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WHAT WE’RE TRACKING TONIGHT

IFC unveils list of airports slated for private sector involvement

Good afternoon, friends, and happy humpday. The news cycle shows no signs of slowing down even as we barrel toward the Eid break. Today we have updates on Beltone’s mega capital increase, a list of 11 airports slated for private investment, and an optimistic outlook on the global economy.

THE BIG STORY TODAY-

#1- Investors had a strong appetite for the first round of Beltone Holding’s blockbuster EGP10.75 bn capital increase, according to a disclosure to the EGX (pdf). The rights issue of c. 5.4 bn shares was 92.11% covered by investors during the first phase of subscription which ended on Monday. The total increase would see Beltone’s capital rise to EGP 21.7 bn — marking one of the largest ever capital increases on the EGX.

Information about the second installment will soon be made public once the financial services firm gets the thumbs up from the Financial Regulatory Authority, the statement reads.

This is Beltone’s second mega capital increase in as many years, after it completed a EGP 10 bn capital increase on the EGX in 2023, which was met with major demand from global and regional institutional investors. This came shortly after Abu Dhabi-based investment company Chimera Investments acquired 56% of the company in 2022 and recruited an all-new team of senior execs, including Dalia Khorshid as CEO.

#2- The IFC is out with the list of airports set for private investment: The International Finance Corporation (IFC) unveiled the list of 11 airports slated for public-private partnership (PPP) development in a statement yesterday following months of mixed reports on which airports would make the cut in the government’s plans to upgrade airport infrastructure and services with the help of private players. Here’s the lineup:

Hurghada International Airport
Sphinx International Airport
Sharm El Sheikh International Airport
Borg El Arab International Airport
Luxor International Airport
Aswan International Airport
Sohag International Airport
Assiut Airport
Abu Simbel Airport
El Alamein International Airport
Marsa Matruh Airport

One airport is noticeably absent: Contrary to expectations, Cairo International Airport is not among the airports selected for the public-private partnership program in its first phase.

Hurghada International Airport will serve as a pilot project for the program. IFC will help the government launch a tender to select a strategic private partner for maintaining, operating, and upgrading the airport, with the Egyptian Holding Company for Airports and Air Navigation maintaining ownership of the airport.

ICYMI- The IFC signed an agreement with the government to advise on PPPs for the country’s airports, helping it invite private sector players to take over airport management.

THE BIG STORY ABROAD-

The foreign press is honed in on a major US national security blunder this afternoon: Top officials from the Trump administration inadvertently revealed sensitive military operational details in a group chat on Signal that included The Atlantic's editor-in-chief Jeffrey Goldberg, just before the US launched attacks on Yemen’s Houthis. The chat, dubbed “Houthi PC small group”, included Defense Secretary Pete Hegseth, who shared details that included “information about targets, weapons the US would be deploying, and attack sequencing.” The chat also included discussions about the timing of the strikes and skepticism over aiding Europe. The spokesman for the National Security Council, Brian Hughes, confirmed the chat’s authenticity and the incident is being investigated.

The incident sparked outrage among democratic lawmakers, with Senate Democratic Leader Chuck Schumer calling it “one of the most stunning breaches of military intelligence” in recent memory.

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

The Madbouly government has formed new committees to address the effects of Trump’s tariffs — direct and indirect. The committees are tasked with conducting a comprehensive review of Egypt’s customs to adapt to recent global developments and, particularly, the tariffs imposed by some countries in response to US tariffs.
Orascom Construction-Tecnicas Reunidas JV will work on a USD 2.6 bn Saudi power plant project, under a contract between the two for a 3 GW expansion of the Qurayyah IPP combined cycle power plant in Saudi Arabia’s Eastern Province.
Egypt tabled a new proposal to restart the ceasefire in Gaza, which Israel broke last week by launching airstrikes and a ground assault that has since killed nearly 600.

☀️ TOMORROW’S WEATHER- The temperature is nearing its peak this week, with tomorrow’s mercury set to rise to 34°C and cool to 18°C at night, according to our favorite weather app.

Can we dare to be hopeful about the global economy?

It's not all doom and gloom in the pages of the world’s business press today, with the Financial Times taking a break from ringing the alarm bell of a brewing trade war to explore five more optimistic scenarios for the world economy in the year ahead.

#1- There’s hope that Trump’s bark may be louder than his bite when it comes to tariffs, with the prospect that approval ratings — Trump’s Achilles heel — could fall in tandem with rising inflation, pushing the administration to change course. Even modest adjustments — such as exemptions, extended timelines, or more structured trade negotiations — could significantly improve global growth forecasts.

#2- Don’t rule out a surprise in European growth, with governments loosening their purse strings, European stock rallies, and US tariffs pushing businesses and consumers to act locally presenting the possibility of some surprise growth statistics to come. On top of this, an uptick in European defense spending could help drive growth and lead to some unexpected R&D breakthroughs that could pay off down the line. The salmon-colored paper also points to what is hopefully a fast-approaching ceasefire in Ukraine, which should raise market and investor sentiment and bring down energy prices.

#3- Even with a slowdown elsewhere, China has the potential to push global growth rates, with the world’s factory continuing to hit its 5% y-o-y growth targets, beating analyst forecasts. A rising private sector and increased investor appetite for the county’s tech sector bodes well for the future, with an increasingly flexible policy line coming from the Communist Party of China. Beijing’s growing needs for raw materials, components, and goods from other countries could stabilize global growth expectations, which could be particularly important in a scenario where US tariffs and trade policies create headwinds for global growth.

#4- The US economy could still hold up despite aggressive tariffs — deregulatory measures like the potential extension of the Tax Cuts and Jobs Act could potentially boost consumption and investment, with the Tax Foundation estimating a 1.1% increase in long-term economic output as a result. Regardless, the immediate effects of tariffs may not be as harsh as anticipated, with US importers expected to face challenges as they scramble to transition to domestic suppliers.

#5- Central banks may have more wiggle room than meets the eye. Experts watching the labor markets are spotting early signs that the tight job market is finally starting to ease, suggesting that wage-driven inflation pressures could lift faster than expected, creating room for interest rate reductions without compromising price stability.

A sharp descent into darkness

? Montahy El Salaheya might keep us hooked from start to finish. At the center of this Ramadan offering is Mohamed Farrag’s compelling portrayal of Saleh, a bank employee whose life crumbles and spirals into something much darker — finding himself mixed up in a world of online gambling, deception, and forces far beyond his understanding and control.

Saleh’s life takes a devastating turn when he loses his job for discovering illegal activities being carried out under his manager’s supervision, potentially exposing darker corporate secrets. Simultaneously, his personal life disintegrates as his wife Habiba (Heba Magdy) grows distant, and his relationship with his daughter Farah (Jessica Hossam) deteriorates, plunging him into despair.

In his search for a way out, Saleh ventures into the world of online gambling, viewing it as a path to redemption and relief from financial constraints. But what begins as a desperate attempt to regain control over his life quickly evolves into something far more sinister than just a risky game.

We have high expectations: Mohamed Hisham Obeya’s impressive track record with acclaimed projects like Selat Rahim, Betloo’ El Rouh, 60 Daqiqa, and Wadi Al-Jinn sets the bar high. His signature blend of psychological tension and socially relevant conflicts almost guarantees an engaging watch. With Tamer Nady’s direction, the series is poised to achieve a cinematic quality that intensifies Farrag’s portrayal of a desperate man caught in a spiral of self destruction. Will it fulfill these expectations? Early signs suggest it will.

WHERE TO WATCH- You can watch the show on Shahid or watch the trailer on YouTube (runtime: 1:58).

The Pharaohs' journey to the World Cup

⚽ One more step towards global glory: The Egyptian national team will be welcoming Sierra Leone on the Cairo Stadium pitch tonight at 9pm in the sixth round of African qualifiers for the 2026 World Cup. The Pharaohs currently lead Group A with 13 points, followed by Burkina Faso, who have gathered 11 points after last night’s victory against Guinea-Bissau, who now sit in fifth place with 6 points. Our homegrown team’s adversaries are third on the leaderboard with 8 points as of now.

Under the new qualifying system, the team sitting at the top of the scoreboard of each group will directly qualify for the World Cup, which will be hosted by the US, Mexico, and Canada, featuring 48 teams for the first time in the tournament’s history.

Other matches to keep an eye on:

Benin vs. South Africa — Group C (6pm)
Cameroon vs. Libya — Group D (9pm)
Sudan vs. South Sudan — Group B (9pm)
Morocco vs. Tanzania — Group E (11:30pm)

The life of Pablo

MARK YOUR CALENDAR-

?️Marwan Pablo takes the stage. The scene-setting rapper will be in concert at the American University in Cairo’s Tahrir Campus for the first time to perform El Moftah, a setlist that follows his journey in life and music. The concert will be held on Thursday, April 10 at 8pm. Tickets are available on TicketsMarche.

(Tap or click the headline above to read this story with all of the links to external sources.)

HAPPENING THIS WEEK-

There’s still time to get the quintessential suhoor experience. Layalina x El Baron Palace and Layalina x Pyramids suhoor nights are still taking place everyday at 10pm until Friday, 28 March. If you choose to attend the iconic Pyramids suhoor, your food will be accompanied by a Sound and Light show. Tickets are available through TicketsMarche.

Tonight is your last chance to experience a night of food, music, and entertainment in the Hekayetna Helwa tent, taking place tonight at 10pm in Hyde Park. Your suhoor will be enriched with the melodies of a takht sharky band. Tickets are available on TicketsMarche.

It’s almost eid, laugh a little… Join Weekend Comedy for the Almost Eid Comedy Night on

Friday, 28 March at Soul Lounge, Maadi. The lineup features Ibrahim Seyam, Amgad ElShawshy, Amon, Sin Dee, and Kamatcho. Tickets are available through the link in Weekend Comedy’s Instagram bio.

HAPPENING LATER-

Don’t miss 100 Years of Singing with Ali El Haggar on the large stage of the Cairo Opera House in Zamalek. The concert will take place on Friday, 4 April at 8pm. You can find tickets on Tazkarti.

Omar Khairat’s Grand Show is taking place on Friday, 9 May. Dress up in your finest formal wear and head to the Qubba Palace to experience the iconic composer’s unforgettable talent. Tickets are available on TicketsMarche.

Disney On Ice returns to Cairo with Let’s Celebrate. Get ready for a magical experience as Disney On Ice makes its grand return to Cairo with the spectacular show Let’s Celebrate, running from Wednesday, 21 May to Saturday, 31 May. The show will take place at the indoor hall of Cairo International Stadium in Nasr City. Tickets are already selling out, so grab them while you can from Tazkarti.

Don’t miss the second edition of the AUC Tahrir CultureFest: Set to take place from April 10 to April 12 in the Tahrir Square campus, this year’s edition of the festival celebrates Cairo as a global city, and all the cultures from the different parts of the world it brings together, along with food, exhibitions, a book fair, panel talks, and a bazaar. You can request an invitation on the AUC website.

You might want to be a jack of all trades

? The job market often encourages single-path specialization, but in Range, David Epstein presents a persuasive argument that broader experiences and diverse skills can actually provide an advantage in our rapidly changing world.

This book explores how generalists — those who have ventured across multiple domains — often excel in complex environments, unlike specialists who dedicated themselves entirely to one field from youth. This principle applies broadly, and Epstein illustrates it through various examples showing how generalists adapt, innovate, and solve problems differently than specialists.

He contrasts Tiger Woods, who focused on golf from childhood, with Roger Federer, who explored multiple sports before committing to tennis — bringing a theoretical concept to life through real-world examples. This engaging book emphasizes the benefits of versatility and its value in our increasingly intricate world. Epstein challenges traditional thinking about success paths, inviting readers to reconsider their approach to achievement.

WHERE TO FIND IT- Range is available at Diwan.

What the markets are doing on 25 March 2025

The EGX30 fell 0.2% at today’s close on turnover of EGP 2.9 bn (17.2% below the 90-day average). Regional investors were the sole net sellers. The index is up 6.8% YTD.

In the green: Juhayna (+4.0%), Credit Agricole (+2.3%) and Madinet Masr (+1.8%).

In the red: Egypt Aluminum (-4.4%), Palm Hills Developments (-3.4%) and Emaar Misr (-3.4%).

ENTERPRISE ENTERTAINMENT CALENDAR

MARCH

24 March (Monday): Mazeek live at Boom Room.

24-28 March (Monday - Friday): Layalina x El Baron Palace and Layalina x Pyramids.

24-25 March (Monday - Tuesday): Hekayetna Helwa tent at Hyde Park.

28 March (Friday): Almost Eid Comedy Night at Soul Lounge, Maadi.

APRIL

1 April (Tuesday): Annual Flower Exhibition at the Agricultural Museum.

2 April (Wednesday): Cairokee at CUBIX, El Gouna.

5 April (Saturday): Parenting conference at Theatro Arkan.

12 April (Saturday): She Can event at Creativa Innovation Hub, Giza.

25 April (Friday): Tamer Ashour concert at ZED Park, Sheikh Zayed.

MAY

3 May (Saturday): Enrique Eglesias at the Rixos Radamis in Sharm El Sheikh.

9 April (Friday): The Grand Show: Omar Khairat at Qubba Palace

21-31 May (Wednesday-Saturday): Disney On Ice at Cairo International Stadium.

30 May (Friday): Adam Port at the New Administrative Capital’s Green River.

OCTOBER

16-24 October (Thursday-Friday): Gouna Film Festival.

30 October - 22 November (Thursday-Saturday): Forever is Now at the Great Pyramids of Giza.

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IFC unveils list of airports slated for private sector involvement

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