Egypt, UAE ink investments for solar plants, solar parts factories, and renewables-focussed industrial zone

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What We're Tracking Today

Central Bank of Egypt to decide on interest rates later today

Good morning, friends. There’s plenty of big stories for you to get through this morning, with news that the IMF is close to wrapping up its third review and apparently green lighting program adjustments requested by Egypt, the plethora of energy investments coming from the Emirates, and so much more.

PSA-

WEATHER- It’s a tad warmer in Cairo today, with a high of 26°C and a low of 18°C, according to our favorite weather app.

It’s also a few degrees warmer in Alexandria than it was yesterday, with a high of 27°C, a low of 15°C, and a small chance of light rain.

And over the weekend, expect to see temperatures in the capital and on the Mediterranean hover around the same mark.

** DID YOU KNOW that we now cover Saudi Arabia and the UAE?

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

HAPPENING TODAY-

To cut, or not to cut? The Central Bank of Egypt’s Monetary Policy Committee (MPC) will meet later today to review interest rates.

It’s looking like another uneventful meeting: The MPC is expected to leave interest rates unchanged amid persisting inflationary pressures and continuing geopolitical tensions in the region, as unanimously forecasted in our interest rate poll of ten analysts and economists.

If the analysts are right, this would mark the fifth time that the MPC voted to keep rates steady, as the central bank hasn’t made any changes to interest rates since the committee delivered a 600 bps rate hike following a surprise monetary policy meeting in March in conjunction with the float of the EGP.

One of those who expects the central bank to keep rates stable is EGBank board member Mohamed Abdel Aal, who told EnterpriseAM among the factors determining the central bank’s interest rate decision are geopolitical risks in the region, a steady increase in local liquidity, pressures from the IMF to take a certain fiscal route, the steady rise in inflation, and the global interest rate environment.

WATCH THIS SPACE-

#1- The government is getting ready to launch EGP 115 bn second phase of universal health ins. system in the next fiscal year, Prime Minister Mostafa Madbouly told reporters during his weekly presser. The second phase will include five additional governorates and is planned to be completed within three years.

Remember: The government is set to spend somewhere around EGP 53 bn on the rollout of the first phase of the universal health ins. system, General Authority for Healthcare Ahmed El Sobky said last year. The first phase covered Port Said, Luxor, Ismailia, South Sinai, Aswan, and Suez governorates.

#2- Egypt may need to seek alternatives to Russian wheat, as Russian farmers are turning their backs against the grain, saying they will sow less wheat in favor of higher-margin crops like peas, lentils, and sunflowers, Reuters reports. Russia’s wheat harvest is expected to decline to 83 mn tons in 2024, down from 92.8 mn tons in 2023, potentially reducing the country’s 26% share of the global wheat market and inflating wheat prices, especially for major buyers like Egypt.

Russia is by far Egypt’s largest supplier of wheat, exporting 76% of Egypt's imports of the grain in the first ten months of the year, an official from the Supply Ministry told EnterpriseAM. Our dependence on Russian wheat appears to be growing, with imports from the country increasing 51.5% y-o-y during the ten-month period to 9.2 mn tons and the country’s contribution to our total wheat imports rising 2.7 percentage points y-o-y.

CIRCLE YOUR CALENDAR-

Attention, local startups looking to enter the Saudi market: Saudi VC firm Edafa Venture Capital is hosting an event designed to bring together local entrepreneurs with Saudi industry leaders — dubbed StartupSync — in Cairo on 29 November, Al Mal reports. The event aims to foster strategic partnerships and support startups across the MENA region. A bunch of new partnerships will be unveiled during the event between Edafa and Egyptian startups.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

Two stories are capturing the imagination of the international business press this morning: The indictment of Adani Group’s Gautam Adani on charges of bribery and fraud, and Nvidia’s most recent financials.

US prosecutors formally charged Adani — one of the richest people in the world — and seven others with being involved in a “massive” bribery and fraud scheme. The defendants allegedly planned to pay USD 265 mn in bribes to officials in the Indian government to facilitate being awarded solar energy supply contracts, including for India’s largest solar power plant. The contracts were forecasted to reel in USD 2 bn in net income over two decades.

