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Tuesday, 18 Aug 2026

What We’re Tracking Today
M&a Watch
Capital Markets
Debt Watch
A Message From Auc Onsi Sawiris School Of Business Executive Education
Economy
Moves
Also On Our Radar
Planet Finance
Going Green
Calendar

Al Baraka’s AT Lease MTO should go live today

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Today at a glance

1

M&A WATCH

Al Baraka’s AT Lease MTO should go live today.
2

Capital markets

EGX announces index reshuffle as updated rules take effect.
3

DEBT WATCH

Valu closes EGP 1 bn maiden corporate bond.
4

Economy

Gov’t to fund most of FY 2026/27 needs at home.
5

WHAT WE’RE TRACKING TODAY

CIB sees major block trade worth EGP 2.46 bn.
6

WHAT WE’RE TRACKING TODAY

Egypt weighs three bids for first onshore LNG terminal.
7

Also on our Radar

NCC, Escom snap up EGP 715 mn stake in Spinalex.
8

PLANET FINANCE

Institutional investors are split down the middle on Big Tech.
9

Going Green

For Egypt’s green fund, risk-pricing is the whole game.

Tuesday, 18 Aug 2026

What We’re Tracking Today
M&a Watch
Capital Markets
Debt Watch
A Message From Auc Onsi Sawiris School Of Business Executive Education
Economy
Moves
Also On Our Radar
Planet Finance
Going Green
Calendar
1

WHAT WE’RE TRACKING TODAY

CIB sees major block trade EGP 2.46 bn

Good morning, folks. Today is all about smart housekeeping — the government, the EGX, and some of the country’s biggest players prepare for what’s coming next.

Leading with updates from the EGX: The bourse is shaking up its main index, graduating four major names like Mopco and Sidpec to the EGX30 starting September 1. The rules have changed to favor actual company size alongside daily trading volume, meaning bigger firms get a fairer shot. That’s the first result of the bourse’s rewritten review calendar.

MEANWHILE- Expect Al Baraka Bank Egypt’s mandatory tender offer to acquire up to 90% of AT Lease via a share swap to go live today. It is a tidy bit of corporate cleanup since the bank already holds a major indirect stake in the leasing firm.

The Finance Ministry is out with its debt plan, with a target to fund 89-93% of its budget needs at home this fiscal year. Also in debt news, Valu closed its maiden EGP 1 bn conventional corporate bond to diversify its historical reliance on receivables-backed securitization.

***

ARE YOU MORE OF A LISTENER? Morning Drive is a 10-minute summary of today’s issue crafted for you to enjoy with your morning coffee, while getting the kids ready for school, or driving through the morning rush. And if you like it, tell your friends to tell their friends. They can find us on Apple, Spotify, or wherever they get their podcasts.

***

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Every session on stage answers one question: “So, what do I actually do about it?”

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Request your invitation here.

CIB stocks saw action yesterday

CIB sees major block trade: The Commercial International Bank (CIB) saw 18.45 mn of its shares — worth EGP 2.46 bn — transferred between investors through the EGX’s block trade mechanism yesterday, according to a disclosure. The transfer implies a per-share price of roughly EGP 133.2. No buyer or seller was disclosed in the statement.

Another shot on land

Egypt is weighing three bids to build its first onshore LNG regasification terminal, with Turkish energy trader BGN, Qatar’s UCC Holding, and an unnamed local player competing to develop the facility at Ain Sokhna. The planned facility would initially be able to feed 1 bcf / d of imported gas into the national grid and would pair fixed onshore regasification infrastructure with floating LNG storage at the port. The proposals include different storage configurations of up to 290k cbm. The government has not disclosed the expected investment, construction timeline, or when it plans to select the preferred bid.

Why build onshore? Egypt currently relies on four leased floating storage and regasification units (FSRUs) — down from five units after the vessel stationed at Damietta was taken out of service late last month — which can be brought in quickly and relocated once no longer needed. A permanent onshore unit costs more and takes longer to build but gives the country infrastructure it controls over the long term and cuts its exposure to a tight, expensive global market for regasification vessels. It is also a regional infrastructure play. If domestic production remains weak, the facility provides more secure import capacity. If domestic output recovers, the facility can receive LNG for neighboring markets, regasify it, and pump it through connected pipelines.

REMEMBER- The government explored building a USD 200 mn onshore regasification unit at the Idku LNG complex back in 2025. The plan stalled after it failed to reach an agreement with the plant’s foreign partners.

