A fresh green hydrogen project coming our way?

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What We're Tracking Today

Eni extends Gulf of Suez and Nile Delta concession agreement

Good morning, wonderful people, and welcome to a new week. We have a brisk issue for you this morning as we brace for cooler weather and gloomier mornings. In today’s issue we dive into the prospects of a new green hydrogen project, courtesy of a Singaporean renewables player, and government plans to issue more local sukuk on the back of a strong appetite.

PSA-

WEATHER- It’s another cool day in Cairo, with a high of 25°C and a low of 17°C, according to our favorite weather app.

It’s just as cool in Alexandria, with a high of 25°C and a low of 17°C.

WATCH THIS SPACE-

#1- Italian energy giant Eni extended its Gulf of Suez and Nile Delta concession agreement until 2040, which the Oil Ministry says will allow it to explore “full economic exploitation of the available oil and gas potential in the area,” according to a statement. Under the agreement inked with the Egyptian General Petroleum Corporation, Eni will also conduct a new 3D seismic study.

REMEMBER- The Gulf of Suez and Nile Delta concession includes the Belayim oil field, where Eni has been producing since 1954. Although being over 60 years old, the field continues to play an important role in supplying the country with energy and currently produces 60k bbl / d.

#2- DP World in talks to build a dry port in Sadat: Emirati port operator DP World is in negotiations with the Transport Ministry to secure development and operating rights for the Sadat dry port, General Authority for Land & Dry Ports head Sayed Metwally told Al Borsa. The ministry is currently reviewing the Emirati group’s feasibility studies. While Metwally didn’t disclose the cost of the port, unconfirmed reports had previously put the port’s expected investment cost at USD 160 mn.

DP World is also eyeing the Shaq El Tebaan dry port, trying to secure the contract to develop and operate the 125-feddan, USD 100 mn dry port, Metwally said. The Transport Ministry this year scrapped the tender for the port after none of the three bidders met technical requirements. At the time it was reported that the authority will instead relaunch the project through a closed-envelope auction, with technical bids due next January and financial offers the month after.

HAPPENING TODAY-

It’s day one of Cairo ICT, which is taking place at the Egypt International Exhibition Center in New Cairo and will come to a close on Wednesday. The annual event is one of the region’s most influential technology exhibitions and conferences. This year’s edition is expected to draw some 130k visitors to listen to the 320+ speakers and browse the stalls of 500+ exhibitors.

Of special interest to EnterpriseAM readers is the Payments, Fintech, and FinancialInclusion Exhibition Expo, also known as Pafix, which is taking place under the larger event’s umbrella. Pafix will gather over 1k organizations and 200 exhibitors from Egypt, the Middle East, and Africa to discuss how emerging technologies, especially AI, are transforming financial services.

For hardcore AI enthusiasts, the AIDC Expo sub-event is for you. The AI, Data Centers, and Cloud Conference and Exhibition — to use its full name — is running this year under the theme Powering Tomorrow: Shaping MEA’s Digital Future.

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THE BIG STORY ABROAD-

A broad sell-off took hold of equities on Thursday as concerns around extreme valuations of AI firms and the US Federal Reserve potentially slowing its easing cycle spurred market jitters. Wall Street posted its worst day in a month, with the S&P 500 sinking 1.7% and the tech-heavy Nasdaq falling 2.3%, as heavyweights like Nvidia and Tesla faced steep losses. Even BTC extended its downturn, falling below USD 100k to its lowest level since May. (Wall Street Journal | Bloomberg | Reuters)

** We have more on the possible trajectory of rate cuts in this morning’s Planet Finance, below.

.. and a flurry of trade agreements: The US secured trade frameworks with Argentina, El Salvador, Guatemala and Ecuador, as well as a dual agreement with Switzerland and Liechtenstein. Guatemala, El Salvador, and Argentina are down to a 10% tariff rate, while Ecuador, Switzerland (which committed to invest USD 200 bn in the US in the next three years) and Liechtenstein are going to stand at 15%. (Foreign Policy | Semafor)

Exemptions, too: President Trump exempted agricultural imports like coffee, cocoa, tea, beans and some beef products from tariffs, in a bid to soften the political blowback resulting from higher prices in store shelves. (CNBC)

