Good morning, friends, and welcome to a new edition of EnterpriseAM Forum Playback, where we bring you highlights from our successful Enterprise Egypt Forum 2025, held on 7 October.
In today’s issue, we revisit our one-on-one discussion with Mashreq Group CEO Ahmed Abdelaal about the way forward for growth and cooperation with key regional players. We also bring you interviews conducted on the sidelines of the forum with GlobalCorp CEO Hatem Samir, who spoke to us about the company’s expansions and its push to scale technology, and JLL’s country head in Egypt Ayman Sami who shared his outlook for the continuous growth of Egypt’s hospitality sector.
At this year’s EnterpriseAM Egypt Forum, we invited scene-setter Marsheq Group CEO Ahmed Abdelaal to talk about the path ahead for Egypt and key regional players to drive growth and deepen cooperation. Abdelaal discussed Egypt’s role at the heart of a changing regional and global economy, including why he thinks there is room for Egypt, the UAE and Saudi to cooperate. Delving into why he thinks Egypt can turn its geography, talent, and scale into last economic power.
Setting the stage: Dynamics between the three big players in the region – Egypt, Saudi and the UAE – are often framed in terms of competition. Instead, Abdelaal sees it as an “ecosystem, where the three can complement each other,” existing in symbiosis. “Each country brings completely different and fundamental aspects to the region. Working together they can definitely drive the entire region to where it should be over the coming few years.”
What Egypt brings to the table: Egypt stands out as the core engine for talent, with “human capital being one of the best and most underutilized assets it has to offer,” Abdelaal said. In Egypt, “we are focused on reskilling and upskilling our talent pools so that they are able to entertain the new wave of requirements coming from the UAE – for example when it comes to tech or AI,” Abdelaal explained.
Location, location, location: Egypt also leverages its unique connectivity, with its location making a huge difference in accessibility for the GCC, Europe and – most importantly – from South to South, which Abdelaal declared “the new rising force,” of the moment. That said, our connectivity to Africa consolidates “a unique position as far as the GCC is concerned, compared to its other two counterparts.”
On the flip side, Saudi has deep pockets, financial minds and ambitions to become a global industrial hub. When it comes to energy, we see heavy investments in renewables – a sector which “they will master over the next coming years.”
While over in the UAE, dedicated investments are being plugged into tech, AI and expanding global connectivity. The UAE’s strong execution capacity and innovation policy is also propelling the Kingdom forward.
There’s room to cooperate, not just to compete: “Rather than creating a race for duplicating, or doing more of the same across the three locations,” each country should leverage on its unique offering and work together to propel growth in the region, Abdelaal noted.
Plenty of investors are eyeing Egypt. “When I’m speaking to investors, whether in the GCC or in Egypt, there is a huge interest in the country. We need to expand discussions on the matter, as well as emphasize the growth of a South–South corridor.”
It's at a very early stage: Investors aren’t so worried about taking risks, in fact they are in the business of doing so. “They are a lot more worried about uncertainty, which is what balances out the investment.” Egypt is looking to improve its levels of transparency to attract and secure global investments, particularly those coming in from the GCC. The gov’t has deployed “new rules of regulation that provide this kind of transparency.”
Investors are looking for mutual benefits, expecting full transparency, clear rules of engagement and no hold-ups. The more “we are able to promote that, the more we will invite investment interest,” Abdelaal clarified. For example, Saudi can look outwards, if you offer the Kingdom solutions which complement their agenda.
Leveraging existing trade corridors: The Brics present a “fantastic chance for Egypt to expand the scope of its reach,” as well as investor interest, which we can build on by combining our ties to African and European markets, with the GCC’s links to Asia, Abdelaal said. Rather than building these links from scratch, Egypt can “position itself as an extension of the GCC’s existing corridor,” to become the springboard between African, Asian and European markets.
Privatization versus public opinion: Storytelling is a crucial component of how we build consensus that foreign investment is positive. “Explaining the narrative and the context of these investments to the mass public is important and it has to be a continuous process,” Abdelaal explained. “We need to follow a sustainable framework of communication that explains to the critical mass of the public that these investments do not compromise the sovereignty of the country.” It's also important to explain “what’s in it for them,” be it job creation to improve the health of the general economy.
Integrating AI into our market: We shouldn’t think of AI as a “threat", but as more of “an enabler, to increase efficiency, manage risk, offer heightened customer experience and cut costs,” Abdelaal said. “It's a fantastic opportunity for organizations to expand, because this is the only way that you can do that without increasing your cost.”
