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A USD 1 bn Egyptian-Saudi downtown redevelopment?

1

What We're Tracking Today

Spain’s royals are in town

Good morning, folks and happy Thursday. It’s another busy morning here in Egypt, with investment and energy news leading the news well — a consortium of local and Saudi players is mulling a USD 1 bn redevelopment project in Downtown Cairo and the long-delayed Nitzana pipeline linking Israel and Egypt is finally moving forward and is scheduled to be up and running in 2028.

ALSO- The US Federal Reserve slashed rates for the first time in nine months yesterday — we’ll keep an eye out as to how local, regional, and international markets react to the news over the coming days.



PSA-

WEATHER- It’s another sunny day in Cairo, which is in for a high of 34°C and a low of 23°C, according to our favorite weather app.

It’s more or less the same in Alexandria, which is looking at a high of 31°C and a low of 23°C.

WATCH THIS SPACE-

UPA starts settling overdue payments to pharma companies: The Unified Procurement Authority (UPA) has begun paying its overdue bills to pharma and medical suppliers, currently disbursing 50% of its debt stemming from treatments offered at no cost at Health Ministry facilities, according to a statement from the authority. The authority has committed to repaying the other 50% over three years through an irrevocable letter of credit. Meanwhile, payments tied to treatment programs run by the universal ins. system and university hospitals will be settled in full this fiscal year, with a payment schedule sent to each company starting next month. The UPA pledged that it will not fall behind on payments this fiscal year.

REMEMBER- The Finance Ministry last week said it would soon disburse EGP 7.4 bn to help settle the UPA’s overdue payments to pharma companies, earmarking another EGP 7.3 bn in credit facilities for the sector. Officials previously told us the UPA aims to clear some EGP 43 bn in overdue payments to the industry during this fiscal year.

HAPPENING TODAY-

#1- The Spanish royal family is in town, marking the king and queen’s first official visit to Egypt, the Royal Household of Spain announced in a statement. Spain’s King Felipe VI and Queen Letizia, along with Foreign Affairs, European Union, and Cooperation Minister José Manuel Albares landed in Egypt on Tuesday for a four-day visit aimed at strengthening ties between the two nations. The king will open the Egypt–Spain Business Forum later today.

President Abdel Fattah El Sisi and first lady Entissar El Sisi received the couple at the Ittihadiya Palace yesterday, where they held discussions focused on boosting ties, according to an Ittihadiya statement. Discussions focused on expanding economic, tourism, cultural, and education ties and touched on regional developments including the war in Gaza, with both sides reaffirming support for a two-state solution.


#2- It’s the final day of the Cairo Regional Forum on Financing Renewables,GreenHydrogen, andGreen Ammonia at Nile University. The two-day event, hosted by the International Green Hydrogen Center of Excellence in Cairo, brings together policymakers, renewables players, financial institutions, and others to discuss renewable energy investment and collaboration in the region.

** DID YOU KNOW that we cover Saudi Arabia and the UAE?

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DATA POINT-

#1- The government has recorded electricity theft violations amounting to EGP 42 bn from July 2024 to date, Asharq Business reports, citing an unnamed government official. Violations by homes and commercial shops amounted to EGP 40 bn, while the remaining EGP 2 bn is attributed to factories.

REMEMBER-The Industry Ministry earlier this week announced that a blacklist for factoriesstealing electricity will soon be put together, ahead of taking “strict measures” to deter the practice of electricity theft.


#2- Egyptian companies came in third in a list of new non-Emirati companies joining the Dubai Chamber of Commerce, with 2.5k Egyptian companies joining the chamber during the first half of the year. Indian companies topped the list with a little over 9k new companies, followed by Pakistan with some 4.3k companies.


CORRECTION- In yesterday’s edition of EnterpriseAM Egypt, we said that the European Bank for Reconstruction and Development will help finance 30 new electric inter-city buses. One of our readers in the industry got in contact to tell us that the buses will not be electric, only the six microbuses for shorter routes and three other vehicles will be. We have since amended the story on our website.