ALSO- Jeff Bezos’ Blue Origin launched a rocket with a pair of Nasa aircraft heading to Mars, deploying the aircraft 20 minutes later and recovering its booster following its separation from the aircraft in a major milestone for the company, which is competing with Elon Musk’s SpaceX. (Reuters | Bloomberg | AP)

AND A SIGN OF THE TIMES- Three of the songs topping music charts on Spotify this week were generated by AI, with two of them by now-viral AI-generated country artist Breaking Rust. (Guardian)

Singapore’s Destiny Energy eyes USD 210 mn green ammonia project in SCZone

Singaporean renewables developer and investor Destiny Energy plans to develop a USD 210 mn green ammonia and hydrogen production facility in the Suez Canal Economic Zone (SCZone), according to a statement from the General Authority for Investment and Freezones (Gafi). The project has a targeted production capacity of 53 tons of green hydrogen and 300 tons of green ammonia a day.

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

Where the massive amount of renewable energy used to fuel production will come from is TBC. The facility is set to be powered by yet-to-be-installed wind and solar capacity, which will be provided by either Destiny itself or another renewable company through an unspecified arrangement.

It’s projects like these that will help Egyptian industry remain competitive under the EU’s Carbon Border Adjustment Mechanism, Gafi CEO Hossam Heiba said. The bloc’s carbon border tax will come into full effect at the start of 2026, meaning that notoriously energy-intensive sectors like fertilizer, cement, steel, and aluminum will have to look toward green ammonia and other ways to reduce their emissions to lower the carbon levy.

Fresh enthusiasm for green hydrogen and ammonia is good to see, considering recentinvestor cold feet. Concerns about a lack of demand for the fuel source, the high costs of borrowing in Egypt, and insufficient power grid infrastructure have meant that of the 32 MoUs amounting to some USD 175 bn worth of investments signed as of June last year, less than five projects have gone beyond the feasibility stage.

Making matters worse was the International Maritime Organization’s vote to shelve its net-zero framework, which put a further dampener on any green hydrogen momentum linked to the country’s green bunkering ambitions. Charging shipping lines for emissions was seen as a central tool to push the maritime industry to seek out less polluting fuels like green hydrogen, which policymakers here at home and foreign investors thought could be the catalyst for accelerating the push to turn the Suez Canal into a green bunkering hub.

Egypt to issue EGP 14 bn local sukuk issuances in December

The Finance Ministry plans to issue EGP 14 bn in sovereign sukuk in December, up from EGP 6 bn in November, a government source told EnterpriseAM. The increase comes after local and international banks showed strong demand for our first local sukuk issuance, with several investors requesting more offerings.

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

The ministry is planning three issuances in December— one worth EGP 4 bn and two totaling EGP 10 bn. All will be ijarah-based and backed by a Ras Shukeir land now owned by the Finance Ministry. The program is expected to reach EGP 200 bn by June 2026.

Up next, the Finance Ministry will issue the second EGP 3 bn tranche of the country’s first-ever local sukuk offering tomorrow, according to our source.

REMEMBER- The first tranche of our maiden local sukuk issuance was almost 5x oversubscribed, attracting an order book of EGP 14.9 bn earlier this month. The Finance Ministry received 63 offers from banks participating in the auction but only accepted 10, covering its EGP 3 bn target.

The new sukuk issuances will push total quarterly borrowing to EGP 2.5 tn, up from EGP 2.4 tn. Treasury bills continue to dominate public debt instruments, accounting for EGP 2.0 tn, with a smaller share allocated to bonds and sukuk. The Finance Ministry raised about EGP 5 tn in local debt during the first half of the current fiscal year — exceeding the full-year domestic borrowing target of EGP 3.2 tn set out in the state budget.

Starting from the second half of the current fiscal year, sukuk offerings will become a weekly event to help reduce debt service costs in the next fiscal year. The instruments are being financed at about 7% less than conventional debt, which could save the state over EGP 50 bn for every 1 pp drop in interest payments.

