Egyptian goods face 10% levy under Trump tariffs

1

What We're Tracking Today

NTRA to begin smuggled phone crackdown

Good morning, folks. To kick off the first full work week after Eid, we’ve got news of the 10% tariff on all Egyptian goods entering the US market coming into effect, the country’s non-oil private sector activity slipping back into the red in March, freshly greenlit funds from the EU, and more.

BUT FIRST- We’re delighted this morning to welcome Qalaa Holdings to EnterpriseAM as our latest pillar advertiser. Our friends Ahmed Heikal and Hisham El Khazindar — together with many others on the team at Qalaa — were a key part of our origin story.

Two threads run through that story: What has since become Enterprise was born as a two-person investor relations and strategic communications agency back in 2007. Our first client was our good friends at EFG Hermes. Our second: a hot private-equity upstart called Citadel Capital, as Qalaa was then known. The firm had just pulled off what stands as one of the most audacious exits ever in Middle East PE — the USD 1.4 bn sale of Egyptian Fertilizers Company, which stood at the time as the largest M&A in Egypt and the biggest-ever Mideast PE transaction, yielding a gross IRR of nearly 100%.

Everyone and their sister wanted to work with Qalaa in fall 2007 when it put out a call for a communications agency. Ahmed and Hisham (entrepreneurs at heart who had sketched out their business and logo on a literal napkin) took a chance on us, a then-still-unincorporated two-person shop. Why? They recognized fellow finance nerds passionate about building a business.

Fast forward to 2010 and you’ll find the second thread: Our agency had grown to more than a dozen people. Our founders were longtime journalists who had always been passionate about entrepreneurism — and we had decided to launch a print magazine about how Egyptian entrepreneurs were building great businesses. The “events of 25 January 2011” killed our zero issue before we could go to print, and we went on to get a crash course in doing business under duress.

Today, we’re a 150-person shop with two business units: A news and business intelligence division that delivers essential insights into business, finance, economics, public policy, and regulation in the UAE, Egypt, Saudi, and beyond to a global audience of more than 500k people who matter. And an advisory firm run by a separate team who work with some of the most interesting listed companies on markets including Tadawul, ADX, DFM, EGX, LSE, and beyond.

And now, Qalaa Holdings and its more than 17.5k employees touch mn of consumers and business leaders every day. With holdings spanning from the USD 4.3 bn Egyptian Refining Company to Taqa Arabia and Dina Farms, Qalaa is committed to improving lives and livelihoods by building sustainable businesses for its employees and community.

EGX-listed Qalaa is a leader in energy and infrastructure, one of Egypt’s most export-oriented manufacturers, and a leading import-substitution play. As Heikal recently noted, “Egypt continues to be an attractive investment destination for both local and regional players, and I am confident in both the country’s long-term economic outlook and in our ability to generate long-term returns for all of our stakeholders as we grow.” You can learn more about Qalaa here.

Please join us in thanking Qalaa Holdings and all of our other advertisers. Their unwavering support is what allows us to bring you your essential morning read every day without charge.

HAPPENING TODAY-

French President Emmanuel Macron is set to land in Cairo today as part of a three-day stay in the country that will see the head of state meet with President Abdel Fattah El Sisi and other officials to discuss the war on Gaza, economic cooperation, and more. We’ll have full coverage, including a report from a business conference due to take place while the French leader is in town. Macron will also visit Arish on Tuesday to stress the need for a ceasefire, according to a report from the AFP.

HAPPENING TOMORROW-

The EFG Hermes One on One kicks off tomorrow morning in Dubai. More than 200 companies from 29 countries attended last year’s iteration, meeting with 670 fund and portfolio managers from 250 global institutions.

It’s difficult to imagine a more opportune time for an EM-focused equities conference given the turmoil roiling markets as US President Donald Trump sets out to shake the foundations of the post-Second World War economic order. The gathering runs through Thursday.

Finance Minister Ahmed Kouchouk and CBE Deputy Governor Rami Aboulnaga are on stage tomorrow morning for the headline panel, followed by a UAE-focused panel discussion and the gathering’s customary EFG Hermes Live Research Poll. We’ll have full coverage all week long.

Want to catch up for coffee during the One on One? Hit reply to this email and let’s see if our schedules intersect.

NEWS TRIGGERS-

It’s the first workday after the Eid break — here are the key news triggers to keep your eyes on through the rest of April:

It’s interest rate decision time: With Trump’s unexpectedly far reaching and broad tariffs coming into play, all eyes will be on the central bank’s Monetary Policy Committee as it meets on 17 April to decide our interest rate path ahead. Although having kept rates steady for the last seven consecutive meetings, analysts have been increasingly penciling in April for when the bank would start cutting rates — but whether this holds to be true in lieu of the global trade war remains to be seen.
Will the disinflation be able to keep up the momentum? The business community and policy makers are eagerly awaiting inflation data for March, expected to be released on Thursday, 10 April. The most recent data set showed annual headline urban inflation dropping to 12.8% in February, down from 24.0% in January, marking the lowest reading since March 2022. The sharper-than-expected drop came on the back of a favorable base effect and slower food and non-food inflation.

PSA-

WEATHER- The mercury is set to rise in Cairo today, with a high of 34°C and a low of 18°C, according to our favorite weather app.

It’s almost a whole ten degrees cooler in Alexandria, with a high of 25°C and a low of 16°C.

There’s also a strong chance that strong winds could create sandstorms, so be sure to make sure your windows are closed before you head out to work and take extra care with limited visibility on the roads.

** 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.

WATCH THIS SPACE-

#1- Around 5 mn imported mobile phones could be disconnected from Egypt’s mobile networks starting tomorrow if users fail to pay the required customs duties, Al Borsa reports, citing telecom sector sources. The National Telecom Regulatory Authority is set to begin enforcing penalties under its digital phone registration system, which requires users to settle a 38% fee announced in November — covering customs, VAT, and a development levy — on imported devices or risk service suspension as part of a policy to curb smuggling, enforce tax collection, and support Egypt’s push to localize mobile phone manufacturing.

Mobile operators are currently in talks with the authority to try to minimize disruption from the planned device suspensions, with industry insiders telling the news outlet that companies are concerned about the impact on their customer base, since blocking unregistered devices would also deactivate SIM cards in those phones. While users are expected to pay given the high value of many of the devices, operators are seeking solutions to avoid large-scale service interruptions.

#2- United Company of Pharmacists draws interest from Omani investor: An unnamed Omani investor is reportedly looking to buy into cash-strapped pharma distributor United Company of Pharmacists (UCP), Al Mal reports, citing people it says have knowledge of the matter. As of 2023, UCP — which is a wholly-owned subsidiary of HO Group’s Middle East Chemicals (MEC) — was said to be seeking new sources of financing amid a worsening liquidity crunch after accumulating a stack of bank loans.

FACT CHECK-

Rameda puts GlaxoSmith acquisition rumours to bed: Local pharma player Rameda denied reports of a voluntary acquisition offer by UK-based pharma giant GlaxoSmithKline to snap up 33% of the company’s shares, it said in an EGX disclosure (pdf).

CIRCLE YOUR CALENDAR-

#1- Attention, early stage startups: The application window for the MINT Incubator three-month program in partnership with Alex Angels closes on 27 April. Selected startups will get the chance to take part in workshops, mentoring sessions, panel discussions, meet with potential investors, and more. The top three startups will receive grants and a partnership with EGBank is also in the cards.

#2- A high-level Egyptian trade delegation will travel to Canada in mid-April as part of efforts to boost Canadian investment and trade with Egypt, Egyptian-Canadian Business Council head Motaz Raslan told Al Arabiya. The mission will include reps from 15 major companies and several government bodies — including the Oil Ministry, the General Authority for Investment and Freezones, and the Suez Canal Economic Zone.

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

OIL WATCH-

Eight OPEC+ countries agreed to raise oil production more than three times originally planned, according to a statement from the group, which includes oil producing giants Saudi Arabia and Russia. The 411k barrels per day increase fast-tracks three months’ worth of phased output hikes originally set to begin in April as part of the group’s plan to gradually unwind 2.2 mn bbl/d of voluntary cuts through September 2026.

The cartel said the move reflects “healthy market fundamentals” and a more positive demand outlook — though it emphasized that the hikes “may be paused or reversed subject to evolving market conditions.”

The news saw Brent continue to fall in the markets, reaching a four-year low and collapsing around 14% to reach USD 65.58 a barrel by the end of trading on Friday. Adding fuel to the fire was the US’ imposition of blanket tariffs and the prospect of reciprocal tariffs from China, the EU, and other major trading partners.

THE BIG STORY ABROAD-

The international business press is still trying to make sense of Trump’s tariffs that began to come into play over the weekend, with the US now collecting a 10% universal tariff on Saturday on most imports from dozens of countries, with further “reciprocal” tariffs of up to 50% on 57 major trading partners — including a 34% levy on Chinese goods — set to kick in on Wednesday. Countries across the globe are already starting to fight back, including China, which announced a 34% tariff on all US goods starting 10 April export controls on seven rare earth minerals used in high-tech manufacturing.

Trump’s tariff announcements on Wednesday triggered the worst week for global equities since the onset of the COVID pandemic, leading to the S&P 500 losing 9.1% through the week — including a 6.0% fall on Friday alone — erasing USD 5.4 tn in market value and the Nasdaq down more than 20% from its December peak. Exchanges outside the US fared little better, with the UK’s FTSE 100 losing 7.0% in the week and the EURO STOXX 50 down 8.2%. (Financial Times | Reuters | Bloomberg | Guardian)

Also ranking highly in this morning’s digital front pages are protests across the US against the sitting administration, with tens of thousands of demonstrators taking to the streets in all 50 states to protest Trump’s cuts to federal agencies, deportation crackdown, economic tariffs, and attack on civil liberties. (New York Times | Guardian | Reuters | Bloomberg)

Trump tariffs put 10% levy on all incoming Egyptian goods

The global trade war is cranking up a gear, and businesspeople and policymakers alike from across the globe are still trying to assess what impact the Trump administration’s blanket tariff of 10% on all incoming goods will have. The baseline rate came into effect yesterday, with higher rates — up to 49% — for 57 countries due to come into effect on 9 April. The scope and magnitude of the action have not gone unnoticed, with trade experts like former White House trade adviser Kelly Ann Shaw describing the move as “the single biggest trade action of our lifetime,” in comments to Reuters.

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

A questionable formula: Trump personally chose a formula based on two variables; the trade deficit with each country and the total value of its US exports, the Washington Post wrote citing two sources it said are familiar with the matter.

Egypt got off relatively lightly, with the country subject to only a 10% levy, alongside our Arab neighbours in Saudi Arabia, Morocco, Oman, Yemen, Sudan, Kuwait, Lebanon, Qatar, Bahrain, and the UAE. However, not everyone in the region was as fortunate, with Syria set to face a 41% tariff, Iraq a 39% tariff, Libya a 31% tariff, Algeria a 30% tariff, Tunisia a 28% tariff, and Jordan a 20% tariff.

The US slapped China with a 34% tariff, taking the total tariff on Chinese imports to 54%. It also targeted the EU with 20%, Vietnam with 46%, and Taiwan with 32%.

China strikes back, others might soon follow: The move is set to ignite a global trade war after decades of liberal trade measures from the US, with trading partners widely expected to retaliate. Beijing led the pack with a 34% tariff on all goods imported from the US, with the EU expected to follow soon. Other countries are attempting to negotiate their way out of the measures, including Vietnam, whose president To Lam had a “ productive call ” with Trump, and will meet to negotiate a trade agreement soon.

