Egypt Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share Issue
Good morning, everyone. It’s a brand new day and possibly a brave new world, with Trump continuing to shake up the global economic status quo with threats of sanctions, warnings that he may raise taxes on foreign companies and even individuals — to name a few. But thankfully, today’s issue is almost all a welcome break from the Trumposphere set to dominate the news cycle for the next four years.
PSA-
WEATHER- The roads could be a bit wet and slippery this morning in Cairo, with patches of rain in and around the capital throughout the night and a chance that the showers will continue in the early hours, according to our favorite weather app. Temperatures will inch down to a high of 20°C and a low of 11°C..
Alexandria is in store for a wet and windy day throughout, with a high of 19°C and a low of 10°C.
On top of the rain, fog is expected across most parts of the country this morning, making the roads particularly perilous this morning — so, stay safe.
** 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-
It’s day three of Davos: World leaders, banking sector titans, and global private sector players are in Switzerland this week for the World Economic Forum Annual Meeting, which began on Monday, 20 January and runs through tomorrow.
What to look out for today: How can the region invest in sustainable growth amid volatility? — that’s the question that Finance Minister Ahmed Kouchouk and others will be trying to answer at a session entitled “ Long View on MENA’s Growth ” set to begin at 16:30 Cairo local time. Sitting alongside Kouckouk to offer their insights will be his Saudi and Kuwait counterparts, SandboxAQ CEO Jack Hidary, and Majid Al Futtaim Holding CEO Ahmed Galal Ismail.
Yesterday saw Madbouly and El Khatib meet with top int’l firms: Prime Minister Moustafa Madbouly and Investment Minister Hassan El Khatib met with senior officials from global electronic payments leader Visa, Saudi renewables giant ACWA Power, Danish shipping colossus Maersk, Belgian energy firm DEME Group, multinational beverage goliath Coca-Cola, Spanish renewables firm Acciona Energia, Swedish automaker Volvo, German tech multinational Siemens, Norwegian fertilizer company Yara Clean Ammonia, Turkish seemingly all-encompassing conglomerate Sabancı Holding, and American electric aircraft developer Archer Aviation. Time was also set for talks with fellow government minister, including Finnish Foreign Trade Minister Villei Tavio and a senior Swiss delegation to sign an agreement establishing the Joint Economic Committee between the Arab Republic of Egypt and the Swiss Confederation to build economic relations.
Top of the agenda of all yesterday’s meetings was — no surprises here — investment, with the two members of the cabinet economic team using the forum to get across the message that Egypt is open for business and that its post-EGP float economic trajectory is something that investors should take keen note of.
INFLATION WATCH-
Inflation could dip to between 15-16% by the end of February, with a favourable base effect from last February’s 5.9 percentage point jump to 35.7% that notched a 11.4% month–on-month increase of 11.4%, Planning and International Cooperation Minister Rania Al Mashat told Al Arabiya.
DEBT WATCH-
Egypt’s USD bonds were among the emerging markets’ top gainers following Trump’s return to the White House and the Gaza ceasefire, Bloomberg reports. Egypt’s securities due to mature in February 2048 hit their highest level since mid-December, while nine other Egyptian bonds were among the 20 best performers in the Bloomberg EM Sovereign Total Return Index on Tuesday.
Investor enthusiasm looks likely to continue throughout 2025, with declining global interest rates and Egypt’s competitive bond yields — which outperform many of its emerging-market peers —set to keep demand high, EGBank board member Mohamed Abdel Aal told EnterpriseAM.
The Gaza ceasefire and subsequent calming of regional tensions could lead to some sovereign credit rating upgrades — and in turn increased investor interest, as Abdel Aal expects that credit ratings agencies Moody’s, Fitch, and S&P could soon make the move — or at least consider it.
Changes inside the country are also a reason for the new-found attractiveness of Egypt’s USD debt, with many taking note of improved domestic indicators — including record-high net foreign reserves of USD 47.1 bn, rising remittances, the recovery of the tourism industry, and others — bolstering bolster confidence in the banking system, according to Abdel Aal. Structural reforms, stronger profitability, and lower default rates have also enhanced resilience, drawing increased investor interest.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
CIRCLE YOUR CALENDAR-
Business Ya Shabab will kick off next week and run from 29 January to 8 February at Cairo Stadium. The exhibition will host 150 exhibitors showcasing traditional crafts, handmade products, and startup innovations, according to a Youth Ministry statement.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
DATA POINT-
Over 12k medical tourists from 50 different countries visited Egypt for treatment in 2024, an increase of 200% y-o-y, the Egyptian Healthcare Authority said in a statement.
THE BIG STORY ABROAD-
It’s another morning of the global business press being led primarily by newly-minted US President Donald Trump and his first hours in office, specifically a massive AI infrastructure investment plan — and, of course, the latest round of tariff threats for Chinese imports.
OpenAI, Softbank, and Oracle are planning a USD 100 bn investment in AI infrastructure in the US, which the three companies will execute under a new joint venture named Stargate. The JV — which Trump hailed as a “declaration of confidence in America” — could ramp up its investments to as much as USD 500 bn over the next four years, with SoftBank handling the financial responsibilities of the venture and OpenAI taking over operations. Stargate will be responsible for building out “physical and virtual infrastructure to power the next generation of advancements in AI and this will include the construction of colossal data centers,” Trump said. (Financial Times | Bloomberg | CNBC)
MEANWHILE- Trump is still considering slapping a 10% tariff on Chinese imports, saying he and his team could look to impose the new duty as early as 1 February. The tariff would be imposed due to China allegedly exporting fentanyl — a synthetic illicit drug that has caused scores of overdose-related deaths in the US — to Canada and Mexico. Trump also vowed to impose tariffs on the EU to address its skewed trade balance with the US. (Reuters | Bloomberg | CNBC)
AND- The flurry of decisions from the White House has led firms across the spectrum of industries to set up “war rooms” as executives scramble to digest their impact on their businesses and clientele, the Wall Street Journal says.
*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.
In today’s issue: We look at optimistic growth forecasts for Egypt’s construction sector and how they can become reality.