The import bill is already mounting: The government has asked international suppliers to provide some 20 LNG cargoes in September, expected to cost around USD 1 bn. Our natural gas import bill is earmarked for USD 10.7 bn — for both LNG and piped-gas imports — in FY 2026/27, up 26% y-o-y.

The underlying problem: Domestic gas production currently averages around 3.9 bcf / d, well below demand of some 6.2 bcf / d — which climbs to 7.5 bcf / d during the summer peak — leaving Egypt dependent on imports to close the gap. The government is targeting a production recovery to 6.6 bcf / d by 2027 from the current 3.9 bcf / d.

Wider FX net

Private-sector government suppliers now reportedly need Central Bank of Egypt (CBE) sign-off on new, renewed, or increased FX credit facilities, according to bankers familiar with the instructions. The requirement extends an existing approval rule covering government bodies, public-sector companies, and companies in which the state owns more than 50%.

The goal: The aim is to stop unmatched FX liabilities from building up. The review is intended to ensure that greenback obligations linked directly or indirectly to government contracts are backed by sufficient foreign-currency revenues and cashflows, the bankers said, noting that it does not amount to a suspension of financing for private suppliers. The move comes amid renewed pressure on the EGP, although economists told us last month that recent currency swings show the flexible exchange-rate regime is working as intended rather than signaling a stability threat.

This has happened before: The CBE told banks in 2017 to notify it before sourcing foreign currency for government entities or their suppliers. The new instructions go further by requiring prior approval for the underlying FX credit facility itself, including renewals and increases.

Last call on disputes

The Finance Ministry expanded the final window for settling tax and customs disputes to 31 December, according to a ministerial decision seen by EnterpriseAM. A government official tells us there are no plans for another extension, a replacement dispute-settlement law, or a further waiver of late-payment penalties once the window closes. Applicants only need to file before the deadline, with settlement committees allowed to complete their work afterward.

Who can apply? Taxpayers with tax, real estate tax, or customs disputes can seek an amicable settlement whether their cases remain before appeals committees or have reached the courts. Specialized committees will review the dispute and supporting documents independently from the tax offices. Filing does not waive the taxpayer’s statutory rights: if no settlement is reached, the case continues through the standard judicial process. The House extended the framework in June.

Also from FinMin: The Finance Ministry is asking exporters to map the customs bottlenecks they want fixed, a government official tells EnterpriseAM. Their input will feed into Egypt’s 2026-30 customs strategy and cover duty drawback, temporary admission, clearance procedures, and customs fees.

REMEMBER- The 48-hour clearance target has been in the works since January. The wider customs overhaul already included tariff rebalancing, duty installments, guarantees, and temporary-admission reform.

PSA-

WEATHER- It’s another warm sunny day in Cairo today, with a high of 34°C and a low of 24°C, according to our favorite weather app.

It’s several degrees cooler in Alexandria, with a high of 31°C and a low of 24°C.

The big story abroad

US President Donald Trump has ruled out extending the 60-day agreement between the US and Iran, which expired yesterday. Trump warned that Washington could strike Oman — a key mediator — if it interferes with Washington’s plans to resume traffic in the Strait of Hormuz. Trump also said that back-channel discussions with the Islamic Revolutionary Guard Corps are underway.

Tehran says it is ready to escalate: In light of the stalled talks, Iran is shifting to a “fully offensive” military posture, a senior Iranian official said. The official indicated a willingness to launch a military attack to suspend the naval blockade imposed by US forces.

In the AI world: Nvidia pledged USD 100 bn in backing for a massive OpenAI data center in Ohio, alongside a USD 1.5 bn investment in SB Energy, a SoftBank-led energy company focused on data center development. The site will lease as much as 8 GW of AI computing power and is set to debut in 2032.

More trouble is apparently brewing in the private credit world. An FT report says the largest funds are seeing more writedowns, signaling stress levels last seen almost 10 years ago. The level of loans with non-accrual status by the 20 largest funds rose to a median of 2.8% in 2Q, up from 2% in March. This echoes last week’s report by Fitch Ratings, which found private credit defaults hitting a new record last month.

*** It’s Going Green day — your weekly briefing of all things green in Egypt: EnterpriseAM’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.

In today’s issue: We test whether Egypt’s proposed green investment fund solves a money problem or a coordination one.

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Somabay Golf ranked among the world’s most spectacular golf-course settings

Somabay Golf is proud to be ranked #98 in Golf World’s Top 100 X Factor Courses, placing it among the world’s top golf courses and recognizing its extraordinary setting and unforgettable golfing experience.

Set between dramatic desert landscapes and the crystal-clear waters of the Red Sea, this recognition reflects the unique beauty, character, and world-class appeal that continue to position Somabay Golf on the global golf map.

**Click here to discover Somabay Golf.**

2

M&A WATCH

Al Baraka’s AT Lease MTO should go live today

Al Baraka Bank Egypt has until today to publish a mandatory tender offer (MTO) for AT Lease (FKA Al Tawfeek Leasing), after the Financial Regulatory Authority (FRA) signed off on the offer, according to a filing to the EGX (pdf). Al Baraka Bank, which already holds indirect control of AT Lease, first flagged plans to raise its holding in the asset financing company via a share swap a year ago. The acquisition will see Al Baraka issue up to 63.2 mn new shares to AT Lease shareholders.

The offer: Al Baraka wants up to 90% of AT Lease, with a floor of 51%, all through a share swap with nocash option. Every AT Lease share tendered gets converted into roughly 0.19 Al Baraka shares, a ratio set by independent consultant BDO, which valued Al Baraka at EGP 26 a share against EGP 4.99 for AT Lease. This represents a 22.5% premium to the latter’s three-month average close of EGP 4.07 and a 15.5% premium to its six-month average of EGP 4.32.

Signs of corporate housekeeping: Al Baraka Bank already owns 7.6% directly and controls another 68.4% through Arab Moltaqa Investments Company, taking its effective holding north of 76% before the offer. The ties run deeper — Al Baraka Bank Egypt is itself majority-owned by Bahrain’s Al Baraka Group, which holds 73.7%. Its parent, Saudi conglomerate Dallah Al Baraka Group, has also long been listed as an affiliate of AT Lease.

REFRESHER- Al Baraka first told the FRA it planned this MTO back in October 2025, giving itself 59 days to file. That deadline slipped, and the FRA granted a 60-day extension in December. The offer now clearing regulatory approval keeps the same structure Al Baraka pitched from day one.

Post-transaction guardrails: Al Baraka has committed to no layoffs at AT Lease for 12 months after closing, with no plans to merge it into the bank, delist it, or sell off its assets unless new investment prospects warrant it.

ADVISORS- BDO Consulting is the independent financial advisor, Beltone Securities is executing the offer, and Matouk Bassiouny & Hennawy is providing counsel to Al Baraka.

About AT Lease: AT Lease is an EGX-listed non-bank lender offering leasing, factoring, and mortgage finance. The company has been FRA-registered since 2006, and added factoring in 2020 and mortgage financing in 2024 as it built out a one-stop-shop model for NBFIs.

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

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3

Capital markets

EGX announces index reshuffle as updated rules take effect

Four names are graduating to the EGX30, while four drop out under the exchange’s newly overhauled index methodology. Misr Fertilizer Production (Mopco), Alexandria Containers and Goods (ACLN), Cleopatra Hospital, and Sidi Kreir Petrochemicals (Sidpec) will join the bourse’s benchmark index, effective Tuesday, 1 September, according to the exchange’s semi-annual index review (pdf). They are replacing Arabian Cement, Egyptian Chemical Industries (Kima), Oriental Weavers, and Orascom Investment Holding.

The EGX30 is no longer just a liquidity contest: Freefloat-adjusted market cap now carries the same weight as the average daily traded value, giving bigger companies a fairer shot at the benchmark even if their shares are less actively traded.

Where they’re coming from: Three of the four EGX30 additions — Mopco, Sidpec, and ACLN — are moving up from the EGX70, while Cleopatra Hospital joins the benchmark directly. All four demoted names will move to the EGX70 EWI instead.

For the EGX70, a new buffer rule lets existing constituents keep their seats as long as they still rank in the top 85 companies by average daily traded value, which is designed to cut down on how much the index reshuffles from review to review.

ALSO- CIRA Education lost its spot in the EGX33 Shariah index — the index of the exchange’s most shariah-compliant, highly liquid names — alongside Obour Land for Food Industries, with Gourmet and Cleopatra Hospital taking their places. Palm Hills, Telecom Egypt, and Eastern Company all dropped out of the EGX35-LV — the index tracking the 35 least volatile stocks among the most liquid names.

REFRESHER- The reshuffle is the first test of the exchange’s new review calendar, which moved the effective date from 1 August to early September and mandates at least two weeks’ notice so that tracking funds can prepare.

What this means in practice

For new entrants, benchmark membership converts into standing demand, which means every fund tracking the EGX30, EGX30 Capped, or EGX30 TR has to hold them at a weight that scales with their freefloat market cap — the bigger the company, the bigger the position.

