Another hit to the real estate sector

1

What We're Tracking Today

Belated exporter subsidy payouts begin next week

Good morning, all. We have another busy issue for you to wrap up what has been one very hot week. We lead the news well this morning with the latest developments in the real estate sphere — despite pushback from the industry, the government has expanded its levies on real estate developments to include those on the Dabaa Axis. We also dive into Raya Holding’s bid to snap up a bigger piece of subsidiary Raya CX in an interview with CEO Ahmed Khalil, which also looks at the company’s plans for the future.

AND- Your regular dose of investment news, this time for a local player. Egyptian textile player CWA Textiles is setting up a EGP 970 mn textile plant in Sokhna.

PSA-

WEATHER- We’re in for another sunny day in Cairo with the heatwave seemingly behind us, the mercury is set to peak at 34°C before cooling down to a sensible 25°C, according to our favorite weather app.

It’s a little nicer in Alexandria, with a high of 31°C and a low of 24°C.

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@enterpriseadvisory.com to explore sponsorship opportunities.

WATCH THIS SPACE-

#1- Hassan Allam’s SPAC has gotten an initial green light from the EGX’s listing committee to list its shares on the bourse starting today, according to an announcement. The SPAC — dubbed Hassan Allam Investments & Venture Capital — will list 10 mn shares at a par value of EGP 1 per share. The shares will be listed on the main market and the company will have up to three months to meet listing requirements and obtain regulatory approvals before the shares start trading.

REMEMBER- Our friends at Hassan Allam Holding filed to list their SPAC on the EGX’s main market in May.

#2-The Planning Ministry rolled out a digital platform to monitor how each governorate is advancing on the UN’s Sustainable Development Goals (SDGs), according to a statement.

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

** Were you forwarded this email? Tap or click here to get your own copy delivered every weekday before 7am Cairo time — without charge.

HAPPENING NEXT WEEK-

Belated exporter subsidy payouts begin: The Finance Ministry will begin disbursing overdue export subsidies totaling EGP 5 bn to some 2k exporters on 7 August under the revamped export subsidy program that will see exporters will receive 50% of their overdue dues in cash over four years, with the rest offset against liabilities.

Opening the door for more exporters: Exporters have between 17 August and 4 September to send their requests to receive payouts under the program.

DATA POINT-

Net FDI inflows amounted to USD 9 bn in 1H 2025, CEO of the General Authority for Investment and Freezones Hossam Heiba told Asharq Business. The inflows were primarily driven by investments from Saudi Arabia, the UAE, and Qatar. Heiba also noted growing interest from Chinese investors in Egypt’s textile and automotive sectors, while Turkish investors are exploring investments in those areas as well as in engineering and home appliances.

REMEMBER- The country is targeting USD 42 bn in net FDI during the current fiscal year, with plans to boost that figure to USD 55 bn in FY 2028-2029. Egypt secured USD 47 bn in FDI in 2024, largely driven by the Ras El Hekma agreement.

THE BIG STORY ABROAD-

The US’ latest trade agreements ahead of tomorrow’s deadline are still getting top billing in the foreign press, along with a handful of Big Tech earnings and fresh sanctions on Iran.

#1- The US and South Korea reached a trade agreement, setting a 15% tariff on South Korean exports to the US, in exchange for USD 350 bn in investments in US-owned projects selected by US President Donald Trump, Trump said on Truth Social. This is in addition to USD 100 bn in energy investments in the US. This follows a similar structure to the agreement with the UK and Japan, which also pledged investments in exchange for lower tariffs. (Reuters | Bloomberg | Financial Times | Politico | Axios)

Not yet as lucky? India, which could face a 25% tariff on its exports to the US as of tomorrow if ongoing talks end with no agreement. (Bloomberg | Guardian)

ALSO- The US economy rebounded in 2Q 2025, growing 3% after contracting in the first quarter of the year, on the back of strong consumer spending and a turnaround in the trade balance. (CNBC | Wall Street Journal | Bloomberg)

#2- Microsoft and Meta are both spending big on AI, after reporting strong quarterly earnings. Microsoft, which is set to become the second company to reach a market cap of USD 4 tn, is penciling in USD 30 bn in capital expenditures in its first quarter of its fiscal year, while Meta pledged to spend more from its advertising revenues well into 2026. Both companies’ shares rose more than 9% in afterhours trading on the news. (CNBC | Financial Times | Bloomberg | Reuters)

#3- The US doubled down on its pressure campaign on Iran with sweeping new sanctions on 115-linked Iranian individuals and businesses, broadly targeting the shipping business of Hossein Shamkhani, the son of senior adviser to Supreme Leader Ayatollah Ali Khamenei. (Bloomberg | Reuters)

#4- ALSO- Canada is now the latest to pledge recognition of the Palestinian state at September’s UN summit, following in the footsteps of France and the UK. (Bloomberg)

New fees imposed on developments along the Dabaa Axis

Real estate players can’t seem to catch a break: Real estate developments and land designated for urban use along the Dabaa Axis — from its intersection with the Cairo-Alexandria Desert Road to the Middle Ring Road — are now subject to fresh fees, according to a document seen by EnterpriseAM.

The details: Land alongside the Dabaa Axis is now subject to the same levies imposed on projects along the Cairo-Alex Desert Road:

EGP 500 per sqm for land between 3-7 km back from the highway;;
EGP 750 per sqm for land between 1-3 km back;
EGP 1.5k per sqm for land within 1 km of the axis.

Agricultural land gets hit too: Land designated for agricultural activity along both the Desert Road and the Wadi El Natrun-Alamein Road will now be subject to EGP 15k per feddan improvement fee.

We have an idea what developers think of these new developments: “The real estate market has witnessed worrying developments that threaten appetite to invest in the industry,” the Egyptian Businessmen’s Association (EBA) said in a letter to Prime Minister Moustafa Madbouly earlier this week following the introduction of similar fees on land on the Cairo-Alexandria Desert Highway and North Coast.

Flexible payment terms, but no exemptions: Developers will need to pay 50% of the fees upfront, with the remainder to be paid over three years, interest-free. Sources told EnterpriseAM that local authorities have notified all developers — including foreign players — in the impacted areas that no exemptions will be granted.

REMEMBER- New fees on land on the Cairo-Alex Desert Road and North Coast caught developers off guard last week. The New Urban Communities Authority imposed similar tiered fees and a 10% transfer fee on North Coast developments, sparking pushback from real estate players who said the measures added pressure amid current economic difficulties facing the sector.

Raya’s Ahmed Khalil on staying focused while driving growth across diverse sectors

Coffee With: Ahmed Khalil (LinkedIn), CEO of Raya Holding. EnterpriseAM sat down with Khalil to learn more about his company’s bid to snap up up to 90% of subsidiary Raya Customer Experience (Raya CX or RCX) and what we can expect from Raya in the years to come.

CONTEXT- Raya Holding’s board yesterday greenlit plans to submit a mandatory tender offer for up to 90% of RCX, according to an EGX disclosure (pdf). Raya Holding is offering to purchase 184.6 mn shares at a preliminary price range of EGP 6.87-7.50 per share, valuing RCX between EGP 1.41 bn and EGP 1.54 bn.

Market reax: Following the news, Raya CX’s share price rose 2.79% to EGP 7.01 by the end of trading yesterday.

EnterpriseAM: What’s driving your offer to raise your stake in Raya CX to 90%? Do you plan to delist the company?

Ahmed Khalil: Quite the opposite, we’re looking to increase our stake to 90% so that the company remains listed on the EGX, which we believe will ultimately benefit the business. We currently own 61.7% of Raya CX, in addition to around 9% held in treasury and employee shares, with the remaining 29% in freefloat.

In our view, the company is undervalued, and we believe we can only unlock its full potential — and restructure it properly — by increasing our stake. At the same time, the offer presents a good opportunity for minority shareholders seeking liquidity to exit at a fair value.

E: How do you plan to finance the acquisition?

AK: The transaction will be fully self-financed through the parent company.

E: You’re also working to exit Ostool — are these transactions part of a broader strategy to reshape the holding company’s portfolio?

