Egypt to issue up to USD 1.5 worth of eurobonds, green bonds as soon as next month

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What We're Tracking Today

It’s the fifth and final day of Davos 2025

Good morning, folks, and welcome to the end of the workweek. We’ve a packed issue with several economic and capital market updates and space is at a premium, so let’s get started straight away.

PSA-

WEATHER- It’s another overcast day in Cairo today, with a high of 20°C and a low of 12°C, according to our favorite weather app.

It’s another rainy day in Alexandria today, with temperatures coming in with a high of 19°C and a low of 11°C.

Once again it's a foggy start to the day, so — you know the drill — take care on the roads.

And over the weekend, it looks like the rain will hold off for the next two days in the capital and for our friends on the Mediterranean, with daily highs around the 20°C mark.

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

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WATCH THIS SPACE-

Egypt expects to finalize its agreement with the EU to receive EUR 4 bn in funding in June, Planning and International Cooperation Minister told Asharq Business. Al Mashat added that external borrowing this year will be directed toward supporting the state budget, rather than projects.

Remember: The EUR 4 bn in funding will be the second and last tranche part of a EUR 5 bn wider macro-financial assistance package, EUR 1 bn of which was disbursed in December. The total EUR 5 bn in concessional loans stems from a wider EUR 7.4 bn package of loans, grants, and investments through 2027 that was agreed to under a joint strategic and comprehensive partnership inked between the two sides back in March.

HAPPENING TODAY-

#1- It’s the fifth and final day of Davos 2025: World leaders, banking sector titans, and global private sector players in Switzerland will wrap up their weeklong discussions today as the World Economic Forum Annual Meeting comes to a close.

What to look out for today: Representing Egypt’s private sector at Davos today is MNT-Halan CEO Mounir Nakhla, who will take part in a panel discussion on how new technologies are changing the way we trade and invest in the sector in a session entitled Hacking Trade and Investment at 12:30 Cairo local time. A little later in the day at 2pm Cairo local time, Planning and International Cooperation Minister Rania Al Mashat will speak in a panel discussion on Inflation: Past, Present and Future examining how economies can rethink inflation strategies amid global turbulence. You can tune into the livesteams or catch the recording afterwards on the forum’s website.

On the sidelines of the event, the cabinet economic team were kept busy with meetings with the private sector. Prime Minister Mostafa Madbouly, Finance Minister Ahmed Kouchouk, Planning and International Cooperation Minister Rania Al Mashat, and Investment Minister Hassan El Khatib met with Goldman Sachs ’ Head of Global Affairs Jared Cohen, who underscored strong investor interest in Egypt’s economy despite global headwinds.

The members of the cabinet economic team also met with HSBC Co-CEO for Asia and the Middle East Surendra Rosha in a meeting that highlighted Egypt’s role as a regional hub for expanding fintech solutions, cross-border trade, and financial inclusion. Meetings were also held with Majid Al Futtaim CEO Ahmed Galal, who said he would expand the company’s retail footprint in Egypt with new Carrefour and Supeco stores, Agility Vice Chair Tarek Sultan to discuss a USD 60 mn Ain Sokhna logistics hub, and Ariston Group CEO Paolo Merloni to discuss expanding the company’s Egypt investments.

High-level meetings were also held with other senior ranking officials from other nations and global institutions, with Madbouly meeting with Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman to explore ways to deepen bilateral relations and holding talks with Swedish Prime Minister Ulf Kristersson focused on Egypt’s role in maintaining the Gaza ceasefire and strengthening bilateral cooperation. EBRD President Odile Renaud-Basso hailed Egypt’s economic reforms and advancements in renewable energy during her meeting with Madbouly, highlighting increased private-sector financing. Meanwhile, Madbouly also met with World Economic Forum Founder Klaus Schwab to discuss potential collaboration and the prospect of Egypt hosting a future regional forum.

El Khatib also met French Trade Minister Laurent Saint-Martin to discuss boosting French investments in Egypt across key sectors, with Saint-Martin highlighting a planned trade mission in May to explore opportunities. Both sides vowed to fast-track a cooperation pact between Egypt’s GAFI and France’s Business France. Al-Khatib also engaged with Saudi Vice Minister for Mining Affairs Khalid Almudaifer to explore collaboration in mining.

#2- Calling all bookworms. This year’s Cairo International Book Fair opens its doors today and will remain open to the public until Wednesday, 5 February. The Egypt International Exhibition and Convention Center in New Cairo will host 1.2k publishers showcasing their latest publications and thousands of exhibitors for the event, with mn’s expecting to attend — last year’s visitor count reached near the 5 mn mark.

#3- Foreign Minister Badr Abdelatty is joining the British Egyptian Business Association for dinner today for a discussion centered around the challenges and opportunities of the Egypt-UK Association Agreement. The event will be held at the Nile Ritz Carlton

IN THE HOUSE-

The House is set to debate a series of tax-related draft laws starting Sunday, including a simplified tax system for SMEs that would see businesses with an annual turnover of up to EGP 15 mn will pay a simple flat tax, unifying and improving tax services, and clearing the backlog of tax disputes.

