Fresh EU funds inbound

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WHAT WE’RE TRACKING TODAY

Transport Ministry rules out selling its stake in ALCN

Good morning, wonderful people and welcome back from the extended weekend. We’re kicking off the week with a packed issue, leading with the massive EUR 1.5 bn tranche from the European Union heading our way this month.

Also from the EU, the European Investment Bank is evaluating financial backing for Alcazar’s Ras Ghareb and Scatec’s Dandara renewable energy projects. Also, France’s Alstom is leading a consortium that inked a EUR 690 mn package to build and upgrade two of our strategic rail corridors: 6th of October–Alexandria and the Belbes–10th of Ramadan corridors.

MEANWHILE- The Oil Ministry is targeting a USD 1 bn-plus exploration push this year, eyeing 14 new Mediterranean wells to help reverse the domestic production slump.

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Transport Ministry won’t sell its ALCN stake

The Transport Ministry confirmed it has “no intention” to offload stakes held by its affiliates in Alexandria Container and Cargo Handling (ALCN), according to a statement. The decision comes after AD ports — owned by Abu Dhabi wealth fund ADQ — attempted to take control of the EGX-listed port operator through a mandatory tender offer of up to 90% of the company last week.

We called it: A senior government official told EnterpriseAM exclusively last week that the Transport Ministry was set to reject AD Ports’ MTO, despite the sweetened deal. The Emirati port operator, bidding through subsidiary Black Caspian Logistics, offered EGP 27.47 per share, up 19.5% from an initial EGP 22.99 per share offer submitted in December.

REMEMBER- AD Ports Group secured a stake in ALCN in November when it acquired the PIF-owned Saudi Egyptian Investment Company’s 19.3% stake. This gave ADQ a combined 51.33% majority stake in ALCN, following its acquisition of a 32% indirect ownership through Alpha Oryx in 2022. The government still controls a combined 42.9% blocking stake via the Holding Company for Maritime and Land Transport and the Alexandria Port Authority, while the rest of the shares are freefloating.

A role for Egypt in IMEC?

Egypt’s energy infrastructure may find itself at the center of Washington’s plans for the India-Middle East-Europe Economic Corridor (IMEC). A bipartisan bill (pdf) approved by the US Senate Foreign Relations Committee last week identified the planned Greece-Egypt electricity interconnection (Gregy) and Egypt’s LNG facilities as key links connecting India, the Gulf, and Europe.

What’s in the bill: The Eastern Mediterranean Gateway Act casts Egypt, Greece, Cyprus, and Israel as a strategic gateway within IMEC and identifies projects — including Gregy and regional LNG terminals — as infrastructure that could underpin the corridor. The proposed bill frames IMEC as a strategic alternative to Chinese-backed infrastructure initiatives and seeks to institutionalize US support for greater connectivity across the region.

Why it matters: The bill raises the strategic profile of Gregy and Egypt’s LNG infrastructure by positioning them within Washington’s vision for IMEC — offering political backing, but not funding. It still requires approval from the full Senate and House before becoming law.

A full-cream ticker

EGX-listed Arabian Food Industries (Domty) expects its new spin-off dairy unit, Dairy Products Euro Arabian for Food Industries, to list on the EGX in July, the Arabic press reports, citing CEO Mohamed El Damaty. The company had originally targeted a 1Q 2026 listing.

Domty’s board approved a split in October 2025, with shareholders signing off in December. The restructuring leaves the new dairy unit with an issued and paid-up capital of EGP 438 mn, while the legacy Domty parent retains EGP 113 mn to focus exclusively on bakeries. No new shares are being sold, with existing shareholders retaining identical ownership ratios and share counts in both entities — making the spun-off unit more of a sister company to Domty rather than a subsidiary.

