FinMin completes USD 1 bn sovereign sukuk issuance

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What We're Tracking Today

No more electricity price breaks for industry players?

Good morning, all. We hope the long weekend has left you refreshed and ready to tackle another work week. We lead today’s issue with sovereign debt news — the Finance Ministry completed a USD 1 bn sovereign sukuk issuance on the Vienna Stock Exchange — and energy news after Israel restarted natural gas exports from its Leviathan field.

We’re in for another shorter-than-usual work week, with this Thursday off instead of Monday — which marks the 12th anniversary of the 30 June Revolution.

PSA-

Taxpayers have until tomorrow to submit requests to settle ongoing tax disputes, the Egyptian Tax Authority said in a statement. The deadline applies to disputes currently under review by appeal committees and the courts. Requests submitted after this date will not be accepted.

WEATHER- It’s another sunny day in Cairo, with a high of 37°C and a low of 25°C, according to our favorite weather app.

It’s cooler in Alexandria, with a high of 31°C and a low of 21°C.

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

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WATCH THIS SPACE-

#1- No more electricity discounts for industry? The government will cancel five-year-old electricity price breaks for industry players on extra-high, high, and medium voltages starting 1 July, a government source told EnterpriseAM. The move comes amid Egypt’s rising reliance on costly LNG imports that are pushing up the country’s import bill.

The move will save the county EGP 5 bn a year, our source told us.

#2- The cabinet approved a draft bill to open up an additional EGP 85 bn allocation in the current fiscal year, which will help the country balance the books after geopolitical and macroeconomic pressures took their toll on the country’s finances, according to a government document seen by EnterpriseAM. Proceeds from tax initiatives launched by the Finance Ministry to include the informal economy and resolve disputes, which have already brought in EGP 85 bn, will be directed toward financing this additional allocation, according to the document.

Over the course of the fiscal year, interest rates on public debt instruments rose to record highs, prompting the government to borrow at higher rates, particularly through short-term debt instruments, which added EGP 57.1 bn in additional public debt service burdens. The EGP weakening against the greenback also pushed up debt servicing costs, as the budget had pencilled in an average estimate of EGP 45 against the USD.

Events in the region could also cause the recently-greenlit state budget for the coming fiscal year to undergo amendments — whether in terms of revenues, expenditures, or the projected deficit — a senior government source told us earlier this month amid the war between Israel and Iran. If given the green light, these amendments are expected to come in 2H 2025, or if necessary, before the end of the current parliamentary session in October, the source said.

#4- Gov’t + UN bodies urge int’l community to support refugees: The Egyptian Foreign Ministry, along with the UN High Commissioner for Refugees (UNHCR) and the UN Development Program (UNDP), called for USD 339.3 mn from the international community and donors to support refugees and host communities under the 2025 Egypt Refugee and Resilience Respo nse Plan (pdf), according to a joint statement. “The international community’s role is crucial in preventing further displacement, while also scaling up the response and resources for refugees and host communities, in an equitable and responsible manner,” said Deputy Assistant Foreign Affairs Minister for Migration and Refugee Affairs Wael Badawi.

REMEMBER- The UNHCR is staring into a USD 97.9 mn budgetary black hole in Egypt amidst a rising refugee crisis, according to a June 2025 repo rt (pdf). The UNHCR has so far secured just 29% of its USD 137.7 mn annual financial requirements to support the 992k refugees registered with the agency in Egypt.

DATA POINT- Of the nearly 1 mn refugees officially registered in Egypt, 73% come from Sudan, 13% from Syria, 5% from South Sudan, and 4% from Eritrea. The total number of registered and unregistered refugees and those belonging to host communities is expected to number 1.9 mn by the end of the year.

SECTOR SMARTS-

HSBC Egypt explored Egypt-UK economic collaboration at the Investment and Infrastructure Forum, co-hosted with the Egyptian-British Chamber of Commerce (EBCC) and UK Export Finance (UKEF), according to a statement (pdf) from the lender. The forum brought together government officials, private sector players, and investors from both countries to explore potential investments in Egypt’s infrastructure sector — focusing on clean and renewable energy, digital infrastructure, and waste management.

Using Egypt as a manufacturing base to export from was also a hot topic, particularly in terms of nearshoring manufacturing due to the country’s proximity to Europe, the Gulf, and other African markets. “Egypt’s youthful population, institutional adaptability, geolocation and strategic openness make it one of the few remaining long-term growth partners in today’s global economy,” said Unilever North Africa and East Mediterranean CEO and Regional Head Cem Tarık Yüksel, whose company exports some 50% of local production.