Despite Trump’s talk of trade deficits, it’s Egypt that runs a pretty heavy trade deficit with the US. The US ran a USD 3.5 bn trade surplus with Egypt in 2024, according to the Office of the US Trade Representative. The direction of travel is also in the US’ favor, with its trade surplus with us increasing 69.4% y-o-y last year, as US exports to Egypt increased 36.0% y-o-y to USD 6.1 bn and Egyptian exports the other way only inched up 6.7% y-o-y to USD 2.5 bn.

But it’s still unclear how Egypt — let alone the global economy — will be impacted, with the Investment Ministry currently studying the implications of the decision, Asharq Business reports, citing an unnamed government official. One unknown is if the decision will apply to goods exported through the QIZ agreement that enables Egypt to export to the US duty-free if the products have at least 10% Israeli input, which some industry insiders suggest will remain unaffected.

Some think that the decision could actually be a boost for Egyptian exports, with one unnamed government official telling the regional outlet that the country’s comparatively low tariff rate will increase its competitiveness and attract investors like China that are seeking to bypass higher tariff rates elsewhere. Egyptian Businessmen Association Chairman Ali Issa mirrored this view, pointing to garments as a sector — the largest source of US-bound exports — that has the potential to take advantage of the situation by upping its exports to the US. But there’s concern that a resultant global uptick in inflation could move investment out of emerging markets, according to EFG Hermes’ Mohamed Abu Basha.

We dive more into the response from global investors and financial markets in Planet Finance, below.

Egypt’s non-oil private sector activity slips back into the red in March

The non-oil private sector’s two-month stint in expansion territory has come to an end, with declining demand and weaker output helping drive the trend, according to S&P Global’s latest Purchasing Managers Index report (pdf). Egypt’s headline figure fell 0.9 percentage points to 49.2 in March, down from 50.1 in February and below the all-important 50.0 mark is the threshold separating contraction from growth. Despite the fall, the reading “remained higher than its long-run trend, suggesting that businesses are still in a good overall position,” S&P Global Senior Economist David Owen said.

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

New orders from both local and international sources fell, leading to local companies to trim spending and reduce operations. Companies also reported a decrease in purchasing activity — decreasing for the first time in four months — alongside a reduction in workforce headcounts.

Input prices rose but at their slowest rate in 58 months, which may suggest that the increasing stability of the EGP against the greenback is helping ease inflationary pressures. The country’s private sector responded to the deceleration of input price inflation by raising prices at the lowest level during the quarter at the slowest pace in four years.

Not all sectors had a bad month, with the report highlighting that the construction industry witnessed “robust growth in output and new work,” in contrast to manufacturing and retail.

Businesses are unsure of what lies ahead, with companies’ expected outputs falling to some of the lowest levels reported by the index, which Owen attributes to an unpredictable future ahead for the local economy despite an improved inflation outlook.

Some corners of the international press also took note of the reading: Reuters.

EU greenlights EUR 4 bn of macro-financial assistance for Egypt

The European Parliament approved the EU Commission's proposal to grant Egypt a EUR 4 bn loan, which is set to be disbursed in three separate tranches, according to a statement from the bloc’s legislative body on Tuesday. The vote was passed with 452 members of the parliament voting in favour, while 59 voted against and 46 abstained.

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

The loans are part of a wider EUR 5 bn macro-financial assistance package agreed inMarch last year, the first EUR 1 bn of which landed in state coffers at the end of December. The strategic and comprehensive partnership inked between Egypt and the EU also includes EUR 1.8 bn of “additional” investments under the Southern Neighborhood Economic and Investment Plan and EUR 600 mn in grants, including EUR 200 mn for migration management, all of which are set to be disbursed by 2027.

The concessional loans are designed to support macroeconomic resilience and stability, improve competitiveness and the business environment, and support the country’s green translation, according to a statement from the Planning and International Cooperation Ministry.

What’s next? The Planning and International Cooperation Ministry will meet and coordinate with national authorities and the EU to discuss timetables to conclude the disbursal of the loans and to finalize the structural reform package tied to the funding.

ALSO- The IMF disbursed a USD 1.2 bn tranche following the completion of the fourth review of Egypt’s USD 8 bn loan program, according to a cabinet statement.

