Bonyan hits the EGX today

Tuesday, 22 Jul 2025

Bonyan hits the EGX today

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Today at a glance

What We're Tracking Today

Bonyan makes its trading debut today.

INVESTMENT WATCH

Qatar nears USD 4 bn agreement to develop Sahel mega tourism project.

IPO

National Printing is taking a 10% stake to market.

INVESTMENT WATCH

USD 216 mn in new manufacturing projects incoming.

INVESTMENT WATCH

SCZone wants to drum up Chinese investments in EVs, textiles and ports.

Economy

Kouchouk talks up tax performance and debt reduction progress.

Also on our Radar

Infinity Libya launches Libya’s first solar plant.

PLANET FINANCE

Global turmoil drives bns of losses in corporate earnings since 2017.

Going Green

Gov’t wants to attract investment into agriwaste sector.

What We're Tracking Today

Bonyan makes its trading debut on the EGX today

Good morning, everyone. It’s an investment-heavy morning to kick off this penultimate day of the workweek for our readers in Egypt.

Qatar may be closing in on a USD 4 bn agreement for a Sahel mega-tourism project and Kamel El Wazir was in Kuwait talking up investment. Cabinet has signed off on paperwork for three private-sector manufacturers (covering everything from PVC sheets and flooring to ready-made garments and textile) that will create more than 6k jobs and bring in north of USD 200 mn, and the SCZone is looking to dump-up Chinese investment in everything from EVs and ports to textiles.

MEANWHILE- We have another (very rare) summertime IPO as National Printing lines up to sell a 10% stake on the EGX. The order window opens next week, the company said yesterday.

And speaking of IPOs:

HAPPENING TODAY-

#1- Bonyan starts trading: Shares of real estate investment firm Bonyan will begin trading on the EGX today under the ticker BONY.CA, opening at EGP 4.96 apiece. The listing comes with a 40% up / down price movement band on debut day — twice the usual limit — with no circuit breakers in place.

A long-awaited debut: This is the EGX’s first proper IPO of the year and the first-ever listing of a pure-play real estate operating company. The EGP 1.8 bn offering saw strong demand from both institutional and retail investors.

Earnings out just in time for the debut: Bonyan reported a 51% y-o-y jump in rental and service charge revenues to EGP 158.9 mn in 1Q 2025, driven by lease renewals and contractual escalations, according to the company's latest earnings release (pdf). Gross asset value rose to EGP 16.6 bn, up from EGP 15.96 bn at the end of 2024.

#2- It’s day two of Abdelatty’s West Africa tour: Foreign Minister Badr Abdelaty landed in Nigeria’s Abuja yesterday, kicking off a West Africa tour that will see him visit Burkina Faso, Niger, Mali, and Senegal as well. Abdelatty, and his accompanying 30-member business delegation, will promote trade and investment ties during meetings with officials. The minister will also hold talks on regional security and counterterrorism.

During day one: Abdelaty signed an MoU with Nigeria’s aviation minister to boost cooperation in civil aviation — covering air and ground services and establishing a framework for collaboration between both countries’ aviation authorities, according to a statement.

WATCH THIS SPACE-

#1- Courting Kuwaiti investment: Industrial Development and Transport Minister Kamel El Wazir met with Kuwaiti Prime Minister Ahmad Al Abdullah Al Sabah in Kuwait City yesterday, where they touched on boosting investments and trade. El Wazir is looking to attract Kuwaiti capital to seaports, dry ports, industrial zones, and logistics infrastructure.

A boost for Egyptian construction firms? Talks also covered the potential conversion of Kuwait’s central bank deposit in Egypt into direct investments and steps that could make it easier for Egyptian builders to compete for contract awards in major Kuwaiti infrastructure projects.

ICYMI- Bloomberg in April reported that the Kuwaiti government was mulling over turning the USD 4 bn of deposits it holds in Egypt’s central bank into direct investments across several sectors.