Participants also highlighted how quickly Egypt’s economy is changing, with Orascom Construction Vice President Tamer Shafik saying that “events like this play a key role in shaping partnerships that support sustainable, long-term growth.” Vodafone Egypt CTO Catalin Buliga pointed to recent developments in the country’s telecoms infrastructure, including 5G and fiber networks, arguing that “Egypt is about to unlock its true potential as one of the leading digital hubs for the Middle East and Africa.”

DATA POINT-

The local pharma market is valued at north of USD 6.2 bn, making it the continent’s largest market, according to a cabinet statement. Egypt also leads Africa and the Middle East in terms of pharma self-sufficiency, with a localization rate of 91%.

CIRCLE YOUR CALENDAR-

#1- Attention, tech startups. The application deadline for DeepTecher is fast approaching. Egypt-based, early-stage tech startups, researchers, and scientists have until 5 July to apply for the Aria Ventures-backed contest, which is offering funding, mentorship, and commercialization chances.

SPEAKING OF- Aria Ventures has allocated EGP 50 mn to support deep tech startups through 2026, according to a statement (pdf) from the venture studio. The firm aims to bridge the gap between pioneering research and market-ready applications, as well as advance deep tech development in the region. Aria Ventures is looking to boost its commitment to EGP 200 mn over the next four years to accelerate innovation across sectors like AI, biotech, robotics, IoT, nanotechnology, and industrial digitalization.

#2- Egypt’s flagship mining forum set for mid-July: The 2025 Egypt Mining Forum will take place at the Nile Ritz-Carlton on 15-16 July, bringing together local and global mining heavyweights to explore investment opportunities in the sector. The event, organized by the Oil Ministry, aims to spotlight Egypt’s mining sector reforms under its national development strategy.

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

THE BIG STORY ABROAD-

US, G7 reach trade agreement: The US and G7 members have agreed to create a “side-by-side solution,” under which US companies would be exempt from parts of the global minimum tax agreement. In return, Washington will scrap a retaliatory tax provision in Trump’s tax and spending bill, according to a statement from the US Treasury. The new “side-by-side” system recognizes existing US minimum tax laws and aims to stabilise the global tax framework.

Providing certainty and stability: The UK’s Chancellor of the Exchequer Rachel Reeves welcomed the agreement, saying that it provides “much-needed certainty and stability” for UK companies that had feared substantial tax hikes. The agreement follows US President Donald Trump’s January executive order withdrawing the US from the Biden-era global minimum tax deal and threatening retaliatory taxes on countries taxing US firms under the 2021 agreement. (Reuters | Bloomberg | New York Times | Financial Times)

Egypt completes USD 1 bn sovereign sukuk issuance fully subscribed by Kuwait Finance House

The Finance Ministry completed a USD 1 bn sovereign sukuk issuance on the Vienna Stock Exchange on Wednesday in a private placement, offering an annual yield of 7.875% with a three-year maturity, according to a statement from the Finance Ministry and another from the Vienna Stock Exchange seen by EnterpriseAM. The private placement was fully subscribed by Kuwait Finance House and follows Egypt’s maiden sukuk issuance in February 2023.

(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: Sukuk holders will be paid a coupon every six months, with the first coupon set to be paid out last Thursday, according to the Vienna Stock Exchange statement. The issuance will help diversify funding sources and the investor base, the ministry statement reads.

This stands as Egypt’s second-ever sovereign sukuk issuance, following our maiden sukuk issuance back in 2023, and is part of the country’s USD 5 bn international sovereign sukuk program, according to the Finance Ministry statement.

REMEMBER- Both countries agreed two months ago on the sukuk issuance, which is likely to be part of Kuwait’s unconfirmed plan to turn its direct deposits in Egypt’s central bank, which currently stand at USD 4 bn, into direct investments.

It’s also possible that the issuance could be part of the government’s sukuk-funded RasShukier project, especially as a still-unnamed Gulf sovereign wealth fund has been gearing up to announce a big-ticket project in the Red Sea project “in the coming days,” we were told earlier this month by a senior government source. However, a government source who spoke to EnterpriseAM on Monday declined to comment on the issuance's connection to the Ras Shukier project but added that a number of other sukuk-backed projects under the initiative with Gulf and local partners will be announced soon.