Egyptian auto sales edge up in February after January slump

Vehicle sales rose 4.3% m-o-m in February to 10.6k units, up slightly from 10.1k in January, according to figures from the Automotive Marketing Information Council (Amic) seen by EnterpriseAM. The figure marks a modest rebound from last month’s 22.0% drop, which ended a four-month rally that began in October following a summer slump.

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

The passenger vehicle segment recorded the strongest growth in February, rising 7.1% m-o-m to 8.1k units. Bus sales fell for a second consecutive month, dropping 11.7% m-o-m to 616 units, while truck sales edged down 1.2% m-o-m to 1.8k.

On a yearly basis, total auto sales in February were up 42.8% y-o-y, with all three segments seeing growth. Passenger car sales rose 39.2% y-o-y, bus sales climbed 18.7%, and truck sales jumped 75.5% compared to the same period last year.

REMEMBER- Auto sales saw a partial recovery last year, growing some 13.2% y-o-y with some 102.2k vehicles sold throughout the year after the market got the chance to catch its breath after a turbulent period triggered by an FX crunch that limited supply in the market and gave distributors leverage to hike prices as they pleased.

A caveat to the numbers: Amic figures are sourced from member distributors, representing the bulk — but not the entirety — of the industry.

Egypt’s net foreign assets rise for a second month, hitting USD 10.2 bn in February

Net foreign assets in Egypt’s banking sector rose for a second month running, logging USD 10.2 bn in February, up 17.2% from January’s USD 8.7 bn surplus, according to data (pdf) from the Central Bank of Egypt. The two-month rebound follows a sharp three-month downturn during which net foreign assets fell to just USD 5.2 bn in December from USD 10.3 bn in September — a period marked by seasonal FX pressures and heightened USD demand.

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

A narrower deficit at commercial banks helped lift the sector’s external position, with its net foreign asset deficit shrinking to USD 1.9 bn in February from USD 3.3 bn a month earlier. The improvement came as foreign assets rose to USD 26.2 bn, while liabilities dipped to USD 28.1 bn.

The central bank continued to book modest gains, recording a net foreign asset surplus of USD 12.1 bn in February, up slightly from USD 12.0 bn in January. Foreign assets rose to USD 46.0 bn from USD 45.7 bn, while foreign liabilities eased to just under USD 33.9 bn from USD 33.8 bn a month earlier.

Still, the banking system’s external position remains well below last year’s peak. Egypt’s net foreign asset surplus is down 28.7% from its May 2024 high of USD 14.3 bn. Commercial banks have remained in deficit for seven consecutive months.

REMEMBER- The May peak marked the first time that net foreign assets recorded a surplus in over two years, which followed the receipt of the second and final tranche of the USD 35 bn Ras El Hekma agreement bringing in some USD 14 bn of fresh inflows. Prior to that, the country had been in a sustained deficit since February 2022, when Russia’s invasion of Ukraine triggered capital outflows of around USD 20 bn.

The global press also took note of the news: Reuters.

EFG Hermes tops the EGX brokerage rankings in March for sixth consecutive month

EFG Hermes’ brokerage arms topped the EGX brokerage league table in March, with a 15.1% market share, according to figures released by the bourse (pdf). CI Capital came in second with 8.1%, followed by Thndr Securities at 7.6%. Mubasher Securities at 7.0%, and Cairo Capital Securities at 5.2% rounding out the top five.

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

On a quarterly basis, EFG Hermes maintained its lead with a 30.3% share of the market, followed by CI Capital with 8.0%, Thndr with 6.2%, Mubasher with 5.6%, and Cairo Capital in fifth place with 4.1%.

EFG Finance’s Bedaya secures EGP 1.6 bn from its first 2025 securitized bonds issuance

Bedaya raises EGP 1.6 bn from its first 2025 securitized issuance: Bedaya Mortgage Finance, a subsidiary of EFG Holding’s NBFI arm EFG Finance, has closed a EGP 1.6 bn securitized bond issuance, according to a press release (pdf) from issuance adviser EFG Hermes. This marks the company's sixth such issuance and the fourth in a wider EGP 3 bn program.

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

About the issuance: The issuance included four trances with tenors ranging from 13 to 81 months, which received ratings ranging from AA to A- from the Middle East Ratings and Investors Service (MERIS). The issuance was backed by a receivables portfolio from GB Corp’s Capital for Securitization as the issuance’s special purpose vehicle.

Who bought in? Bank ABC was among those that subscribed to the issuance, while the National Bank of Egypt, Arab African International Bank, Banque Misr, Al Baraka Bank, and EFG Hermes were underwriters.

What they said: “Working alongside EFG Hermes has enabled us to develop a dynamic securitization program that not only strengthens our liquidity position but also enables us to extend financing to a wider segment of Egyptians seeking to own homes,” said Bedaya CEO Tarek Abou Gendia.

Advisors: Our friends at EFG Hermes acted as the sole financial advisor and transaction manager, as well as a book-runner and arranger on the transaction. NBE also acted as the placement agent, while Abu Dhabi Commercial Bank acted as the custodian bank. Barakat, Maher & Partners, in association with Clyde & Co, provided legal counsel, and Sherif Mansour Dabus-Russel Bedford served as the auditor.

DATA POINT- This issuance brings the total value of securitized bonds issued in Egypt this year to EGP 10.0 bn — 43.3% more than the amount raised in the same period last year — according to data tracked by EnterpriseAM.

Moharram & Partners names Sherif El Bidewy as the new CEO

Moharram & Partners has appointed Sherif El Bidewy (LinkedIn) as its new group chief executive officer, succeeding Hala Abdel Wadood, the public policy firm said in a statement. El Bidewy steps into the role after serving as a senior adviser at M&P and brings more than two decades of diplomatic experience to the post. He was Egypt’s ambassador to the UAE from 2018 to 2022 and served as consul general in Dubai from 2012 to 2016. He also held posts at Egyptian embassies in Greece, Kuwait, and Belgium.

Prime Minister Moustafa Madbouly appointed Ahmed Amawi as the head of the Customs Authority for a one-year term, according to a Finance Ministry statement. “We will exert all our efforts with our colleagues in Customs Authority to achieve a qualitative leap based on facilitating procedures, assisting investors and supporting trade and industry,” the new head of the authority said.

Nassef Sawiris’ UK exit for Italy catches the attention of the foreign press

Nassef Sawiris waves goodbye to the UK: Egypt’s richest man is catching the attention of the international press, with Bloomberg reporting that Nassef Sawiris — the b’naire co-owner of Premier League side Aston Villa — has officially relocated to Italy, the latest in a wave of wealthy individuals exiting the UK amid mounting tax pressures.

Sawiris’ departure had been in the works for some time: Bloomberg reported earlier this year that he was exploring alternatives to the UK, and Italy appears to have won him over with its flat annual tax of EUR 200k on overseas income for wealthy new residents. The filings also show that Sawiris stepped down in November from the London arm of his family office, NNS Group, just a few months after it re-registered in Abu Dhabi — marking a broader shift in his business and residency footprint.

Modon taps Elsewedy Industrial Development to build and run Ras El Hekma industrial zone. PLUS: Banknbox heads to Qatar

MANUFACTURING-

Modon Holding and Elsewedy Industrial Development will develop and run an industrial zone in Ras El Hekma, which is set to span 10 mn sqm and employ more than 20k people, the Emirati-based master developer of the project said in a statement (pdf). The zone will first target investors and companies in the building materials sector to support the construction of the city.

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

Hassan Allam Group’s 3S Ready Mix Concrete may set up shop in the zone, with the arm of the company having inked an MoU with the Abu Dhabi wealth fund ADQ portfolio company to supply building materials and explore the possibility of developing production lines at the planned industrial zone. Modon has also inked similar MoUs with Elsewedy Electric, along with the UAE’s RAK Ceramics and Hitech Concrete.

EXPANSION-

Cairo-based third-party payment processing platform Banknbox planted its flag in Qatar, having set up its headquarters in the country — its first expansion in the Gulf — and securing a license from the Qatar Financial Centre, according to a statement (pdf). Banknbox will expand in the country through a strategic partnership with digital wallet provider Cwallet, with plans to launch its services in 2Q 2025.

US stocks lose USD 5.4 tn in just 48 hours amid Trump tariff selloff

The trade war is off to a bumpy start, as Trump’s tariff announcements on Wednesday triggered the worst week for US equities since the onset of the Covid pandemic, leading to the S&P 500 losing 9.1% through the week — including a 6.0% fall on Friday alone — erasing USD 5.4 tn in market value and the Nasdaq down 22.7% from its December peak.

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

Tech stocks in particular had a rough week, with chip maker Nvidia dipping 10.3% throughout the week and Apple seeing its share price fall 13.3% throughout the same period. Companies with significant exposure to China also saw a sell off, while recession fears drove investors to sell shares in banks and energy companies.

Exchanges outside the US fared little better, with the UK’s FTSE 100 losing 7.0% in the week and the EURO STOXX 50 down 8.2%. Further afield, Japan’s Nikkei 225 clocked a 7.3% decline during the week, Hong Kong’s Hang Seng recorded a 3.5% fall, while Korea’s Kospi and China’s Shanghai index survived the week in a better shape — albeit still in the red.

Investors across the globe are looking to government bonds as a way to guard against market volatility. Ten-year US Treasury notes saw yields fall 12.2 basis points to a six month low, while government debt instruments in Germany and elsewhere also saw their yields drop significantly. “A lot of investors I've talked to have just said in this kind of environment, let's go to cash and just wait it out,” Cherry Lane Investments Partner Rick Meckler told Reuters.

Some are already warning of an incoming recession, including Barclays Global Research Chair Ajay Rajadhyaksha, who told the Financial Times that “if the reciprocal tariffs are not walked back by April 9, which I don’t think they will be, you will probably be looking at a recession in the United States and the European Union.” Fed head Jay Powell is also warning that the tariffs will lead to “higher inflation and slower growth,” limiting the reserve’s monetary policy wriggle room with a growing concern that the country could enter into a period of stagflation.

EGX30	31,700	-1.0% (YTD: +6.6%)
USD (CBE)	Buy 50.53	Sell 50.67
USD (CIB)	Buy 50.54	Sell 50.64
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,883	-1.2% (YTD: -1.3%)
ADX	9187	-0.8% (YTD: -2.5%)
DFM	4951	-1.5% (YTD: -4.0%)
S&P 500	5074	-6.0% (YTD: -13.7%)
FTSE 100	8055	-5.0% (YTD: -1.4%)
Euro Stoxx 50	4878	-4.6% (YTD: -0.4%)
Brent crude	USD 65.58	-6.5%
Natural gas (Nymex)	USD 3.84	-7.3%
Gold	USD 3,035.40	-2.8%
BTC	USD 82,917.00	-1.4% (YTD: -11.4%)

THE CLOSING BELL-

The EGX30 fell 1.0% at Thursday’s close on turnover of EGP 2.4 bn (31.3% below the 90-day average). Local investors were the sole net buyers. The index is up 6.6% YTD.

In the green: GB Corp (+6.8%), Orascom Development (+4.3%), and Fawry (+2.1%).

In the red: CIB (-3.3%), TMG Holding (-2.2%), and EgyptAlum (-1.6%).

CALENDAR

APRIL

6-8 April (Monday-Tuesday): French President Emmanuel Macron's visit to Egypt.

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

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.

27 April (Sunday): Deadline for applications to MINT Incubator's 3-month equity-free startup program with Alex Angels.

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

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

Mid-April: Egyptian trade delegation to promote investments during an official visit to Canada

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.

Arla Foods’ deadline for Domty acquisition offer.

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

Sections

About

Privacy & Support

Get EnterpriseAM daily