Growing appetite for these instruments is expected to reshape the domestic debt market, the source said, adding that sukuk could increase the share of both local and foreign Islamic banks in public debt holdings. This could, in turn, enhance competition among lenders and contribute to lower borrowing costs.

MNT-Halan and Azimut to launch Egypt’s first digital real estate fund after FRA nod

Introducing Halan-Azimut: Fintech player MNT-Halan and asset manager Azimut are gearing up to launch Halan-Azimut after securing approval from the Financial Regulatory Authority (FRA) to establish Egypt’s first licensed digital platform for trading real estate investment fund (REIF) securities, according to a statement from the authority. The move marks a key step in bringing fractional property ownership to local investors through regulated digital certificates, according to the statement.

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

The two companies are looking to increase the fund’s capital to EGP 2 bn, Azimut Managing Director Ahmed Abou El Saad told EnterpriseAM earlier this year. Although the plan may have changed, Abou El Saad had told us that Halan-Azimut would start with an initial capital of EGP 250 mn.

The fund will be open to both retail and institutional investors while offering greater flexibility for unit holders in terms of liquidation and transferability — without being listed on the EGX, Abou El Saad explained to us. This structure is designed to make the fund accessible to a wider range of investors.

What’s next? The FRA is now reviewing the prospectus for the fund’s first issuance ahead of its rollout.

REMEMBER- The FRA has recently rolled out a new framework for fractional real estate investment, allowing investors to buy and trade units in real estate funds under tighter governance and disclosure rules. The move aims to expand access to property-backed investment vehicles and deepen liquidity in the domestic non-bank financial markets.

Turning conversations into commitments: strategic takeaways from the World Goetheanum Forum

The World Goetheanum Forum (WGF), hosted at SEKEM Farm in Egypt from 24-28 September, gathered 300 experts from 23 countries under the theme “Re-think, Re-feel and Re-Do Sustainable Development.” The event served as a testament to SEKEM's 48-year-old legacy as a global blueprint for holistic sustainability.

The forum’s success stemmed from its dynamic blend of intellectual discourse and experiential learning. Attendees directly engaged in organic farming activities and explored SEKEM’s fully integrated ecosystem, from its composting facility and medical center to companies such as ISIS and NatureTex. These hands-on experiences anchored discussions in real-world impact, illustrating how regenerative practices can revitalize communities and ecosystems alike.

One of the forum’s pivotal outcomes was the articulation of a shared framework for a new narrative for sustainable development as an ‘Art of Becoming’. This narrative brings together six interrelated dimensions, uniting Justice in Social Relationships, Solidarity in Economic Value Creation, Freedom in Cultural Human Development, and Co-creation in Ecology, all nourished by Inner and Outer Spiritual Sources.

Through focus groups on governance, the Economy of Love (EoL) standard, and COP30 collaboration, SEKEM cemented its position as a global thought leader in regenerative transformation. The WGF highlighted that sustainable development must evolve from policy to practice, from conversation to collective action.

The ultimate commitment is clear: to leverage SEKEM's enduring success while collaborating with partners worldwide to reinforce a new sustainable development narrative that delivers truly regenerative impact for global communities.

Sky Port’s Tarek Hussein on how SCZone projects support the country’s trade and logistics sector

Coffee with Sky Ports Chairman Tarek Hussein: EnterpriseAM sat down with Tarek Hussein (LinkedIn), Chairman of Sky Ports, on the sidelines of this year’s TransMEA forum. As the Egypt-based firm ups its presence in ports under the jurisdiction of Suez Canal Economic Zone (SCZone) — we got Hussein’s insights on their projects in SCZone ports, and how his firm is navigating the regional logistics market amid global trade uncertainty.

Sky Ports? Sky Ports is a business unit of Sky Logistics, a subsidiary of Sky Investments Holding, which specializes in operating multipurpose terminals. The company has a well-established presence across Egyptian ports, providing terminal operations, cargo handling, and bonded warehouses services.

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

EnterpriseAM: What are some milestone projects your company is scheduled to kick off or close over the coming year?

Tarek Hussein: Over the coming year, Sky Ports will commission its bulk cement export hub at East Port Said. We are also in negotiations to launch a new multi-purpose terminal in Sokhna — both agreements are set to expand our projects in the zone.

