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Are Chinese SUVs the new status symbol?

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WHAT WE’RE TRACKING TONIGHT

Sovereign Fund to oversee public business sector companies

Good afternoon, friends, and happy almost-weekend. We’ve got a packed issue for you today. At home, oversight of 110 companies is moving to Egypt’s Sovereign Fund following the dissolution of the Public Business Sector Ministry. In the business press, financial firm stocks are in the red after another sell-off.

Also in today’s issue: We take a look at why Chinese SUVs might be the new luxury go-to, and dive into what might just be Maadi’s hottest comedy night.

THE BIG STORY TODAY-

📍 New cabinet, new oversight: Following the official dissolution of the ministry in yesterday’s cabinet reshuffle, the government is set to transfer oversight of public business sector companies to Egypt’s Sovereign Fund and the Cabinet-affiliated State-Owned Enterprises Oversight Unit, three government sources tell EnterpriseAM. The Sovereign Fund will assume responsibility for around 110 companies, either by attracting new capital or by integrating them into the government’s IPO program, sources tell us.

ALSO- Yields on domestic sovereign sukuk dropped on Tuesday to 20.8% on average, down from 21.5% in previous auctions, according to CBE data. The dip prompted the Finance Ministry to accept EGP 6.06 bn in bids, exceeding its target of EGP 5 bn, a government source told EnterpriseAM. The uptick in demand is largely attributed to the recent upgrade of the secondary market for public debt — and its subsequent trading on the Egyptian Exchange (EGX) — significantly boosting liquidity.

^^ Read more details on these stories and more in tomorrow’s edition of EnterpriseAM.


We’re hiring a technology reporter: EnterpriseAM is looking for a tech reporter to own the beat across Egypt, the UAE, Saudi Arabia, and beyond.

This is a reporting job — not a desk job. You’ll be working sources, breaking stories, and writing about trendlines (not just headlines) in our voice and with the authority our readers expect. AI and digital infrastructure are huge features of the beat, but our interests are broad: fintech, telecoms, regulation, SaaS, and the bajillion ways tech is reshaping how businesses operate across the region.

We want someone who can pick up the phone or WhatsApp, get people talking, and turn what they say into stories that senior decision-makers need to read. We also expect you to attend industry events and maintain relationships with PR folks across the industry without selling out. If you’ve got 2-3 years of experience and the hunger to build a beat from the ground up, we want to hear from you. We’re also interested in hearing from veteran reporters. Spoken Arabic is strongly preferred.

The role is based in Cairo, though we’re open to remote work for the right candidate. If you’re reading EnterpriseAM, you know what we’re about: a no-BS daily news outlet that tells busy execs, investors, founders, and ambitious people what they need to know about the trends shaping business, economy, finance, regulation, and public policy across our region. We write stories that have impact — about issues that matter — for a global audience of decision-makers.

Do we sound like the type of place where you want work? Send your CV and three clips to jobs@enterpriseamea.com. Also, enclose a great cover letter that tells us who you are, what you do, and why you’d be a great fit for this job.


THE BIG STORY ABROAD-

🌐 The launch of a new tax planning tool from tech platform Altruist — said to help advisors “create fully personalized tax strategies for clients” — shook up financial firms, as stocks wobbled amid investor concerns about potential AI disruption to advisory and banking services. LPL Financial tumbled 8.3%, Charles Schwab lost 7.4%, and Morgan Stanley dropped 2.4%.

AND- BTC’s downward trajectory continues, trading just below USD 66k this morning. Crypto markets are pressured by the volatility of US technology stocks and the latest sell-off.

^^Read more on Bloomberg and CNBC (here and here).

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • We have a new Cabinet with several new faces taking over ministries. The shuffle introduces 13 new ministers and bids farewell to 11 others. Prime Minister Mostafa Madbouly will continue to head the cabinet, making him one of the longest-serving prime ministers in the country’s history;
  • Annual urban inflation stood at 11.9% in January, marking its lowest level since September and a 0.4 percentage point drop from December. The reading gives us reason to believe the Central Bank of Egypt will move forward with a rate cut when its Monetary Policy Committee meets to review rates;
  • Beltone Holding completed its largest transaction to date with the EUR 197.6 mn acquisition of 100% of Baobab Group. The acquisition marks Beltone’s first major cross-border expansion and sets the foundation for its evolution into a Pan-African financial services platform.

☀️ TOMORROW’S WEATHER- It’s another cool day in Cairo, with temperatures set to peak at a high of 24°C before cooling down to 16°C, according to our favorite weather app.

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AFTER HOURS

Chinese luxury cars are taking over — here’s what’s happening

🚘 When Egyptian CEOs start parking their Range Rovers and begin driving spaceship-like Chinese SUVs, you know something is afoot. For decades, the hierarchy was undisputed. If you had arrived, you drove German. Maybe British? Certainly European. Regardless of how much lip service is given to the durability and resale value of a Mercedes Benz or BMW, for the C-suite, a car is not merely transportation — it’s a statement. For this particular segment of customer, buying Chinese was unthinkable… until now.

If European luxury is built on heritage, Chinese luxury is built on technological superiority. In the world of new-energy vehicles (NEVs) — which includes battery electric vehicles (BEVs), plug-in hybrids (PHEVs), and range-extended electric vehicles (REEVs) — the Chinese are clearly dominating.

At the Automorrow Egypt motor show held last week, 20 out of the 25 exhibiting brands were Chinese. The majority of the models on display were new high-tech NEVs of various sizes and price points, starting at as low as EGP 750k for models like the Arcfox T1 BEV and going up to the EGP 4 mn range for higher-end SUVs like Li Auto L9 REEV.

The change in mindset began gradually in 2025 when authorized dealerships began introducing high-end models along with aftersales services, which were previously only available through the grey market. High-end car buyers are now waking up to the fact that Chinese cars are delivering on performance and luxury at a fraction of the cost of their European counterparts: think EGP 3-4 mn for a luxury Chinese SUV vs EGP 10 mn plus for a Range Rover or Mercedes in the same category.

The disruption is largely centered on the “new energy” scene, Mansour Kabbani, board member at GB Auto, points out. “We now have REEVs and hybrids that address the ‘range anxiety’ in a market like ours where the charging infrastructure is still in its early stages. Combine that with the fact that the cars require minimal maintenance, the cost of registration is EGP 1-2k, and you save money on gas, and you’ll find that it’s a [compelling] formula,” he tells us.

A new generation of Chinese NEVs — led by brands like Lynk & Co, Rox, BYD, IM, Exeed, Li Auto, and Deepal — is successfully penetrating the premium and luxury segments, categories previously considered “untouchable” by anyone without a European badge.

“The automotive market in Egypt used to be divided into 10 major brands. Now we’re talking about an explosion of new cars, most of them Chinese, and some of them are taking a share of the premium market, which speaks volumes about the shift that we are starting to witness,” explains Nina Ezz El Arab, VP of culture and communications and board member at Ezz El Arab Group.

China’s tech-centric approach is capturing even the most traditional buyers. “We have well-established mid-age entrepreneurs and high-level executives buying these cars,” Mansour Auto CEO Ankush Arora tells us. He notes that while these vehicles often start as the “second car in the house,” they are quickly evolving to become the primary vehicle.

“The taboo about owning or driving a Chinese vehicle is going out of the window,” Arora adds. He attributes this to a well-connected consumer base that sees global trends through social media. “The customer is saying, ‘I’m getting better value for my money. The design is premium, the content is premium, so why not? Let me take the plunge.’”

Ezz El Arab agrees the change is palpable. “I think we are at a turning point. Socially, the stigma attached to Chinese has worn off,” she notes. “People are driving Chinese and they’re proud of it. They’re falling in love with the tech, the design, the functionality, the whole package.”

The new landscape

Chinese brands captured 37-38% of the total Egyptian passenger car market in 2025, representing a 29% increase from the previous year. The influx of Chinese brands — over 13 new brands were introduced to the market in 2025 alone — has forced established dealers to be highly selective. Ezz El Arab emphasizes that their group focuses on brands with “European heritage” in their DNA, such as Lynk & Co (a collaboration between Zeekr, Geely, and Volvo) and Smart (50% owned by Mercedes-Benz).

Dealers are also investing heavily in the “experience” to match the premium price points. Mansour Auto is opening BYD Technology Experience Centers rather than traditional showrooms to educate consumers on these new platforms. The first of these centers just opened last week in Sheikh Zayed and the second will open in New Cairo within weeks. Ezz El Arab delivers the premium sales and aftersales experiences that their customers are accustomed to with the European brands.

“Our journey with Chinese brands started in 2017-2018 with MG, and that has been a great success story,” Arora tells us. “Our entry into premium is much more recent. We launched IM in September 2025 and BYD was soft launched just a few days ago. With our IM models, which are 100% electric, we’re selling about 50-60 units a month at the premium end.”

Ezz El Arab shares a similar story with Lynk & Co. “There’s been so much buzz around the Lynk & Co 900 (a PHEV), and the car hasn’t even landed in our showroom yet. Our first shipment arrives in March and the cars have all been pre-sold. Demand has been so strong that we’ve already tripled our original order. For now, the waiting list for the 900 is around 2-3 months,” she says.

At GB Auto, Li Auto and Deepal are two new premium brands that joined the portfolio at the end of 2025. Kabbani tells us that GB’s sales expectation for the new year is around 2k cars between the two brands.

Future outlook

The consensus among industry leaders that we spoke to is that the current growth is only the foundation. They forecast that Chinese brands could account for 40-50% of the market within five years, specifically within the NEV category.

Despite the Chinese wave, and her confidence in its continued momentum across the board, Ezz El Arab points out that European brands aren’t going anywhere just yet. Heritage still carries weight. “It’s kind of like the Apple Watch, it’s great, you’ll definitely buy it, wear it and enjoy its technology, but you’re still going to want to wear your Rolex,” she explains.

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Under the Lamplight

A life in exile sustained through friendship

💡 As important as exile stories are, some fade into the background, while others like Hisham Matar’s My Friends linger long after you’ve turned the final page. Longlisted for the 2024 Booker Prize, Matar’s novel is a gloomy account of the realities of living far from home and the unseen effects of a country’s political upheaval. The British-Libyan Pulitzer Prize laureate traces the lives of three Libyan friends, exiled under the Gaddafi regime, and how their friendship endures through difficult choices.

Khaled, a man in his 50s, looks back at the decades he spent living in London away from his hometown, Benghazi. Facing an overwhelming present-day solitude, Khaled lets his memories circle a single pivotal moment when he and his university friend Mustafa joined London’s anti-Gaddafi protests in 1984. His involvement, in part, is sparked by writer Hosam Zowa — whom he would later befriend — and his bizarre yet striking short story that aired on BBC Radio when the protagonist was only a young student.

The story is vivid in its emotions, gentle in its storytelling, and tainted with an inescapable somberness. Khaled evokes a deep portrait of the daily strain of exile and how fear of political retribution controlled most of his life. His friendship with Mustafa and Hosam is emotionally rich; their dynamic feels deeply personal as Matar takes inspiration from real-life events. Grounded and distinctively well-rounded, the novel depicts a life shaped by politics, the struggle for identity, and a longing for home.

WHERE TO FIND IT- Keep an eye out for a restock of the paperback at Diwan or place a special order at The Bookspot. You can also get the eBook on Kobo.

This publication is proudly sponsored by

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Sports

We’re in for a sports-packed evening

We’ve got a packed sports schedule tonight at home and abroad. On the home front, Al Ahly takes on Ismaily in an Egyptian Premier League Matchweek 14 fixture. The match kicks off at 5pm on ON Sport 1.

Second-placed Zamalek will also be going head-to-head with Smouha. The White Knights are looking to keep their victory streak going, and we’ll find out whether or not they do when the match kicks off at 8pm on ON Sport. At the same time, Al Masry takes on Wadi Degla, also airing on ON Sport.

Postponed no more: Third-placed Pyramids and Enppi will face off in their postponed match from Matchweek 12 at 5pm, airing on ON Sport 2.


Over in the English Premier League, Matchweek 26 fixtures are going strong, with Liverpool and Sunderland taking the field at 10:15pm on BeIN Sports 1. A little earlier at 9:30pm, second-placed Manchester City and Fulham will be battling it out on BeIN Sports 3.

Other Premier League fixtures on our radar at 9:30pm:

  • Crystal Palace vs. Burnley — BeIN Sports 4;
  • Aston Villa vs. Brighton — BeIN Sports 5;
  • Nottingham Forest vs. Wolves — BeIN Sports 6.


In the Copa del Rey semi-finals, Athletic Bilbao and Real Sociedad will be battling it out at 10pm. The match will be broadcast on MBC Shahid.

Other major cup fixtures on our radar:

  • Bologna vs. Lazio — Coppa Italia quarter finals (10pm, MBC Shahid);
  • Bayern Munich vs. RB Leipzig — DFB-Pokal quarter finals (9:45pm, Abu Dhabi Sports).
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HAPPENING TONIGHT

Uncensored comedy and cocktails at Maadi’s The Atrium tonight

🎤🍸 Sometimes you need a cocktail, oftentimes you need a good chuckle, and most days you could use both. American journalist and co-host of the From Cairo podcast Eric Knecht will take the stage at Maadi’s The Atrium tonight to kick off Shadow Comedy and Unapologetic Cocktails — a night where comedy goes uncensored and the cocktails just keep flowing.

Featuring a slew of both established comedians and brave first-timers, the evening is set to be all about spontaneity and community. “In the US, open mics are very popular, and that’s a little different here. In Egypt, comedy is more set — it’s orchestrated, and I kind of wanted to bring a little bit of the open mic chaos to the Egyptian scene,” Knecht tells EnterpriseAM. “Open mics are often how people become comedians, some people might not think they got what it takes, then they give it a shot and end up making entire careers out of it.”

Alongside the unfiltered comedy, there’ll be plenty of equally daring cocktails incorporating traditional Egyptian flavors, courtesy of Mashareeb. “On a daily basis, we’re surrounded by certain flavors like Sobia or Doum that you likely won’t run into anywhere else. We’re trying to use those to create a mass appeal around cocktails… and depart from the usual mojitos and whiskey sours that are offered everywhere,” Mashareeb Co-founder Omar Orfaly tells us.

The show kicks off at 8pm tonight, but you can catch happy hour at 7pm with cocktail prices slashed in half until the show starts. Entry is at no cost, and you can reach out to The Atrium through Instagram to make a reservation or sign up for the open mic.

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GO WITH THE FLOW

What the markets are doing on 11 February 2026

The EGX30 fell 1.3% at today’s close on turnover of EGP 7.6 bn (27.4% above the 90-day average). Local investors were the sole net buyers. The index is up 18.8% YTD.

In the green: Orascom Development (+4.2%), Kima (+2.4%), and Ibnsina Pharma (+2.3%).

In the red: Edita (-3.9%), Misr Cement (-2.7%), and GB Corp (-2.6%).


🗓️ FEBRUARY

6 December – 15 February (Saturday-Sunday): Cairo Prints at Cairopolitan in Garden City.

11 February (Wednesday): Shadow Comedy and Unapologetic Cocktails at Maadi’s The Atrium.

11-15 February (Wednesday-Sunday): Animatex at AUC Tahrir Square.

12 February (Thursday): Wael Jassar – Valentine’s Day Gala at Cairo Opera House, Zamalek.

12-14 February (Thursday-Saturday): The Garden Market at East View Mall, New Cairo.

12-15 February (Thursday-Sunday): Thai Food Bazaar in Zamalek.

13 February (Friday): Bryan Adams at the GEM.

14 February (Saturday): The Nile Parade at VeryNile, Qursaya Island.

14 February (Saturday): Valentine’s Special – Saad El Oud at CJC 610.

14 February (Saturday): Mina Nader at Grand Tiba Theatre.

14 February (Saturday): Omar Khairat at the Cairo Opera House, Zamalek.

16 February (Monday): Autostrad at Boom Room, Madinaty.

17 February (Tuesday): First day of Ramadan (TBD).

MARCH

20 March (Friday): Eid El Fitr (TBD).

APRIL

2 April (Thursday): Hany Shaker at Theatro Arkan.

13 April (Monday): Sham El Nessim.

25 April (Saturday): Sinai Liberation Day.

MAY

1 May (Friday): Labor Day.

26 May (Tuesday): Arafat’s Day.

JUNE

16 June (Tuesday): Islamic New Year.

30 June (Tuesday): June 30th Revolution.

JULY

23 July (Thursday): July 23rd Revolution 1952.

AUGUST

25 August (Thursday): Prophet Muhammad’s Birthday.

OCTOBER

6 October (Tuesday): Armed Forces Day.

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