AND SPEAKING OF GULF INVESTMENTS- Saudi Arabia’s Sumou Holding is looking to set up its first real estate investment fund in Egypt, Chairman Ayedh Al Qahtani told Prime Minister Moustafa Madbouly during a meeting yesterday. The fund would be part of a broader plan to make a “major investment” in Egypt: “We will announce our first project in the Egyptian market,” he said. He added that Sumou is already active in Egypt through its subsidiary Adeer and is considering investing in Downtown Cairo.

#2- Some 123 real estate developers are reportedly in talks with the New Urban Communities Authority to settle the legal status of their North Coast plots, Al Borsa reports, citing what it says were government sources. A cabinet-formed committee will review the developers’ requests. Potential remedies on offer include granting the developer an additional grace period for compliance, repricing the plot based on current valuation, or taking over the plot altogether and then offering it to other investors.

PSA-

WEATHER- It’s another hot day in Cairo, with a high of 38°C and a low of 27°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 33°C and a low of 25°C.

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

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THE BIG STORY ABROAD-

The White House is stepping up its pressure campaign on the Fed. Chills went down the spines of business leaders and bankers around the world yesterday after Treasury Secretary Scott Bessent called for a probe into “the entire Federal Reserve institution,” telling CNBC that “What we need to do is examine the entire Federal Reserve institution and whether they have been successful.” Trump and his allies have been putting pressure on Fed boss Jay Powell to cut interest rates. The story leads the front page of the Financial Times this morning.

The stock market shrugged off Bessent’s remarks, with the S&P 500 notching another record high yesterday.

MEANWHILE- China is “stoking the anxiety” of foreign investors with moves against three foreigners, including a US government employee and a senior US banker (both of whom have been forbidden from leaving the country) and a Japanese pharma exec (now sentenced to jail). The New York Times has the story, noting that the moves come even as Beijing continues to court foreign capital.

The worsening situation in Gaza has prompted 28 countries to call for an immediate end to the war and to condemn Israel for the “drip feeding of aid and the inhumane killing of civilians” who are seeking food and water. The countries include the UK, France, Canada, Italy, and others. (Reuters | Guardian | BBC | France 24)

Israel yesterday launched an air and ground offensive in Deir al Balah, the last place in Gaza which until now had not suffered significant damage from the war. Talks on a ceasefire are continuing, though Hamas officials told Reuters the ongoing attacks are only complicating the situation. (Reuters | Guardian)

ALSO- If your company uses a hosted SharePoint server, expect some disruptions. Microsoft has warned of active cyber attacks affecting its SharePoint collaboration software, impacting so far 100 organizations who use the server on-prem. The problem? The attack has run deep, providing full access to systems and content, allowing hackers to execute code over the network and even bypass future potential fixes. If your firm is one of the many affected, Microsoft issued guidance for entities using the server to patch their on-site systems. (Reuters | CNBC | AP | Bloomberg)

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

In today’s issue: We look at the agriwaste investment opportunities on the table for interested investors.

Tags:

EGX

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

INVESTMENT WATCH

Qatar nears USD 4 bn agreement to develop North Coast mega tourism project

Qatar is reportedly set to invest USD 4 bn in a major tourism development on the North Coast, Asharq Business reports, citing three sources it says are familiar with the matter, including two government officials. The project, located in the Alam El Roum area, will reportedly span 60k feddans and be developed under a usufruct agreement with the Qatar Investment Authority, the sources are quoted as saying.

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

The fine print: The USD 4 bn ticket covers both land rights and the cost of infrastructure to be developed by the Egyptian government. The state’s revenue share could reach 15% of total project income once all phases are completed, with the first phase of the project expected to cover 25% of the total development area. The development will feature tourist resorts, luxury residential units, commercial and entertainment centers, a yacht marina, and advanced service facilities, mirroring the model of Ras El Hekma, according to one source.

Where things currently stand: Final procedures for land allocation and licensing are underway, with a final announcement anticipated later this year.

Background: Qatar previously agreed to work toward a USD 7.5 bn direct investments pledge in Egypt, without providing details. Reports later suggested that Qatar was in advanced talks to develop a North Coast tourism project, with expectations of an agreement by year-end. Under the reported terms, Egypt would receive USD 1 bn upfront, with the remaining funds to be disbursed over the following year. Qatari investors are also reportedly eyeing majority stakes in terminal operators.

