Thndr integrates wealth management

1

WHAT WE’RE TRACKING TODAY

SFE plots its first international expansion

Good morning, wonderful people. We lead today’s issue with good news on the investment front. Thndr is leveling up from a simple stock-trading app into a comprehensive wealth management platform, rolling out digital gold, fractional real estate, and AI-powered planning tools.

On the energy front, we could see a final investment decision on the Aphrodite gas field soon, as the Oil Ministry and Chevron look to finalize the key agreements needed by September. Meanwhile, the UAE’s Amea Power signed contracts for two major battery storage projects totaling 1.5 GWh, alongside a factory that could make batteries here at home.

***

WISH THIS MORNING’S ISSUE was a podcast? We’ve got you. Tap or click here to listen to Morning Drive, a 10-minute version of today’s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or while stomping around the house wondering where the [redacted] you left your [redacted] reading glasses.

***

SouthMed gets a VAT answer

The Egyptian Tax Authority (ETA) has stepped in to resolve a VAT dispute at Talaat Moustafa Group’s SouthMed, offering clarity for contractors caught in the transition to the new tax system, according to a tax document seen by EnterpriseAM. The ruling ends a standoff between contractors and TMG subsidiary Alexandria for Development and Tourism over how to tax contracts signed before last year’s VAT amendments.

The rules: The ETA clarified that work completed before the legal amendments remains under the old 5% schedule tax. However, any new work, contract renewals, or scope expansions executed after the law passed are treated as standalone projects, subject to the standard 14% VAT rate with full input-tax deductions allowed.

The gray area: For contracts inked before the new law but executed afterward, the ETA is applying the 14% VAT to only 36% of the approved work value. The catch? Contractors must shoulder the extra tax burden and are strictly barred from claiming input-tax deductions on this portion. Meanwhile, subcontractors are considered fully paid up as long as the main contractor settles the tax on the executed work.

Why it matters: Contractors cautioned about this gray area when the Madbouly government moved construction and contracting services from the old 5% schedule tax to the standard 14% VAT rate, which the government is banking on to get an extra EGP 200 bn in VAT revenues. The shift was meant to bring contractors into the deductible VAT system, but projects already awarded or underway need case-by-case treatment, with SouthMed now being the highest-profile test case.

SFE wants an Africa fund

The Sovereign Fund of Egypt (SFE) is eyeing its first-ever international expansion with a new Africa-focused sub-fund, Investment Minister Mohamed Farid told the Arabic press. The fund will target banking and non-banking finance, tourism, healthcare, and education, with the SFE currently studying prospects in Kenya, Nigeria, and Côte d’Ivoire.

Sub-funds at home: Farid also expects the government to finalize a new industrial investment fund alongside several other sub-funds between August and September. This fund will inject seed capital into asset managers to attract private investment while directly backing companies to boost local content and export scale. Additionally, it is in talks with the IFC to support a separate VC-style fund targeting the “missing middle” — startups too large for incubators but too small for conventional sovereign fund tickets.

IN CONTEXT- The move builds on the industrial-fund pipeline we reported on in March, when Beltone, EFG Hermes, Al Ahly Pharos, CI Capital, and Cairo Capital were working with the SFE to launch debt, equity, and transferable-securities funds for manufacturers. More recently, we noted that the SFE is looking to snap up a 10-20% stake in two new industrial investment funds launched with CI Capital and Cairo Capital, carrying a targeted capital of EGP 5 bn.

IN OTHER SFE NEWS- We have an updated timeline on Misr Life’s IPO. Farid said the government wants to wrap the sale of a stake in Misr Life Ins. between June and July. The company completed its temporary EGX listing earlier this year, before the SFE tapped EFG Hermes as sole global coordinator and bookrunner for the planned 20% float.