The cement silos project at East Port Said will have a major impact on the economy — through opening entirely new export lanes for Egyptian cement. It comprises eight concrete silos, designed to handle up to 20k tons per day and around 4-5 mn tons per year of bulk cement for export.

This project is especially built to meet international standards that could enable [Egypt] unlock new markets we have never reached before for this product, such as the United States, which will have a positive impact on Egyptian exports.

In parallel, we have plans for a new multi-purpose terminal in Sokhna on the Red Sea. We continue to scale our terminal in East Port Said, building on a trial year that saw around 9.6 mn tons handled, reduced vessel waiting times to 4-5 hours, and delivered tangible savings for exporters and importers, We will keep adding equipment, systems, and services to ensure East Port Said remains one of the most efficient bulk and general cargo terminals in the region.

E: What regulatory or policy shift would you like to see to support more growth in the country’s logistics sector?

TH: The Egyptian authorities have taken major steps over the past years toward turning Egypt into a global logistics hub for trade, especially in infrastructure and investment facilitation. Yet, there are still important steps ahead to fully achieve that goal.

Some ideas include extending and standardizing single-window systems — in a bid that port community platforms, customs, and economic zones eventually share one digital platform, viewing cargo status, clearances, vessel schedules — cutting dwell times and paperwork across all gateways.

Targeted incentives for specialized export infrastructure would also help. For example, clear and long-term incentives for investments in projects built to suit destination-market standards, like our cement silos project, would help Egyptian products unlock new markets, such as the US and Europe, by meeting the needed technical requirements. It would also help support compliance with emerging carbon and product regulations. This combination would cut dwell times, lower costs, and give investors the confidence to keep scaling Egypt as a global logistics hub.

E: What are some exciting developments you see happening in the regional logistics sector, and how is your company capitalizing on these?

TH:The SCZone is rapidly emerging as a single industrial-logistics platform, with growing flows on both the Mediterranean and Red Sea legs, driven by significant efforts from Egyptian authorities, particularly the Transport Ministry and Investment Ministry. Sky Ports is capitalizing on this by pairing a proven high-efficiency terminal at East Port Said and dedicated cement export silos, which opens high-value markets for Egyptian producers.

Our terminal in East Port Said is an integral part of this success story, as it works towards meeting a rising demand for compliant and value-added export solutions.

E: Who are the largest external investors in Egypt’s logistics sector at the moment, and do you expect this to remain the same in the long run?

TH:Global port and logistics leaders — such as DP World and Hutchison — are currently among the largest external investors in Egypt’s logistics sector, alongside growing Gulf and Asian capital. We expect these players to remain central in the long run, while Egyptian operators like Sky Ports add local expertise, jobs, and innovation, making the overall ecosystem stronger and more resilient.

E: How do you expect the volatile global trade environment to impact the local logistics sector?

TH:Route volatility and geopolitical risk, including disruptions in and around the Red Sea, are reinforcing the value of reliable, well-located hubs on the Suez corridor. This increases the strategic importance of assets like East Port Said and Sokhna for cargo owners and shipping lines.

Egypt and Sky Ports need to focus on building terminals that can consistently cut waiting times, raise productivity, and offer integrated port-to-plant solutions that will attract both cargo and investments, even in turbulent times.

Orascom Construction, GB Corp, e-finance, Bonyan report earnings

Earnings season is in full swing, with Orascom Construction, GB Corp, e-finance, Bonyan, Telecom Egypt, and Eastern Company reporting their earnings.

ORASCOM CONSTRUCTION DOUBLES NET INCOME-

Orascom Construction reported a net income of USD 50.6 mn in 3Q 2025, up 134.3% y-o-y, according to its latest earnings release (pdf). Revenues jumped 74.8% y-o-y to USD 1.5 bn, led by projects in transportation, power, water, data centers, and aviation.

Driving the growth: Revenue growth during the quarter was supported by robust activity in infrastructure and industrial projects, particularly in the MEA region, where revenues more than doubled to USD 873.2 mn. The company’s US operations also recorded solid growth, with revenues rising 33.8% y-o-y to USD 599.2 mn.

