Good morning and a happy new year to you all. In our first issue for 2025, the local business news cycle is already heating up — but sadly not yet the weather.

PSA-

#1- Workers in the private and public sectors are set for another shorter than usual workweek, with Prime Minister Moustafa Madbouly confirming in a statement last night that Tuesday, 7 January, will be paid holiday for the public and private sector in observance of Coptic Christmas. You can expect the central bank and the EGX to follow suit.

Students won’t be as lucky though, with exams scheduled for the day set to go ahead as planned.

#2 Instapay will remain transfer fee free for another three months, the Central Bank of Egypt said in a statement (pdf) announcing the extension starting 1 January.

The platform clocked up 1.5 bn transactions in 2024, amounting to EGP 2.9 tn that was sent and received by the applications 12.5 mn users.

WEATHER- It’s another overcast and chilly day in Cairo today, with a high of 20°C, a low of 10°C, and a chance of light rain, according to our favorite weather app.

Our friends in Alexandria should get their umbrellas at the ready, with moderate rain forecast throughout the day, followed by heavy rain and thunder forecast for the evening, along with chilly temperatures reaching a high of 17°C and a low of 9°C.

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DATA POINT-

An all-time record high of 15.7 mn tourists visited Egypt in 2024 — marking a 5.4% y-o-y on an already record year — Prime Minister Moustafa Madbouly said at his first weekly presser of the year. Tourist footfall could have reached up to 18 mn if it wasn’t for ongoing conflicts in the region — a target that the prime minister hopes the country will be able to achieve in 2025.

Remember: The government aims to attract some 25 mn tourists annually by 2030. To that end, it plans to add some 240-250k rooms to existing hotel room capacity. The finance and tourism ministries launched the EGP 50 bn subsidized loan program for hospitality players last month.

HAPPENING TOMORROW-

S&P Global will tell us tomorrow how Egypt’s non-oil private sector performed in December when it publishes its latest purchasing managers’ index. November’s reading showed the sector’s activity contracted for a third consecutive month, albeit at a softer pace, to 49.2 points.

CIRCLE YOUR CALENDAR-

Egyptian expats will be able to start picking up housing units through the Your Home in Egypt initiative starting in February 2025, with more than 5k residential units and villas offered up in the new administrative capital, New Alamein, New Mansoura, Sixth October, Sheikh Zayed, New Cairo, and other areas. The initiative — initially set to launch this month — will let Egyptians living abroad purchase up to two premium housing units using FX through an online platform. Applicants must have a foreign bank account that has been active for at least six months and units will be allocated on a first-come, first-served basis.

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-

As is often the case, Donald Trump is once again topping much of the international press this morning, with news out that the president-elect will be sentenced on 10 January on charges that he allegedly paid hush money to a [redacted] star. However, the incoming decision — pencilled in for just ten days before he is set to take his place at the Oval Office — will not lead to Trump facing jail time, the judge overseeing the case signalled. (Financial Times | Reuters)

Our corner of the world is also continuing to rank highly on the world’s digital front pages amid Israel’s unrelenting assault on Gaza, with at least 70 killed since Friday by strikes on the besieged enclave. The escalation comes as another round of ceasefire talks mediated by Qatari and Egyptian officials take place in Qatar. (Reuters)

Despite talk of restraint, the Biden administration provisionally approved a USD 8 bn weapons sale to Israel, which includes precision-guided missiles, artillery shells, and air-to-air missiles. (Wall Street Journal | Financial Times)

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