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Growth picks up to 4.3% in 2Q FY 24-25

1

What We're Tracking Today

Egypt’s revamped export subsidy program is weeks away

Good morning, all. We’re wrapping up what has been a pretty busy Ramadan with another packed issue led by the growth figure for the second quarter of the current fiscal year and the cabinet greenlighting next fiscal year’s EGP 4.6 tn budget. We also have news of yet another big-ticket Chinese project and a move to introduce sector-specific tax guidelines.

So, when do we eat? Maghrib prayers are at 6:11pm in the capital, and you’ll have until 4:22am tomorrow to hydrate and caffeinate ahead of fajr.

IT’S THE LAST WORKDAY BEFORE EID BREAK- The public and private sectors will have Saturday to either Tuesday or Wednesday off for Eid El Fitr depending on when Eid officially starts. Schools will be off for the entire week.

THAT INCLUDES US TOO- EnterpriseAM Egypt will be off for the whole of next week, but we will be back in your inbox bright and early on Sunday, 6 April.

PSA-

WEATHER- It’s a pretty sunny day in Cairo today, with a high of 36°C and a low of 24°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 34°C and a low of 17°C.

** DID YOU KNOW that we 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.

WATCH THIS SPACE-

The government will announce the revamped export subsidy program within weeks, Prime Minister Moustafa Madbouly said during his weekly presser yesterday (watch, runtime: 34:39). The new program was finalized this week and will be presented to export councils following the Eid break. “We plan on wrapping up consultations and announcing the program over the two weeks after Eid,” Madbouly said. The three-year program is expected to come into effect with the new fiscal year on 1 July. It is designed to encourage and support local industries, Madbouly said, adding that subsidies will be tied to increases in the local component ratio.

DATA POINT-

Egypt’s interest payments on debt rose by 18.4% to EGP 939 bn in 1H FY 2024-25, according to the Finance Ministry’s Monthly Finance Report (pdf). Interest payments also made up 5.5% of GDP during the period, according to the ministry’s General Economic and Financial Outlook (pdf).

FACT CHECK-

Raya Holding has denied recent local media reports claiming ongoing negotiations with Saudi entities for the sale of a majority stake in the company, the company said in a disclosure to the EGX (pdf).

THE BIG STORY ABROAD-

The latest on Trump’s tariffs is dominating headlines this morning: US President Donald Trump said yesterday that a 25% tariff on all imported cars and light trucks will come into effect 3 April, he said during a presser at the White House, framing the move as a step to revive the domestic auto industry and raise revenues to support his tax cut agenda.

The reaction: European Commission President Ursula von der Leyen called the move “bad for businesses, worse for consumers” and Canadian Prime Minister Mark Carney slammed it as “a direct attack” on Canadian workers. Meanwhile, the United Auto Workers union backed the measure as a win for blue-collar jobs. (Reuters | New York Times | AP | Axios | CNBC | Bloomberg)

AND- Gaza sees rare protests calling for Hamas to step down: Thousands of Palestinians took to the streets across Gaza yesterday in a rare wave of anti-Hamas protests, demanding the group relinquish control of the territory to help end the war with Israel. The demonstrations began Tuesday in Beit Lahiya and spread to Gaza City and central Gaza yesterday. (Bloomberg | Reuters | AP | Washington Post | BBC | New York Times)

Narrative Summit returns to Somabay. Hosting the region’s largest PR event once again, Somabay, the main sponsor, welcomes Narrative Summit 2025 from 7-9 April. Under the theme Egypt Reset, global thought leaders, top business minds, and key government figures will come together to drive investment, strengthen Egypt’s global positioning, and unlock new opportunities in tourism, sports, and economic growth.

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Economy

Egypt’s GDP grows 4.3% in 2Q FY 2024-25, despite continued decline in energy production, Suez Canal revenues

Growth almost doubled y-o-y in 2Q FY 2024-25, coming in at 4.3% for the three-month period, up from 2.3% during the same period last year, according to a statement from the Planning and International Cooperation Ministry. The figures mark an uptick from the slowdown seen in 2Q FY 2023-2024, which saw growth decline sharply from the 3.9% recorded a year earlier on the back of global economic headwinds and domestic challenges.