Worth reading

The Oxford Handbook of the Egyptian Economy has been published, offering a comprehensive and in-depth analysis of the Egyptian economy over the past seven decades. Edited by Mahmoud Mohieldin, Marcelo Giugale, and Racha Ramadan, the volume brings together contributions from 69 experts and is aimed primarily at academics, students, practitioners, and anyone interested in understanding Egypt’s path toward sustainable development.

What’s inside: The handbook examines a broad range of topics, including macroeconomic fundamentals, sectoral reforms, more than a century of legal and regulatory developments, human development priorities, and environmental challenges. It also explores education, labor markets, competition policy, public investment, inequality, and the demographic dividend, while offering policy recommendations to address some of the longstanding economic challenges facing Egyptians.

Data point

USD 22 mn — That’s the total value of M&As on the local market in 1Q 2026. The value is spread across eight transactions, down from 11 a year earlier, according to a report (pdf) by Ansarada. This aligns with a regional downward trend that saw the Middle East’s M&A count drop to 196 transactions worth USD 23.3 bn, compared to 207 M&As worth USD 31.3 bn in 1Q 2025.

M&A transactions are still going through, but “instead of closing a transaction in six months, it [may take] one-and-a-half years or up to two years” due to market jitters from the Iran war, M&A lawyer Ibrahim ElGengehy previously told EnterpriseAM. “There is a little bit of hesitation from private equity funds willing to invest in Egypt,” he said. However, he was optimistic about the outlook for the end of 2026 and beginning of 2027, saying that currently stalled transactions may be completed during that time, assuming regional tensions from the war subside by then.

PSA-

WEATHER- Cairo is in for another sunny day, with a high of 35°C and a low of 22°C, according to our favorite weather app.

It’s marginally cooler in Alexandria, with a high of 34°C and a low of 20°C.

You’ve spent decades building wealth, and the question now isn’t how to make money — it’s how to make sure it survives you, works across borders, and doesn’t quietly erode while you’re not looking. The rules have changed. Egyptian real estate, once a near-guaranteed store of value, is competing with markets in Greece, Spain, and Dubai.

Whether it’s art as an asset, crowd-funding, or the tax implications quietly stacking up behind that second passport, the toolkit for serious capital deployment has expanded faster than most conventional advice — or most advisors — have.

In Issue 3 of EnterpriseAM Money Matters, we cover the decisions that matter most when you’re at the stage where capital preservation is just as important as capital growth — and where getting it wrong is no longer something you can simply recover from.

Coming straight to your inbox — Wednesday, June 10.

The big story abroad

Geopolitical updates lead today’s news cycle. Washington is reportedly considering seizing Iranian assets to fund repairs for damage sustained by Gulf nations during Tehran’s recent strikes. The nature of the assets under consideration remains unclear.

How are talks going? US-Iran negotiations are currently at a deadlock, Iranian presidential adviser Mohsen Rezaei told CNN. A peace agreement depends on the US unfreezing USD 24 bn in Iranian assets, Rezaei said.

It could be a while before we see SpaceX on the S&P 500: S&P Dow Jones Indices will reportedly maintain a rule that bars unprofitable companies from joining the S&P 500, potentially delaying the inclusion of SpaceX, whose IPO is expected to raise a record USD 75 bn.The company may not list on the index until after 2027, when it is expected to turn a net income according to Evercore ISI research analysts. IPO-hopefuls Anthropic and OpenAI will also face similar fates.

There’s more: Investors based in China and Hong Kong are reportedly unable to access SpaceX’s website and IPO documents. The block is believed to be the result of a company decision.

In the world of M&A: A consortium led by France’s Bouygues Telecom will take over legacy French operator SFR for around EUR 20.4 bn, taking it off Altice France’s hands. The proposed carve-out, if approved, will trim the number of mobile network operators in France down to three.

And crypto is in dire straits: Cryptocurrency is facing a “very hard” year ahead of an anticipated mass exodus of developers, projects, and capital, according to Charles Hoskinson, founder of blockchain platform Cardano. BTC’s 17% drop so far in June is a two-year low — the cryptocurrency fell below USD 60k at one point last Friday.