Qatar’s investments are part of a growing GCC investment wave: After Abu Dhabi wealth fund ADQ signed the USD 35 bn agreement last year to develop Ras El Hekma, other GCC countries began lining up for fresh investment talks in Egypt. Kuwait is in talks to convert USD 4 bn of deposits it holds in Egypt’s central bank into direct investments across several sectors, while Saudi Arabia also plans to convert some of its USD 10.3 bn in deposits into long-term investments. There have also been reports that a still-unnamed Gulf sovereign wealth fund is planning to announce a big-ticket project in the Ras Shukier project in the Red Sea.

Tags:

Egypt-Qatar relations FDI investment watch

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IPO

National Printing is taking a 10% stake to market

National Printing revives shelved IPO, announces ITF: National Printing Company is taking a 10% stake, or 21.2 mn shares, to market in a secondary offering on the EGX, according to its intention to float (ITF) document (pdf). The transaction, which is pending final regulatory approval, will be split equally between a public tranche and a fully committed private tranche anchored by Saudi investor Omran Mohammed AlOmran.

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

IN CONTEXT- A busy few days for the EGX. The benchmark index notched a fresh all-time high yesterday and continues to outperform regional peers on a YTD basis. Sentiment has shifted with local institutional players back in the market, and more serious IPO chatter now than we’ve seen in years. National Printing’s IPO revival comes as a growing number of companies line up to tap the market for capital and visibility.

Books open next week: Subscriptions for the public tranche of the offering, open to both retail and institutional investors, will run from Sunday, 27 July to Thursday, 31 July. Both the private and public tranches will be offered at the same share price — which is yet to be announced.

BACK ON TRACK- The announcement comes nearly a month after Qalaa Holdings’ Managing Director Hisham El Khazindar said the IPO had been shelved due to geopolitical uncertainty stemming from the Israel-Iran conflict at the time. The company first announced plans to go public in mid-2023 via direct listing shortly after TAQA Arabia’s technical listing. It was later said to be eyeing a traditional IPO in 2H 2025 — a timeline it now looks set to hit.

Who’s cashing out? National Printing International Holding is selling an 8.25% stake in the company, while Qalaa’s Grandview is offloading its remaining 1.75% stake in National Printing. Some minority investors are also chipping in.

A snapshot of its latest financials: National Printing reported EGP 7.1 bn in revenue and EGP 1.6 bn in EBITDA last year, with exports accounting for 25% of its total revenue, providing a steady stream of FX. In 1Q 2025, it generated some EGP 1.7 bn in revenue with EBITDA hitting EGP 394 mn.

A structural edge in an inflationary market: National Printing offers a natural FX hedge with a vertically integrated, EGP-cost-based (80%) operation in an export-driven business. This structure positions it well for macro volatility and margin resilience, especially as inflation and currency pressures persist.

About National Printing: Founded in 2006, National Printing was set up as a JV between Grandview and El Moallem family. It is now one of the country’s largest producers of packaging and printing products. The firm operates four core subsidiaries — Shorouk, Uniboard, El Baddar for Packaging, and Windsor. Its facilities in Obour and Sadat produced over 230k tons in 2024 alone.

ADVISORS- Our friends at EFG Hermes Promoting & Underwriting are the sole global coordinator for the combined offering, while Zulficar and Partners is serving as counsel.

A busy summer: U Consumer Finance — which owns and operates the Valu brand — started trading late June, with shares jumping 852.4% from its opening price of EGP 0.78 during its first trading session. And we’re hours away from Bonyan making its EGX debut.

Also in the 2025 IPO pipeline: Several private companies also announced plans to go public on the EGX this year, including Saudi-owned Rakhaa, El Attal Holding, Al Ahly Group for Modern Agriculture, Go Green for Agricultural Investment, Korra Energi, Smart Villages, Al Ahly Sabbour, Enara, Basata Holding for Financial Investments, Tabarak Holding, Damietta Container and Cargo Handling, Friday Ice Cream, Sunway Egypt, National Printing, and Port Said Container & Cargo.