Driving the growth: The ministry attributes the recovery to a combination of “continued structural reforms aimed at maintaining macroeconomic stability, coupled with stringent governance of public investment that strengthen resilience and support shifting from a non-tradable to a tradable economy.”

Non-oil manufacturing continued to record positive growth for the third consecutive quarter, this time reaching 17.7%, compared to a contraction of 11.6% during the same quarter in the previous year. This was aided by an increase in private sector investments, higher merchandise exports, and a “rebound in real domestic credit to the private sector” — the rebound was particularly felt in the industrial sector. This, coupled with streamlined customs clearance for raw materials and production inputs led to increased industrial production, with the quarter seeing significant growth in key industries including motor vehicles (73.4%), ready-made garments (61.4%), beverages (58.9%), and textiles (35.3%).

The non-oil sector contributed 1.9 percentage points of the overall 4.3% growth achieved during the quarter.

Growth was felt across the board: Tourism (18%), ICT (10.4%), financial intermediation (11.6%), transportation and storage (9.4%), construction (4.8%), social services including healthcare and education (4.6%), ins. (4.6%), and electricity activities (3.9%) all posted positive growth levels throughout the quarter.

Suez Canal revenues fell 70% during the quarter due to a continued decline in the number of transiting vessels as geopolitical tension persists.

The energy sector also continued to contract during the quarter, with the extraction activity recording a 9.2% decline due to a slowdown in oil and natural gas production — oil production saw a 7.5% decrease during the quarter while natural gas production was down 19.6%.

Things should turn around soon as “investment in new discoveries and field development is expected to gain traction in the coming period.” The repayment of overdue arrears could have something to do with that — the Madbouly government paid some USD 1 bn in overdue arrears last month and made a similar payment in early January, building on a similar payout made in November, according to previous reports. The government has since agreed on a repayment schedule with international oil companies, with payments rolling out through June 2025.

Private spending once again exceeded public investment: Private investments rose by 35.4% y-o-y in 2Q FY 24-25 surpassing 50% of total investments, while public sector investments contracted by 25.7% during the quarter — accounting for less than 40% of total investments in Egypt during the period. This shift “highlights notable changes in Egypt’s investment landscape,” the ministry noted.

In the long(er) term: The Planning Ministry is projecting GDP growth of 4.0% for FY 2024-25, supported by private sector reforms and gradual economic recovery. “Private investments are expected to play a key role in sustaining this momentum, fostering a conducive environment for long-term growth,” the ministry said.

This is higher than others’ forecasts: The IMF sees the economy growing at a 3.6% clip during the current fiscal year. The World Bank is a tad less optimistic, having slashed this fiscal year’s growth forecast by 0.7 percentage points to 3.5%.

The story also caught the attention of the international press: Reuters | Bloomberg

This publication is proudly sponsored by

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BUDGET WATCH

Egypt’s cabinet approves next fiscal year’s budget

Cabinet approves FY 25-26 budget: The Madbouly cabinet greenlit the draft budget for the fiscal year 2025-2026, giving us our first official look into the year’s state budget.

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

Among the highlights: The state is targeting a primary surplus of EGP 795 bn — or 4% of GDP — and reducing the public debt to 82.9% next fiscal year, as well as trimming the debt-to-GDP ratio to below 92%.

Revenues and expenses on the rise: Next year’s budget pencils a 19% y-o-y jump in revenues to EGP 3.1 tn and a 18% y-o-y rise in expenses to EGP 4.6 tn. The budget sees increased spending on education, healthcare, social protection, and support to export-oriented sectors.

A big chunk of the spending allocations will go towards social support — the state has allocated EGP 732.6 bn (up 15.2%) to social security. The state plans to spend EGP 160 bn (up 20%) on commodity subsidies, EGP 75 bn on fuel subsidies, and another EGP 75 bn on electricity subsidies.

And to support industry: The budget allocates EGP 78.1 bn to support productive, export-oriented, and tourism activities — the figure is 3x the amount usually dedicated to support such activities. The budget earmarks EGP 8.3 bn to support the tourism sector, EGP 5 bn to support priority industries, and between EGP 3-5 bn in cash incentives to MSMEs.

