MNT-Halan’s IPO may draw foreign investors back into buying

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WHAT WE’RE TRACKING TODAY

The CBE issued updated anti-money laundering rules binding on banks and their foreign branches

Good morning, lovely people. Markets run on confidence, and today’s issue is full of stories about who’s putting money where, and why. From a fintech IPO testing foreign appetite for Egyptian stocks, mining exploration picking up pace, and a first-of-its-kind plan to shield the budget from disaster shocks — here is what’s moving.

From the EGX hall: MNT-Halan’s Egyptian arm formally kicked off its IPO late last week, and 20% is on offer. The local arm was pitched at up to USD 1 bn during roadshows that began in June. What matters now isn’t the first-day retail pop (nobody doubts it), but whether foreign institutions fill their allocation. A strong foreign showing would make the next wave of IPOs — Banque du Caire, Misr Life — a much easier sell.

We’ve got more good news from the Egypt Mining Forum. Naguib Sawiris’ mining firm is bidding for five more Eastern Desert blocks; Ankh Resources has moved into Phase 2 drilling at Wadi Dara; and Xcalibur is waiting on final approvals for its aerial survey that would give Egypt its first comprehensive geological picture in 40 years.

MEANWHILE- The Finance Ministry is studying catastrophe bonds for the first time — a push to shift severe disaster risk onto ins. and capital markets. A 1-in-100-year event would cost up to USD 1.85 bn, but the emergency reserve can run as thin as EGP 18 bn (USD 345 mn) by year-end. The IMF, World Bank, and IFC are all at the table to help design the strategy.

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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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Delighted to welcome Mirna Arif as a guest speaker at the 2026 EnterpriseAM Egypt Forum.

Mirna Arif is an accomplished business leader with over two decades of cross-sector experience across Europe, the Middle East, and Africa. She currently serves as General Manager for Microsoft’s Middle East and Africa Growth Markets, overseeing operations across Egypt and other emerging markets, with a focus on digital transformation and inclusive economic growth.

In January 2026, Mirna was appointed by H.E. President Abdel Fattah El-Sisi as a Member of the Egyptian Parliament (House of Representatives), a testament to her dedication to public service and her commitment to shaping Egypt’s future through policy, technology, and inclusive development.

She was previously General Manager of Microsoft Egypt, the first woman to hold the role, and has held senior leadership positions at Microsoft Dubai, GE Oil & Gas, and Schlumberger. She was named among Forbes Middle East’s 100 Most Powerful Businesswomen in both 2024 and 2025, and serves on the boards of Banque Misr and the Egyptian National Council for Women.

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

Digital ID meets AML

The CBE’s anti-money laundering unit issued updated customer due diligence guidelines for banks operating in Egypt and their foreign branches, according to a circular (pdf). The updated framework formally incorporates new banking practices that have emerged since the 2020 amendments to the Anti-Money Laundering Act, including electronic know-your-customer (eKYC).

The rules also codify risk-based customer acceptance policies, general account opening rules, and the use of third-party banking agents to conduct customer due diligence. The CBE had already laid the groundwork for this integration when its board approved the eKYC rules in August, letting customers open accounts and access banking products entirely through digital channels.

Thresholds: Banks must execute full due diligence for any occasional transaction exceeding USD 15k (or its foreign currency equivalent), whether processed in a single transfer or across multiple linked payments. Below that threshold, they must at a minimum collect and verify basic identity data from valid official documents. However, cross-border wire transfers require verification regardless of size.

IN CONTEXT- These regulations come after US officials proposed cutting Banque Misr’s UAE branches off from correspondent banking access to US financial institutions in late August. The US Treasury Department’s Financial Crimes Enforcement Network alleged that the branches processed around USD 1.8 bn between January 2024 and June 2026 for 103 companies that may be linked to Iranian shadow-banking networks.