The demotees aren’t exiled. All four land in the EGX70 EWI, which keeps them inside the index universe but on entirely different terms. Equal weighting means a company’s size stops earning it a larger share — Oriental Weavers counts for exactly as much as the smallest name in that index. So the four names dropping out lose both the tracking demand tied to the benchmark and the weighting advantage that came with being large inside it.

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

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4

DEBT WATCH

Valu closes EGP 1 bn maiden corporate bond

Valu closed its maiden conventional corporate bond issuance, raising EGP 1 bn under a newly established EGP 10 bn program, according to a company statement (pdf). The transaction gives Valu a new route to debt financing beyond its established use of receivables-backed securitizations and bank facilities.

The issuance was split across two A- rated tranches: a fixed-rate EGP 460 mn tranche with a 13-month tenor and a floating-rate EGP 540 mn tranche with a 36-month tenor. The fixed tranche carries a 20.75% coupon, while the floating tranche is priced at 1% above the CBE’s average corridor rate, according to terms disclosed earlier this month. Allocating 54% of the issuance to floating-rate Tranche B ensures slightly more than half of Valu’s new funding will automatically become cheaper as the central bank resumes monetary easing, rather than locking in high fixed yields on the full EGP 1 bn.

REMEMBER- Conventional bonds are only the newest leg of Valu’s debt stack. The company completed its 22nd securitization in 2Q — an EGP 881 mn issuance that brought its cumulative securitized volume to EGP 21.2 bn. CEO Walid Hassouna had initially targeted an EGP 2-3 bn conventional bond issuance for 1Q 2026, making the completed EGP 1 bn transaction both smaller and later than first planned.

ADVISORS- EFG Hermes acted as the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger. Matouk Bassiouny & Hennawy served as counsel, while Baker Tilly acted as auditor.

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

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5

A MESSAGE FROM AUC ONSI SAWIRIS SCHOOL OF BUSINESS EXECUTIVE EDUCATION

Marketing strategy sets the direction: marketing management turns it into growth

The marketer’s role now begins well before execution and extends far beyond it. That wider mandate is what the Advanced Marketing Management Diploma at AUC Onsi Sawiris School of Business Executive Education has been training marketers for across 17 intakes and more than 350 alumni to date — professionals who now lead brands, portfolios, and go-to-market strategies across industries.

Across eight core courses, the diploma takes participants through four stages: analysis, strategy, execution, and evaluation. It also includes three self-study business acumen courses. Participants start with market context: how digital technology has changed the customer journey, and how external and internal audits help marketers assess competitors, customers, and their own capabilities. From there, they move into segmentation, targeting, and positioning choices.

Once the diagnosis is clear, the work turns to commercial decisions. Later courses focus on product, price, and channel strategy, then on measuring marketing performance against financial and non-financial benchmarks. That matters because marketing teams are increasingly expected to prove how marketing decisions affect performance — not just visibility, reach, or campaign activity.

For working professionals, structure matters. The one-year blended diploma combines live-online and on-campus sessions, with classes scheduled on Saturday mornings and Tuesday evenings. It is designed for middle and senior marketing managers, brand managers, strategic communication leads, marketing directors, and sales or business development managers moving into marketing roles. Participants who meet attendance and graduation requirements receive a Certificate of Completion from the school.

Applications are now open for the next cohort, which begins on 10 October 2026. Learn more about the program and apply before 20 September 2026 here.

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

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6

Economy

Egypt to fund most of FY 2026/27 needs at home

The Finance Ministry plans to source 89-93% of its FY 2026/27 financing needs from the domestic market, with external borrowing accounting for just 6-9%, according to the ministry’s annual borrowing strategy seen by EnterpriseAM. Other sources, including asset monetization proceeds, are expected to cover the remaining c. 0.5-0.8%.

Cheaper money will dominate the external mix: Concessional and semi-concessional loans and budget support are expected to provide 66-72% of external borrowing, with international issuances accounting for the remaining 28-34%. The latter could include conventional Eurobonds, sovereign sukuk, private placements, guaranteed issuances, Panda bonds, and sustainable finance instruments.

New external issuances will remain below external maturities, in line with the government’s objective of reducing the net external debt balance. Egypt faces around USD 2.9 bn in international bond and debt-instrument maturities this fiscal year, alongside some USD 3.4 bn in concessional-loan repayments. The calendar includes USD 515.7 mn-equivalent in Panda bonds next October, USD 2 bn in conventional bonds in January 2027, and USD 369.1 mn-equivalent Samurai bonds in March 2027.

T-bills will continue to dominate local debt: The ministry expects T-bills to make up 72-75% of local debt this fiscal year, with T-bonds accounting for 15-20%. The ministry also plans to continue issuing EGP-denominated sukuk and retail bonds and to increase participation from fixed-income and money-market funds. The ministry aims to cut gross financing needs by another five percentage points of GDP during the current fiscal year, after reducing them by more than five percentage points last fiscal year.

Social bonds in the works: The government is also considering an additional USD 1 bn social bond issuance during 1H FY 2026/27 to help finance the second phase of Hayah Karima and the expansion of Universal Health Ins., a senior government official tells EnterpriseAM. The strategy also leaves the door open to green or social sukuk and sustainability bonds, depending on market conditions, investor appetite, and whether an issuance meets the ministry’s cost and risk targets.

REMEMBER- The potential sustainable issuances sit within the previously disclosed USD 3-4 bn international issuance envelope for FY 2026/27. Egypt closed the previous FY with USD 4 bn in international placements, including a USD 1.5 bn sovereign sukuk, its USD 1 bn debut social bond, and USD 500 mn-equivalent sustainability Samurai bonds. Local sukuk and retail bonds also widened the state’s funding toolkit in the previous fiscal year.

The government cut the budget sector’s external debt by around USD 2 bn, bringing it down to 19.6% of GDP in March 2026 from 21.8% in June 2025. Total budget-sector debt stood at 83.9% of GDP in March, down from its 96% peak in FY 2022/23, while the average maturity of the budget-sector debt portfolio rose to 10.52 years. The FY 2025/26 budget recorded an EGP 985.1 bn primary surplus — equivalent to 4.6% of GDP — alongside an overall deficit of 6.1%. Meanwhile, tax revenues rose 27.5% y-o-y to EGP 2.49 tn in the first 11 months of the last fiscal year.

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

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7

Moves

National Investment Bank taps veteran Dalia Mustafa as acting vice chairperson

The National Investment Bank (NIB) named Dalia Mostafa (LinkedIn) as acting vice chairperson and managing director, replacing Ashraf Negm, according to a Planning Ministry statement. Mostafa spent nearly four decades at the NIB, serving as assistant managing director of investment and resources from 2020 and as advisor to the bank’s chairman on investment, resources, and financial affairs. She also sat on the boards of the Export Development Bank, NXT Bank, Misr Fertilizers Production Co., and eFinance, among others.

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

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8

Also on our Radar

NCC, Escom snap up EGP 715 mn stake in Spinalex

Spinalex acquisition bid accepted

The EGX announced that a voluntary tender offer for EGP 715 mn worth of Spinalex shares was executed yesterday, one month after a bid was made by New Construction Chemical (NCC) and Escom for Real Estate Investment, according to a statement. The transaction — covering Spinalex’s 48 mn shares — implies a per-share price of EGP 15. The announcement comes a week after Spinalex’s board said the EGP 15-a-share offer undervalued the firm, noting that independent advisor FACT had pegged fair value at EGP 17.51 a share.

ICYMI: The consortium moved to lift its stake in Spinalex to just under the mandatory offer threshold last month, when it launched a voluntary tender offer for up to 48.41 mn shares, or 13.42% of the company.

Taking ports private

L’imad is moving to fully absorb AD Ports Group, offering to buy out the 24.58% stake in the ports and logistics operator that its wholly-owned ADQ subsidiary doesn’t already own. ADQ, which holds 75.42% of AD Ports Group, is offering AED 6.25 per share incash — a 23% premium to the stock’s last ADX close of AED 5.10 and a 95% premium to the AED 3.20 IPO price AD Ports Group listed at back in February 2022, The National reports.

REMEMBER- AD Ports is gearing up for an acquisition spree: AD Ports has AED 5.89 bn in undrawn credit facilities, including an accordion option, to close its pending buys — Brazil’s CLI agri-bulk terminal operator for an enterprise value of AED 3.1 bn (expected to close by the end of 3Q 2026) and Germany’s MBS Logistics for AED 300 mn (expected in 4Q 2026).

Taking the port operator private would give AD Ports more room to maneuver without public scrutiny as Abu Dhabi, Riyadh, and other governments embark on what we think will be a decade-long drive to invest in infrastructure, defense, and AI in the wake of the ongoing US-Iran war.

IN CONTEXT- AD Ports isn’t just a Gulf port operator to us — it’s already one of the most active foreign investors in Egyptian logistics. The group has sunk stakes in Alexandria Container and Cargo Handling Company (an indirect majority holder with sister company Alpha Oryx). It also signed a 30-year concession to build and run a multi-purpose terminal at Safaga Port on the Red Sea and is developing cruise terminals in Hurghada, Sharm El Sheikh, and Sokhna, alongside the 20 sqm Kezad East Port Said logistics park.

From plan to plots

The government is laying the groundwork to bring private developers into the 8k-feddan Nevera Egypt megaproject near the pyramids of Giza, Al Arabiya reports, citing an unnamed government official. Initial land offerings are expected before the end of 2026, once servicing works are completed and executive plans are approved. Private investors could join through partnerships or other investment structures. ALC Alieldean Weshahi & Partners provided counsel, EnterpriseAM has learned.

IN CONTEXT- Nevera Egypt is the state-backed vehicle driving the West Cairo development, with backing from the Tahya Misr Fund, the New Urban Communities Authority, the New Administrative Capital for Urban Development, and private-sector partners. It is planned as a mixed-use hub built around an integrated media city, bringing together tourism, hotels, homes, logistics, and retail.

Battery factory closer to power-up

China’s Sungrow has broken ground on a USD 50 mn battery storage system factory in the SCZone’s Sokhna Industrial Zone, according to a statement. The 10 GWh plant, established in partnership with TEDA Egypt, will support Scatec’s Energy Valley project and will help supply costly, import-heavy components for large renewable projects. Production is set to begin in April 2027.

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

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9

PLANET FINANCE

Institutional investors are split down the middle on Big Tech

2Q 2026 13F filings are in, and they reveal something more important than any individual fund’s positioning. Institutional investors are nearly evenly split on the largest US megacap tech stocks, on major software names, and on data centers. The balance is between funds trimming and funds adding, but the direction has become genuinely contested for the first time in three years.

A Reuters analysis of 6.4k filings shows 44% of institutions trimmed their Magnificent Seven positions in 2Q, while 42% initiated or expanded. Major software names (Adobe, Datadog, and the broader group) saw 28.2% act as net sellers against 26.3% net buyers. Data centers were near-perfectly split at 24.3% each. Semiconductors retained a modest bullish tilt (48% net buyers vs 34.5% net sellers), but even that is far from the crowded consensus that drove the rally through 2024 and early 2025. “When buys and sells are that closely matched, to us it signals the absence of consensus. Nobody disputes the quantum of AI spending that is happening. There is disagreement about which companies ultimately will profit,” OnyxPoint Global Management founder Shaia Hosseinzadeh told the newswire.

The consensus names losing conviction: Tiger Global Management, one of the most-watched hedge funds in the AI trade, cut Alphabet by 45.4% and trimmed Microsoft, Nvidia, and Meta positions. SoftBank reduced its TSMC holdings. Erlen Capital’s Bruno Schneller told Reuters the 2Q data reflects AI-related stocks moving “from a fundamental growth story into a highly leveraged momentum trade” — with July’s tech-sector unwinding as the confirmation. The software-disruption thesis we flagged in June through Adobe's 9% collapse now has institutional-flow validation: more than 28% of filers reviewed by Reuters were net sellers of the major software cohort.

OnyxPoint established new positions in BP, Devon Energy, geothermal developer Fervo Energy, and data center operator Keel Infrastructure — clean, textbook HALO positioning. Berkshire Hathaway added USD 17 bn to Alphabet, boosted its Delta stake, and lifted housing bets, making Alphabet a top-three holding in what is now Greg Abel’s second full quarter running the shop. Nvidia’s 13F disclosed a USD 21 bn SpaceX position and a USD 30 bn Intel stake — together about 80% of Nvidia’s disclosed public equity portfolio, in two companies that have both committed to Nvidia’s Vera Rubin architecture. The pattern is consistent: the money isn’t leaving AI; rather, it is rotating from broad-consensus names into concentrated positions in power, real assets, and vendor-linked infrastructure.

PIF’s 1Q pivot to four US positions — which we covered as the smartest single capital allocation call in the GCC complex this year — looks better with each passing quarter. The names PIF exited (Amazon, Visa, Mastercard) are now inside the cohort losing institutional conviction. The names PIF held — Uber, Electronic Arts, Lucid, Clarivate — fit the rotation targets institutional flows are now moving toward. Mubadala, Adia, ADQ, and QIA still carry meaningful exposure across the Magnificent 7 and software complex. 2Q’s 13F data is the closest thing markets have produced to a coordinated institutional signal in months, and the signal is that the consensus trade has moved from crowded to contested.

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

MARKETS THIS MORNING-

Asian markets opened to mixed results earlier today. South Korea’s Kospi gained around 2.5%, while Japan’s Nikkei lagged behind at a loss of 0.3%. Meanwhile, US equities notched losses across the board as the prospects dim for a lasting truce in the regional war.

EGX30

55,415

-0.8% (YTD: +32.5%)

USD (CBE)

Buy 50.14

Sell 50.27

USD (CIB)

Buy 50.15

Sell 50.25

Interest rates (CBE)

19.00% deposit

20.00% lending

Tadawul

10,908

-0.1% (YTD: +4.0%)

ADX

10,077

+0.3% (YTD: +0.8%)

DFM

5,856

-0.5% (YTD: -3.2%)

S&P 500

7,745

-0.5% (YTD: +13.1%)

FTSE 100

10,720

-0.3% (YTD: +7.9%)

Euro Stoxx 50

6,530

-0.1% (YTD: +12.7%)

Brent crude

USD 90.87

+2.7%

Natural gas (Nymex)

USD 2.71

+0.9%

Gold

USD 4,475

+0.0%

BTC

USD 64,301

+2.2% (YTD: +26.6%)

S&P Egypt Sovereign Bond Index

1,097.47

+0.1% (YTD: +10.5%)

S&P MENA Bond & Sukuk

151.07

-0.1% (YTD: -0.5%)

VIX (Volatility Index)

15.19

+6.6% (YTD: +1.6%)

THE CLOSING BELL-

The EGX30 fell 0.8% at yesterday’s close on turnover of EGP 14.2 bn (35.3% above the 90-day average). Regional investors were the sole net sellers. The index is up 32.5% YTD.

In the green: AMOC (+6.0%), Rameda (+3.5%), and Ibnsina Pharma (+3.1%).

In the red: Edita (-4.9%), Misr Cement (-4.6%), and Arabian Cement (-4.3%).

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Our weekly deep dive into the green economy and ESG issue in Egypt.

Published every Tuesday in EnterpriseAM.

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Going Green

For Egypt’s green fund, risk-pricing is the whole game

Egypt’s central bank reference rate sits above 27.75%, and the Finance Ministry just cut its ceiling on sovereign guarantees. Bankers and analysts tell us the primary hurdle for any new Egyptian green investment vehicle will be pricing risk and structuring bankable projects within a newly constrained guarantee ceiling.

REMEMBER- Egypt debuted a USD 750 mn sovereign green bond in 2020, but the follow-through market never materialized. Bankers and sustainability analysts say cumulative green and sustainability-linked issuance has since stalled at just USD 1.45 bn, a gap they trace to the cost of capital in a high-rate market.

One unidentified fund: The government is studying a specialized investment fund under the Sovereign Fund of Egypt or an existing entity, paired with a joint investment committee to evaluate and approve projects, Investment and Foreign Trade Minister Mohamed Farid said last month, according to a joint ministry statement.

The rest of the plan targets four areas. It covers decarbonizing entire fertilizer and aluminum supply chains, not just factory production lines; expanding wastewater treatment, with sludge byproduct converted into biogas and organic fertilizer; recycling sugar industry waste as cement industry input; and using carbon markets as an additional financing source to help exporters meet CBAM requirements.

Officials are framing this as a competitiveness play. “We’re working to direct international financing toward priority projects in a way that boosts the competitiveness of Egypt’s economy,” Farid says. Unifying the national approach to engaging with international financing institutions “boosts Egypt’s ability to attract development financing,” Wael Aboulmagd, assistant minister of foreign affairs for climate, environment, and sustainable development, says in the statement.

Public money is already flowing toward green projects. Egypt’s green public investments hit EGP 215.5 bn in FY 2024/25, Planning Minister Ahmed Rostom said. Green transport took the largest share at 71.5%, followed by Hayah Kareema projects at 10.5%, sustainable urban development at 8%, environmental improvement at 4.5%, agriculture and irrigation at 3%, and clean energy at 1.5%. Spending was split 87% toward mitigating emissions and 13% toward climate adaptation.

From 15% to 60%: The ministry aims to make 60% of public investment green by the current FY 2026/27, up from 15% in FY 2020/21, a shift Rostom said has already helped improve Egypt’s ranking on the Climate-Public Investment Management Assessment (C-PIMA). FY 2024/25 green spending funded the metro, the high-speed electric train, new and renewable power plants, the solid waste system, and hazardous medical waste disposal. Adaptation spending went to wastewater treatment plants, canal lining, desalination plants, and coastal protection.

None of that solves the financing-cost problem. “When interest rates reached about 27%, no issuer was ready to float 10-year EGP bonds. At the same time, USD issuance became far riskier because of exchange-rate volatility,” Moustafa Mourad, environment and energy expert, tells EnterpriseAM.

The fund will only work if it offers financing with subsidized interest and incentives tied to that support, says Tarek El Gamal, Redcon Properties board chairman, Egyptian Green Building Council and Sustainable Cities member, and UN Global Compact board member. He advises directing investment toward decentralized infrastructure, like distributed, smaller-scale power stations, “to avoid a single point of failure and cut transport and distribution costs.”

Bankable projects are stacking up. Egypt’s 29 major banks are already required by the Central Bank of Egypt (CBE) to implement sustainable finance requirements, Hesham Eissa, environmental science and climate change analyst and DCarbon Global board member, tells us. He points to precedents like Nasser Social Bank’s financing of the white taxi project. “Bankable projects are plentiful, particularly in renewables, e-waste recycling, building materials, and glass recycling,” Eissa says. The gap is a unified evaluation standard, along the lines of the National Initiative for Smart Green Projects, to keep multiple uncoordinated funds from confusing developers.

One integrated market: Mohamed Abdelaal, board member at Egyptian Gulf Bank (EGBank), tells EnterpriseAM that the market needs to move from isolated individual transactions toward one integrated, sustainable system.

Carbon markets, recalibrated: The government statement frames carbon markets as an additional financing source. Carbon certificate revenue can cover a project’s routine maintenance costs, Eissa says, but it’s not enough to build the feasibility study behind a costly technological transition in heavy industries like fertilizer.

Egypt’s carbon market has no gatekeeper. Egypt still lacks a comprehensive regulatory framework determining which sectors are authorized to sell carbon credits, a former government official tells us. The gap is legally the Environment Ministry’s responsibility. Major industries haven’t waited for that framework to escape CBAM exposure. “They’ve already begun coordinating directly with international financing institutions like the IFC,” the official adds. For the fund itself to avoid becoming another bureaucratic layer, El Gamal says, “infrastructure has to move toward smaller, distributed stations instead of centralized ones.”

OUR TAKE- It is all about coordination. The CBE has mandated sustainable finance practices at Egypt’s banks. EGP 215.5 bn in green public investment already moved last fiscal year, and bankable projects already exist. What’s missing is coordination: a shared evaluation standard, clear rules on who can sell carbon credits, contracts priced for a 27.75% market, and a mechanism to absorb risk now that the state’s own guarantee ceiling has shrunk. A new fund can’t manufacture these conditions.

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CALENDAR

AUGUST

19 August (Wednesday): Connected Banking Summit, Fairmont Nile City Hotel Cairo.

20 August (Thursday): Monetary Policy Committee’s fifth meeting of 2026.

26 August (Wednesday): Prophet Muhammad’s birthday.

SEPTEMBER

8-10 September (Tuesday-Thursday) El Alamein International Airshow, El Alamein International Airport.

10-12 September (Thursday-Saturday): Egyptian Entrepreneurship Sector Diagnostics Report Summit, El Gouna.

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

24 September (Thursday): Monetary Policy Committee’s sixth meeting of 2026.

27-29 September (Sunday-Tuesday): Global Conference on Population, Health, and Human Development.

28-29 September (Monday-Tuesday): Egypt Mining Forum, St. Regis Hotel New Capital.

30 September - October 3 (Wednesday-Saturday): Cityscape, Egypt International Exhibition Center, Cairo.

OCTOBER

5 October (Monday): The EnterpriseAM Egypt Forum.

6 October (Tuesday): Armed Forces Day.

10-11 October (Saturday-Sunday): Egypt Women’s Health Summit (EWHS), Cairo Marriott Hotel.

26-28 October (Monday-Wednesday): IEX Egypt, Egypt International Exhibition Center, Cairo.

29 October (Thursday): Monetary Policy Committee’s seventh meeting of 2026.

NOVEMBER

6-8 November (Friday-Sunday) : Global Entrepreneurship Festival, JW Marriott Hotel, New Cairo.

8-11 November (Sunday-Wednesday): Cairo ICT Forum.

DECEMBER

7-10 December (Monday-Thursday): Food Africa, Egypt International Exhibition Center, Cairo.

17 December (Thursday): Monetary Policy Committee’s eighth meeting of 2026.

EVENTS WITH NO SET DATE

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

2026: The Egyptian-American Economic Forum.

4Q 2026: Banque du Caire IPO.

2027

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

1-3 February (Monday-Wednesday): Agri Expo, Cairo International Convention Center.

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.

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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