AK: To grow in logistics, you need horizontal and vertical integration, which requires significant investment. We see the sector heading toward consolidation to enable that kind of integration. Egypt’s logistics sector is very promising and growing quickly, attracting serious interest from several Gulf investors looking to enter the market in a big way.

We don’t currently have the resources to grow into a top-tier player in logistics, so we believe it’s best to exit the sector — even though Ostool delivered very strong profits last year and is on track to do the same this year. At Raya, we believe in exiting a sector where we can’t currently be among the top players.

E: Where do you see Raya in the coming few years — will it expand into new sectors or focus on growing its existing operations?

AK: For the past five years, our focus has been on growing our existing companies. After we exit Ostool, our investments will span 10 sectors — which is a large number for any holding company. These sectors are all growing rapidly in Egypt, and many offer even stronger growth potential in markets like Saudi Arabia. So our priority is to double down on the sectors we’re already in.

Within our portfolio, we have four big companies. Raya IT is the number-one player in its field in Egypt and is also operating in Saudi Arabia, where we’ll soon be expanding further. Raya Trade has seen massive growth over the past three years, and we aim to make it the market leader in Egypt within the next year or two. Aman Holding is riding the wave of growth in fintech, including consumer finance, where it’s continuously developing innovative solutions to serve this fast-growing segment. Finally, there’s Raya CX, which as I mentioned earlier, is undervalued and has tremendous potential. The BPO sector is booming in Egypt, and we’re looking to grow our stake and take a different approach to scaling the business.

If we do enter a new sector, it will likely be AI and machine learning. We think Egypt is well-positioned to play a significant role in this field in the coming years. We see AI splitting into multiple verticals, and we’re currently exploring how Raya can participate in the near term. Internally, we already use a number of AI solutions and are now offering them to banks and retail players.

E: The government is pushing to localize sectors you’ve long operated in, like outsourcing, data centers, and EVs. What role can Raya play in driving this momentum?

AK: We expect massive growth in data centers, especially with the rise of AI. The computing power required to support AI is far beyond what’s currently available in Egypt — or anywhere else, really. All countries are behind in the computing infrastructure needed for AI applications, especially once governments begin integrating AI into their public services.

Last year, we signed an agreement with Africa50, which acquired a 40% stake in Raya Data Center, to build a new facility that will meet these demands. It’s a promising sector, but one that requires substantial funding to cover infrastructure, processing, and energy needs. You’re already seeing companies like Meta launch specialized ventures just to build AI-ready data centers for the next 3-5 years.

As for BPO, all the multinationals coming to Egypt have found that the cost advantage here is substantial. At the same time, Egypt has a growing base of young talent fluent in multiple languages — often with better proficiency than in competing markets like India or the Philippines. That gives us a major competitive edge. Raya alone employs 7k people in this sector, and other multinationals here have even larger headcounts.

At some point, the Egyptian consumer will rapidly shift to EVs in a meaningful way — and when that happens, we could face a shortage of affordable EVs in the local market. That’s why we’re focused on this space. It’s the natural next step for a market like Egypt.

Right now, we hold the agency for XPENG, a smart EV brand packed with cutting-edge tech.

We’re also working to secure distribution rights for other EV brands in lower price tiers, which would help us grow sales volumes and eventually move into local assembly, adding more value down the line.

E: What other sectors do you see Raya expanding in?

AK: We’re also seeing strong momentum in manufacturing. We currently produce air conditioners for some of the biggest global brands operating in Egypt, using our own technology. We’re also expanding into home appliances like blenders.

Within a month, we’ll begin manufacturing small appliances for an Italian brand that’s the global leader in its segment. To support this, we’re building a new dedicated factory for small electrical appliances.

E: What are your plans for expansion beyond Egypt?

AK: We’re placing a strong focus on the Saudi market, particularly through Raya CX, where we serve several sectors including telecoms and retail. We’ve also had a long-standing presence in the kingdom through Raya IT, where we offer ERP solutions, and we’re looking to expand there by providing services to banks.

We’re also currently awaiting a consumer finance license in Saudi Arabia through our partnership with Jarir Bookstore, the kingdom’s largest retailer of electronics, appliances, books, and office supplies.

We’ve also had a presence in Nigeria for several years, with offices in most of the country’s states. There, we operate in mobile phone and small appliance distribution, and we expect our operations in Nigeria to deliver a very strong performance for the group this year. We also have operations in Poland and the UAE, but our primary focus at the moment is Saudi Arabia.

Alongside our cross-border expansion, we’re also working to grow our export business from Egypt. For example, Raya Foods is the country’s largest exporter of frozen strawberries.

We’re setting up a dehydration line to maximize the added value of our strawberry exports — all of which are shipped to the US and Western Europe — helping us grow our revenues in hard currency.

Egypt looks to settle dues owed to pharma players

Could the government finally settle its debt to the pharma industry? The Unified Procurement Authority will reschedule debt repayments to pharma factories, distributors, and medical and cosmetics suppliers, government sources told EnterpriseAM. This came following a meeting between pharma players and the Madbouly government centered around the owed debt.

Big players will get their money in three years: The authority agreed to settle its dues owed to major pharma players over a three-year period. Ibn Sina Pharma will receive an initial payment of EGP 3 bn (a third of what the government owes to it), while HO Group’s pharma arm Middle East Chemicals will receive EGP 30 bn. Negotiations are still ongoing with distributor PharmaOverseas and Misr Pharma.

Sector players are happy with the arrangement and have agreed to continue supplying the authority with the required meds under existing agreements to keep hospitals stocked, the sources said.

Government arrears owed to pharma companies exceeded EGP 50 bn by the end of 2024, a source from the Federation of Egyptian Industries’ pharma chamber told us, adding that part of the debt has been settled and companies now await the rest of their dues. The government allocated a total of EGP 10 bn to settle a significant portion of debts owed to pharma companies and medical supplies last November.

The domino effect: Pharma players are waiting for their money so they can repay their own debt and make new purchases of raw materials to ramp up production and address supply gaps in the domestic market. The lack of liquidity among sector players has resulted in some shutting down operations and exiting the market or pausing the production of certain products due to their low profit margin, the sources said.

Behind the shortage in supply: Companies have been focused on producing the 3k most in-demand drugs for chronic and non-chronic diseases, prompting a shortage in several other products, including imported meds that have no local alternatives.

Pharma players are once again asking for the green light to raise prices to increase liquidity in the sector. However, the government doesn’t appear to be on board with that, our sources said.

REMEMBER- Some med prices rose by as much as 25% last summer following requests from local pharma producers in response to the EGP float.

The government’s mandatory pricing scheme is currently under review in an effort to further enhance pricing flexibility.

DIVE DEEPER INTO THE SECTOR- We published an Inside Industry diving into the pharma sector’s performance in 2024 earlier this year — check it out here.

CWA Textile to develop EGP 970 mn textile factory in Sokhna Industrial Zone

Homegrown CWA Textiles will set up a EGP 970 mn factory in the Sokhna Industrial Zone, according to a Suez Canal Economic Zone (SCZone) statement. The project will be located on a 15k sqm plot developed by the Main Development Company.

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

What they’re making: The facility will produce a range of textile goods, including floor coverings and carpet protectors, along with auxiliary services including printing, finishing, cutting, and stitching.

The company aims to generate at least USD 10 mn in export revenues in the factory’s first year of operations, growing to USD 30 mn within five years. The project is expected to create 200 jobs in its first phase, expanding to 500 jobs over five years.

The timeline: The project will be implemented in phases, with production set to begin in 3Q 2026. The project will be implemented over a 12-48 month period, company head Ashraf Abou El Einin said.

EGX to launch the low-volatility index EGX35-LV in days

The EGX to launch its index in early August: The Egyptian Exchange (EGX) plans to launch the low-volatility index EGX35-LV as part of its strategy to diversify investment tools and attract investors, according to a statement seen by EnterpriseAM. The new index will officially go live in early August.

A look at the index: The EGX35-LV will include the 35 companies with the lowest price volatility from the most liquid stocks in the market, selected from those listed on the broader EGX100 index. The index will span 13 sectors.

The chosen 35: Topping the list is CIB with the highest relative weight at 4.26%, then there’s Telecom Egypt, Eipico, CIRA Education, Egyptian Kuwaiti Holding, Housing and Development Bank, Misr Fertilizers Production Company (Mopco), Madinet Masr, Orascom Construction, and Edita Food Industries. You can check out the full list (pdf) on the EGX’s website.

Why those companies specifically? The stocks were chosen after the EGX calculated their price volatility over a year-long period, according to the statement. The relative weight of the index's components was determined by each stock's price volatility, with the least volatile stocks receiving the highest relative weight, advisor to the EGX chairman Ayman Farouk told EnterpriseAM.

“The new index is expected to help attract individual and institutional investors who prefer more stable and less volatile investments. It also enables investors to diversify their portfolios, thereby enhancing the depth and diversity of the Egyptian market,” EGX head Ahmed El Sheikh said in the statement. The EGX's move to launch this index will help attract the segment of risk-averse investors who prefer long-term investment, Rania Yacoub, a member of the EGX board, told EnterpriseAM. This index could help increase market liquidity or redirect it from some stocks to others, Yacoub told us.

Could we see investment funds tracking this index? The EGX has received a positive reception for the new index, including from some asset management firms that could apply to launch index-tracking funds after its launch, Farouk said. Mubasher Capital may launch a fund that tracks this index as part of its plan to launch ten new funds, depending on market conditions, Vice Chairman Ehab Rashad told EnterpriseAM.

The index may not be attractive to foreign investors, seeing as this category of investors typically has a pre-planned strategy for timing their investments and exits based on market data, including the exchange rate and global market prices, Rashad said.

More indices are on the way: The EGX is currently in discussions with S&P to finalize preparations to launch a sustainability index or an independent index through the EGX's internal departments, El Sheikh told Hapi Journal.

Act Financial rebrands subsidiary to Wilzy

Re-introducing Act Financial’s Wilzy: Act Financial has rebranded its subsidiary Act Holding to Wilzy, marketing it as a digital investment platform that provides individual investors with access to advanced analytical and advisory tools, Managing Director and Co-Founder of Act Financial Mostafa Abdel Aziz said during a presser attended by EnterpriseAM yesterday.

The official launch of Wilzy will happen later this year, he said, adding that Act Financial is in the process of appointing its executive management.

The details: Wilzy plans to offer between 20 and 30 investment products — some of which will be new to the local market — over a five-year period, Abdel Aziz told EnterpriseAM on the sidelines of the press conference. Some of the products may be launched in collaboration with other companies. Wilzy has plans to secure up to ten licenses from the Financial Regulatory Authority before the end of the year, he added.

Expansion into brokerage and asset management: Wilzy owns two subsidiaries, Act Brokerage and Act Asset Management, however they are yet to kick off operations despite Wilzy securing the required licenses. There are plans to have both firms launch operations before the end of the year.

Fresh faces to join Wilzy shareholder structure this year: Act Financial aims to sell off a 10% stake in Wilzy to a strategic investor this year through a capital increase, Abdel Aziz told us, adding that the subsidiary’s current capital stands at EGP 150 mn. Act Financial owns 90% of Wilzy, while the remaining 10% belongs to an undisclosed local strategic investor, he explained.

Apart from Wilzy, what’s in the pipeline for Act Financial? The company is in the process of obtaining credit facilities of at least EGP 1 bn from a non-banking institution, according to Abdel Aziz. With this new financing, Act Financial aims to increase its own investment volume in the local market to at least EGP 4.5 bn during the current year, up from EGP 3.5 bn at the moment.

Act Financial is eyeing a stake in an undisclosed company, he said, noting that the company is currently looking into a list of companies to invest in — three of which are EGX-list and six are unlisted. At the moment the company is prioritizing listed companies seeing as their valuation is cheaper, Abdel Aziz said.

REMEMBER- Act Financial last year completed its IPO, offering some 32% of the company to investors.

Madbouly talks blackouts, price cuts, EV localization during latest presser

Prime Minister Moustafa Madbouly covered a wide range of topics during his weekly presser (watch, runtime: 1:15:32) yesterday, including recent electricity and water outages, efforts to reduce prices, and plans to attract major EV and battery manufacturers. The presser came after a week of extreme heat that pushed power demand to record levels and led to disruptions in Giza.

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

Breaking down electricity consumption: Madbouly said the heatwave pushed power demand to a record 39.4 GW earlier this week, adding that “this figure has never been recorded before — it is 1.4 GW higher than last year’s peak.” He noted that peak usage now occurs at sunset when people return home and switch on appliances. “As we previously confirmed, there will be no rolling blackouts. This is our commitment and we’re sticking to it,” said Madbouly

The Giza blackout was traced to cable overloads: The PM offered an apology to Giza residents who experienced long water and power cuts during the heatwave. He explained that while the transformer station remained functional, its underground cables were pushed beyond capacity, triggering a cascading failure that extended to the water infrastructure.

ALSO FROM THE PRESSER-

#1- Egypt wants a global EV player to anchor local industry: Madbouly said the government will dispatch a delegation to court two to three major EV and battery manufacturers, adding that “if we manage to attract one or two major players, the rest will follow.” He noted that Egypt is ready to offer more incentives to secure a strategic investment in the sectors.

New incentives are on the table: The PM said talks will focus on offering tailor-made perks to entice companies to set up shop in Egypt, particularly those capable of localizing battery production and full EV assembly.

#2- Plan to reduce prices: Following a meeting earlier this week with chambers of commerce and business leaders to finalize proposals for lowering the prices of essential goods, Madbouly said that “there will be a meeting at the end of next week to present their comprehensive vision for price reductions across various goods and products.”

Egyptian steel exports to the EU will be subject to a 11.7% anti-dumping duty

TRADE-

The EU has reduced anti-dumping duties on Egyptian steel to 11.7% from 12.8% previously, according to a general disclosure document (pdf) shared by the commission earlier this month. The document specifically names imports from Ezz Steel — Egypt's sole exporter of hot-rolled flat steel to the EU. The EU found that Egyptian steel accounted for 2.2-2.7% of the EU’s open steel market during the investigation period — roughly 741k-906k tons.

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

REFRESHER- The European Commission last August initiated an anti-dumping investigation into hot-rolled flat products of iron, non-alloy or other alloy steel imports from Egypt, India, Japan, and Vietnam.

ENERGY-

Future cooperation with China’s UEG? The Oil Ministry inked an MoU with China’s United Energy Group (UEG) to explore joint investments across oil, gas, renewables, and energy trading in Egypt and overseas, according to an Oil Ministry statement. The meeting between the two sides also saw UEG express interest in expanding its footprint in Egypt.

NBFS-

PayTabs merchants and consumers can now use Contact Financial’s ContactNow’s BNPL services to finance their purchases, under a new strategic partnership between the two sides, according to a statement (pdf).

The Fed keeps rates steady at 4.25-4.50%, despite a rare dissent

The Federal Reserve decided to hold its benchmark rate steady at 4.25-4.50%, marking a fifth consecutive meeting with no change, according to a press release (pdf). Wobbling net exports did not hinder the Fed’s decision, which left no hint on possible future rate cuts — at least until the trajectory of the Fed’s dual mandates, jobs and inflation, are clearer.

The rationale: Despite a low unemployment rate at 4.1%, a solid labor market, and moderate economic growth, inflation remained high in 1H this year, adding to the uncertainty of the economic prospect. Data provided limited justification to deviate from the cautious “wait-and-see” policy, which the Fed adopted since Trump took office.

"You have to think of this as still quite early days. There's quite a lot of data coming in before the next meeting. Will it be dispositive? [...] It is really hard to say." Chair Jerome Powell said in a press conference. Investors seem to have taken Powell’s comments as a signal that rate cuts will wait a little bit more, reducing the probability of a rate cut in September to less than 50%, Reuters reported.

Patience over haste: “We believe that the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments,” Powell said in June. Powell noted that trade policy uncertainty — especially around tariffs — continues to cloud the outlook and could fuel inflationary pressures if sustained.

Not all governors were on board: Yesterday’s meeting saw a rare dissent against the tight monetary policy from two governors — both appointed by President Trump. Vice Chair for Supervision Michelle Bowman and Christopher Waller — who are potential nominees to succeed Powell next May — were in favor of lowering the interest rates by 0.25 percentage points, according to the newswire.

The last time a Fed’s meeting saw an objection from two of its governors was over 30 years ago, reigniting fears of Trump’s public pressure affecting the work of the independent institution. Trump has been vocal in attacking Powell at every turn, demanding interest rate cuts and mounting a campaign against the Fed for alleged corruption and spending bns on renovations.

MARKETS THIS MORNING-

Asian markets are trading mixed this morning, after the US cemented a 15% blanket tariff on South Korea. Hong Kong’s Hang Seng is down 1.4% and the Shanghai Composite is down 0.8%, while Japan’s Nikkei is going in the opposite direction with an 0.9% increase. Meanwhile, Wall Street futures are rising on positive earnings from Meta and Microsoft.

EGX30	33,860	-0.7% (YTD: +13.9%)
USD (CBE)	Buy 48.64	Sell 48.78
USD (CIB)	Buy 48.64	Sell 48.74
Interest rates (CBE)	24.00% deposit	25.00% lending
Tadawul	10,914	+0.8% (YTD: -9.3%)
ADX	10,353	+0.1% (YTD: +9.9%)
DFM	6,208	+0.5% (YTD: +20.4%)
S&P 500	6,363	-0.1% (YTD: +8.2%)
FTSE 100	9,137	0.0% (YTD: +11.8%)
Euro Stoxx 50	5,393	+0.3% (YTD: +10.2%)
Brent crude	USD 73.51	+0.4%
Natural gas (Nymex)	USD 3.02	-0.8%
Gold	USD 3,337	-0.5%
BTC	USD 118,416	-0.6% (YTD: +26.5%)
S&P Egypt Sovereign Bond Index	881.93	0.0% (YTD: +13.4%)
S&P MENA Bond & Sukuk	146.79	+0.3% (YTD: +4.9%)
VIX (Volatility Index)	15.48	-3.1% (YTD: -10.8%)

THE CLOSING BELL-

The EGX30 fell 0.7% at yesterday’s close on turnover of EGP 5.6 bn (9.8% above the 90-day average). Local investors were the sole net buyers. The index is up 13.9% YTD.

In the green: Orascom Construction (+3.1%), Eastern Company (+3.0%), and Edita (+2.4%).

In the red: Beltone Holding (-9.0%), Fawry (-4.1%), and Ibnsina Pharma (-3.9%).

My Morning Routine: Omar Abdelwahed, co-founder and CEO of Valify Solutions

Omar Abdelwahed, co-founder and CEO of Valify Solutions: 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 co-founder and CEO of Valify Solutions, Omar Abdelwahed (LinkedIn). Edited excerpts from our conversation:

My name is Omar Abdelwahed. I’m the co-founder and CEO of Valify, a digital verification company founded in 2019 with my co-founder, Ibrahim Eid. We specialize in providing verification technology that adds a secure, seamless, and compliant layer to digital interactions. We work with FRA-regulated brokerage and ins. companies to provide solutions that help these businesses ensure secure and smooth digital onboarding for their customers, as well as add security to their own operations. We work across various sectors including banking, fintech, ins., logistics, ride-hailing, and e-commerce, essentially anywhere digital identity verification is needed.

The idea for Valify was inspired by both professional and personal experiences. After graduating with a computer science degree from the American University in Cairo in 2015, I started off with a startup as soon as I graduated. That didn’t work out, so I began working at IBM, where I was exposed to digital solutions and noticed that one of the recurring issues was digital verification. At that time, my father — who has over 30 years of experience in the banking, financial, and strategic sectors — told us that KYC and identity verification were significant issues that needed to be addressed. So that was a real infrastructure problem that needed to be solved, not just in Egypt, but across many markets.

As CEO, I focus on strategy, vision, and the technical side of the business. We work closely with regulators like the Central Bank of Egypt, Financial Regulatory Authority, and National Telecom Regulatory Authority, as well as other non-regulated entities. This helps us ensure that people understand the value of what we do. I'm also deeply involved in product development, tech implementation, scalability, and expansion planning — both within and beyond Egypt, mainly in North Africa. A big part of my job is making sure we're not just keeping up with trends but leading them.

I think the most interesting trend I see right now is, unsurprisingly, AI and its implementation. It’s not just a trend in our industry but it’s transforming all industries, including ours. Since Valify is built on machine learning, AI is deeply embedded in everything we do, and we constantly explore new ways to apply AI to make digital verification smarter and more scalable.

I'm married with a young daughter, so the first 30-45 minutes of my day are spent with my family. After that, I pray, shower, and head to the office. I begin by organizing my schedule and checking in with my direct reports to make sure everything’s on track. Much of my day involves collecting direct feedback from our clients to ensure our offerings are aligned with their needs. I also work on our regional expansion efforts, speaking with partners and clients looking to bundle services or enter new markets. As part of my morning catch-up, I read EnterpriseAM and check news on LinkedIn and Instagram.

The one constant in my day is my family. My daughter is almost two, and spending time with her and my wife in the morning is non-negotiable. Everything else like meetings and tasks come after that. I’d like to say I work out regularly, but that depends on how the day goes.

What keeps me focused is having the right people around me. My co-founder is a huge part of that, he’s my partner, my friend, and my family. We split responsibilities where he handles the business side and I lead tech and product, so that helps me focus on my own responsibilities and of course we help each other when that’s needed. Our teams operate with strong ownership and a clear sense of accountability, that’s the culture we have within the company. Knowing that everyone has their domain and executes it well helps me stay grounded and focused on the bigger picture. It's very important to surround yourself with the right people.

The next step for me is expanding Valify beyond the financial sector and eventually beyond Egypt. We’ve already expanded into non-banking financial services and telecoms, and now we’re exploring use cases in retail, e-commerce, and logistics. Long-term, I’d like to see Valify grow into a regional and eventually global player. This is a goal for me on a professional and personal level.

Work-life balance is hard to maintain throughout your career or your life generally. There’s this concept of the “life wheel” with different categories like family, personal growth, health, and religion. At different stages of life, some categories take priority over others. In the early days of Valify, balance was nonexistent, it took up all my time including weekends. But when my daughter was born, that changed. Family became the top priority, and I’ve learned to structure everything else around that.

I like to watch movies to relax. I’m a huge film buff and I have to watch a movie or a series every day, even if just for an hour. It helps me disconnect and recharge. I also really like playing and watching tennis. I’m a big fan of Alcaraz currently, and before that I was a Nadal fan.

I like reading thriller and mystery books. Dan Brown is one of my favorites. Reading is a way to de-stress and detach from work, so I don't usually read business or self-help books. I might dive into professional development books later on, but for now, I read to relax.

CALENDAR

JULY

End-July 2025: Egypt and Jordan to connect fifth FSRU ‘Energos Force’ to Arab Gas Pipeline via Aqaba port.

Also happening this month:

The first operational trial of Egypt-KSA electricity interconnection line
China’s State Grid aims to finalize contracts for two solar projects

AUGUST

3-4 August (Sunday-Monday): Egyptian Abroad Conference, Triumph Hotel in New Cairo.

3-5 August (Sunday-Tuesday): Edugate Cairo, Royal Maxim Palace Kempinski Hotel in New Cairo.

6 August (Wednesday): Egugate Alexandria, Hilton Green Plaza Hotel in Alexandria.

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

12 August (Tuesday): Egyptian Tax Authority deadline for pre-2020 tax dispute settlement requests.

28 August (Thursday): Monetary Policy Committee meeting.

Mid-August: Launch of electronic platform to register Old Rent Law tenants.

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

Late-August: Deadline for cement factories to restart production.

SEPTEMBER

8-11 September (Monday-Thursday): EFG Hermes London Conference takes place in the British capital.

9-11 September (Tuesday-Thursday): The International Exhibition for Paper, Corrugated Board, Paperboard and Tissue Paper Industries — PAPER-ME — takes place at the Egypt International Exhibition Center.

15 September (Monday): IMF to hold its combined fifth and sixth reviews of Egypt’s USD 8 bn EFF arrangement.

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

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.

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

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

NOVEMBER

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

20 November (Thursday): Monetary Policy Committee 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 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.

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.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily