Offloading water and social housing to the private sector

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WHAT WE’RE TRACKING TODAY

WFH policy extended for another month

Good morning, friends, and happy Thursday. Our big story today covers how the government is finally opening the door for the business community to build and manage both national water infrastructure and low-income social housing. The hope: That private-sector know-how will translate into faster builds and better service and maintenance throughout the lifetime of an asset. We’ve long held that government’s natural role is as a regulator, not an operator — here’s hoping this is a strong step in that direction.

We are also tracking good news on the trade front, as Egyptian exporters gain zero-tariff access to China starting tomorrow, ostensibly leveling the playing field for local goods in the world’s second-most populous nation. The questions, of course, are legion: Do we know how to export there? Do Egyptian businesses know how to map and penetrate a new market? And, of course, what about non-tariff barriers? We think the corridor between China and MENA+ is fascinating, and we’ll be keeping a close eye here as Chinese manufacturing investment continues to tumble into Egypt.

Over in capital markets, Egypt’s first SPAC is making a play in the retail savings market, with CPME seeking to acquire a controlling stake in precious metals investment firm Evolve Holding.

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Sunday home office extended

Work-from home Sundays are here to stay for another month. The cabinet has extended the mandatory work-from-home policy for public and private-sector employees to the end of May, according to a statement.

REMEMBER- We suspected WFH would be the government’s preferred tool for long-term energy rationing. Earlier this week, the cabinet scrapped the 11pm commercial curfew to support retailers, but chose to keep the Sunday WFH mandate to maintain downward pressure on electricity consumption.

Zero-tariff access to China begins tomorrow

Starting tomorrow, exporters in Egypt and 52 other African nations will get zero-tariff access to the world’s second most populous country, which Chinese Foreign Ministry Spokesperson Lin Jian told reporters will encourage China-Africa trade and investment cooperation.

China is already one of our largest trading partners. Chinese exports to Egypt hit nearly USD 17 bn in 2024, while Egyptian exports to China barely crossed the USD 1 bn mark. Now every African nation is getting the same treatment under this expanded program. Since late 2024, China has included any nation across the world classified by the UN as a least developed country under its zero-tariff regime, in addition to a set of extensive reciprocal trade agreements across Asia, Australasia, and Latin America that ensure zero-tariff access for most goods.

China’s keen to point out it’s taking a different approach “as protectionism and unilateralism are on the rise” — no brownie points for guessing which nation and bloc of nations Lin is referring to.

The new normal? It could be. While Egypt’s preferential tariff rate is set to run until April 2028, permanent agreements are expected to be negotiated over this period.

FinMin heading to debt markets again?

The Madbouly government will tap the world’s big three credit rating agencies for sovereign rating services and advisory on international issuances, the cabinet said, signing off on the Finance Ministry’s decision to contract with Moody’s and Fitch and extend an agreement with S&P Global.

But don’t these agencies already issue periodic credit ratings? Yes, but governments often seek specific ratings for some issuances as part of a strategy of giving investors a clearer idea of the risks associated with a specific transaction.

The subtext: The move suggests we’re going back to the international debt market — as you’d expect. The statement gave no details on size, timing, or instruments.

The background: Last we heard, the Finance Ministry had plans to issue between USD 2 bn and USD 2.5 bn in international bonds during 1H 2026, but the fallout from the war in the Gulf and its impact on markets have caused plans everywhere to change. As we noted yesterday, Egypt raised USD 1 bn in the past month by tapping existing USD-denominated bonds rather than pressing ahead with fresh issuances.

PSA

WEATHER- Drivers beware, highways will be foggy today. Otherwise, we’re in for another nice spring day in Cairo today, with a high of 29°C and a low of 17°C, according to our favorite weather app.

It’s several degrees cooler in Alexandria, with a high of 24°C and a low of 15°C.

And over the weekend, expect to see the mercury rise to 32°C in the capital and 28°C for our friends on the Mediterranean.

