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WHAT WE’RE TRACKING TONIGHT

Egypt begins clearing export dues backlog with first tranche of direct payments

Good afternoon, friends, and welcome to the start of a fresh new workweek. The last official day of the summer is ushering in cooler weather and a news cycle that seems to be sprinting to the finish line.

THE BIG STORY TODAY-

Some 601 exporters received EGP 368 mn in overdue receivables through the Export Development Fund, marking the completion of the first tranche of the direct payment portion of the mechanism to settle the state’s owed export subsidy payments, according to a statement from the Finance Ministry. The move is part of the state’s efforts to clear EGP 60 bn in overdue payments to exporters tied to shipments made up to 30 June 2024, which will be done through a combination of cash-based disbursements and offset arrangements.

Expected to see more payments like this soon, with exporters set to receive 50% of their dues in cash installments over four fiscal years, Prime Minister Moustafa Madbouly said when announcing the new mechanism in January. A total of EGP 8 bn will be paid out every year, while the remaining 50% will be settled through offsets against outstanding or future liabilities with the Tax Authority, Customs Authority, and utility providers like gas and electricity companies.



THE BIG STORY ABROAD-

It’s another busy afternoon in the global press, with Trump’s USD 100k fee for applicants to the H-1B skilled worker visas still getting plenty of ink. Following intense backlash from US immigration lawyers who noted that the steep hike would essentially be a kill order for the visa, the White House clarified that the new fee will not apply to “those who already hold H-1B visas and are currently outside of the country,” Press Secretary Karoline Leavitt wrote on X. The fee will also be levied per petition and would be waived if “in the national interest,” Reuters reports.

ACROSS THE POND- UK Prime Minister Keir Starmer is reportedly set to recognize a Palestinian state this afternoon, making the UK the first G7 nation to do so. The move would follow an earlier announcement in July which saw Starmer “threaten” recognition were Israel not to fulfil a series of conditions aimed at improving the humanitarian crisis in Gaza. Though the announcement would be symbolic at best, with Deputy PM David Lammy noting it would not “make a Palestinian state happen overnight,” it comes despite strong opposition from both Israeli and US governments, who claim recognition would be a “gift” to Hamas.

Two more G7 nations — Canada and France — are also expected to issue similar statements later this week at the UN General Assembly meeting. Other nations, such as Belgium, Australia, and Portugal have also made public their intentions to recognize a Palestinian state at the upcoming assembly. (BBC | Reuters | Guardian | Associated Press | CNN)

enterprise

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

☀️ TOMORROW’S WEATHER- We’re in for a balmy day in the capital, with temperatures set to peak at 32°C before cooling down to 20°C, according to our favorite weather app.

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FOR YOUR COMMUTE

Meta’s demo difficulties were a good thing, actually

This year’s Meta Connect conference experienced several high-profile glitches during Mark Zuckerberg’s latest AI glasses live demonstrations. The (very public) mishaps followed the CEO’s bold prediction that smart glasses will become essential wearable tech, and that not wearing a pair would leave you at a “pretty significant cognitive disadvantage,” which he made during Meta’s 2Q 2025 results conference call (pdf).

A half-baked demo: During a cooking demo with content creator Jack Mancuso, Meta’s Ray-Ban smart glasses failed to answer basic questions about a Korean-inspired steak sauce recipe. Instead, they repeated pre-programmed instructions instead of engaging with the live queries. Another demo showing the Ray-Ban Display and the neural wristband also faltered when Zuckerberg couldn’t successfully take an incoming video call. Initially, both failures were chalked up to poor WiFi connectivity.

The real culprit? Meta CTO Andrew Bosworth later revealed on Instagram that the problem actually stemmed from an unexpected challenge: dozens of Ray-Ban smart glasses in the venue responding simultaneously to the “Hey Meta” wake word. Allegedly. According to Bosworth, this created an inadvertent distributed denial-of-service (DDoS) attack on their development servers, which hadn’t been stress-tested for this scenario.

Bosworth emphasizes that these were demonstration hiccups rather than core product flaws, maintaining confidence in the technology’s capabilities under normal conditions.

Despite the risks (and collapse) of their live demos, Meta’s gaffe was well received. Meta has seen a surprising boost in consumer trust after the demo, with audiences championing the company for choosing authenticity over perfection. Instead of relying on prerecorded demonstrations — which has been the industry standard since the pandemic — Meta’s decision to do a live demo proved to be a key competitive advantage, as viewers found it (warts and all) more convincing and impressive than polished presentations.

