More LNG coming our way?

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What We're Tracking Today

The US-Egypt Policy Leaders Forum kicks off today

Good morning, all. We kick off the last week of May with an issue packed full, led by news of fresh LNG import agreements brewing, Saudi investments, and the latest on Bonyan’s anticipated IPO. We also have a lot to look forward to today, with the US-Egypt Policy Leaders Forum starting in just a few hours.

HAPPENING TODAY-

#1- A US Chamber Business Delegation is in town for the two-day US-Egypt Policy Leaders Forum kicking off today at the Four Seasons Nile Plaza. The forum will bring together big names from the cabinet — Prime Minister Moustafa Madbouly, nine ministers, and the head of SCZone — 79 executives representing 51 major US companies, and officials from the IFC, IMF, and World Bank.

#2- The Social Education Summit 2025 is taking place today at the Creativa Innovation Hub at Cairo’s Sultan Hussein Kamel Palace. The one-day event will bring together more than 300 participants, 30+ speakers, and representatives from over 45 partner organizations to explore the future of social education.

PSA-

WEATHER- Temps are on the rise across the country, with a three-day heatwave set to last until tomorrow. Cairo will see a high of 38°C and a low of 25°C, according to our favorite weather app.

It’s as hot in Alexandria, with a high of 38°C and a low of 22°C.

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WATCH THIS SPACE-

The government is setting its sights on boosting the local iron industry, cutting down on iron imports, and turning Egypt into a regional iron export hub with a plan to support the industry, according to an Industry Ministry statement.

Part of the plan is an ongoing rollout of new steel billet production licenses to produce inputs with specific properties to feed into the market’s demand for use cases ranging from weldable and earthquake-resistant iron to materials suited for marine and saltwater environments. The ministry will also redistribute surplus billets from existing producers to rolling mills based on their production capacities until newly licensed plants come online.

Thirteen companies are lining up to get the licenses — including Algioshy Steel and Ashry Steel — Al Borsa reports.

AND- The government is also drafting unified industrial policies for iron manufacturing in coordination with the Federation of Egyptian Industries and the Federation of Chambers of Commerce. The guidelines will serve as a shared reference for manufacturers, with a joint technical committee expected to issue detailed recommendations.

THE BIG STORY ABROAD-

US President Trump is back into the habit of tariff threats, this time targeting EU goods with a 50% tariff set to start in June. The threats also extended to US tech giant Apple, with Trump saying he is considering a 25% levy on iPhones manufactured outside the US, which could also apply to “Samsung and anybody that makes” smartphones.

ALSO- Japan’s Nippon Steel got the green light from Trump for its long-stalled merger of US Steel on Friday. The USD 14.9 bn transaction was blocked by former president Biden back in January on the grounds of national security concerns.

AND- The US Treasury Department lifted sanctions on Syria on Friday, allowing US-based entities, as well as allies and partners, to invest and do business there, after his meetings with GCC leaders saw extensive discussions over the topic. The new regulation still blocks agreements that involve officials from the former Assad government, human rights abusers, war criminals, and terrorist organizations.

CLOSER TO HOME- The extensive Israeli offensive continues: Gaza’s Health Ministry said yesterday that 79 bodies were brought to hospitals in the past 24 hours, excluding the toll from the north part of the enclave, where healthcare infrastructure has been rendered completely inaccessible.

The toll includes nine of the ten children of Alaa Najjar, a pediatrician at the Nasser Medical Complex whose home has been struck Friday. Seven arrived at the hospital where Najjar works, while two remained under the rubble at least until yesterday morning, with her husband — also a doctor — in critical condition.

The Somabay Endurance Festival returns for its 7th edition from Thursday, May 29 to Saturday, May 31, 2025, at the Red Sea. Organised by The TriFactory, the event features Super Sprint, Sprint, Olympic, Youth, 1K Kids, and 10K races—uniting athletes of all ages for a weekend of competition, fitness, and fun at Somabay.

Egypt to spend up to USD 2.5 bn on 60 LNG shipments this summer

The Oil Ministry received the go-ahead to sign contracts for up to 60 LNG shipments through early September to meet an expected high electricity demand, a government source told EnterpriseAM. The contracts are expected to help fully cover energy demand throughout the summer and back the government’s pledge to keep the lights on this summer and not return to planned outages.