Déjà vu? We first heard about the proposals in October when Finance Minister Ahmed Kouchuk announced a long list of tax facilities during a presser. We did a full rundown at the time you can check out here.

THE BIG STORY ABROAD-

The international business press is broadly focused on two big stories this morning: More decisions and tariff threats from US President Donald Trump, and a new fast-growing wildfire breaking out in Los Angeles.

From TrumpLand: A decision from the newly-minted president earlier this week to place all federal diversity, equity, and inclusion (DEI) program employees on paid administration leave will see these employees eventually laid off entirely and their programs shut down. The decision is part of Trump’s push to cut the country’s “bloated bureaucracy” and undo equality programs and policies that he says lead to unfit hiring decisions. (Politico | New York Times | Reuters)

Trump also threatened to slap fresh sanctions and tariffs on Russia if it fails to end its war in Ukraine, saying in a Truth Social post that Russian President Vladimir Putin should end the war to avoid his country’s economy “getting worse.” (Financial Times | Reuters | Wall Street Journal)

Separately, a new wildfire broke out in Los Angeles yesterday, forcing thousands of people to evacuate as the fires started quickly spreading. The Hughes fire broke out north of LA, while Southern California continues to be under “extreme fire risk due to strong, dry winds.” (Reuters | Wall Street Journal)

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Does the Gaza ceasefire mean the imminent return of Suez Canal traffic?

What does a ceasefire in Gaza mean for Suez Canal traffic? Egypt is set to receive a fleet of vessels from the French shipping line CMA CGM today, according to a Suez Canal Authority statement, giving us reason to believe the ceasefire in Gaza has set the stage for Suez Canal traffic returning to normal.

Some expect Suez Canal traffic to normalize within weeks, including Suez and Red Sea Navigation Chamber head Abdel Qader Gaballa, who told EnterpriseAM that some shipping lines could return to the Red Sea in two to three weeks, assuming the recently brokered Gaza truce holds. That includes DP World, whose deputy chief executive Yuvraj Narayan told Reuters that ships with no Israeli links could return to the Red Sea “in as little as two weeks.”

The news shortly follows Yemen’s Houthis saying they’ll now only target Israeli-linked ships following the ceasefire, according to statements sent from the armed group to shipping companies that the Associated Press reported on.

Remember: Red Sea disruptions cost the public purse USD 7 bn in Suez Canal revenues in 2024, marking a roughly 60% y-o-y fall from the year before.

With traffic returning to the waterway, shipping costs should also fall, with those in the industry expecting a reduction in ins. and escort costs that had burdened companies in recent months, Gaballa told us. The return of vessels to the Red Sea could result in a dip of 20-25% in sea freight prices, Narayan said.

Shipping lines should be keen to return, given that alternative Cape of Good Hope route has proven too costly for shipping agencies. “Shipping companies burned 30% more fuel navigating the Cape of Good Hope during the crisis, sharply increasing costs and stretching sailing times to as long as 80 days,” International Federation of Freight Forwarders Association’s Egypt VP Ahmed Moustafa told EnterpriseAM.

But industry insiders told EnterpriseAM that we shouldn’t get ahead of ourselves just yet, as “it is difficult to assess the situation within hours of the ceasefire agreement in Gaza,” a senior maritime sector source told EnterpriseAM. There’s also other wildcards, like Donald Trump’s threat to take over the Panama Canal that could shake up the industry in ways we can’t predict, our source added.

Persuading shipping lines to route through the waterway won’t happen overnight, because “attracting shipping agencies back will require aggressive marketing, incentives, and a strong focus on ensuring safe passage,” Moustafa argued. Action must be taken quickly as well, with the world’s top shipping companies already investing in refueling infrastructure in South Africa — efforts that Egypt should counter with its own investments in refueling stations and logistics services, Moustafa added.

Apart from just bringing back traffic to its previous levels, Egypt should take advantage of changes to global commodity chains, Moustafa said. As companies move their production out of China, Egypt is in a position to “fully exploit its geographical advantage” to establish Egypt as an “indispensable logistics hub.” On top of this, “there’s an opportunity here to capitalize on the Panama Canal crisis and position Egypt as the top choice for shipping agencies,” he said.

When traffic returns to the Suez Canal, Egypt will be ready to handle more ships, with a new 10-km extension near Little Bitter Lake set to go live in 1Q 2025 following successful tests last week, expanding the two-way section to 82 km and boosting capacity to accommodate rising trade flows as global shipping lines gradually return to the Red Sea, according to a Suez Canal Authority statement.

Egypt to return to international debt markets as soon as next month?

Egypt plans to issue USD 1-1.5 bn worth of eurobonds or green bonds in international markets as soon as next month, followed by an issuance of sovereign sukuk, to take advantage of rising investor interest in Egyptian debt, a senior government official told EnterpriseAM. The Madbouly government is currently in discussions with international offering advisors to identify the best options for debt issuances in the coming period, the source added.

Remember: Finance Minister Ahmed Kouchouk last year said that Egypt is set to issue USD 3 bn in eurobonds and other debt instruments in FY 2024-25.