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The big story abroad

Jay Powell’s final Fed meeting as chair was an unremarkable one, with the US central bank holding rates in line with market expectations. A divided Federal Reserve kept the policy rate in the 3.50%-3.75% range — four policymakers voiced their dissent, a level of division unseen since 1992. The bank cited persisting inflation and rising energy prices for the move, pointing to a “high level of uncertainty” stemming from the US-Iran war.

Powell may be stepping down as chair, but he’s not leaving the Fed just yet. After his term as chair comes to an end on 15 May, he will “keep a low profile as a governor” for an indefinite period, preventing President Donald Trump from clinching a majority on the Fed’s Board of Governors. Powell has expressed concern for the institution’s independence and transparency as he came under attack from Trump in recent months.

Who’s next? Trump-nominated Kevin Warsh will likely take on the mantle of chair in time for the Fed’s meeting in mid-June.

Meanwhile, in the tech world: AI startup Anthropic is reportedly exploring a new funding round that would propel its valuation beyond the USD 900 bn mark. If successful, the move would push the company’s valuation past that of rival OpenAI.

ALSO- The AI spending boom is alive and well. Tech giants Amazon, Google, Microsoft, and Meta poured around USD 130 bn into capital expenditures, with the lion’s share of that investment fueling data center infrastructure required to power AI.

Privatizing the flow and keys

The government is preparing to loosen its grip over two of the state’s heaviest public service sectors: water and social housing. By opening the door for private capital in water infrastructure and low-income housing, the government is likely looking to shift some of the fiscal load off its books while tapping into the private sector’s speed and agility to fill gaps in these essential services.

First, the flow

The state will now allow private sector players to build, maintain, and distribute resources in the national water utilities sector, either independently or alongside public bodies. The government is preparing to launch two competitive tenders covering four major water and wastewater infrastructure projects as a pilot phase, three government officials tell EnterpriseAM.

BACKGROUND- The incoming tenders will enforce the newly drafted Drinking Water and Wastewater Act issued last September. “The step implements the updated State Ownership Policy Document, which is currently being reviewed to strengthen partnership with the private sector in one of the strategic sectors that remained under government control for years,” sources say.

Why it matters: Leaning on the private sector would reduce the investment burden weighing down the public treasury. Water and wastewater projects carry heavy budget allocations, including EGP 63.9 bn for the National Organization For Potable Water and Sanitary Drainage and EGP 27 bn for the Construction Authority for Potable Water and Wastewater, our sources tell us.

On another scale: By accessing diverse financing and smart water technologies, private sector players can deploy capital more swiftly to build lower-loss networks and scale up desalination plants at a pace the state alone would not achieve as quickly.

What’s next: Current geopolitical tensions could push the tenders to the start of 2H 2026, our sources tell us, with authorities expected to complete regulatory procedures by the end of December. The exact details of the tenders remain to be seen.

Next, the keys

The government is also flipping the playbook on affordable homes by inviting private developers to enter partnerships on low-income housing units, according to a cabinet statement. The Housing Ministry laid out a framework to keep affordable homes in steady supply while building out private-sector channels to help meet housing demand.

The state will offer up to 383 feddans for developers to build around 19k fully finished apartments across eight new cities in the first phase, including in Hadayek October, Tenth of Ramadan, New October, New Sohag, Sadat, New Obour, New Assiut, and Capital Gardens. Buyers will get access to state-backed mortgage finance locked in at a heavily subsidized 8% declining interest rate for up to 20 years.

Why it matters:The move targets a clear shortage at the lower end of the market. A government official tells us the decision came “based on requests from companies and developers in the recent period in light of the market's saturation with middle and luxury housing units, while in contrast we have a gap in lower residential units.” Bringing private developers into the mix will also help “rebalance the real estate market significantly,” Real Estate Developers Association head Mohamed El Bostany tells us.

But Enterprise… will developers trade the high income margins of luxury villas for the strict price caps of social housing? El Bostany argues that subsidized units will act as “a liquidity driver” for companies. The strong demand and rapid sales assured by the state’s mortgage finance scheme contrast sharply with “integrated real estate projects, which require more time and larger liquidity outlays before developers reach meaningful sales volumes,” he adds.

Catalyst goes for gold

Our first SPAC wants to gold-plate its portfolio. Catalyst Partners Middle East (CPME) is vying for up to 100% of EIH Consulting, a precious metals investment and consulting firm, and its subsidiaries, it said in a bourse filing (pdf). The EGX-listed SPAC — the country’s first of its kind — secured initial BoD approval to acquire a controlling stake (50% +1) in EIH and its subsidiaries.

The move would mark CPME’s third M&A following its twin acquisition of Qardyand Catalyst Partners via an EGP 2.8 bn share-swap last year. Three months later, the SPAC made it onto the EGX trading floor, closing up 20% to EGP 12 per share on day one. CEO Maged Shawky told EnterpriseAM last May that the vehicle — which has an authorized capital of EGP 14 bn — is eyeing a total of six to 10 acquisitions.

The transaction sits somewhere between the EGX and the physical metals market: Bringing in mobile gold and silver app Mngm — a precious metals platform developed by EIH Consulting — pulls CPME beyond SME lending and into retail savings and commodities, which makes sense in a market where gold is the default hedge.

The transaction brings together two heavyweights of local capital markets. CPME is led by Maged Shawky and EIH Consulting by Sameh El Torgoman, both former EGX bosses.

This appears to be a play on retail savings amid macro volatility. The move leans into a bigger shift with gold starting to behave more like a financial product than a store of value here at home as a war-clouded regional macro picture gets murkier.

What’s next? CPME tapped Gravition Financial Advisory to run a fair value study, with the final structure of the transaction — money, share-swap, or a mix of both — still under negotiation.

MARKET REAX- CPME’s stock closed flat at EGP 21.72 yesterday, marking its third consecutive session at that price (which is normal for a SPAC). The flatline reflects a market anchored by the cashin-trust, with investors waiting on the fair value report to reprice the stock.

A potentially big win for our auto localization efforts

Chinese tiremaker Shandong Linglong is looking to set up a USD 2 bn tire manufacturing complex in Borg El Arab, company officials said during a meeting with Investment Minister Mohamed Farid. And while no timeline was given for the project or for when the company plans to put pen to paper, company representatives said that they’re looking to secure the required licenses and approvals to move forward with the project.

And while we’re excited about what this means for our auto localization efforts, exports remain the name of the game, with the tiremaker planning to export around 90% of output — namely to the US and the GCC.

To sweeten the pot, the project will be set up under a private freezone model, allowing it to bypass traditional customs hurdles while benefiting from Egypt’s competitive labor and energy costs.

What to expect? The project — which will cover 3 mn sqm — will produce tires for cars and heavy vehicles, alongside key feeder products, including rubber and carbon black.

The USD 2 bn price tag makes it the priciest local tire project in the works (by our math) — dethroning Organi Group and Rolling Plus Chemical Industries’ planned EUR 1 bn tire factory project.

Chinese-Egyptian fusion: The project will be set up in cooperation with Fit & Fix parent company Nile Projects and Trading.

We have another Chinese tiremaker setting up shop here: Late last year, Sailun Group broke ground on its USD 1 bn automotive tire plant in Sokhna. The project is expected to come online this year, producing around 3.6 mn tires annually during phase one.

Progress on the auto localization front is expected to pick up now that the government revamped the Automotive Industry Development Program to slash the initial local component ratio to a highly accessible 20%.

Unemployment rate cools to 6.3% in 2025 as labor force expands

Egypt’s labor market showed signs of health in 2025: The unemployment rate edged down to 6.3% last year — a 0.3 point improvement — as the country’s workforce grew by 6.6% to around 34 mn people, according to Capmas data.

Manufacturing added 9% more jobs, but the agriculture sector remained the largest employer. The sector employs almost 6.57 mn workers, followed by wholesale and retail, which employs more than 5.2 mn people.

Construction stood out as the exception, shedding roughly 10% of its workforce — showing potential signs that government belt-tightening is starting to slow the pace of national projects.

On a brighter note, entrepreneurial activity and small-scale hiring are picking up. A noticeably larger share of workers are now employers themselves, edging to 6.2% of the workforce, up from 4.1%.