More sukuk issuances could be on their way: The government is set to move forward with its plan to issue the first sovereign sukuk denominated in EGP at the beginning of FY 2025-2026 “despite current events,” Finance Minister Ahmed Kouchouk told EnterpriseAM last week. We were told last month that the Finance Ministry was working to complete an issuance of USD 1.5-2 bn worth of sukuk that will help repay some USD 1.5 bn of maturing ten-year bonds issued back in June 2015.

Israel restarts limited Egypt-bound gas exports

Israel is gradually resuming natural gas exports to Egypt from its Leviathan field at a reduced volume of less than 200 mn cubic feet per day (mcf/d) — down from the 800 mcf/d of flows recorded in the week before Tel Aviv shuttered its offshore fields earlier in the month — a government source told EnterpriseAM. Supply is expected to hit 850 mcf/d in July and August — down from the 1 bcf/d that would have been supplied at full capacity for this period — before returning to normal levels later in the year.

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

REMEMBER- Israel once again halted Egypt-bound natural gas exports last Sunday as the US launched strikes on Iranian nuclear sites. Israel had only just partially resumed gas exports the Thursday before, after a six-day pause in exports that began when the war started between Israel and Iran.

What does this mean for factories? The government has restarted gas supplies to Mopco, Abu Qir Fertilizers, and a host of factories late last week, industry sources told EnterpriseAM. The government is also reportedly weighing an increase in domestic gas prices for industries to offset the mounting cost of importing LNG from international markets, Al Arabiya reports, citing unnamed sources.

ICYMI- Authorities had temporarily reduced gas supplies to several energy-intensive sectors — including iron, fertilizers, petrochemicals, and aluminum — to prioritize power generation. The move pushed local fertilizer companies to suspend operations.

The halt to supplies led unsubsidized fertilizer prices to jump some 40% last week, Al Arabyia reports. The reduction in gas supplies also led to reduced production of subsidized fertilizers, unnamed sources told the outlet.

IN OTHER ENERGY NEWS-

#1- Eni and its state partners have brought online an additional 60 mn cubic feet per day (mcf/d) in the Zohr field through the drilling of a new well, according to a statement from the Oil Ministry. Flows from the Zohr 6 well will be followed a further 55 mcf/d from the Zohr 13 well following drilling, according to the statement

#2- Egyptian Natural Gas Holding Company awarded six new exploration blocks spread across the Mediterranean and onshore blocks in the Delta and North Sinai, according to an Oil Ministry statement. Chevron, Shell, Eni, Cheiron, IPR, and Perenco are expected to invest USD 245 mn in the blocks and develop at least 13 exploratory wells.

China’s XGY, AOI to establish USD 100 mn medical equipment factory

The Arab Organization for Industrialization (AOI) and China’s Xingaoyi Medical Equipment (XGY) will develop a USD 100 mn medical equipment factory, the organization’s Chairman Mokhtar Abdel Latif told Asharq Business, adding color to a statement from the organization that details the signing of a partnership contract between the two sides. A new entity, the Arab-Chinese Medical Industries Company, will be established by both parties to manage their partnership and the construction of the factory.

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

Déjà vu? We heard last month that AOI subsidiary Arab African Company for Medical Industries (AACMI) inked a partnership agreement to establish a factory to locally manufacture medical equipment with the Chinese firm.

The details: AOI will provide the land, construct the factory, supply utilities, and offer labor, while XGY will supply the raw materials and all of the factory equipment. The factory will produce X-ray machines, MRI scanners, CT scanners, and ultrasound devices for the first time in Egypt. The new facility aims to supply 40% of Egypt’s medical imaging equipment needs, with the country currently importing all of its requirements. The factory is expected to commence production in June 2026.

Looking ahead, AOI also plans to establish three medical manufacturing plants in partnership with African companies. One of them will produce orthopedic plates and screws and is set to be launched by the end of 2025. The other two will produce surgical sutures and safety syringes, aiming to cover 25% to 40% of the imported quantities of these products, which are currently not manufactured in Egypt.

ALSO- Ezz Industries’ Ezz Medical Industries will invest EGP 3 bn to develop a medical device industrial complex in Sixth of October, Ezz Medical Managing Director Kamel Galal told Asharq Business. The complex is expected to be operational by the end of 2026 and will include a ventilators factory and others for producing other electronic medical devices. Ezz Medical has earmarked 70% of production for export.