The government last issued eurobonds in late 2021, selling USD 6.75 bn in bonds across two issuances in February and September. Since then, high global interest rates and domestic currency market instability have discouraged the issuance of USD-denominated debt on international markets. Our maiden sovereign sukuk issuance in international markets came in 2023, when the Finance Ministry raised USD 1.5 bn.

More clarity soon? We are waiting on the Finance Ministry to release its new public debt policy in March, a government source told us earlier this month. The policy will provide investors with clarity on international offering plans and strategies for returning to international debt market indices to attract new investors.

What to expect: The upcoming debt policy is focused on extending debt maturities by diversifying debt instruments, while targeting overall debt reduction. It includes maintaining external debt for budget entities at USD 79.1 bn by the end of September, marking a USD 3 bn reduction, according to our source.

Bonyan gets approval to list on the EGX ahead of planned 1H 2025 IPO

Enter, BONY.CA. Real estate investment firm Bonyan has secured approval from the EGX’s listing committee to list its shares on the EGX under the ticker symbol BONY.CA, according to a company statement (pdf). The Compass subsidiary is gearing up for its EGX debut in the first half of 2025, a longer window than unconfirmed reports earlier this month that pencilled in 1Q 2025.

The IPO could be one of the largest listings in EGX history, with the real estate investment firm aiming to raise USD 120-150 mn (EGP 6-8 bn), according to previous reports. No details have yet been revealed about the percentage to be offered.

This is the first time Egypt will see a real estate operating company go public, which in turn will be able to offer investors on the exchange “exposure to capital appreciation and rental yield,” said Bonyan Executive Chairman Shamel Aboul Fadl.

ADVISORS- CI Capital and Arqaam Capital are acting as joint global coordinates and bookrunners, while Mubasher is serving as the placement agent, and Matouk Bassiouny & Hennawy is offering legal counsel.

CI Capital lists top equity picks for 2025

Keep a keen eye out for fintech, pharma, and non-food consumer stocks on the EGX this year, CI Capital said in its latest MENA positioning report. The financial services group sees a friendly regulatory backdrop for pharma signalling a strong year ahead for the sector — and its stocks — while fintechs and non-food consumer companies are expected to show operational resilience in the year ahead.

Egyptian stocks made up 8 of the group’s 20 top picks in the region, with CIB, Orascom Development Egypt, Talaat Mostafa Group, Eastern Company, Raya Holding, Taaleem Management Services, Ibnsina Pharma, and Fawry all making the list with an "overweight" rating. Here's what you need to know about the investment cases for stocks in Egypt’s top growth sectors this year, according to CI Capital:

Fawry was chosen as the group’s top fintech choice across the region, with the company understood to benefit from the upturn in the country’s e-payment retail market considering its 52 mn active user base and developed range of services. In terms of valuation, Fawry is trading a 70% discount to its peers, offering an attractive upside.

Raya Holding was flagged as a top pick due to an expected rise of the data centre industry in Egypt, with the sector expected to grow at a compound annual growth rate of 8.3% between from now until 2033. Zooming into Raya — and importantly its wholly owned subsidiary Raya IT — CI Capital thinks that it is in the right spot and the right time to capitalize on this, with two data centres already in the works expected to markedly increase revenues. CI Capital sees Raya IT’s revenues increasing 56% this year and its parent company’s stock price not fully reflective of Raya IT’s value.

Ibnsina Pharma is expected to gain off the back of an expected 30% growth rate in the pharma sector in 2025, driven by both price increases and a recovery in volumes that CI Capital puts to recent regulatory changes and support initiatives. CI Capital thinks Ibnsina will mirror wider trends in the sector and build on its already dominant 30% market share.

CI Capital is basing its assessment on its forecasts for the country’s economic trajectory, with the group closely watching our efforts to calm inflation and up the primary surplus. The heavily forecasted beginning of the central bank’s easing cycle at some point in 1Q 2025 and USD 4 bn of strategic financing by 2Q 2025 to ensure balance of payments stability are both highlighted as milestones for the year.

Looking at the wider regional and global picture, CI Capital thinks 2025 will signal a return to normality, with the slowing of monetary easing and calmed geopolitical tensions following a Gaza ceasefire agreement coming into play. However with the newly inaugurated Trump presidency seeming to double down on its tariff pledges, it is hard to predict which dominos could fall. With a forecasted tariff-induced uptick in inflation expected to stall the Fed’s easing cycle — in turn keeping borrowing costs high — the effect on commodity prices and emerging markets is hard to accurately predict, according to the report.

ALSO WORTH NOTING FROM THE REPORT-

Annual urban inflation is expected to calm to 13-14% in February, down from the 24.1% recorded in December.
Gas prices will rise 25-30% and diesel prices by 50-55% throughout 2025 as the government closes the subsidy gap to realise cost recovery.
The EGP will weaken 5-10% this year.
Interest rates will be cut gradually by 500 bps throughout the year

Capital Economics sees Egypt’s GDP hitting 5.0% clip in 2024-25 in above-consensus projection

Capital Economics expects GDP growth to more than double on the year before, with the research and consultancy firm pencilling in a 2.6 percentage point jump from the fiscal year before to 5.0% for FY 2024-25, Capital Economics’ James Swanston said in a research note. GDP growth is seen continuing to pick up again in the following fiscal year — albeit with a much less dramatic increase — to 5.3% for FY 2025-26.

