Behind the scenes of the IMF’s fifth review of our loan program

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What We're Tracking Today

SAT testing resumes in June

Good morning, all. We wrap up this very long week with a brisk issue. We lead today’s issue with the latest on the fifth review of our IMF loan agreement, a dip in auto prices, and a lot of earnings.

PSA-

The SAT is back next month: The SAT college entrance exam will once again be offered in Egypt starting June following an agreement between the Education Ministry and the US-based College Board, according to a statement from the ministry and another from the US Embassy in Cairo. The digital version of the standardized test — a key requirement for admission into many US universities — is returning after a four-year hiatus and will be offered through approved centers.

REFRESHER- The SATs are globally recognized American admission tests for students applying to undergraduate programs and scholarships, particularly at US universities. The exam was offered in Egypt until September 2020, when College Board announced that it would cancel the test indefinitely, citing “persistent test security incidents,” including leaked questions.

WANT THE DETAILS? We dive into what the return of the SAT means in a Blackboard published late last year. Check out the story here.

WEATHER- It’s another sunny day in Cairo, with a high of 30°C and a low of 20°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 26°C and a low of 18°C.

And over the weekend, expect to see a high of 40°C and a low of 23°C in the capital.

** 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.

WATCH THIS SPACE-

#1- Danish shipping giant Maersk is considering resuming its transits through the Suez Canal as it closely monitors security developments in the Red Sea, Maersk’s Camilla Jain Holtse said yesterday. Holtse’s statement came during a meeting with Suez Canal Authority head Osama Rabie, who urged the company to adjust its sailing schedules and gradually resume shipping through the waterway following the recent introduction of a temporary 15% cut in transit fees.

Sound familiar? Rabie urged global shipping lines earlier this week to reassess their routes and consider a gradual return to the canal amid improving security conditions in the region.

Maersk paused Red Sea transits in January 2024, following a brief resumption, due to attacks on commercial vessels by Yemen's Houthi that forced shipping companies to reroute their vessels. The company in February signaled that it sees Red Sea traffic recovering by mid-year, with a more substantial rebound by year-end.

REMEMBER- Transit receipts from the Suez Canal dropped 62.3% y-o-y to USD 1.8 bn in 1H FY 2024-25 on the back of Red Sea disruptions that pushed ships to reroute away from the canal.

#2- Progress on the long-awaited Russian Industrial Zone: Egypt and Russia have signed a long-term usufruct agreement granting Russian firms access to land inside the Suez Canal Economic Zone to establish a Russian Industrial Zone, Al Arabiya reports, citing comments from Russian Industry and Trade Minister Anton Alikhanov. Under the agreement, a newly established Russian company will manage the project. The Russian side will receive the plot this year to start construction work, he said.

The Russian side will start promoting the zone to Russian firms this week, the minister said, adding that companies in pharma, chemicals, mechanical engineering, and building materials are among those interested. “We are pinning our hopes on the construction of the Russian industrial zone inside the Suez Canal Economic Zone, which will undoubtedly allow new joint initiatives to be launched in priority industry branches," Alikhanov said.

A long time coming: We have been on the lookout for news on the Russian Industrial Zone for years now — with the final contract for the project inked all the way back in 2018.

CIRCLE YOUR CALENDAR-

#1- Calling all real estate developers and investors: Proptech platform Aqarmap is hosting an Egyptian-Saudi real estate summit in Cairo’s Nile Ritz-Carlton on Sunday, 18 May, the company said in a press release (pdf). The event will bring together developers, investors, and policymakers from Egypt and Saudi Arabia to discuss cross-border investment, market trends, and digital transformation in the sector.

#2- ITIDA’s Software Engineering Competence Center (SECC) will host its Software TestingDay on Monday, 19 May at the Creative Innovation Hub, Creativa, in Giza. The event will be held under the theme “Software Testing Evolution: Innovating with AI and DevOps” and will bring together local and international experts and tech leaders to discuss AI, DevOps integration, skill building, and talent cultivation. You can register to attend through the link available on the SECC’s website.

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-

US President Trump landed in Qatar, where he met with Emir Tamim bin Hamad. The visit saw the signing of USD 243 bn in agreements (per White House tally), including defense purchases for drone and counter-drone capabilities from US companies, Qatari investments at Al Udeid Air Base, and a tall, USD 96 bn order for up to 210 Boeing jets.

The President is set to land in the UAE today for the third and last stop that is set to conclude his four-day Middle East trip with more investments and partnerships agreements signed.