As for healthcare: The state will spend EGP 22 bn on medicine, EGP 12.4 bn on pharma raw materials, EGP 11 bn on medical supplies, and EGP 15.1 bn to provide treatment for those who cannot afford it.

That’s not all: Some EGP 679.1 bn will go to the salaries of public sector employees, marking a 18.1% y-o-y increase.

REMEMBER- A package of wage and pension hikes is expected to take effect starting the new fiscal year — civil servants and workers at state-owned enterprises will see salary increases and a hike to the minimum wage to EGP 7k and pension payouts will see a 15% jump.

What about the figures for the General Government Budget: Next fiscal year’s GeneralGovernment Budget — which takes into account the budgets of all the state’s economic bodies in addition to the state budget — pencils in EGP 7.2 tn in revenues and EGP 8.5 tn.

WANT THE FULL PICTURE? We have a dive into what can be expected from next fiscal year’s budget, which you can check out here.

What’s next? The draft budget will now go to the House of Representatives for discussion.

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

ALSO APPROVED BY THE CABINET-

The cabinet approved a long list of decisions during its weekly meeting yesterday, among those worth noting:

#1- A contract between the National Egyptian Railway Industries Company and National Authority for Tunnels to manufacture and supply rolling stock for Alexandria’s Abu Qir – Misr Station metro. The contract will span two phases, the first 38-month phase includes the manufacturing and supplying 21 trains, their maintenance, and the driver training simulator, and the second 8-year phase includes the maintenance and supply of spare parts.

#2- A contract between Egyptian National Railways and US railway components supplier ProgressRail to refurbish 100 diesel-electric locomotives, and provide spare parts for 141 locomotives over 15 years. The US player will also offer technical support services for 10 years.

#3- Alstom’s EUR 80 mn manufacturing complex in Borg Al Arab, which will include a plant to produce electrical systems and railway components and another to produce units for the metro, monorail, high-speed train, and LRT. The French rolling stock company awarded Rowad Modern Engineering the contract to construct the complex last this week.

#4- Draft presidential decrees to establish seven new national universities across Egypt, as part of the state’s plan to increase the total number of national universities to 32 nationwide. The seven new universities will be set up in Sohag, Kafr El Sheikh, new capital, 6th of October, Beheira, Suez, and New Valley.

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Manufacturing

China’s Deli Group to set up USD 200 mn industrial complex for stationary, sports equipment in Egypt

Another big-ticket Chinese manufacturing project to add to the list: Chinese office supplies and stationary manufacturer Deli Group is planning to establish a USD 200 mn industrial complex in the Tenth of Ramadan City, according to an Industry Ministry statement.

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

The details: The 160k sqm facility will manufacture over 12k products, including office and school supplies, sports equipment, hand and power tools, and office furniture. The project is expected to create around 2.2k jobs.

The gov’t is helping fast-track the project: The government will accelerate land allocation and licensing, ensuring the necessary infrastructure is in place when the factory is set up.

The timeline: An initial timeline for land acquisition, site design, and construction was set but not yet disclosed, with the government urging the company to stick to the agreed schedule for completion and production start-up.

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A MESSAGE FROM AUC’S ONSI SAWIRIS SCHOOL OF BUSINESS-

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Onsi Sawiris School of Business is a top 1% business school globally, with Triple Crown Accreditation (AACSB, EQUIS, and AMBA). The MSF program adds to that legacy, preparing students to pursue the Chartered Financial Analyst (CFA) designation while offering two dynamic tracks: a general finance track and a specialized fintech track.

This is more than a degree — it’s a career accelerator. Graduates go on to work at leading financial institutions and firms, both in Egypt and internationally. Just ask alumni like Karim Hussein, now a private equity analyst at SPE Capital, who credits the MSF with shaping his career trajectory: “It was during my time at AUC that I first connected with SPE Capital — a moment that defined my path in private equity.” Mai Metwally, associate director of corporate credit risk at FABMISR, echoes this sentiment, “Pursuing a Master’s degree, specifically the MSF program at AUC, has been one of my greatest accomplishments”.