THE BIG STORY ABROAD-

Global headlines this morning are zeroing in on the Fed’s first rate cut since December — a 25 bps move designed to shore up a labor market showing clear signs of strain. The cut fell short of the deeper reductions pushed by President Donald Trump. We have the full breakdown of the Fed’s move and what to expect next in Planet Finance, below. (Reuters | Bloomberg | Financial Times | New York Times | Wall Street Journal)

MEANWHILE IN WINDSOR- Trump’s second state visit to Britain entered full pageantry mode yesterday, as King Charles welcomed the US president with the country’s largest ceremonial reception in living memory. A carriage procession, banquet at Windsor Castle, and royal tributes to the “special relationship” framed the day — while Trump vowed to deepen trade and diplomatic ties. Today the focus shifts to geopolitics and trade talks at Chequers. (Reuters | Associated Press | BBC | The Guardian | New York Times | Bloomberg | Financial Times)

FROM THE REGION- Saudi Arabia has inked a strategic mutual defense pact with Pakistan — a move analysts see as Riyadh signalling it wants to diversify its security ties after the shock of last week’s Israeli strikes in Doha. The agreement commits the two countries to treat any attack on one as an attack on both. Saudi officials told the Financial Times the agreement is meant to “reinforce our deterrence” and reflects a broader rethink of Gulf security, as the Saudi Crown Prince hardens his stance on Israel’s war in Gaza and delays any normalization talks with Netanyahu’s government. (Reuters | Washington Post)

WORTH READING THIS MORNING- The number of b’naires worldwide has ballooned from just 140 in 1987 to more than 3k worth a combined USD 16 tn today, with the top 0.0001% of the population seeing their wealth grow more than twice as fast as average adults over the past three decades, writes the Financial Times. Economists like Gabriel Zucman say the rise of a hyper-elite underscores governments’ difficulty in taxing vast pools of private wealth — prompting renewed debate over global wealth taxes and exit taxes as the super-rich become ever more mobile.

As the Sahel summer winds down, the Red Sea is just getting started. Say hello to Somabay, a year-round seaside escape where tranquil waters, world-class diving, kitesurfing, golf, and wellness come together in one breathtaking destination. This September, it also hosts the ITF World Tennis Tour, bringing world-class tennis to the coast. Somabay is the perfect next stop, a place where the season never ends, and every day feels like the first day of summer.

2

Investment Watch

Egyptian-Saudi consortium mulls USD 1 bn Downtown Cairo redevelopment

An Egyptian-Saudi consortium is looking into setting up a USD 1 bn Downtown Cairo redevelopment project, Sumou Holding Chief Business Development Officer Ahmed Al Hashimi told Asharq Business. The consortium includes Saudi’s Sumou Holding, its subsidiary Adeer International, and local players Midar and Hassan Allam.

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

BACKGROUND- The project would tie into the Sovereign Fund of Egypt’s plans to offer up the Ministries Square area and Downtown assets to investors as part of its privatization and redevelopment push for the area.

Not their first rodeo: The consortium is already working on hospitality and leisure projects along the Nile in Cairo and in Midar-developed new cities with investments of USD 2 bn. Adeer has also partnered with local developer Paragon Developments to launch a new joint entity that will work with Midar on a EGP 70 bn mixed-use project in New Cairo’s Mostakbal City.

Sumou is going big on Egypt: The Saudi developer plans to inject SAR 2 bn (c. EGP 26 bn) into the local real estate market over the next five years, focusing on mixed-use developments with residential, hotel, office, and retail components, Al Hashimi told Al Arabiya. The company will handle management and sales through a dedicated subsidiary. The Saudi developer aims to have Egypt account for around 5% of new investments by 2030. Sumou is also in discussions with Midar to launch its first real estate fund in Egypt, expected to roll out in 1Q 2026.

3

Energy

Chevron, Leviathan partners ink USD 610 mn agreement to begin delayed Nitzana pipeline construction

Long-stalled Nitzana pipeline to finally begin construction? Chevron and its Israeli Leviathan partners NewMed Energy and Ratio Energies inked a USD 610 mn agreement with pipeline operator Israel Natural Gas Lines to build the long-awaited Nitzana pipeline connecting Israel and Egypt, NewMed Energy said in a disclosure (pdf) to the Tel Aviv Stock Exchange. The 600 mn cubic feet a day (mcf/d) pipeline stretching 65 km between Israel’s southern gas network and Egypt’s gas network in eastern Sinai will bring Israel’s export capacity to Egypt to 2.2 bcf/d when construction wraps up in 2028, Reuters reports, citing a Chevron statement.

The project has been plagued by delays due to volume allocation and cost burden disagreements between Chevron's partners and Israel’s Natural Gas Authority, with the launch of the pipeline initially planned for this year. The delay will cap Israeli gas exports to Egypt at 1.6 bcf/d from 2H 2026, limiting Egypt's ability to secure a more affordable alternative to costly LNG shipments amid rising domestic demand and declining production.

The news follows a USD 35 bn natural gas export agreement between the two countries last month, which will see 130 bn cubic metres of gas exported to Egypt from 2026 through 2040 under an amendment to an existing 2019 gas export agreement. Flows will first increase from 4.5 bn cubic metres in 2025 to 6.5 bn cubic metres as early as 2026 under the first 20 bn cubic meter phase of the agreement.

The future of the agreement is uncertain after Israeli Prime Minister Benjamin Netanyahu froze it amid rising Israeli-Egyptian tensions.

IN OTHER ENERGY NEWS-

The Madbouly government reached an agreement with Italy’s Eni to connect Cyprus’s offshore Cronos gas field to Egypt’s Zohr infrastructure to be liquefied and re-exported, an unnamed government source told Asharq Business. The government will make between USD 1-1.5 per mn British thermal units (BTU) exported, with volumes expected to reach 500 mcf/d once operations begin in 2027.

That’s not all: Plans are underway to fast-track the connection of another one of Cyprus’s offshore gas fields, Aphrodite, to the Zohr infrastructure, raising the combined capacity from both fields to 1.3 bcf/d of gas set to be routed through the network by 2028.

REMEMBER- Egypt and Cyprus inked multiple agreements earlier this year that will see Cyprus ship natural gas from its offshore fields to be liquefied in facilities in Idku and Damietta before being re-exported to foreign markets.

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4

Cabinet watch

Egypt mulls fresh incentives to boost hotel room capacity

New perks for hotel projects? In its latest efforts to boost hotel room capacity, the Madbouly cabinet is looking into fresh incentives scrapping the fees that accompany switching up the use of land or buildings originally bought or set up for residential, commercial, administrative, or mixed-use projects into hotels.

Who’s eligible? Projects need to pass a technical review conducted by the Tourism Ministry to ensure the land or property is suitable for hotel use. The exemption will only be granted with approvals from the Tourism Ministry and the Supreme Council for Planning and Urban Development.

Strict deadlines: Projects must begin operating within specific timeframes to benefit from the exemption.

  • For repurposing already set up buildings: Developers will have one year to open up the doors of their 100-key hotels, two years for 101 to 300-key hotels, and three years for anything bigger than that.
  • Developers will be granted more time if they’re repurposing a plot of land — they will have two years for hotels of up to 100 rooms, three years for 101-300 rooms, and five years for projects above 300 rooms;

Deadlines are calculated from the date the construction license is issued or amended. Developers may apply to push the deadline one year if at least 80% of the project is completed.

That’s not all: Developers cannot sell the land or building before operations start. The Tourism Ministry, together with the relevant governorate, will calculate the waived fee and register it as the project’s granted incentive.

Penalties for non-compliance: If the developer fails to meet the conditions, the exemption is revoked and they must repay the full fee plus interest calculated from the date the council approved the land-use change.

The fine print: The new exemptions apply only to hotel facilities and have nothing to do with tourist establishments.

REMEMBER- The government aims to attract some 30 mn tourists annually by 2030, for which it plans to add some 240-250k rooms to the existing hotel room capacity.

ALSO- Longer stays for five-year visa holders: The ministers approved a decision extending the permitted stay for holders of five-year visas to 180 days per visit, up from 90 days. Visitors can also apply on arrival for a tourist residence card valid for 180 days, which remains valid even if they exit and re-enter during the period.

5

RENEWABLES

Infinity, Masdar reach financial close on 200 MW Ras Ghareb wind farm

Our friends at Infinity Power and UAE’s Masdar will break ground on their 200 MW Ras Ghareb wind farm within weeks after securing a USD 74.1 mn financing package led by the European Bank for Reconstruction and Development (EBRD), according to a press release (pdf).

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

The breakdown: The package includes a USD 60.7 mn senior loan from the EBRD and a USD 3.4 mn concessional loan from the Green Climate Fund. The wind farm will also receive a USD 10 mn investment grant, with additional co-financing coming from Japan’s JICA and France’s Proparco.

REFRESHER- The Ras Ghareb wind farm is being developed by Masdar and our friends at Infinity Power under a power purchase agreement signed with the Egyptian Electricity Transmission Company in August 2024. The project will cost around USD 216.7 mn and is expected to come online by May 2027. The wind farm was one of three projects to receive a golden license from the Madbouly government in July.

In line with our decarbonization plans: The wind farm is expected to cut CO2 emissions by 390k tons per year and power more than 300k homes.

More than just green energy: The plant will “enhance skills development and employment prospects by launching a certified internship program for young engineers in the region, with a particular focus on empowering women to participate in the burgeoning energy sector,” the statement read.

What they said: “Strong partnerships of this kind are vital not only to delivering Egypt’s clean energy ambitions but also to accelerating the wider transition towards a more sustainable future across Africa,” said Infinity Power Chairman Mohamed Mansour.

There’s more in the pipeline for Infinity and Masdar: The two companies, alongside Hassan Allam Utilities, are building a USD 10 bn, 10 GW wind farm in Sohag that is set to be one of the largest wind farms globally.

6

EGYPT IN THE NEWS

A stolen ancient Egyptian gold bracelet catches the international press’ attention

The search is on for a missing 3k-year-old gold bracelet that disappeared from the Egyptian Museum — and the international press is all ears. A gold bracelet linked to Pharaoh Amenemope decorated with lapis lazuli beads disappeared from the Egyptian Museum in Tahrir’s restoration lab during preparations for an exhibition in Rome, the Tourism Ministry announced earlier this week. Photographs of the bracelet have been sent to airports, seasports, and border crossings to prevent smuggling of the bracelet. (Bloomberg | CNN | The Times | BBC)

7

Also on our Radar

MCV, Volvo inaugurate EGP 3 bn electric bus assembly line

AUTOMOTIVE-

Local private sector automaker MCV and Swedish automotive giant Volvo opened a new EGP 3 bn assembly line for electric buses in Sharqia with an annual production capacity of 1.2k vehicles, according to an Industry Ministry statement. All vehicles rolling off the assembly line will be exported to Europe.

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

Localization is the name of the game, with Industry Minister Kamel El Wazir stating that work is underway to steadily increase the amount of local components used in the assembly line and other auto assembly projects. The initial agreement for the project in 2023 stipulated that the buses will be made with at least 50% local components. The project will create 2k jobs.

MANUFACTURING-

Power generator manufacturer Customized Power Technology Group is planning to invest EGP 300 mn in a new factory in Suez, Chief Operating Officer Anwar Gohar told Al Borsa. The factory, set to open in early 2027, will house the group’s existing production line at its Badr plant in addition to new production lines. The new factory will allow the company to increase the percentage of local components in its small electric generators from 40-45% to 100%, Gohar said.

EDUCATION-

#1- Nahdet Misr’s edtech-focused VC Edventures invested in AI-powered educational content startup LRNOVA, according to a statement (pdf). The fresh funds and practical support from Edventures will help the edtech expand in the region, with Saudi Arabia being the top priority, according to LRNOVA CEO Mohmaed Amer. The value and terms of the investment were not disclosed

What they said: “We strongly believe in the transformative potential of AI in education. Our investment in LRNOVA is not simply financial support; it represents a clear step in our new strategic direction,” said Edventures CEO Dalia Ibrahim.


#2- The UK’s Anglia Ruskin University is looking to set up an overseas branch in the new capital, according to a statement from the Higher Education Ministry. The university inked a cooperation agreement with Universities of Canada in Egypt to host the branch, which will offer accredited programs under four faculties.

8

PLANET FINANCE

Fed cuts rates for the first time this year, resuming widely anticipated easing cycle

The US Federal Reserve delivered its first rate cut in nine months yesterday, cutting rates by 25 bps overnight and bringing the target range down to 4-4.25%, according to a statement. This Fed had held rates steady since December, when it also cut rates by a quarter of a percentage point. The move is expected to trigger similar reductions from other central banks.

The decision had been widely priced in by markets, with the backdrop of a softening US labor market and lower consumption offsetting concerns around tariff-induced inflation. This is in addition to political pressures from US President Donald Trump, who has been pushing for a rate cut for months, threatening to fire Fed Chair Jerome Powell, and trying to fire Governor Lisa Cook.

The move still falls short of the steep cuts Trump has been calling for. Newly appointed Fed governor — and Trump advisor — Stephen Miran also cast the only dissenting vote, favoring a larger 50 bps reduction.

The outlook is unclear, but it’s likely we’ll see more rate cuts this year: Powell made it clear in remarks yesterday that the Fed was in a “meeting-by-meeting” situation, as it struggles to keep inflation in check while keeping an eye on employment. The move yesterday was one of “risk management,” he said. Policymakers updated their projections to forecast three more rate cuts this year in each of the upcoming meetings — one more than previously forecast — and another cut in 2026 and in 2027.

Market reax: Stock markets briefly rose on the news before closing the day mixed, with the S&P 500 and Nasdaq both closing marginally lower. Treasury yields also softened, while the USD strengthened against a basket of major trading partners’ currencies.

The move is good news for the Gulf, which does not count inflation as a concern, Fahd Al Tarzi, CEO of CI Capital KSA, told EnterpriseAM. Junaid Ansari, head of investment strategy and research at Kamco Invest, agreed that the rate cut should be “generally positive” for markets by easing yields and equity risk premiums.

Equities stand to benefit the most from lower rates, Muhammad Al Laithy, head of financial reporting at Argaam Investments said, as capital shifts away from debt into riskier assets. Saudi Arabia, Dubai and Abu Dhabi all trade at attractive valuations compared with emerging-market peers. With the Saudi market at its lowest point in over 18 months, Al Laithy argued that investors have a compelling entry point to build positions in solid companies at depressed valuations.

Saudi Arabia, which is on a major borrowing drive to fund its budget deficit and expansionary 2030 projects, will also benefit the most from lower borrowing costs at a time when its debt is at an all-time high, Al Tarzi said. The move, he added, would ease budget pressures on listed companies and provide a boost to the local debt market, where Saudi has been pushing aggressively with corporate sukuk issuance. He also highlighted relief for Saudi consumers, who have been stretched by borrowing, saying lower rates would support households across credit segments including auto loans, BNPL financing and credit cards.

The boost to equity markets could also spur IPO activity + issuance: Ansari pointed to a strong pipeline of IPOs in the region, suggesting that improving valuations could encourage issuers currently on the sidelines to return to market. On the fixed income side, GCC bond sales remain elevated, with total issuance reaching USD 22.2 bn so far this month — already the third-highest monthly total this year.

More is needed: Al Laithy noted that with rates still above 4%, liquidity remains capped, restricting both equity capital markets and debt issuance across Saudi Arabia, the UAE and Egypt. In his view, only a move toward 3.5-3.75% would signal a genuine policy shift, creating space for stronger refinancing and dealmaking.

MARKETS THIS MORNING-

Asian markets traded mixed following the Fed’s move, Japan’s Nikkei opening to a fresh record, South Korea’s Kospi gaining 0.4%, and Hong Kong’s Hang Seng and China’s CSI 300 both in the red. US stocks are set to open in the green, with futures rising following a volatile day of trading that saw the S&P 500 and Nasdaq close in the red.

EGX30

34,975

+0.4% (YTD: +17.6%)

USD (CBE)

Buy 48.09

Sell 48.23

USD (CIB)

Buy 48.09

Sell 48.19

Interest rates (CBE)

22.00% deposit

23.00% lending

Tadawul

10,650

+1.3% (YTD: -11.5%)

ADX

10,038

-0.3% (YTD: +6.6%)

DFM

5,991

-0.1% (YTD: +16.1%)

S&P 500

6,600

-0.1% (YTD: +12.2%)

FTSE 100

9,208

+0.1% (YTD: +12.7%)

Euro Stoxx 50

5,370

-0.1% (YTD: +9.7%)

Brent crude

USD 67.91

-0.8%

Natural gas (Nymex)

USD 3.10

-0.1%

Gold

USD 3,718

-0.2%

BTC

USD 115,756

-0.9% (YTD: +23.8%)

S&P Egypt Sovereign Bond Index

921.15

+0.1% (YTD: +18.5%)

S&P MENA Bond & Sukuk

150.70

+0.1% (YTD: +7.7%)

VIX (Volatility Index)

15.72

-3.9% (YTD: -9.4%)

THE CLOSING BELL-

The EGX30 rose 0.4% at yesterday’s close on turnover of EGP 3.2 bn (28% below the 90-day average). Local investors were the sole net sellers The index is up 17.6% YTD.

In the green: Qalaa Holdings (+5.2%), Egypt Aluminum (+2.5%), and Juhayna (+1.5%).

In the red: Orascom Development (-2.4%), Arabian Cement (-1.4%), and Fawry (-1.2%).

9

My Morning Routine

My Morning Routine: Karim Samra, founder and managing director of Changelabs

Karim Samra, founder and managing director of Changelabs: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Changelabs founder and Managing Director Karim Samra (LinkedIn). Edited excerpts from our conversation:

My name is Karim Samra. I was born in Cairo, and I’m a Belgian citizen. I’ve lived in seven countries, I speak five languages, and I love learning about cultures. I have a BA in History from Boston College and an MBA from the NYU Stern School of Business, where I was a merit-based scholarship recipient. I spent my childhood and adolescence as an immigrant in Europe and the US with my parents Amina Sabry and Hisham Samra, to whom I remain incredibly grateful.

I spent 15 years working in large multinationals like Barclays Capital, GE Capital, and Booz & Company. After this, and following my beloved mother’s battle with cancer, I shifted over to the social entrepreneurship sector as the COO of the Hult Prize Foundation in partnership with the Clinton Global Initiative to seek a better work-life balance.

I partnered with a number of MENA governments to design and build national student entrepreneurship programs as part of that role. I met my wife at one of those, and knew I would marry her almost instantly.

I'm a co-founder of the Hala Sultan Trust, Cyprus' first registered organization for Muslim welfare, as well as the founder and managing director of Changelabs, which builds entrepreneurship, innovation, and corporate training programs in the Middle East and Africa.

At Changelabs, I’m responsible for basically making sure that my team and myself have the skills, tools, resources, and headspace to deliver the best entrepreneurship, innovation, and corporate training programs.

That’s very broad, but so is my role. Everyday is totally different. Sometimes I have to find, interview, and hire new colleagues. Other times I have to make sure our events are set up properly, help with a storyline for one of our impact reports, have a chat with a prospective client, or design a bootcamp curriculum. I also MC at summits, occasionally fix invoices and coordinate with an auditor, spend a lot of time coaching founders, and more. It's only possible with the help of my amazing team, who give me wings, so to speak.

I had a long and unfulfilling career in corporate America, combined with a deep commitment to humanity and values in MENA. So I left Wall Street, looking to align my purpose and my values with my work. After that, I spent six years with the Hult Prize Foundation, and that taught me about entrepreneurship as a force for change and opened my eyes to the potential of the Middle East and Africa.

I wanted to be that change, to enable and ignite it in a region that I believe holds so much potential but has often failed to reach it. It sounds simple and orderly, but it was a highly unpredictable and challenging journey. I couldn't have planned it even if I tried, and I could only see one step ahead at a time — and sometimes not even this.

What I see in the Middle East and Africa is essentially a big gap between what we can achieve and where we are, especially when it comes to entrepreneurship and innovation. This applies to founders, startups, funds, corporations, and the government. Changelabs tries to solve problems for all these actors.

In my view, the most interesting trend right now is the increased alignment that we're seeing between investment and values. When you look at the research, some are saying that consumers are willing to pay up to 30% more, maybe even more, for products and services that they perceive to have a positive impact, to be ethically sourced, to be clean, organic, etc.

On the government side, the same shift is happening. European governments, for example, are now mandating green targets for emissions, but also for food and agriculture. Needless to say, this is causing disruption to supply chains. Egypt is a significant agrifood supplier and one of the largest fish suppliers to the world. So when Europe says these things need to be grown or treated a certain way, that affects Egypt as a supplier.

All these factors are changing the consumer, regulatory, and corporate landscape — and ultimately the investor landscape. People are now thinking about what their money is being used for. You’re seeing large pension funds divesting from fossil fuels, weapons, and alcohol. They want to align their money with their values — and this has long-term ripple effects.

I wake up at around 5am. I'm usually woken up by the neighborhood rooster where I live in Cyprus and make my dawn prayers. I then go back to sleep, and wake up around 8am and try to hit my three Ss before work — sun, sea, and salawat — and I try to squeeze in a run or a game of squash when I can. My wife is Lebanese, and they have this term for a morning coffee chat called sobheya, so I do a sobheya with my wife almost every day.

I then go and check EnterpriseAM before I get ready to respond to emails and take my first call of the day. I usually never schedule calls before 10am for that reason, to give myself that space in the morning to do those things. I don't have a commute since I work from home most days, so that gives me a little bit more flexibility in the morning.

One of the things that really regulates and organizes my day is my prayers. I try to do the five every day. They have certain times, so that adds a rhythm and structure to my day.

What helps me focus is taking regular and varied breaks. If you just stay for eight hours a day at your desk, and maybe take a 30-minute lunch break, also at your desk — which is something I used to do a long time ago in New York and elsewhere — you would think that makes you focus better, but it doesn't.

Work-life balance is non-negotiable for me, but it comes at a cost. I’ve had to make choices throughout my career where I did give up on salary increases, promotions, and more to ensure that I prioritized a work-life balance. Even now, I have to continue to make sacrifices and active choices to ensure that I maintain that balance. I'm very committed to my work, we all are, and if I let myself go unchecked, I’d work 24/7.

I always try to end my day barefoot on the beach. To me, that has a very calming effect on the soul. I live very close to the sea, so I usually end my day that way with my wife or by myself.

I've gotten a lot of great advice, and I've been very lucky for that. More recently, one of my spiritual guides and mentors gave me the following advice: when we are tested, that means we're on the right track. And I felt like that really resonated with me and my life.


SEPTEMBER

17-18 September (Wednesday-Friday): The 2025 Cairo Regional Forum on Financing Renewables, Green Hydrogen and Green Ammonia, Nile University, Cairo

21 September (Sunday): Climate Connect organized by Diwan and Whalez, Consoleta, Cairo

24-26 September (Wednesday-Friday): The launch of the 2025 Egyptian Entrepreneurial Sector Diagnostic Report at El Gouna.

24-27 September (Wednesday-Saturday): Cityscape Egypt 2025, Egypt International Exhibition Center

29-30 September-6 October (Monday-Tuesday): Techne Summit Cairo, Sultan Hussein Kamel Palace, Cairo

29 September-6 October (Monday-Monday): Egypt Innovation Week

30 September (Tuesday): The Egypt-South Korea Economic Cooperation and Partnership Forum.

The Egyptian-Moroccan Business Council to send a delegation of 23 local companies to Rabat.

The Engineering Export Council of Egypt will ship a commercial delegation to Russia to ramp up exports to European markets.

Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay.

Egypt Otsuka’s nutritional products factory in Tenth of Ramadan to begin operations, with exports to Gulf countries expected by January 2026.

OCTOBER

1 October (Wednesday): IMF mission expected to visit Egypt for talks on combined fifth and sixth reviews of the EFF arrangement.

1 October (Wednesday): Applications for alternative housing for old rent tenants will open through an online platform or at post offices nationwide.

2 October (Thursday): Monetary Policy Committee’s sixth meeting.

4-6 October (Saturday-Monday):Techne Summit Alexandria, Alexandria Bibliotheca, Alexandria

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

7-8 October (Tuesday-Wednesday): HACE-Hotel Expo, Egypt International Exhibitions Center.

7-9 October (Tuesday-Thursday): EgyMedica Exhibition, Cairo International Convention Center.

12-16 October (Sunday-Thursday): Cairo Water Week, Cairo.

19-20 October (Sunday-Monday): Egypt to host the fifth edition of the Aswan Forum.

19-22 October (Sunday-Wednesday): Arab African Investment and International Cooperation Summit.

23-25 October (Thursday-Saturday): Stone Africa Expo, Cairo International Conference Center.

October: The third iteration of the Export Smart Exhibition and Conference.

Mid-October: Capmas to publish the findings of its 2023-2024 income and expenditure survey.

NOVEMBER

1 November (Saturday): The official opening of the Grand Egyptian Museum.

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

20 November (Thursday): Monetary Policy Committee meeting.

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.

DECEMBER

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

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

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

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.

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.

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.

https://entlaq.com/events/2

EVENTS WITH NO SET DATE

2027: Egypt to host EBRD’s annual meetings for 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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