ALSO- Trump earlier met with Syrian President Ahmed Al Sharaa just before the GCC summit in Riyadh, while Turkey’s President Erdogan joined over the phone. Trump urged Al Sharaa to join the so-called Abraham Accords, while the latter invited American companies to invest in Syria’s oil and gas, US Press Secretary said.

AND- Trump and Russia’s Putin will be skipping the first direct peace talks to be held in Turkey today, with Russia opting to send a group of technocrats instead. The talks — proposed by Putin — are unlikely to see a breakthrough in the absence of the two leaders.

The Somabay Endurance Festival returns for its 7th edition from Thursday, May 29 to Saturday, May 31, 2025, at the Red Sea. Organised by The TriFactory, the event features Super Sprint, Sprint, Olympic, Youth, 1K Kids, and 10K races—uniting athletes of all ages for a weekend of competition, fitness, and fun at Somabay.

How is the IMF’s fifth review of our loan program unfolding?

An inside look into the IMF’s mission to Egypt: Government meetings with the International Monetary Fund (IMF) mission currently in Egypt to conduct its fifth review of the Extended Fund Facility Arrangement have been heavily focused on structural reforms that ensure the sustainability of what has already been achieved in terms of growth and debt reduction, a government source told EnterpriseAM. The Fund is looking to ensure the stability of the government’s general budget in the face of any changes that may take place in the global scene, the source added.

ICYMI- A team from the IMF arrived in Cairo late last week, and its agenda includes meetings with officials from the central bank, and the finance, investment, and international cooperation ministries. Once the mission reviews and analyzes the data, a full IMF delegation will arrive to complete the review and issue its report on whether Egypt has passed the fifth review, which will be submitted to the IMF’s Executive Board for approval, bringing in some USD 1.3 bn into state coffers.

The IMF wants to see some improvements on the privatization front: Among the Fund’s demands is an accelerated implementation of the state ownership policy, and having the state adhere to a timetable for its exit from economic sectors in line with percentages in the IMF-approved document.

Why it matters: The Fund wants to see Egypt secure its FX needs through clear USD inflows that can ensure the stability of the exchange rate in the face of any global shocks, the source said.

Recent external challenges represent a “test” for the economy: While the Fund expressed its understanding of the recent changes affecting the region and the world at large — and their direct and in-direct repercussions on Egypt’s economy — it indicated that it sees these challenges as an opportunity to assess the resilience of Egypt’s economy after it made significant headway in its reform program.

What the Fund is looking for: Resilience and the sustainability of growth and the government’s targets were cited as the main criteria for the fifth review of our program with the IMF. The government’s debt ceiling and its investments are among the main points of the discussion, the source added, saying that the Fund wants to ensure that the budget does not once again become overly involved in implementing public investments, and that it wants to see more public-private partnerships instead.

REFRESHER- The state set a cap of EGP 1 tn on public investments for all state entities, which then-Finance Minister Mohamed Maait said would help create “space for the private sector and increase its investments in the economy.” The government also set a ceiling for its public debt, through which it aims to protect the budget from slipping into a wide deficit.

As for subsidies, the situation is currently more stable in light of global price levels for basic commodities — and could remain so if the prices of food and fuel remain at their current levels for a longer period this year, the source said.

REMEMBER- The government cut down on fuel subsidies once again last month when it raised prices by 11.8-14.8%. This came shortly after Prime Minister Moustafa Madbouly reiterated the country’s intention to have energy prices reach cost recovery levels by the end of the year by phasing out all fuel subsidies in line with its structural reform agenda with the IMF.

Also on the agenda: Investment and tax incentives, as well as foreign financing also saw extensive discussions between officials and members of the Fund's mission, according to the source.

What's next? The results of these meetings will either lead to the conclusion of the fifth review or will see a request for more time and another visit from an IMF mission to conclude the review, the source said. The date for the conclusion of the review and the subsequent disbursement of the USD 1.3 bn tranche is yet to be decided, but it could be agreed upon within the next month, our sources told us last week.

Auto prices drop 15% amid high inventory, sluggish demand

Several auto distributors have slashed prices on select models by 5-15% in a bid to increase sales amid sluggish demand on cars in the country, industry sources told EnterpriseAM. The markdowns come as distributors look to clear out last year’s inventory ahead of new model launches expected in August.

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

The price cuts come amid a mild recovery in auto sales, which took a 22% hit in January, before slightly recovering in February and March.

Sources told us that a number of distributors brought in large shipments late last year, misjudging demand. With the market still in a wait-and-see mode, many consumers are holding off on purchases, anticipating further interest rate cuts as the Central Bank of Egypt moves deeper into its monetary easing cycle.