The firm’s forecasts lie well above the consensus from other institutions and analysts, which Swanston said is down to recent developments. The IMF and World Bank this week scaled down their forecasts for the current fiscal, with the World Bank cutting its last forecast 0.7 percentage points to 3.5%, while the IMF winded down its growth expectations 0.5 percentage points to 3.6%.

The ceasefire in Gaza changes the outlook significantly, with the Houthis’ subsequent pledge to reduce attacks in the Red Sea potentially setting the stage to “bolster activity through the Suez Canal and, in turn, Egypt’s trade and logistics sectors,” Swanston argued. The calming of geopolitical tensions in the region could also aid in strengthening the country’s tourism sector as security fears ease, he added.

Last year may have also ended on a stronger note than many had assumed, with credit growth being a key factor in a better-than-expected performance for Egypt’s economy near the end of the year. “Improved confidence in the economic outlook has caused a jump in company registrations, largely in services,” while Capital Economics’ measure of real-FX-adjusted bank lending to the non-government sector grew by 2.9% y-o-y in October and manufacturing output was up 11% from its 2023 low point.

There’s also some upsides to a weakening EGP, as Swanston pointed to it improving “Egypt’s external competitiveness.” Swanston added that there are additional signs from the PMI survey that this is “supporting stronger external demand.”

AfDB approves USD 170 mn private sector development, economic diversification loan. PLUS: Paymob, Masria Digital Payments, SideUp, Mobica, Shell, Orascom Financial Holding

DEVELOPMENT FINANCE-

The African Development Bank (AfDB) has approved a USD 170 mn loan to Egypt to carry out the “second phase of a program to foster private sector development and economic diversification, with special emphasis on green growth,” the lender said in a statement earlier this week. The funds will help support the 2024-2025 budget with the aim of boosting private investment and creating jobs, namely to women and the youth. The first phase of the program saw the AfDB lend Egypt USD 131 mn.

EXPANSION-

#1- Local fintech startup Paymob has secured a retail payment services license from the UAE’s central bank, the company announced in a statement (pdf). The license allows Paymob to offer “merchant acquiring, payment aggregation services, and domestic fund transfers” within the UAE.

#2- Local e-payments firm and payment cards manufacturer Masria Digital Payments has launched operations in Libya after migrating card processing for North African Bank — which hosts 61 branches in Libya — to its platform, the company said in a statement (pdf). MDP is also exploring opportunities to support additional financial institutions in Libya as part of its strategy to grow its regional footprint.

Remember: Back in May we heard that the company was in talks with five local and international investment funds over a USD 80-100 mn investment, set to help fuel MDP’s expansion in Africa and entry into European and Gulf markets.

#3- Egypt-born e-commerce logistics platform SideUp is launching its services in Oman with a regional branch in Muscat by early 2025, the company said in a statement. This isn’t the first time the platform has expanded into the GCC, with the company expanding its operations into Saudi Arabia in 2022, before moving its HQ to the Kingdom the year after.

SideUp? The startup was founded as logistics and on-demand delivery app VOO in 2019 before rebranding as SideUp after raising USD 1.2 mn in a seed round in late 2022. SideUp connects e-commerce players with B2B services companies who provide payment gateways, API integration, warehousing, fulfillment, and advisory.

What they said: “Today, as we expand into Oman, we are committed to transferring our expertise and supporting entrepreneurs in this market by providing advanced technological solutions that enhance user experience and increase operational efficiency,” said CEO Waleed Rashed.

AUTOMOTIVE-

Automotive components manufacturer Mobica plans to double its production after inking agreements to supply local assemblers of Chinese Exeed- and Geely-branded vehicles, which both recently began local assembly in Egypt, CEO Mohamed Farouk told Al Mal. The company is also negotiating with additional Chinese brands expected to start production locally soon. Mobica’s expansion comes as global manufacturers increasingly launch local assembly projects, boosting demand for components.

ENERGY-

Shell will start drilling three new gas wells in the West Delta region within days, a senior government official told Asharq Business. The new wells, which will see USD 230 mn in investments, will add 150 mn cubic feet of gas per day to Shell’s local natural gas production by year-end.

CAPITAL MARKETS-

Orascom Financial Holding will now be called OB Financial Holding after its extraordinary general assembly greenlit the move, according to an EGX disclosure (pdf). This comes after B Investments acquired 70% of Orascom Financial Holding through a share swap after owners of some 3.3 bn shares responded to B Investments’ MTO for up to 90% of OFH.

REGULATION-

The Financial Regulatory Authority has increased the minimum value of unlisted securities ownership transfers requiring approval to EGP 60 mn, up from EGP 20 mn currently, according to an authority statement. Transactions below this threshold will follow standard announcement procedures. The decision also extends the validity of bank deposits used for settlements to two months and allows brokerages to accept settlements under specific conditions.

