Non-oil private sector activity is back in growth territory

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What We're Tracking Today

Kuwait renews USD 2 bn deposit with the Central Bank of Egypt

Good morning, folks. We have a packed issue for you this morning to close out the week, led by two big stories — after months in contraction, non-oil private sector activity is back in growth territory, plus the Madbouly government announced its long-awaited second package of tax facilities targeting compliant taxpayers.

Check your inbox at 10am for the final issue of EnterpriseAM Forum Playback, our special series covering the EnterpriseAM Egypt Forum 2025. This year's forum was packed with actionable intelligence on the future of Egypt’s business landscape. We’ll also drop a companion podcast in our EnterpriseAM Egypt feed so you can listen on the go.

In today’s issue: We’ll revisit our on-stage conversation on how Egypt’s private sector is planning through uncertainty, with HSBC Egypt CEO Todd Willcox, Algebra Ventures’ General Partner Leila Hassan, and Arkan Palm Director Ahmed Badreldin breaking down what 2026 really looks like for businesses, how companies are budgeting around it, and where the next up-cycle may begin. We also look at how shifts in costs, talent retention, and the return on long-term investors are shaping strategy for the years ahead.

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PSA-

WEATHER- It’s another cool day in Cairo, with a high of 25°C and a low of 18°C, according to our favorite weather app.

It’s more or less the same in Alexandria, with a high of 24°C and a low of 16°C.

WATCH THIS SPACE-

#1- Kuwait has renewed a USD 2 bn deposit with the Central Bank of Egypt that was set to mature in April 2025 for another year, according to the CBE’s latest external position report (pdf). This puts Kuwait’s total deposits with the central bank at USD 4 bn, the other half was set to mature in September, but it remains unclear if the GCC nation has renewed it.

ICYMI- Earlier this year, it was reported that Kuwait had plans to convert the deposits it holds in the central bank into direct investments across several sectors. We have also been on the lookout for the GCC nation to put into action a planned USD 3 bn investment package

#2- Following up on Volkswagen’s plan to make cars in Egypt: Representatives from global automobile manufacturing giant Volkswagen met with Industry Minister Kamel El Wazir to follow up on the company’s plans to manufacture its vehicles locally, according to a statement. The plan would kick off with contract manufacturing at the Egyptian German Automotive Company plant, followed by construction of a fully integrated automotive factory in East Port Said.

This isn’t the first we hear of this: Africa Managing Director Martina Biene told Bloomberg back in June that the company is “very interested in Egypt as a production hub.”

#3- Egypt’s first university city: The Madbouly government is planning to build Egypt’s first integrated university city in the Delta region, according to a statement. The project will include a national university, a technological university, foreign university branches, a university hospital, and research and innovation hubs.

POLICY-

The government will soon announce the first group of state-owned companies targeted for reform as part of its plan to maximize the value of public assets, Prime Minister Moustafa Madbouly said during his weekly presser. The move follows the establishment of a new unit to manage, evaluate, and restructure state-owned firms. Companies will fall into one of three categories — earmarked for a restructuring under the cabinet’s unit, transferred to the Sovereign Fund of Egypt, or slated for a full or partial state exit from ownership.

HAPPENING TODAY-

#1- Sparkie’s Town is here: Fintech giant Valu is hosting its first ever Christmas market — Sparkie’s Town — today in Palm Hills Sheikh Zayed’s Golf Central, it said in a Facebook post. The event will kick off at 7pm and feature festive decorations and complimentary food and drinks.

#2- It’s the last day of the Egypt Defence Expo (EDEX) at the Egypt International Exhibition Center. The event is expected to bring together over 40k visitors to check out the 450 exhibiting companies showcasing the latest land, sea, and air defense technologies.