Imports are back in full swing: A local agent told us that import activity has normalized, allowing for greater availability of models from Europe, Japan, and China. Sources told EnterpriseAM in December that car dealers will be looking to import some USD 1.8 bn worth of cars in 2025.

The localization drive shifts demand dynamics: Local carmakers have also pulled some buyers away from high-priced imports, head of the Association of Automobile Manufacturers Khaled Saad told EnterpriseAM. Locally assembled models like the Proton Saga, Chevrolet Optra, and Hyundai Accent are gaining popularity, pushing importers to slash prices to stay competitive.

But don’t overstate the impact of local production: Federation of Chambers of Commerce’s auto division member Montasser Zaytoon told EnterpriseAM that local manufacturing has had a limited effect on market dynamics, due to the small production volumes and inability to meet demand in the mid-range segment.

No more markups: Prices have broadly corrected across the board, with overpricing — in which dealers tacked on premiums of EGP 100-200k on some models — becoming a thing of the past as supply outpaces demand.

Used car prices take a hit: Reduced pricing in the new car market has spilled over to used cars, with some losing 20-25% of their value compared to last year’s peaks, according to our sources. The secondhand market had stepped in to fill the supply gap when imports were constrained by FX shortages, but is now rebalancing itself with market dynamics.

More competition on the horizon: More locally assembled vehicles — including models from El Nasr Automotive and Kasrawy Group — are expected to hit the market starting July, according to our sources. The move is expected to increase competitive pricing as consumers will have more options.

Watch out for the exchange and interest rates: Exchange rate fluctuations and changes in interest rates will continue to play a key role in shaping auto pricing trends moving forward, one industry insider told us.

A discussion with Aqarmap CEO Aya Ashraf

One-on-one with Aqarmap CEO Aya Ashraf: Homegrown proptech platform Aqarmap kicked off operations in 2011, since then its platform has come to serve over 2 mn monthly users and house over 400k units looking for renters or new owners. We sat down with CEO Aya Ashraf (LinkedIn) to learn more about Aqarmap's vision and future plans. Ashraf has been with company since 2018 and became CEO last October — she joined the company as a seasoned professional with a background in e-commerce. Below are edited excerpts from our conversation:

EnterpriseAM: Aqarmap serves mns on a monthly basis, who are you mainly targeting?

Aya Ashraf: Our clients are real estate developers, real estate marketers — who represent the largest segment — and finally, individuals looking to sell or lease their properties. The common goal among these three categories and us is to serve the end-client who is searching for a property to buy or rent. Fourteen years ago, people had to physically go out to search for a property. Now, a large percentage of them go online first to check prices, conduct their research, and communicate with advertisers.

E: What other products do you offer to developers?

AA: Our motto is “Know More.” We don't just offer listings for units; we provide information that helps you, whether you are a user, an agent, or a developer. One of our most important services is market research. We have supply and demand data, and we understand market trends thanks to the analysis of user behavior. Developers need this insight from us to know what the market demands.

E: You're hosting a real estate summit in the coming days, prior to which you will take tens Saudi developers on a tour around Egypt. What's the idea behind that?

AA: We operate in both Egypt and Saudi Arabia. Saudi Arabia is a promising market that is developing rapidly, and they excel in some aspects, while Egypt excels in developing large-scale, city-like residential projects.

At the request of Saudi developers, we are organizing a tour for them of the most important real estate projects in Egypt so they can see them on the ground. This includes meetings with decision-makers in major real estate development companies to learn about their success stories and the services available in their projects, some of which include universities, clubs, hospitals, and residential units. There will be opportunities for partnerships, networking, and sharing experiences. Saudi developers, in turn, also have success stories that can be of use to Egyptian developers.

We organized these tours in 2015, 2018, and 2024, and now in 2025 due to increasing demand resulting from the rapid changes in the Egyptian market. Last year's tour was in East Cairo, and this year it's in West Cairo. Real partnerships have emerged from them. We will conclude the tour with a real estate summit on Sunday.

E: How do you see the local real estate market? And what are the most prominent trends?

AA: We can divide the real estate market into three main sections: The primary market, which witnessed an unnatural boom in 2022, 2023, and the first quarter of 2024 due to exchange rate instability, which pushed more Egyptians towards real estate as a safe haven. With the stabilization of the exchange rate, demand has receded. Consequently, developers have started offering greater facilities, and we are once again seeing innovative and extended payment plans of up to 10-12 years aimed at attracting wider segments of customers. This decline in demand is due to customers taking their time to compare options following the boom. Today, the market is self-correcting, which is a good sign.