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6

Real estate

UK-based Innovo plans to expand its presence in Egypt

UK-based Innovo Group plans to launch two real estate projects in Egypt this year, the managing director of its Egypt arm Innovo Egypt Mohamed Gamal told EnterpriseAM.. Innovo’s real estate arm, Sky Innovo Developments, will break ground on its first project in Egypt, the EGP 7 bn Park Street Edition in New Cairo, right after the Eid El Fitr break and its second local project will be announced before year-end, he told us.

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

A growing presence in Egypt’s construction sector: Innovo’s Egypt portfolio now exceeds EGP 42 bn in value, Gamal said. The company specializes in construction, infrastructure, real estate development, project financing and management, and strategic investments. It has executed major projects for a number of public entities including the New Urban Communities Authority and the Urban Development Fund, in addition to 12 private-sector projects for Emaar Misr.

Looking ahead: The company is looking to secure construction work in Ras El Hekma, Gamal added.

It also wants to step into unfamiliar territory: Innovo is looking to diversify its Egypt portfolio by entering new sectors — particularly data centers and industrial development, according to Gamal. The company is especially interested in providing infrastructure for data centers and is currently mulling multiple industrial projects.

The company is also pushing for sustainable building practices: Innovo has partnered with the Egypt Green Building Council (EgyptGBC) to promote sustainability in the construction and real estate sectors, the company said in a press release (pdf). The partnership aims to support energy-efficient construction methods, reduce carbon emissions, and improve the sustainability of urban development projects across Egypt.

A little clarity regarding the NDP headquarters redevelopment: Innovo and its partner, the Saudi Egyptian Developers, have not backed out of the agreement to work on redevelopment of the former National Democratic Party (NDP) headquarters in central Cairo, Gamal said, explaining that the government put the project on hold to conduct further studies. Unconfirmed reports out last August claimed that the consortium withdrew from the USD 5 bn project — which was to be carried out in partnership with the Sovereign Fund of Egypt — due to soaring construction costs after the float of the EGP.

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Tax

Egypt readies sector-specific tax guidelines for seven priority sectors

Gov’t takes additional steps to eliminate tax disputes across key sectors: The Egyptian Tax Authority (ETA) is working on sector-specific tax guidelines across a number of sectors in Egypt’s economy as part of an effort to eliminate tax disputes in the future, a government source told EnterpriseAM.

The ETA has completed the guidelines for a number of key sectors — including the banking, real estate development and investment, tourism, petroleum, and the auto sectors, our source said. The authority has been looking to reinstate sector-specific taxation guidelines among several fresh tax facilities — some of which have already come into effect.

What the guidelines will entail: The new guidelines are structured based on the needs of each industry and its business development — specifically in the real estate sector, where there were several issues related to transactions, contracts, and partnership models that were challenging to tax appropriately. The goal is to facilitate tax procedures and reduce future disputes with priority sectors.

What’s next: The standards are under review to be presented later to industry leaders, a move expected to lead to a significant consensus on tax mechanisms based on each industry's needs. Following their implementation for priority sectors, the ETA aims to gradually issue similar regulations across all sectors based on the number of taxpayers and the priority of each sector. The new framework is expected to eventually apply to 710 commercial and industrial activities, informed sources previously told EnterpriseAM.

The previous one-size-fits-all approach was problematic: The government had previously implemented an income tax law that included tax regulations for a number of sectors, including gold, quarries, and fishing; however, the regulations were later scrapped after they resulted in tax disputes due to differences related to the nature of each sector, our source said.

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EARNINGS WATCH

Orascom Construction, Juhayna report 2024 earnings

Earnings for 2024 are continuing to roll in, with Juhayna and Orascom Construction releasing their latest financials yesterday.

ORASCOM CONSTRUCTION’S NET INCOME INCHES UP IN 2024-

Orascom Construction saw its net income inch up 0.4% y-o-y in 2024, coming in at USD 117.3 mn, according to its latest earnings release (pdf). Despite a 21% y-o-y increase in net income from its US operations and a 101.8% increase in net income from its Belgium-based subsidiary BESIX, a 25.7% y-o-y dip in net income from its operations in the Middle East and Africa — its largest source of income — helped bring the overall figure down.