Tags:

capital markets EGX IPO watch

INVESTMENT WATCH

Egypt approves USD 216 mn in new manufacturing projects, creating over 15k jobs

The ministerial group for industrial development approved three new manufacturing projects with a combined investment of USD 216.5 mn, according to a statement. The companies behind the projects were not disclosed. The approved projects include:

A USD 108 mn PVC sheets and flooring manufacturing project in New Alamein, expected to create over 2.2k jobs;
A USD 78.5 mn textile manufacturing project in Tenth of Ramadan, set to create 4k jobs;
A USD 30 mn ready-made garments factory in the medium industries zone of New Beni Suef, projected to generate 9k jobs.

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

Looking ahead, the government plans to scale up industrial investment in the governorates of Beni Suef, Minya, and Fayoum, seeing as they boast a high concentration of skilled labor. As part of this push, the Industry Ministry has launched two integrated textile cities, one in Minya and another in Fayoum, the statement read.

REMEMBER- Industry and Transport Minister Kamel El Wazir announced plans to set up two integrated textile industrial zones in Minya and Fayoum at a total cost of EGP 27 bn back in April. The two zones are expected to bring in some USD 3 bn in local and foreign investment.

A joint technical committee will be formed to assess the restructuring of the Industrial Land Support Fund. The committee will review service delivery to unserviced industrial areas and propose administrative, financial, and technical reforms.

The textiles and garments sector has been seeing a lot of interest from foreign investors. Just this summer we saw Turkish firm Bony announce its USD 100 mn textile factory in Elsewedy’s Tenth of Ramadan Industrial Zone and Hong Kong-based Crystal Martin Group’s unveil plans to build ready-made garments and textile factory.

IN OTHER INVESTMENT NEWS-

Fujikura eyes USD 100 mn auto parts plant: Japanese electrical equipment manufacturer Fujikura has reportedly put in a request for a 10k sqm ready-built factory in Alexandria to produce electrical components for vehicles, government sources told Al Arabiya. The company plans to invest USD 70-100 mn on the facility, which will dedicate its entire output to exports, mainly to Europe.

REMEMBER- The Madbouly government has been working to localize auto feeder industries as part of wider efforts to boost local production and assembly.

Tags:

investment watch Manufacturing textiles

INVESTMENT WATCH

SCZone kicks off China roadshow to attract investments in EVs, textiles and ports

The Suez Canal Economic Zone (SCZone) is courting Chinese investors to reel in USD hundreds of mns in new investments as part of its first international promotional roadshow for FY 2025-2026, according to a statement. The SCZone’s delegation, led by head Walid Gamal El Din, made its first stop in Shenzhen to pitch the zone’s offerings.

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

Hong Kong-based clothing manufacturer Crystal International Group is looking at establishing a USD 250-300 mn textile factory in the Qantara West Industrial Zone. The proposed project would span 1.5 mn sqm and is expected to create 30k–35k jobs, with Crystal International Group planning to export all of its output from the factory.

SCZone officials also pitched EV giant BYD on potentially setting up operations within the zone. The proposed investment could cover EV assembly, battery production, and solar panel manufacturing. No investment ticket or further details were provided.

REMEMBER- BYD’s local agent Al Amal Auto was reportedly in discussions with Egypt’s Industry Ministry in September 2024 to locally assemble two new models — a hybrid and a gasoline-powered vehicle. EVs were not part of that agenda at the time, due to infrastructure limitations.

Also in the meeting lineup: The delegation separately discussed future avenues for cooperation and investments in ports and logistics with representatives from Hong Kong’s Hutchison Ports, which operates a container terminal in Sokhna Port. The Sokhna Port terminal investment — which was announced in 2023 as part of a USD 1.6 bn bundle to construct new terminals at the Ain Sokhna and Dekheila ports — is estimated to have cost USD 250 mn.

ICYMI- Construction on the terminal began in July 2024 by construction firm EDECS, with operations slated for January 2026. EDECS has secured USD 93 mn in credit facilities from NBK Egypt to finance the project.