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THE BIG STORY ABROAD-

It’s a pretty slow news day in the business press, with no one story dominating headlines. Among those getting ink:

#1- HSBC has appointed Brendan Nelson as chairman, making his interim role permanent seven months after launching a search to replace former chair Mark Tucker. The decision came just a day after CEO Georges Elhedery said Nelson was not seeking the position permanently. Nelson joined the bank’s board in September 2023 and has been serving as interim chair since October. He will continue to chair the Group Audit Committee until HSBC releases its 2025 results in February, after which a successor will be announced. (Reuters | Wall Street Journal | Financial Times)

#2- Meta has poached Apple’s head of user interface design Alan Dye to accelerate its push into AI-powered devices. Dye, who led Apple’s user interface design team since 2015 and played a key role in products like the Apple Watch, iPhone X, and Vision Pro headset, will join Meta as chief design officer. His departure adds to recent senior exits at Apple, including COO Jeff Williams and AI chief John Giannandrea. (Financial Times | Bloomberg | Reuters)

#3- Bond investors are sounding the alarm over the US Treasury appointing Kevin Hassett as the next Federal Reserve chair, fearing he could bow to political pressure from President Donald Trump to cut interest rates aggressively, Financial Times reports. The Treasury has sought market feedback on potential candidates, including Hassett, during November meetings. Hassett, a former Trump adviser and economist, has emerged as a frontrunner to replace Jay Powell when his term ends in May 2026.

Egypt’s non-oil private sector activity sees fastest growth in five years

Non-oil private sector activity jumped back into the green in November, breaking a nine-month stretch in contraction territory, according to S&P Global’s latest Purchasing Managers Index (PMI) report (pdf). Pushing the headline figure up into the green for only the third time since November 2020 was an uptick in new orders and output amid easing cost pressures.

Activity recorded its quickest growth in five years, increasing 1.9 points from the month before to 51.1, sitting comfortably above the 50.0 threshold that separates growth from contraction.

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

The uptick in activity was seen across every sector covered by the survey, bar one. While the manufacturing, construction, and services sectors all reported an increase in activity, wholesale and retail stood out as the only sectors to see activity decrease over the month.

This bodes well for a “strong end to 2025,” said S&P Global Senior Economist David Owen. Based on historical correlations, this should translate into GDP growth of 5% y-o-y in the last quarter of the year, he added.

Both output and new orders saw their strongest upturns in five years and output recorded the first increase since January. Meanwhile, new business ended eight months of contraction, enhanced by softening cost pressures.

Exchange rate is a key driver of this rebound: “The improved picture in the non-oil economy was linked to strengthening demand conditions and reduced pressure on business costs as stronger exchange rates helped importers,” Owen wrote.

Cost inflation hit an eight-month low in November, with businesses attributing the dip to a strengthening EGP against the USD, which decreased import costs. Meanwhile, firms noted a continuous rise in wages. Selling prices saw a marginal increase, marking the slowest pace recorded in seven months.

Despite the sharp uptick in activity and demand, employment remained broadly unchanged in November, extending a subdued trend seen in recent months.

Business sentiment: Non-oil private firms remain optimistic about future activity, citing stronger demand as a key factor behind their outlook. “Output expansion and higher demand boosted businesses' optimism, yet we think firms prefer to remain cautious given their reluctance to increase employment or accelerate their purchases of inputs,” Thndr Securities’ Esraa Ahmed told us.

Cautious optimism is required: “I hope that we can maintain this trend for three consecutive readings so that we can build a projection or outlook [for Egypt’s non-oil sector] based on it,” Economics Professor Medhat Nafei told us.

Egypt unveils second package of tax facilities

Tax facilities: round two. Finance Minister Ahmed Kouchouk yesterday unveiled the second package of tax facilities, which includes stock market incentives, streamlined tax refund procedures, corporate tax breaks, and more.

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

ICYMI- The Madbouly government announced the first package of tax facilities in October 2024, with the aim of simplifying the tax system and easing the burden on taxpayers.

The new package targets compliant taxpayers with the introduction of a whitelist and a premium card, which will grant them priority access to specialized services and added incentives.

Speeding up tax refunds: Under the package, the departments in charge of VAT refunds will be restructured in a bid to simplify and speed up the refunds process. Whitelisted taxpayers will be able to receive their refunds within a week, Kouchouk said.