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

Revenues for the year fell 3.3% y-o-y to USD 3.3 bn, which was driven by an 11% y-o-y fall in revenues from the MEA region. Revenues from US operations were up 5.5% y-o-y. “Revenue comparison y-o-y in Egypt was impacted by the devaluation of the EGP in March 2024, while the increase in revenue in the US reflects project execution and backlog growth,” the release read.

The company’s consolidated backlog dipped 5.8% y-o-y in 2024 to USD 7.6 bn. The dip came on the back of 2023’s figures being put together using the exchange rate at the end of 2023. Using today’s rate of around EGP 50 to the greenback, the backlog would’ve registered a 2.6% y-o-y increase. Projects in Egypt made up 67.3% of the backlog, followed by the US with 21.1% and the UAE with 7.4%. New awards were down 48% y-o-y to USD 3 bn, which the group attributed to the “above-average level” of projects it was awarded in 2023.

On a quarterly basis, net income fell 29.2% y-o-y to USD 31 mn in 4Q 2024, impacted by one-off expenses of USD 20 mn related to the MEA region, while revenues declined 6.7% y-o-y to USD 935 mn. New awards dropped 78.3% y-o-y to USD 412 mn during the quarter.

What they said: “We continue to successfully navigate a challenging and uncertain environment. Our strong fundamentals, focus on performance excellence, strict project controls, and disciplined project selection have allowed us to achieve our current results and positioned us well for the period ahead,” CEO Osama Bishai said.

JUHAYNA’S INCOME MORE THAN DOUBLES IN 2024-

Dairy giant Juhayna saw its net income increase 168% y-o-y to EGP 2.7 bn in 2024, driven by “the exceptional growth of its core segments and exports,” according to its earnings release (pdf).

Revenues were up 56% y-o-y at EGP 24.3 bn during the 12-month period “bolstered by notable volume growth in the juice and fermented segments” and exports. Juhayna partly attributed the rise in revenues to consumers shifting toward lower-priced products amid the economic volatility at the start of the year, which it said it was well positioned to cater to. With an improving economic landscape, “Juhayna capitalized on its brand equity to introduce innovative new products” throughout the year.

On a quarterly basis, net income increased 109% y-o-y to EGP 298 mn in 4Q 2024, and revenues rose 37% y-o-y to EGP 6 bn. The dairy company pointed to “stable economic conditions, supported by the strategic export of finished products” as factors driving growth.

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Also on our Radar

IDG plans to set up new industrial zone across Egypt

MANUFACTURING-

IDG eyes new industrial zones: The Industrial Development Group (IDG) is planning to launch and develop new industrial zones in the new capital, New October, and other locations that will be disclosed over the coming period, company representatives said (pdf) yesterday during its annual sohour which EnterpriseAM attended. Its expansion plan will also see it ramp up investment in its existing industrial zones in 6th of October, New Alamein, and East Port Said and expand its product offering to include innovative financial solutions to support MSMEs.

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

EXPANSION-

#1- Petrojet to build factories in Algeria, Saudi Arabia: State-owned oil and gas contractor Petrojet is establishing a JV with Algeria's Sonatrach to set up a static equipment facility in the North African country, the first of its kind in Algeria, according to an Oil Ministry statement. The company is also setting up a manufacturing center in Saudi Arabia’s King Salman Energy Park in partnership with Aramco.

We’ve been exploring partnership prospects with Sonatrach for some time: Petrojet and Sonatrach conducted a feasibility study last year to set up a JV in Algeria to design and manufacture pressure vessels.

More expansions in the pipeline: Petrojet is expanding into seawater desalination, green hydrogen, and solar energy projects while targeting new markets, including Mozambique, Angola, the Congo, and Croatia.


#2- AAIB eyes Saudi market amid rising interest from Egyptian investors: Egypt’s Arab African International Bank (AAIB) plans to open a branch in Saudi Arabia to support Egyptian investors expanding into the Kingdom, two insiders told Asharq Business. The bank has already secured regulatory approval in Egypt and is awaiting Saudi clearance, Asharq Business reports.

MANUFACTURING-

Egypt and KSA will partner up to produce fertilizers and soil enhancers in North Cairo’s Nubariya, under an agreement inked between the Agricultural Research Center and a Saudi agriculture player, according to a statement. At a later stage, the two sides plan to collaborate on seed production, clean energy — with a focus on solar energy — medicinal and aromatic plants, and research. Fertilizer production will begin next June.