The defendants are also being charged with raising capital “on the basis of false and misleading statements,” including USD 2 bn in syndicated loans “comprised of international financial institutions and US-based investors” and another USD 1 bn from bond offerings that were also “marketed and sold to investors in the US.” (Reuters | Financial Times | CNBC | Bloomberg)

MEANWHILE- Nvidia reported lower than expected revenue growth in its 3Q 2024-25earnings results, with the chipmaker saying its revenues grew 94% y-o-y and 17% q-o-q. The revenue figure came in at a record high of USD 35.1 bn. However, the company’s sales forecast for the following quarter came in below projections, with the firm saying that its Blackwell AI chips are seeing “very strong” demand but costs are expected to eat away at margins. (Bloomberg | CNBC | Reuters | Financial Times)

Egypt, UAE ink investments for solar plants, solar parts factories, and renewables-focused industrial zone

It was a big day for renewables investments and UAE-Egypt relations, with senior private and public sector figures from the two countries inking numerous investments yesterday for projects across the length and breadth of the country.

#1- Lake Nasser may soon be getting a floating solar plant under an agreement signed yesterday between the UAE’s Masdar and the Egyptian state’s Future of Egypt agricultural expansion project, according to a cabinet statement. The project will not only take advantage of the large surface area and plenty of sun down south to produce much needed electricity, but will also help to reduce the rate of evaporation by covering much of the water’s surface, Prime Minister Moustafa Madbouly said.

It’s unclear how big the project will be, with Emirati state news agency Wam putting the project’s capacity at 3 GW and the cabinet statement putting the capacity at 5 GW, split between a 2 GW first stage and 3 GW second stage.

#2- This wasn’t the only agreement Masdar signed with Future of Egypt, as another MoU was inked between the two to establish a solar plant in Nag Hammadi. Again, it was unclear how big the project will be, with Wam saying 2 GW and the cabinet saying 2.8 GW.

#3- A renewables-focused industrial zone in East Port Said may also be in the works, courtesy of AD Ports, who inked an MoU for the project with the SCZone yesterday, according to a cabinet statement. The Abu Dhabi sovereign wealth fund ADQ-owned company will develop, operate, and manage the 20 sq km zone in East Port Said. The possibility of linking the site with nearby docks and logistics areas is also under study.

What we know so far: The project will start with four factories, two of which will produce solar panels and other bits of solar tech, Madbouly said in his weekly presser. Fast forward a few months, and the project will also have facilities producing batteries to store solar power by next summer, he added. The factories will have a capacity of 4 GW of solar panels and 2 GW of battery storage.

This isn’t the first time we heard about the project: Recent meetings in August between government officials and Emirati government and business figures covered a proposal to set up an Emirati industrial zone in East Port Said, which the government said it was considering a freezone or special economic zone exempt from customs duties.

#4- A USD 12 mn battery storage factory is also in the works, after an MoU was inked between the Industry Ministry, the UAE’s Global South Utilities, and China’s Weiheng, according to a cabinet statement. The facility will have a capacity of 1 GW.

#5- Global South Utilities are also embarking on a factory project with another Chinese company, after inking an MoU with JA Solar for two solar power factories, according to a cabinet statement. One of the factories will manufacture solar cells with a production capacity of 2 GW at an investment cost of USD 138 mn, alongside another to produce solar panels with the same production capacity at a cost of USD 75 mn

ALSO- The cabinet greenlit two power purchase agreements for two separate solar projects for a consortium made up of the UAE’s Masdar, Hassan Allam Utilities, and Infinity Power, according to a cabinet statement. The agreements with the Egyptian Electricity Transmission Company are for a project at the giant Benban plant with a capacity of 300 MW and a battery storage capacity of 60 MWh, in addition to a second solar project in the Dahkla Oasis with a capacity of 900 MW and 660 MWh of battery storage. Trial operations for both projects will begin in July 2025, with the rest of the project to be completed the same year, according to a separate cabinet statement.

Remember: The project with a combined capacity of 1.2 GW was first approved by the cabinet in August.

PLUS- The cabinet also approved a draft decision to establish a USD 10 mn private freezone for ready-made garments in Sadat City — dubbed LT Jeans Services. The 22.8k sqm proposed zone has a targeted production of 2.9 mn garments per year that will be earmarked entirely for exports, using a local component ratio of 75%.

IMF set to wrap fourth review and green light program amendments requested by Egypt

Egypt’s fourth IMF review is set to wrap by tomorrow, with only procedural stages left before the Fund’s Executive Board formally greenlights the decision that will unlock USD 1.3 bn in financing, Prime Minister Moustafa Madbouly announced at his weekly presser yesterday. Madbouly pointed to significant progress made in many of the review’s targets and added that Fund Executive Director Kristalina Georgieva had spoken positively about actions taken by the country. We will be keeping an eye out for when Egypt next pops up on the board’s calendar for the review’s final thumbs up.

The IMF is striking a similar tone, stating that the two sides had made “substantial progress on policy discussions toward the completion of the fourth review” in a statement released yesterday announcing that the IMF’s mission to Egypt had come to an end. The Fund’s Egypt head Ivanna Hollar, however, suggested that there’s still a little way to go before the review can be concluded as “discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review.”

It looks we may be in line for more than just fresh funds, with the prime minister announcing that the IMF has amended some of the program’s conditions. Madbouly did not detail the agreed-upon amendments, but noted that “there is a complete understanding of the Fund’s mission regarding the requests of the Egyptian state” and that the changes could even be extended throughout the entire course of the program.

We’re still yet to find out what the amendments actually are, but Madboly alluded to ongoing negotiations with the Fund on “how we can postpone some of the targets so that we do not put pressure on the citizens in the coming period” in a previous presser.

The announcement follows news that the International Monetary Fund mission had concluded its two-week visit to Cairo and is expected to greenlight the fourth review of Egypt’s loan program with the Fund, three government sources told EnterpriseAM earlier in the day. The sources mirrored Madbouly’s comments and noted broad agreement that economic indicators are moving in the right direction, with structural reforms showing tangible progress despite a challenging external environment.

Thankfully, it seems that a fall in Suez Canal contributions were offset by gains elsewhere, as although the Suez Canal Authority’s contributions to the state coffers plummeted 92% y-o-y to EGP 1.0 bn in the first quarter of FY 2024-25, the shortfall was partially offset by a 108% surge in revenues from special funds and accounts bringing in EGP 4.4 bn, alongside higher contributions from state entities, according to one source. These gains — driven by the government’s new unified budget framework — helped push the Finance Ministry’s surplus to EGP 3.6 bn, up from EGP 2.6 bn during the same period last year, the sources said.

The sources noted a revenue surplus over four times higher than recorded in the same period last year, driven by spending realignments, improved inter-agency coordination, and better management of due payments. These measures bolstered revenue-generating government entities and cut deficits. The sources also noted that tax revenue has grown an unprecedented 45% to reach EGP 413 bn in the first quarter of FY 2024-25, compared to EGP 285 bn in the same period last year.

The sources noted a positive shift in public debt management strategy, including a greater reliance on self-generated resources from various entities, which was highlighted as a key strength in reports submitted to the IMF mission.

Regarding exchange rate flexibility, one source told EnterpriseAM that the IMF mission’s report noted the EGP had performed well throughout the past period.

The Fund made clear its priorities for the government going forwards, arguing that the “focus needs to remain on ensuring inflation is on a firm downward trend toward the medium-term target.” The IMF also pointed to the need for “continued fiscal discipline” to further reduce public debt vulnerabilities and mutually agreed upon priorities of increasing domestic revenues, reducing fiscal risks — particularly in the energy sector, and strengthening the social safety apparatus.

The international press also took note of the story: Reuters | Bloomberg.

EFG Holding reports a 76% y-o-y net income increase in 3Q 2024. PLUS: Qalaa sees revenues rise, income fall

Wrapping up an earnings-heavy week, EFG Holding and Qalaa Holdings are also out with their latest set of financials.

EFG HOLDING SEES INCOME, REVENUES RISE IN 3Q

Our friends at EFG Holding saw its net income after tax and minority interest rise 76% y-o-y during the third quarter of the year to record EGP 697 mn, the company said in its latest e arnings release (pd f). Revenues rose 68% y-o-y to reach EGP 5.0 bn during the quarter, driven by robust performances across all of the group’s lines of business.

Investment bank EFG Hermes saw another "buoyant quarter,” with its revenues jumping 87% y-o-y to EGP 2.7 bn, “supported by higher revenues generated by all its lines of business; particularly holding & treasury activities and brokerage.” Net income after tax and minority interest rose 68% y-o-y during 3Q 2024 to record EGP 274 mn.

The company’s NBFI arm EFG Finance reported revenues of EGP 1.1 bn during the quarter, up 68% y-o-y, with all of its business lines growing during the quarter — Tanmeyah’s revenues almost doubled and Valu’s revenues were up 36% y-o-y. EFG Finance’s net income jumped 349% y-o-y to EGP 203 mn in 3Q 2024, driven by higher profitability from Tanmeyah and Leasing.