You heard it here first: Deputy Finance Minister for Taxes Sherif Al Kilani had previously told EnterpriseAM about the new whitelist system and the efforts to speed up VAT refunds. At the time, he explained that the whitelist will be curated by classifying taxpayers through a highly efficient risk management system.

DATA POINT- Kouchouk said that VAT refunds reached EGP 7.2 bn last fiscal year, up 151% y-o-y, with plans to further increase that figure to support business liquidity.

In a bid to boost private sector participation in strategic projects and make it cheaper for them to access foreign financing, the government will start allowing interest on project-related loans to be deducted from taxable income, reducing financing costs and improving project feasibility. Players working on strategic projects will also be exempt from the cap on deductible loan interest, given the long-term nature of such projects.

A helping hand for industry: The package also extends a temporary tax exemption for imported large-scale production lines that require longer installation timelines to ensure industrial operations remain stable.

Stock market incentives are also in the pipeline: The Finance Ministry will work with the Financial Regulatory Authority to introduce tax incentives aimed at boosting EGX activity for a three-year period, Kouchouk. And while the minister didn’t provide further details on what the incentives might entail, a senior government source recently told EnterpriseAM that the incentives will include scrapping taxes on gains from new listings and amendments to the Investment Law to link exchange listings to investment incentives by the General Authority for Investment and Freezones.

Capital gains tax is out: The government is moving to replace the capital gains tax with a stamp duty to encourage institutional investment in the EGX, Kouchouk said. Our sources had previously told us that the Finance Ministry is looking to collect some EGP 722 mn from the incoming unified 0.125% stamp duty this fiscal year.

Real estate tax is also changing: The government plans to unify the tax treatment for all property transactions by applying a flat 2.5% tax on the contract value of any sale or transfer — even in cases of multiple transactions by the same individual — unless the activity is deemed commercial. The government will launch a new application for property tax filing and payment, enabling taxpayers to easily declare and pay the tax and offset any credit balances through their tax returns.

The package also includes several additional measures aimed at simplifying tax procedures and supporting key sectors. The Finance Ministry will issue a new guide clarifying the tax treatment of exported services and introduce legislative amendments allowing the issuance of temporary tax cards to speed up company formation.

OTHER TAX AMENDMENTS INCLUDE-

VAT on medical devices will be reduced from 14% to 5%, while dialysis supplies and filters will be fully exempt;
VAT break for medical equipment and machinery will be extended for another four years;
Transit goods and related services will be exempted from VAT in a bid to boost transit trade;
Unifying the development fee on all types of cement to simplify compliance and improve price stability;
Departure fees will be standardized across airports to ease costs for tourism companies operating in multiple locations;
Soaps and household detergents will continue to be exempt from VAT to help stabilize prices and reduce consumer burdens — the two products were on the list of products set to lose VAT exemption this fiscal year.

And finally: The Finance Ministry will launch a new online consultation platform to build trust between taxpayers and the Tax Authority alongside a system to finalize company liquidation and closures.

The central clearing system is ready to launch following a pilot phase involving 80 companies.

Solar firms urge government to halt scrapping of net metering system

Solar companies are calling on Prime Minister Moustafa Madbouly to intervene to stop the Electricity Ministry’s decision to permanently end Egypt’s net-metering scheme by year-end, Sustainable Energy Development Association (SEDA) Chairman Ayman Haiba told EnterpriseAM. The industry says the move threatens to stall operations at hundreds of companies and derail investments worth EGP bns.

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

Utilities regulator Egyptera decided in July to suspend net metering before granting a temporary extension through October, allowing firms to continue connecting projects to the grid. That grace period will now end on 31 December, with the regulator set to cancel all circulars governing net metering, effectively terminating the scheme. Net metering allows small-scale installations at factories and production facilities to settle surplus generation against consumption through the grid.