DEBT-

Kima secures EGP 10 bn funding for nitric acid, ammonium nitrate project: State-owned Egyptian Chemical Industries (Kima) secured the equivalent of EGP 10 bn in funding from six banks to support its nitric acid and ammonium nitrate project, according to an EGX disclosure (pdf). The funding includes an USD 82.9 mn loan and a EGP 5.9 bn loan.

ICYMI- Kima had reportedly reached initial agreements with six local banks last year to finance its nitric acid and ammonium nitrate project. The banks involved were the National Bank of Egypt, Banque Misr, Banque du Caire, Bank ABC, Arab African International Bank, and Egyptian Arab Land Bank.

10

PLANET FINANCE

Monaco leads world in bn-USD firms per capita

Monaco tops the global ranking for bn-USD companies per capita, according to a new report from BestBrokers, highlighting how capital, corporate scale, and innovation often concentrate in small or highly developed economies. The report analyzed over 5.5k listed companies worldwide with a market cap of at least USD 1 bn, using data from CompaniesMarketCap.

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

It’s all about corporate density: While the US hosts the largest number of these firms (approximately 1.9k), the report’s per capita lens shifts focus to corporate concentration rather than sheer volume. The US ranks 16th with 5.5 bn-USD companies per mn residents, while other major economies rank even lower: Japan (3.2), the U.K. (3.2), Germany (1.7), Brazil (0.3), India (0.2), and China (0.15).

Monaco has just three such firms, all in maritime transport, but its small population of under 40k gives it the highest corporate density: 77 bn-USD companies per mn residents. Luxembourg follows with 31.6, while Iceland ranks third with 18.1.These countries are usually popular choices for talent, and good places for innovation and economic growth.

Several Gulf and Asian economies appear high on the list, including Singapore (8.8), Israel (8.6), Qatar (8.4), and the UAE (5.8), which ties with Canada and edges out the US. Other high-income economies featuring prominently include Switzerland (13.8), and Sweden (10.5), reflecting their capacity to support large-cap firms, while Australia trails slightly at 5.4. Investment-oriented states dominate not only in per capita terms but also in corporate density per sq km, with Monaco, Singapore, Bahrain, and Luxembourg at the helm.

Meanwhile, in Switzerland, Saudi Arabia, Taiwan, and the US, the combined market capitalization of bn-USD firms exceeds 200% of GDP — a level that, according to the report, reflects deep financialization and outsized dependence on asset growth.

When big money becomes a big risk: The report warns that in highly financialized economies, market activity may outpace real economic growth, creating structural imbalances. Some economists link such imbalances to financial crises, such as the 2007-08 crash. When a handful of large corporations dominate national output, employment, and valuations, economies may become more vulnerable to asset price volatility, sector-specific shocks, and broader financial disruptions.

MARKETS THIS MORNING-

Asian markets are in the red, tracking declines on Wall Street yesterday following US President Donald Trump‘s decision to follow through on tariffs on automakers, with Japan’s Nikkei leading losses. Wall Street futures point to another lower open after the S&P 500, Nasdaq, and Dow Jones all suffered losses yesterday.

EGX30

31,744

-0.1% (YTD: +6.7%)

USD (CBE)

Buy 50.49

Sell 50.62

USD (CIB)

Buy 50.50

Sell 50.60

Interest rates (CBE)

27.25% deposit

28.25% lending

Tadawul

11,970

+2.3% (YTD: -0.6%)

ADX

9,374

+0.3% (YTD: -0.5%)

DFM

5,117

0.0% (YTD: -0.8%)

S&P 500

5,712

-1.1% (YTD: -2.9%)

FTSE 100

8,690

+0.3% (YTD: +6.3%)

Euro Stoxx 50

5,412

-1.2% (YTD: +10.5%)

Brent crude

USD 74.07

+1.4%

Natural gas (Nymex)

USD 3.86

+0.6%

Gold

USD 3,052

-0.1%

BTC

USD 86,945

-0.6% (YTD: -7.0%)

THE CLOSING BELL-

The EGX30 fell 0.1% at yesterday’s close on turnover of EGP 3.0 bn (13.4% below the 90-day average). Foreign investors were the sole net sellers. The index is up 6.7% YTD.

In the green: GB Corp (+3.8%), Fawry (+1.6%), and Abu Qir Fertilizers (+1.3%).

In the red: Juhayna (-3.1%), Rameda (-1.8%), and EFG Holding (-1.7%).

CORPORATE ACTIONS-

#1- Sodic’s general assembly approved merging seven of its subsidiaries into the company and increasing its authorized capital to EGP 25 bn and issued and paid-up capital to EGP 5.2 bn, according to an EGX disclosure (pdf).

#2- Al Baraka Bank will distribute a dividend of EGP 0.85 per share for its 2024 earnings after its general assembly approved the move, according to an EGX disclosure (pdf).

11

My Morning Routine

My Morning Routine: Dania Ghoneim, Egypt cluster vice president at N Gage Consulting

Dania Ghoneim, Egypt cluster vice president at N Gage Consulting: 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 Dania Ghoneim (LinkedIn), Egypt cluster vice president at N Gage Consulting.

My name is Dania Ghoneim. I’m the vice president of N Gage Consulting for the Egypt cluster. I’ve spent the past decade working in government relations and business lobbying, helping companies navigate regulatory challenges and advocate for their interests. At its core, my work is about crisis management — solving problems, mitigating risks, and finding strategic solutions. That’s what makes it exciting for me — it’s dynamic, fast-paced, and constantly evolving.

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

As VP, I oversee government engagement, policy advocacy, and regulatory strategy, primarily for larger corporations operating in Egypt. But beyond that, I’ve also made it a point to support the startup ecosystem. What started as an occasional passion quickly became a key part of my work. In addition to advocating for the private sector, I actively work to push for policies that create a more supportive environment for startups, ensuring they have the access and chances they need to grow.

One of my key responsibilities is trying to find or create a system amidst the chaos, which is a big part of my job. If I had to break my day down, I’d split it into three main parts. The first is managing clients. I check on ongoing projects and, of course, brace for whatever new crisis the world has thrown our way. The second part of my day is dedicated to my team — ensuring they have what they need, offering support, and making sure we’re all aligned. The final block of my day is company housekeeping, which inevitably comes last.

N Gage Consulting’s core mission is to advocate for the private sector, making it easier to do business in Egypt and attract investment. This means protecting clients’ operations, advancing their interests on the regulatory front, and building strong government partnerships — all to create a more business-friendly environment.

The company was founded in 2013 to fill a major gap in the market — there was a clear breakdown in communication between the government and the private sector at a time of economic transition and opportunity. The company set out to transform government relations from an arbitrary process into a structured, strategic science, something unheard of in the region at the time. Many were skeptical when founder Karim Refaat built N Gage Consulting with a team of fresh graduates instead of the seasoned insiders typically seen in government relations. But the firm set out to challenge the notion that success in the field depends on “connections” alone.

Everybody is tech-obsessed right now, and I’m no exception. Digitization, automation, and AI are at the center of every conversation, from fintech to supply chain automation. What makes this trend different is that there’s no ceiling — no one knows how far it will go. That’s what makes it exciting, but it also poses a major challenge for our industry. If we don’t fully understand the scope of AI yet, how do we even begin to regulate it?

Our number one priority is fixing the lack of predictability in the regulatory landscape. Businesses need a stable environment to plan and grow, but constant shakeups make that nearly impossible. We’re seeing this now in the US and the EU, and most notably during covid — when the system is in flux, the private sector struggles to adapt to new developments. That’s why a huge part of our job is working with governments to create a consistent, predictable framework that allows businesses to operate with confidence.

MOST RECENTLY- N Gage inked an MoU with the General Authority for Investment and Freezones to strengthen cooperation on investment promotion. Under the MoU, N Gage will promote local investments through its offices here and abroad, connect private players with GAFI, and feed GAFI information on sectors investors are interested in. Meanwhile, the authority will provide N Gage with data on investment in Egypt.

My job is naturally chaotic, so I carve out two blocks of peace — morning and night — where I disconnect as much as possible. When I first wake up, it’s my quiet time. I start with coffee and the news. EnterpriseAM is always one of the first things I read, followed by global updates and a couple of opinion pieces, maybe from the Economist, to get a sense of where things are headed. On my commute to work, I listen to music — it’s my last moment of calm, a chance to think through the day before the chaos begins. Once I step into the office, there’s no time to plan — we just go straight into it.

My workday is packed with back-to-back meetings, so I force organization wherever I can. Compartmentalization is key — I set a dedicated email time, keeping my phone on do not disturb to focus on urgent tasks and delegate where needed. When I’m on calls or in meetings, I do the same, keeping distractions to a minimum. I try to stick to regular working hours, though crisis management sometimes means late-night emergencies. Still, maintaining some normalcy is essential, so we aim to wrap up by 8pm at the latest.

My current personal and professional goals are deeply intertwined. Lately, I’ve been focused on giving back and being of service to the community, especially in Egypt’s startup ecosystem — something I’ve always been passionate about. Over time, that passion has turned into hands-on volunteer work, collaborating with partners to mentor, fund, and support young people. I’m excited to prioritize this in the coming year, with a packed calendar of masterclasses, workshops, conferences, and training programs across Egypt.

I like to think of myself as a reformed workaholic. During covid, the workday never really ended, and I pushed myself even harder. But I realized balance isn’t just good for me — it makes me better at my job. In crisis management, you can’t mirror a client’s panic, you have to be the solution. That means staying calm, clear-headed, and grounded. Now, I make sure to do at least one thing for myself daily — whether it’s calling a friend, reading, or listening to music — to stay balanced and effective.

I unwind by reading or watching TV — mostly political thrillers. My job is all about strategy, so I also gravitate toward books that sharpen my thinking. I’m currently rereading Never Split the Difference by Chris Voss on negotiation.

The best advice I’ve received came from two places — from my father and what started as a joke with my team. My father always told me, it's all in your head. It wasn’t advice, just a statement, but it shaped how I think. It taught me to step outside my own perspective and consider every situation from all angles — critical in negotiations, where I need to understand what the other side wants and speak their language, not just my own. The second is a phrase my team and I live by: one crisis at a time. It started as a joke but became a mantra. When overwhelmed, the only way forward is to break things down into manageable steps. Trying to solve everything at once never works — pacing yourself does.


MARCH

30 March-1 April (Sunday-Tuesday): Eid El Fitr holiday.

Egypt-Sierra Leone Business Forum.

APRIL

Arla Foods’ deadline for Domty acquisition offer.

7-9 April (Monday-Wednesday): Narrative PR Summit, Somabay

7-8 April (Monday-Tuesday): French President Emmanuel Macron's visit to Egypt.

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

10 April (Thursday): Capmas expected to release inflation data for March.

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

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

30 April (Wednesday): Deadline for Australia Awards Scholarships applications.

Business-to-business forum of Egyptian and Moroccan companies to promote bilateral trade, Cairo, Egypt.

The Suez Canal Container Terminal will begin trial operations for its expanded East Port Said facilities.

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.

MAY

7-10 May (Tuesday-Saturday): Egypt hosts the 24th Pan Arab Junior and Ladies Golf Championship.

10 May (Saturday): Capmas expected to publish inflation data for April.

1 May-10 July (Thursday-Tuesday): 500 Global's Scale Up Program, Cairo

18-20 May (Sunday-Tuesday): First Arab International Exhibition for Sustainable Development.

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

Egyptian Exporters Association (Expolink) exhibition, Italy

Egyptian-Russian Business Forum

May 2025: Egypt-Singapore Business Forum, Cairo.

JUNE

10 June (Tuesday): Capmas expected to publish inflation data for May.

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

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.

Etihad Airways to launch twice-weekly flights to Alamein

AUGUST

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

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

SEPTEMBER

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

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

1-4 December: Egypt Defence Expo (EDEX), Egypt International Exhibition Centre.

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

EVENTS WITH NO SET DATE

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

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

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.

3Q 2025: Nasr Automotive begins locally manufacturing passenger cars.

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

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2026

1 January: European Union’s Carbon Border Adjustment Mechanism (CBAM) to fully come into effect

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

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

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings for 2027.

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

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

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