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ON THE TUBE TONIGHT

Commanders in beef

? When the UK's prime minister and the US president start off on the wrong foot, but realize they're stuck with each other, what happens next? Directed by Russian filmmaker Ilya Naishuller, Heads of State follows the two world leaders — initially at odds — as they team up to bring down Viktor Gradov (Paddy Considine), the world’s most dangerous drug dealer and organized crime mastermind.

A tomato festival gone rotten: When a joint covert CIA and MI6 operation to ambush Gradov at an Italian tomato food fight festival (and yes, that’s a real thing) goes wrong, leaving special agent Noel Bisset (Priyanka Chopra) MIA and the world’s top secret surveillance system compromised, UK Prime Minister Sam Clarke (Idris Elba) and US President Will Derringer (John Cena) find themselves in a tough spot: they need to put aside their differences and show solidarity. An easy task — if only they could stand each other.

TV star turned president — sound familiar? Despite being highly qualified, Clarke is losing voter confidence. Meanwhile, Derringer — a former Hollywood star who somehow ended up in the Oval Office — is enjoying unprecedented support and love from the American public. Clarke is stunned that US citizens elected an arrogant action star to lead their country, but it doesn’t seem that far-fetched to us.

Air Force One down: To demonstrate strength and unity, Derringer invites Clarke to join him aboard Air Force One. However, things go awry when Gradov’s team — who have hijacked a mass surveillance system — manage to take down the president’s jet. Everyone on board is killed except for the president and the prime minister, who managed to escape at the last second using a pair of defective parachutes.

From sheep trucks to glass bunkers, these heads of state face it all… together. After surviving the plane crash, the leaders discover a larger plot is at play: an inside job to take down NATO. At first, they think they've caught the US insider helping Gradov, but they soon realize they’ve been fooled again, and the real culprit is much more powerful than they initially believed.

A mix of comedy and nonstop action. The film is packed with exciting sequences, fight scenes, and impressive maneuvers. Cena and Elba’s characters are well written, and all their jokes (and Chopra’s puns) land. The action-comedy succeeds in making us laugh while clearly showing what’s at stake. It’s a comedy that takes itself seriously, and that’s why it works so well — a refreshing change from the cliché action-comedies we’ve seen lately.

WHERE TO WATCH- You can stream Heads of State on Prime Video. Catch the trailer on YouTube (runtime: 2:46).

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Sports

A Gunners and Citizens showdown

Arsenal and Manchester City will be meeting on the field at Emirates Stadium at 6:30pm for the 5th round finale of the Premier League.

The lowdown: The Gunners will be walking onto the pitch with hopes of a return to second place. A victory will see them 12 points behind league leaders Liverpool, who have been able to maintain a perfect record thus far. Meanwhile, the Citizens, who have been suffering from inconsistent results, hope that a strong performance will garner them all three points needed to improve their standing. They currently sit in 12th place on the leaderboard with just six points to their name.

In the round’s remaining matches, both starting at 4pm:

  • Bournemouth vs. Newcastle;
  • Sunderland vs. Aston Villa.

**Don’t miss out on the fierce competition in the Enterprise Fantasy Premier League — click on this link or use the code 2ez9kt to join.


En España: Barcelona will be welcoming Getafe in the finale of the 5th round of La Liga tonight at 10pm. The Blaugrana, buoyed by their impressive 6-0 victory over Valencia, hope to narrow the gap widened to five points yesterday by a Real Madrid victory.

Other major European league matches to follow today:

  • Atlético Madrid vs. Real Mallorca — La Liga (5:15pm);
  • Bayer Leverkusen vs. Mönchengladbach — Bundesliga (6:30pm);
  • Borussia Dortmund vs. Wolfsburg — Bundesliga (8:30pm);
  • Marseille vs. Paris Saint-Germain — Ligue 1 (9:45pm);
  • Inter Milan vs. Sassuolo — Serie A (9:45pm).

This publication is proudly sponsored by

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OUT AND ABOUT

Cairo Food Week is here — blink and you’ll miss it

MARK YOUR CALENDAR-

?‍? Foodies unite: Cairo Food Week returns for its third edition on Thursday, 25 September. Running through Thursday, 2 October, prepare yourself for a culinary experience packed with tasting menus, masterclasses, and exhibitions. Tickets are going fast, with the most popular events already sold out. To grab what you can, head to Ticketsmarché.

HAPPENING THIS WEEK-

Join Diwan and Whalez for an uplifting evening of climate conversation at Consoleya happening tonight from 6pm to 8pm. Climate Connect — a monthly volunteer-led initiative — will feature meaningful discussions on our climate future with a distinguished panel featuring actress and activist Hend Sabry, VP of social entrepreneurship platform Ashoka Iman Bibars, and UNDP representative Chitose Noguchi. The evening will also showcase a special musical performance by Palestinian creative Huda Asfour. No registration is required.

Get ready for another tribute night brought to you by Room Art Space. Rock out with cover band Divine for an Ozzy Osbourne tribute night this Tuesday, 23 September. You can secure your spot through EasyKash.

Enjoy a hilarious night with Comedy Therapy at CJC 610 this Tuesday, 23 September. Khaled Elshoky, Hatem El Sokkary, and Engy Hashem will be taking the mic to bring you some much needed laughter this week. Tickets are available on Ticketsmarché.

Your favorite comedy group Konafa Comedy is taking the stage at El Sawy CultureWheel on Thursday, 25 September. This iconic night’s lineup of stand-up comedians is one you won’t want to miss. You can find tickets on El Sawy CultureWheel’s website.

HAPPENING LATER-

Tamer Hosny and Disco Misr are set to fire up the stage at Hacienda White’s Galambo on Friday, 26 September to close out the Sahel season. Head to Ticketsmarché now before tickets sell out.

Ready for another Indigo Night? On Friday, 3 October, Belgian-Egyptian singer Tamino Moharam Fouad is dropping by Cairo to perform his latest album Every Dawn’s a Mountain at the Cairo International Convention Center. Tickets can be purchased from Tamino’s own website.

Jazz enthusiasts, gather ‘round. This year’s Cairo International JazzFestival kicks off on Thursday, 30 October, and runs until Friday, 7 November. Don’t miss out on live concerts, masterclasses, and film screenings across venues in Cairo and Alexandria. You can purchase tickets from the Cairo Jazz Festival website.

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GO WITH THE FLOW

What the markets are doing on 21 September 2025

The EGX30 fell 0.4% at today’s close on turnover of EGP 3.4 bn (24.1% below the 90-day average). Regional investors were the sole net sellers. The index is up 18.5% YTD.

In the green: Orascom Construction (+3.8%), Ibnsina Pharma (+3.3%), and Fawry (+3.0%).

In the red: CIB (-2.0%), Emaar Misr (-1.8%), and GB Corp (-1.8%).

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INSIDE INDUSTRY

Manufacturer of the Month: Prometeon Tyre Egypt

MANUFACTURER OF THE MONTH- Once a month, Inside Industry looks at a manufacturer — whether locally bred or an international player with a manufacturing base here in Egypt. The monthly feature covers manufacturers in different industries to look at their success stories, the challenges they have faced as local manufacturers, and the path forward as Egypt looks to build a more robust local industry. This month, we spoke with Stefano Ziliani (LinkedIn), ‏CEO and managing director at Prometeon Tyre Egypt.

Prometeon Tyre Group is the only global tyre manufacturer dedicated entirely to the commercial sector, serving goods and passenger transportation, agriculture, and off-the-road industries. Its multi-brand portfolio includes Prometeon, Pirelli, Formula, Tegrys, Pharos, and Anteo. The group operates four production plants — two in Brazil, one in Turkey, and one in Egypt — supported by four research and development centers located in Italy, Brazil, Turkey, and Egypt. Prometeon has a global presence across five continents with around 8k employees of more than 40 nationalities.

In Egypt, the company’s Alexandria plant manufactures radial technology tyres for trucks and buses only. Production covers a range of sizes from 17.5 to 24.5 inches, in both tubeless and tube-type formats. The factory’s core output is in commercial and industrial tyres, with Prometeon and Pirelli representing around 65% of total production, focused exclusively on the premium, high-performance segment.

Prometeon has already achieved around 50% local content in its production, and is steadily increasing local sourcing. While natural rubber must be imported from countries such as Malaysia, China, Vietnam, Ivory Coast, and Indonesia due to Egypt’s unsuitable climate, other components are increasingly supplied domestically. Synthetic rubber remains imported, but discussions with local authorities and the Chemical Industries Holding Company are ongoing to explore potential local production. Many other components can be manufactured in Egypt, with steel cords, a key input, expected to soon be produced in Egypt under a new factory agreement.

The sourcing environment remains volatile due to global instability, with conflicts, new duties, and transportation bottlenecks disrupting supply chains. These challenges require higher stock levels to secure continuity, raising financial costs. Prometeon has worked with Egyptian authorities since 2022 to streamline operations, contributing to improved import efficiency and factory stability.

Future plans include further localization of components and materials. The company works with highly qualified potential investors to align local production with its technical specifications, combining Prometeon’s application expertise with partners’ manufacturing expertise. This collaborative approach is designed to ensure reliable supply while building up Egypt’s industrial base.

Prometeon is also considering larger strategic shifts. Egypt is viewed as a high-potential market due to the limited number of tyre manufacturers in North Africa, where only three are currently in operation. The company is analyzing significant new investment opportunities locally and is in close discussions with government authorities to accelerate decision-making.

Exports remain a cornerstone of Prometeon Egypt’s performance, representing about 70% of output. Europe is the primary destination, accounting for 50% of exports, while Turkey and African countries take smaller volumes. The company supplies major original equipment manufacturers (OEM) such as Volvo, MAN, and Daimler directly from Egypt, with annual audits confirming compliance with strict quality standards.

What sets Prometeon apart is its close relationship with customers. As the only global tyre manufacturer dedicated solely to the B2B sector, the company directs all its resources — from research and development to production — toward serving the specific needs of commercial clients. This exclusive focus allows Prometeon to deliver tailored solutions and ensure both products and services meet the highest expectations.

Its edge in international markets is built on three pillars — people, products, and technology. Prometeon Egypt relies on a skilled and experienced workforce that is deeply committed to quality standards. Consistently strong export volumes, which continue to rise year after year, highlight the robustness of its product design. Meanwhile, the advanced technology used in the Alexandria plant ensures precision and consistency, often earning praise from visiting customers for the level of detail and excellence evident across operations.

Among its leading products abroad is the Serie 02 line, which was officially rebranded under Prometeon and launched in Cairo. The line is manufactured in Alexandria and delivers improved performance in mileage, durability, and retreadability, positioning it as the company’s premium offering. Prometeon’s products are designed to meet OEM specifications while providing the cost-effectiveness required by large fleets. The company currently serves more than 2k truck fleets worldwide.

Despite Egypt’s geographic proximity to key markets, shipping times remain a challenge compared with Asian exporters. Mediterranean routes to Europe are reliable, but other destinations require long lead times that can limit competitiveness. Addressing these logistical hurdles is an ongoing priority for the company.

Prometeon manages trade compliance through strong coordination with customs and open communication with authorities. The company emphasizes transparency and efficient processes to ensure compliance with import and export regulations.

Egypt presents both challenges and advantages for manufacturers. Supply chain volatility and export logistics remain concerns, but the country offers significant possibilities. Its greatest strengths are a skilled, adaptable workforce, supportive government policies, and a strategic location linking Africa, the Middle East, and Europe. Together, these factors make Egypt a key hub for Prometeon Tyre Group’s growth ambitions.


? SEPTEMBER

21 September (Sunday): Diwan’s Climate Connect gathering at Consoleya.

23 September (Tuesday): Ozzy Osbourne tribute night at Room Art Space.

23 September (Tuesday): Comedy Therapy at CJC 610.

25 September (Thursday): Konafa Comedy Night at El Sawy CultureWheel.

25 September - 2 October (Thursday-Thursday): Cairo Food Week.

26 September (Friday): Tamer Ashour at El Arena.

26 September (Friday): Tamer Hosny and Disco Misr at Hacienda White’s Galambo.

OCTOBER

1 October (Wednesday): Mo Amer Comedy Night at the New Capital.

3 October (Friday): Tamino at the Cairo International Convention Center.

5 October (Sunday): Medhat Saleh and Amal Maher at Abdeen Palace.

6 October (Monday): Armed forces day.

7 October (Tuesday): 2025 EnterpriseAM Egypt Forum 2025.

10 October (Friday): Anyma at The Great Pyramids.

15 October (Wednesday): Scorpions concert at New Capital.

15 October (Wednesday): Cairo Marathon early bird registration ends.

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

30 October - 7 November (Thursday-Friday): Cairo International Jazz Festival.

NOVEMBER

11 November - 7 December (Tuesday - Sunday): Forever is Now at the Great Pyramids of Giza.

DECEMBER

19 December (Friday): DJ Tiësto at the Giza Plateau.

JANUARY

30 January (Friday): Cairo Marathon normal registration ends.

FEBRUARY

6 February (Friday): Cairo Marathon at Heliopolis, Merryland Park.

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