There’s some murkiness behind the numbers. Urban unemployment edged slightly higher while rural unemployment dropped by 0.7% — pointing to widening regional disparities. Gender gaps remain a serious concern, with urban female unemployment running at nearly four times the male rate.

Youth unemployment has improved overall, but young women continue to face steep challenges. Unemployment rates among young women stand at almost 34%, over double those of young men.

Degrees don’t necessarily mean better odds for female job seekers. While unemployment among degree-holders has been falling, educated women are still out of work at nearly four times the rate of educated men, who recorded 10%. That’s a huge amount of talent sitting on the sidelines.

Fertiglobe, Sodic report 1Q earnings

UAE-based Fertiglobe’s bottom line nearly doubled in 1Q 2026 and Egyptian operations ran at full throttle. Fertiglobe’s net income rose 98% y-o-y to USD 145 mn during the quarter, according to its earnings release (pdf). Revenues came in at USD 915 mn, up 32% y-o-y.

Egyptian units were the star of the show, with local operations turning in their best-ever performance with zero downtime across units. Operating rates at the EFC exceeded 105%, while urea utilization across the entire platform hit 96%, up from 87% in 1Q 2025, CEO Ahmed El-Hoshy said.

BACKGROUND- The blockade of the Strait of Hormuz is causing a global fertilizer crisis and threatening food security, putting pressure on supply chains and prices. Egypt is at a crossroads as both a natural gas producer and a major fertilizer exporter. The Madbouly government recently lined up USD 740 mn worth of investment from Singapore-based Indorama and local player Polyserve, both of which are investing in production capacity in the Sokhna Industrial Zone.

MEANWHILE- Our friends at real estate giant Sodic reported net income of nearly EGP 280 mn (-45.8% y-o-y) on revenues of EGP 1.86 bn (+30%), according to the company’s 1Q 2026 financial statements (pdf).

EFG Hermes’ MindSpire is bringing Hayah School to Saudi Arabia

MindSpire Education, a company backed by the private equity unit of EFG Hermes, is opening next year the first branch in Saudi Arabia of Egypt’s Hayah Schools, according to a press release (pdf). The school will run on Hayah’s IB curriculum, with US-based Fulton Science Academy anchoring the STEM track.

The launch of Hayah in Saudi is an example of the kind of “local champion” that MindSpire looks for and wants to take and grow across borders, EFG Hermes Co-CEO Karim Moussa tells EnterpriseAM. The school boasts some of the highest IB scores regionally and carries a strong brand in the Egyptian market, Moussa says. “If we can replicate what [Hayah] did in Egypt to its kids and families in Saudi Arabia, I'll be very happy.”

The firm announced the new campus at an event in Riyadh to roll out the MindSpire brand — longtime readers of EnterpriseAM are already familiar with Spark Education Platform (SEP), EFG Hermes’ K-12 education platform that also includes the Egypt Education Platform brand in Egypt. Spark will be known as MindSpire going forward.

BACKGROUND- Beyond Hayah, MindSpire’ portfolio now includes management partnerships with GEMS Education and the Trillium & Petals preschool network. It also includes Option Travel and Selah El Telmeez, which for six decades has been a household name in Egypt and around the Arab world thanks to its stream of K-12 education content in paper and digital form. MindSpire serves some 20k students at more than 30 schools offering five curricula.

We have more on MindSpire in this morning’s EnterpriseAM Saudi.

Super-sized Talabat center opens in Hassan Allam’s Yanmu

Talabat inaugurated the Middle East’s largest express commerce distribution center in Hassan Allam Utilities’ Yanmu East Logistics Park, according to a cabinet statement. The 27k sqm facility has capacity for up to 1 mn items per day. It supports Talabat Mart’s network across 12 cities — expandable to 17 — and includes 75k storage locations.

Tech’s doing the heavy lifting: The operation runs on real-time systems integrating inventory, retail, and supply chains, with in-house AI models forecasting demand, optimizing stock, and automating processes to minimize losses.

Egypt is doing more than hosting warehouses here: The local team powers 74% of Talabat’s shared services across eight markets and builds core platform features. Yanmu Logistics Park is a venture between Hassan Allam Logistics (backed by our friends at Hassan Allam Utilities as well as AP Moller Capital) and Agility. Talabat announced the center last year.