REMEMBER- Sources told EnterpriseAM earlier this year that freezing approvals for connecting solar plants to the grid triggered an industry backlash. Solar companies said the move left operations in limbo, with contracts signed by hundreds of companies stalled as firms had already paid for imported equipment and installation work. Industry players warned the lack of a timeline and clarity risked deterring private investment and disrupting factories attempting to switch to cleaner power sources.

Haiba warned that the decision could halt operations at 168 companies licensed by the New and Renewable Energy Authority, while depriving manufacturers of one of the most effective tools to cut costs and comply with export rules tied to carbon footprints. Eliminating grid compensation would push project payback periods from around five years to more than ten, he said, stripping rooftop and distributed solar of its economic case for factories trying to switch to cleaner power.

Net metering is essential because industrial output does not align with daylight hours and production often pauses on weekends, Haiba added. Forcing firms onto pure self-consumption would waste clean power from small and mid-scale plants and deny the grid ready-to-inject capacity — the equivalent of “mns of tons of fuel,” he said. Distributed rooftop systems are also a stabilizer for the national grid and help narrow Egypt’s FX gap by cutting fuel imports.

Cairo Solar Managing Director Hatem Tawfik told EnterpriseAM that factory-scale systems come with a far lighter FX burden. Importing a 10 MW plant costs about USD 1.5 mn, compared with roughly USD 11 mn for the same capacity under utility power purchase agreements, he said. Tawfik said the sector raised the issue with the electricity minister in late October and was surprised by the final decision, adding that companies want a technical explanation and are ready to help fix any grid concerns. Mature markets, he noted, rely on distributed generation alongside large plants to give grids flexibility and create durable jobs.

Any shutdown of net metering would directly hurt Egyptian exporters under Europe’s carbon border tax (CBAM), weaken the country’s competitiveness, and slow Egypt’s push to become a regional clean-energy hub, Haiba said. He called for keeping the scheme in place to support investment, maintain export flows, and reinforce the state’s renewables strategy.

Beyond connectivity: Vodafone’s big-ticket commitment sets a new standard for accessibility in Egypt on the International Day of People with Disabilities.

On this International Day of Persons with Disabilities, Vodafone unveils a three-pronged initiative that significantly elevates its commitment to the more than 12 million PWDs in Egypt as part of its Accessibility Strategy (2025–2028), which promises to make all customer touchpoints 100% accessible. This comprehensive approach ensures an inclusive experience across every interaction, reaffirming Vodafone's position as a leader committed to leaving no one behind.

The first pillar immediately delivers market-first financial offers, expanding the value and benefits available to PWDs customers. This includes an unprecedented 50% discount on Home Wireless and DSL packages, in addition to the existing 50% discount on pre-paid Flex and Mobile Internet bundles. Alongside the first in Egypt RED post-paid offer Purchase One Month, Get One Free for six months. With a unique move in the market, for impactful financial inclusion, launching Tahwilatak 3aleina benefit, offering free transfers for VF Cash wallets holders from customers with disabilities.

Secondly, solidifying its physical commitment, Vodafone has launched a crucial three-year strategic partnership with Ataa Charitable Investment Fund for Persons with Disabilities and the CEOSS Foundation to expand its accessible stores across all governorates, building on Vodafone’s journey toward accessibility that began years ago. Under this collaboration, CEOSS will conduct access audit reports for all owned and 50+ franchise stores. Ataa Fund will provide technical oversight in line with accessibility standards, to ensure barrier-free access to services. Vodafone's retail team will then renovate these stores to abide by the full accessibility standards.

Finally, guaranteeing digital inclusivity, Vodafone is launching a new accessibility widget on its consumer website. This intuitive tool allows PWDs to easily adjust the website's content to read and understand information in their own way, supporting 9 types of disabilities, like visual impairment, hearing impairment, ADHD, dyslexia, and more. By addressing affordability, physical access, and digital content, Vodafone delivers a comprehensive vision for total inclusion today.