IN CONTEXT- Domty is targeting USD 30 mn in export revenue this year, a 36% jump from USD 22 mn in 2025 — and 1H 2026 is already up 20% to USD 13 mn. El Damaty dismissed concerns that regional tensions would impact operations, noting the company is still eyeing a manufacturing facility in Saudi Arabia to anchor its GCC and African expansion. This comes as Danish dairy giant Arla Foods’ EGP 8.9 bn mandatory tender offer for Domty remains on ice, having been paused in April due to the complexities of conducting due diligence during the bakery unit spin-off.

State Ownership Policy 2.0

The government has finalized the second iteration (pdf) of its State Ownership Policy (SOP), updating the 2022 framework by scrapping rigid sector-level exit quotas in favor of a pragmatic, company-by-company portfolio approach. While the overarching policy is now public, Prime Minister Mostafa Madbouly confirmed that the crucial missing piece — a detailed executive program dictating the actual mechanics of these exits — will be finalized before 30 September, according to the State Information Service. The first SOP has generated USD 5.9 bn in direct proceeds across 19 transactions.

The document groups divestment targets into three tiers — airports, banks, telecoms, and tourism as urgent priorities; fertilizers, petrochemicals, sugar, energy, transport and distribution, and real estate in the medium term; and mining, cement, pharma, and transport over the longer term. State ownership will become “selective,” limited to cases with sovereign, strategic, or social justification, with the Sovereign Fund of Egypt taking on a more central role in managing eligible assets.

EGP WATCH

Newly tapped Trump appointee Kevin Warsh held interest rates steady at his first Federal Open Market Committee (FOMC) meeting on Wednesday — the same day the USD slipped below the EGP 50 mark for the first time since March. However, Warsh also delivered a hawkish pivot that could reverse the EGP’s gains today or tomorrow.

The breakdown: While the Fed kept the benchmark rate steady at 3.50% to 3.75%, the updated “dot plot” revealed a sharp U-turn. In contrast to the previous dot plot, which leaned toward cuts or extended holds, the new version has nine out of 19 policymakers forecasting at least one rate hike this year instead of a cut, according to the Federal Reserve’s press conference transcript (pdf).

Why this threatens the EGP: The EGP’s rally was fueled by hot money chasing yields, not structural economic shifts. A government source previously told us the appreciation was driven primarily by exceptionally strong secondary market inflows, with foreign portfolio investments rising by USD 1.1 bn, before easing the next day as investors locked in gains. Washington’s “higher for longer” stance is already triggering a global capital restructuring. If the US locks in higher interest rates, it threatens to drain the hot money that drove the EGP’s rally right back out of emerging markets and back into safer US assets.

Warsh is also getting rid of "forward guidance” — the central banking equivalent of a turn signal, which broadcasts future interest rate moves so global markets can price them in without panicking. Without this safety net, a single hot US economic indicator could trigger an abrupt repricing of rate expectations — prompting hot money to preemptively flee vulnerable markets like ours before the Fed has even met.

Don’t overread daily moves: “In a flexible exchange-rate regime, it is perfectly normal for the currency to move according to supply and demand. Movements of 4-5% are not unusual under current conditions,” veteran banker and former Banque Misr deputy chairperson Sahar El-Damaty tells EnterpriseAM. She notes that markets are still sensitive to short-term FX fluctuations as the current geopolitical backdrop remains too volatile to call a lasting trend in either direction.

Happening today

Single-stock futures on the shares of Commercial International Bank (CIB) and Talaat Mostafa Group (TMG) will start trading on the EGX in a few hours. Contracts on two of the bourse’s most liquid names will come in three- and six-month maturities, with a standard size of 100 shares.

REFRESHER- The rollout follows a lukewarm reception for EGX30 index futures, the exchange’s first-ever derivatives product. Stock futures were originally scheduled to hit the market last Thursday, but the launch was pushed back in observance of the Islamic New Year.