GAFI has a new boss

Prime Minister Mostafa Madbouly has tapped Mohamed Awad (bio) to serve as the General Authority for Investment and FreeZones’ (GAFI) CEO for a one-year term. Madbouly accepted the resignation of Mohamed Al Gawsaky, who had held the role since early January, according to a statement. Iman Mansour (LinkedIn) has also been appointed as the authority’s new vice chairperson.

Meet the new boss: With over 25 years in economic policy and strategic planning, Awad was formerly the head of the Internal Trade Development Authority (ITDA) and is best known for spearheading the digital overhaul of the Commercial Registry and expanding ITDA’s land portfolio for logistics and commercial projects. His mandate at GAFI is expected to lean heavily on this digital-first approach, focusing on streamlining investor services and integrating the authority’s Golden License system with wider state databases to reduce red tape.

Manal Hussein to become chair Contact Financial

Finance and real estate veteran Manal Hussein (LinkedIn) will take the helm as the independent chairperson of Contact Financial Holding, according to an EGX disclosure (pdf). Long-standing co-founder Hazem Moussa (LinkedIn) is passing the baton to Hussein after stepping down earlier this week.

Hussein brings over three decades of experience to the role. She founded electronic payment platform e-Finance and chaired Tamweel Mortgage Finance, and served as a member of parliament and as deputy minister for the Finance and Foreign Trade ministries. In the real estate sector, she currently chairs New City Developments, following a six-year tenure at Orascom Development Egypt.

Meet Orascom Pyramids Entertainment’s new CCO

Mostafa Kamal ElDin (LinkedIn) was tapped as Chief Commercial Officer (CCO) at Orascom Pyramids Entertainment. ElDin most recently served as a commercial director at Orascom Development, leading strategies for some of the group’s flagship Egyptian destinations. Prior to that, he spent over a decade at Orange Egypt in leadership roles across marketing and business development.

Diversification, redefined

Emerging market stocks recouped their losses from the early weeks of the US and Israel’s war on Iran, pushed now to a fresh all-time high by a rally in three Asian semiconductor companies. In addition to helping the world’s EM stock benchmark to a record close, the rally is prompting fresh debate over whether the gauge still offers meaningful diversification from the AI trade reshaping Wall Street, according to the Financial Times.

The MSCI Emerging Markets index rose more than 15% over the past four weeks — double the 10% clip the S&P 500 recorded over the same stretch — clearing the previous high it set in February. The move erases a sharp selloff that hit Asian markets in the opening weeks of the Iran war and lifts the index to roughly 16% above where it began in 2026, extending a five-quarter run of outperformance versus US blue chips, according to TradingView.

The bulk of the rally came from a tightly clustered group of names directly plugged into Nvidia’s accelerator supply chain. Taiwan Semiconductor Manufacturing Company climbed more than 25% this month and — at a market value of about USD 1.8 tn — has displaced Saudi Aramco as the index’s most valuable constituent. Samsung Electronics is also up 32%, and SK Hynix is up by more than 60%. Taken together, the three suppliers now sit at close to a quarter of the entire index.

Local stock markets have also received a shot in the arm: Taiwan’s stock market is on track for its best month in decades, up about 21% in USD terms, while South Korea's Kospi rose 24% — its strongest monthly showing since the 1998 Asian financial crisis.

Turbocharging the rally: Higher AI capital spending in the US. Combined 2026 capex budgets for the largest US hyperscalers — Amazon, Alphabet, Microsoft, Meta, and Oracle — are now projected to exceed USD 600 bn, up 36% y-o-y, with roughly three-quarters of that flowing to AI-related infrastructure, according to Futurum Group and CNBC. That capital-spending boom also sent Asian foundry suppliers’ earnings soaring: SK Hynix reported a bottom line of USD 27 bn last week, with revenue up nearly 200% y-o-y, according to CNBC and KED Global. The company has sold out its DRAM, NAND, and high-bandwidth memory production through the end of the year, much of it to Nvidia, NotebookCheck reports.