Are wealth managers the latest victim of AI automation? Bloomberg is out with a piece that finds traditional wealth managers are more vulnerable to AI-induced replacement than other financial services professionals. It seems that a growing number of people are resorting to programs like Claude to manage their money for them, which bodes ill for wealth advisers the world over.

One-stop Thndr

Thndr is repositioning from a stock-trading app to an integrated wealth management platform, layering digital gold, fractional real estate, no-commission investment funds, AI-powered planning tools, and a redesigned app onto its existing trading infrastructure.

More than EGP 50 bn in Egyptian savings and investments now sit on the platform — roughly 12% of Egypt's entire EGP 411 bn investment-fund industry, with 600k users on the platform’s managed investment products. “Thndr is no longer just a place for trading,” CEO Ahmed Hammouda said during the company’s annual keynote. “It has become one place with all the investment products you need to achieve your financial goals and grow your wealth.”

The commission play

The platform is eliminating commission fees on all available investment funds, effective immediately — it previously charged EGP 1 per EGP 1k invested. The move comes as fund AUM on the platform surpasses EGP 30 bn. “Before, only wealthy individuals had access to licensed experts managing their money,” Hammouda said. The freefund structure functions as a customer-acquisition play in a market where the broader investment-fund industry is growing 30% a quarter and consolidating onto digital-first platforms.

Gold by the gram

Thndr Gold is the most operationally specific new product. The digital gold investment lets users buy and sell fractional quantities of 24-karat gold, with storage in vaults operated by EgyCash — a custody company in which the Central Bank of Egypt holds a 35% stake. Thndr charges 1% on purchases and 1% on sales, and the product is shariah-compliant under a dedicated committee. The structure addresses the storage, fragmented pricing, and high-minimum-purchase frictions that have historically blocked retail access to physical gold.

The next access frontier

The platform is preparing to launch a fractional real estate product currently under FRA review, joining Nawy Shares, SAFE, and Farida in the segment. “Real estate has always been one of the best forms of saving and investment in Egypt, but it usually requires EGP mns, long installment commitments, and concentration in a single asset,” Hammouda said. The product will let users invest in income-generating, professionally managed properties without installment commitments, earn rental income from day one, and exit ownership stakes before the full property is sold.

Building for scale

Thndr now accounts for roughly 40% of order volume on the EGX, Hammouda said, processing more than 200k orders per day on peak sessions, up from 20k three years ago. The company invested over USD 8 mn in technology infrastructure over the past three years and is developing its own matching and transaction-recording systems. The redesigned app brings stocks, mutual funds, fixed-income products, gold, and the planned real estate offering into a single interface with a consolidated portfolio view and a discovery section that filters by category, investment objective, and shariah compliance.

The company also expanded its offering for active investors through Thndr X and Thndr Trader. Users of Thndr X now account for more than half of the value traded on the platform, according to Hammouda. Subscribers to Thndr Trader collectively saved more than EGP 200 mn in commissions over the past year, he added.

Alongside its trading products, the company announced new developments on Rumble, its independent research platform designed to provide both technical trading analysis and long-term investment research. Subscriptions to Rumble’s technical analysis notes will be separate from subscriptions to its fundamental analysis platform, allowing Thndr users to choose the research tools that best suit their investment strategies.

Under the hood

The AI layer is the differentiator the company is pushing hardest. Bolt, Thndr’s customer service assistant built on Anthropic's AI models, already handles more than half of customer support requests, with customer satisfaction scores moving from 50% to 90%. Alpha, the new AI-powered investment assistant, builds personalized investment plans by collecting user objectives and risk preferences, then prepares the buy and sell orders to implement the recommended portfolio. “When you're convinced by the plan, it can prepare all the orders for you and execute them with a single click,” Hammouda said.