BY THE NUMBERS- The SCZone has attracted more than USD 4 bn in Chinese investments over the past three years. Egypt is targeting USD 16 bn in total Chinese FDI by 2029. China’s Belt and Road Initiative funnelled USD 4.8 bn into Egypt in 1H 2025, making Egypt the third-largest BRI investment destination worldwide.

Tags:

China investment watch Suez Canal Economic Zone

Economy

Kouchouk talks up tax performance and debt reduction progress

Finance Minister Ahmed Kouchouk talked up Egypt’s economic momentum and fiscal discipline at the Canada-Egypt Business Council, pointing to surging tax revenues and an improving debt trajectory. Kouchouk said tax revenues grew 35% y-o-y during the fiscal year 2024-2025 without increasing rates or introducing new tax burdens.

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

More on the tax front: The government is preparing a second package of tax facilities and plans to publish a comprehensive tax policy document by the end of 2025.

We have been waiting: The Finance Ministry is set to finalize a new package of custom facilities within the coming weeks, with a separate real estate tax relief package expected in 1Q FY 2025-2026, Finance Minister Ahmed Kouchouk said previously.

The ministry says the trust-building tax strategy is paying off: Some 500k taxpayers voluntarily submitted new or amended filings, resulting in nearly EGP 60 bn in additional dues. Another 170k requested to close old files, while EGP 7.5 bn in VAT refunds were issued. Around 70k taxpayers also joined the simplified tax system, with incentives planned for the first 100k small businesses that sign on.

Debt reduction efforts are underway: Kouchouk acknowledged public concerns over debt, saying the government has already begun to reduce debt-to-GDP and intends to continue improving all key indicators. The Madbouly government is targeting a USD 1-2 bn annual reduction in the Finance Ministry’s external debt load. “We understand people’s concerns — and we’re acting on them,” he said.

ICYMI- The Planning Ministry last month revealed that the country’s economy grew 4.8% in 3Q FY 2024-25, its fastest pace in three years, driven by a rebound in non-oil manufacturing and a 12.7% y-o-y rise in finished goods exports. Average growth for the first nine months of the fiscal year rose to 4.2% y-o-y, up from 2.4% y-o-y a year earlier.

AND- It’s too early for a new social protection package, the Finance Ministry clarified in a separate statement, putting an end to recent media reports about an imminent new social support package.

Tags:

Ahmed Kouchouk economy Finance Ministry tax

Agriculture

Hassan Allam Holding + Schneider partner to boost smart agriculture in Egypt

A new village-scale sustainability model is in the works: Our friends at Hassan Allam Holding signed an MoU with Schneider Electric to develop a sustainable and integrated model supporting the Nexus for Water, Food, and Energy (NWFE) initiative in rural Egypt, according to a press release (pdf). The initiative will roll out in El Nouras Village south of Port Said.

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

Why El Nouras? The 12k-resident agricultural community depends on El Salam Canal — a major water artery connecting Nile Water to lands in Sinai — for irrigation.

Tech-powered farming: The centerpiece is a solar-powered, climate-controlled greenhouse designed to cultivate various plant species, yielding approximately 20 tons of vegetables annually. The pilot will deploy Schneider’s EcoStruxure Platform to support sustainable water use, boost energy efficiency, and improve agricultural output.

Local context matters: The initiative targets persistent local challenges, “such as limited access to good irrigation water quality and low crop productivity due to climate change impact which have long prevented farmers from cultivating vegetables and achieving food self-sufficiency. “

What they said: “Hassan Allam Holding is committed to developing underserved communities through sustainable solutions that address water, food, and energy challenges in an integrated framework,” Hassan Allam Holding CCO Merette Elsayed said.

REFRESHER- The NWFE program — launched in 2022 — is the government’s flagship initiative aiming to raise blended finance for nine climate adaptation and renewables projects. We recently did a pulse check on the initiative’s progress and what it plans to achieve in the short and long term.

Tags:

agriculture Hassan Allam Holding NWFE Schneider Electric

DEBT WATCH

B.TECH closes EGP 859.4 mn securitized bond issuance

That’s a wrap on B.TECH’s fifth securitized bond issuance: Electronics retailer B.TECH closed a EGP 859.4 mn securitized bond issuance, according to a statement. The issuance is the fifth of a wider EGP 5 bn securitization program.

