Growth almost doubles to 4.5% in FY 2024-25

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What We're Tracking Today

Madbouly is in China for the Shanghai Cooperation Organization Plus summit

Good morning, all. We’re preparing to bid farewell to sahel season and weekends by the beach as we bid farewell to August and prepare to walk into September, back-to-school season, and shorter days.

But it isn’t over just yet — we’re in for one last long weekend this summer with next Thursday off in observance of Prophet Muhammad’s birthday. So far we have word that the public sector and banks will be getting the day off but we’re still on the lookout for statements from the Labor Ministry and the EGX.

We kick off the week with a macro-heavy issue, led by last fiscal year’s financial indicators. GDP growth outpaced expectations, coming at 4.5%, significantly higher than the figure recorded a year earlier. We also dive into the central bank’s Thursday rate cut — the rationale behind it and why analysts are penciling in more cuts this year.

^^ All that and more in the news well, below.

In the fourth issue of our Destination Sahel series, we're bringing you the latest updates on New Alamein City and a look at the best investments in Sahel today. We also investigate the growing issue of beach erosion and its impact on our shores.

Look for Destination Sahel, Issue IV, in your inbox on Wednesday, 3 September.

Missed the first three issues? Tap here to read the full series.

PSA-

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

It’s a little nicer in Alexandria, which will experience a high of 33°C and a low of 24°C.

HAPPENING TODAY-

Prime Minister Moustafa Madbouly is in China to attend the Shanghai Cooperation Organization Plus summit, according to a cabinet statement out yesterday. The two-day gathering in Tianjin — which kicks off today — will bring together leaders and senior officials from member and partner states to discuss political, economic, and security cooperation.

Madbouly’s first day in China was plenty eventful: Madbouly met up with Chinese President Xi Jinping — the two touched on boosting Chinese investments in Egypt. He also met with Cai Qi, a member of the Standing Committee of the Political Bureau of the CPC Central Committee, who voiced his support for Chinese companies setting up shop in the Egyptian market. During the meeting, Madbouly invited Chinese EV players to set up factories in the Suez Canal Economic Zone and called for more cooperation in the field of water desalination and solar and wind power components.

Madbouly also met with representatives from Chinese companies — including petrochemicals player CNCEC and power transformers manufacturer TBEA. During his meeting with TBEA, he pointed to the government’s readiness to purchase over 2 GW of energy from the company, highlighting the TEDA industrial zone as a potential location for a plant. Representatives from the company mentioned solar energy and energy storage batteries as potential areas of cooperation between the two sides.

HAPPENING TOMORROW-

#1- Egypt will host its first-ever G20 meeting tomorrow, becoming the first non-G20 state to do so, the Foreign Ministry said in a statement yesterday. The three-day summit will focus on global and regional food security challenges and feed into a ministerial declaration set to be adopted in an upcoming G20 Ministerial Meeting in South Africa planned for 19 September.

#2- The revamped Labor Law comes into effect tomorrow. This follows years of debate and discussion between the government, parliament, business groups, and labor unions, which saw previous iterations of the bill pulled from the House over competing claims that it was lopsided in favor of either business owners or workers.

What does the new law entail? We dove into the ins and outs of the new law in our coverage here.

#3- The pharma manufacturing expo Pharmaconex kicks off tomorrow at the Egypt International Exhibition Center, according to a statement (pdf) from the organizers. The three-day event will highlight recent public and private sectors’ efforts to localize drug manufacturing and strengthen supply chains under the National Health Strategy 2024-2030. The exhibition will host over 350 exhibitors from 40 countries and feature some 70 conference sessions.

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CIRCLE YOUR CALENDAR-

Orascom Construction will list its shares on the Abu Dhabi Securities Exchange (ADX) on 11 September, moving its primary listing from Nasdaq Dubai, according to a statement (pdf). Once listed on the ADX, under the symbol ORAS, the company’s shares will be dually listed on the ADX and EGX. The opening price on ADX will be set at the closing price on the EGX on 10 September, and converted into AED using the exchange rate published by the Central Bank of the UAE.

REMEMBER- The listing shift comes as the ADX continues to assert itself as one of the region’s capital markets heavyweights, offering deeper liquidity and stronger institutional flows via entities like sovereign wealth funds ADQ and Mubadala.