Rescuing the assembly line

A new EGP 1 bn fund that takes equity stakes in distressed factories and restructures them so they can resume operations has launched, according to a statement from the Central Bank. The Distressed Factories Restructuring Fund targets industrial firms with viable operations that have hit financial or operational trouble. CI Capital manages it and the head of the Federation of Egyptian Industries, Mohamed El Sewedy, chairs its investment committee. Five banks back it: the National Bank of Egypt, Banque Misr, the Arab African International Bank, the Agricultural Bank of Egypt, and the Export Development Bank of Egypt.

The mechanics: The fund takes equity and works alongside management rather than lending, Assistant to the Industry Minister Emad Abdel Hamid told us last December. The first phase targets companies with EGP 30-40 mn in debt, focused on engineering and food. CI Capital picks targets using quantitative and qualitative criteria and feasibility studies; net assets get valued twice a year by independent FRA-registered advisers. Factories apply through the Industry Ministry’s Manufacturers Support Platform.

IN CONTEXT- The Cabinet approved the fund’s structure in mid-August as a joint-stock company under the General Authority for Industrial Development, governed by Capital Market Law No. 95 of 1992. The Financial Regulatory Authority (FRA) approved the fund as a closed-ended private-equity vehicle (Fund No. 1033) on Friday, with subscriptions open today.

Cairo, Addis trade PNGs

Egypt and Ethiopia are exchanging persona non grata (PNG) declarations. Cairo declared Ethiopian embassy counselor Egazi Emelo Borougi PNG late last week and gave him 48 hours to leave the country. Addis Ababa had earlier declared a senior Egyptian diplomat PNG on similar terms, without giving a reason.

IN CONTEXT- The declarations came after Ethiopia shut its embassy in Asmara, Eritrea and declared 10 Eritrean diplomats PNG. Eritrea responded by severing diplomatic ties with Ethiopia. Addis Ababa claimed on 28 September that Egypt, Sudan, and Eritrea were backing an opposition alliance led by the Tigray People’s Liberation Front. Hours later, Cairo issued a Foreign Ministry statement saying, without naming Ethiopia, that claims questioning Egypt’s commitment to non-interference were “null and void.” Egypt’s foreign policy is built on “respect for the sovereignty of states and their territorial unity and integrity,” as well as non-interference in the internal affairs of other states, Foreign Ministry spokesman Nader Zaki said.

Data point

USD 31.2 bn — that’s where the banking sector’s net foreign assets (NFAs) stood at the end of August 2026, the highest level since January 2020, according to a Central Bank of Egypt (CBE) statement. Commercial banks held USD 12.4 bn of total NFAs, while the CBE reached USD 18.8 bn during the month.

PSA-

WEATHER- Cairo is enjoying another settled autumn day today, with a high of 30°C, and a low of 20°C — the overnight is a touch cooler than recent days, according to our favorite weather app.

It’s noticeably cooler on the coast in Alexandria too, with a high of 27°C and a low of 20°C.

The big story abroad

The White House has created a task force to assess the risks and prospects of AI technology and recommend what role the federal government should play in overseeing it. Known as the Super Intelligence Force, the new entity will be led by Director of National Intelligence Jay Clayton, possibly signaling the Trump administration’s intent to heighten AI oversight.

G7 countries agreed to release 100 mn barrels of crude and diesel from their strategic stockpiles in exchange for Washington withdrawing its threat to halt US fuel exports. The agreement follows pressure on US President Donald Trump from farm-state Republicans to ban fuel exports and relieve struggling farmers ahead of next month’s elections. The bloc will release the reserves over a four-month period. The full details of the plan have not been disclosed.

High bond yields? Bessent says relax: Treasury Secretary Scott Bessent stated that the recent rise in US Treasury yields reflects broader global trends and should not be a cause for concern. Bessent argued that the economic fallout from the conflict in Iran is obscuring solid US fundamentals, citing robust consumer spending and median wage increases that are keeping pace with inflation.

This October, Somabay welcomes leading voices from Egypt, the region and beyond, as the Narrative Summit marks its milestone tenth edition. Narrative sits at the intersection of private-sector ambition, government policy, investment, culture, media and tourism — bringing together the people and perspectives influencing Egypt’s growth, identity and global positioning.