The newly-rebranded Bank NXT reported a 20% y-o-y increase in net income to EGP 428 mn during 3Q 2024. The commercial bank reported a 38% y-o-y increase in revenues to record EGP 1.2 bn, supported by higher net interest income.

What they said: “Our third-quarter results stand as a clear testament to the resilience and strategic acumen that EFG Holding embodies. They also highlight the Group’s ability to withstand the negative impact of currency devaluation and persistent inflation in our home market, which has translated into higher employee and operating expenses across all three platforms, particularly at the Investment Bank. Our ability to achieve outstanding growth amidst a challenging economic landscape results from our ability to execute a solid strategy that allows us to expand our business in compelling markets such as Saudi Arabia,” Group CEO Karim Awad said in the release (pd f) accompanying the earnings.

The bigger picture: The group saw a 77% y-o-y jump in revenues during the first nine months of the year to record EGP 18.6 bn. Its net income after tax and minority interest was up 96% y-o-y during the nine-month period to sit at EGP 3.3 bn.

QALAA RECORDS IMPROVED REVENUES, LOWER BOTTOM LINE IN 2Q-

Qalaa Holdings saw its revenues grow by 64% y-o-y to EGP 38.2 bn in 2Q 2024, which the company attributed to “broadbased growth across the Group’s subsidiaries,” as well as ERC’s USD-denominated revenue, the company said in its latest earnings release (pdf). However, the firm recorded a consolidated net loss after minority interest of EGP 1.4 bn during the quarter — a 255% y-o-y increase in losses — which it said was down to the “increased non-operating expenses” and revaluation of Allied Crop and TAQA Arabia shares.

The company’s debt levels hurt its profitability during the quarter: The revaluation of shares coupled with legal costs associated with the restructuring and settlement of bank debt collectively led to the losses during the quarter, the firm said.

What they said:“Looking ahead, I remain confident in my positive outlook for the Group. Our portfolio companies’ cash flows are strong with very low levels of debt, and with growth achieved through efficiencies and small, incremental investments. Additionally, over the past couple of quarters we have taken huge steps in our debt settlement and restructuring strategy, placing Qalaa in a stronger and more favorable financial position,” Qalaa founder and chairman, Ahmed Heikal, said.

Ariika raises USD 3 mn in series A extension funding to fuel regional growth

Ariika looks investors at home and in the region to fund growth plan: Digital-led home furnishing brand Ariika has raised USD 3 mn in a series A extension round led by Beltone Venture Capital and UAE-based Citadel International Holdings, according to the company’s press release (pdf).

Where is the money going? The funds will support ariika’s expansion in its home market and help strengthen its presence in Saudi Arabia and Iraq, which are expected to account for half of the company’s consolidated business by 2025. Ariika recently opened a flagship store in Baghdad and plans to launch its first Saudi Arabia location in January. The funds will also be channeled into developing its product portfolio and executing go-to-market strategies as part of its efforts to tap into a USD 20 bn home and decor market in the MENA region.

About ariika: Founded in 2016, Ariika is a digital-led home furnishings company that serves customers through online and offline channels. The startup has achieved a compound annual growth rate (CAGR) of 90%, serving over 1 mn customers globally.

What they said: “Our strategy will always be to develop innovative, must-have products, build deep and personal connections with our consumers, and deliver a superior online and offline experience. We are a value- based brand focusing on our people, customers, quality, and profits,” said co-founder and CEO Khaled Attalah.

**We sat down with Attalah last year for our Founder of the Week column. You can check out the interview here.

Tamweely raises EGP 782 mn in first securitized bond issuance

Tamweely makes its securitization debut: Local microfinance provider Tamweely has closed its first securitized bond issuance, raising some EGP 782 mn, it said in a press release (pdf). The issuance was backed by a portfolio of deferred financial rights for EGP 948.8 mn microfinance contracts and it came in five tranches with tenors ranging from six and 21 months, rated Prime 1 and A- by MERIS.

Kicking off a three-year program: The issuance is the first in a EGP 5 bn three-year securitization program part of the firm’s comprehensive plan to diversify funding sources, reduce costs, accelerate portfolio growth, and expand over the coming years, CEO Ahmed Khorched said.

High demand: The issuance was 2.6x oversubscribed “signaling robust investor confidence in Tamweely and setting the stage for further expansion.” Al Ahly Pharos, the National Bank of Egypt, and the Arab African International Bank were underwriters.

The advisors: Arab African International Bank served as the subscription recipient and the Suez Canal Bank played the role of custodian. Al Ahly Pharos acted as financial advisor, while Baker Tilly was auditor. Matouk Bassiouny & Hennawy was legal counsel, according to a separate press release (pdf).

It has been a busy year for Tamweely: A consortium of international investors including SPE Capital-run equity fund SPE PEF III, the European Bank for Reconstruction and Development, local private equity firm Tanmiya Capital Ventures, and the UK government’s British International Investment fully acquired Tamweely from the government in a EGP 2.8 bn transaction back in September.

DATA POINT: The transaction brings the total value of securitized bonds issued in Egypt so far this year to EGP 29.2 bn — 52% less than the amount raised in the same period last year — according to data tracked by EnterpriseAM.

Mohamed El Shenawy appointed as new Ittihadiya spokesperson

Ambassador Mohamed El Shenawy has been tapped as the Ittihadiya spokesperson, taking over from Ahmed Fahmy who has held the position for close to two years, Ittihadiya announced yesterday. El Shenaway previously held roles at the Foreign Ministry and most recently served as Egypt’s Ambassador to Hungary. Fahmy will take over El Shenawy’s previous role as Egypt’s Ambassador to Hungary.

United Bank’s IPO catches the attention of of the international press

United Bank’s IPO has caught the attention of the international pages, with Bloomberg and Reuters putting the offering under the spotlight. The offering comes as the Madbouly government “presses ahead with a privatization program being encouraged by the International Monetary Fund,” Bloomberg wrote.

Remember: The Central Bank of Egypt-owned lender kicked off its planned offering on the EGX yesterday, offering shares for up to EGP 15.60 a pop in a private placement. The total offering could see the bank raise up to EGP 5.1 bn by floating 330 mn of its shares — equivalent to a 30% stake.

Turkish firms Erciyas and Eroglu working on setting up garments, pipeline factories. PLUS: Green Core + Egyptian Electronic Waste Recycling Company, EBRD + Red Sea Wind Energy, Suez Canal Bank + Mint Real Estate Assets, Sympl, Talabat, eNovate

MANUFACTURING-

#1- Turkish firm eyes USD 60 mn pipeline factory: Turkish Investment group Erciyas Holding is looking to establish a USD 60 mn oil, natural gas, and water pipelines factory in Egypt, according to a statement from the Investment Ministry. The factory will focus on producing large-pressure pipes with the aim of generating USD 200 mn in revenues from the project in an undisclosed period. Some 40% of output will be allocated to the local market and the remaining 60% will be exported.

#2- Eroglu Holding begins work on another clothing plant in Qantara West: Turkish clothing manufacturer Eroglu Holding has broken ground on its USD 51 mn garments factory in the Qantara West Industrial Zone, making it the third project launched in the area within the past four months, according to a Suez Canal Economic Zone statement. Spanning 84.2 sqm, the factory is expected to create some 5k jobs when operational.

RECYCLING-

Two local players are looking to set up EGP 400 mn battery recycling plant: Local e-waste recycling solutions providers Green Core and Egyptian Electronic Waste Recycling Company are looking to build a EGP 400 mn battery recycling plant, Green Core CEO Hatem Youssef told Al Arabiya. The two companies are also looking to expand their regional footprint by stepping into the Saudi market and setting up an e-waste recycling facility there.

RENEWABLES-

ERBD to provide USD 21.3 mn for Red Sea Wind Energy: The European Bank for Reconstruction and Development (EBRD) is set to provide some USD 21.3 mn in new funding to the Red Sea Wind Energy (RSWE) — a JV between Orascom Construction, France’s Engie, and Japan’s Toyota Tsusho/Eurus Energy. The loan will fund the capacity expansion of RSWE’s wind farm in the Gulf of Suez to 650 MW from 500 MW, as part of the government’s Nexus for Food, Water, and Energy initiative (NWFE), the Planning and International Cooperation Ministry said in a statement.

ENERGY-

Gov’t steps up its crackdown on electricity theft: The cabinet approved a decision yesterday to intensify the penalties for electricity theft. Those charged with illegally providing connection of electricity to individuals or entities — or those who fail to report such violations — can now face imprisonment of at least one year and a fine ranging from EGP 100k-1 mn. The same penalty will be imposed on the unauthorized use of electricity, which could result in imprisonment if the offense leads to a power outage. The fine can also be doubled if the crime involves deliberate tampering with equipment for electricity production or transmission.

LEGISLATION-

Draft cash-based subsidies bill to go to the House following committee approval: The House’s Social Solidarity Committee gave its final approval for a draft cash-based subsidies bill that aims to give cash-based subsidies to citizens under the poverty line without access to social insurance. The payments will be made from a Takaful and Karama fund affiliated with the Social Solidarity Ministry funded from the state budget, private contributions, foreign grants and loans, and investments. The bill will now be passed to the House for a vote.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

REAL ESTATE-

A new real estate company enters the scene: Suez Canal Bank and Mint Real Estate Assets — a joint venture between Al Ahly Sabbour and the National Bank of Egypt — have set up a new real estate development company dubbed Anchors for Real Estate Development, Al Mal reports. Mint will hold 60% of the company, while the Suez Canal Bank will hold the remaining 40%. The company has already kicked off operations inking an EGP 500 mn agreement to acquire and develop on behalf of a leading developer in the local market.

STARTUPS-

Sympl eyes fresh funding to support African expansion: Homegrown BNPL platform Sympl is in negotiations to raise USD 2 mn to fund its expansion into Morocco, Kenya, Nigeria, and Tanzania, CEO and founder Mohamed El Feky told Al Borsa.

RETAIL-

Talabat to help develop food carts in Egypt: Leading food delivery app Talabt Egypt launched its Seketna Wahda initiative to transform food carts into fully equipped restaurants, Al Mal reports. The initiative will also see these food carts-turned restaurants listed on the Talabat app to expand their reach. The initiative targets food cart owners between the ages of 18 and 35.

FINTECH-

eNovate to support Premium Card’s offerings: State-owned fintech player E-finance’s subsidiary eNovate — formerly eCards — will work with consumer finance firm Premium Card to support the issuance and management of its prepaid card, according to a statement. eNovate will offer “secure and seamless services like mobile app management, real-time fraud protection, and 3D Secure technology.”

ECB warns of Eurozone debt and market instability risks

The ECB is raising red flags about Eurozone instability: The European Central Bank (ECB) has warned of risks to the Eurozone’s financial stability, with its annual Financial Stability Review pointing to high public debt, low growth, and political uncertainty as key issues. Rising borrowing costs in some countries — notably France — and growing concerns over debt sustainability and fiscal health could lead to renewed instability reminiscent of past Eurozone debt crises.

High borrowing costs in more-indebted EU countries are giving the ECB pause: While borrowing costs for some of the southern European epicenters of the EU’s last round of sovereign debt crises remain well below their historic highs, rising borrowing costs for countries like France are driving concerns that the continent’s more-indebted countries might be facing serious threats to debt sustainability. Recent financial volatility has only exacerbated this, with ECB Vice President Luis de Guindos noting that during recent episodes “the funding costs of countries with debt-to-GDP ratios of more than 100% widened notably,” in comments to reporters picked up by the Financial Times.

EU budgets are going to feel the pinch: A combination of weak growth and elevated debt levels will make it harder for governments to finance defense spending and climate initiatives — both necessities if the incoming Trump administration remains bent on rolling back the US’ commitments to NATO and climate action. Higher refinancing costs for maturing debt are also adding to the pressure, the ECB noted.

Big Tech also may be a cause for concern: The ECB warned that a potential AI-linked asset price bubble could have a significant impact on an already precarious Eurozone, noting that the stock market’s increasing reliance on just a few US tech giants poses the risk of global market disruptions should earnings for these firms not meet expectations.

MARKETS THIS MORNING-

Asian markets are a mixed bag in early trading this morning as traders assess Nvidia’s latest earnings, led by Japan’s Nikkei in the red at -0.8%, while Korea’s Kospi and China’s Shanghai index are both up 0.4% and Hong Kong’s Hang Seng is in the green at 0.1%.

EGX30	30,588	-0.3% (YTD: +22.9%)
USD (CBE)	Buy 49.67	Sell 49.81
USD (CIB)	Buy 49.68	Sell 49.78
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,868	-0.1% (YTD: -0.8%)
ADX	9405	-0.2% (YTD: -1.8%)
DFM	4761	+0.6% (YTD: +17.3%)
S&P 500	5917	0.0% (YTD: +24.1%)
FTSE 100	8085	-0.2% (YTD: +4.6%)
Euro Stoxx 50	4730	-0.5% (YTD: +4.6%)
Brent crude	USD 72.81	-0.7%
Natural gas (Nymex)	USD 3.21	+0.5%
Gold	USD 2653.60	+0.9%
BTC	USD 94,393.10	+2.4% (YTD: +123.4%)

THE CLOSING BELL-

The EGX30 fell 0.3% at yesterday’s close on turnover of EGP 2.9 bn (31.2% below the 90-day average). Local investors were the sole net buyers. The index is up 22.9% YTD.

In the green: Palm Hills Development (+3.5%), B Investments Holding (+3.2%), and Emaar Misr (+1.1%).

In the red: Faisal Islamic Bank -EGP (-6.7%), Juhayna (-3.3%), and Cleopatra Hospitals (-2.0%).

Ahmed El Tatawy, director of partnerships and growth at Localized

Ahmed El Tatawy, director of partnerships and growth at Localized: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Ahmed El Tatawy (LinkedIn), director of partnerships and growth at Localized.

My name is Ahmed El Tatawy, and I currently manage partnerships and growth at a startup called Localized, which operates in the education technology sector. I’ve been with Localized for nearly five years, fully committed to driving its mission in edtech.

I was a corporate guy for 15 years, spending a decade with Ahram Beverages and later holding roles at Etisalat and Pepsi. Along the way, my wife and I dipped our toes into entrepreneurship by opening a small bakery. Our modest venture sparked my interest in building something from the ground up. After selling the bakery to a private equity firm, I returned to the corporate world, but the entrepreneurial spirit stayed with me.

I tried to launch another business in Egypt, but the regulatory framework hindered its full development. Despite that, my enthusiasm for entrepreneurship persisted, and I wanted to do something meaningful. Now, working in edtech, I’ve found a meaningful path where I can make an impact, especially after completing my online MBA at Imperial College London, which deepened my interest in digital education and the potential of virtual learning. There’s a lot we can accomplish in that space, and still so much left to do.

I joined Localized in January 2020, just before Covid hit. Like everyone else, I quickly adjusted to working remotely, and I’ve come to really appreciate its benefits. One unique aspect of my role is the extended experience of working in a fully remote setup, something I genuinely enjoy.

My role involves managing partnerships and identifying new business opportunities for Localized across the region. I focus primarily on building and expanding our network of university partnerships. While another team member handles direct corporate relationships, I contribute to developing unique, tailored business solutions that support educational goals. We’re currently working on a major project set to launch soon in Bahrain.

At its core, Localized is a career tech company that connects universities in emerging markets with industry experts to guide them and global employers to hire them. Our platform brings together learners and experts, creating an environment where students can stay up-to-date with the latest industry skills and trends. If there’s any lag in that process it’s usually because we’re constantly trying to bring new experts onto the platform.

At Localized, we’re focused on meeting today’s evolving work demands through two main areas: virtual intelligence and carbon intelligence. In a remote-centric world, virtual intelligence goes beyond working from home, it involves mastering remote collaboration. Our globally distributed team has firsthand experience in this, and we’ve learned how to work effectively across time zones and cultures. To address our partners' challenges in assessing remote work readiness, we partnered with ETS to create the AnywherePro assessment, a certification that validates key skills like communication, digital literacy, and collaboration, helping companies confidently hire remote talent.

Our second focus, carbon intelligence, is key to building a sustainable future. In partnership with Cambridge University and supported by the MasterCard Foundation, we launched a virtual course on Carbon & ESG Analysis in November to equip participants with skills in carbon management. We also host the Green Talent Forum, one of the biggest virtual events focused on the green economy, connecting learners with industry leaders from companies like IBM and Apple.

There’s also a lot of opportunity in the GCC region, where growth and available capital make it a prime area for strategic partnerships. Localization initiatives also pose both a challenge and an opportunity, with no clear solution yet. In North Africa, rising interest in the green economy is driving governments and NGOs to invest in environmental training and upskilling programs.

Remote work is also becoming a major focus, as organizations across the region focus on supporting and integrating distributed teams. Remote work lets us expand our reach across geographies, though time zone differences require flexibility — sometimes meaning late meetings or adjusted schedules. Despite these challenges, the benefits are significant: I get more family time, like daily lunches, and the freedom from commuting is invaluable. This flexibility even allows me to take extended vacations with my family and work from different locations when needed, provided I have a suitable workspace.

I’ve observed that Egyptian youth are eager to seize new opportunities, and there’s a strong desire among them to learn and grow. However, the market presents challenges in reaching the right people. Compared to other North African markets, it’s harder in Egypt to ensure youth are aware of available resources, like training programs or networking opportunities. The large population makes targeted outreach complex, which may limit the full utilization of these opportunities. With improved communication strategies, we could better tap into this eagerness and help more young people access what’s available.

I usually read EnterpriseAM around the middle of my morning, fitting it in when it feels right, rather than at a set time. My routine is all about flexibility — I don’t follow a rigid morning schedule, preferring instead to adapt as my day unfolds.

Over the years, my mornings have shifted to accommodate different phases of life. Earlier this year, for instance, I was training for an Olympic distance triathlon, which meant starting my day at 5am with my daughter by my side. We’d head to training, then I’d drop her off at school before diving into work. Now, with changes in her schedule, my mornings are evolving once again. For me, flexibility isn’t just a convenience — it’s what keeps my routine sustainable and in sync with my goals.

My days are packed with meetings, and I rely heavily on my calendar to stay organized — if it’s not scheduled, it’s off my radar. I make sure everything is on there, from work tasks to family commitments, with specific time blocks for each to-do. My calendar also includes my kids' and my wife’s schedules, which helps me plan around times when I can focus fully. At the end of each day, I review and fine-tune my schedule, moving any unfinished tasks to keep everything on track and balanced.

Work-life balance is definitely tricky, but I think I’m managing it well. After years in corporate life, I know how draining commuting and office routines can be. For about eight years, my daily commute averaged three hours — an exhausting routine that left little time or energy for anything else. Working remotely has helped me reclaim that time and improve my balance.

The best advice I received was to balance kindness with people and firmness with ideas and suggestions — a lesson shared by a manager at Ahram Beverages. It’s about knowing when to hold firm on a principle and when to let go and consider others’ perspectives. This has stayed with me for 20 years, continuously shaping my approach to work and leadership.

CALENDAR

2024

NOVEMBER

20-25 November (Wednesday-Monday): United Bank IPO - Private Placement

27-3 December (Wednesday-Tuesday): United Bank IPO - Retail Placement

21 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

25-27 November (Monday-Wednesday): Annual Digital Nation Conference, Cairo, Egypt.

26-28 November (Tuesday-Thursday): Egypt Energy Show, Cairo, Egypt.

28-30 November (Thursday-Saturday): Cairo International Wood and Wood Machinery Show, Cairo, Egypt

29 November (Friday): Egypt and Italy to launch a ro-ro shipping line connecting Damietta Port with Italy’s Port of Trieste.

29 November (Friday): Startup Sync, Cairo, Egypt.

30 November (Saturday): Deadline to apply for renewable energy projects under the peer-to-peer (P2P) system.

DECEMBER

15-17 December (Sunday-Tuesday): Nebu Expo for Gold & Jewelry, Cairo, Egypt.

16-17 December (Monday-Tuesday): Mining World Conference 2024, London, UK.

26 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting.

EVENTS WITH NO SET DATE

2H 2024: Gov’t to launch the Cairo Ring Road BRT buses.

3Q 2024: Egyptian-Armenian Joint Committee.

First week of November: Egypt-Turkey high-level trade consultation mechanism.

November 2024: Egypt to host the World Urban Forum (WUF12).

End of 2024: The launch of the high-speed train line linking Ain Sokhna with Al Alamein City.

2025

January 2025: CBE to launch InstaPay remittances for Egyptians abroad

28 January (Tuesday): Nigeria to inaugurate the USD 5 bn Africa Energy Bank in Abuja.

7-10 April 2025 (Monday-Thursday): EFG Hermes One on One conference, Dubai, UAE.

May 2025: Egyptian Exporters Association (Expolink) exhibition, Italy.

July 2025: The first operational trail of Egypt-KSA electricity interconnection line.

March 2025: Operation of phase one of the Amotope wind farm

EVENTS WITH NO SET DATE

1H 2025: Digital Financial Identity Company will launch an electronic bank account opening service

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

2Q 2025: Safaga Terminal 2 to start operations.

Mid-2025: The Administrative Capital for Urban Developments to roll out the second phase of offering industrial plots to investors.

2027

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

EVENTS WITH NO SET DATE

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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