BSH opens first African factory in Egypt with EUR 55 mn investment

BSH’s first Egyptian, African factory kicks off operations: Bosch subsidiary BSH Home Appliances has inaugurated its first factory in Egypt and Africa with investments of EUR 55 mn, according to a statement. The factory, located in Tenth of Ramadan, will manufacture home cooking stoves for both domestic and export markets.

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

The project at a glance: The plant has an annual production capacity of 350k stoves, 50% of which will be earmarked for export to African and Middle Eastern markets — future plans see the factory exporting products to Australia, Canada, and Latin American markets. The project will create around 1k direct and indirect jobs.

Expansion plans in the pipeline: BSH executives told Prime Minister Moustafa Madbouly that they already have plans to expand operations locally and will present detailed proposals to the government soon.

REFRESHER- The German manufacturer was granted a golden license for the project back in 2023, shortly after announcing its plans for the factory, which is designed to be carbon-neutral.

Years and years in the making: BSH has been eyeing the Egyptian market since 2018, when it initially reported interest in constructing a EUR 80 mn water heater and stove manufacturing company. The company signed a memorandum of understanding with the Trade and Industry Ministry in 2019 to build its home appliances factory.

HMZ LAUNCHES JOINT-

Homzmart parent company HMZ Holding launched a furniture production and supply chain management arm called Joint, which was announced alongside the opening of a USD 1 mn factory for the new company, according to a statement from the company seen by EnterpriseAM. The factory, located in Sixth of October, has an annual production capacity of 60k pieces of furniture. It is also part of a broader network of 60 factories producing for Joint, backed with USD 4 mn in total investment, that is aiming to collectively produce 700k pieces by 2027.

Tasaheel closes EGP 4.7 bn SME-focused securitization

MNT-Halan’s microfinance arm Tasaheel wrapped up a EGP 4.7 bn securitized bond issuance, the first in Egypt to be backed entirely by a portfolio of SMEs, according to a statement (pdf) from the company. The issuance is the largest securitization of the year so far, according to the 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 issuance came in six tranches, which were rated P1 and A- by the Middle East Rating and Investors Service.

Who bought in: The National Bank of Egypt, CIB, Suez Canal Bank, Arab African International Bank, and Al Ahly Pharos underwrote the issuance.

What they said: “This issuance marks an important milestone in Tasaheel’s journey and reflects the strength of its credit portfolio and the trust placed in its performance by financial institutions. Expanding access to finance for SMEs is a cornerstone for supporting Egypt’s economic development, and we are proud to lead this effort through Tasaheel,” MNT-Halan CEO Mounir Nakhla said.

ADVISORS- Al Ahly Pharos and the Arab African International Bank acted as financial advisors and lead arrangers. Matouk Bassiouny & Hennawy served as counsel, while Baker Tilly was financial auditor. The EG Bank acted as custodian.

IN OTHER DEBT NEWS-

The European Bank for Reconstruction and Development (EBRD) inked a USD 25 mn risk sharing facility with Emirates NDB Egypt, the development bank said in a statement. The signing marks the first time an Egyptian bank has joined the EBRD’s risk-sharing framework and will support Emirates NDB Egypt to target high-export potential clients, particularly young entrepreneurs.

Orange Egypt taps Hesham Mahran as new CEO and managing director

Hesham Mahran (Linkedin) will take the helm as CEO and managing director of Orange Egypt starting 1 August, succeeding Yasser Shaker (Linkedin), according to a company statemen t. Mahran brings over 25 years of experience in the sector to the role, most recently serving as Orange Egypt’s chief business officer.

ICYMI- Shaker was appointed as CEO of Orange Group’s Middle East and Africa operations in May, ending his time as CEO of Orange Egypt — a position he has held since 2018.

19 dead in Menoufia accident

It was a sombre night on the airwaves last night, with the nation’s talking heads covering the deadly accident in Menoufia on Friday — a truck crashed into a microbus — which resulted in 19 deaths.

Pointing fingers: The accident raised questions regarding road safety in Egypt, with El Hekaya’s Amr Adib putting Transport Minister Kamel El Wazir under the spotlight (watch, runtime: 1:24 | 3:23). He also addressed (watch, runtime: 1:26) Prime Minister Moustafa Madbouly — “Dear Prime Minister, I hope the next time a tragic incident occurs, we find you standing by the people instead of investors … I don’t know how you slept last night or how you will sleep tonight.”

