Egypt drafts EGP 9.7 tn general government budget for FY 2026-27

☀️ Good morning, ladies and gents, and congrats on making it to the weekend. It’s been a shorter-than-usual week, but one that packed some punches — we’ve got the rundown for you below.

While the growing popularity of designated remote work days is a much-welcome introduction to our schedules, the transition can be a tad more difficult than expected. From office setups to productivity tips and tricks, this week’s edition of The Enterprise Guide breaks down everything you need for an ideal remote work set-up.

🗞️ LAST WEEK IN 3 MINS-

BUDGET WATCH-

FinMin is drafting a consolidated general government budget for the third consecutive year in line with an agreement struck with the International Monetary Fund — and we’ve had a sneak peek. General budget expenditures in FY 2026-27 will rise to EGP 9.7 tn from the EGP 8.5 tn expected by the end of the current fiscal year, according to a document seen by EnterpriseAM, while revenues will increase to EGP 8.34 tn from EGP 7.2 tn.

ECONOMY-

S&P Global affirmed Egypt’s sovereign credit rating at ‘B/B’ with a stable outlook. The agency attributed its rating to Egypt’s higher international reserves, which climbed to USD 52.8 bn as of March 2026.

IPO WATCH-

The Madbouly government is planning to temporarily list 30 companies on the EGX before the end of June, including 20 public business sector companies and 10 state-owned oil firms.

ENERGY-

Egypt is set to purchase the entirety of the natural gas produced from Cyprus’s 3.7 tcf Aphrodite field. The agreement was finalized after the Egyptian Natural Gas Holding Company inked a term sheet with field partners NewMed Energy, Chevron, and Shell, alongside a host government agreement to build a USD 2 bn pipeline connecting the field to Egypt’s coast.

MANUFACTURING-

Steel giant Ezz Steel could be lining up to build a USD 780 mn direct reduced iron facility in Algeria. The facility could produce as much as 2.5 mn tons of DRI each year with an annual sales value of USD 835 mn at current market prices.

COMMODITIES-

Officials are hoping to buy some 5 mn tons of local wheat by mid-August — up from purchases of less than 3.9 mn tons last season. To sweeten the pot, the state is offering a record EGP 2.5k per ardeb at the high end for 23.5-grade wheat with a commitment to pay farmers within 48 hours of any contract closing.

DEBT WATCH-

The European Bank for Reconstruction and Development is extending a USD 65 mn bridge loan to Hassan Allam Utilities subsidiary HAU Energy. The financing will cover the construction of Nefer Benban — a 200 MW solar facility and a 120 MW battery energy storage system near Aswan.

M&A WATCH-

Hassan Allam Holding acquired MetiPro, the engineering, procurement, and construction arm of UAE’s Metito. The transaction will set up a platform that boosts the firm’s presence in water operations across the region and beyond.

AUTOMOTIVE-

Auto sales jumped 63.3% y-o-y in February to 17.3k units, with total market sales climbing 22.5% m-o-m. The February figures reflect none of the impact from the US-Israel war on Iran, which kicked off at the month’s end.

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🌍 AROUND THE WORLD IN SEVEN DAYS-

Developments around the US-Iran ceasefire continued to dominate headlines this week, alongside stronger-than-expected 1Q earnings from major US banks. Here’s the rundown.

The US-Iran ceasefire was still holding after Washington started a blockade of Iranian ports earlier this week. Shipping data showed several Iran-linked and US-sanctioned tankers passing through the Strait of Hormuz under exemptions for non-Iranian destinations. US forces continued to impose blockades, forcing vessels to turn back or halt operations altogether in the strait. Officials are pursuing a new round of face-to-face talks in Islamabad, aiming to reach an agreement before the ceasefire lapses.

MEANWHILE- International Energy Agency Executive Director Fatih Birol warned Thursday in an Associated Press interview that Europe may have “[six] weeks or so” of fuel left, likely leading to flight cancellations, should oil supplies from the Middle East remain blocked by the war.

IN THE BUSINESS PRESS- US banks broke earnings records this week as 1Q financials beat expectations. JPMorgan Chase’s net income rose 13% to USD 16.5 bn, with its fixed income trading revenue jumping 21% to almost USD 7.1 bn. The bank’s investment banking fees also came in about USD 260 mn above expectations, delivering its highest-ever top-line figure. Citi also turned in its best quarterly revenue in a decade. Morgan Stanley joined the record-breaking 1Q run, generating nearly USD 1 bn more in revenue than forecast.

ALSO- US President Donald Trump renewed his threat to sack Federal Reserve Chair Jay Powell. Trump wants Powell out on 15 May, when his term as Fed chair comes to an end, even if Kevin Warsh — who Trump named as Powell’s successor — hasn’t been confirmed by Congress by that date.

☀️ THE WEATHER THIS WEEKEND-

Your AC will likely be your favorite companion this weekend, but it won’t be as hot as the past few days. Temperatures will peak at 30°C today, and 27°C tomorrow, with lows of 17-20°C, according to our favorite weather app.

🎤 HAPPENING THIS WEEKEND-

The iconic Tul8te is making his Alexandria debut at Al Ittihad Alexandria Club tonight. The live show promises a lineup of the singer’s fan-favorite hits, alongside new music. The night starts at 6pm — grab your tickets on Ticketsmarché before they sell out.

Palestinian journalist Plestia Alaqad is joining Diwan Bookstore for an in-depth talk and book signing of her memoir The Eyes of Gaza: A Diary of Resilience, celebrating its first anniversary tomorrow night. The event will take place at Diwan’s Heliopolis branch and will kick off at 6pm.

Nothing marks the arrival of spring quite like flowers. The Spring Flowers Exhibition returns this year at the Agricultural Museum in Dokki, running through the end of May. Visitors can browse a vibrant display of flowers and rare plants available for purchase and meet with a lineup of nursery owners and producers.

❗HAPPENING NEXT WEEK-

AmCham Egypt is launching its annual Doorknock Mission to Washington on Sunday, 19 April, dispatching a 20-member delegation of senior business leaders to engage the US Administration, Congress, and international financial institutions. Amid global supply chain shifts and domestic economic reforms, the mission aims to open new doors for Om el Donia. Key priorities include positioning the country as a hub for renewable energy, digital trade, and alternative manufacturing.

Stay tuned to our special coverage from Washington, DC next week.

🎤 HAPPENING NEXT WEEKEND-

Vocal powerhouse Medhat Saleh takes to the stage at AUC Tahrir’s Ewart Memorial Hall on Friday, 24 April for a live performance of his greatest hits. The concert comes as part of a broader effort to revive Historic Cairo and Downtown Cairo. Tickets are available on Ticketsmarché.