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-

Fed governor Christopher Waller said he wants rate cuts to begin as of next month’s meeting, which he expects will deliver a 25 bps rate cut, though he did not completely dismiss the possibility of a bigger cut if employment data — out next Friday — shows a substantially weakening economy alongside contained inflation. (Reuters | Financial Times)

SPEAKING OF- The US’ economy grew 3.3% in 2Q 2025, faster than expected on the back of healthy consumer spending and a drop in imported goods. (WSJ)

ALSO- The US ended the de minimis tariff exemption on small packages valued at USD 800 or less, potentially shaking up the e-commerce sector, with several already suspending deliveries of small packages or raising prices. (Bloomberg).

BUT- Tariffs hit a snag: A US court of appeals ruled on Friday that President Trump’s aggressive trade agenda is overstepping his presidential authority. The ruling blocks sweeping tariffs on all imports from countries, but does not affect tariffs on specific industries like steel, aluminum, and autos.

CLOSER TO HOME- Israeli airstrikes on Yemen killed Houthi’s Prime Minister Ahmed Al Rahawi and several political leaders on Thursday, the rebel group confirmed yesterday, vowing to take revenge. The news comes as Hamas also confirmed yesterday the death of military chief Mohammad Sinwar.

Egypt’s GDP growth picks up to 4.5% in FY 2024-25

The economy grew at a 4.5% clip during the fiscal year 2024-2025, exceeding the 4.2% penciled in in the draft budget and almost doubling y-o-y from the 2.4% recorded in FY 2023-2024, Finance Minister Ahmed Kouchouk said during a presser attended by EnterpriseAM yesterday. The presser focused on last fiscal year’s financial indicators, which according to Kouchouk showed “improved economic performance.”

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

External debt fell USD 1 bn last fiscal year, and by about USD 4 bn over the past two years, this pushed the debt-to-GDP ratio to 85.6% in June 2025 from 89.4% in June 2024. “We repaid more than we borrowed,” Kouchouk said, adding that the average maturity of domestic debt has expanded from 1.2 years by the end of the FY 2023-24 to 1.6 years in June 2025.

According to plan: The Madbouly government is targeting a USD 1-2 bn annual reduction in the Finance Ministry’s external debt and to bring down the debt-to-GDP ratio to 80% by the end of June 2026.

This came despite the continued dip in Suez Canal receipts — the canal missed out on USD 3 bn in revenues last fiscal due to ongoing Red Sea disruptions.

FDI inflows also returned to its traditional levels, falling to USD 10 bn in FY 2024-2025, according to Kouchouk. The figure marks a 78% y-o-y dip from the record high recorded in the fiscal year 2023-2024, when inflows were primarily driven by ADQ’s USD 35 bn Ras El Hekma agreement.

Egypt recorded its highest-ever primary surplus of EGP 629 bn — 3.6% of GDP — in the fiscal year 2024-2025, up 80% y-o-y, the finance minister previously said. Meanwhile, the budget deficit expanded to EGP 1.2 tn last fiscal year, compared to EGP 505 bn in FY 2023-24, which had fallen on the back of the Ras El Hekma agreement.

Money in. Money out. Total revenues rose 29.0% y-o-y during the fiscal year to EGP 2.6 tn, driven by a 35.3% y-o-y jump in tax revenues, which hit EGP 2.2 tn, which Kouchouk had previously attributed to tax measures introduced to widen the tax base and create a more efficient tax system. Spending increased at a slower pace, growing by 16.3% y-o-y to come in at EGP 3.9 tn. Both figures line up with those targeted in the draft budget for the year.

Social support took up a chunk of the year’s expenditure: Social security spending rose 12% y-o-y to EGP 642 bn. The Madbouly government spent EGP 165.4 bn (+24% y-o-y) on food subsidies, EGP 43.2 bn (+22.8% y-o-y) on social security programs, including Takaful and Karam, and EGP 142.7 bn (+5.8% y-o-y) on pensions.

Where did the rest of the money go? The government allocated EGP 440 bn to secure the energy needs and pay back arrears owed to international oil companies during the 12-month period. Another EGP 73.4 bn went to the Unified Procurement Authority — marking a 92.4% y-o-y increase — to help settle its overdue payments to pharma companies.

IN CONTEXT- The government had pledged that the summer of 2025 will not see the comeback of rolling blackouts. To that end, the state booked in LNG shipments — and the necessary infrastructure to process the deliveries — to close the gap between demand and supply. As for the spending on arrears, we reported in February that the government is planning to clear all arrears owed to international oil companies by the end of 2025 in a bid to see international oil companies commit new investments, enhance exploration efforts, and increase extraction rates, with the aim of boosting local production.