Gov’t raises 2026 passenger car import ceiling to USD 2.5 bn

The Madbouly government has approved raising next year’s passenger car import ceiling for agents to USD 2.5 bn, up from USD 1.8 bn, with an additional 5-10% flex allowance, sources in the automotive sector told EnterpriseAM.

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

Passenger car imports are already on the up, climbing to USD 2.1 bn during the first eight months of the year, up 21.4% y-o-y, according to data from state statistics agency Capmas.

The higher quota reflects improved USD liquidity in the banking system, the sources told us, adding that this has given importers more room without clashing with the state’s broader plan to localize automotive manufacturing.

Starting 1 January, Chinese car imports will only be allowed through official agents and accredited companies, the sources added. The framework will also require commitments on local component manufacturing and after-sales service, in line with compliance standards set by Chinese authorities.

New requirements will govern EV imports as well, to be executed through formal agreements between Chinese manufacturers and their local agents, according to the sources. The Madbouly government aims to curb informal importing practices and push the market toward structured assembly and manufacturing, supported by a package of incentives for companies pursuing local production, the sources added.

Infinity Power breaks ground on Ras Ghareb wind farm

Infinity Power has broken ground on its 200 MW Ras Ghareb wind farm in the Gulf of Suez, according to a press release (pdf). Construction is set to begin under an engineering, procurement, and construction contract recently signed with PowerChina Huadong Engineering Corporation.

(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: While the release didn’t include much on the cost and timeline of the project, we already knew that the project will cost around USD 216.7 mn and is expected to come online by May 2027. It is being developed under a power purchase agreement signed with the Egyptian Electricity Transmission Company in August 2024.

REMEMBER- The project reached financial close back in September, after securing a USD 74.1 mn financing package led by the European Bank for Reconstruction and Development.

In line with our decarbonization plans: The wind farm is expected to cut CO2 emissions by 400k tons per year and power more than 300k homes.

What they said: “We continue to make strong progress towards our 2030 capacity target, and this project marks another important milestone in that journey. It shows that large-scale renewable projects in Africa are becoming a reality on the ground,” Mohamed Ismail Mansour, Infinity Power Co-Founder and Chairman, said.

Siemens Energy names Hussein Shoukry as MD for Middle East + Africa

Siemens Energy appointed Hussein Shoukry (LinkedIn) as managing director for the Middle East and Africa, effective since the beginning of the month, according to a press release (pdf). Shoukry will be based in the UAE and oversee operations across 29 offices in the region, which saw EUR 9 bn in order intake in FY 2025.

His background: Shoukry has been with Siemens for over two decades, joining Siemens Energy in 2021 and most recently serving as senior vice president for project execution, leading a 3.5k-strong team across global competence hubs in Romania, Mexico, and India.

Egypt greenlights fresh incentives to boost hotel room capacity

CABINET WATCH-

The cabinet approved a draft decision putting forward fresh incentives aimed at boosting hotel capacity, according to a statement. Under the incentives, the government will scrap the fees that accompany switching up the use of land or buildings originally bought or set up for residential, commercial, administrative, or mixed-use projects into hotels.

(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 decision grants projects — including hotels, resorts, boutique hotels, heritage hotels, and eco-hotels, as well as holiday home units — conditional exemptions from paying improvement fees typically required when converting land or building use to hospitality purposes under the Building Law. You can check out our detailed coverage of the incentive here.

REMEMBER- The government aims to attract some 30 mn tourists annually by 2030, for which it plans to add some 240-250k rooms to the existing hotel room capacity.

LOGISTICS-

The Transport Ministry is in talks with a Kuwaiti investor to develop, manage, and operate a 200-feddan logistics zone in Sadat City, General Authority for Land & Dry Ports head Sayed Metwally told Al Borsa. Preliminary feasibility studies have been conducted and handed over to the investor, with an MoU expected soon.

EXPANSION-

Transport Ministry-affiliated construction firms are looking to secure up to USD 100 mn worth of projects in Morocco over the next two years, government sources told Asharq Business. The companies plan to enter the market through road, bridge, and railway projects. Firms are already in talks with their Moroccan counterparts to form joint ventures ahead of competing for projects — Ali Tazi, head of the Egyptian-Moroccan Business Council, expects Egyptian firms to secure contracts worth up to USD 1 bn.