The second section is the resale market or secondary market, which is proceeding at a normal pace. It has its clientele who prefer to see the property completed before purchasing. With the expected decrease in interest rates, we anticipate more activity in the secondary market, especially if mortgage financing conditions become more lenient.

The third section is the rental market, which is experiencing a noticeable recovery compared to two or three years ago. This recovery is attributed to several factors, including a decline in purchasing power for some segments who have resorted to renting instead of buying, in addition to urban expansion and the distance between workplaces and residences, and the influx of expats.

Among the most prominent developments in this market at the moment is the ministerial decree regulating licenses for holiday home units — furnished apartments, villas, and suites rented to tourists. This allows any owner to apply for a license to rent out their unit to tourists as a hotel unit and receive rent in foreign currency. This is a promising step, as it encourages more closed units to be brought onto the market, contributing to price stabilization. It also aligns with the state's plan to attract large numbers of tourists over the next five years, given the difficulty of meeting demand by building new hotels. This initiative will provide good income for both the state and unit owners.

We have also begun to see significant growth in specialized property management companies, which handle the management of residential units in terms of cleanliness, organization, and check-in/check-out processes. This has created a system that allows owners to rent out their units easily. It's an active market that is heading towards further growth.

E: From Aqarmap's perspective, what are the most active areas and property types?

AA: Naturally, the residential sector remains the most in demand, being a basic need. However, we've seen a boom in demand for commercial and administrative units, resulting from the increasing trend towards real estate investment through renting out these types of units. There has also been a noticeable, albeit smaller-scale, trend of buying residential units for the purpose of direct rental.

One of the striking trends is the shift of some tourist demand from traditional areas like Downtown Cairo and Giza to areas such as Sheikh Zayed, 6th of October, and New Cairo. We are also beginning to see entire buildings dedicated to rentals, even within compounds, managed by specialized companies.

In terms of areas, Sheikh Zayed and New Cairo are still at the forefront in terms of sales volumes and price growth. They are followed by the new capital and areas surrounding New Cairo like Mostakbal City, which is seeing good demand. In the lower price bracket, we are witnessing high demand in Shorouk, Obour, and Hadayek October. We will detail these indicators in the 2025 version of our annual market trends report, which will be released next month.

E: What about coastal areas?

AA: The biggest demand is still in the North Coast, especially with the anticipated developments in Ras El Hekma. The primary purpose of buying units in the North Coast is no longer just to own a second home; it has become an investment, given the expectations of significant price increases as a result of the planned investments there. Real estate market sales in the second and third quarters of 2025 are expected to be heavily concentrated in the North Coast, especially in the higher price categories. The area is also becoming a hotspot for foreign tourists.

E: You’ve been present in the Saudi market for years now, how has your experience been there?

AA: We first entered the Saudi market in 2015 with the same business model used in Egypt, but quickly exited the market due to market conditions and intense competition. We returned to the Kingdom again in 2022 with a new business model based on exclusive cooperation with real estate developers, working with them directly to execute transactions according to specific objectives.

The Saudi primary market is currently experiencing the beginning of a huge boom. It enjoys a disciplined legislative structure and an open, albeit highly competitive, market. The availability of government data for all transactions is a factor that makes it easier for developers to analyze the market before making investment decisions, which enhances the chances of success for new projects.

E: Can we expect Aqarmap to roll out new products soon?

AA: Yes, we are working on developing new ways to reach potential customers seeing as consumer behavior is changing. Users now don't just go to Google; they go to tools like ChatGPT for research and decision-making. Therefore, we have to evolve and be present on the platforms they use. We are also planning to launch new services this year specifically for individuals, to help them make decisions based on simple comparisons between different offers, payment plans, delivery speed, and more. Ultimately, what's important is that the user finds what they want easily, and that the data is accurate and easily accessible.

E-finance, Fawry, Orascom Development and more report 1Q earnings

Earnings. Earnings. Fintech players E-finance and Fawry, developer Orascom Development Egypt, and telecom operator WE all reported their 1Q 2025 earnings.

E-FINANCE SEES INCOME, REVENUES RISE-

State-owned fintech giant E-finance saw its net income after non-controlling interest rise 30.2% y-o-y to reach EGP 602.3 mn during the first quarter of the year, according to its latest earnings release (pdf). Consolidated revenues for the quarter jumped 40.9% y-o-y to EGP 1.62 bn, thanks to “broad-based growth across most of the group’s subsidiaries.”

