Good afternoon, friends, and congratulations on making it to the weekend. It’s been a packed week in the press, and as usual, Thursdays are no exception — let’s dive in. Also in today’s issue: We speak to Egyptians currently residing in the Gulf, take a look at one of Ramadan’s most controversial series, and more.
PSA- The Eid break is officially only a week away, with Prime Minister Mostafa Madbouly marking Thursday, 19 March to Monday, 23 March as a paid public holiday for government workers. We’re on the lookout for similar statements from the Labor Ministry, the bourse, and the CBE.
🌙 So, when do we eat? Maghrib prayers are at 6:01pm in the capital, and you’ll have until 4:41am tomorrow to hydrate and caffeinate ahead of fajr.
THE BIG STORY TODAY-
📍 Egypt is aiming to reduce its gross financing needs to between 9-11% of GDP and bring the debt-to-GDP ratio down to a sustainable 71-73% by the end of FY 2028/29, according to the government’s new 2026-2029 medium-term debt management strategy, a document seen exclusively by EnterpriseAM.
The roadmap aims to resolve a critical fiscal bottleneck where interest payments currently devour 70-80% of tax revenues, with the goal of reducing the annual debt service bill to 8.6% of GDP from 11% in FY 2024/25. To achieve this, the government is doubling down on “prudent borrowing,” targeting a 4% primary surplus in FY 2025/26, and executing a structural shift to increase EGP-denominated debt to 80% of public debt by the end of the strategy period to insulate the budget from FX volatility.
The strategy also prioritizes extending the average debt maturity to five years, activating the secondary market to reduce reliance on local banks, and leveraging Egypt’s significantly improved credit profile — with five-year CDS plummeting to 299 bps — to attract a broader base of retail and ESG-focused institutional investors.
^^ We’ll have more on this story in Sunday’s edition of EnterpriseAM.
THE BIG STORY ABROAD-
🌐 It’s another busy afternoon in the press, with the latest developments in the region leading the front pages. Three tankers were hit in the Arabian Gulf, and vessels near Iraqi waters were reportedly seen burning, sending oil prices soaring. Brent crude jumped over USD 100 per barrel this morning. Iran warned oil prices could reach USD 200 per barrel if the disruption — which the International Energy Agency is calling the biggest in history — continues. Brent crude was trading near USD 97 per barrel as of the time of publication.
^^Read more on: Bloomberg, Reuters, and CNBC here and here.
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- FinMin is taking on board feedback from the business community with an additional eight reforms in its second tax reform package. Driving the ministry’s now 30-reform strong package is the aim of increasing annual tax revenues to EGP 3 tn — up from EGP 2.0 tn in the last fiscal year;
- The EGP posted gains for the second day running, strengthened by a fresh wave of inflows from Egyptian expats in the Gulf, driven by regional security concerns;
- The Oil Ministry is moving to clear USD 500 mn in arrear payments to international oil companies before the end of May. The ministry wants to prevent arrears from piling up again, signaling the intention to keep the investment cycle intact despite regional turbulence.
⛅ TOMORROW’S WEATHER- This weekend will be windy with a chance of rain and potential dust. Temperatures in the capital are expected to peak at 24°C with a low of 15°C, according to our favorite weather app.