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

The total value of the shipments is expected to land between USD 2-2.5 bn, the source said, adding that the Finance Ministry has approved the required funding. The payment terms will see Egypt pay a portion of the contract value upfront, with the bulk of payments deferred.

The shipments through September will help make up for a dip in Israeli gas flows expected to continue till August, with pipeline imports falling to 850 mn cubic feet per day (mcf/d), down from the usual 1 bcf/d, due to higher domestic consumption in Israel, the government official told us. This is in addition to a 20% decrease in Israeli flows on the back of a planned 15-day maintenance for its gas facilities, which forced our government to slash natural gas deliveries to fertilizer and methanol factories by 50%.

REMEMBER- We heard last week from a government source that a number of regional energy firms have put in offers to supply Egypt with LNG this year, with Saudi Aramco, UAE’s Adnoc, Algeria’s Sonatrach, and QatarEnergy submitting technical and financial offers to the Egyptian Natural Gas Holding Company.

But Egypt isn’t just focusing on increasing imports; it’s also working to add 450 mcf/d in new production capacity by incentivizing foreign players to ramp up exploration and production, according to the source.

Securing natgas supplies is a top priority: The issue was one of the main talking points during a meeting between President Abdel Fattah El Sisi, Prime Minister Moustafa Madbouly, and Oil Minister Karim Badawi last week. The three sides touched on how the government is preparing for the heightened electricity demand that accompanies the hot summer months. El Sisi highlighted the need to take the necessary steps to ensure electricity stability during the summer.

Egypt isn’t the only nation to see a reversal in its LNG trade fortunes, with traditional exporters like Malaysia, Indonesia, and Algeria poised to soon transition from net exporters to net importers, Shell’s integrated gas head Cederic Cremers told Reuters. Driving the change is rising domestic demand outstripping local production — much like in Egypt, which made the unenviable move last year after having a brief stint as a net exporter with the discovery of the Zohr field in 2018.

Shell sees global LNG demand climbing 60% by 2040, fueled by Asian growth, AI power needs, and industrial decarbonization. And with increased demand comes increased prices — assuming no unexpected jump in supply occurs.

We’re trying to secure our needs for years to come: EGAS inked a 10-year agreement with global maritime energy infrastructure player Höegh Evi for an LNG regasification vessel last week — Egypt will reportedly have four regasification vessels leased by the end of 2026, with a combined capacity of 3 bn cubic feet per day, to help meet rising energy demand.

Saudi deposits could be converted into new investments in real estate among other sectors

More Saudi investments incoming? The Central Bank of Egypt (CBE) is working alongside the finance and investment ministries to finalize a swap agreement involving Saudi Arabia’s deposits, which would convert some of the Kingdom’s outstanding deposits into new investments in real estate and other sectors, a government source told EnterpriseAM.

The details: The source didn’t disclose the nature of the proposed projects but noted that several agreements are currently under review, which are expected to significantly boost FDI. Half of the proceeds will be directed to the public treasury to help meet the growing financial needs of the upcoming fiscal year, with the financing gap set to amount to EGP 3.6 tn.

Saudi deposits at the CBE currently stand at around USD 10.3 bn — USD 5 bn in short-term deposits renewed annually, and USD 5.3 bn in medium-term deposits maturing in October 2026, according to the CBE data.

REMEMBER- Egypt is targeting USD 42 bn in net FDI in the upcoming fiscal year, with plans to increase that figure to USD 55 bn in FY 2028-2029. The FDI growth is expected to be driven by increased interest from foreign investors in Egypt — particularly from Gulf countries like the UAE, Saudi Arabia, and Qatar.

Net FDI inflows reached USD 6 bn in 1H 2024-2025, compared to USD 5.5 bn during the same period a year prior, driven by a strong performance in the non-oil sectors, including greenfield investments, real estate purchases by non-residents and reinvested earnings.

CBE cuts rates for second time amid easing inflationary pressures

The Central Bank of Egypt (CBE) cut interest rates by 100 bps in its third meeting of the year on Thursday, the bank said in a statement (pdf). The move marks the Monetary Policy Committee’s (MPC) second consecutive change to the policy rates since March 2024, following seven consecutive meetings where rates were held steady. It is also the bank’s second rate cut since November 2020.

Where rates currently stand: The overnight deposit rate now stands at 24.00%, the overnight lending rate at 25.00%, and the main operation and disc. rates at 24.50%.

“The moderating trend in headline and core inflation, coupled with easing underlying dynamics, suggests an improvement in inflation expectations,” the MPC said, noting that inflation is predicted to further dip throughout the remainder of 2025 and 2026, “albeit at a constrained pace given the expected drag from implemented and planned fiscal consolidation measures in 2025, in addition to the relative persistence of non-food inflation.”

REMEMBER- Annual urban inflation rose for the second month running in April to 13.9%, marking a 0.3 percentage point increase from the 13.6% recorded in March. On a monthly basis, inflation eased by 0.3 percentage points to 1.3%.

Most economists and analysts we polled last week saw this coming, with most expecting the MPC to cut rates by around 100-200 bps. Driving the predictions was a viewpoint that an additional rate cut would help “stimulate economic growth, given a relative stability in the domestic and international economic conditions compared to the previous month,” HC Securities’ Heba Mounir told us. Ahly Pharos’ Hany Genena added that real interest rates are nearing 10%, global commodity prices are steady, and the EGP is appreciating, all factors that strengthened the case for a cut, he said.

But the cut was on the lower end of expectations, which Genena told us is to account for a slight uptick in inflation in April to still keep a comfortable margin for monetary policy actions further on. But despite the acknowledgment of risks, what stood out was the bank’s commitment to — and confidence in — continuing the easing cycle amid a more supportive macroeconomic environment, according to Genena. “There is no longer hesitation,” he explained, pointing to how despite the existence of risks, the general direction remains firmly fixed in the general direction of continuing the monetary policy easing cycle.

Analysts told us that they see monetary loosening continuing through 2025, including Capital Economics’ Jason Tuvey, who said in a comme ntary that “there’s scope for much more monetary loosening by year-end” as inflation continues to ease. Capital Economics sees the bank’s overnight deposit rate falling from its current 24.00% to a “below-consensus” 17.00% by the end of the year — representing a sizable 7 percentage point cut in total over the five remaining MPC meetings of the year. Mirroring this perspective, Genena told us that Ahly Pharos sees cuts ranging from at least 4 to 5 percentage points, which could increase with Opec production hikes, which are expected to lower fuel prices.

The move caught the attention of some corners of the global press: Bloomberg, Reuters.

Bonyan expects to hit EGX next month

Bonyan is looking to pull in EGP 3 bn from its IPO, including EGP 2.5 bn from a secondary offering and EGP 500 mn from the sale of newly-issued shares, CEO Tarek Abdelrahman told Al Arabiya in an interview (watch, runtime: 5:55). Bonyan is on track to be the first pure-play real estate operating company (REOC) to list on the local bourse in what would also be the first and only IPO on the EGX so far this year. Shares are set to begin trading around 30 June, the CEO said.

The two-tranche offering will be open to both institutional (95%) and retail investors (5%), Abdelrahman said. The real estate investment firm will direct proceeds from the capital hike to grow its portfolio and acquire new administrative buildings. The CEO didn’t disclose when the subscription period will begin.

REMEMBER- Mubasher pegged the fair value price at EGP 7.94 per share, according to a note seen by EnterpriseAM. While the 551.3 mn shares on offer — good for a 33% stake — are being sold by Bonyan’s sole shareholder Sky Realty Holding, a post-IPO capital hike will see the Compass subsidiary reinvest a portion of the IPO proceeds back into Bonyan.

Market fundamentals support the move: Abdelrahman pointed to strong fundamentals in the commercial real estate market, citing a 6.5 mn sqm in annual demand-supply gap for office space in Egypt. Demand is estimated at 9.5 mn sqm annually, while supply stands at just 3 mn sqm.

ADVISORS- CI Capital and Arqaam Capital are leading the IPO as coordinators and bookrunners, with Mubasher acting as the offering agent. Matouk Bassiouny & Hennawy is serving as counsel.