Inside Trump’s USD 500 bn AI project Stargate

Inside Trump’s USD 500 bn AI project: US President Donald Trump announced on Tuesday that the US is embarking on Stargate, a joint venture to build large-scale data centers nationwide, with OpenAI, SoftBank, and Oracle committing USD 500 bn to the project labeled by Trump as "largest AI infrastructure project in history," CNN reports.

Who’s doing what? SoftBank will oversee financial aspects, with its own Masayoshi Son chairing the venture, while OpenAI will handle day-to-day operations.

The project’s already underway: Stargate’s first 10 data centers are already under construction in Texas comprising 500k sq ft each, Reuters reported, citing statements by Oracle Chairman Larry Ellison at a press conference. Data centers built by Stargate will be used to power advanced AI applications, like artificial general intelligence and electronic health record analysis.

Meet the investors: A portion of the initial USD 100 bn slated to be deployed immediately will be funded by third-party debt rather than equity, according to Axios. SoftBank will raise the debt, with Softbank and Sam Altman’s OpenAI being the largest equity investors in the initial USD 100 bn. UAE tech-focused investor MGX and Oracle have also contributed funding. The potential remaining investments estimated at USD 400 bn is expected to include current and new investors, as well as lenders.

A race against China: Trump emphasized the urgency of building AI infrastructure and keeping it “in this country” to maintain US dominance over competitors such as China, according to CBS. The newly-inaugurated president pledged state support to the industry through emergency declarations and streamlined energy production.

A pro-AI regulatory climate: The new president also repealed Biden-era AI regulations that mandated AI developers to share safety test results for systems posing risks to national security, the economy, or public health, Reuters reported separately. Biden's order also had required agencies to set testing standards and address cybersecurity and other risks. Meanwhile, Trump retained an eleventh-hour executive order by the former administration to offer federal backing for initiatives providing power to AI investments.

Elon Musk is not on board, it seems: The tech mogul and close Trump confidant was openly critical of the project hours after its launch, replying “they don't actually have the money” to Stargate’s OpenAI statement on X which said that the project will "begin deploying USD 100 bn immediately.” Softbank, Musk claimed in a separate post, has secured only USD 10 bn so far.

Market reax: Oracle shares surged 7% following the announcement, while SoftBank shares jumped 12%. AI-related companies including Nvidia, Arm Holdings, and Dell also saw gains.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, with Shanghai Composite up 1.4%, Hang Seng (Hong Kong) and Japan’s Nikkei both up 0.5%. Meanwhile, Wall Street futures are marginally lower as the S&P 500 nears record highs.

EGX30	29,979	+0.5% (YTD: +0.8%)
USD (CBE)	Buy 50.25	Sell 50.39
USD (CIB)	Buy 50.27	Sell 50.37
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,362	-0.1% (YTD: +2.7%)
ADX	9534	+0.2% (YTD: +1.2%)
DFM	5231	+0.2% (YTD: +1.4%)
S&P 500	6086	+0.6% (YTD: +3.5%)
FTSE 100	8545	-0.04% (YTD: +4.6%)
Euro Stoxx 50	5206	+0.8% (YTD: +6.3%)
Brent crude	USD 79.00	-0.4%
Natural gas (Nymex)	USD 4.00	+1.0%
Gold	USD 2770.90	+0.4%
BTC	USD 104,008.80	-2.6% (YTD: +11.2%)

THE CLOSING BELL-

The EGX30 rose 0.5% at yesterday’s close on turnover of EGP 4.6 bn (21.6% above the 90-day average). Regional investors were the sole net sellers. The index is up 0.8% YTD.

In the green: Juhayna (+6.2%), Mopco (+4.3%), and Oriental Weavers (+3.3%).

In the red: Beltone Holding (-1.6%), Egypt Kuwait Holding -EGP (-1.2%), and Orascom Construction (-0.9%).

My Morning Routine: Amr Hassan Mostafa, CEO of Oasis Clinics

Amr Hassan Mostafa, CEO of Oasis Clinics: 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 Amr Hassan Mostafa (LinkedIn), CEO of Oasis Clinics. Edited excerpts from our conversation:

My name is Amr Hassan Mostafa. I’m a physician, associate professor of cardiovascular medicine, consultant interventional cardiologist, and CEO of Oasis Clinics. In 2010, I transitioned from my teaching and research career and redirected my energy toward co-founding Oasis Clinics with my colleagues. Oasis Clinics is a healthcare organization that functions like a cooperative bringing together doctors to work collaboratively as a cohesive team. My time is divided between caring for my patients — which I deeply value — and advancing the vision and growth of our practice.

Working in multiple countries has shaped my perspective on how healthcare should be delivered and deepened my understanding of limitations within our current healthcare system. I’ve realized that health systems — including higher education, pharma, and healthcare providers — are biased towards treating disease rather than ‘creating health’ or preventing disease. At Oasis Clinics, we took a more comprehensive approach that supplements the latest evidence-based clinical guidelines with modern preventative health insights that promote overall wellbeing and vitality.

I typically start my day around 7am, where I do all my reading and exercise in the first few hours of the morning. My workday starts pretty late around 11am and can go on until anywhere from 7-8pm. Starting 11am, I’ll either be making rounds on patients in the ICU, performing catheter interventions, seeing clinic patients, or solving business problems at Oasis. So, the only time I have to read and advance my knowledge is in those few hours in the morning before the phone calls start coming in. I try to take a two-day weekend, but that’s often interrupted by urgent patient needs.