ALSO- The state spent EGP 18 bn on the export support program and on overdue export subsidy payment. Another EGP 14.3 bn was spent to support the industrial and agricultural sectors during the fiscal year and some EGP 94 bn were earmarked for guarantees for transport, trade and tourism projects.

LOOKING AHEAD-

The second package of tax facilities is upon us: The second package of tax relief measures will be opened up for community dialogue in October, Kouchouk said, with the package to be rolled out “very soon” pending parliamentary approval of some aspects. The first package of tax facilities was issued earlier this year.

Central Bank of Egypt resumes its easing cycle with 200 bps cut

The Central Bank of Egypt (CBE) cut interest rates by 200 bps in its fifth meeting of the year on Thursday, the bank said in a statement. The decision marks a resumption of the Monetary Policy Committee’s (MPC) easing cycle, which was paused in July after two consecutive cuts totalling 325 bps in April and May, and the bank’s third rate cut since November 2020.

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

Where rates currently stand: The overnight deposit rate now stands at 22.0%, the overnight lending rate at 23.0%, and the main operation and disc. rates at 22.5%. Rates are now down a whole 525 bps since the bank began its easing cycle in April.

The why: The MPC stayed firm with its data-driven approach and pointed toward slowing inflation “alongside improving underlying dynamics relative to previous months, and more supportive exchange rate developments” as having created the room for a “measured resumption of monetary easing.” The monthly deflation over the past two months suggests a wider downward trend, “boosted by broad-based easing in price dynamics and a sufficiently tight monetary stance, which suggests an improvement in inflation expectations.”

REMEMBER- Annual headline urban inflation cooled further in July by a whole percentage point, falling to 13.9% — inflation is now at its slowest since March 2025. Monthly urban inflation fell 0.5%, after shedding 0.1% the month before.

The CBE expects inflation to continue its downward path to hit an average of 14-15% in 2025, following a 1.3 percentage point decline from the previous quarter to 15.2% in 2Q 2025. Looking further ahead, the committee expects inflation to continue to make progress toward its 7% (± 2 percentage points) target for 4Q 2026.

But slowing inflation is far from certain, with numerous upside risks ahead, the committee warned. The region is still facing the possibility of escalating geopolitical tensions, while trade uncertainty stemming from ever-changing tariff policies is also contributing to global uncertainty, according to the MPC. Deutsche Bank also highlighted in a note seen by EnterpriseAM that the “pace of fiscal consolidation” set by Egypt as it looks to wrap the next review of its USD 8 bn Extended Fund Facility Arrangement with the International Monetary Fund will be “key in determining the magnitude of upside risks to this forecast.” The bank also pointed to the possibility of the return of UN sanctions on Iran as an important factor to watch in the coming weeks.

The bank noted faster-than-expected growth in 4Q 2024-2025 — growth is expected to have hit 5.4% during the three-month period, pushing up average growth for the previous fiscal year to 4.5% — up a whole 2.1 percentage points y-o-y. The bank attributed this to “positive contributions of non-petroleum manufacturing and tourism” and added that despite the forecasted growth uptick, “demand-side inflationary pressures are projected to remain contained.”

The 200 bps cut came in line with forecasts from analysts polled by EnterpriseAM lastweek, with eleven economists forecasting a rate cut between 100-300 bps and only one analyst predicting a hold.

“We are one-third of the way through the journey of lowering interest rates, and we have two-thirds left,” Al Ahly Pharos Head of Research Hany Genena told EnterpriseAM. The remaining two-thirds of the cutting cycle should see headline rates approaching 14.0%, Genena added.

The easing of inflation is also “something we as citizens feel, not just economists,” with the slowing and even reduction of prices in several sectors being indicative of a wider disinflationary trajectory, he told us. A strengthening EGP — which Genena thinks could hit EGP 46 against the USD — on the back of Qatar’s renewed USD 7.5 bn investment pledge, relatively low inflation, and export expansions, should help cushion the impact of any future fuel price hikes.

Most think that the bank still has plenty more cuts to make this year, including Capital Economics Senior MENA Economist James Swanston, who sees a further 400 bps worth of cuts by the end of 2025, according to a note. This would push headline rates to 18.0%, which Swanston notes would bring real interest rates to among the highest of emerging markets and leave “plenty of scope for further loosening in 2026.” Among those with less dovish forecasts is Deutsche Bank, which sees rates being cut a further 200 bps, standing by its previous forecast that cumulative cuts would reach 725 bps in 2025.