DEFENSE-

French defense and security firm Thales and the Arab International Optronics (AIO) have signed a new cooperation framework that expands their decades-long partnership, in a bid to boost the country's local manufacturing and advanced defense capabilities, according to a statement (pdf).

Emerging markets surge on AI optimism, though India lags behind

The AI-driven stock market rally is causing a split between emerging markets, with some indices recording their strongest performance in years, and others experiencing a rout. Still, EM stocks are on track for their best year in nearly a decade, with the MSCI EM index up around 31% YTD, and funds tracking the markets like the USD 141 bn Vanguard FTSE Emerging Markets index up 23.5% YTD, marking the highest growth since 2017.

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

China and South Korea are amongst the top performers, thanks to tech-heavy stocks tied to semiconductors and software, according to the Financial Times. AI-tied stocks like Alibaba Group, up 139% YTD and Taiwan Semiconductor Manufacturing, up 35% YTD, are among those seeing the biggest gains. Heavy concentration in these names, however, has also increased benchmark risk.

On the flipside, Indian equities have underperformed other emerging markets by the widest margin in more than three decades amid uncertainty over a US-India trade agreement, faster AI adoption in east Asia, tighter fiscal and monetary policy, and murky earnings visibility, the FT quotes analysts as saying. The MSCI India index booked its weakest return since 1993, with 2.5% in USD terms this year. Foreign investors have pulled out over USD 16 bn from the market, the second-largest outflow on record.

Funds were redirected to higher-performing EM markets linked to the AI boom, and investors treated India as a “funding trade” this year to finance long positions elsewhere in the region, Goldman Sachs global emerging market equity strategist Sunil Koul said.

ALSO ON PLANET FINANCE-

Anthropic enlists Wilson Sonsoni for IPO: US AI firm Anthropic — creator of the Claude chatbot and a major OpenAI rival — has brought on US law firm Wilson Sonsini to handle its work for a possible IPO, the Financial Times reports, citing sources familiar with the matter. The move comes at a time of sky-high valuations for tech startups, with OpenAI recently valued at USD 500 bn during a secondary share sale. The firm is eyeing a 2026 listing date, one source told FT.

The AI firm is reportedly seeking a private round valuing it at more than USD 300 bn and has held informal talks with banks but not yet chosen underwriters. An Anthropic spokesperson said no decision has been made on if or when it will go public.

REMEMBER- Abu Dhabi AI investor MGX was reportedly in early fundraising talks with Anthropic when Anthropic CEO Dario Amodei was on a tour in the Middle East, as it eyes a USD 170 bn valuation with a USD 5 bn new funding round set to be led by Iconiq Capital, with potential investments from the the Qatar Investment Authority and Singapore’s sovereign fund GIC.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei leading gains, up 1.4%, along with China’s CSI 300 which was up 0.2%. Meanwhile, South Korea’s Kospi dropped nearly 1%, and Hong Kong’s Hang Seng fell 0.2%. Over on Wall Street, futures are little changed after stocks rallied yesterday on hopes of a Fed rate cut next week in light of positive jobs data.

EGX30	41,342	+1.8% (YTD: +39.0%)
USD (CBE)	Buy 47.53	Sell 47.66
USD (CIB)	Buy 47.55	Sell 47.65
Interest rates (CBE)	21.00% deposit	22.00% lending
Tadawul	10,575	+0.4% (YTD: -12.1%)
ADX	9,871	+1.3% (YTD: +4.8%)
DFM	5,907	+1.2% (YTD: +14.5%)
S&P 500	6,850	+0.3% (YTD: +16.5%)
FTSE 100	9,692	-0.1% (YTD: +18.6%)
Euro Stoxx 50	5,695	+0.2% (YTD: +16.3%)
Brent crude	USD 62.87	+0.3%
Natural gas (Nymex)	USD 4.98	-0.2%
Gold	USD 4,235	+0.1%
BTC	USD 93,367	+0.6% (YTD: -0.3%)
S&P Egypt Sovereign Bond Index	972.42	+0.1% (YTD: +25.1%)
S&P MENA Bond & Sukuk	151.96	0.0% (YTD: +8.6%)
VIX (Volatility Index)	16.08	-3.1% (YTD: -7.3%)

