The show begins at 8pm — tickets are available through TicketsMarché.

The She Arts Festival returns this year with a four-day run until Sunday, 4 October, bringing 100+ artists from 10 countries together under the theme “Voices of Peace – A Global Symphony.” Main performances will take place at Ewart Memorial Hall at AUC Tahrir Square, with artists including Nesma Mahgoub, Farah El Dibany, Marwa Nagy, and more.

The festival’s packed schedule also includes workshops, cultural activities, film screenings, exhibitions, and more across venues in Cairo and Alexandria, including the festival’s own women-led local bazaar. You can book tickets for live performances through TicketsMarché — check out the full program here.

Up for a comedy weekend night? Stand-up comedian Alaa El Sheikh is launching his brand-new comedy show Play Crowd in Egypt at Theatro Arkan tonight at 8pm. The comedian brings his signature humor with a little extra crowd work throughout the night. Tickets are available on TicketsMarché.

Up for a brewski? Work Afters, Cairo’s after-work social series, is hosting an Oktoberfest celebration at Maadi’s riverside restaurant Tenaya tonight and tomorrow. The celebration brings a full Bavarian feast, cold brews, and games, alongside folk classics and festival-style live music. The event runs between 1-10pm on both days. Early bird tickets are still available — you can book your spot here.

🎤 HAPPENING NEXT WEEKEND-

Up for a quick one-and-a-half-hour drive from Cairo? Lebanese pop icon Ragheb Alama is heading to Porto Sokhna on Thursday, 8 October for a special live performance by the Dolphin Pool. The concert kicks off at 7pm — you can get your tickets on TicketsMarché.

Looking to hone your creative writing skills? Diwan is organizing a three-day genre-crossing writing workshop, We Are Not Afraid to Love, led by Beirut-based writer and poet Nur Turkmani and Palestinian-Egyptian writer and poet Mai Serhan. The retreat takes participants away from the city to Ardi, Dahshur from Thursday, 8 October to Saturday, 10 October and explores language across poetry and prose through reading, writing, observation, and practice. For more details and registration, you can head to Diwan’s website.

Venture Lifestyle’s first-ever multi-day electronic music festival, Starlight Festival, is making the Great Pyramids of Giza its stage, running from Thursday, 8 October to Sunday, 11 October. In partnership with Visa, the festival brings 50+ international musical artists — including DJ duo Adriatique, global headliner Charlotte de Witte, Brazilian DJ Vintage Culture, and more — to perform across three-plus stages for a unique experience that blends ancient history and futuristic production.

The opening and closing days, 8 and 11 October, will feature welcome and after parties, while the three main festival days in between will kick off at 5pm. Tickets are selling fast — grab yours on TicketEgypt before they run out.