Hassan Allam-Arab Contractors JV to revamp Alexandria’s historic Raml Tram

The long-awaited Alexandria Raml Tram rehabilitation project is one step closer to getting off the ground with the infrastructure works for the project awarded to a JV between local infrastructure and construction leader Hassan Allam Construction and the state-owned Arab Contractors by the National Authority for Tunnels, the Hassan Allam Holding subsidiary said in a statement (pdf). No details about the value of the project or when construction will begin were given.

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

The 13.2 km line will get a full overhaul, including the construction of a modern maintenance depot, elevated viaducts at busy intersections, and upgrades to 24 stations. The route will span at-grade, elevated, and underground sections, connecting Victoria Station to El Raml and integrating with the planned Alexandria Metro at Victoria and Sidi Gaber stations, according to a separate statement by the Transport Ministry.

The wide-ranging project will nearly double the tram’s new operational speed to 21 km/h, and headways will drop from nine minutes to three, allowing the line to handle up to 13.8k passengers per hour per direction — nearly triple its current capacity of 4.7k. The project also aims to reduce congestion, ease traffic flows, and cut emissions in Egypt’s second-most populous city.

What they said: “This project represents a significant milestone in the modernization of Egypt’s public transportation infrastructure. Revitalizing the historic Raml Tram will not only improve urban mobility in Alexandria but also preserve a vital piece of the city’s cultural identity. We are proud to play a role in delivering sustainable infrastructure that supports national development goal,” said Hassan Allam Holding CEO Hassan Allam.

Tabarak Holding’s real estate arm to invest EGP 180 bn in four new projects by 2030

Real estate player Tabarak Holding’s TBK Developments launched three new real estate projects and acquired a massive 800-feddan land plot west of Cairo, Tabarak Holding Chairman Ali Al Shorbany announced at a press conference attended by EnterpriseAM. The price tag on these expansions through their completion in 2030 exceeds EGP 180 bn, Al Shorbany said.

The in-the-works projects include the following:

TBK plans to develop a still-unamed EGP 136 bn mixed-use project near Sphinx International Airport following its acquisition of 800 feddans of land for the development. The project is scheduled to launch officially in September, Al Shorbany said, adding that the upcoming development is set to feature administrative and commercial zones, multi-use residential areas, and a wide range of leisure and service facilities.
The company’s EGP 20 bn Key of Greens project, which will also be located near the Sphinx International Airport and feature 192 villas and 300 residential units, alongside retail units and a hotel.
The developer’s Keystone mixed-use project in New Cairo, which will cost up to EGP 20 bn and house office spaces, residential units, commercial areas, medical facilities, and a 220-key hotel. TBK is in talks with Spanish brand NH Collection to manage the hotel, Al Shorbany told EnterpriseAM.

TBK’s Heliopolis project, which will cost EGP 12 bn and house 1.2k serviced and residential apartments, along with commercial and administrative space in a built-up area of more than 240k sqm.

TBK has begun downsizing unit areas to better match current purchasing power, Al Shorbany told EnterpriseAM. Townhouse sizes have been reduced to 168 sqm from 240 sqm, twin houses to 230 sqm from 300 sqm, and standalone villas have been nearly halved to 380 sqm from 650 sqm.

TBK is also focusing on hospitality, particularly serviced apartments that generate income for owners, Al Shorbany told us. He added that the company is also tapping into new trends such as short-term rentals and hybrid office models. He said that one of TBK’s administrative buildings in Maadi has already been converted into a flexible workspace.

Tabarak Holding’s IPO plans have been pushed back, but not necessarily shelved, Al Shorbany told EnterpriseAM. Having announced in September 2024 its plans to float 30% of its shares on the EGX in the second half of 2025, the real estate company is now waiting until September to decide on if and when it will hit the EGX.

IN OTHER REAL ESTATE NEWS-

Madinet Masr unveils Shark Tank Business Park: Real estate developer Madinet Masr is launching the world’s first business-themed park — inspired by the global TV franchise Shark Tank — Shark Tank Business Park in Taj City, according to a company statement (pdf). The first phase is set to be complete and ready for delivery by 2029, with an investment of over USD 1 bn.