This new product may have an easier time finding an audience. “When you place a derivative contract on stocks that people already like and see value in, it supports the chances of success,” Hany Genena, head of research at Al Ahly Pharos, previously told EnterpriseAM, adding that local investors have long shown a preference for individual stocks over index exposure.

PSA-

WEATHER- It’s another sunny day in Cairo, with a high of 33°C and a low of 22°C, according to our favorite weather app.

It’s not as hot in Alexandria, which is looking at a high of 29°C and a low of 22°C.

The big story abroad

US-Iran talks for a permanent ceasefire are set to kick off in Switzerland today, with high-level officials from Pakistan also attending. Washington and Tehran are set to negotiate a nuclear agreement — including the Islamic Republic’s stock of enriched material — alongside a permanent resolution to their nearly four-month conflict.

Talks are kicking off after Iran said it shut the Strait of Hormuz, citing what it called Israeli “crimes” in Lebanon and Washington’s violation of commitments to establish a truce. Tel Aviv’s strikes in Lebanon killed at least 20 yesterday. This came hours after a day of busy transit through the waterway — the US Central Command said that 55 merchant ships moved vital cargo and over 17 mn barrels of oil through Hormuz yesterday and that US forces remain committed to keeping the shipping lane open. The strait had officially opened on Thursday, hours after the US and Iranian presidents digitally signed a 14-point MoU to end the war.

Is Starmer stepping down? UK Prime Minister Keir Starmer could resign as soon as tomorrow amid a recent and drastic loss of popular support, a government source tells The Telegraph. Pressure has mounted especially after Starmer’s chief rival from his own party, Andy Burnham, secured a parliamentary seat that clears his path to launch a formal leadership challenge.

Is the world turning against AI players? The Wall Street Journal is out with a piece on the far-from-rosy outlook of the US’ highly anticipated IPO lineup of its major AI players. It seems that although investors are eager to throw money at AI, the political and societal backlash is moving fast enough to potentially derail these massive public market debuts.

A EUR 1.5 bn shot in the arm

The government will receive EUR 1.5 bn from the European Union this month to support its economic reform agenda, European Commission President Ursula von der Leyen said on X following talks with President Abdel Fattah El Sisi during the G7 summit in France. “Egypt is a central and stable partner for Europe in a region in turmoil,” von der Leyen said.

IN CONTEXT- The disbursement follows two previous EUR 1 bn tranches received in January 2025 and January 2026, bringing the total disbursed macro-financial assistance to EUR 3.5 bn out of the EUR 5 bn pledged under the EUR 7.4 bn EU-Egypt Strategic and Comprehensive Partnership signed in March 2024. The partnership includes EUR 1.8 bn in investment agreements and EUR 600 mn in grants.

ALSO- The European Investment Bank (EIB) just signed a EUR 750k technical assistance agreement with Vacsera to pave the way for a EUR 50 mn multi-product vaccine facility.

REMEMBER- Last week, the government secured a EUR 690 mn package from the EU and the EIB to upgrade the electricity transmission network and integrate 22 GW of renewable energy capacity into the grid by 2030.

Regional issues were also on the agenda: Von der Leyen said she and El Sisi discussed diplomatic efforts in the Middle East, including the agreement between the US and Iran.

Greenbacks for green megawatts

The European Investment Bank (EIB) is currently weighing financing for two major renewable energy projects in the country that will add a combined 1.6 GW of clean power to the national grid, according to project disclosures published by the bank.

Project #1: Dubai-based Alcazar Energy is building two adjacent 250 MW onshore wind farms — NIAT and Rasgha — near Ras Ghareb on the Red Sea. The total development price tag is USD 572 mn and Alcazar asked the EIB for a USD 152 mn loan to help cover the costs. The developer is currently hunting for the rest of the debt from other multilateral lenders, with the European Bank for Reconstruction and Development (EBRD) also evaluating a USD 200 mn loan for the complex.

Project #2: EIB is appraising a project from Norwegian renewables giant Scatec, which is building a 1.1 GW solar plant, called Dandara, alongside a massive battery storage system in Qena. Instead of linking Dandara’s output to the national grid, Scatec will sell it to the state-owned aluminum giant EgyptAlum to help the energy-heavy manufacturer lower its carbon footprint and avoid the EU’s incoming carbon border tax. The first 500 MW phase of Dandara will cost USD 315 mn. While the EIB has not disclosed how much it plans to lend the project, the EBRD is evaluating a USD 80 mn loan for this initial phase.

But don’t confuse this with Scatec’s other Qena project, Obelisk, which sells power directly to the government and already has its first phase up and running.

Why it matters: EIB’s interest in these two projects suggests that multilateral financial institutions continue to see a compelling commercial prospect in large-scale renewable energy projects in Egypt. They also reflect the broadening of the country’s green energy market beyond traditional utility-backed projects, with developers increasingly targeting both utility-scale power generation and direct power supply agreements with industrial consumers.

Deepwater pockets

The Oil Ministry is targeting its largest Mediterranean exploration drilling program yet in 2026, including 14 new wells and more than USD 1 bn in expected investment, according to a government document seen by EnterpriseAM. The Med push is part of a wider 2026 exploration program targeting a total 101 wells across the country’s oil and gas blocks, with a total expected investment of USD 1.3 bn — spanning 67 wells in the Western Desert, nine in the Gulf of Suez, six in the Delta, and five in the Eastern Desert.

The Med prize: If the Mediterranean discoveries are successful, most are expected to enter production within two to three years, potentially lifting Med gas output to around 2 bcf / d from 1.5 bcf / d. That could cut Egypt’s import bill by around USD 500 mn a month.

Who’s drilling where? Shell is expected to drill four wells with USD 312 mn in investment across Merneith, Philox, and West Mina. Eni is targeting four wells with USD 184 mn earmarked for Denise W-2, Nidoco North, Southwest Nour-1, and Zohr. BP is planning three wells with USD 218 mn in investment, while Arcius is targeting one well with USD 160 mn — the document lists their activity across Fayoum and Cairo blocks. ExxonMobil and Chevron are each planning one well, with planned investments of USD 120 mn and USD 114 mn respectively, in Nargis and Cairo blocks.

Why now: The Oil Ministry fully cleared its USD 6.1 bn arrear backlog to international oil companies earlier this month and has also been offering better terms to reverse the decline in domestic gas output, including updated pricing and production incentives.

MEANWHILE- The Egyptian National Petroleum for Exploration and Development Company (Enpedco) is investing USD 12 mn to explore for oil and gas in western Fayoum, the Arabic press reports, citing an unnamed government official. The company plans to drill five exploratory wells across the 3k sq km concession, which it recently secured from the Egyptian General Petroleum Corporation (EGPC) under an extendable three-and-a-half-year agreement.

Why it matters: The updated strategy expands last year’s USD 5.7 bn roadmap from 480 to 580 wells through 2030, heavily prioritizing the Mediterranean to reverse an eight-year domestic production low recorded in 2024, which has forced the government to lean harder on LNG and pipeline imports to cover demand. The new wells could help restore export capacity in the long-term, but the timeline matters — even successful discoveries would only start contributing meaningfully after development work, keeping import pressure high in the near term.

Gen Z teams, shorter cycles, and the new management test

Managers are no longer leading against a stable backdrop. Hybrid work, multi-generational teams, and shorter planning cycles are changing how companies communicate, motivate teams, and make decisions under pressure.

The pressure shows up in practical ways. A manager may inherit a team where most members are under 30 and expect a completely different feedback and communication style. An executive may need to stress-test a strategy against multiple economic scenarios without having worked with a structured planning framework. The operational knowledge is there, but the tools are not.

That is creating demand for executive programs built around immediate operational challenges. AUC Onsi Sawiris School of Business Executive Education’s new Management Workshop Series is designed for middle and senior managers who need structured, applicable knowledge quickly.

The series focuses on applied outcomes rather than theoretical exposure. One workshop addresses managing and retaining Gen Z employees through coaching-based leadership models, performance management frameworks, and communication strategies designed for multi-generational teams. Participants leave with a 90-day leadership action plan tailored to their organizations.

The second workshop focuses on scenario planning and strategic decision-making during volatility. Participants learn how to build and test multiple future scenarios, identify operational risks, and develop early-warning indicators tied to changing market conditions. The workshop culminates in a scenario-based project applied to a real organizational challenge.

Full steam ahead

Egyptian National Railways signed four contracts worth EUR 690 mn (c. EGP 39.5 bn) with an Alstom-led consortium to modernize two of our most critical freight and logistics rail corridors, according to statements from the Transport Ministry and Alstom. The consortium, which includes local players Rowad Modern Engineering and Concrete Plus, will tackle the 6th of October-Alexandria corridor and the Belbes-10th of Ramadan line, securing around EUR 300 mn of the package for Alstom.

The breakdown: The 6th of October-Alexandria corridor comes in at EUR 550 mn of the package, including around EUR 240 mn earmarked for Alstom. Meanwhile, the Belbes-10th of Ramadan line is valued at EUR 140 mn, with Alstom taking EUR 60 mn. The upgrades include digital rail systems, ETCS Level 1 signaling, power infrastructure, and civil works, which Alstom says will cut full-route travel time on the 6th of October-Alexandria corridor by nearly 80 minutes. The contracts are expected to include around 50% local components.

The final price tag: The EUR 690 mn package closes the books on a financing trajectory we have tracked for months. The 6th of October-Alexandria bypass was originally anchored by a USD 400 mn (c. EUR 390.6 mn) World Bank facility approved in 2022, but by December 2025, the price tag had swelled to EUR 540 mn to absorb rising execution costs. Meanwhile, the 10th of Ramadan line was initially awarded in January for EUR 215 mn. The final signatures correct that earlier market intelligence.

Why it matters: Both lines are core pillars of the Transport Ministry’s expanded master plan to build eight integrated logistics corridors — an upgrade from previous plans for seven corridors. The upgraded Alexandria route will anchor at the new Bashteel station, weaving through the Sadat and 6th of October dry ports before terminating at the Alexandria Port, while the Belbes line will lay down 63 km of new track as part of the larger Sokhna-Alexandria logistic corridor. The goal is to shift freight from roads to rails and boost national rail freight capacity from 8 mn tons to 13 mn tons annually by 2030.

Train delays, again

Trial operations for the first line of Egypt’s high-speed electric rail network have been rescheduled to September or October, pushed back from the previous June timeline, Al Mal reports, citing Deputy Minister of Transport for Railway Transport Affairs Wagdy El Shahat. The trial runs will last for six months and cover the Ain Sokhna-Sixth of October segment of the mega-project.

IN CONTEXT- This is the latest in a string of delayed timelines for the flagship transit project. The government had initially targeted 2023 to launch the trial phase, before pushing it to the end of 2024 / early 2025, then pushing it again to November 2025. In December, the government moved the deadline to June and gave the project an EGP 2 bn financing push.

Why it matters:Revamping the national transport network to connect commercial hubs with seaports is projected to generate a substantial EGP 2.65 in economic returns for every EGP spent, El Shahat argues. However, chronic delays risk ballooning capital costs and eroding that potential return on investment.

Former Deputy PM Ziad Bahaa-Eldin joins Adsero to head new regulatory practice

Former Deputy Prime Minister and Minister of International Cooperation Ziad Bahaa-Eldin (Linkedin) is joining Adsero - Ragy Soliman & Partners as senior partner and head of its newly minted Financial Regulatory and Capital Markets department, the law firm said in a press release (pdf). Bahaa-Eldin brings significant regulatory experience to the role, having written the playbook for the state’s economic legislation during his tenures as the executive chairman of both the Financial Regulatory Authority and the General Authority for Investment and Freezones, alongside board stints at the Central Bank of Egypt and the National Bank of Egypt. He assumes the role on 1 July.

And he’s bringing backup: Bahaa-Eldin will be joined by new partner Mohamed El Ehwany (Linkedin), who holds extensive expertise advising on projects in finance and cross-border M&A. Counsel Rana Elkahwagy (Linkedin) also joins the department, specializing in antitrust, corporate law, and regulatory compliance.

Rania Al Mashat at the UN

Rania Al Mashat assumed her role as UN under-secretary-general and executive secretary of the United Nations Economic and Social Commission for Western Asia (ESCWA) after taking the oath of office before UN Secretary-General António Guterres yesterday. Al Mashat, Egypt’s former international cooperation and planning minister, who was appointed to the post in April, brings 25 years of experience in economic policy and development finance, including roles at the IMF, the Central Bank of Egypt, and Egypt’s cabinet. She will lead ESCWA’s work on regional integration and development across its 21 member states.

USD 120 mn logistics zone coming our way

Toshka is getting a USD 120 mn logistics zone. The General Authority for Land and Dry Ports is seeking tenders for the establishment, management, and operation of the specialized logistics zone in Aswan, Al Borsa reports. The authority is seeking agricultural and agro-processing companies to establish the facility on a 1 mn sqm plot of land. The deadline for receiving applications is the end of October 2026.

Prioritizing agricultural storage and trade: The project aims to establish cold storage infrastructure for crops, silos for grain and cereals, and processing and packaging centers. Container and truck handling yards will also be built to organize commercial transport movement between Egypt and African markets. The zone will support agro-linked light industries, including equipment assembly, fertilizer packaging, and recycling agricultural waste into feed or clean energy.

More investment for Upper Egypt: Refrigeration and nearby silos would help prevent spoilage under the desert heat prior to transit, which should help ease some of the logistical difficulties that trouble agricultural and land reclamation projects in the area, including the EGP 4.7 bn five-year initiative by our friends at Sekem.

El Nasr Automotive teams up with China's FAW to revive its brand

El Nasr Automotive signed a strategic partnership with China’s FAW Car Group to manufacture a range of vehicles under the El Nasr brand, according to a cabinet statement.

BACKGROUND- El Nasr returned to manufacturing in 2024 after a 15-year production hiatus, beginning with two electric buses — the Nasr Sky tourist bus and the Nasr Star minibus. The FAW deal is one of El Nasr’s first major international passenger vehicle partnerships since its revival, and adds to a growing list of global automakers — including GM, Toyota, and Stellantis — that have established local footholds in recent years.

Making waves

Egypt is setting the stage for a new international yacht marina at Kilo 92 on the North Coast, bringing another luxury mega-project to our Mediterranean shoreline. The Higher Committee for Shore Licensing has greenlit the project after it cleared all technical and environmental regulatory reviews, according to a statement from the Water Ministry. Jurisdiction over the project has been handed to the Armed Forces Land Projects Agency.

IN CONTEXT- The new marina is in line with the Madbouly government’s efforts to capture the lucrative Mediterranean yachting crowd and expand its tourism receipts beyond traditional Red Sea hotspots. By monetizing prime coastal real estate, the state aims to secure foreign currency inflows, echoing the blueprint of Qatar’s massive USD 29.7 bn Alam El Roum project.

Digital Group eyes local tech players

Netherlands-based cybersecurity provider Digital Group is lining up USD 2 mn to acquire at least a 30% stake in two unnamed local tech startups next year, Al Mal reports. The self-financed acquisitions aim to tap into local engineering talent and fast-track the group’s expansion into the regional digital solutions market.

The return of the SPAC?

SPACs are back — and the mega-IPO frenzy is to thank. As blockbuster listings from the likes of SpaceX absorb the bulk of investor appetite and capital on US markets, shell companies are re-emerging as the practical alternative for firms that can't compete for attention at the top of the queue, Reuters reports.

By the numbers: SPAC issuances have been on the up since last year, when they started to recover from a post-2021 dip. So far, USD 36.9 bn worth of SPAC mergers have been announced through 44 agreements, up from USD 15 bn through 33 agreements at the same point the year before, according to Dealogic data.

BACKGROUND- SPACs helped push global IPOs to a record high in 2021, before a wave of underperformers struggled to deliver returns or find viable targets. The current revival is more selective — with sectors drawing interest this time including energy, crypto, defense, and critical minerals.

Nearly 360 SPACs are sitting on c. USD 56.8 bn in dry powder ready to deploy, according to SPAC Research. Two big pending transactions illustrate the shift — Taiwan-based battery manufacturer ProLogium Technology is listing on the Nasdaq through a USD 3.8 bn SPAC merger, while the US’s power and lithium resource producer Controlled Thermal Resources agreed on a USD 4.7 bn merger.

SPACs can provide an alternative route, or “a quick side entrance,” as Cerity Partners’ Michael Ashley Schulman said, for funds to take advantage of a buoyant market, as mega listings take up a sizable share of investor interest, appetite, and capital.

For the targets, as well as offering an easier access route to the already crowded IPO scene on US capital markets, acquisitions and mergers through shell companies offer more flexibility on terms and a guaranteed capital raise at close.

EGX30	52,622	+1.1% (YTD: +25.8%)
USD (CBE)	Buy 49.85	Sell 49.99
USD (CIB)	Buy 49.80	Sell 49.90
Interest rates (CBE)	19.00% deposit	20.00% lending
Tadawul	11,121	+0.1% (YTD: +6.0%)
ADX	10,017	-1.0% (YTD: +0.2%)
DFM	6,164	-1.7% (YTD: +1.9%)
S&P 500	7,501	+1.1% (YTD: +9.6%)
FTSE 100	10,363	-0.4% (YTD: +4.4%)
Euro Stoxx 50	6,293	-0.5% (YTD: +8.6%)
Brent crude	USD 80.57	+0.9%
Natural gas (Nymex)	USD 3.20	-1.1%
Gold	USD 4,173	-1.7%
BTC	USD 63,934	+1.1% (YTD: -27.0%)
S&P Egypt Sovereign Bond Index	1,064	+0.1% (YTD: +7.2%)
S&P MENA Bond & Sukuk	152.44	-0.1% (YTD: +0.4%)
VIX (Volatility Index)	16.78	+2.3% (YTD: +12.2%)

THE CLOSING BELL-

The EGX30 rose 1.1% at Wednesday’s close on turnover of EGP 12.1 bn (40.8% above the 90-day average). International investors were the sole net buyers. The index is up 25.8% YTD.

In the green: Raya Holding (+4.1%), CIB (+2.7%), and Palm Hills Developments (+2.5%).

In the red: ADIB (-2.1%), Qalaa Holdings (-1.6%), and EFG Holding (-1.4%).

CALENDAR

JUNE

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

19 August (Wednesday): Connected Banking Summit, Fairmont Nile City Hotel

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

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

SEPTEMBER

8-10 September (Tuesday-Thursday) El Alamein International Airshow, El Alamein International Airport

10-12 September (Thursday-Saturday): Egyptian Entrepreneurship Sector Diagnostics Report Summit, El Gouna.

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.

10-11 October (Saturday-Sunday): Egypt Women's Health Summit (EWHS), Cairo Marriott Hotel

26-28 October (Monday-Wednesday): IEX Egypt, Egypt International Exhibition Center, Cairo.

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

DECEMBER

7-10 December (Monday-Thursday): Food Africa, Egypt International Exhibition Center, Cairo.

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.

4Q 2026: Banque du Caire IPO

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.

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