One of the things I value most is giving patients enough time for a detailed medical and personal lifestyle history. Most busy clinics don’t give patients enough time with senior doctors, which is crucial. One piece of information, one sentence, can redirect a diagnosis entirely. I encourage patients to stay informed about new health developments and bring that knowledge into our treatment discussions, ask questions, and compare well-documented data. Patients today are engaged and genuinely want to understand their health and the factors affecting it. They also want to have a say in choosing the best treatment options for themselves. The traditional healthcare model just doesn’t cater to this mindset, which is driving the shift toward a more patient-centered approach.

I think AI will play an increasingly significant role in the future of the field. In my opinion, the most applicable AI capabilities we have today concerning healthcare are pattern recognition and generic productivity tools. Productivity tools like speech-to-text, text synthesis and text generation can reduce the time physicians and assistants spend on data entry and writing, enabling them to focus more on patient care. Pattern recognition allows AI to classify and diagnose patient cases using inputs like imaging, lab work, and symptoms. The more objective the problem, the more effective AI is at identifying the correct classification and diagnosis. A recent study showed AI’s superior performance over radiologists in early breast cancer detection. But AI-based diagnosis is still in its early days, and there’s much more work to do until it becomes sufficiently effective and comprehensive. Much of medicine today still relies on the doctor-patient human connection and interactive communication to extract the best inputs needed for a proper diagnosis. Beyond diagnosis, when it comes to the treatment phase, medicine today isn’t a rigidly codified sequence of steps. It requires a very humanistic approach.

At Oasis Clinics, we’re transforming into not just downstream healthcare but upstream healthcare. What I mean by this is that we don’t just treat patients who have problems; we also work on the root cause of disease, wellness, and the prevention of diseases. We look at the human body as an ecosystem with different complex systems working together, and we treat it as such. I don’t like this kind of treatment to be referred to as ‘alternative medicine’. Alternative medicine, such as Chinese medicine, Unani medicine, or Ayurveda, also view the human body as a single, interconnected system. I believe these approaches should be presented to patients as complementary to conventional medicine, not as substitutes.

When I want to relax, I like to listen to music and read stuff unrelated to medicine, science, or business. I often listen to the music I grew up with because it brings back memories of not having to think or worry about much, mostly 70s rock or some easy listening piano. The top three songs on my playlist are by Guns N’ Roses, Led Zeppelin, and The Eagles.

I’m currently reading a book called Deep Medicine, written by Eric Topol. He made major contributions to the development of cardiovascular medicine, and he recently wrote a book about the philosophy of how to integrate technology, medicine and healthcare policy — going back to the theme of the doctor-patient relationship. I definitely recommend it, and it’s not only for physicians.

The best piece of advice I’ve been given (that I want to pass onto others) comes from an Ayurveda proverb which says, “When diet is wrong, medicine is of no use. When diet is correct, medicine is of no need.”

CALENDAR

JANUARY

20-24 January (Monday-Friday): World Economic Forum Annual Meeting

23 January- 5 February (Thursday-Wednesday): Cairo International Book Fair, Egypt International Exhibitions Center, Cairo

23 January (Thursday): BEBA working dinner with Foreign Minister Badr Abdelatty, Cairo, Egypt.

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

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

29 January - 8 February (Wednesday-Saturday): Business Ya Shabab exhibition, Cairo Stadium

Health Ministry finalizes partnership with Gustave Roussy to operate Dar El Salam Hospital.

Building permit applications in Egypt's new cities will go online

Accor Group to open Sofitel Cairo Downtown Nile, the world’s largest Sofitel.

Egyptian National Railways to launch tender for Tanta-Mansoura-Damietta railway line upgrades

Food products will require food safety and validity certificates from the National Food Safety Authority (NFSA)

Bavarian delegation visit to Egypt

FEBRUARY

BP to bring the second well of its Raven natural gas project online, with additional production capacity expected.

Orascom Pyramids Entertainment to bring total investments in the Pyramids Plateau to EGP 1.5 bn.

Subscription period for Your Home in Egypt initiative opens.

2 February: Energy Day Conference, Cairo, Egypt.

17-19 February (Monday-Wednesday): EGYPES Technical Conference, Egypt International Exhibition Center, Cairo, Egypt.

18-19 February (Saturday-Sunday): German-Egyptian Joint Economic Committee meetings, Cairo, Egypt

20 February (Thursday): Monetary Policy Committee's first meeting.

MARCH

Arla Foods’ deadline for Domty acquisition offer

Operation of phase one of the Amotope wind farm

Alwaad Investment to inaugurate a new cold beverage plant with an annual production capacity of 14.5 mn units.

Al Ahly Sabbour to finalize preparations for its EGX listing, offering 20-25% of its shares, with an advisor to be tapped in early 2025.

March-April 2025: The government plans to start collecting taxes on capital gains from EGX transactions.

APRIL

Government begins talks with EU on the second tranche of the of the EUR 5 bn concessional loans package

Saxony Delegation visit to Egypt.

Egypt to launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi electricity interconnection project, ahead of schedule

Tahya Misr 1 container terminal to begin operations, adding 3.5 mn container capacity to the port.

7-9 April (Monday-Wednesday): Narrative PR Summit launches 9th edition, Red Sea

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

17 April (Thursday): Monetary Policy Committee’s second meeting.

28-30 April (Monday-Wednesday): FDC Regional Digital Industry Summit will launch cybersecurity index.

MAY

22 May (Thursday): Monetary Policy Committee’s third meeting.

Egyptian Exporters Association (Expolink) exhibition, Italy

French rolling stock manufacturer Alstom will submit technical and financial bids for Cairo Metro Line 6

JUNE

June 2025: MPs approveextension of tax dispute resolution window until 30 June 2025, with potential for further extension

June 2025: Nissan and Honda finalise talks about possible merger to create the world’s third largest automobile company by sales.

June 2025: Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

JULY

10 July 2025 (Thursday): Monetary Policy Committee’s fourth meeting.

15-16 July 2025 (Tuesday-Wednesday): Egypt Mining Forum.

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

July 2025: Etihad Airways to launch twice-weekly flights to Alamein

July 2025: Israel to begin increasing gas exports to Egypt from Chevron’s offshore Tamar field

AUGUST

28 August 2025 (Thursday): Monetary Policy Committee’s fifth meeting.

August 2025: Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

September 2025: Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay

September 2025: Egypt Otsuka’s nutritional products factory in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026

OCTOBER

2 October 2025 (Thursday): Monetary Policy Committee’s sixth meeting.

NOVEMBER

20 November 2025 (Thursday): Monetary Policy Committee’s seventh meeting.

DECEMBER

25 December 2025 (Thursday): Monetary Policy Committee’s eighth meeting.

December 2025: Taqa Arabia and Voltalia to complete studies for repowering the 545-MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power

EVENTS WITH NO SET DATE

Early 2025: ADQ to break ground on the development of Ras El Hekma

Early 2025: Al Ismaelia to begin working on two new hotels and hotel apartments in Downtown Cairo.

Early 2025: The Communications Ministry will unveil the second edition of its national AI strategy in early 2025

Early 2025: The Suez Canal Authority to launch an IPO for the Canal Company for Mooring and Lights (CCML) on the EGX.

Early 2025: Orange Egypt to launch 5G services, with EGP 10 bn planned for network upgrades.

Early 2025: BP to begin drilling at the King Mariout Offshore concession.

Early 2025: Jinbei Royal Egypt to begin local assembly of 3k Jinbei vehicles, including the country’s first electric cargo van and microbus

1Q 2025: The Egyptian-Italian business forum

1Q 2025: Investment Minister Hassan El Khatib to visit Italy

1Q 2025: Eipico’s biopharma plant to begin operations

1Q 2025: Finance Ministry to launch public consultations on its tax policy document

1Q 2025: Egypt to sign trade agreements with Bahrain and UAE to slash customs clearance times

1Q 2025: Government to launch EUR 271 mn green industry program to cut emissions

1Q 2025: Egypt-Azerbaijan joint committee to meet to bolster trade and investment ties

1Q 2025: Turkish Automotive Manufacturers Association and Turkish Contractors Association to visit Egypt following an invitation from the Investment Minister

1Q 2025: One of four companies, including Abu Qir Fertilizers, Mopco, Egyptian Petrochemicals Holding Company, and a Saudi-affiliated firm, to be selected for the USD 450 mn redevelopment of Delta Fertilizers

1Q 2025: GV Auto to begin local production of FAW Group’s cheapest EV model.

1Q 2025: Alkan Auto to launch BAIC subsidiary Arcfox’s EVs to the market.

1Q 2025: Dynamic Distribution to launch a new competitively-priced Fiat model in Egypt.

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta.

1Q 2025: Port Said for Engineering Works to begin construction on a USD 80 mn aluminum foil factory in the SCZone, targeting initial production of 60k tons annually.

1Q 2025: Pearl Polyurethane Systems to start production at its EGP 100 mn polyurethane factory in the Sokhna Industrial Zone.

1Q 2025: Sumitomo Electric to officially open its EUR 22 mn cable factory in Tenth of Ramadan, with production set to begin next month.

1Q 2025: Construction of the USD 600 mn natural gas treatment plant in the Western Desert’s Meleiha concession to wrap up, followed by a pilot run.

1Q 2025: El Araby Group and Sharp to break ground on a USD 50 mn fridge and freezer manufacturing plant in the Quweisna zone.

1Q 2025: Hangzhou Henneway Travel Goods to begin production at its USD 50 mn factory in the West Qantara Industrial Zone

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta

Mid-2025: EGX launches sustainability index.

2Q 2025: Financial Regulatory Authority (FRA) to introduce derivatives on the EGX

2Q 2025: Safaga Terminal 2 to start operations

2Q 2025: Hassan Allam to build infrastructure for AD Ports' Noatum terminal at Safaga

2Q 2025: EgyptSat Auto to start production at its EV factory in Tenth of Ramadan City

1H 2025: EGX launches a sharia-compliant sustainability index.