THE CLOSING BELL-

The EGX30 rose 1.8% at yesterday’s close on turnover of EGP 6.9 bn (34.7% above the 90-day average). International investors were the sole net buyers. The index is up 39.0% YTD.

In the green: Egypt Aluminum (+6.1%), CIB (+4.8%), and Misr Cement (+4.7%).

In the red: Ibnsina Pharma (-1.9%), Beltone Holding (-1.5%), and GB Corp (-1.3%).

My Morning Routine: Mohamed Elshabrawy, CEO and co-founder of SehaTech

Mohamed Elshabrawy, CEO and co-founder of SehaTech. Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Mohamed Elshabrawy, CEO and co-founder of SehaTech (LinkedIn). Edited excerpts from our conversation:

My name is Mohamed El Shabrawy. I'm the CEO and co-founder of SehaTech. My background is in medicine — I worked as an anesthetist in NHS England for 12 years before moving back home to Egypt in 2022. I launched SehaTech with my friends of 25 years, Mostafa Tarek and Omar Shawky. I’m married and a father of two, who are called Mostafa and Jamila.

SehaTech is a healthcare technology entity that builds healthcare products. What we’re trying to improve is health ins. penetration, which doesn’t exceed 5% in the Egyptian private sector. We’re making policies run more efficiently and cost-effectively, eliminating money wasted on abuse and errors. This makes coverage cheaper and more affordable for average companies, entities, or individuals and families. We hope to one day see 100 mn insured Egyptians, and 100% penetration. We also look forward to replicating this experience across the region.

The idea for SehaTech came from reflecting on my own personal struggles. My father, who was also a doctor, suffered from prostate cancer for 10 years. We were a well-off family, but the medical expenses were still devastating. It doesn’t matter how much money you have — health emergencies will knock you down and consume all your resources.

During my time in the NHS, I envied the quality of healthcare in the UK. I believe that healthcare coverage should be mandatory — it’s not a luxury, it’s as necessary as food and water. But in Egypt and the rest of the region, 70% of people pay for medical treatments out of their own pocket, which means that the state of healthcare isn’t a medical issue, it’s a financial one.

That’s what made me who I am today. I saw a system that covers everyone medically, giving healthcare to those without financial means, felt firsthand what it was like to have your finances razed by the lack of coverage, and decided to put my money where my mouth is, with the help of Mostafa and Omar. It took us a couple of years of brainstorming, studying the market, and understanding what we needed to do before we finally started executing it in 2022. Between 2023 and 2025, we held two investment rounds totaling USD 2 mn.

I’ve always thought of my responsibilities this way: I’m not a CEO — I’m a conductor or a coach. My job is to make sure that all departments work in a synchronized way and in harmony to achieve our goals. I make sure the whole team is working together, passing the ball, until we score a goal and win the match. It’s important to me to look at it that way, because a lot of founders fall into a big trip — they’re operational people by nature, and it’s easy to get dragged into one vertical of your company or one problem after another. It’s crucial to take a few steps back, make sure you don’t get dragged into playing the match by yourself, and remember you’re just the coach.

Two important things are happening on a regulatory level. The ins. industry is becoming more regulated by the Financial Regulatory Authority — they’ve issued a unified ins. law, which means the market will become more regulated and attract more external players and investors, creating a healthier market to work in. Second, we saw the launch of the universal health ins. system a few years ago, which is similar to the NHS and the French system, insuring everyone to a certain limit. We don’t have the ability to cover everyone endlessly, but everyone will at least have basic coverage for medical needs. We think SehaTech is in a great position to enable such an initiative and become its infrastructural backbone.

I’m not a morning person, but my morning routine is very important to me. A lot of people think successful founders and CEOs have great morning routines because they’re morning people by nature, but the only reason I have a morning routine is because I understand the importance of it. I wake up everyday at 7:30am to drop my kids off at school. Afterwards, I do one of three things up until 9:30am — go to the gym, play tennis with my friends, or have coffee with my friends. Then I go back home, shower, put my suit on, and head to work. I go through my emails from 10:30am to 11am — never before that. In the coming hour, I have my regular weekly meetings with my operational team, my finance team, and my human resources team. After that is a rollercoaster.

I try to dedicate specific time slots to problem-solving and firefighting, as any founder will find themselves having to do. I also have time for a short break, where I’ll have lunch, pray, and regain my energy. But otherwise, it’s back-to-back meetings until 8–9pm. I meet with ins. companies, ins. brokers, healthcare providers, and clients — both current and potential. Then I go back to my office for a couple of hours and finish some things up before going home.

I stay on track by making a to-do list for each day for some structure. I know everything I’m doing at the top of each week. Having structure is very important to staying organized and focused, because you can very easily get sucked into one problem — even if it’s minor — just because it’s the first thing you were faced with that day or that week. You have to prioritize.

I think the new generation overemphasizes the importance of work-life balance. If you want to be successful, if you want to build something for yourself and have a great future, you have to understand that there’s a balance, but it might not be 50/50. I always say I’m not just a CEO — I’m a father, a husband, a son, a brother, and a friend. Each of these roles are equally important to me. I keep a strict schedule of what I do with my son, my daughter, my family, and my friends. It’s all about fitting all your roles into your schedule.

My schedule is divided into three priorities — one for family commitments, work commitments, and friend commitments. They’re all equally important. My son’s sports practice is as important as a meeting. Going out with my friends is a commitment I have to honor — that’s my role as a friend. That means prioritizing family- or friend-related emergencies over work sometimes.

Overdoing work-life balance is counterproductive, but you have to make sure you’re also focusing on your other roles as a human being — with your family and friends — alongside getting the work done.

CALENDAR

DECEMBER

1-4 December (Monday-Thursday): Egypt Defence Expo, Egypt International Exhibition Center.

1-12 December (Monday-Friday): IMF mission for extended fund facility program reviews.

4-7 December (Thursday-Sunday): Egy Stitch & Tex Expo 2025, Cairo International Conference Center.

6 December (Saturday): International Procurement Supply Chain Conference, Cairo, Egypt.

10 December (Wednesday): Capmas to release inflation data for November.

15 December (Monday): Neo Gen PropTech and Sustainable Smart Cities Conference, The St. Regis Hotel New Capital

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

EVENTS WITH NO SET DATE

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

JANUARY

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

7 January (Wednesday): Coptic Christmas.

25 January (Sunday): Revolution Day / Police Day.

FEBRUARY

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

19 February (Thursday): First day of Ramadan (TBC).

MARCH

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

21 March: (Saturday): Eid El Fitr starts (TBC).

30 March - 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition 2026 (EGYPES)

APRIL

12 April (Sunday): Coptic Easter.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

27-29 May (Wednesday-Friday): Eid El Adha (TBC).

May: NEBU Egypt’s Gold & Jewelry Exhibition.

JUNE:

30 June (Tuesday): National holiday in observance of June 30 Revolution (TBC).

JULY

23 July (Thursday): National holiday in observance of Revolution Day (TBC).

AUGUST

26 August (Wednesday): National holiday in observance of Prophet Muhammad’s birthday (TBC).

SEPTEMBER

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

27-29 September (Sunday-Tuesday): Egypt will host the fourth edition of the Global Conference on Population, Health and Human Development.

OCTOBER

6 October (Tuesday): Armed Forces Day.

EVENTS WITH NO SET DATE

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.

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

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.

2027: Egypt-EU Summit 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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