The details: The 20-acre project is being set up in collaboration with Innovative Media Productions and Sony Pictures Entertainment. It will feature 16 buildings and integrate office spaces and cultural venues. It will also host a co-working space.

What they said: “Shark Tank Business Park is the first of its kind globally. Inspired by the worldwide success of Shark Tank, the project reflects our vision to create spaces that go beyond functionality. This is more than just office space; we are building a fully integrated ecosystem, featuring thoughtfully designed landscapes and architecture. Every detail has been curated to foster creativity, productivity, and overall well-being within a vibrant business community,” President and CEO Abdallah Sallam said.

NBE, AAIB, Banque Misr receive approval from CBE to expand regionally

Several local banks are eyeing regional expansion: The Central Bank of Egypt (CBE) gave a number of local banks the green light to expand regionally, particularly in countries with a large number of Egyptian expats, such as Saudi Arabia, Kuwait, the UAE, Qatar, and Jordan. The banks in question include the National Bank of Egypt (NBE), Banque Misr, and the Arab African International Bank (AAIB), according to a document seen by EnterpriseAM.

As things stand: NBE and Banque Misr have already opened up some branches in countries across the region, while the AAIB is still completing the approval process with the CBE, a government source told EnterpriseAM. Banque Misr also opened its first branch in Djibouti back in April as part of a wider Africa expansion plan that includes an additional branch in Somalia’s Mogadishu — set for launch in June — as well as a plan to turn its Kenya representative office into a full branch.

AAIB also received approval from the CBE to establish a financial services subsidiary in the Dubai International Financial Centre (DIFC), with the remaining approval procedures currently underway in the UAE.

What the expansion plans entail: The banks aim to upgrade their presence in countries abroad from merely having representative offices and agents to launching fully operational branches and subsidiaries in select Arab and European countries, a banking source said. These expansions will also be accompanied by competitive exchange rates to reduce competition from exchange offices and other banks.

This could boost remittances: Instant remittances received via the central bank’s payment platform Instapay reached 145k transactions valued at USD 35 mn since its launch during 4Q 2024. Meanwhile, digital remittances received through company apps and transfer service providers activated over the past year reached 185 mn transactions at a value of USD 95 mn.

Remittances from Egyptians residing abroad are expected to reach USD 35 bn in the upcoming fiscal year, before rising further to USD 45 bn in FY 2028-2029. Money sent from abroad is estimated to have made up around 8% of the country’s entire GDP in 2024, up from 5% in 2023 and 6.1% in 2022. In terms of current account inflows, Egyptians abroad sending FX home are expected to have accounted for 35% of inflows in 2024, up from the 25% recorded in the year prior, but still a long way off the 45% recorded in 2020.

REMEMBER- The CBE gave the green light to a number of banks back in December to start accepting Egypt-bound remittances from abroad through Instapay.

AND- Additional measures are being taken to boost funds from expats: The CBE is working to offer products for Egyptian expats, including personal loan initiatives, variable-interest deposits, and high-yield savings certificates. There are also efforts to promote the Beit Al Watan initiative to attract investment from Egyptian expatriates, in addition to efforts to integrate with global credit card networks to increase the volume of instant remittances. The Finance Ministry is also planning on issuing local bonds targeting Egyptians residing abroad through a new digital platform, which would work to allow individuals to invest in domestic debt instruments without intermediaries, our source said.

Egypt’s Environment Minister Yasmine Fouad tapped to lead UN desertification body

The UN appointed Environment Minister Yasmine Fouad as the next Executive Secretary of the UN Convention to Combat Desertification, according to a statement from the organization. Fouad will take up the three-year position later this year, succeeding Mauritania’s Ibrahim Thiaw. A veteran of international climate diplomacy, Fouad brings more than 25 years of experience in environmental governance and sustainable development and has led Egypt’s Environment Ministry since 2018.

Cabinet shuffle incoming? Fouad will be leaving her post as environment minister for her new position at the UN, which means Prime Minister Moustafa Madbouly will have to tap someone else to lead the ministry.

Minya explosion + earthquakes dominated the talk shows last night

It was a less than cheerful night on the airwaves last night, with the nation’s talking head covering a minor gas explosion in Minya that occurred when a gas cylinder exploded. The explosion left one of the two men carrying it with severe injuries and the other with less-severe ones, El Hekaya’s Amr Adib reported (watch, runtime: 5:46 | 0:57). The accident didn’t result in any damage.

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

STAYING ON THEME- Experts took to the airwaves to calm earthquake fears. While more than one earthquake was felt this month, experts say Egypt remains far from major seismic zones. Geology professor at Benha University Zakaria Hamimi told Adib (watch, runtime: 14:10) that most earthquakes originate from the Anatolian plate near Crete and are rarely strong enough to cause damage in Egypt. Chair of the Seismology Department at the National Research Institute of Astronomy and Geophysics Sherif El Hady also chimed in, telling Kelma Akhira’s Lamees El Hadidi (watch, runtime: 10:23) that Egypt’s Delta region may feel tremors more due to its soft soil, explaining that no aftershocks or tsunami risks are expected following the recent earthquakes.

AND- Adib voiced his frustration with real estate telemarketing, calling on the National Telecom Regulatory Authority to find a solution to the issue (watch, runtime: 2:23). “I am talking on behalf of mns who are extremely unhappy with these telemarketers.”

Egypt offers pharma players facilities to boost investments in the sector

TRADE-

Gov’t exempts pharma factories from export approvals: The government has exempted pharma companies operating in freezones from obtaining export approvals from the Egyptian Drug Authority (EDA) to help reduce investment barriers, according to a statement seen by EnterpriseAM. The Trade Ministry’s Trade Agreements Sector also confirmed that all medical products manufactured by production facilities in freezones do not require export approval from the EDA.

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CAPITAL MARKETS-

NI Capital launches Egypt’s first EGX70-tracking fund: National Investment Bank's investment arm NI Capital has launched the country’s first investment fund replicating the performance of the EGX70 — dubbed Sahmy 70, according to a statement (pdf). The fund offers daily subscriptions and redemptions, providing high liquidity for investors.

What they said: “We are pleased to launch 'Sahmy 70' as the first fund in the Egyptian market that mirrors the performance of the EGX70 index, which tracks medium-sized companies listed on the stock exchange. This issuance reflects our belief in the importance of offering innovative financial tools that meet investors’ needs and provide them with the opportunity to invest in the mid-cap segment; a sector that has historically delivered higher average returns than large-cap companies, and one in which we continue to see significant growth potential,” CEO and Managing Director Mohamed Metwally said.

HOSPITALITY-

Emirati hotel management firm Gewan plans to operate 20 hotels in Egypt by 2028, including five properties owned by the National Service Projects Organization (NSPO) under 10-year contracts, CEO Ahmed Hassib told Asharq Business. Gewan currently manages four NSPO hotels in Alamein and will take over a fifth in Nasr City. Egypt could contribute 30% of Gewan’s revenues by 2028, Haseeb said.

In the pipeline: The company signed agreements for a 240-room hotel in New Cairo — set for completion in August 2026 — and an 800-room hotel in Hurghada, with completion set for 4Q 2026. Gewan is also eyeing Sharm El Sheikh and Marsa Alam, Hassib said, adding that the hotels they are eyeing could require potential renovations of up to USD 150k per room.

SMES-

A fresh round of Start IT is underway: Information Technology Industry Development Agency’s (ITIDA) Technology Innovation and Entrepreneurship Center launched the latest round of its Start IT incubator, it said in a statement (pdf). The incubator offers early-stage startups financial and in-kind support of up to EGP 480k and USD 10k in cloud support from Amazon Web Services. The application door closed yesterday.

BTC surpasses USD 110k for first time amid stablecoin bill progress

BTC reached a new all-time high in trading at the end of last week, surpassing its previous January peak to reach USD 111.9k, before pairing back gains over the weekend to stand at USD 108.7k per token as of midnight last night. The digital currency is up 14.1% this month alone and 15.4% YTD, after having spent much of the year in the red YTD on the back of trade war escalation fears pushing some to let go of the asset.

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

Whetting the appetite of investors is the expectation that the US Senate will soon advance a stablecoin bill that would create the country’s first regulatory framework for digital assets, according to the Financial Times. The new rules could expand the stablecoin market more than 8x to USD 2 tn by 2028, according to investment bank Standard Chartered.

Pushing up the price of the digital currency has also been Moody’s decision todowngrade the US’ sovereign credit rating, which has pushed some investors to search for alternative investments outside the USD. While BTC is up 14.1% over the month, the USD Index is down -0.4%

Corporate purchases and acceptance has also been pointed to a reason behind the price rise, with crypto exchange Coinbase entering the S&P 500 and JPMorgan’s about-turn to let its clients buy the crypto currency.

Some think BTC still has a long way to rise in 2025, with Nexo co-founder Antoni Trenchev telling Reuters that “a target of USD 150k in 2025 is still very much on the cards” and Standard Chartered pencilling in an even higher USD 200k by the end of the year.

EGX30	31,976	+0.4% (YTD: +7.5%)
USD (CBE)	Buy 49.83	Sell 49.97
USD (CIB)	Buy 49.85	Sell 49.95
Interest rates (CBE)	24.00% deposit	25.00% lending
Tadawul	11,189	-1.0% (YTD: -7.0%)
ADX	9,665	0.0% (YTD: +2.6%)
DFM	5,464	+0.2% (YTD: +5.9%)
S&P 500	5,803	-0.7% (YTD: -1.3%)
FTSE 100	8,718	-0.2% (YTD: +6.7%)
Euro Stoxx 50	5,326	-1.8% (YTD: +8.8%)
Brent crude	USD 64.78	+0.5%
Natural gas (Nymex)	USD 3.33	+2.5%
Gold	USD 3,395	+2.1%
BTC	USD 108,702	+0.4% (YTD: +16.2%)
S&P Egypt Sovereign Bond Index	869.4	+0.1% (YTD: +11.8%)
S&P MENA Bond & Sukuk	142.8	+0.2% (YTD: +2.1%)
VIX (Volatility Index)	22.29	+9.9% (YTD: +28.5%)

THE CLOSING BELL-

The EGX30 rose 0.4% at Thursday’s close on turnover of EGP 4.3 bn (7.5% below the 90-day average). Local investors were the sole net buyers. The index is up 7.5% YTD.

In the green: Beltone Holding (+5.3%), Palm Hills Development (+3.4%) and EFG Holding (+3.1%).

In the red: GB Corp (-2.1%), Abu Qir Fertilizers (-1.6%), and Ibnsina Pharma (-1.5%).

CORPORATE ACTIONS-

Egypt Post divested EGP 9 bn worth of stakes in seven EGX-listed companies to the Finance Ministry in a move to settle its debt, Asharq Business reports, citing three unnamed sources. The move — which is part of a wider protocol designed to address financial entanglements between different government entities — will reportedly see Egypt Post handing over the same shares it had acquired from the National Investment Bank in December.

The details: The transaction included the sale of a 4.9% stake in Eastern Company, 3.4% in Alexandria Mineral Oils Company, 2.8% in Abu Qir Fertilizers, 1.7% in Alexandria Container and Cargo Handling Company, 1.5% in Sidi Kerir Petrochemicals, 1.1% in Egypt Kuwait Holding, and 0.7% in Misr Fertilizers Production Company.

CALENDAR

MAY

25 May (Sunday): Social Education Summit 2025, Cairo, Egypt

30-31 May (Friday-Saturday): Africa Business Summit, London, UK

Egyptian Exporters Association (Expolink) exhibition, Italy

Egyptian-Russian Business Forum

May 2025: Egypt-Singapore Business Forum, Cairo

May 2025: Egyptian-US Investment Forum

JUNE

2-4 June (Monday-Wednesday): Manufacturing and packaging forum ProPak MENA and Fi Africa 2025, Egypt International Exhibition Centre.

3 June (Tuesday): S&P Global to release PMI data for May recording non-oil private sector activity

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

Realme to open smartphone factory

IFC President Makhtar Diop to visit Egypt

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.

November: Egypt to join the EU’s Horizon Europe research and innovation program.

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

Early 2026: Passenger operations on the New Administrative Capital–Nasr City monorail scheduled to begin.

1Q 2026: Trial operations for the Ain Sokhna–Sixth of October section of Egypt’s first high-speed rail line scheduled to begin.

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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