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

1H 2025: The Egyptian-US Investment Forum.

1H 2025: The Egyptian Mineral Resources Authority will relaunch a global tender for gold exploration through Shalateen Mineral Resources company.

1H 2025: Internal Trade Development Authority (ITDA) to establishfour logistics zones with EGP 18-20 bn investments

1H 2025: Natco to launch Chinese firm Neta Auto’s EV models.

1H 2025: OCI Global to complete the sale of its entire methanol business to Methanex for USD 2.05 bn.

1H 2025: Egypt and the UAE to begin construction of a USD 3 bn petroleum logistics zone at Al Hamra Port

1H 2025: HoldiPharma to list 25-30% stakes in Misr Pharma and Chemical Industries Development (CID) on the EGX

1H 2025: Korra Energi to list up to 20% stake on the EGX

1H 2025: Smart Villages Development and Management Company plans to list 30-35% of its shares on the EGX

1H 2025: Halliburton to bring three gas wells online as part of the Burullus project.

1H 2025: Chevron to begin gas production from the offshore Nargis gas field, initially producing 600 mn cf.

1H 2025: Nile Recycling to launch USD 20 mn PET recycling facility in Ain Sokhna, targeting an annual capacity of 22k tons and reducing carbon emissions by 40k tons

3Q 2025: AMEA Power to bring 500 MW Amunet wind farm online in Ras Ghareb

4Q 2025: Abou Ghaly Motors to introduce the Subaru Solterra to the market

4Q 2025: Two new projects in food manufacturing and home textiles to begin operations in the Qantara West Industrial Zone

2H 2025: National Printing Company to make its EGX debut after delayed IPO plans

2H 2025: Tabarak Holding to list 30% of its shares on the EGX

2H 2025: Turkish apparel company Denim Rise to open a garment manufacturing facility

2H 2024: Hi-Tech Apparel to break ground on a USD 20 mn sportswear factory in the SCZone

2H 2025: Eni to drill two new wells in the Zohr field with USD 160 mn in investments

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

Mid-2025: SN Automotive to launch three locally assembled models — one electric and two gasoline-powered — in Egypt

Mid-2025: Suez’s USD 1.8 bn coal and diesel production complex, developed by Enppi and Petrojet, to be completed

Mid-2025: Wataneya and Safi to debut on the EGX

End of 2025: The Egypt Digital Industrial Platform will expand to include additional services for manufacturers, including the issuance of licenses, building permits, and industrial records

End of 2025: An unnamed Chinese company and the state-owned Arab Organization for Industrialization (AOI) to begin production at a USD 360 mn tire factory in the SCZone.

End of 2025: A consortium including Redcon Properties and Al Baraka Bank to launch a local real estate investment fund with over EGP 1 bn in initial investments

Late 2025: Baron Hotels to open a new hotel in Sharm El Sheikh and debut its first international property in Zanzibar with 150 luxury suites

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2025: Nafeza to integrate air cargo into its digital customs platform, further streamlining trade logistics

2025: Africa50 completes 42.9% stake acquisition in Raya Data Centers for USD 15 mn to fund construction of a USD 35 mn Tier III data center.

2025: MM Group for Industry and International Trade is set to launch 16 new Tata vehicle models locally.

2025: China to issue USD 411 bn in special treasury bonds

2025: El Attal Holding to list 30-35% of its shares on the EGX

2025: The Administrative Capital for Urban Development (ACUD) to launch its EGX debut, offering 5-10% of its shares.**

2025: Basata Holding for Financial Investments to offer 25% stake on the EGX as part of a plan to double its capital to EGP 1.4 bn.**

2025: Hilton Cairo Nile Maadi to open early in the year, alongside debuts of Tapestry Collection and Curio Collection by Hilton.

2025: Palm Hills and Marriott to launch The Ritz-Carlton Residences in West Cairo, featuring 150 branded units across 45 acres

2025: Jaz Hotel Group to set up two new hotels in North Coast, two in Hurghada, and two in Marsa Alam

2025: Sunrise Resorts & Cruises to add 4k hotel rooms to its hotels capacity.

2025: Egyptian Petrochemicals Holding Company (ECHEM) to complete studies and kick off production of Egypt’s first sustainable aviation fuels (SAFs).

2025: Polaris Parks to begin development of the industrial park in New October City

2025: EgyptAlum to launch a USD 100 mn foil production line with a 50k-ton annual capacity

2025: Honor to begin operations at its proposed smartphone manufacturing facility in Egypt, with an initial investment of USD 10 mn

2025: Indorama and Phosphate Misr to begin implementation of the USD 400-500 mn phosphate fertilizers plant in Ain Sokhna

FY 2025-26: Egypt to issue its first EGP-denominated sovereign sukuk to finance public investments outside the general budget

FY 2025-26: The government to begin introducing cash-based subsidies on a trial basis in select areas of the country

2025-2027: EUR 4 bn in concessional loans to follow as part of a EUR 7.4 bn package

2026

Baron Hotels to launch two hotels in Egypt with 950 rooms, followed by another with 750 rooms.

May 2026: End of extension for developers on 15% interest rates for land installment payments

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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