Lamees El Hadidi pointed to the need to hold someone accountable — “being a leading figure is about more than just cutting the red tape or celebrating achievements … you need to be held accountable when a mistake is made,” she said (watch, runtime: 0:37). She also criticized how the government handled the situation (watch, runtime:0:45) — “Madbouly didn’t offer a single word of condolence during his public appearances [yesterday] … where did the government disappear off to?”

Compensation for victims’ families increased: Labor Minister Mohamed Gobran told Kelma Akhira that President Abdel Fattah El Sisi has ordered an increase in compensation for each of the victims’ families to EGP 500k from EGP 100k and EGP 70k for each injured person (watch, runtime: 7:28).

El Attal Holding eyes expansion into Saudi Arabia, Oman

EXPANSION-

El Attal Holding eyes Saudi, Omani markets: Local real estate developer El Attal Holding plans to build 800-1.2k residential units in a new compound north of Riyadh targeting upper-middle income buyers in cooperation with the Saudi National Housing Company, Chairman Ahmed El Attal told Asharq Business. The company also plans to enter the Omani market with a 2.5k-unit project in Muscat spanning 600k sqm, featuring villas and townhouses.

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

STARTUP WATCH-

#1- Digital logistics platform Nowlun raised an additional USD 600k from Africa-focused VC Ingressive Capital, bringing its pre viously announced seed round to USD 2.3 mn, the home-grown startup said in a statement last week. The additional funding will fund AI integration, including a “powerful logistics assistant for ocean freight shippers across MENA and Africa” that will help simplify processes, minimize overheads, and better coordinate trade in the region.

#2- Breaking down SME policy in Egypt: The OECD is out with a study looking into SME and Entrepreneurship Policy in Egypt (pdf), where it noted that while “there is strong potential to boost MSME and entrepreneurship performance by supporting formalisation, scaling and diversification,” regulatory bottlenecks and informal market dominance continue to constrain growth.

Key takeaways: The OECD stressed that “lowering the cost of regulatory compliance can significantly enhance the business environment for MSMEs and entrepreneurs.” It also flagged the need for better coordination across government entities, stating “there is considerable scope to increase alignment and coordination in the design and implementation of MSME and entrepreneurship policy.”

REAL ESTATE-

#1- Egypt to offer fresh plots west of Cairo to local, Gulf investors: The Housing Ministry has allocated EGP 8 bn to develop the infrastructure of an 11k-feddan plot in Sixth of October ahead of offering it to Egyptian and Gulf investors, Asharq Business reports. The plot — which will be divided into three separate projects — will house residential and commercial developments. The ministry will start accepting offers once the infrastructure developments are completed.

#2-Madinet Masr’s fractional real estate investment platform Safe has processed transactions totaling nearly EGP 300 mn in inventory value in six months, according to a stat ement (pdf) from the local developer. CEO Abdallah Sallam says the transactions’ rate “confirms the market’s appetite for innovative, secure, and flexible investment models that respond to the evolving needs of today’s investors.” More than 3.5k investors are receiving monthly rental yields from their investments, with annual average returns standing at 10%.

COMMODITIES-

Egypt is on track to reach sugar self-sufficiency by 2026, according to a cabinet statement. Raw sugar imports fell 54.5% y-o-y in 1Q 2025, while the total area dedicated to sugar beet cultivation rose around 25% to 750K feddans during the current fiscal year. The government now has a 13-month strategic reserve of sugar.

M&A WATCH-

Bringy acquires HealthTag: Cairo-based digital ins. broker Bringy has acquired healthtech platform HealthTag in a bid to expand affordable healthcare services across MENA, according to a joint statement (pdf). The acquisition will allow HealthTag — a platform that offers low-cost, tech-enabled access to essential medical services for individuals without formal ins. coverage — to “further its mission of medical inclusion.”

What they said: “This acquisition reflects our commitment to reshaping access to healthcare across underserved communities,” said Bringy Board Member Mohamed Elnawawy. HealthTag CEO Andrew Saad — who joined Bringy’s board as part of the acquisition — added that the acquisition will pave the way “to scale affordable healthcare solutions and reach the mns left behind by traditional systems.”

NBFS-

The Financial Regulatory Authority (FRA) approved licenses and fintech services for eight companies, according to a statement from the authority. Valify Solutions and Contact Creditech were cleared to use digital tools for contract execution, client verification, and record management in non-banking financial services. Telda Holding received a license to operate as a custodian, while Thndr and Naeem Holding were approved to manage investment funds. The FRA also greenlit the establishment of Digital Banker Holding and Business Community Holding to help issue securities and increase company capital. In addition, the authority allowed GlobalCorp to add mortgage finance to its services.

US markets soar to record highs, but policy risks keep investors on edge

US markets closed out last week on fresh record highs, driven by easing geopolitical tensions, hopes for trade deals, and expectations that the Federal Reserve will cut rates. Yet, behind the rally, investors remain wary of President Donald Trump’s unpredictable policymaking style.

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

Investors are watching for Congress to pass a sweeping tax-cut and spending bill by early July, while markets remain sensitive to upcoming economic data and the Fed’s next move. The June jobs report, due Thursday, is expected to show a slowdown in hiring to 110k from May’s 139k, according to a Reuters poll. Markets are penciling in a 76% chance of a September rate cut and a 19% probability of a July move, according to CME Group’s FedWatch.

Major US indices closed at record highs on Friday: Both the S&P 500 and the tech-heavy Nasdaq closed up 0.52% to reach fresh highs. Chipmaker Micron’s positive outlook revived confidence in AI-linked chip stocks, pushing Nvidia up 1.8% and bringing it closer to a USD 4 tn market cap.

Despite the gains, institutional investors remain wary of policy risks. “Nobody wants to end a week with a risk-on tilt to their portfolios,” B. Riley Wealth’s Art Hogan told Reuters, adding that investors are “aware that just as the market feels more certain and confident, a single wildcard policy announcement could change everything.” Bank of America’s strategist Joseph Quinlan told the newswire that institutional investors are cautious this time around, pointing out that the high gains markets posted after Trump’s re-election were wiped out by his tariff policies later on. “There will still be spikes of volatility around policy unknowns,” he said. Barclays’ Stefano Pascle echoed the sentiment, citing “a lot of hesitation in chasing the market rally.”

Looking ahead: Investors will keep a close eye on the June jobs report this week, alongside congressional progress on the fiscal bill and tariff deadlines. July has historically been a strong month for stocks, with the S&P 500 rising an average 2.9% in the past 15 years.

EGX30	33,003	+1.2% (YTD: +11.0%)
USD (CBE)	Buy 49.84	Sell 49.98
USD (CIB)	Buy 49.85	Sell 49.95
Interest rates (CBE)	24.00% deposit	25.00% lending
Tadawul	11,068	+0.9% (YTD: -0.8%)
ADX	9,886	+0.8% (YTD: +5.0%)
DFM	5,684	+1.3% (YTD: +10.2%)
S&P 500	6,173	+0.5% (YTD: +5.0%)
FTSE 100	8,799	+0.7% (YTD: +7.7%)
Euro Stoxx 50	5,326	+1.6% (YTD: +8.8%)
Brent crude	USD 67.77	+0.1%
Natural gas (Nymex)	USD 3.74	+6.0%
Gold	USD 3,288	-1.8%
BTC	USD 107,376	+0.3% (YTD: +14.8%)
S&P Egypt Sovereign Bond Index	878.4	+0.1% (YTD: +13.0%)
S&P MENA Bond & Sukuk	145.3	-0.1% (YTD: +3.8%)
VIX (Volatility Index)	16.32	-1.6% (YTD: -6.0%)

THE CLOSING BELL-

The EGX30 rose 1.2% at Wednesday’s close on turnover of EGP 5.4 bn (13.0% above the 90-day average). Regional investors were the sole net sellers. The index is up 11.0% YTD.

In the green: Palm Hills Developments (+4.5%), Qalaa Holdings (+4.1%), and Eipico (+3.9%).

In the red: EFG Holding (-2.5%), Egypt Aluminum (-1.9%), and AMOC (-0.1%).

CALENDAR

JUNE

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

JULY

6-7 July (Sunday-Monday): Brics Summit, Rio de Janeiro

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

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

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

Etihad Airways to launch twice-weekly flights to Alamein

AUGUST

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

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

SEPTEMBER

The Egyptian-Moroccan Business Council to send a delegation of 23 local companies to Rabat.

The Engineering Export Council of Egypt will ship a commercial delegation to Russia to ramp up exports to European markets.

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

7 October (Tuesday): The 2025 EnterpriseAM Egypt Forum.

12-16 October (Sunday-Thursday): Cairo Water Week, Cairo.

19-22 October (Sunday-Wednesday): Arab African Investment and International Cooperation Summit.

October: The third iteration of the Export Smart Exhibition and Conference.

NOVEMBER

16-19 November: Cairo ICT 2025, Egypt International Exhibition Centre.

20 November (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

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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