The dominance of those names has left some investors uneasy that the EM index — long pitched as a way to diversify away from rich-world equity risk — has effectively become a derivative of the AI mania that’s taken over Wall Street.

“The AI story has run so wild in [South] Korea and Taiwan,” Song Zhe, senior investment specialist at BNP Paribas Asset Management, tells the salmon-colored paper. “We still love this market, but people should think about diversification in this AI rally.”

Both Taiwan and South Korea were among the hardest hit when Asian markets tumbled in the opening days of the Iran war, as investors liquidated their best-performing trades of early 2026.

But equity markets proved resilient once the initial panic faded. The USD, which spiked at the outset of the conflict, has surrendered most of those gains — a tailwind for EM exporters whose earnings translate from local currencies.

“The USD, which largely moves in opposite directions to emerging markets… is likely to have peaked,” Varun Laijawalla, EM equity portfolio manager at Ninety One, tells the FT. EM stocks are also benefiting from a “structurally better earnings picture” and cheaper valuations than the US, he argues — a view echoed by sell-side analysts who have raised 2026 EM earnings forecasts by about 30% this year, three times the upgrade applied to the S&P 500, according to GuruFocus.

Tech has led the charge, with the EM tech sub-index up around 50% YTD, while energy, industrials, and utilities also delivered double-digit returns. “Seven out of 11 sectors were in positive territory,” Laijawalla said. “The rally is more than just tech.”

MARKETS THIS MORNING-

Asia-Pacific markets are mixed in early trading this morning as investors process a pretty busy 24 hours — Brent soared past USD 120 / bbl amid the ongoing naval blockade, the US Federal Reserve left rates steady, and AI optimism continues to shield tech heavyweights from ongoing volatility.

EGX30	52,383	+0.3% (YTD: +25.2%)
USD (CBE)	Buy 52.97	Sell 53.11
USD (CIB)	Buy 53.00	Sell 53.10
Interest rates (CBE)	19.00% deposit	20.00% lending
Tadawul	11,238	+0.5% (YTD: +7.1%)
ADX	9,901	+0.7% (YTD: -0.9%)
DFM	5,861	+0.1% (YTD: -3.1%)
S&P 500	7,136	0.0% (YTD: +4.2%)
FTSE 100	10,213	-1.2% (YTD: +2.8%)
Euro Stoxx 50	5,816	-0.3% (YTD: +0.4%)
Brent crude	USD 119.80	+1.5%
Natural gas (Nymex)	USD 2.63	-0.6%
Gold	USD 4,573	+0.3%
BTC	USD 76,057	-0.6% (YTD: -13.2%)
S&P Egypt Sovereign Bond Index	1,044	+0.1% (YTD: +5.1%)
S&P MENA Bond & Sukuk	151.26	-0.2% (YTD: -0.4%)
VIX (Volatility Index)	18.81	+5.5% (YTD: +25.8%)

THE CLOSING BELL-

The EGX30 rose 0.3% at yesterday’s close on turnover of EGP 8.8 bn (22.3% above the 90-day average). International investors were the sole net sellers. The index is up 25.2% YTD.

In the green: Raya Holding (+8.9%), Heliopolis Housing (+4.9%), and Qalaa Holdings (+3.0%).

In the red: E-finance (-1.7%), Kima (-1.6%), and Misr Cement (-1.3%).

My Morning Routine: Rawan Bassam, country manager at Enpact

Rawan Bassam, country manager at Enpact: 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 Enpact Country Manager Rawan Bassam (LinkedIn). Edited excerpts from our conversation:

I’m Rawan Bassam, and I work with Enpact. I’m very passionate about building and supporting entrepreneurial ecosystems, so that’s essentially what I do, mainly within Egypt and the wider region. What I enjoy most is that my day-to-day involves working with people who are trying to build something, whether that be founders, stakeholders, or institutions. We support them in turning their ideas into something tangible and impactful. That’s me in a nutshell.

My role at Enpact is largely about translating the organization’s strategic direction into on-the-ground implementation. I support the rollout of different programs and make sure everything, from selection processes to impact measurement, is running smoothly and actually delivering value. A big part of what I do is also aligning and communicating with different stakeholders, which can sometimes be complex.

At its core, Enpact is trying to bridge the gap between potential and access. There are many talented entrepreneurs, but they often lack access to funding, networks, or tailored support. At the same time, institutions don’t always have the right tools to support them effectively. Our role is to connect both sides and close that gap.

My mornings start with coffee — that’s non-negotiable. I try to ease into the day slowly, giving myself 30-45 minutes without checking my phone or email. I focus on hydration and getting some sunlight. Lately, I’ve been learning to play the handpan, and I spend some time in the morning just improvising. It helps me feel grounded and present before the day picks up with emails, calls, and everything else.

There’s no such thing as a normal workday for me. Most days are a mix of meetings, planning, decision-making, and problem-solving. I try to structure my time by grouping meetings into specific slots, leaving the early morning and later parts of the day for deep, focused work.

Staying organized comes down to prioritization. Not everything that feels urgent is actually important. I try to focus on what truly matters and break larger goals into smaller, more manageable steps. That makes things more achievable and keeps everything moving.

One of the most interesting shifts I’m seeing right now is the move from supporting individual entrepreneurs to strengthening entire ecosystems. We’re seeing this in projects like Scale it Forward, which we’re implementing in Egypt with GIZ under the Invest for Jobs umbrella. The focus is expanding to include financial institutions, not just founders, with growing attention on alternative financing tools like venture debt.

Looking ahead, both personally and professionally, I see growth coming from the increasing regional scope of our work. Enpact has a very flat, agile structure, and over the past year and a half we’ve become much more involved in regional projects. The Egypt team is now actively working on projects in Kurdistan and across the African continent, engaging directly with youth from different countries. That exposure is pushing us, and me, to grow.

When it comes to work-life balance, I don’t think it’s something fixed. It changes depending on the phase you’re in, both personally and professionally. What matters is being intentional about creating space to recharge. Sometimes work takes priority, other times you need to step back, reset, and come back stronger. It’s a constant adjustment.

To switch off, I spend a lot of time with my dog, Stella. She’s a big part of how I unwind and being around her helps me disconnect while still feeling present. I also enjoy simple things like going for a walk or just relaxing at home. Music plays a role too, whether it’s the handpan or the piano, which I used to play.

Recently, I read The Shadow Dance by David Richo, which explores how unconscious patterns shape how we show up in our lives. I also watched the latest season of The Bear. It’s intense, very human, and does a great job of showing how high-pressure environments affect people on a personal level.

One piece of advice that really stuck with me came from Hany Naguib. It was about how the quality of our experiences isn’t defined by how many things we do, but by how deeply we engage with them. It’s easy to chase volume, but what really matters is depth, focusing on one thing at a time and extracting real value and learning from it.

CALENDAR

2026

MAY

1 May (Friday): Labor Day.

5 May (Tuesday): S&P Global to release PMI figures for April.

7 May (Thursday): Labor Day national holiday observed.

7 May (Thursday): CBE expected to release foreign exchange reserve data for April.

10 May (Sunday): Capmas expected to release inflation data from April.

21 May (Thursday): Monetary Policy Committee’s third meeting of 2026.

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

JUNE

15 June (Monday): Seventh review of the IMF’s Extended Fund Facility.

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

JULY

9 July (Thursday): Monetary Policy Committee’s fourth meeting of 2026.

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

AUGUST

20 August (Thursday): Monetary Policy Committee’s fifth meeting of 2026.

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.

24 September (Thursday): Monetary Policy Committee’s sixth meeting of 2026.

27-29 September (Sunday-Tuesday): Global Conference on Population, Health, and Human Development.

OCTOBER

6 October (Tuesday): Armed Forces Day.

29 October (Thursday): Monetary Policy Committee’s seventh meeting of 2026.

DECEMBER

17 December (Thursday): Monetary Policy Committee’s eighth meeting of 2026.

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.

July 2026: British Prime Minister Keir Starmer set to visit Egypt.

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

2026: The Egyptian-American Economic Forum.

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.

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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