On a 9M basis, Orascom Construction reported a net income of USD 133.3 mn, up 53.2% y-o-y. Revenues increased 47.8% y-o-y to USD 3.4 bn during the nine-month period, supported by broad-based growth — MEA revenues nearly doubled to USD 2.0 bn, while US revenues grew 12.5% y-o-y to USD 1.4 bn. Growth was further supported by a 44.2% y-o-y rise in new awards to USD 3.7 bn and an 8.3% y-o-y increase in consolidated backlog to USD 8.6 bn.

What they said: “We continue to demonstrate our ability to navigate evolving markets and position ourselves in the right areas of growth. This approach has been defined by consistent execution, resilience, and agility, enabling us to strengthen our foundation for the future,” CEO Osama Bishai said.

GB CORP’S NET INCOME REMAINS UNCHANGED IN 3Q-

GB Corp reported a net income of EGP 750.5 mn in 3Q 2025, a slight 0.6% increase y-o-y, according to its latest earnings release (pdf). Revenues for the period rose 33.6% y-o-y to EGP 21.7 bn, supported by recovering market demand, easing inflationary pressures, and a more stable FX environment.

The quarter’s performance was driven by strong contributions from GB Auto and GB Capital. GB Auto recorded EGP 18.0 bn in revenues, up 25.1% y-o-y, supported by a rise in passenger car volumes, ongoing recovery in commercial vehicles, and robust demand in the light mobility segment. GB Capital posted EGP 3.9 bn in revenues, up 91.5% y-o-y, on the back of strong portfolio expansion across its lending businesses and improved market liquidity, although higher finance and SG&A costs weighed on the bottom line.

On a 9M basis, GB Corp reported a net income of EGP 2.4 bn, up 35.1% y-o-y. Revenues climbed 62.5% y-o-y to EGP 57.5 bn, reflecting broad-based growth across Auto and Capital. GB Auto’s top line rose 57.9% y-o-y to EGP 48.6 bn, fueled by a 68.2% jump in passenger car revenues and a 43.6% rise in commercial vehicle and construction equipment sales. GB Capital’s revenues almost doubled to EGP 9.5 bn, with its loan portfolio expanding 65.5% y-o-y to EGP 20.9 bn.

What they said: “As we enter the final quarter of the year, we remain confident in GB Corp’s ability to sustain its growth trajectory. The combination of declining interest rates, stable FX markets, and improving purchasing power provides a solid foundation for further expansion. With tourism recovery adding momentum to domestic demand and new localization initiatives coming online, we are well positioned to capture emerging opportunities and continue delivering sustainable value to our shareholders,” CEO Nader Ghabbour said.

E-FINANCE NET INCOME, REVENUES JUMP IN 3Q-

E-finance reported an adjusted net income of EGP 731.6 mn in 3Q 2025, up 16% y-o-y, according to its latest earnings release (pdf). Revenues rose 49.7% y-o-y to EGP 1.7 bn, supported by strong growth across most subsidiaries — especially e-finance Digital Operations, eAswaaq, and enable.

Growth in 3Q was led by e-finance Digital Operations, which saw a 38% y-o-y increase in revenues on the back of higher demand for its cloud hosting and transaction services. eAswaaq’s revenues nearly tripled thanks to rising e-commerce activity and new lending operations, while Enable recorded 50.2% y-o-y growth on stronger outsourcing business. eNovate was the only segment to record a dip in revenues, due to weaker card production volumes.

On a 9M basis, e-finance reported an adjusted net income of EGP 1.8 bn, up 31.3% y-o-y. Revenues rose 44.2% y-o-y to EGP 5.0 bn, driven by broad-based growth across all subsidiaries. The group’s core subsidiary, e-finance Digital Operations, remained the main revenue driver, contributing 86% of total revenues in 9M 2025. eAswaaq continued to expand rapidly, with revenues growing 75.5% y-o-y.

BONYAN POSTS STRONG 3Q 2025 RESULTS-

Real estate investment company Bonyan saw its net income jump 207% y-o-y in 3Q 2025 to EGP 779 mn, supported by substantial gains in fair market value following the delivery and recognition of its Golden Gate asset, according to its latest earnings release (pdf). Rental revenues — the backbone of the company’s recurring income model — rose 27% y-o-y to EGP 202 mn, driven by the rerating of expired contracts and the commencement of rent from the Park Street West unit.