Changing the narrative: Egypt has “come a long way, but we still have a lot more to do,” Abdelaal stressed. In Egypt, “we often talk about hurdles, issues, but we don’t talk about successes,” – which is best for attracting investors. “We need to be more constructive,” when we are publicly discussing what we are doing as a country.
A hopeful outlook for 2026: The next year will be a “pivot point for the entire region,” after undergoing significant periods of geopolitical turbulence, Abdelaal said. “The next year is going to be transformatory,” he predicts. That said, Egypt has “the ingredients, the strategy, the ambition to ride the incoming wave.”
Egypt’s capital markets are demonstrating tangible signs of progress, driven by regulatory and fiscal reforms as well as improved macro fundamentals. This momentum is crucial as Egypt navigates regional competition and reinforces its position as a key market in Africa and the Middle East.
We’re seeing renewed traction for issuers keen to list on the Egyptian Exchange (EGX), with companies like valU (U Consumer Finance), United Bank and Bonyan Real Estate Investments advancing toward public offerings. The market is further bolstered by new rules, like introducing Special Purpose Acquisition Companies (SPACs) and their temporary listing option, as well as improvement in certain other capital market regulations. Investor interest in some of the listed companies is evident, as demonstrated by the recent foreign interest in the Delta Insurance Mandatory Tender Offer (MTO) by Morocco’s Wafa Assurance, signaling active cross-border strategic investments.
The challenge is to strike the right balance of simplifying regulations while safeguarding investors. Key improvements focus on strengthening market confidence through stable, transparent and simplified regulations and fiscal policies. This is particularly important for foreign investors who require a clear exit horizon. The regulators have already made a notable effort in developing the market. Steady and continuous progress in creating more efficiencies from settlement processes to reduced administrative hurdles in repatriation of capital are all tools that would encourage investors. Equally relevant is the promotion of market-making programs to help enhance liquidity, which can be further complemented by stable long-term monetary policies.
The government’s recent discussion around replacing the capital gains tax on listed stock transactions with a fixed stamp duty may represent a critical shift. The shift from a profit-based system to a transaction-based levy may simplify compliance and provide cost predictability. Continuous stability in fiscal and tax policies will naturally boost investor confidence.
Increased competition from regional peers will advance local market development. Key levers that attract issuers and investors, such as ongoing tax and investment reforms that include cash investment incentives for foreign currency-funded projects, present an important path for continued renewed interest and growth in the market. The government’s upgraded growth forecast, expecting the economy to be “nearly” growing at a 5% clip this fiscal year, further supports the narrative that structural reforms are paving the way for a robust and increasingly attractive capital market.
Egypt’s non-bank financial services sector is entering a new phase of consolidation, technology adoption, and renewed credit appetite. We spoke with Hatem Samir, founder and CEO of GlobalCorp, on the sidelines of the EnterpriseAM Egypt Forum to discuss the firm’s expansion plans, where he sees the strongest asset opportunities, how he’s budgeting for FY 2026, and why he remains fundamentally optimistic about the outlook for Egypt’s credit market.
EnterpriseAM: So, what’s new with your GlobalCorp?
Hatem Samir: We’ve just marked our 10-year anniversary a few months ago. We’ve grown into one of Egypt’s largest NBFI platforms, spanning leasing, factoring, consumer finance, and mortgage. We’ve been doing very well over the past decade, and we’re now doubling down on technology to enhance customer engagement, efficiency, and access.
E: If you were to start over and build a new business in a different sector today, what would it be?
HS: Definitely fintech infrastructure. There’s a major gap — and strong demand — when it comes to unlocking financial inclusion in Egypt. This requires building rails that connect customers with capital providers, enabled by AI and data-driven decision-making. That’s where long-term value will be created.
E: On a personal level, which asset class do you prefer to invest in at the moment?
HS: Real estate assets, all day. Real estate appreciates while loan values amortize with payments. This creates a natural way to mitigate risk and enhance risk-adjusted returns for any NBFI.
E: How about gold?
HS: I’m not a big player in gold. I know it preserves value and hedges against inflation, but at the end of the day, we’re lenders, we deal in money and asset-backed funding. Real estate remains a very safe haven for us.
E: What exchange rate are you penciling in for your 2026 budget?
HS: We’re penciling in EGP 55–57 per USD for 2026. We’re also running multiple scenarios to test balance-sheet resilience. The exchange rate isn’t the only major driver — interest rates and liquidity conditions will also shape demand and risk appetite.
E: How do you plan to finance growth in 2026? Where do interest rates need to be for bank debt to remain part of the mix?
HS: A large NBFI platform can’t rely on a single funding source. Debt remains the primary pillar — whether from local banks or international DFIs — but we also need to be creative with alternative structures. If policy rates normalize over the next three years to the mid-10s, bank funding will become more supportive of growth. Securitization remains an efficient tool for offloading and recycling bank debt, while DFIs continue to provide long-term capital and strategic support.
E: Has AI impacted your hiring plans?
HS: Definitely. It hasn’t reduced headcount, but it has reshaped the skill sets we look for. Over the past three years, we’ve updated job descriptions and scorecards across the organization to integrate AI knowledge and expand our pool of data scientists, modelers, and other analytics-driven roles.
E: Are you optimistic, pessimistic, or neutral about the outlook for your industry next year?
HS: Fundamentally optimistic. If the currency situation and ongoing reforms continue on the right path, there’s significant room to grow. Egypt’s credit market still has very low penetration compared to regional benchmarks, which means the upside is substantial.
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The luxurious centerpiece is the 205 Towers, three landmarks that are the tallest mixed-use structures in West Cairo. These towers house branded smart residences serviced by InterContinental Hotel, offering bespoke à la carte services, exclusive private amenities, and views of the Giza Pyramids. Residents benefit from the ultimate assurance of top-tier operational excellence, with property management by Savills.
Complementing this vertical icon is the Financial District, a 60,000 sqm hub, serving as West Cairo’s definitive business address. With modern office buildings, the district is already home to leading institutions, including CIB, Banque Misr, Ebank, and Arab African Bank, creating a clustered financial ecosystem with unmatched visibility directly on the 26th of July Corridor. Through these flagship districts, 205 establishes a new benchmark for integrated luxury, hospitality, and corporate power in the region.
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JLL Egypt is widening its advisory footprint as Egypt’s real estate market navigates a correction phase, a growing hospitality sector, and a more sophisticated investor base. We spoke with Ayman Sami, Country Head of JLL Egypt, at the EnterpriseAM Egypt forum to talk about the asset classes he believes offer the strongest opportunities today, and his expectations for exchange rates, interest rates, and industry sentiment heading into 2026.
EnterpriseAM: So, what’s new with JLL?
AS: There’s always something new with JLL. We enjoy dealing with new clients and new projects, and we’re constantly looking at ways to enhance our clients’ capabilities and add value to their work. Technology is also a major focus for us. We’ve acquired several startups in Silicon Valley and globally to strengthen our technology platforms, because without technology it’s very hard to remain competitive, grow, and support our clients.
E: What are the most promising sectors you see today?
AS: We follow market trends and have specialists across various disciplines. Globally, we’ve added life sciences to our portfolio as it has become an important sector, and we’re also expanding into industrial and logistics alongside the standard asset classes we’ve always worked on.
E: On a personal level, which asset class do you prefer to invest in today — gold, real estate, equities?
AS: It’s quite cyclical, but residential is the easiest for people to access due to how familiar it is. It’s widely discussed, widely transacted, and the majority of real estate players in Egypt sell residential units. Others focus on offices or retail, but the level of understanding of those assets isn’t the same as residential. Personally, I prefer larger property investments, though they’re not accessible to everyone. Hospitality, for example, is doing very well. Since Covid and through recent macroeconomic and political challenges, the hospitality sector has shown strong growth — around 15% in average daily rates and 20% in revenue per available room.
E: What are your expectations for the USD–EGP exchange rate in 2026?
AS: We don’t expect major fluctuations. Many analysts have set expectations around EGP 55 per USD. But with a large influx of capital and the economy stabilizing, there are many different views circulating.
E: Interest rates also play a significant role in the real estate sector. What are your expectations for 2026?
AS: The more they drop, the more people invest. At the moment rates are still high, so we hope to see further declines.
E: Has AI had any impact on your hiring plans at JLL?
AS: AI is an important aspect of our business and we’ve integrated it within JLL. It hasn’t affected hiring plans, but it has improved the speed and quality of delivery. Hiring globally has already been subdued due to macroeconomic pressures — not only locally, but worldwide.
E: How do you see your industry performing in 2026 — pessimistic, optimistic, or neutral?
AS: I’m very optimistic. With higher GDP growth and lower interest rates, we expect 2026 to be a stronger year than 2025.
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