An even broader pivot

Thndr is preparing to launch the Thndr Card pending CBE approval — in partnership with Suez Canal Bank, Visa, and payment technology firm Modupay — extending the platform beyond investment products into payments. Hammouda named Suez Canal Bank Chairman and Managing Director Akef El Maghraby, Visa’s Regional Country Manager Malak El Baba, and Modupay CEO Ahmed Nafie as partners on the launch.

Expanding across the Mediterranean

Egypt’s energy sector is moving across the Mediterranean and beyond, pushing technical agreements for the pipeline transporting Cypriot gas to our LNG hubs, accelerating offshore exploration at home, and exporting drilling expertise to Turkey.

Securing the Cypriot corridor

Egypt and Chevron are looking to finalize the key agreements needed to move the Aphrodite gas field toward a final investment decision by September, according to a statement.

REFRESHER- Under an agreement inked earlier this year, Egypt will purchase the entirety of Aphrodite’s output via a USD 2 bn pipeline fully funded by Cyprus. The 15-year contract will see up to 700 mmcf / d arrive at Port Said before shifting to flexible volumes priced against Brent crude. Pipeline construction is slated for 2027, with gas arriving by 2030 to feed Egypt’s domestic grid and LNG facilities. We could also see gas from Cyprus’s Cronos field heading our way by 2028 under a similar receive-process-re-export model.

The agreement comes with hopes of re-exporting to Europe, feeding Egypt’s liquefaction infrastructure and paving the way to become the East Med’s processing hub. The supply will feed our local LNG export facilities while also providing fuel for domestic consumption, helping to reduce our large LNG import bill and decrease the risk of relying too heavily on a single pipeline corridor like the East Mediterranean Gas pipeline between Egypt and Israel.

Ramping up offshore exploration

Meanwhile, BP and Harbour Energy are teaming up to drill a USD 150 mn exploration well in the Mediterranean’s Ghourab field this September, with initial estimates suggesting the prospect could hold up to 975 bcf of recoverable natural gas, the Arabic press reports, citing unnamed government officials.

REMEMBER- The move comes shortly after the two British players inked a framework agreement to jointly develop the El Arish and North King Mariout concessions. The investments slot into BP's broader USD 1.5 bn commitment to Egypt’s gas exploration in FY 2026/27.

Exploring Egyptian expertise

The Egyptian Drilling Company (EDC) is taking its rigs to Turkey under a two-year, USD 43 mn contract, according to an Oil Ministry statement. The company — owned by the Egyptian General Petroleum Corporation — is deploying its EDC 42 and 52 rigs in partnership with the Turkish Petroleum Corporation.

IN CONTEXT- The state-owned drilling arm — which operates a fleet of 70 rigs — has been eyeing the Turkish market as part of its broader international expansion drive, alongside its established operations in Saudi Arabia and Kuwait. Other targeted markets include India, the UAE, Qatar, Oman, Algeria, West Africa, Brazil, and Thailand.

Breaking its own record

EFG Corp-Solutions closed an EGP 5.1 bn corporate bond issuance — the largest transaction of its kind in Egypt’s debt capital market history. The issuance beats the company’s own record of EGP 2.65 bn last year, according to a statement (pdf) from the leasing and factoring arm of EFG Finance. Issued with an A- credit rating, the 13-month bond was split into two tranches — a fixed-rate note with a bullet repayment at maturity and a variable-rate note paid out quarterly.

Strong operating momentum: The company’s leasing arm booked a record EGP 5 bn in net financed asset sales in 1Q 2026, marking a 40% q-o-q and 125% y-o-y jump. The surge was largely driven by heavy financing in February and March following agreements with two major real estate developers.

Advisors: EFG Hermes acted as sole financial advisor, transaction manager, bookrunner, underwriter, and arranger on the issuance. Bank NXT served as placement agent, Dreny & Partners acted as legal advisor, and KPMG was the auditor.

Building its debt market track record: This is the fourth corporate bond issuance for EFG Finance's leasing and factoring arm. The transaction brings EFG Corp-Solutions’ cumulative debt capital market issuances to EGP 16.7 bn, including four securitizations worth EGP 7.6 bn, four corporate bond issuances worth EGP 8.7 bn, and a EGP 433 mn short-term note.

Do we have leaders or firefighters?

For many managers, the title stays the same while the job becomes harder. Directors and unit heads are already delivering on targets and sustaining operations in demanding environments.

The real test begins when the role expands beyond the team. As decisions begin to cut across departments and stakeholders, technical expertise alone is no longer enough to move things forward. Without stronger leadership capability, managers can find themselves trapped in firefighting mode: resolving issues as they appear, managing tensions after they escalate, and relying on personal effort to keep work moving. Those who move past that pattern are usually the ones who have learned to lead beyond their function.

Leading beyond the function requires a different skill set. It means aligning teams that do not report to them, managing resistance to change, and maintaining trust while pushing for results. These skills show up in the moments between formal decisions: difficult conversations, competing priorities, and the need to influence without relying on authority. Unlike technical expertise, they are rarely picked up by default. They need to be built deliberately.

Managers who build them spend less time in firefighting mode. They lead with consistency,

earn credibility across the organization, and create the conditions for teams to perform, not simply comply.

The Executive Leadership Program at AUC Onsi Sawiris School of Business Executive Education is designed for managers at this stage. Across nine blended sessions, the program covers leading change, collaborative leadership, coaching as a management tool, and self-awareness.

Hedging the grid, and the future

Egypt’s national grid is getting a 1.5 GWh battery storage upgrade — and a major push to manufacture these systems locally. Emirati renewables player Amea Power signed engineering, procurement, and construction contracts for two standalone battery energy storage system (BESS) projects with China Energy Engineering Corporation, Gotion, and Al Nowais Group, according to a statement from the Electricity Ministry.

The breakdown: The agreements cover the 1 GWh Nefertiti plant in Benban and the 500 MWh Horus plant in Zafarana, alongside a new factory that will produce up to 3 GWh of battery storage systems annually. The location, ownership structure, and manufacturing scope have not been disclosed.

Financing might already be in the works: The European Bank for Reconstruction and Development is currently mulling a USD 223.5 mn debt package to bankroll both plants.

Why it matters: Utility-scale battery storage is fast becoming the linchpin of Egypt’s renewable energy ambitions. Pairing solar and wind farms with storage allows the grid to smooth out the intermittent nature of clean energy without burning through natural gas reserves during peak hours. The government is targeting 14.3 GWh of storage capacity by 2028, with nearly 1 GW planned to come online this year.

Securing the supply chain: The upcoming Amea-Gotion facility joins a rapidly expanding pipeline of local production agreements designed to slash Egypt’s import bill. This includes a 10 GWh factory by China's Sungrow and a USD 200 mn, 5 GWh facility by Kemet. To hedge the country’s bets and bypass pricey lithium imports, Draschem is also pushing forward with an Alexandria facility to produce alternative sodium-ion battery components.

Cabinet taps private sector veteran to run the country’s export playbook

Prime Minister Mostafa Madbouly appointed Hatem El Nawawy (LinkedIn) as head of the Egyptian Export Development Authority for a one-year term, according to a statement from the Investment Ministry. He will concurrently serve as the chief of the Export Development Fund following a separate decree from the Investment Minister. El Nawawy steps into the roles with a mandate to expand the local exporter base, boost the global competitiveness of Egyptian products, and break into new foreign markets.

El Nawawy brings over 25 years of private-sector corporate strategy and marketing experience to the post — including leading business development at Electrolux Egypt, senior roles at Al Ahram Group, SC Johnson, and Magrabi, and a stint at management consulting firm Inspire.

Mercedes-Benz Egypt gets a new lead driver

Mercedes-Benz Egypt tapped Thomas Waggershauser (LinkedIn)as its new CEO, Al Borsa writes. The appointment follows the resignation of Stefanie Volz (LinkedIn), the automaker’s first female CEO, who held the role since 2024 and led the company’s discussions with Industry Minister Khaled Hashem in March on localizing automotive manufacturing.

Waggershauser brings more than 20 years of global experience within the Mercedes-Benz group, spanning both the core automotive business and financial services. He most recently served as CEO of Mercedes-Benz Financial Services and Mercedes-Benz Mobility in South Korea.

Rameda boardroom shuffle

Pharma giant Rameda appointed Sharif El Akhdar (LinkedIn) as a non-executive chairman, taking over from Ayman Abbas, who will continue to sit on the 13-member board as a non-executive member, according to a statement (pdf) from the company.

El Akhdar, founder of the Egypt-Saudi-focused healthcare platform LimeVest, brings extensive private equity and investment experience, having served as a Partner at BPE Partners. He currently chairs the risk and investment committees at the Housing and Development Bank and sits on the boards of Alexandria New Medical Center and Egyptian Resorts Company.

El Akhdar’s appointment follows the addition of new members to the company’s board, including LimeVest Vice Chairman and Group CFO Dalia El Shal (LinkedIn) and Ahmed Abou Hendia (LinkedIn), founder of Abou-Hendia Law Firm, both of whom joined as non-executive members.

Edafa VC snaps up two local AI startups

Saudi-Egyptian VC Edafa has acquired local AI startups Kuadra and IRRI Vision under two six-figure USD agreements. Kuadra is a construction tech startup using AI to improve planning, management, and execution of large projects, while healthtech startup IRRI Vision offers a platform with AI tools to support faster and more accurate medical diagnostics.

The broader read: Small acquisitions like Edafa’s sit inside a wider shift toward strategic exits and consolidation, rather than the old raise-at-all-costs playbook. Speedinvest partner Rana Abdel Latif told EnterpriseAM earlier this year that thinner funding could open the door for stronger players to snap up market share through M&A. Egypt led Africa in VC M&A activity last year with 12 transactions — a figure Magnitt’s Research Department Manager Farah El Nahlawi previously told us could grow, assuming the macro backdrop and global risk sentiment improve this year. She told us at the time that Egyptian startups remain attractive at entry valuations relative to prior years, particularly at the early-stage.

Slashing institutional interest

Korra Energi revised the coverage rate of its private offering down to 3.02x from the 5.7x it initially announced late last month, according to an EGX disclosure (pdf). The adjustment came after the company and offering manager Prime Capital reviewed the actual subscription payments received from clients through participating brokerages. The institutional tranche offered up 148.5 mn shares as part of the firm’s wider EGP 735 mn IPO.

REMEMBER- The energy solutions firm is expected to hit the EGX trading floor within the next few weeks in what would be the second IPO of the year following Gourmet’s blockbuster debut. Korra, which is floating an 11% stake on the main market, wrapped up both tranches of its IPO before the Eid El Adha break. Retail demand for the stock far exceeded institutional appetite, with the 99 mn-share public offering closing with a massive 31.35x oversubscription.

Middle East misses out on global HNWI wealth growth in 2025

Every region in the world saw an uptick in the wealth of high-net-worth individuals (HNWI) last year — except ours. The Middle East stood out as the only region not to catch the upside of growth in both HNWI wealth and population.

HNWI wealth was up 8.7% last year globally, reaching USD 98.3 tn, with 2 mn more people becoming m’naires, according to Capgemini’s latest World Wealth Report. AI-linked investment and strong corporate earnings drove the results, and the stock market portion of HNWIs’ portfolios rose to 25%.

Not in our neck of the woods: In the Middle East, wealth was down 1.5% last year, while the overall HNWI population dropped 1.4%, with the report citing pressure on fiscal coffers from lower oil prices, weak labor markets, and regional instability as the primary drivers of the contraction.

The regional decline occurred despite the global population of ultra-high-net-worth individuals (UHNWI) growing 9.4% y-o-y to 250k, thanks to exposure to lucrative private and public assets. UHNWIs now hold 34.8% of overall HNWI wealth globally.

The US came out on top for HNWI count, recording 736k new m’naires to bring its total to 8.7 mn, with tech being a key driver of wealth creation. Some 40% of returns from the S&P 500 came from the top seven tech firms. Europe, Latin America, and Africa also saw HNWI growth. The Asia Pacific region led in terms of wealth growth, which rose 10.5% on the back of demand for semiconductors.

A bleak outlook? It seems more HNWIs are staying put this year. Last year, 56% of HNWIs said they had or were planning to change their primary tax residence, but this year, only 25% plan to do so, the Financial Times reports, citing a Capgemini survey.

The sad part: The Middle East was actually on track for a significant influx this year — 13% of respondents said they were looking to relocate to the region, the highest share of any other region. However, Gareth Wilson, global banking industry leader at Capgemini, said this sentiment existed before the Iran war, expecting next year’s numbers to tell a different story.

The UAE — and the wider GCC — was well positioned to catch a larger intake of HNWIs who were relocating from countries like the UK in search of more favorable tax policies and investment environments. However, the regional war has prompted many HNWIs in the UAE to either leave or scout for other locations for long-term residency, with inquiries for Henley & Partners’ UAE residence program down 13% in 1Q.

EGX30	52,653	+0.2% (YTD: +25.9%)
USD (CBE)	Buy 51.76	Sell 51.90
USD (CIB)	Buy 51.72	Sell 51.82
Interest rates (CBE)	19.00% deposit	20.00% lending
Tadawul	10,990	-0.1% (YTD: +4.8%)
ADX	9,614	+0.3% (YTD: +3.8%)
DFM	5,768	+0.9% (YTD: -4.6%)
S&P 500	7,384	-2.6% (YTD: +7.9%)
FTSE 100	10,368	+0.1% (YTD: +4.4%)
Euro Stoxx 50	6,062	-0.7% (YTD: +4.6%)
Brent crude	USD 93.09	-2.0%
Natural gas (Nymex)	USD 3.23	-3.2%
Gold	USD 4,365	-3.1%
BTC	USD 60,742	-1.5% (YTD: -30.7%)
S&P Egypt Sovereign Bond Index	1,055	+0.1% (YTD: +6.2%)
S&P MENA Bond & Sukuk	151.48	-0.3% (YTD: -0.3%)
VIX (Volatility Index)	21.51	+39.7% (YTD: +43.2%)

THE CLOSING BELL-

The EGX30 rose 0.2% at Thursday’s close on turnover of EGP 10.8 bn (31.6% above the 90-day average). Local investors were the sole net buyers. The index is up 25.9% YTD.

In the green: Emaar Misr (+4.7%), Ibnsina Pharma (+3.0%), and Juhayna (+2.8%).

In the red: Kima (-3.8%), Orascom Investment Holding (-3.4%), and Fawry (-3.3%).

CALENDAR

2026

JUNE

16-18 June (Tuesday-Thursday) AFA International Annual Fertilizer Conference & Exhibition, Nile Ritz-Carlton, Cairo.

23-25 June (Tuesday-Thursday): The Big 5 Construct Egypt, Egypt International Exhibition Center, Cairo.

23-25 June (Tuesday-Thursday): Watrex Expo, Egypt International Exhibition Center, Cairo.

30 June (Tuesday): June 30 Revolution.

JULY

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

23 July (Thursday): Revolution Day (TBC).

AUGUST

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

26 August (Wednesday): Prophet Muhammad’s birthday.

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

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

16-18 January (Saturday-Monday): Agri Expo, Cairo International Convention Center.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily