Banque du Caire to appoint advisor in the coming days for upcoming offering

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WHAT WE’RE TRACKING TODAY

Analysts and economists see inflation cooling for second straight month in December

Good morning, friends. Unlike many of us who are already falling behind on our New Year’s resolutions to get to the gym or eat a little healthier, it seems the government is getting off to a quick start on its resolution to ramp up privatization efforts. We’ve got important privatization updates, good news for exporters, and more from the private and public sectors for you to catch up on this morning.

PSA-

WEATHER- Be careful on your drive into work in Cairo today, with heavy fog forecast, along with a high of 22°C and a low of 12°C, according to our favorite weather app.

Fog is also forecast for Alexandria, along with a chance of heavy rain, a high of 22°C and a low of 12°C.

And over the weekend, expect to see daily highs in the capital and Alexandria dip a couple of degrees, before warming back up again starting Sunday.

** DID YOU KNOW that we now 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 TODAY-

#1- Inflation to fall for a second consecutive month? Analysts, policymakers and the business community are eagerly awaiting inflation figures for December set to be released later today by state statistics agency Capmas.

Many will be hoping for a second consecutive month of easing inflationary pressures, following annual urban inflation dropping a full percentage point in November that beat analyst predictions of only a 0.1 percentage point drop. The most recent inflation data puts the headline figure at 25.5%, marking the lowest inflation reading since December 2022.

Analysts and economists seem to be in agreement that we may be in line for some good news, with a Reuters poll of 13 analysts forecasting inflation to dip 1.3 percentage points to 24.2% in its median forecast. HC Securities’ Heba Monir pointed to “relatively lower to stable vegetable and fruit prices due to seasonality” as a reason behind her forecast that inflation for the month will dip to 24.1% y-o-y.

#2- European Parliament President Roberta Metsola will meet with President Abdel Fattah El Sisi later today, with the discussion set to discuss the joint strategic and comprehensive partnership between the two countries, macro financial assistance, human rights, Israel’s war on Gaza, and Syria, according to a statement (pdf) from the bloc. During her two-day visit that wraps today, Metsola will also meet with Foreign Minister Badr Abdelatty after having spoken House speaker Hanafy Gebaly and Senate speaker Abdel Wahab Abdel Razeq the day before.

FROM THE RUMOR MILL-

Nassef Sawiris mulls leaving the UK amid tax hikes: Nassef Sawiris — currently the richest Egyptian, with an estimated fortune of some USD 8.8 bn — is considering leaving the UK due to the prospect of rising taxes on the wealthy, Bloomberg reports. Anonymous sources speaking to Bloomberg say that Sawiris, who has been residing in the UK for over a decade and has a sizable portfolio in the country, is considering moving to the US or EU — though plans remain in the early stages and could still change, they added.

THE BIG STORY ABROAD-

The foreign press has its attention squarely split between the raging wildfires in Los Angeles and minutes from the US Federal Reserve’s latest meeting — plus a global bond sell-off triggered by threats of tax cuts and tariffs from US president-elect Donald Trump.

#1- More than 100k people in Los Angeles have evacuated as wildfires swept across the area, killing at least five people. The fires were spurred further on by blowing winds that impacted firefighting operations and damaged some electric infrastructure, leaving mns of houses without power. (Reuters | Guardian | FT | WSJ)

#2- The Federal Reserve is looking more likely to slow down — or completely pause — interest rate cuts, with the minutes from its latest meeting showing growing concern over rising inflation in light of Trump’s plan for tariffs and tax cuts. (FT | Reuters | CNBC)

#3- Also a result of Trumponomics: Selloffs in the global bond market are pushing yields to new highs, with the 10-year US Treasury yield reaching close to the 5% peak hit in October 2023, Bloomberg reports. Emerging markets are also seeing the busiest start of year for bond sales on record, with some USD 26 bn in bond issuances in the first week of the year, as issuers look to lock in funds before Trump takes office and implements potentially damaging trade policies, Bloomberg reports separately.

#4- Also getting attention: The Lebanese parliament looks set to elect army chief Joseph Aoun as president when it meets today in the latest bid to end an over two-year presidential vacuum. Hezbollah’s preferred candidate, Suleiman Frangieh, pulled out of the race on Wednesday and endorsed Aoun. (AP | Reuters | NYT)

Somabay Golf Course has become the first golf course in Egypt and one of only four in Africa to earn the prestigious GEO Certified® status. This global recognition highlights Somabay’s leadership in sustainability, with initiatives like solar-powered desalination, wastewater treatment, modern irrigation systems, and eco-friendly grass.

This milestone underscores Somabay’s commitment to sustainable excellence and its position as a premier sports destination.

Banque du Caire to appoint advisor in the coming days for upcoming offering

The long-awaited Banque du Caire stake sale could soon be kicking into gear: Banque Misr is preparing to appoint an advisor for the offering of its subsidiary Banque du Caire, with the decision to come in a matter of days, a senior banking source told EnterpriseAM.

What’s next: The advisor will determine the structure of the sale, including allocations for public and private placements, with the offering expected to occur in 1H 2025 — earlier than the 2H kickoff we’d heard about previously.

Emirates NBD is reportedly eyeing a stake: Emirates NBD is reportedly considering the acquisition of a controlling stake in BdC, with informed sources telling Al Mal that the bank is currently in the final stages of due diligence with the acquisition expected to go through in 1Q 2025.

A sale to a strategic investor could be a wise move: With the 2025 IPO climate shrouded in uncertainty, the odds of the state getting the best possible valuation (to say nothing of finding a good “corporate parent” for the bank) would be maximized by selling Banque du Caire to a qualified strategic — ideally an Emirati one, we previously noted.

IN CONTEXT- The (very welcome) strategic alliance between Egypt and the UAE is clearly maturing thanks to investments including the Modon-quarterbacked Ras El Hekma and Al Dahra’s ambitious plans in agriculture.

Nothing’s set in stone, though: Our source noted that multiple offers from investors and banks are currently under consideration, but refused to name any of the interested parties as all discussions remain in the early stages.

The sale has been a long time coming: Plans to list Banque du Caire have been floated — and repeatedly delayed — since 2018, with adverse market conditions often singled out as the culprit. Despite the stop-start nature of the privatization process, the government has continued to position BdC as a prime privatization target, with Prime Minister Moustafa Madbouly highlighting it last month as one of ten state-owned companies — alongside fellow banking sector stalwart Alexbank — as among those slated for stake sales in 2025.

Privatization timeline for 2025 to be announced in the coming days

Stay tuned for important privatization updates “in the next few days,” Prime Minister Moustafa Madbouly announced during his weekly presser (watch, runtime: 50:43). After having met this week with officials from the ten companies that the state earmarked for strategic sales and IPOs in 2025, the government will soon announce a timeline for the year’s privatization targets.

The government will also announce which consultants have been tapped for the offerings, along with other executive procedures that we here at EnterpriseAM can’t get enough of.

We should also see the list of companies earmarked for privatization grow throughout the year, with work currently underway to add more companies throughout the year, Madbouly told reporters.

** Looking for a rundown of the companies earmarked for privatization in 2025? You can check out our report on Madbouly's announcement of the privatization plan for the year here.

Gov’t unveils new mechanism to settle EGP 60 bn in exporter dues

The government has its sights set on tackling the backlog of dues owed to exporters, with the Finance Ministry and the Investment Ministry announced a new mechanism to clear EGP 60 bn in overdue payments to exporters through the Export Development Fund during Prime Minister Mostafa Madbouly’s weekly presser yesterday (watch, runtime: 50:43). The plan covers arrears tied to shipments made up to 30 June 2024 and involves a combination of cash-based disbursements and offset arrangements.

Exporters will receive 50% of their dues in cash installments over four fiscal years, starting with an annual EGP 8 bn payout this year, while the remaining 50% will be settled through offsets against outstanding or future liabilities with the Tax Authority, Customs Authority, and utility providers like gas and electricity companies.

For the first time, exporters will receive their dues for FY 2024/25 within the same year, with the first installment expected later this month.

The government is also drafting a new program to support exporters starting in FY 2025-2026, with measures being developed to help raise export revenues, increase export volumes, and boost the value-added content of Egyptian products to strengthen their competitiveness abroad.

Egypt, Greece, Cyprus talk energy, regional politics at trilateral summit

Leaders of Egypt, Greece, and Cyprus strengthen ties at trilateral summit: President Abdel Fattah El Sisi met yesterday with Greek prime minister Kyriakos Mitsotakis on the sidelines of the tenth trilateral summit between Egypt, Cyprus, and Greece, with the two leaders discussing economic cooperation and regional political developments, according to an Ittihadiya statement. The summit highlighted the deep historical ties between the three countries (watch, runtime: 18:35).

Expanding Egyptian-Greek energy cooperation was high on the agenda: El Sisi and his Greek counterpart discussed the two sides’ joint economic projects, including the 3-GW Greece-Egypt Interconnector (GREGY) led by Greek contractor Copelouzos Group and expanding regional energy cooperation through the tripartite cooperation mechanism with Cyprus and the East Mediterranean Gas Forum.

Is Cypriot gas heading our way soon? In his comments at the summit, El Sisi noted that Egypt is looking forward to receiving Cypriot gas at its LNG facilities for liquefaction and re-export to Europe — statements that follow murmurs of interest in such an energy corridor in August.

The two leaders also discussed regional issues, with both calling for a ceasefire in Gaza and and stressing the need for stability in Lebanon. They also exchanged views on Syria, Libya, and Sudan, emphasizing the importance of securing peace and stability while protecting territorial integrity.