GAV continues to rise outpacing inflation: Gross asset value (GAV) increased 9% YTD to EGP 17.4 bn as of September 2025, reflecting the fair market value addition from the Golden Gate building, now officially recognized on Bonyan’s balance sheet.

On a nine-month basis: Net income in 9M 2025 came in at EGP 1.8 bn, edging up 1% y-o-y, while rental revenues rose 32% y-o-y to EGP 547 mn.

TELECOM EGYPT SEES EARNINGS SURGE IN 3Q-

Telecom Egypt saw its net income jump 3x y-o-y in 3Q 2025 to EGP 6.5 bn, according to its latest earnings release (pdf). Revenues rose 35% y-o-y to EGP 27.6 bn, driven by a 38% rise in retail revenues and a 32% increase in wholesale revenues, supported by higher data usage, sustained retail demand, and stronger international incoming call activity.

A strong 9M performance: Net income for the first nine months of 2025 rose 96.5% y-o-y to almost EGP 17 bn, while revenue grew 34.2% y-o-y to EGP 78.1 bn, with retail remaining the largest contributor at 58% of total revenues. Growth was supported by higher ARPUs following last year’s price adjustments, expanding customer base across fixed and mobile, and strong data consumption.

EASTERN COMPANY REPORTS RECORD NET INCOME-

Eastern Company reported its highest ever net income of EGP 9.7 bn last fiscal year, marking a strong operational performance and continued growth momentum, according to a company statement (pdf). Revenues also surged 82.9% y-o-y to EGP 37.4 bn, driven by expanded commercial operations and improved production and distribution.

Egypt to set up USD 80 mn international tourist port in New Alamein

HOSPITALITY-

#1- The government plans to establish a USD 80 mn international tourist port in New Alamein, which will accommodate luxury yachts and cruise ships, Asharq Business reports, citing three government officials. The 180k sqm project will be implemented in phases and operated by the private sector, which will also fund the project’s superstructure. The government’s contribution will be limited to financing the infrastructure.

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

IN CONTEXT- Yacht tourism is an important part of the government’s plan to increase tourist footfall — and, consequently, tourism revenue, given the average spend of those arriving by sea. The government plans to raise USD 3 bn a year from yacht tourism by the fiscal year 2028-2029, accounting for a significant chunk of its USD 24 bn target.

#2- Homegrown hotel chain Sunrise Resorts & Cruises plans to invest USD 148 mn next year to add 1.1k rooms in Marsa Alam, Makadi, and Sharm El Sheikh, Chairman Hossam El Shaer told Asharq Business. The investment plan, driven by an “accelerating growth in the sector, supported by a surge in tourist arrivals and tourism revenues,” will bring the chain’s hotel capacity to 14k hotel rooms, up from its current 13k.

REMEMBER- The move comes as part of the company’s plan to invest USD 700 mn to add 7k new hotel rooms to its Egypt portfolio over the next four years, which would bring its hotel capacity to 20k rooms by 2028. It is also looking to open 50 new hotels in Egypt under an agreement with international hospitality giant and Minor International subsidiary Minor Hotels, a move that would nearly triple its current portfolio of hotels.

FINTECH-

Fawry is planning to invest over EGP 1.6 bn each year to upgrade its tech infrastructure, develop products, and expand abroad, CEO Ashraf Sabry said at a press roundtable attended by EnterpriseAM late last week. Fawry expects its business volume to grow 50% by year-end, with earnings allocated to supporting these expansion plans.

Fawry is looking to expand its financial services offered in Egypt by obtaining licenses from the Financial Regulatory Authority for e-factoring and micro-leasing services, Sabry said. The company will also place greater focus on lending to mid-sized companies as its next growth driver, having made solid progress with SMEs, he added. In addition, the company is awaiting approval from the Central Bank of Egypt to enable inbound remittance services via the Fawry platform, Sabry said. Fawry is also currently in talks with asset managers to launch two new investment funds focused on gold and fintech, on top of the four investment funds already available on its platform, he added.

Plans to tap the Saudi market are underway: The company is looking to enter Saudi Arabia through a partnership with a local investor, starting with myFawry and Fawry Business once it receives the required licenses and regulatory approvals.

REAL ESTATE-

Real estate developer Misr Italia Properties is planning to invest EGP 8 bn next year, up from EGP 5 bn in 2025, with a sharpened focus on expanding its hospitality footprint, CEO Mohamed El Assal told Al Shorouk. The company wants to develop 2.5k hotel rooms and serviced apartments across the North Coast, the new capital, New Cairo, and Ain Sokhna as part of a seven-year, EGP 30 bn push into the hospitality sector. The developer plans to launch three new hotels in 2027.

PHARMA-

Minapharm, Bayer team up to localize drug manufacturing: Local pharma player Minapharm has signed a cooperation agreement with Germany’s Bayer Global to localize drug production and boost pharma investments in Egypt, according to a statement.

EXPANSION-

State-owned construction firm El Nasr General Contracting has secured a USD 40 mn project in Iraq’s Basra, according to a statement. The project will be executed for the Iraqi Oil Ministry’s South Refineries Company.

Fed policymakers signal hesitation on December rate cut amid deepening divisions

A growing number of Federal Reserve policymakers are signaling reluctance to push ahead with further rate cuts this year, citing persistent inflation pressures and mixed labor-market data, Reuters reports. The shift comes as short-term futures now price in only a 44.5% chance of another reduction when the Federal Open Market Committee meets on 9-10 December, according to CME FedWatch.

The perceived likelihood that the Fed will cut is down more than 20 chance points from the week starting 7 November, which had pencilled in a 66.9% likelihood. But roll clocks back a month, and the probability of a cut was put at 94.2%.

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

REMEMBER- The Fed has already delivered two 25 bps cuts this year in September and October, bringing the target range to 3.75-4.00% as Chair Jerome Powell attempts to steer between showing growth and inflation still running near 3%. Powell noted after the October cut that another move in December was “far from” assured, particularly given the delay in official data releases caused by the US government shutdown.

Boston Fed’s Susan Collins warned she sees a "relatively high bar" for additional easing absent “notable labor-market deterioration.” Minneapolis Fed’s Neel Kashkari said inflation remains “too high,” adding that while some parts of the US economy are performing well, “some sectors of the labor market look like they’re under pressure.”

Many Fed officials have changed their tone quite dramatically in the last few weeks, including San Francisco Fed President Mary Daly, who said that it was “premature” to decide on another move four weeks ahead of the next policy meeting — marking a shift in stance from her vocal support of rate cuts previously.

Complicating matters is the lack of official data to inform their decisions, with the government shutdown having delayed the release of key economic data. But even with the shutdown now over, inflation and jobs data for October will “likely never” be released, White House Press Secretary Karoline Leavitt told reporters on Wednesday. Leavitt characteristically blamed Democrats and said that the absence of data will leave “our policy makers at the Fed flying blind at a critical period.”

EGX30	40,191	-0.1% (YTD: +35.1%)
USD (CBE)	Buy 47.12	Sell 47.25
USD (CIB)	Buy 47.15	Sell 47.25
Interest rates (CBE)	21.00% deposit	22.00% lending
Tadawul	11,178	-0.7% (YTD: -7.1%)
ADX	9,918	-0.4% (YTD: +5.3%)
DFM	5,950	-0.7% (YTD: +15.3%)
S&P 500	6,734	-0.1% (YTD: +14.5%)
FTSE 100	9,698	-1.1% (YTD: +18.7%)
Euro Stoxx 50	5,694	-0.9% (YTD: +16.3%)
Brent crude	USD 64.39	+2.2%
Natural gas (Nymex)	USD 4.57	-1.7%
Gold	USD 4,094	-2.4%
BTC	USD 95,312	-1.1% (YTD: +1.7%)
S&P Egypt Sovereign Bond Index	963.05	+0.1% (YTD: +23.9%)
S&P MENA Bond & Sukuk	151.92	0.0% (YTD: +8.6%)
VIX (Volatility Index)	19.83	-0.9% (YTD: +14.3%)

THE CLOSING BELL-

The EGX30 fell 0.1% at Thursday’s close on turnover of EGP 7.3 bn (50.1% above the 90-day average). Local investors were the sole net buyers. The index is up 35.1% YTD.

In the green: Misr Cement (+11.1%), Telecom Egypt (+6.4%), and E-finance (+3.4%).

In the red: Beltone Holding (-4.2%), Arabian Cement (-3.7%), and Juhayna (-3.0%).

CALENDAR

NOVEMBER

16-19 November (Sunday-Wednesday): Cairo ICT 2025, Egypt International Exhibition Center.

16-19 November (Sunday-Wednesday): The 12th edition of the Digital Payments and Financial Inclusion Exhibition and Forum (PAFIX 2025), Egypt International Exhibition Center.

20 November (Thursday): Monetary Policy Committee meeting.

21 November (Friday): Egypt’s Entrepreneur Awards

23-25 November (Sunday-Tuesday): NEBU Expo 2025 gold and jewelry exhibition, Egypt International Exhibitions Center, New Cairo.

November: Egypt to join the EU’s Horizon Europe research and innovation program.

November: The Conference on Early Recovery, Reconstruction, and Development in Gaza.

DECEMBER

1-4 December: Egypt Defence Expo (Monday-Thursday), Egypt International Exhibition Center.

4-7 December (Thursday-Sunday): Egy Stitch & Tex Expo 2025, Cairo International Conference Center.

8 December (Monday): Egypt-UK Investment Conference, Cairo.

15 December (Monday): Neo Gen PropTech and Sustainable Smart Cities Conference, The St. Regis Hotel New Capital

25 December: (Thursday): Monetary Policy Committee meeting.

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

December: Germany’s North Rhine-Westphala business delegation to land in Egypt.

3Q 2025: Nasr Automotive begins locally manufacturing passenger cars.

3Q 2025: Polaris Parks to finalize contracts for two new industrial zones in the new capital and Sadat City.

Mid-2025: The Administrative Capital for Urban Developments to roll out the second phase of offering industrial plots to investors

2H 2025: Potential visit by Chinese President Xi Jinping to Egypt

4Q 2025: The beginning of construction works on China’s State Grid two solar projects.

4Q 2025: GB Auto starts assembling one of China’s Great Wall Motor models in 4Q 2025.

4Q 2025-1Q 2026: Kasrawy Group to launch first Avatr EV models in Egypt.

2025: The InterAcademy Partnership assembly.

2025: Nile Basin States Summit, Cairo, Egypt.

2025: Release of the government’s Startup Charter document.

Before 2025-end: The government will launch two ro-ro shipping lines with Saudi Arabia and Turkey.

2026

Early 2026: Passenger operations on the New Administrative Capital–Nasr City monorail scheduled to begin.

1Q 2026: Trial operations for the Ain Sokhna–Sixth of October section of Egypt’s first high-speed rail line scheduled to begin.

1 January: European Union’s Carbon Border Adjustment Mechanism (CBAM) to fully come into effect.

10-12 February (Tuesday-Thursday): Gitex Global’s AI Everything Middle East & Africa Summit

15 March 2026: IMF to hold its seventh review of Egypt’s USD 8 bn EFF arrangement.

30 March - 1 April: Egypt International Energy Conference and Exhibition 2026 (EGYPES)

May 2026: End of extension for developers on 15% interest rates for land installment payments

15 September 2026: IMF to hold its eighth review of Egypt’s USD 8 bn EFF arrangement.

27-29 September (Sunday-Tuesday): Egypt will host the fourth edition of the Global Conference on Population, Health and Human Development.

2H 2026: Operations at Deli Glass Co’s new USD 70 mn glassware factory kick off.

2027

20 January-7 February: Egypt to host the African Games.

April 2027: Tenth of Ramadan dry port and logistics hub to begin operations.

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings for 2027.

2027: Egypt-EU Summit 2027

End of 2027: Trial operations at the Dabaa nuclear power plant expected to take place.

September 2028: First unit of the Dabaa nuclear power plant begins operations.

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