Local banks are getting ready to follow suit, with Banque Misr and others convening their asset-liability committees today to review interest rates on their savings products in light of last week’s policy rate cut. Banque Misr said in a statement seen by EnterpriseAM that it is looking into changes to its deposit and certificate rates.

The cut also caught the attention of some corners of the international business press, including Bloomberg and Reuters.

Egypt, Qatar move to activate USD 7.5 bn investment package, sign new cooperation agreements

Egypt and Qatar are moving closer to activating the USD 7.5 bn Qatari direct investment package, according to a cabinet statement. The meeting between Egyptian Prime Minister Moustafa Madbouly and his Qatari counterpart Sheikh Mohammed bin Abdulrahman Al Thani addressed steps to activate the investment package, which was first announced during President Abdel Fattah El Sisi’s visit to Qatar in April, and reviewed ways to facilitate Qatari investments and engagement with Egypt’s business community.

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

Egypt and Qatar also signed several agreements during the Qatari prime minister’s visit to the country, including MoUs on cooperation in social ins. and pensions and the establishment of a political consultation mechanism between both countries’ foreign ministries, according to a Foreign Ministry statement. Egyptian Foreign Minister Badr Abdelatty and the Qatari official also discussed increasing Qatari investments in priority sectors such as transport, logistics, food security, industrial localization, renewable energy, tourism, and urban development, alongside plans to form an Egyptian-Qatari Business Council and boost Qatari participation in the upcoming Egypt-Gulf Investment Forum in Cairo.

Egypt and Qatar signed another MoU to boost cooperation in agriculture and food security, according to an Agriculture Ministry statement. The agreement sets out plans for collaboration across plant, animal, fish, and poultry production, greenhouse cultivation, agricultural investment, organic farming, agricultural mechanization, plant and veterinary quarantine, and veterinary research, including the development of vaccines and serums. It also covers joint work in the date palm sector, food supply chains, agricultural marketing, scientific research, capacity building and knowledge exchange programs aimed at strengthening technical and scientific ties in the agricultural sector between the two countries.

The two sides also discussed Gaza and the occupied Palestinian territories, highlighting their joint coordination on efforts to secure a ceasefire, facilitate the release of hostages and prisoners, and ensure the flow of humanitarian aid. They strongly condemned ongoing Israeli military operations, settlement expansion, and policies of starvation, warning that such actions deepen the humanitarian crisis, destabilize the region, and undermine prospects for a just peace. The talks also reviewed developments in Sudan, Yemen, Syria, Libya, Lebanon, the Horn of Africa, the Red Sea, and Iranian nuclear development.

The story got ink from the foreign press: Reuters.

CIRA moves closer to raising its stake in CAED + Raya Holding submits MTO to increase its stake in RCX

CIRA Education’s bid to raise its stake in Cairo for Educational Services (CAED) to 90% secured the Financial Regulatory Authority’s (FRA) approval, clearing the way for a mandatory tender offer (MTO) to buy up to 20.6% of the company, or 2.47 mn shares, at EGP 32.7 a share, according to a bourse bulletin. This would value the transaction at EGP 80.8 mn, according to EnterpriseAM math. The regulator said CIRA has two days to publish the MTO. We have reported earlier that CIRA plans to keep CAED listed on the exchange if the MTO goes through.

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

ADVISORS- Our friends at EFG Herms are serving as brokers on the transaction, while Matouk Bassiouny & Henawy is providing counsel.

SPANISH ITI TO ACQUIRE STAKE IN BMIC-

South Valley Cement’s BoD greenlights stake sale: South Valley Cement’s board approved selling the firm’s entire 47.6% stake in Building Materials Industry Company (BMIC) to Spanish firm Inversiones en Tecnologia Industrial (ITI), the company said in an EGX disclosure (pdf). The price of EGP 2 a share values the transaction at EGP 584 mn. ITI’s acquisition is part of its expansion plan into North Africa and has already received approval from the Egyptian Competition Authority.

The sale price is 60% above the fair value of EGP 1.25 per share set by Moores Rowland Egypt in its independent valuation (pdf) of the company. This implied a fair value of about EGP 366 mn for South Valley Cement’s entire stake.

REMEMBER- Ashry Steel was also reportedly competing for a stake in BMIC, with unconfirmed media reports earlier this month saying that the local steel company had submitted a bid for the entirety of the company. Ashry reportedly raised its offer to EGP 1.3 bn for 100% of BMIC — roughly 6% higher than ITI’s bid — with the value covering both the transaction and the company’s existing debts, Asharq Business reported over the weekend, citing unnamed sources.

IN OTHER M&A NEWS-

ALSO- Raya Holding submitted a draft MTO to increase its interest in Raya Customer Experience (Raya CX) to 90% from 60.8%, according to a statement (pdf) from the authority. The offer is pitched at EGP 7.5 per share, the higher end of the range initially set, valuing RCX at EGP 1.54 bn. The FRA noted the filing is still under review. If approved, the move would give Raya Holding near-total ownership of the outsourcing company.

DIVE DEEPER- We sat down with Raya Holding CEO Ahmed Khalil last month to learn more about the potential transaction — check out the interview here.

AND- Saudi’s Alinma Investment sold its entire 14.9% stake (some 833k shares) in EGX-listed Delta Printing and Packaging for EGP 71.9 mn, according to an EGX disclosure (pdf). The transaction was priced at an average of EGP 86.3 per share.

GlobalCorp closes EGP 4.9 bn securitized bond issuances

Non-banking financial services firm GlobalCorp closed EGP 4.9 bn in securitized bond issuances, according to a statement (pdf) from the company. The transactions included the company’s seventh issuance for its financial leasing portfolio and its first-ever for its mortgage portfolio, both carried out under its second EGP 10 bn securitization program.

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

The breakdown: The leasing securitization was valued at EGP 2.3 bn, featured three tranches, with tenors running 25, 37, and 53 months, and received AA+, AA, and A- credit ratings from Middle East Rating and Investors Service (MERIS). The EGP 2.6 bn mortgage finance securitization was split into four tranches, with tenors of 24, 36, 48, and 60 months, and rated AA+, AA-, A, and A- by MERIS.

Who bought in: The issuance was oversubscribed, attracting subscriptions from 13 local banks. The National Bank of Egypt, CIB, and Arab African International Bank were among the subscribers.

What they said: “The services and solutions we provide to our clients — individuals and institutions — including the issuance of securitization bonds, represent a milestone in our journey and confirm our commitment to strengthening non-banking financial services in Egypt and providing innovative financing solutions that support various sectors,” said CEO Hatem Samir.

ADVISORS- Al Ahly Pharos and the Arab African International Bank were the lead arrangers and financial advisors for the mortgage portfolio issuance, according to a statement (pdf) from Dreny & Partners, which provided counsel. The Arab African International Bank also acted as the custodian, the National Bank of Egypt served as the bookrunner, and Baker Tilly was the auditor.

3 dead and tens injured following train accident

It was a sombre night on the airwaves last night, with the nation’s talking heads covering a train accident that killed three and injured over a hundred. The train was enroute to Cairo from Marsa Matrouh when seven of its railcars went off track and two overturned for yet-to-be determined reasons.

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

As things stand: The National Railways Authority is currently investigating the incident to try and figure out its cause and take the necessary steps. Some 87 of those injured have already been discharged from hospitals after receiving the necessary medical care. Security forces arrested the train driver, and the Public Prosecution has ordered his detention for four days upon investigation.

Transport Minister Kamel El Wazir ordered the formation of a technical committee to determine the cause of the accident, he told El Hekaya’s Amr Adib (watch, runtime: 14:49).

Matrouh Governor Khaled Shoaib made the rounds, joining Ala Masouleety’s Ahmed Moussa (watch, runtime: 8:46) and Adib (watch, runtime: 31:48) to discuss the details of the accident.

BBC also had the story.

Int’l press zeroes in on Egypt’s big tourism wager

Egypt is back in the international spotlight as the Grand Egyptian Museum (GEM) gears up to officially open its doors in November after years of anticipation. The official inauguration of the USD 1.2 bn museum — complete with 5.6k artefacts from Tutankhamun’s tomb — is expected to draw in mns of tourists and give the economy a boost, the Financial Times reports.

Big hopes for the world’s largest museum for a single civilization: Authorities hope GEM will help push tourist numbers to a record 18 mn in 2025, up from 15.7 mn last year, bolstering one of the country’s main sources of FX. While Red Sea resorts have been the biggest driver in tourism recovery, sources the FT spoke to believe the official opening of the museum could “reposition Egypt in the global luxury and heritage spotlight.”

Where things stand: Tourism revenues were up during 9M 2024-2025, rising 15.4% y-o-y to USD 12.5 bn, supported by a pickup in tourist nights to 134.3 mn from 116.4 mn, according to the latest figures.

Egypt secures USD 340 mn in fresh oil and gas exploration agreements

ENERGY-

#1- State-owned Egas signed four new natural gas and oil exploration agreements with international companies worth at least USD 340 mn in total, according to a statement from the Oil Ministry. The agreements cover offshore and onshore blocks in the Mediterranean and Nile Delta and will see the drilling of ten wells.

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

The breakdown: Shell will invest USD 120 mn to drill three wells in the offshore Marnith area. Italy’s Eni, alongside BP and Qatar Energy, will put USD 100 mn into the offshore East Port Said area to drill three wells. Russia’s Zarubezhneft will spend USD 14 mn on four wells in the onshore North Khatatba area in the Nile Delta. Arcius Energy, a BP-Adnoc XRG partnership, will invest around USD 109 mn in the offshore North Damietta area. Reuters also picked up the story.

#2- The Oil Ministry successfully completed the drilling of the exploratory well North Lotus Deep-1 in the Western Desert, operated by Agiba Petroleum in partnership with Italy’s Eni, according to a ministry statement. The well is already online, adding around 1.8k barrels of crude and 7 mcf/d of gas — equivalent to roughly 3.1k barrels of oil.

Two new wells from the Burullus Gas Company — a JV between Shell, Petronas, Egas, and the EGPC — in the deepwater West Delta also went online, adding a combined 60 mcf/d of natural gas to the country’s production, according to a separate statement from the ministry. Reuters also picked up the story.

London’s IPO drought deepens as Frankfurt, Zürich pull ahead

London’s IPO pipeline is running dry, with just GBP 8.8 bn raised in IPOs and follow-ons in 1H 2025 — the weakest inflation-adjusted tally in three decades, the Financial Times reports. Only three IPOs have landed on the main market this year, pulling in just USD 208 mn, compared to USD 16.7 bn raised by this point in 2021, Reuters reports.

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

REMEMBER- Despite post-Brexit reforms, years of equity outflows since 2016 have left London trailing rivals. The UK ranked just 20th globally for IPO proceeds in 2024, far behind the UAE (5th), Saudi Arabia (7th), and Oman (14th). The Middle East alone accounted for over half of global IPO volumes, while London raised only USD 1 bn, down 9% y-o-y. The city also lost 45 firms to delistings and takeovers.

IPO action is also shifting to continental Europe. Frankfurt and Zürich are preparing for a September wave, with expected listings from Germany’s Stada, Ottobock, Deutsche Börse’s ISS Stoxx unit, and Switzerland’s Swiss Marketplace Group. “These listing locations have the potential to become trailblazers for Europe,” Markus Meier, Bank of America’s head of equity capital markets in Germany, told Reuters.

With IPO mandates scarce, city firms are leaning on other business lines. Panmure Liberum now generates more than half of its revenue from advisory work, up from just a quarter in 2021. Peel Hunt has also seen research revenues rise as investment banking fees fell.

Others are arranging so-called “private IPOs” for private equity clients. These are structured secondary placements that mimic floats, but never reach the open market. Secondary sell-downs in London reached GBP 14.6 bn last year — more than double 2023 levels.

While stopgap transactions keep bankers busy, they tend to be shorter, lower-fee mandates that rarely match the scale of a full IPO — both a blessing and a drawback. “IPOs are a lot of work and have a lot more banks and big syndicates [to split fees between]… but if you do a big equity placing it’s actually less work and pretty profitable for the time you put in,” one senior banker told the FT. IPOs are also valued for the longer-term client relationships they help secure.

EGX30	35,727	+0.1% (YTD: +20.1%)
USD (CBE)	Buy 48.53	Sell 48.66
USD (CIB)	Buy 48.55	Sell 48.65
Interest rates (CBE)	22.00% deposit	23.00% lending
Tadawul	10,732	-0.7% (YTD: -10.8%)
ADX	10,095	-0.2%(YTD: +7.2%)
DFM	6,064	-0.3% (YTD: +17.5%)
S&P 500	6,460	-0.6%% (YTD: +9.8%)
FTSE 100	9,187	-0.3% (YTD: -12.4%)
Euro Stoxx 50	5,352	-0.8% (YTD: +9.3%)
Brent crude	USD 67.48	-0.7%
Natural gas (Nymex)	USD 3.00	+1.8%
Gold	USD 3,516	+1.2%
BTC	USD 108,531	+0.2% (YTD: +16.0%)
S&P Egypt Sovereign Bond Index	907.23	+0.2% (YTD: +16.7%)
S&P MENA Bond & Sukuk	148.41	-0.2% (YTD: +6.1%)
VIX (Volatility Index)	15.36	+6.4% (YTD: -11.5%)

THE CLOSING BELL-

The EGX30 rose 0.1% at Thursday’s close on turnover of EGP 4.4 bn (17.4% below the 90-day average). Regional investors were the sole net buyers. The index is up 20.1% YTD.

In the green: Palm Hills Development (+4.4%), Juhayna (+2.8%), and Fawry (+2.3%).

In the red: Misr Cement (-2.8%), Qalaa Holdings (-1.4%), and Telecom Egypt (-1.0%).

CORPORATE ACTIONS-

Egypt Kuwait Holding to turn into Valmore Holding? Our friends at Egypt Kuwait Holding will ask shareholders to approve a corporate rebranding to Valmore Holding at an extraordinary general assembly scheduled for 21 September, according to an EGX disclosure (pdf).

CALENDAR

AUGUST

Mid-August: Launch of electronic platform to register Old Rent Law tenants.

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

Late-August: Deadline for cement factories to restart production.

SEPTEMBER

1 September (Monday): New Labor Law comes into effect.

1-3 September (Monday-Wednesday): Pharmaconex Exhibition, Egypt International Exhibition Center.

3 September (Wednesday): S&P Global to release PMI figures for August.

8-11 September (Monday-Thursday): The Egyptian-Tunisian Joint High Committee will take place.

8-11 September (Monday-Thursday): EFG Hermes London Conference takes place in the British capital.

9-11 September (Tuesday-Thursday): The International Exhibition for Paper, Corrugated Board, Paperboard and Tissue Paper Industries — PAPER-ME — takes place at the Egypt International Exhibition Center.

10 September (Wednesday): Capmas and CBE to release inflation data for August.

11 September (Thursday): Orascom Construction lists on ADX.

15 September (Monday): IMF to hold its combined fifth and sixth reviews of Egypt’s USD 8 bn EFF arrangement.

24-27 September (Wednesday-Saturday): Cityscape Egypt 2025, Egypt International Exhibition Center.

30 September (Tuesday): The Egypt-South Korea Economic Cooperation and Partnership Forum.

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

1 October (Wednesday): Applications for alternative housing for old rent tenants will open through an online platform or at post offices nationwide.

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

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

7-8 October (Tuesday-Wednesday): HACE-Hotel Expo, Egypt International Exhibitions Center.

7-9 October (Tuesday-Thursday): EgyMedica Exhibition, Cairo International Convention Center.

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

19-20 October (Sunday-Monday): Egypt to host the fifth edition of the Aswan Forum.

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

23-25 October (Thursday-Saturday): Stone Africa Expo, Cairo International Conference Center.

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

Mid-October: Capmas to publish the findings of its 2023-2024 income and expenditure survey.

NOVEMBER

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

20 November (Thursday): Monetary Policy Committee 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 Center.

25 December: (Thursday): Monetary Policy Committee meeting.

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

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

3Q 2025: Polaris Parks to finalize contracts for two new industrial zones in the new capital and Sadat City.

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

2H 2025: Potential visit by Chinese President Xi Jinping to Egypt

4Q 2025: The beginning of construction works on China’s State Grid two solar projects.

4Q 2025: GB Auto starts assembling one of China’s Great Wall Motor models in 4Q 2025.

4Q 2025-1Q 2026: Kasrawy Group to launch first Avatr EV models in Egypt.

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

2025: Release of the government’s Startup Charter document.

Before 2025-end: The government will launch two ro-ro shipping lines with Saudi Arabia and Turkey.

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.

10-12 February (Tuesday-Thursday): Gitex Global’s AI Everything Middle East & Africa Summit

15 March 2026: IMF to hold its seventh review of Egypt’s USD 8 bn EFF arrangement.

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

15 September 2026: IMF to hold its eighth review of Egypt’s USD 8 bn EFF arrangement.

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

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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