The details: This issuance came in two tranches — a nine- and an 11-month tranche. Both tranches received a P1 credit rating from Middle East Rating & Investors Service (MERIS).

Who bought in? The issuance saw strong demand from investors, with participation from CIB along with several investment funds managed by CI Asset Management (CIAM) and Arab African Investment Management (AAIM).

ADVISORS- CIB served as the sole financial advisor, lead arranger, manager, promoter, and underwriter of the issuance. Matouk Bassiouny & Hennawy was legal advisor, while Baker Tilly served as auditor.

IN OTHER DEBT NEWS-

Al Baraka Bank-Egypt secures USD 100 mn: Al Baraka Bank-Egypt lined up two facilities — each worth USD 50 mn — from the Islamic Corporation for the Ins. of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, according to Mubasher. The two facilities — a Documentary Credit Ins. Policy (DCIP) and a Bank Master Policy (BMP) — aim to bolster the bank’s Islamic trade finance offering for corporate and SME clients. The DCIP is geared toward mitigating export risks backed by LCs, while the BMP will support broader Islamic trade finance activity.

Tags:

B.TECH CIB debt debt watch

EARNINGS WATCH

CIB’s bottom line climbs 7% in 2Q 2025

CIB saw its net income rise 7% y-o-y to EGP 16.7 bn in 2Q 2025, according to its latest earnings release (pdf). Revenues were up 13% y-o-y during the quarter to record EGP 27.8 bn. The performance was carried by FX stability and robust core business performance.

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

Lending remained strong, with loans up 50% y-o-y and 24% year-to-date to EGP 496 bn. Growth was led by corporate loans and retail loans. Meanwhile, deposits rose 7% YTD to EGP 1.04 tn.

The market was banking on it: The EGX30 hit a record high of 34,071 points on Sunday — a day before CIB released its earnings — with CIB leading the charge. The bank’s shares closed at EGP 90 on Sunday and EGP 91.50 on Monday, their highest level in over a year, as investors priced in strong 2Q earnings against a national backdrop of continued FX stability. The broader market rally was fueled by optimism over progress on the IMF loan reviews and a blockbuster IPO from Bonyan.

The bigger picture: CIB’s net income rose 21% y-o-y in 1H 2025 to EGP 33.3 bn, while revenues were up 18% y-o-y to EGP 54.9 bn.

What they said: “Building on a strong start to the year, CIB delivered another solid set of financial results in the second quarter of 2025,” management said. “This materialized despite the easing monetary cycle backed by the stability witnessed in the foreign exchange market, in a testament to the true metal of CIB, as underpinned by strong core business performance.”

Tags:

CIB earnings earnings watch

Moves

A new GM for Astellas Egypt

Astellas Pharma has tapped Seonhee Lee (Linkedin) as new general manager of Astellas Egypt starting 1 August, the Korea Biomedical Review reported. With this appointment, she becomes the first Korean executive to lead Astellas in the region. She joined Astellas Korea in 2024 and brings over 20 years of experience in pharma.

Tags:

moves pharma

Also on our Radar

Infinity Libya launches Libya’s first solar plant

EXPANSION-

#1- Infinity Libya brings the country’s first solar plant online: Infinity Libya — a subsidiary of Infinity Group — has completed and delivered Libya’s first 1 MW solar power plant in Kufra, according to a press release (pdf). The project was finalized ahead of schedule and is now fully operational — running entirely by Infinity Libya-trained local engineers.

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

The solar plant will supply clean electricity to the Al Jouf Freezone, generating up to 2.2 GWh annually and saving around 545k liters of diesel while cutting carbon emissions by some 1.3k tons per year.

#2- Pickalbatros to open new hotel in Morocco: Pickalbatros Hotels & will soon launch a 373-room Sun-Go Marrakech Hotel in Morocco, Regional Marketing Director Mohamed Eid told Property Plus. The hotel will target family travelers.