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

Driving the growth: E-finance’s flagship business E-finance Digital Operations contributed 87% of the company’s total revenues for the quarter, with the subsidiary’s top line rising 36.4% y-o-y to EGP 1.4 bn. This was “driven by solid results across its transaction and cloud hosting revenues” as transaction revenues rose 35.1% y-o-y to EGP 584.1 mn and cloud hosting revenues were up 65.1% y-o-y to EGP 609.7 mn. Revenues also saw solid growth across E-finance’s other subsidiaries, including eNovate, eNable, and eAswaaq. However, eKhalas was the only subsidiary to see a dip in revenues during the quarter, with a 12.6% dip, which came on the back of the “recording of non-recurring POS sales during the comparable quarter in 2024.”

Looking ahead: “Our strong first-quarter performance reaffirms the Group’s solid fundamentals, proven business model, and outstanding talent. As we look ahead, we remain fully committed to our strategic objectives, particularly the acceleration of Egypt’s digital economy. We will continue to identify new high-impact opportunities in financial services, healthcare, and education, while maintaining our disciplined approach to value creation,” Chairman Ibrahim Sarhan said.

ALSO FROM E-FINANCE- The fintech giant plans to deploy new investment to expand domestically and abroad, Sarhan told Asharq Business. The company formed a joint task force with shareholder Saudi Egyptian Investment Company to explore potential investments.

FAWRY’S NET INCOME ALMOST DOUBLES-

EGX-listed fintech giant Fawry saw its bottom line jump 97.1% y-o-y to EGP 605.4 mn in 1Q 2025, according to its latest earnings release (pdf). The company’s top line grew 65.1% y-o-y to EGP 1.8 bn during the period, driven by “the expansion and diversification of the company's business offerings.”

Growth across the board: Fawry’s banking services segment — which contributed nearly 40% of the firm’s revenue for the quarter — saw its revenues jump 55.9% y-o-y to EGP 712.2 mn. The alternative digital payments segment, which was the second largest contributor to Fawry’s overall revenues, recorded revenues of EGP 462.0 mn, marking a 30.2% y-o-y increase. The financial services segment saw the highest annual growth, jumping 164.2% y-o-y to EGP 460.2 mn, while revenues from supply chain solutions surged 35.3% y-o-y to EGP 102.3 mn during the same period.

Moving forward: “We are advancing our strategy to leverage our big data and AI platform across key areas such as dynamic customer engagement, fraud detection, credit scoring, and code generation. These initiatives aim to deliver more personalized customer experiences, enable behavior-driven decision-making, and boost operational productivity,” CEO Ashraf Sabry said.

ORASCOM DEVELOPMENT ENDS 1Q IN THE GREEN-

Orascom Development Egypt recorded a net income of EGP 2 bn in 1Q 2025, marking a “dramatic” recovery from a EGP 1 bn loss recorded during the same period last year, according to the company’s latest earnings release (pdf). Revenues rose 54.3% y-o-y to EGP 6.4 bn during the quarter.

The company’s hospitality segment achieved record revenues during the quarter, rising 68.4% y-o-y to reach EGP 1.2 bn, thanks to El Gouna hotel revenues increasing 67.9% y-o-y to EGP 1.2 bn during the period. The “outstanding performance” in the sector came despite the “challenging global macro and geopolitical environment, particularly in the Middle East” and “being impacted by the Holy Month of Ramadan in March 2025,” the report read.

ALSO- Driving the increase was a 48.5% y-o-y jump in commercial assets to reach EGP 950.9 mn and “the recognition of EGP 1.6 bn derived from the land sale in El Gouna, a transaction executed in late 2024 with Hassan Allam. This significant sale not only bolstered our revenue but also highlighted the value of our strategic asset management.”

Meanwhile, real estate revenues saw a decline: The company’s real estate revenues fell 2.7% y-o-y to EGP 2.8 bn during the quarter. The decrease was attributed to a fall in sales to EGP 4.1 bn — compared to EGP 8.8 bn in 1Q 2024 — due to the limited number of launches that took place during the three-month period. “Despite that, we have witnessed a healthy demand for the limited launches released during the quarter,” the company said. International sales made up around 43% of the quarter’s real estate sales.

What they said: “Going forward, ODE will periodically review its selling prices as it seeks to balance maximizing sales with managing cost inflation risk in the current inflationary environment,” the company said in the release.

TELECOM SEES REVENUES JUMP 42%-

Telecom Egypt saw its normalized net income rise 39% y-o-y in 1Q 2025 to EGP 5.2 bn, according to its latest earnings release (pdf). The figure adjusts for a EGP 700 mn FX loss during the quarter and a EGP 200 mn FX gain in the same period last year.

The breakdown: Telecom Egypt’s top line rose 42% y-o-y to EGP 24.8 bn in 1Q 2025, driven by strong performances across its retail and wholesale segments. Retail revenue was up 40% y-o-y on the back of a 45% increase in home and consumer sales. Wholesale revenue climbed 44% y-o-y, with international activity up 64% thanks to FX gains and a pickup in cross-border call traffic.

UNITED BANK REPORTS 1Q EARNINGS-

United Bank saw its net income after tax jump 67% y-o-y to EGP 781 mn during the first quarter of 2025, according to a disclosure (pdf) to the EGX. The lender’s net interest income rose to EGP 3.4 bn during the quarter, marking a 20% y-o-y increase.

Elsewedy Electric named among Time’s top companies for sustainable growth

Elsewedy Electric claimed a spot on Time Magazine’s list of World’s Best Companies inSustainable Growth 2025, ranking 298th. The company is the only Egyptian, African, and Middle Eastern firm in the engineering and manufacturing sector to make the cut. The ranking evaluates companies based on their financial and environmental performance — including revenue growth, carbon footprint, water consumption, and green energy use.

China’s Midea to invest USD 50 mn in Egypt operations

MANUFACTURING-

Midea to funnel USD 50 mn into Egypt operations: Chinese home appliances giant Midea is set to invest a minimum of USD 50 mn by early 2026 to expand its Egypt operations and push into feeder industries, Bahgat El Dahesh, the company’s business development manager for Europe, the Middle East, and Africa told Asharq Business.

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

Where’s the money going? The company plans to manufacture components locally in a bid to slash imports by at least half, as well as to produce small household appliances like fans and microwaves, El Dahesh said, adding that he expects the company to carry out the expansion plan within the next year.

Midea is also ramping up investments in its Sadat City industrial complex to USD 150 mn from an initial USD 105 mn. The company will open two new facilities there — a washing machine plant that’s slated to go live in August and a refrigerator factory that will come online in November. The company broke ground on the complex in November 2023.

#2- Xinxing lands USD 47 mn in export contracts from Ain Sokhna plant: China’s Xinxing Ductile Iron Pipes signed four supply agreements worth USD 47 mn for ductile iron pipe from its recently inaugurated Ain Sokhna factory, according to a statement. The output will feed infrastructure projects in Kuwait, Iraq, Tunisia, and Jordan.

Orders already lining up: The new agreements come on the heels of EGP 34.5 bn in supply agreements signed during the plant’s official inauguration this week to provide 77.6k tons of pipes to local and international projects.

RENEWABLES-

AlexFert + United Energy to develop green ammonia project: Egypt Kuwait Holding’s fertilizer subsidiary AlexFert signed an MoU with Hong Kong-based renewables firm United Energy Group to develop a green ammonia project, according to a press release (pdf). The project is planned to be located near AlexFert’s existing operations in Alexandria and will generate green hydrogen that will be allocated to green ammonia production.

Not United Energy’s first venture in Egypt: United Energy Group inked an MoU with Air Liquide to develop green ammonia projects using green hydrogen in Egypt in March. It was also one of the companies the government signed MoUs with last year to develop green hydrogen and renewable energy projects worth a combined USD 41 bn in the Suez Canal Economic Zone.

INFRASTRUCTURE-

El Gouna brings first outsourced desalination plant online: Orascom Development Egypt (ODE) inaugurated a new outsourced desalination facility in El Gouna in partnership with DesalEgypt and Energya Industries ElSewedy Helal, according to a statement (pdf). The reverse osmosis plant will have an initial capacity of 2.5k cubic meters per day, with future expansion phases set to raise output to 11.5k cubic meters per day.

The bigger picture: The project brings El Gouna’s total water production to 16.5k cubic meters per day.

NBFS-

Fintech player Klivvr will launch consumer finance services next month, CEO Nils Bachtler told Al Mal. This comes after the company received the green light from the Financial Regulatory Authority earlier this month to roll out buy-now-pay-later products through its app, after it had secured approval to establish a consumer finance company in December.

Wall Street’s rebound cools as investors await new data

Global stocks were mostly up on Wednesday as the US-China tariff truce continued to support risk appetite — though gains were modest as traders waited for new data and clarity on the Federal Reserve’s next moves.

Markets at a glance: The S&P 500 rose 0.1% for its sixth consecutive day in the green, extending this week’s rally and adding slightly to its YTD gains after wiping out year-to-date losses on Tuesday. The Nasdaq was up 0.6%, while the Dow Jones slipped 0.2%.

USD finds footing after recent slide — and yields edge higher: The greenback strengthened against a basket of major currencies and US Treasury yields ticked higher as investors await retail and producer price data.

Gold tumbles as safe-haven demand fades: Gold prices fell to a one-month low as easing trade tensions weighed on demand for the yellow metal. Spot gold dropped 2% to USD 3,182 an ounce, while US gold futures fell 1.8% to USD 3,188.

Cautious optimism sets in — but doubts remain: “It’s all about the change in risk appetite,” Danske Bank’s Lars Skovgaard told Reuters. “I have a hard time seeing that we’ll go back to this extreme political noise.” However, Gavekal Research’s Wei He argued that “there’s still plenty of uncertainty about the outlook,” pointing to the fact that US tariffs on Chinese goods remain significantly higher than pre-2025 levels.

All eyes on the Fed and April’s data: With inflation easing but trade policies still in flux, the Fed has signaled it will wait and assess the full impact before moving on rates. Vice Chair Philip Jefferson said yesterday that the CPI data showed progress toward the Fed’s 2% target, but noted the risk that new import levies could drive prices higher. Fed Chair Jerome Powell is expected to speak today, markets will also be on the lookout for April’s producer price index and retail sales data, both of which are due later today.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning. Japan’s Nikkei is down 1.2%, the Shanghai Composite is looking at losses of 0.4%, the Hang Seng and Korea’s Kospi are both down 0.2%.

EGX30	31,828	+0.4% (YTD: +7.0%)
USD (CBE)	Buy 50.32	Sell 50.46
USD (CIB)	Buy 50.36	Sell 50.46
Interest rates (CBE)	25.00% deposit	26.00% lending
Tadawul	11,532	0.0% (YTD: -4.2%)
ADX	9,621	-0.1% (YTD: +2.2%)
DFM	5,360	-0.1% (YTD: +3.9%)
S&P 500	5,893	+0.1% (YTD: +0.2%)
FTSE 100	8,585	-0.2% (YTD: +5.0%)
Euro Stoxx 50	5,403	-0.2% (YTD: +10.4%)
Brent crude	USD 65.84	-1.2%
Natural gas (Nymex)	USD 3.49	-4.3%
Gold	USD 3,188	-1.8%
BTC	USD 103,501	-0.8% (YTD: +10.6%)
S&P Egypt Sovereign Bond Index	866.8	+0.1% (YTD: +11.5%)
S&P MENA Bond & Sukuk	143.0	0.0% (YTD: +2.2%)
VIX (Volatility Index)	18.62	+2.2% (YTD: +7.3%)

THE CLOSING BELL-

The EGX30 rose 0.4% at yesterday’s close on turnover of EGP 3.3 bn (27.1% below the 90-day average). Regional investors were the sole net sellers. The index is up 7.0% YTD.

In the green: Beltone Holding (+3.0%), Fawry (+2.3%) and Ibnsina Pharma (+2.1%).

In the red: Sidpec (-2.8%), Abu Qir Fertilizers (-2.3%) and Juhayna (-1.9%).

CORPORATE ACTIONS-

CIB will raise its issued and paid-up capital to EGP 33.8 bn from EGP 30.7 bn through a EGP 3.1 bn bonus share issuance, according to an EGX disclosure (pdf). The increase will see 307 mn new shares issued at a par value of EGP 10 each. The capital hike, which is set to be funded from the bank’s general reserves, is pending the central bank’s approval.

My Morning Routine: Gasser Bahgat, Chairman and CEO of Melee Development

Gasser Bahgat, Chairman and CEO of Melee Development: 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 the Chairman and CEO of Melee Development, Gasser Bahgat (LinkedIn). Edited excerpts from our conversation:

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

My name is Gasser Bahgat. I’m a real estate professional with nearly 30 years of experience in the industry. As the Chairman and CEO of Melee Development, I oversee operations across Egypt and Saudi Arabia — and we’re expanding into new cities as we go. I’m a husband and a father of two girls — Amina who is 20 and Zeina who is 13 years old.

My role is centered around problem solving, as well as following up with everything happening on a day-to-day basis — there’s always something happening, be it internally or externally. I always have problems to solve and decisions to make. Being a leader means having the power to make decisions, even when you’re not 100% sure. If you wait too long, planning drags out and your company slows down. I believe that doing 80% of the work at the right time is better than doing 100% at the wrong time.

Making mistakes is a part of the job. I’ve gained experience and became successful by learning from the mistakes I’ve made throughout my career. This is the only way to learn quickly — you evolve by learning from your mistakes and you grow more confident with each one.

Real estate is a very risky business, one wrong mistake could bankrupt a company, so the risks are enormous. That’s actually what I enjoy about it, the high stakes and the challenges. The work used to feel riskier when we were starting out, but now that things are more stable, I keep myself challenged by looking for ways to innovate.

Right now, I want to prioritize maintenance over growth. I’m not interested in aggressive expansion. While others are chasing EGP 100 or 200 bn in sales, I’m focused on sustainability. We’re also diversifying. We’re moving into other sectors like hospitality, sports, and F&B — lighter, more tangible sectors. The idea is to always have something running and something paused. So when one sector hits a bump, the others keep us going. It’s a strategy that protects the business, and we do it without panic. This panic could lead to wrong decisions, so we ensure that we take quick and calculated decisions.

I wake up very early in the morning, and the first thing I do is pray the Fajr prayer. Then from 6am until 10am I finish all the work that needs to be done from my phone. I send voice messages and WhatsApp texts — I’m not a big fan of sending emails. Then I head out to solve problems and attend meetings. I travel frequently to open new markets, meet investors, and create new opportunities. All of that takes up 80% of my time. Because I start early, I also finish early and delegate the rest. My team sends me end-of-day updates and follow-ups. We’re a small team and work closely together.

Music is the one constant in my day. I have a high-quality sound system in every office, and I listen to music all the time. It’s the one thing that calms me down and helps me relax.

We’re still a startup, technically, but we’re growing fast, which has its challenges. In just two years, we’ve grown into five or six companies with a combined value of EGP 60 bn. Companies take time to grow and mature, and we’re trying to do that while maintaining a level of organization.

We try to make Melee a fun place to work too. We hold competitions every week. Last week’s was a Playstation 5 competition where the winner got EGP 5k. Next week, it’s a paddle competition where the winner will get a trip to Dubai. We’re even taking the entire company to our boutique hotel on the North Coast for a weekend retreat to help the team unwind. I join these events too which helps me destress. My office is always open and I like to sit with my team and connect with people.

I want to keep the company at its current level. Since we’re expanding to Saudi Arabia and the UAE, I want to see both companies grow and succeed, while maintaining the level of the company in Egypt. It’s hard to keep employees in this highly competitive market. Still, if your people are being headhunted, it means you’re doing something right — your company has a strong reputation.

I’m a workaholic, so I don’t have a work-life balance. I’m very busy and work takes up almost all of my day. But I do travel a lot. I travel every two or three weeks now, whereas before it was every few months. Traveling helps me relax and reset, even if I’m still working remotely, I need a change of scenery, which is why I prefer to travel abroad. It helps me break out of the routine. Travel also helps inspire me.

I’ve received a lot of useful advice throughout my life from so many people that I’m grateful to, but I am at a stage now where I am the one giving advice to people. And the best piece of advice I could give could be summed up in one word — contentment. It’s a very deep word, and it encapsulates being content with your successes, your failures, and your mistakes, so you never go to bed regretting an event that happened in your life.

Passion is also an integral aspect of success. Just enjoy and be passionate about your work. If you don’t enjoy it, don’t do it. Be passionate, be curious, and be committed. That’s how you grow quickly and succeed.

CALENDAR

MAY

18 May (Sunday): Aqarmap’s Egyptian-Saudi real estate summit, at the Nile Ritz-Carlton.

18-19 May (Sunday-Monday): International Monetary Fund MENA Research Conference, Cairo, Egypt

18-20 May (Sunday-Tuesday): First Arab International Exhibition for Sustainable Development

22 May (Thursday): Central Bank’s Monetary Policy Committee to meet to decide interest rates

25 May (Sunday): Social Education Summit 2025, Cairo, Egypt

30-31 May (Friday-Saturday): Africa Business Summit, London, UK

Egyptian Exporters Association (Expolink) exhibition, Italy

Egyptian-Russian Business Forum

May 2025: Egypt-Singapore Business Forum, Cairo

May 2025: Egyptian-US Investment Forum

JUNE

2-4 June (Monday-Wednesday): Manufacturing and packaging forum ProPak MENA and Fi Africa 2025, Egypt International Exhibition Centre.

3 June (Tuesday): S&P Global to release PMI data for May recording non-oil private sector activity

10 June (Tuesday): Capmas expected to publish inflation data for May

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

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

Realme to open smartphone factory

IFC President Makhtar Diop to visit Egypt

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

Etihad Airways to launch twice-weekly flights to Alamein

AUGUST

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

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

SEPTEMBER

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

NOVEMBER

20 November 2025 (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

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

Mid-2025: EGX launches sustainability index.

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

2Q 2025: Safaga Terminal 2 to start operations

1H 2025: EGX launches a sharia-compliant sustainability index.

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.

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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