Seven MoUs were inked during the summit, focusing on strengthening ties in economy, energy, and education, the State Information Service reports. Bilateral MoUs between Egyptian President Abdel Fattah El Sisi and Cypriot President Nikos Christodoulides included initiatives on ICT knowledge exchange, aquaculture development, higher education collaboration, women’s empowerment in tourism, and nuclear accident early warning systems. Meanwhile, trilateral agreements covered water management, investment promotion, healthcare, ICT, and port development, the Greek Prime Minister’s Office reports.

Cabinet approves new rules for Nile facilities + maritime cooperation with Oman + extended land lease for France’s Alstom

The cabinet greenlit several decisions during its weekly meeting yesterday, including on waterfront development, maritime cooperation, and railway manufacturing, according to a cabinet statement.

#1- New rules for Nile waterfront facilities: The ministers approved amendments to the executive regulations of the Water Resources and Irrigation Law that increase the occupancy rates of riverbank land licensed to tourist facilities, clubs, and other recreational establishments to 40%, with an additional allotted 10% if the facility includes marina activities.

#2- Maritime cooperation with Oman gets the nod: The Madbouly cabinet also approved a presidential decree on a maritime transport and port cooperation agreement with Oman. The agreement — signed during President Abdel Fattah El Sisi's visit to Oman in 2022 — aims to develop economic and trade relations between the two countries through organizing maritime activities, removing obstacles to maritime transport development, and exchanging expertise in port management and vessel maintenance.

#3- Alstom gets longer lease for railway complex: The cabinet approved extending French rolling stock manufacturer Alstom's land lease period to 30 years from 15 years for its planned railway manufacturing complex in Borg El Arab in Alexandria. The extension comes as the company plans significant investments in the complex, including two factories on 40 acres alongside an additional 50 feddans for future expansion. The first phase of the project’s development will see a components factory built on 13 acres, while the second phase will add a vehicle factory on 27 acres.

Remember: Alstom in 2023 pledged some EUR 300 mn to establish two factories in Borg El Arab to produce electrical systems and metro and monorail rolling stock.

Financial soundness indicators suggest strengthening banking sector post-EGP float

The banking sector had a good first nine months of 2024: The health of Egypt’s banking sector continued to improve throughout 9M 2024, with the sector’s capital adequacy ratio (CAR) increasing 0.5 percentage points from the end of 2023 to clock in at 19.1% by the end of 3Q 2024, according to the Central Bank of Egypt’s latest financial soundness indicators report (pdf). Banks’ CAR remains well above the central bank’s minimum threshold of 12.5%.

Sound smart: The capital adequacy ratio — also known as the capital to risk-weighted assets ratio — is a metric that measures a bank’s ability to pay liabilities (bank-speak for giving depositors back their money), absorb potential losses (from, say, bad debts), and respond to credit risks. The metric increases as the ratio of risk-weighted assets to capital falls — marking a healthier banking system overall.

The report also showed improved asset quality: Non-performing loans (NPLs) dropped to 2.4% of total loans, down from 3.0% by the end of 2023, with the sector’s provision coverage ratio — the percentage of provisions banks set aside to cover losses against their gross NPLs — reaching a robust level of 87.4%.

Liquidity levels remained solid, with local currency liquidity at 32.1% and foreign currency liquidity at 77.7% — both far above the regulatory minimums of 20% and 25% respectively. Banks’ loan-to-deposit ratio increased to 61.3%, up from 54% at the end of 2023, as banks put more of their clients’ deposits to work by lending them out to others.

The nation’s hosts took note of a new proposed alternative to the Thanaweya Amma system

Last night’s talk shows zeroed in on the Egyptian baccalaureate system — a proposed alternative to the Thanaweya Amma system — introduced by Education Minister Mohamed Abdel Latif yesterday.

The proposed system seeks to end the “Thanaweya Amma nightmare,” Education Ministry spokesperson Shady Zalata told Ahmed Moussa on Ala Masouleety (watch, runtime 22:56). The ministry plans to open the proposal to public consultation with parents, trustees, experts, and the media before seeking parliamentary approval. If passed, the system is expected to be introduced for first-year high school students in the next academic year.

“The baccalaureate system is simpler compared to the current Thanaweya Amma system and aims to offer students a smoother and more effective learning experience,” said Zalata. The proposed framework would replace the traditional division between arts and sciences tracks with a more integrated and inclusive model, designed to minimize disruption for both students and their families.

Ahmed Moussa voiced his criticism of the ministry’s announcement, expressing surprise at the frequent changes to the Thanaweya Amma system in recent years (watch, runtime 5:18). “It’s strange how the education system keeps changing all of a sudden,” he remarked. “Every three or four years, we’re changing the education system in Egypt. Is this normal?,” the host said.

Cabinet spokesperson Mohamed El Homsany sought to tamp down concerns, explaining to Sherif Amer that the system is still in its early stages (watch, runtime 8:23). “This is just a preliminary plan,” he said, adding that a ministerial committee is still finalizing the details. Unlike the current system, the baccalaureate will focus on intellectual and critical thinking skills rather than brute memorization, El Homsany said.

IN OTHER EDUCATION NEWS- The government is looking to hire 72k new teachers to address the current nationwide shortage, Prime Minister Mostafa Madboly announced during his weekly presser. Madblouly arrived at the figure after calculating that Egypt is already 12k teachers behind its 30k a year target and has another 60k to recruit throughout 2025 and 2026.

Shalateen to relaunch gold tender after original offers fail to meet required criteria. PLUS: Sidped + Korra Energi, Sidpec + Petrochemicals Holding Company + Draslovka, Jaz Hotel Group

MINING-

The Shalateen Mining Company will relaunch its gold exploration bid in the first half of 2025 after the offers for its four-times extended tender that came to a close in November did not meet the required criteria, an Egyptian Mineral Resources Authority (EMRA) official told Al Borsa. According to the official, the requirements entail that the company should have at least ten years of experience in mining exploration and exploitation, a work team with over 100 cumulative years of experience in the field, and at least 10 mn ounces of existing gold reserves.

ENERGY-

#1- Sidi Kerir Petrochemicals is planning build a 14 MW hydrogen-fueled power plant with a capacity of 14 MW, with the company currently in negotiations with local firm Korra Energi to build the facility with investments of USD 16 mn, Al Arabiya reports, citing two unnamed sources. The new plant will utilize the hydrogen produced as a byproduct of Sidpec’s existing operations, with implementation set to kick off by the end of 2025.

#2- Austria’s Petrochemicals Holding Company and Czechia-based Draslovka will develop a USD 160 mn sodium cyanide production plant within Sidi Kerir’s factory complex in Alexandria under a special freezones system, an unnamed source told Al Arabiya. The two companies inked a 25-year land lease agreement for the project — dubbed Draschem for Specialized Chemicals.

Sidi Kerir wants in and is negotiating with the two companies that take up a 15% share of the project at a cost of up to USD 24 mn, according to the source.

Sound smart: Sodium cyanide is the solution commonly used for gold extraction from low-grade ore, and can be used to extract other metals, including copper, zinc, and silver.

The news clears up some confusion we had, as we originally thought that the two European companies’ project that came to light in April was a separate project from Sidi Kerir’s, which got the cabinet greenlight in October. Instead the project seems to be a JV between the three parties, with each party’s share yet to be determined.

DEBT-

Travco subsidiary Jaz Hotel Group is looking to secure EGP 1.8 bn in low-interest financing from the government to accelerate the launch of four new hotels in 2025, Al Arabiya reports, citing unnamed sources. The hotels — which will add 1.2k rooms in Cairo, Marsa Matrouh, and Marsa Alam — are part of a EGP 3 bn investment plan.

Remember: To encourage investors to build more hotels and reach the targets set, the finance and tourism ministries last month launched a new EGP 50 bn subsidized loan program for the tourism sector, offering financing at 12% interest.

EXPANSION-

Egyptian companies plan to invest up to USD 200 mn in four industrial projects in Morocco in 2025, Egyptian-Moroccan Business Council head Nezar Abou Ismail told Asharq Business. The projects will focus on key sectors, including food, beverages, industrial zones, and oil and gas. Agreements for two or three of these projects are expected during 1Q 2025.

“Inflation-proofed” TRY boosts Turkey’s position as a go-to for carry traders

The Turkish central bank’s “real appreciation” policy for the TRY is propping up the currency and making it an even more attractive carry trade darling, Bloomberg reports. The strategy sees the central bank ensuring the currency’s depreciation is at a lower rate than inflation to maintain purchasing power. Despite the TRY shedding 16% compared to the USD in nominal terms in 2024, it posted its largest gains since 2007 in terms of the real appreciation measure.

That’s great news for carry traders, who stand to gain from an appreciating TRY while raking in massive gains from TRY-denominated bonds that carry 50% yields or higher, the business information service explained. Turkish monetary authorities indicate in a 2025 policy report (pdf) that the inflation-proofing practice is set to continue, meaning that TRY-denominated securities will continue to reel in investors with promises of high returns.

Turkey was the world's best-paying carry trade destination for much of last year. Investors engaging in the USD-TRY carry trade earned 15% returns over the past six months, or “nearly double” gains associated with Argentina’s ARS, the second-best alternative to the TRY, according to Bloomberg data. The currency-stabilizing policies have made the country’s carry trade more appealing by cutting risks associated with shock devaluations, Bloomberg says.

The downside risk: Higher demand for imports could come about as an unintended result of Turkey’s real appreciation policy for the TRY, weakening the country’s trade position, Bloomberg’s Turkey economist Selva Bahar Baziki said, adding that the dynamic could put pressure on policymakers. Despite there not being any indication that the scenario is playing out, investors nonetheless need to be wary that the TRY-denominated carry trade is “already quite over-crowded,” portfolio manager at William Blair Investment Management in London Daniel Wood cautioned.

ALSO FROM PLANET FINANCE-

Our friends at EFG Hermes kicked off the new year advising beauty retailer Nice One on their IPO, which saw the company make its debut on Tadawul’s main market yesterday, according to a statement (pdf). The offering marks not just a new unicorn on the Tadawul, but the first e-commerce platform to be listed.

Remember: The beauty retailer is selling a 31.5% stake in a SAR 908 mn IPO that will be Saudi’s second major IPO in 2025, following Almoosa Health ’s debut Tuesday. Institutional offerings were 139.4x times oversubscribed. The final pricing of SAR 35 per share will give the company a market cap of over SAR 4 bn at listing, and SAR 1.2 bn in proceeds.

MARKETS THIS MORNING-

Asian markets are once again in the red in early morning trading, weighed down by US Federal Reserve minutes that indicate officials are concerned about an incoming jump in inflation on the back of president-elect Donald Trump’s planned trade policies. Japan’s Nikkei and the Shanghai Index are down, while South Korea’s Kospi is just a hair in the green so far.

Over on Wall Street, futures suggest that all three major indexes will be under selling pressure once trading begins this morning, despite the S&P 500 and Dow Jones closing up yesterday.

EGX30	29,786	-0.5% (YTD: +0.2%)
USD (CBE)	Buy 50.53	Sell 50.67
USD (CIB)	Buy 50.55	Sell 50.65
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	12,089	-0.2% (YTD: +1.4%)
ADX	9466	+0.3% (YTD: +0.5%)
DFM	5209	-0.1% (YTD: +1.0%)
S&P 500	5918	+0.2% (YTD: +0.6%)
FTSE 100	8251	+0.1% (YTD: +1.0%)
Euro Stoxx 50	4996	-0.3% (YTD: +2.1%)
Brent crude	USD 76.16	-1.2%
Natural gas (Nymex)	USD 3.67	+0.6%
Gold	USD 2,679.70	+0.5%
BTC	USD 94,668.60	-2.0% (YTD: +1.0%)

THE CLOSING BELL-

The EGX30 fell 0.5% at yesterday’s close on turnover of EGP 2.9 bn (26.2% below the 90-day average). Local investors were the sole net buyers. The index is up 0.2% YTD.

In the green: Ezz Steel (+1.7 %), B Investments (+1.3%), and EFG Holding (+0.8%).

In the red: Elsewedy Electric (-2.1%), Beltone Holding (-2.0%), and Oriental Weaver (-1.9%).

My Morning Routine: Mostafa El Beltagy, co-founder and CEO of Nawy

Mostafa El Beltagy, co-founder and CEO of Nawy: 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 Mostafa El Baltagy (LinkedIn). Edited excerpts from our conversation:

My name is Mostafa El Beltagy. Beyond my job title, I am someone who’s very keen to help the tech startup ecosystem in Egypt. I sit on the board of a number of startups, and I help mentor a lot of other young entrepreneurs.

Nawy was born out of a problem I faced personally. After moving back to Egypt after some time living abroad, I wanted to invest in real estate. I went to my cousin — who is one of the co-founders of the company and who was working in real estate at the time — to ask him where I should buy. At the time, he recommended New Giza — and he never really gave me a concrete reason why, he just told me to trust him.

That’s when I realized that there’s a problem with this market. As a consumer, you’re making one of your biggest investments with little-to-no data about what’s going on. In my case, I was lucky to have someone who I was sure was looking out for me and my interests — most people aren’t so lucky. The question became, how can I as a consumer get transparency. That was the vision from which the company started.

We collected the information ourselves from 200+ developers across Egypt, and listed all their inventory comprehensively so that, as a consumer, you could actually compare between different units and developments. In addition, when consumers reach out to our property consultants and sales agents, they’re equally incentivized to sell you property anywhere. As a result, most brokerages will close with 20-30 developers a year — we close with over 100.

For our next product, we realized that the properties that sell the fastest are the ones that are delivered the soonest. So we asked, why is it that no one is buying existing properties? The reason is that there’s no payment plan for existing properties. We realized that this doesn’t make sense, and wanted to address this by creating a product that makes buying resale properties with a payment plan almost as easy as buying a new build property from a developer.

The next product we launched, Nawy Shares, was built to address the problem of getting access to more customers looking to invest in the market. The question was, how do we bring this number from 1 mn people to 15 mn people? The way to do that was through fractionalization. We built an investment product that allows people to invest in real estate through Nawy Shares, and we’re now working with the Financial Regulatory Authority to fit it under a regulatory framework.

Our last line of business that’s currently in progress is our B2B business — dubbed Nawy Partners — which gives brokerages access to the inventory of all developers in one place. It’s about enabling and solving the problems of the brokerage ecosystem by aggregating all the information in one place.

Generally, I wake up around the same time my kids go to school. So I’m up by 7:30am-ish. I spend about 30-45 minutes going through social media, news, EnterpriseAM, and checking the business’ numbers from the previous day. I leave my house 30-45 minutes later, and spend my commute getting on calls, following up on things, and getting a headstart on my day.

My role is about maintaining the vision of the company. My time is mostly spent working on building new things, rather than operating different aspects of our business that have become independent and fully operational. This, along with investor relations and ensuring that the company has the right amount of funds, is where the bulk of my time goes.

Mondays are when I schedule all my weekly reviews. There are no breaks, no lunches, it keeps going until the day is over. All the other days of the week depend on what’s going on at a given time, and there’s really no consistency there. I usually leave the office by 6:30-7pm, and I like to be home before my kids’ bedtime so that I can put them to bed. Then sometimes, I’ll have to get on calls after that.

Putting my kids to sleep is the biggest constant in my day — but I also like to switch off by around 10pm if there are no calls, which is time I usually spend with my wife or watching Netflix before we relax and crash.

When it comes to being organized, I generally believe that the more basic your approach, the better. It’s all about being tied to your priorities — and my to-do-list actually reflects those priorities. I’m very conscious about what I allow onto my calendar, because I would otherwise be dragged into things that aren’t necessarily adding the most value.

On a professional level, I aim to continue what we’re doing with Nawy, continue to grow our business lines in Egypt and expand into other markets in the coming years. When I eventually leave the day-to-day hustle behind, I’d love to spend time giving back. I want to be even more active in helping young entrepreneurs with their businesses, and I want to spend more time focusing on philanthropy — mainly in education.

If you do something you like, your work is your life. I don’t believe that someone should be working in order to facilitate life — we spend too much time at work to not want to do what we’re doing. The bigger balance is between family, health, and work. I do prioritize spending time with my family, especially Saturdays, and I try to make the time I spend with my family as high-quality as it can be.

When reacting to an adverse situation, my mom used to say “I’m dealing with God, so I’m going to do these specific things.” It never made sense to me at the time, but what I’ve learned from that is that you deal with your own ethical and moral compass irrespective of how other people are acting.

CALENDAR

JANUARY

15 January (Wednesday): Launch of Egypt’s first joint-stock ship waste management company in Port Said.

20-24 January (Monday-Friday): World Economic Forum Annual Meeting

28 January (Tuesday): Nigeria to inaugurate the USD 5 bn Africa Energy Bank in Abuja

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Early January 2025: Health Ministry finalizes partnership with Gustave Roussy to operate Dar El Salam Hospital.

January: CBE to launch InstaPay remittances for Egyptians abroad

January: Building permit applications in Egypt's new cities will go online

January 2025: Accor Group to open Sofitel Cairo Downtown Nile, the world’s largest Sofitel.

January 2025: Egyptian National Railways to launch tender for Tanta-Mansoura-Damietta railway line upgrades

January 2025: Food products will require food safety and validity certificates from the National Food Safety Authority (NFSA)

January 2025: Bavarian Delegation visit to Egypt

FEBRUARY

BP to bring the second well of its Raven natural gas project online, with additional production capacity expected.

Orascom Pyramids Entertainment to bring total investments in the Pyramids Plateau to EGP 1.5 bn.

Subscription period for Your Home in Egypt initiative opens.

2 February: Energy Day Conference, Cairo, Egypt.

17-19 February (Monday-Wednesday): EGYPES Technical Conference, Egypt International Exhibition Center, Cairo, Egypt.

18-19 February (Saturday-Sunday): German-Egyptian Joint Economic Committee meetings, Cairo, Egypt

20 February (Thursday): Monetary Policy Committee's first meeting.

MARCH

Operation of phase one of the Amotope wind farm

Alwaad Investment to inaugurate a new cold beverage plant with an annual production capacity of 14.5 mn units.

Al Ahly Sabbour to finalize preparations for its EGX listing, offering 20-25% of its shares, with an advisor to be tapped in early 2025.

March-April 2025: The government plans to start collecting taxes on capital gains from EGX transactions.

APRIL

Saxony Delegation visit to Egypt.

Egypt to launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi electricity interconnection project, ahead of schedule

Tahya Misr 1 container terminal to begin operations, adding 3.5 mn container capacity to the port.

7-10 April 2025 (Monday-Thursday): EFG Hermes One on One conference, Dubai, UAE

17 April 2025 (Thursday): Monetary Policy Committee’s second meeting.

28-30 April 2025 (Monday-Wednesday): FDC Regional Digital Industry Summit will launch cybersecurity index.

MAY

22 May 2025 (Thursday): Monetary Policy Committee’s third meeting.

May 2025: Egyptian Exporters Association (Expolink) exhibition, Italy

May 2025: French rolling stock manufacturer Alstom will submit technical and financial bids for Cairo Metro Line 6

JUNE

June 2025: MPs approveextension of tax dispute resolution window until 30 June 2025, with potential for further extension

June 2025: Nissan and Honda finalise talks about possible merger to create the world’s third largest automobile company by sales.

June 2025: Coficab to complete its USD 88 mn automotive cable and electrical factory in Tenth of Ramadan City

JULY

10 July 2025 (Thursday): Monetary Policy Committee’s fourth meeting.

15-16 July 2025 (Tuesday-Wednesday): Egypt Mining Forum.

July 2025: The first operational trail of Egypt-KSA electricity interconnection line.

July 2025: Etihad Airways to launch twice-weekly flights to Alamein

July 2025: Israel to begin increasing gas exports to Egypt from Chevron’s offshore Tamar field

AUGUST

28 August 2025 (Thursday): Monetary Policy Committee’s fifth meeting.

August 2025: Tourism Development Authority to waive late payment penalties for land purchases if full installments are paid

SEPTEMBER

September 2025: Egypt Education Platform (EEP) to launch two new schools in Alexandria and Somabay

September 2025: 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 2025 (Thursday): Monetary Policy Committee’s sixth meeting.

NOVEMBER

20 November 2025 (Thursday): Monetary Policy Committee’s seventh meeting.

DECEMBER

25 December 2025 (Thursday): Monetary Policy Committee’s eighth meeting.

December 2025: Taqa Arabia and Voltalia to complete studies for repowering the 545-MW Zafarana wind farm with 1.1 GW of wind and 2.1 GW of solar power

EVENTS WITH NO SET DATE

Early 2025: ADQ to break ground on the development of Ras El Hekma

Early 2025: Al Ismaelia to begin working on two new hotels and hotel apartments in Downtown Cairo.

Early 2025: The Communications Ministry will unveil the second edition of its national AI strategy in early 2025

Early 2025: The Suez Canal Authority to launch an IPO for the Canal Company for Mooring and Lights (CCML) on the EGX.

Early 2025: Orange Egypt to launch 5G services, with EGP 10 bn planned for network upgrades.

Early 2025: BP to begin drilling at the King Mariout Offshore concession.

Early 2025: Jinbei Royal Egypt to begin local assembly of 3k Jinbei vehicles, including the country’s first electric cargo van and microbus

1Q 2025: The Egyptian-Italian business forum

1Q 2025: Investment Minister Hassan El Khatib to visit Italy

1Q 2025: Eipico’s biopharma plant to begin operations

1Q 2025: Finance Ministry to launch public consultations on its tax policy document

1Q 2025: Egypt to sign trade agreements with Bahrain and UAE to slash customs clearance times

1Q 2025: Government to launch EUR 271 mn green industry program to cut emissions

1Q 2025: Egypt-Azerbaijan joint committee to meet to bolster trade and investment ties

1Q 2025: Turkish Automotive Manufacturers Association and Turkish Contractors Association to visit Egypt following an invitation from the Investment Minister

1Q 2025: One of four companies, including Abu Qir Fertilizers, Mopco, Egyptian Petrochemicals Holding Company, and a Saudi-affiliated firm, to be selected for the USD 450 mn redevelopment of Delta Fertilizers

1Q 2025: GV Auto to begin local production of FAW Group’s cheapest EV model.

1Q 2025: Alkan Auto to launch BAIC subsidiary Arcfox’s EVs to the market.

1Q 2025: Dynamic Distribution to launch a new competitively-priced Fiat model in Egypt.

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta.

1Q 2025: Port Said for Engineering Works to begin construction on a USD 80 mn aluminum foil factory in the SCZone, targeting initial production of 60k tons annually.

1Q 2025: Pearl Polyurethane Systems to start production at its EGP 100 mn polyurethane factory in the Sokhna Industrial Zone.

1Q 2025: Sumitomo Electric to officially open its EUR 22 mn cable factory in Tenth of Ramadan, with production set to begin next month.

1Q 2025: Construction of the USD 600 mn natural gas treatment plant in the Western Desert’s Meleiha concession to wrap up, followed by a pilot run.

1Q 2025: El Araby Group and Sharp to break ground on a USD 50 mn fridge and freezer manufacturing plant in the Quweisna zone.

1Q 2025: Hangzhou Henneway Travel Goods to begin production at its USD 50 mn factory in the West Qantara Industrial Zone

1Q 2025: BP to drill two USD 160 mn exploratory gas wells in the West Delta

2Q 2025: Financial Regulatory Authority (FRA) to introduce derivatives on the EGX

2Q 2025: Safaga Terminal 2 to start operations

2Q 2025: Hassan Allam to build infrastructure for AD Ports' Noatum terminal at Safaga

2Q 2025: EgyptSat Auto to start production at its EV factory in Tenth of Ramadan City

1H 2025: Digital Financial Identity Company will launch an electronic bank account opening service

1H 2025: The Egyptian-US Investment Forum.

1H 2025: The Egyptian Mineral Resources Authority will relaunch a global tender for gold exploration through Shalateen Mineral Resources company.

1H 2025: Internal Trade Development Authority (ITDA) to establishfour logistics zones with EGP 18-20 bn investments

1H 2025: Natco to launch Chinese firm Neta Auto’s EV models.

1H 2025: OCI Global to complete the sale of its entire methanol business to Methanex for USD 2.05 bn.

1H 2025: Egypt and the UAE to begin construction of a USD 3 bn petroleum logistics zone at Al Hamra Port

1H 2025: HoldiPharma to list 25-30% stakes in Misr Pharma and Chemical Industries Development (CID) on the EGX

1H 2025: Korra Energi to list up to 20% stake on the EGX

1H 2025: Smart Villages Development and Management Company plans to list 30-35% of its shares on the EGX

1H 2025: Halliburton to bring three gas wells online as part of the Burullus project.

1H 2025: Chevron to begin gas production from the offshore Nargis gas field, initially producing 600 mn cf.

1H 2025: Nile Recycling to launch USD 20 mn PET recycling facility in Ain Sokhna, targeting an annual capacity of 22k tons and reducing carbon emissions by 40k tons

3Q 2025: AMEA Power to bring 500 MW Amunet wind farm online in Ras Ghareb

4Q 2025: Abou Ghaly Motors to introduce the Subaru Solterra to the market

4Q 2025: Two new projects in food manufacturing and home textiles to begin operations in the Qantara West Industrial Zone

2H 2025: National Printing Company to make its EGX debut after delayed IPO plans

2H 2025: Tabarak Holding to list 30% of its shares on the EGX

2H 2025: Turkish apparel company Denim Rise to open a garment manufacturing facility

2H 2024: Hi-Tech Apparel to break ground on a USD 20 mn sportswear factory in the SCZone

2H 2025: Eni to drill two new wells in the Zohr field with USD 160 mn in investments

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

Mid-2025: SN Automotive to launch three locally assembled models — one electric and two gasoline-powered — in Egypt

Mid-2025: Suez’s USD 1.8 bn coal and diesel production complex, developed by Enppi and Petrojet, to be completed

Mid-2025: Wataneya and Safi to debut on the EGX

End of 2025: The Egypt Digital Industrial Platform will expand to include additional services for manufacturers, including the issuance of licenses, building permits, and industrial records

End of 2025: An unnamed Chinese company and the state-owned Arab Organization for Industrialization (AOI) to begin production at a USD 360 mn tire factory in the SCZone.

End of 2025: A consortium including Redcon Properties and Al Baraka Bank to launch a local real estate investment fund with over EGP 1 bn in initial investments

Late 2025: Baron Hotels to open a new hotel in Sharm El Sheikh and debut its first international property in Zanzibar with 150 luxury suites

2025: The InterAcademy Partnership assembly

2025: Nile Basin States Summit, Cairo, Egypt

2025: Release of the government’s Startup Charter document

2025: Nafeza to integrate air cargo into its digital customs platform, further streamlining trade logistics

2025: Africa50 completes 42.9% stake acquisition in Raya Data Centers for USD 15 mn to fund construction of a USD 35 mn Tier III data center.

2025: MM Group for Industry and International Trade is set to launch 16 new Tata vehicle models locally.

2025: China to issue USD 411 bn in special treasury bonds

2025: El Attal Holding to list 30-35% of its shares on the EGX

2025: The Administrative Capital for Urban Development (ACUD) to launch its EGX debut, offering 5-10% of its shares.**

2025: Basata Holding for Financial Investments to offer 25% stake on the EGX as part of a plan to double its capital to EGP 1.4 bn.**

2025: Hilton Cairo Nile Maadi to open early in the year, alongside debuts of Tapestry Collection and Curio Collection by Hilton.

2025: Palm Hills and Marriott to launch The Ritz-Carlton Residences in West Cairo, featuring 150 branded units across 45 acres

2025: Jaz Hotel Group to set up two new hotels in North Coast, two in Hurghada, and two in Marsa Alam

2025: Sunrise Resorts & Cruises to add 4k hotel rooms to its hotels capacity.

2025: Egyptian Petrochemicals Holding Company (ECHEM) to complete studies and kick off production of Egypt’s first sustainable aviation fuels (SAFs).

2025: Polaris Parks to begin development of the industrial park in New October City

2025: EgyptAlum to launch a USD 100 mn foil production line with a 50k-ton annual capacity

2025: Honor to begin operations at its proposed smartphone manufacturing facility in Egypt, with an initial investment of USD 10 mn

2025: Indorama and Phosphate Misr to begin implementation of the USD 400-500 mn phosphate fertilizers plant in Ain Sokhna

FY 2025-26: Egypt to issue its first EGP-denominated sovereign sukuk to finance public investments outside the general budget

FY 2025-26: The government to begin introducing cash-based subsidies on a trial basis in select areas of the country

2025-2027: EUR 4 bn in concessional loans to follow as part of a EUR 7.4 bn package

2026

Baron Hotels to launch two hotels in Egypt with 950 rooms, followed by another with 750 rooms.

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

EVENTS WITH NO SET DATE

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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