Set against the backdrop of Somabay, the summit creates a space for meaningful dialogue, fresh perspectives and connections that can translate ideas into impact.

Ten editions. One destination. Conversations that shape a decade.

MNT-Halan is offering 20% of its Egyptian arm, a move that may bring foreign investors back to the EGX

Foreigners have spent the year selling Egyptian stocks, and MNT-Halan’s IPO is shaping up as one of the best chances in years to bring them back. MNT Tech Holding for Financial Investments, the Egyptian arm of fintech group MNT-Halan, said on Thursday it will list on the Egyptian Exchange, according to an intention-to-float (ITF) notice seen by EnterpriseAM. We previously reported high interest across in-person and virtual roadshows in the UK, the GCC, the US, and beyond. MNT’s bankers were pitching investors on a valuation of up to USD 1 bn for the Egypt arm alone when they began testing the waters in June.

ICYMI- MNT-Halan’s Egyptian arm formally kicked off its IPO on Thursday. The parent company is putting 320 mn shares, good for 20% of the company, up for sale in a fully secondary offering split between institutional and retail investors. Pricing will come through the book-building process, with the IPO expected to wrap in October pending regulatory approvals. The parent is also putting up to EGP 4 bn into the business through a closed capital increase at the offer price, while another 24.3 mn shares will be sold to senior management before trading starts. Citi and EFG Hermes are joint global coordinators and bookrunners.

Why it matters: MNT is the first in a line of big offerings that includes the highly anticipated IPOs of Banque du Caire and Misr Life. Strong international demand could keep foreign investors in the market long enough to look at what comes next.

How it makes money

MNT makes money well beyond the interest spread, according to the notice. It originates loans, earns interest on financing, and separately books securitization, offloading, and sukuk profits on loans moved off the balance sheet. That’s why its gross loan book includes both what it still holds and what it has already offloaded. Then come the fees, with things like loan issuance, merchant rebates tied to consumer finance, card float, POS transactions, cashouts and transfers, bill payments, brokerage, and fund subscriptions through Halan’s partnership with Azimut Egypt.

Cross-selling is where the real growth is: Just over half of MNT’s customers were using more than one Halan service as of end-June, and those customers were worth around 64% more over their lifetime than those sticking to a single service. Its 1.2k distribution points across 25 governorates, from branches to merchant and mall outlets, bring customers in, and about 61% of those who joined through a branch have since moved on to the app.

How the EGX is pricing its peers

The EGX has two listed comparables to MNT, but neither is quite apples to apples. Fawry has been on the EGX since 2019 and was the first Egyptian tech company to hit a USD 1 bn market cap, but it’s largely a payments business, meaning it is asset-light, makes its money primarily on transaction fees, and carries little credit risk on its balance sheet. Valu, on the other hand, lends to consumers, has a loan book that needs funding, and ultimately lives or dies on borrowers paying it back, which gives us a better benchmark. MNT’s business model is much closer to Valu’s than to Fawry’s, though it serves lower-income customers with thinner credit histories, and much of its lending is at the nano and micro end of the market.

Valu’s net income grew 43% y-o-y to EGP 486 mn in 1H 2026. It listed at some 37x trailing earnings and closed the third quarter at 28.5x, by our math and EGX data, respectively.

So where should MNT price against that? Amr El Alfi, chief equity strategist at Thndr, tells EnterpriseAM whether MNT’s stock deserves a discount or a premium to Valu is harder to call. A lot depends on demand when the book opens and how the independent financial advisor values the company. Tycoon capital markets expert Sameh Gharib would cast the net a little wider. Beyond Valu, he points to Fawry and e-Finance on the fintech side, Contact in consumer finance, Beltone, GB Corp and Raya through their exposure to consumer finance businesses. If MNT prices above those names and the book still fills, that means its listed peers are undervalued, and they are likely to reprice too, Gharib tells us. He sees much less risk of it working the other way, with a weaker MNT valuation pulling peers down.

Sizing up the companies: For investors, particularly foreign funds, who like the prospects of consumer finance in a country of some 109 mn people, many of them young and underbanked, Valu and MNT are the blue-chip names. Investors placing orders for MNT shares will do so amid heightened scrutiny of Egypt’s fast-growing consumer finance industry, where the concern has been whether rapid lending is pushing borrowers past their capacity to repay. MNT has roughly twice Valu’s active customer base, at some 1.9 mn against 955k, reaches further down the income scale, and is about to be marked by public investors for the first time. Default rates run below 1.5% on microfinance and between 3.5% and 4% on consumer finance, founder and CEO Mounir Nakhla told Al Ahram in February.

The market it’s landing in

The EGX30 is up 26.8% YTD as of Thursday’s close, and both of this year’s IPOs drew heavy demand. Premium grocer Gourmet priced at EGP 6.90, the top of its range, in February, after a bookbuild that ran 12.2x oversubscribed on the institutional tranche and 55.8x on the retail. It closed its first session at the 40% regulatory limit. Energy solutions provider Korra Energi followed in May, opening its book at EGP 2.97 a share for 11% of the company, with the institutional tranche 3.02x covered (revised down from 5.7x), and the retail bloc 31.35x.

But the buying across the market has mostly been local: Local investors accounted for some 90.5% of the value traded in listed stocks over 3Q, with foreigners at 6.1% and regional investors at 3.5%, according to the EGX’s latest quarterly report (pdf). Foreigners were net sellers of some EGP 2.09 bn over the quarter, while regional investors were net buyers of EGP 567.3 mn. Foreigners’ share of trading on EGX has narrowed each quarter as the index has run: 10.3% of turnover in 1Q, 7.7% in 2Q, 6.1% in 3Q.

There’s a cost to an IPO this size:. “Large offerings pull a chunk of market liquidity,” Gharib tells us, enough to slow a rally for a while, and the selling starts before the IPO does. “Once people know the subscription date, they start liquidating part of their portfolio.” Gharib also points out that EFG Hermes is itself listed: “The offering’s manager is Hermes, and Hermes is a listed company,” giving investors another place to react to the coverage ratio and how MNT trades once it hits the market.

Pundits aren’t counting on foreign money to rush back in: A strong IPO won’t necessarily bring international investors back immediately, El Alfi says — “it also depends on whether the IPO is marketed to international institutions in the first place.” Given the size of the deal, he expects institutions to take most of the stock. The timing also helps. “I think it’s all about liquidity rather than market performance,” he says, with trading liquidity picking up over the past few months, making it easier for the market to absorb a new offering.

OUR TAKE- While a first-day pop would tell us plenty about retail appetite, which nobody really doubts will be there, what matters most is who fills the institutional book, and particularly how much goes to foreign investors rather than local funds or regional money. A meaningful foreign allocation gives the next wave of issuers a stronger benchmark to price against and makes the privatization pipeline that much easier to bring to market. Without it, we’ve had a very good local IPO, but we’re no closer to answering the foreign-capital question.

BACKGROUND- The ITF follows MNT’s temporary listing of 1.6 bn shares on the EGX’s main board in mid-September, a step that handed it the HALN.CA ticker and started a six-month clock, but no trading. The listing committee gave the company until mid-March to complete the transaction.

WATCH THIS SPACE- Nakhla will be on stage at the EnterpriseAM Egypt Forum tomorrow to talk about the listing.

Sawiris bids for more gold blocks, Ankh starts Phase 2, Xcalibur survey awaits green light at Egypt Mining Forum

The Egypt Mining Forum kept the news coming as bn’aire Naguib Sawiris made five new block bids, Ankh Resources moved into Phase 2 drilling at Wadi Dara, and the contractor for Egypt’s first aerial survey in 40 years said it could launch early next year, pending permits. EnterpriseAM was on the ground at the St. Regis New Capital.

Sawiris eyes five new blocks

Naguib Sawiris’ In2Metals and its Egypt subsidiary AKH Gold have bid for five new exploration blocks in the Eastern Desert, Sawiris told journalists on the forum’s sidelines. This adds to the four concessions the company already holds. The bids come under the third open-sector round, the rolling system that replaced fixed tenders in June.

The most advanced of the company’s concessions — Wa’al in the Central Eastern Desert, close to the Sukari mine — has returned promising indicators across a wide area, Sawiris said. The company’s country manager Vincent Morel told EnterpriseAM that drilling has defined inferred resources of approximately 1 mn ounces — meaning the mineralization is geologically possible, but not yet confirmed as economically viable. The grade is low, but the scale makes it potentially viable for commercial development, Sawiris said. He expects gold prices to surge above USD 5k/oz this year, further supporting the economics of exploration.

The company was operating on only one of its four concessions because illegal miners blocked access to the others for 18-24 months, Morel said. A military security campaign in July-August cleared the areas, and work is expected to resume on the previously inaccessible concessions from November.

AKH Gold has spent about USD 5 mn this year on drilling and exploration, and spent USD 9 mn last year on airborne geophysics, soil chemistry, and reverse circulation and diamond drilling. The next budget will be determined in October-November when the board signs off on 2027 plans.

A make-or-break moment is expected to arrive at the end of October, when SRK Consulting, a global mining consultancy, delivers a scoping study that will determine the development path, Morel said. Options include self-financing, strategic partnerships with nearby producers such as AngloGold Ashanti (operator of the Sukari mine), or tapping capital markets, he added.

Ankh Resources starts Phase 2

Ankh Resources has started Phase 2 drilling at its Wadi Dara gold-copper concession in the Eastern Desert, Exploration Manager Abdelhaleem Assran told EnterpriseAM at the forum. Phase 1 in Target Area A confirmed a mineralized strike extending roughly 500 meters with its 17-hole maiden program (14 of 17 holes hit significant gold and/or copper, as we reported in July). Phase 2 will complete drilling in Area A to define the full extent and, for the first time, drill Target Area B on the southwestern side of the concession. Ankh is targeting USD 20 mn in fundraising this year to cover 2026-2027 field operations, having spent over USD 5 mn in 2026 on initial drilling and sample analysis. The shareholder base already includes foreign investors and mining-services firm Capital Limited (Capital Drilling in Egypt). The company plans to bid for new blocks in the open-sector rounds, prioritizing areas adjacent to its existing ground, Assran said.

IN CONTEXT- The company is preparing a potential TSX IPO in 2H 2027, CEO Mostafa Talaat told us. Ankh has invested more than EGP 500 mn in Egypt to date and expects over EGP 1 bn across 2027-2028 on drilling and evaluation.

Xcalibur awaits final approvals

Xcalibur’s aerial geophysical survey is still waiting for final permits, and hopes to receive them before year-end, Xcalibur Smart Mapping CEO Andres Blanco told EnterpriseAM. Once approved, the launch takes 30-45 days, he said. Blanco said Egypt’s raw data quality is good compared to many African countries but lacks the integrated databases (combining aerial, ground, geology, and geochemistry) that Australia and Saudi Arabia maintain. That integration is expected to come step by step. “One major discovery by a company like AngloGold Ashanti would put Egypt in the Champions League of mining,” he said.

IN CONTEXT- Egypt targets mining exports at USD 10 bn by 2040, up from USD 1.6 bn in 2021, and wants the sector’s contribution to GDP to reach 5-6% by 2030 from under 1% today. The Planning Ministry is working on an integrated roadmap for mineral wealth and supply chains, which the World Bank has offered to help develop with technical support and capacity building, according to a ministry statement.

The Finance Ministry is studying catastrophe bonds as it builds shock absorbers into the budget through 2030

Catastrophe bonds for the first time: The Finance Ministry is studying an issuance with other government bodies as part of a push to pre-fund losses from severe natural disasters and climate shocks, according to a government document seen by EnterpriseAM. The program comes after four years of global economic turbulence and climate risk landing on the budget, a government source tells us.

SOUND SMART- A catastrophe bond (cat bond) pays investors a high yield, but they lose some or all of their principal if a defined disaster strikes before it matures. If an earthquake above a set magnitude hits, for example, the money goes to the government to fund the response. If nothing happens, investors get their money back with interest. Most sovereign cat bonds use “parametric” triggers, meaning the payout depends on a measurable event like quake magnitude or wind speed rather than assessed damage. That means money arrives within weeks instead of after months of loss adjustment.

Cat bonds are part of a wider toolkit. The document proposes moving severe and catastrophic risk onto ins. and capital markets in stages, using public asset cover, parametric products, and joint agricultural ins. alongside the bonds. The Finance Ministry, the Central Bank of Egypt (CBE), the Financial Regulatory Authority, and the Social Solidarity Ministry are working on the plan with the IMF, the World Bank, and the IFC.

The gap the document is trying to close is wide. Egypt’s expected losses from natural disasters average some USD 316 mn a year, of which USD 146 mn is earthquake risk and USD 141 mn is flooding, according to IMF figures cited in the document. A 1-in-50-year event would need USD 1.08 bn — USD 217 mn for rapid response and early recovery, and USD 866 mn for reconstruction. A 1-in-100-year event takes that to USD 1.85 bn.

The budget can absorb small, frequent events. Emergency spending is capped at EGP 183 bn (USD 3.5 bn), but the reserve is drawn on through the year for other emergencies, leaving as little as EGP 18 bn (USD 345 mn) by the close of the fiscal year, according to the document.

A sudden shock hits public debt and economic stability, two of the indicators foreign investors watch, the government source tells us. “The investor compares countries, especially in emerging markets, by the hedging tools they have and the relative stability that paves the way for investment and keeps the economy from sudden pressure,” the source says.

What’s next: The government is studying a national disaster ins. program run with the private sector under the unified ins. law, along with standard ins. products, CBE financing lines to seed a catastrophe ins. market, an expanded mandate for the credit guarantee company to cover SMEs, and agricultural cover priced off weather and yield indices. Separately, the Finance Ministry is in talks with the World Bank on a Contingent Emergency Response Project facility that would reallocate 10% of undisbursed funds already committed to Egypt within 72 hours of a disaster. No specific timelines have been announced.

REMEMBER- The CBE issued a full licensing and supervision framework for credit guarantee companies last week, six years after Law 194/2020 put them under its oversight. These companies cover part of the default risk on loans to small businesses that lack collateral, which makes banks more willing to lend to them. The rules cap leverage at 21 times core capital and exposure to any single client at 15%, require a 100% liquidity coverage ratio, and set a minimum paid-up capital of EGP 50 mn for new entrants. Sources we spoke to expect sounder guarantors to make banks more confident in lending to SMEs.

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Rubio waives human rights conditions on USD 320 mn Egypt military aid -Reuters

US military aid to Egypt is back in the foreign press spotlight, as Reuters reports that US Secretary of State Marco Rubio has waived human rights conditions on USD 320 mn of military aid to Egypt, citing Cairo’s “helpful role” following Operation Epic Fury — the US-led military campaign against Iran. The waiver was outlined in a letter dated 21 September to congressional committees, alongside a memo bearing Rubio’s signature that described the aid as necessary for counterterrorism, border security, and US national security priorities. Egyptian officials welcomed the news, the state-owned Middle East News Agency reports.

What this means: The waiver releases the withheld USD 320 mn portion of Egypt’s annual USD 1.3 bn Foreign Military Financing allocation without requiring Egypt to meet these statutory conditions. By overriding these benchmarks on national security grounds, Washington clears the full annual defense package based on Egypt’s role in regional stability. The Biden administration issued a similar waiver in September 2024, citing Egypt’s assistance in ceasefire negotiations for the Israel-Hamas war in Gaza.

ONE launches new weekly container service linking Poland and northern Europe to Alexandria

Ocean Network Express (ONE) launched a new weekly container service linking Alexandria to Poland and northern Europe, effective 15-17 October, according to a company statement. The Poland Egypt Express (PEX) will run a southbound-only rotation from Poland’s Baltic port city, Gdansk, through Germany’s Bremerhaven to Alexandria.

IN CONTEXT- The expansion adds a second dedicated northern Europe gateway into Egypt, complementing its existing Levant Express service, which already connects Tilbury, Rotterdam, Bremerhaven, and Antwerp to Alexandria and Damietta on a weekly loop.

Phosphate, processed locally

Egyptian mining and fertilizer producer Movingfert plans to begin construction on a USD 5 bn phosphate fertilizer complex in Safaga in 2027, Asharq Business reports, citing Chairman Sherif Zeid. The complex will roll out over seven years in eight phases, targeting 3 mn tonnes of phosphate fertilizer output a year once complete. A quarter is earmarked for the domestic market, and the rest for export. 80% of the financing is already secured, backed by the company’s own capital, alongside international lenders including the European Bank for Reconstruction and Development.

IN CONTEXT- The project will rely on phosphate ore from Movingfert’s operations in Qena and Abu Tartour. Backed by a separate USD 40 mn investment in two processing lines currently under construction in Qena’s free zone, the company aims to extract about 25 mn tonnes from the site — where reserves are estimated at 2 bn tonnes. This deposit is also home to another major state-backed development: a USD 658 mn phosphoric acid complex. Over at Ain Sokhna, Singapore-based Indorama will set up a USD 525 mn phosphate fertilizer plant.

No new license needed

The Financial Regulatory Authority (FRA) issued a circular confirming that registered ins. consulting experts do not need a new license or re-registration simply because the Unified Ins. Law 155 of 2024 took effect, according to a statement from the regulator. Their existing 5-year registration period is counted from the law’s effective date — 11 July 2024 — and runs to its natural end, with no new registration term starting once the compliance grace period expires.

BUT- The circular reiterates that consulting experts must still meet the Unified Ins. Law’s new conditions, plus FRA’s board resolution (25) for 2026 issued last February, and must carry valid professional liability ins. under Article 133 of the law.

REMEMBER- Last week, the FRA updated rules for credit and guarantee ins. underwriting and pricing, introducing actuarial pricing floors, binding concentration limits, and mandatory stress testing. The decision is the latest under the Unified Ins. Law 155 of 2024, and it closes a gap the FRA has been working through line by line.

MENA sovereign funds lose global ground as sovereign investors elsewhere speed up

MENA sovereign wealth funds put USD 102 bn to work in the first nine months of 2026 across 245 transactions. That accounts for 39% of all dealmaking by state-owned investors globally, coming in below where the region sat in 2023-25 in both total value and global share, according to Global SWF’s 2026 MENA Playbook.

As the Gulf caught its breath, the rest of the world’s SWFs sped up. The region lost ground relative to the global total as sovereign and pension funds outside the region invested USD 160 bn by the end of 3Q 2026, totaling more than they managed in all of 2025, according to the report.

At the current pace, MENA funds are set to finish the year with a total of USD 136 bn deployed. That would fall short of the 2025 total, but comes as the second-highest annual total on record — although the total was inflated by PIF’s takeover of EA. The agreement count is projected to close at 327, second only to 2019, pushed by smaller and more frequent technology cheques.

Mubadala was the most acquisitive fund at USD 26.2 bn, counting capital deployed by Adic, Mubadala Capital, and MGX, which took part in the multi-bn financing rounds at OpenAI, Anthropic, and Databricks. PIF follows at USD 14.0 bn, then Adia at USD 12.2 bn, L’imad at USD 10.8 bn, and QIA at USD 10.3 bn.

Most Gulf funds — with the exception of PIF — are tracking above their 2020-25 annual averages. The Saudi fund is projected to end the year at USD 18.7 bn against an average of USD 21.4 bn, as it slows down outside the Kingdom and concentrates what it does spend. Its holdings in EA (USD 51.4 bn), SpaceX (USD 26.4 bn), and Warner Bros (USD 10.0 bn) would account for roughly half its international book, which Global SWF says no other sovereign fund comes close to matching.

Four-fifths of the money went abroad. The US took 45% of total value at USD 45.6 bn, followed by the UAE at USD 18.2 bn, China, including Hong Kong, at 10%, and the UK at 7%. Technology, including AI rounds, made up 28% of deal volume and almost 30% of value, ahead of infrastructure at 22% and financial services at 14%. Real estate fell to 5% of volume and 11% of value.

Governments are now starting to draw on the funds themselves, with Global SWF expecting industry assets to drop for the first time since 2015. Kuwait reported a USD 23.1 bn budget deficit in 1Q 2026, and Qatar’s 2Q 2026 deficit came in at USD 5.8 bn, which the firm reads as pointing to fresh withdrawals from KIA and the first tap of QIA.

The AUM outlook: MENA SWFs manage USD 6.1 tn today, and the firm still sees that number reaching USD 8.8 tn by 2030.

EGX30	53,055	+2.2% (YTD: +26.8%)
USD (CBE)	Buy 52.26	Sell 52.40
USD (CIB)	Buy 52.27	Sell 52.37
Interest rates (CBE)	19.00% deposit	20.00% lending
Tadawul	10,393	-0.5% (YTD: -0.9%)
ADX	9,973	-0.3% (YTD: -0.2%)
DFM	5,901	-0.5% (YTD: -2.4%)
S&P 500	7,723	+0.7% (YTD: +12.8%)
FTSE 100	10,462	+0.3% (YTD: +5.3%)
Euro Stoxx 50	6,239	+1.0% (YTD: +7.6%)
Brent crude	USD 102.25	-0.1%
Natural gas (Nymex)	USD 3.04	+2.3%
Gold	USD 4,162	-1.0%
BTC	USD 84,798	+0.3% (YTD: -30.6%)
S&P Egypt Sovereign Bond Index	1,125	+0.1% (YTD: +13.3%)
S&P MENA Bond & Sukuk	146.49	+0.3% (YTD: -3.6%)
VIX (Volatility Index)	15.31	-6.6% (YTD: +2.4%)

THE CLOSING BELL-

The EGX30 rose 2.2% at Thursday’s close on turnover of EGP 9.4 bn (18.6% below the 90-day average). Local investors were the sole net buyers. The index is up 26.8% YTD.

In the green: Raya Holding (+7.3%), Misr Cement (+5.7%), and AMOC (+5.7%).

In the red: Emaar Misr (-5.6%).

CALENDAR

OCTOBER

5 October (Monday): The EnterpriseAM Egypt Forum.

6 October (Tuesday): Armed Forces Day.

10-11 October (Saturday-Sunday): Egypt Women’s Health Summit (EWHS), Cairo Marriott Hotel.

26-28 October (Monday-Wednesday): IEX Egypt, Egypt International Exhibition Center, Cairo.

29 October (Thursday): Monetary Policy Committee’s seventh meeting of 2026.

NOVEMBER

6-8 November (Friday-Sunday) : Global Entrepreneurship Festival, JW Marriott Hotel, New Cairo.

8-11 November (Sunday-Wednesday): Cairo ICT Forum.

10 November (Tuesday): Cityscape Egypt Forum, Cairo.

DECEMBER

7-10 December (Monday-Thursday): Food Africa, Egypt International Exhibition Center, Cairo.

17 December (Thursday): Monetary Policy Committee’s eighth meeting of 2026.

EVENTS WITH NO SET DATE

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

2026: The Egyptian-American Economic Forum.

4Q 2026: Banque du Caire IPO.

2027

20 January-7 February: Egypt to host the African Games.

1-3 February (Monday-Wednesday): Agri Expo, Cairo International Convention Center.

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

29 September - 2 October (Wednesday-Saturday): Cityscape Egypt Exhibition, Cairo.

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings.

2027: Egypt-EU Summit 2027.

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

September 2028: First unit of the Dabaa nuclear power plant begins operations.

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