Alameda lands big private equity investment

Monday, 7 Jul 2025

Alameda lands big private equity investment

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Today at a glance

Investment Watch

DPI will invest USD 190 mn in Alameda Healthcare.

Manufacturing

Ashry Steel to establish a USD 200 mn billet plant in Sixth of October.

Privatization

Gov’t accelerates efforts to offload stakes in four state companies by end of 2025.

Economy

Non-oil private sector activity sees modest decline in June.

Tax

Private equity funds may get tax exemption.

What We're Tracking Today

EBRD, Admaius eye minority stake in Minapharm.

Also on our Radar

Oil Ministry confirms: Gas supplies secured.

PLANET FINANCE

Buying the US dip scores big gains for retail investors.

BLACKBOARD

Aston University to open Egypt’s first accredited British medical school.

What We're Tracking Today

EBRD, Admaius eye indirect minority stake in Minapharm

Good morning, wonderful people, and welcome to an investment-heavy issue, where we have news of nearly a half-billion USD worth of transactions for you to enjoy over your morning coffee.

Almost half of that figure is accounted for by London-based DPI’s landmark investment in Alameda Healthcare. The transaction will be particularly welcome news for those who — like us — worried that fears of regional war prompted the joint US-Israeli attack on Iran could sour the investment climate. It’s a big boost of confidence not just in Fahad Khater’s Alameda, but in the Egyptian healthcare industry and in the nation as a whole. As we’ve said before: DPI is a no-BS repeat investor in Egypt.

MEANWHILE- Ashry Steel looks like it intends to push ahead with a USD 200 mn billet plant near Cairo. EBRD and Admaius are looking at taking stakes in Minapharm. And the Madbouly government is signaling that it is putting the pedal to the metal in a bid to divest four state-owned companies by the end of 2025. Not bad for a muggy Monday morning, huh?

^^ We have the rundown on all of it here and in this morning’s news well, below.

PSA-

Drivers, take note: The Transport Ministry will temporarily close the inbound direction from the intersection of the Regional Ring road with the Alexandria Desert Road to its intersection with the Suez Desert Road starting 6am tomorrow for one week, according to a ministry statement. The closure will allow crews to do maintenance work as well as carry out upgrades to improve road safety.

ICYMI- President Abdel Fattah El Sisi has ordered the government to close parts of the regional ring road currently undergoing maintenance, after two fatal crashes that claimed the lives of 28 people triggered public anger over road conditions.

WEATHER- It’s another sunny day in Cairo, with a high of 37°C and a low of 25°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 32°C and a low of 22°C.

ICYMI- Missed this week’s Inside Industry? In our weekly vertical exploring all things industry and manufacturing, we looked at how Egypt could become a global glass manufacturing hub. Check out the story here.

WATCH THIS SPACE-

#1- EBRD, Admaius eye indirect minority stake in Minapharm: The European Bank for Reconstruction and Development (EBRD) and private equity firm Admaius Capital are reportedly looking to acquire an indirect 15-20% stake in EGX-listed local drug maker Minapharm, Asharq Business reports, citing three sources close to the matter. The stake would be acquired via a capital increase in Minapharm’s majority shareholder, Triquera, which owns 79.5% of the company.

REMEMBER- Late last year, Triquera announced that it signed a preliminary agreement with an unnamed investor looking to buy a minority stake in the firm through a capital increase, saying that the transaction would help it and its subsidiaries grow in the biotech field and support future investments in similar companies.

What’s next? The transaction is pending the green light from the Egyptian Competition Authority.

#2- New baccalaureate system moves forward: The House Education Committee approved amendments to the Education Law that introduce a new baccalaureate system, according to a statement. The proposed system, which will run alongside Thanaweya Amma rather than replacing it, will be optional, without charge, and structured over three years after preparatory school. Students will choose from core and elective subjects aligned with their interests and career goals, with the ability to retake exams multiple times to ensure readiness for university and the job market.

Why this matters: Parliamentary Affairs Minister Mahmoud Fawzy said the changes are designed to reduce academic pressure, end the race for grades, and curb dependence on private tutoring by diversifying education tracks to better prepare students for employment.

DIVE DEEPER- We covered the ins and outs of the new system in a Blackboard published earlier this year.

Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend. Want to partner with us? Reach out to Moustafa Taalab at mtaalab@enterprisemea.com to explore sponsorship opportunities

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HAPPENING TODAY-

It’s the second and final day of the Brics Summit in Brazil’s Rio de Janeiro. Prime Minister Moustafa Madbouly delivered Egypt’s address at the summit’s opening session yesterday, stressing that affordable financing and technology transfer are essential to achieving sustainable development and eradicating poverty. He also called for advancing Brics cooperation on local currency settlements, AI and emerging technologies, and debt sustainability reforms to better serve developing nations’ needs.

On regional security: Madbouly used the address to condemn Israel’s ongoing war on Gaza, which he said has killed over 55k civilians and injured 125k more, calling for an immediate ceasefire and rejecting any plans to displace Palestinians from their land.

Ahead of the summit, Brics finance ministers called for the World Bank and International Monetary Fund to be reformed, arguing that the Bretton Woods institutions should “reform their governance structure to reflect the transformation of the global economy since their establishment,” according to a joint statement (pdf). The ministers also argued that emerging and developing nations must have a greater weight in decision-making that reflects their growing importance to the global economy.

CIRCLE YOUR CALENDAR-

The British Egyptian Business Association is heading to the UK later this month on a mission to increase Egypt-bound investment, accompanied by Finance Minister Ahmed Kouchouk, Financial Regulatory Authority Executive Chairman Mohamed Farid, Central Bank of Egypt Deputy Governor Rami Aboul Naga, and others, the association said in a statement. The three-day mission will kick off on 16 July to lay out the case for why UK investors should invest in Egypt and consider partnering with Egyptian firms.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

THE BIG STORY ABROAD-

It’s a busy morning in the foreign press, with more updates on the US’ reciprocal tariffs and Israel’s potential ceasefire in Gaza, as well as a flood in Texas with a rising death toll.

#1- The US is finalizing trade agreements ahead of the 9 July deadline, though it has clarified that tariffs will go into effect on 1 August, giving countries a bit of time to strike agreements. US President Donald Trump will reportedly be sending letters to the countries without a trade agreement about their tariff rates after tomorrow. (Reuters | Financial Times | CNBC)

#2- Floods caused by a sudden storm in Central Texas have killed around 78 people, with many more missing and more rain set to strike in the next couple of days. Most of the affected were young children in private summer camps, and experts have raised concerns that Trump’s federal workforce cuts — which affected, among many others, the National Weather Service — led to a failure by officials to accurately predict the storms and issue warnings ahead of the storm. (Reuters | Guardian | Bloomberg | BBC)

#3- Trump is set to meet with Israeli Prime Minister Benjamin Netanyahu today as a potential 60-day ceasefire hangs in the balance. Indirect talks in Qatar ended inconclusively yesterday after representatives from Hamas said the Israeli delegation did not have a sufficient mandate to reach an agreement. Attacks in Gaza continued yesterday, with some 38 people killed.

Meanwhile, the Brics summit is also generating some headlines, as the countries condemned attacks on Gaza and Iran and called for reforms of global institutions including the IMF. (Bloomberg | Reuters)

*** It’s Blackboard day: We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed.

In today’s issue: We look at NHMC Egypt-focused healthcare arm NHMC Medical Services and Aston University’s efforts to open up the first accredited British medical school in Egypt.

Tags:

EBRD What We're Tracking Today

Whether you’re diving into turquoise waters, catching the golden hour from your terrace, or just letting time drift by — Somabay is summer, redefined. Your ultimate escape, every single time.

Investment Watch

DPI and a consortium of investors have invested USD 190 mn in Egypt’s Alameda

Healthcare leader Alameda lands big private equity investment: Our friends at London-based private equity giant Development Partners International (DPI) have put together a transaction to acquire a USD 190 mn minority stake in Fahad Khater’s healthcare services platform Alameda Healthcare, the companies said in a joint press relea se (p df). The DPI investment includes commitments from funds it controls as well as co-investors.

This is a big deal — literally and metaphorically. For starters, DPI and Alameda stayed the course even as the regional investment climate soured thanks to Israel’s foreverwar in Gaza and, more recently, fears of a regional conflagration after Washington and Tel Aviv attacked Iran. It’s also the largest-ever private equity investment in healthcare here. That’s a big boost of confidence by a key global investor not just in Alameda, but in Egypt and the nation’s healthcare sector.

The details: The transaction, primarily a capital increase, is subject to regulatory approvals (the Egyptian Competition Authority has already taken note) and is expected to close in 3Q 2025. Khater, Alameda’s chairman, will remain the group’s majority shareholder post transaction. This marks DPI’s first investment in direct healthcare services, a top DPI executive told us. DPI Partner Ziad Abaza, a longtime friend of EnterpriseAM, led the transaction.

Where will the money go? In part, it sets Cairo-headquartered Alameda up as a regional platform. “We are actively engaged with the management team and key stakeholders to explore additional opportunities in Egypt,” a DPI executive told us. The funding will also drive Alameda’s growth in the GCC — and support investment in tech as well as the scaling of its discipline-specific centers of excellence, which include focuses on cancer, cardiology, liver disease, and orthopedics. “The envisaged investment in advanced technologies will mainly focus on digitization, diagnostic innovation, and clinical infrastructure upgrades,” the DPI exec told us.

Alameda has been ramping up its expansion efforts this year, with plans to set up a 200-bed hospital in Saudi Arabia by 2026 and partnering with TMG to build a EGP 5 bn hospital in Madinaty. The healthcare group previously earmarked USD 245 mn to expand its footprint in Egypt and across the region.

DPI was drawn to Alameda by the quality of its assets and market position, the exec told us. “The government’s push to deepen public-private partnerships and attract foreign investment, including through the rollout of the universal health ins. program, also made the sector more appealing by adding long-term visibility and structural stability,” he added.

Alameda owns household brands in healthcare including As-Salam International and Dar Al Fouad hospitals, the German Rehabilitation Center, and Tabibi 24/7, among others.

DPI aims to help Alameda scale by supporting high-potential ventures, improving governance, and embedding ESG principles across the business. “We bring operational experience, sector-specific knowledge, and a track record of scaling businesses across Africa,” the executive told us, adding that DPI is “a strategic partner, not just a financial investor.”

The PE firm declined to say how big a position the transaction represents, saying only that it is a “significant minority stake structured to allow us to contribute meaningfully to Alameda’s strategic direction.” We think that could be a blocking minority.

Lots of appetite for Egypt: DPI is building a pipeline of potential investments in Egypt across high-growth sectors including manufacturing, fintech, financial services, FMCG, retail, and healthcare, the company official told us. The firm in April took over management of fintech investor Nclude’s USD 105 mn AUM fund here, adding it to a portfolio that already included bold-faced local names MNT-Halan and Hassan Heikal’s Kazyon.

ADVISORS- Our friends at EFG Hermes Investment Banking were sole M&A financial advisors on the transaction, the firm said in a press release (pdf). With Alameda now announced, EFG Hermes has advised on M&A transactions worth a combined USD 2.5 bn in the past 18 months, including four deals so far this year. The good folks at ALC Alieldean Weshahi & Partners were local counsel to Alameda alongside Matouk Bassiouny & Hennawy, while Addleshaw Goddard were international counsel. White & Case was local and international counsel to DPI, which was also advised by PwC, Rothschild, and Debevoise & Plimpton.

Tags:

Alameda Healthcare DPI investment watch

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Investment Watch

Ashry Steel to establish a USD 200 mn billet plant in Sixth of October

Ashry Steel Group plans to build a USD 200 mn billet plant in its Sixth of October complex, targeting an annual production capacity of 1 mn tons, Chairman Ayman ElAshry told EnterpriseAM. Production is expected to begin within 24 months of construction, pending the Industrial Development Authority’s (IDA) green light.

The group is building what will be Egypt’s second-largest industrial complex dedicated to colored sheet metal production, Al Borsa reports, citing what it says are sources familiar with the investment. The facility — located on a 165k sqm plot in Sadat City — will feature state-of-the-art production lines for hot rolling, cold drawing, galvanizing, and color coating. Investments in the production line are projected to reach hundreds of mns in foreign currency.

More in the pipeline: The company plans to establish Egypt’s first local factory for high-speed train wheels, also in Sadat City. The project is being implemented in partnership with the Transport Ministry and the Egyptian National Railways, with the aim of localizing industrial technology and reducing import dependence.

It’s all part of the plan: Ashry Steel Group is eyeing up to EGP 10 bn in new investments to ramp up production capacity to 4 mn tons over the next two years. Its pipeline also includes a seamless stainless steel pipe plant with EUR 600 mn in planned investment.

The IDA has yet to launch the new tender for billet manufacturing licenses but is expected to do so later this month, a government source told EnterpriseAM, adding that companies are outlining production plans based on earlier bids. Mohamed Hanafy, head of the Chamber of Metallurgical Industries, confirmed the licenses haven’t been announced yet but said companies that participated in the 2021 tender will be eligible to bid again once the new tender opens.

REMEMBER- The government is ramping up efforts to localize steel manufacturing, issuing new billet production licenses, reallocating surplus supply, and coordinating closely with sector players to draft unified industrial policies for iron manufacturing.

IN OTHER MANUFACTURING NEWS-

KCG Textile expands local operations: KCG Textile Egypt — a local subsidiary of Turkish group Kucukalik — has broken ground on its spinning factory in Tenth of Ramadan, bringing its total investments in Egypt to USD 75 mn, according to a statement from the Investment Ministry. The plant includes five production lines covering polyester yarn production, textile production, dyeing, and embroidery.

A major export player: KCG currently generates around USD 65 mn in annual exports, with 100% of its output shipped to Europe, the US, and China. The company employs some 1.6k workers.

Tags:

commodities investment watch

Privatization

Egypt accelerates efforts to offload stakes in four state companies by end of 2025

Egypt is upping its privatization efforts following the IMF’s decision to merge — and delay — its fifth and sixth loan reviews, with the government now aiming to sell stakes in four companies by year-end, two government sources told EnterpriseAM. The offerings will help Egypt meet some of its obligations under the now-delayed fifth review, they added.

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

REMEMBER- IMF Communications Director Julie Kozack confirmed late last week that the Fund would delay its fifth review until fall and combine it with the upcoming sixth review of the USD 8 bn Extended Fund Facility Arrangement. “More time is needed” to make progress on the state withdrawing itself from the economy and the broader reform agenda, Kozack said.

Now is also not the worst time to try to put the privatization program up a gear given the relative stability we find ourselves in, the sources said. The state had been set to complete planned offerings in the second half of the fiscal year 2024-2025, but conflict in the region had put the plans on ice.

The offerings are part of a wider plan to offer stakes in 11 state-owned companies in FY 2025-2026, the Finance Ministry said in its monthly financial report for May. The lineup includes the military-affiliated firms Wataneya, Safi, Silo Foods, Chill Out, and the National Roads Company, which are all being restructured by the Sovereign Fund of Egypt. The announcement aligns with statements by government sources who told EnterpriseAM a month prior that the state aims to raise USD 4-5 bn through stake sales in 11 companies by the end of the upcoming fiscal year.

We could see movement in the offerings by the end of July or August, we were told.

The government has also started receiving offers for public-private partnerships worthUSD 800 mn that it hopes to finalize in the next four months. The eight projects include desalination plants, wastewater and industrial sewage treatment facilities, electricity substations, and waste recycling projects as part of the government’s broader efforts to expand private sector involvement in development initiatives, Ater Hanoura, head of the Finance Ministry’s PPP unit, previously told EnterpriseAM.

Tags:

IMF privatization watch state privatization program

Tax

Private equity funds may get tax exemption

Gov’t considers an income tax exemption for private equity funds: The Finance Ministry is working with the Financial Regulatory Authority to finalize a draft of legislative amendments that would exempt private equity funds, including the Sovereign Fund of Egypt and gold funds, from the 22.5% income tax, a senior government source told EnterpriseAM. This aims to revitalize the capital market and attract more market capitalization.

These amendments will be implemented alongside the stamp tax on EGX transactions, which replaces the previously planned capital gains tax, our source said.

Gov’t eyes corporate dividend tax reduction: The tax on divided distributions from investments in other funds is also being looked into. The tax on dividends for corporate entities will be reduced from 15% to 10%, while the 5% tax rate on divided distributions for individuals will remain unchanged, the source noted.

IPOs will be fully exempt under the planned amendments, in efforts to boost IPO offerings in the local market, our source noted.

The government is aiming to raise some EGP 2.6 tn in tax revenues this fiscal year through implementing existing tax facilitation laws and introducing new facilities on customs and real estate taxation — all without imposing additional tax burdens, Finance Minister Ahmed Kouchouk said in his budget statement to the House in April.

Tags:

Finance Ministry tax

Economy

Egypt’s non-oil private sector activity sees modest decline in June

Non-oil private sector activity continued to decline for the fourth consecutive month in June, with rates of decline in new orders and output accelerating, resulting in the sharpest reduction in purchasing in 11 months, according to S&P Global’s latest Purchasing Managers Index (PMI) report (pdf) for Egypt. The country’s headline figure dropped to 48.8 in June from 49.5 in May, to remain below the 50.0 mark that separates growth from contraction.

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

“June PMI data pointed to another mild decline in the health of the non-oil sector, driven by sustained decreases in incoming new orders and output volumes,” S&P Global Senior Economist David Owen said.

New orders and overall output continued to decline during the month, with contraction accelerating. Although the pace of decline quickened, it was modest overall, according to the report. On the bright side, input cost pressures eased in June, leading to a slower rise in output prices.

Firms continued to reduce their input purchases for the fourth consecutive month, with manufacturers seeing the largest cutbacks out of the main sectors monitored by the survey. “The sharper decline in buying levels meant that total inventories stalled in June after increasing marginally in each of the prior three months. There was nevertheless a degree of pressure on suppliers, as highlighted by a slight lengthening of delivery times for the second month running,” the report read.

June’s data also showed continued weakness in employment, with firms reducing their workforce for the fifth consecutive month, mainly due to the “weaker demand.” Firms also showed limited optimism about the year-ahead outlook in June, generally anticipating no growth in output, with “activity expectations in fact dropping to a historic low,” according to the report. “A faster drop in input purchases combined with stalling hiring activity suggests that firms expect demand to remain low and are thereby looking to make cost savings,” Owen noted.

Geopolitical fears cloud business outlook: “Overall expectations for future activity were the lowest ever recorded in June, with the respective index having hovered close to all-time lows in 2025 so far,” Owen said. This “downbeat sentiment reflects subdued hopes for order books, as well as concerns that geopolitical risks could cause greater economic disruption,” he added.

Others share this view: “Egypt’s PMI reading was expected to remain below the 50.0 threshold in June,” Thndr Securities Brokerage’s Amr El Alfy told EnterpriseAM. “Unfavorable geopolitical conditions in June likely caused the headline PMI to drop below the previous month’s level. This may have affected the firms’ sentiment regarding increasing production in anticipation of inflation slowing down,” El Alfy told us.

The global press also covered the report: Reuters.

Tags:

economy PMI S&P

EGYPT IN THE NEWS

Egyptian women’s squash supremacy gets ink ahead of Olympics debut

“When you go to a tournament and see the Egyptian flag, there is an added layer of respect and, to be honest, fear,” the world’s fourth-best-ranked squash player Olivia Weaver told the New York Times for its deep dive on Egyptian women’s growing domination over the sport. Trying to figure out the country’s prominence in the sport, Penn University Squash Director Jack Wyant pointed to the mental toughness of Egyptian players having grown up “in a cauldron of competition.”

If the Pharaoh’s performances on the international football stage are getting you down, squash may be for you. Egyptian women now make up the world’s top-three ranked players, with Nouran Gohar currently at the top, fresh off her British Open victory last month, followed by Nour El Sherbini at number two and Hania El Hammamy at number three. It’s a similar story in the men's global squash circuit, with faceoffs often between the Egyptian team and Egypt-born players now representing other countries.

Tags:

sports

Also on our Radar

Oil Ministry confirms: Gas supplies secured

ENERGY-

Egypt has secured gas supplies to all sectors through four floating storage and regasification units this summer with a combined capacity of 2.7 bcf/d, the Oil Ministry said in a statement. The move comes as part of the plan to enhance the country’s gas infrastructure and ensure stable supplies to the electricity sector and energy-intensive industries.

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

The lineup includes the soon-to-be replaced Hoegh Galleon, already stationed at Ain Sokhna since last year, the recently arrived Energos Eskimo and Energos Power, which will be moored at the SUMED and Sonker terminals in Sokhna, alongside Winter, likely the unnamed Turkish vessel, which will operate at the United Gas Derivatives Company berth in Damietta.

We are also working with Jordan to add a fifth vessel to the lineup: The Energos Force, currently en route to Damietta, will dock at the port of Aqaba and will be connected to the Arab Gas Pipeline by the end of July. The unit will provide an additional 750 mcf/d of regasification capacity that can be shared between the two countries in the event of an emergency.

#2- Firms compete for North July oil concession: Three energy firms — UAE’s Dragon Oil, drilling giant Ades Holding, and local energy player Cheiron — are vying for the North July oil field concession, located northeast of the Gulf of Suez, a government official told Asharq Business. The field is located near the Gulf of Suez Petroleum Company’s production facilities.

IN CONTEXT- The Oil Ministry has just closed its latest bidding round for upstream concessions in the Mediterranean, Gulf of Suez, and Western Desert through the Egypt Upstream Gateway. The round included blocks under the jurisdiction of EGAS (Rahmat), EGPC (North July), and GANOPE (North El Baraka, East Gabal El Zeit, and Southeast Ras El Ash), according to a statement. The ministry is expected to announce award results in August.

DATA POINT- Egypt aims to grow oil production by 8% y-o-y in the fiscal year 2025-2026 to reach 485k bbl/d, another government official told Asharq Business.

MANUFACTURING-

Digitize’s board approved a partnership with China’s Inspur for a USD 50 mn manufacturing project, which would see the company locally produce advanced communication devices and implement fiber optic projects, the tech-focused direct investment firm said in an EGX disclosure (pdf).

NBFS-

FRA ups expat ins. coverage 150%: Egyptians working abroad can now access accident ins. coverage of up to EGP 250k — up from EGP 100k — under an expanded personal accident policy developed by the Financial Regulatory Authority (FRA) in coordination with the Foreign Ministry, according to a statement from the regulator.

How it works: The policy offers financial compensation in cases of natural or accidental death or permanent disability while abroad. It also covers repatriation costs up to EGP 250k, or the equivalent cost of repatriation if burial takes place overseas.

Tags:

ALSO ON OUR RADAR Financial Regulatory Authority Manufacturing oil and gas

PLANET FINANCE

Retail investors deepen pockets from investing during US market turmoil

Buying the dip seems to have paid off for retail investors, with the strategy helping them collect their biggest YTD gains since the pandemic, the Financial Times reported. Retail investors have poured some USD 155 bn into Wall Street and ETFs this year, offsetting the market’s April losses caused by US tariffs, according to data from VandaTrack.

By the numbers: Buying-the-dip investors enjoyed an estimated cumulative return of 31% this year from investing in the Nasdaq 100 index, heavy on large-cap US technology stocks, analysis by Bank of America (BoA) showed. Returns on the index — which has gained 7.8% YTD — are the best for BoA’s hypothetical dip-buying model since early 2020, and the second best on record since 1985.

Investors have increasingly acquired the habit of buying into stock weakness since the 2008 global financial crisis, as US markets’ downturns have proven to be short-lived. “Pops and drops will occur… but the dip-buying belief has become the new religion,” Mike Zigmont of Visdom Investment Group told the salmon colored paper.

Right on the money: The S&P 500 and Nasdaq Composite closed at all-time highs on Friday as investors became increasingly confident the Trump administration will not move forward with severe tariffs. The plans sent stock markets tumbling when they were announced back in April, with the following months seeing increasing volatility.

BUT- The strategy is risky, as dip-buyers opt not to cashout when prices go up, chair of asset management group Research Affiliates Rob Arnott told the FT. “Dip-buying works brilliantly until it doesn’t. When you have a meltdown, it’s a quick path to deep regret,” Arnott added.

MARKETS THIS MORNING-

Asian markets are mixed this morning, mostly inching down after Trump announced a new 1 August deadline for tariffs taking effect. Japan’s Nikkei is down 0.5%, while Hong Kong’s Hang Seng is down 0.4%. Meanwhile, Wall Street futures are collectively in the red, also weighed down by the announcement.

EGX30	32,914	+0.3% (YTD: +10.7%)
USD (CBE)	Buy 49.27	Sell 49.41
USD (CIB)	Buy 49.29	Sell 49.39
Interest rates (CBE)	24.00% deposit	25.00% lending
Tadawul	11,316	+0.6% (YTD: -6.0%)
ADX	9,982	0.0% (YTD: +6.0%)
DFM	5,753	+0.1% (YTD: +11.5%)
S&P 500	6,279	+0.8% (YTD: +6.8%)
FTSE 100	8,823	0.0% (YTD: +8.0%)
Euro Stoxx 50	5,289	-1.0% (YTD: +8.0%)
Brent crude	USD 68.30	-0.7%
Natural gas (Nymex)	USD 3.39	-0.7%
Gold	USD 3,347	+0.1%
BTC	USD 109,404	+1.1% (YTD: +17.0%)
S&P Egypt Sovereign Bond Index	878.46	+0.1% (YTD: +13.0%)
S&P MENA Bond & Sukuk	145.82	-0.1% (YTD: +4.2%)
VIX (Volatility Index)	17.48	+6.7% (YTD: +0.8%)

THE CLOSING BELL-

The EGX30 rose 0.3% at yesterday’s close on turnover of EGP 4.5 bn (8.8% below the 90-day average). Local investors were the sole net buyers. The index is up 10.7% YTD.

In the green: Ibnsina Pharma (+4.7%), Egypt Aluminum (+3.1%), and Fawry (+3.0%).

In the red: EFG Holding (-1.6%), Egypt Kuwait Holding -USD (-1.5%), and CIB (-1.4%).

Tags:

capital markets Financial Markets Planet Finance Tariffs

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BLACKBOARD

Aston University to open Egypt’s first accredited British medical school

A British medical university is setting up shop in Egypt: The UK’s NHMC Egypt-focused healthcare arm NHMC Medical Services is launching Egypt’s first accredited British medical school in partnership with the UK’s Aston University. The college is part of a new EGP 15 bn medical education project in East Cairo.

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

The details: The university, developed in collaboration with Aljar Development, will be part of a 24-feddan integrated medical city in the Aljar British District. The college will grant fully accredited British degrees from Aston University, making it the first of its kind to operate in Egypt and offering an alternative to studying abroad at a lower cost with equal academic quality. The campus will offer high-end student and faculty housing, alongside integrated facilities including gyms, restaurants, banks, and retail centers to create a full-service living and learning environment.

Who’s funding the project? NHMC will fully finance the medical city project, including the university, using a combination of bank financing and the company’s own resources.

REMEMBER- Aljar Development and NHMC unveiled the 46 acre project in the Aljar British District in May, set to include hotel and residential units, a 24-acre medical city, commercial and administrative spaces, and an educational zone. They announced that construction had begun for the British medical school and delivery is expected within three years.

We first heard about this last year: The project was first announced in February 2024, with NHMC’s local arm inking an agreement with the New Urban Communities Authority to build a USD 300 mn integrated medical-educational city.

Aston is replacing Buckingham: The original plan was to partner with the University of Buckingham to launch the region’s first British colleges of medicine, nursing, and physiotherapy, as well as Buckingham’s first teaching and private hospital in the Middle East and Africa. NHMC has since opted to move forward with the higher-ranked public Aston University instead.

About the NHMC partnership: NHMC is the project’s primary owner and is responsible for designing, building, and operating the medical city, including the academic side. Aljar will only handle the residential and commercial development, NHMC Chairman and UK Cheshire County Royal Deputy Nasser Fouad told EnterpriseAM. This is NHMC’s first international experience in establishing universities or educational zones, despite managing hospitals and education institutions in the UK for over 30 years. The plan is to start in Egypt and expand regionally afterward.

A big step for regional medical education: The project "marks the beginning of a new era in medical education and healthcare in the Middle East," Fouad said, adding that the school will offer advanced medical and health sciences programs to train internationally qualified professionals and help position Egypt as a hub for medical tourism. The project aims to deliver a comprehensive health-education model that makes quality British medical education more accessible to students in Egypt and abroad, Aljar founder and MP Ahmed Abdel Meguid said. UK Ambassador to Cairo Gareth Bayley said that “the initiative strengthens the strategic partnership between Egypt and the UK in education and healthcare.”

When can we expect the launch? Aston University Egypt is expected to open its doors in September 2027, with the first intake being for the medical program before gradually expanding into other disciplines in subsequent phases.

Why Aston University? Aston will deliver authentic British education in Egypt, giving students the chance to study to international standards without having to travel, Fouad told EnterpriseAM. It will follow the full British academic model and is accredited by the UK’s General Medical Council, enabling its graduates to practice medicine in the UK directly with internationally recognized credentials, he added.

What’s the plan? The university will focus on medicine and nursing in its first phase, with plans to add more disciplines later. All programs will be aligned with British standards and designed to meet local and regional labor market needs. The campus will have capacity for 7k students, starting with an initial intake of around 200 medical students. NHMC also plans to open additional Aston campuses across Egypt and regional branches later on, targeting international students from Arab and African countries.

More plans in the pipeline: NHMC is currently studying the possibility of listing parts of the project on the EGX or launching an education-focused investment fund, though no final decision has been made, Fouad said.

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CALENDAR

JULY

6-7 July (Sunday-Monday): Brics Summit, Rio de Janeiro

10 July (Thursday): Monetary Policy Committee’s fourth meeting

10 July (Thursday): Capmas to release inflation data for June

15-16 July (Tuesday-Wednesday): The Egypt Mining Forum.

July: The first operational trail of Egypt-KSA electricity interconnection line

16 - 18 July (Wednesday-Friday): Egypt’s New Era: Investment Opportunities: Business mission to the UK organized by The British Egyptian Business Association (Beba)

Etihad Airways to launch twice-weekly flights to Alamein

AUGUST

7 August (Thursday): The Finance Ministry to begin disbursement of 50% of exporters’ pre-June 2024 dues over a four-year plan.

28 August (Thursday): Monetary Policy Committee’s fifth meeting.

Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

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

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

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

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

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

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

NOVEMBER

16-19 November: Cairo ICT 2025, Egypt International Exhibition Centre.

20 November (Thursday): Monetary Policy Committee’s seventh meeting.

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

DECEMBER

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

25 December: (Thursday): Monetary Policy Committee’s eighth meeting.

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

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

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

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

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

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

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.

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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