REMEMBER- Pickalbatros acquired four hotels in Morocco last year, bringing its portfolio there to seven hotels and 2.6k rooms, with further investment and expansion plans in the pipeline.

LOGISTICS-

The Export Council for Chemical Industries and Fertilizers is eyeing establishing a chemical storage and export hub in Libya, aiming to double its Tripoli-bound annual exports to USD 550 mn, council president Khaled Abu Al Makarem told Al Arabiya. The first phase of the proposed hub is reported to span 8k meters and will include large warehouse facilities designed to house chemical goods and fertilizers vital for building materials.

Trade in numbers: Egypt’s chemical exports to Libya reached USD 272 mn last year — with plastic products at the top with USD 103 mn, followed by ink and paint products at USD 94 mn, detergents at USD 36 mn, glass at USD 13 mn, and fertilizers at USD 11 mn.

PHARMA-

Egypt, Zambia mull joint pharma factory: The Egyptian Drug Authority (EDA) is studying a proposal to establish a joint pharma factory in Zambia in partnership with local player Wadi El Neel and Zambia’s Pendulum Estates, according to a statement from the authority. The project aims to boost regional pharma integration, transfer production know-how, and support Egypt’s positioning as a regional hub for the industry while bolstering drug security across the continent.

REAL ESTATE-

Al Ahly Sabbour to develop tourism project in Ras El Hekma: Real estate developer Al Ahly Sabbour inked an agreement with JDAR Developments to co-develop an integrated 80-feddan tourism project in Ras El Hekma, Shorouk News reported, citing sources it says are in the know. The plot is an extension of JDAR’s existing Sea View project. The first phase of the project was already launched for sale this summer.

PROPTECH-

Emtelaak partners with Fawry Dahab to digitize real estate payments: Fractional property investment platform Emtelaak signed a strategic partnership agreement with e-payments provider Fawry Dahab to offer integrated digital payment solutions to its clients, according to a company statement.

Tags:

ALSO ON OUR RADAR Libya logistics pharma Ras El Hekma real estate Zambia

PLANET FINANCE

Volatility cost global corporates USD 320 bn in lost earnings since 2017

Volatility takes a bite out of earnings: The top 3.5k listed companies globally, with over USD 1 bn in annual revenue, have lost some USD 320 bn in earnings since 2017 due to geopolitical tensions and economic uncertainty, the Financial Times reported yesterday, citing an EY-Parthenon study. One in four of the 3.5k companies saw a 5% decrease or more in EBITDA margin in the period between 2017-2024.

The impact of volatility was also illustrated by the UK’s FTSE 100 index, where the study found that 40% of price fluctuations occurred on the days of major geopolitical and economic events — concentrated over the past three years — including the US inflation rebound, Russia’s war on Ukraine, the UK gilt market meltdown, the Israel-Hamas war, and Donald Trump’s return to the White House.

“After years of cheap money and relative geopolitical stability, a wave of macro shifts — from trade tensions to global conflicts — now means that government policy and global events are having a greater impact on value and profits than in many decades,” EY-Parthenon UK’s macro and geostrategy leader Mats Persson told the salmon-colored paper.

Chinese corporates took the hardest hit, with 40% of 833 companies surveyed losing a combined USD 73 bn of EBITDA, with losses concentrated in the real estate, steel, and construction sectors.

Against the headwinds: Many American and British companies managed to go against the current and post EBITDA far above their peers, including US’ Caterpillar, UPS, Pfizer, Merck, and Johnson & Johnson, and the UK’s Next, Croda, Rio Tinto, and Spirax.

Adaptability is key: Those top performers were the ones who “have successfully diversified their portfolio, managed their cost base, identified and understood various policy changes and updated their governance to reflect a different world,” Persson said.

MARKETS THIS MORNING-

Asian markets are little changed in early trading this morning, with Japan’s Nikkei up 0.1%, while Hong Kong’s Hang Seng and the Shanghai Composite are both down 0.1%. Wall Street futures are also holding steady, after the S&P 500 notched another record high yesterday, shrugging off the Trump administration’s tug-of-war with the Fed.

EGX30	34,130	+0.2% (YTD: +14.8%)
USD (CBE)	Buy 49.18	Sell 49.31
USD (CIB)	Buy 49.20	Sell 49.30
Interest rates (CBE)	24.00% deposit	25.00% lending
Tadawul	10,981	+0.2% (YTD: -8.8%)
ADX	10,235	-0.3% (YTD: +8.7%)
DFM	6,045	-0.8% (YTD: +17.2%)
S&P 500	6,306	+0.1% (YTD: +7.2%)
FTSE 100	9,013	+0.2% (YTD: +10.3%)
Euro Stoxx 50	5,343	-0.3% (YTD: +9.1%)
Brent crude	USD 69.21	-0.1%
Natural gas (Nymex)	USD 3.32	-0.2%
Gold	USD 3,414	+0.2%
BTC	USD 117,550	0.0% (YTD: +25.7%)
S&P Egypt Sovereign Bond Index	881.36	+0.1% (YTD: +13.4%)
S&P MENA Bond & Sukuk	145.72	0.0% (YTD: +4.1%)
VIX (Volatility Index)	16.65	+1.5% (YTD: -4.0%)

THE CLOSING BELL-

The EGX30 rose 0.2% at yesterday’s close on turnover of EGP 5.2 bn (3.3% above the 90-day average). Local investors were the sole net buyers. The index is up 14.8% YTD.

In the green: Edita (+4.1%), Ibnsina Pharma (+3.3%), and Fawry (+2.9%).

In the red: Qalaa Holdings (-4.0%), GB Corp (-3.5%), and Abou Qir Fertilizers (-2.2%).

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

Published every Tuesday in EnterpriseAM.

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Going Green

Egypt to roll out series of agriwaste investment opportunities

Gov’t eyes major push to attract investment ot agriwaste sector: The Environment Ministry is preparing to launch a series of agriwaste recycling investment prospects, CEO of the Waste Management Regulatory Authority Yasser Abdallah told EnterpriseAM. The strategy includes rolling out new investor incentives, connecting entrepreneurs with funders, and launching large-scale recycling and biogas projects with the private sector — all to reduce imports and meet alternative fuel mandates, Abdallah added.

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

The problem: Egypt generates 40-50 mn tons of agricultural waste annually, according to data seen by EnterpriseAM. However, a large portion of Egypt’s agriwaste — whether rice straw, citrus prunings, or palm fronds — is still burned or dumped, contributing to air pollution and squandering raw material that could be turned into energy, feed, or compost.

Geographical breakdown: The Nile Delta alone produces some 21.6 mn tons of agriwaste annually, led by Beheira (4.5 mn), Sharqia (4.2 mn), Dakahlia (3.3 mn), and Kafr El Sheikh (2.8 mn). Upper Egypt contributes another 6 mn tons, mainly from Minya (2.2 mn) and Beni Suef (1.2 mn).

The recycled agriwaste can feed into several industries — from compost and animal feed to wood products, paper, and alternative fuels. “What was once an environmental problem is now a significant economic opportunity,” Abdallah said.

What’s being done? Government-led efforts are focusing on infrastructure and collection, with an initial focus on densely cultivated Delta governorates. Key initiatives include setting up permanent and seasonal collection points — including for rice straw and citrus pruning — to ease logistics and promote recycling.

Small investors in the mix: The ministry is also working with the New Urban Communities Authority to allocate land for small investors to collect landscaping waste and supply factories. Licensed collection points will serve as raw material hubs for industries such as Edku’s fiberboard factory, which needs 120k tons of rice straw annually to create medium-density fiberboard (MDF).

A new unit to link investors to climate projects: The Environment Ministry has recently established the Environmental and Climate Investment Unit to connect investors with entrepreneurs and identify potential investments in green and climate-focused projects, according to a ministry statement.

Animal feed is a priority: The Waste Management Regulatory Authority is partnering with the Industrial Modernization Center to convert agricultural residue into animal feed, helping close Egypt’s feed supply gap and reduce imports. The project is being coordinated with the Federation of Egyptian Industries and will be pitched to investors later this year.

Biogas production to power underserved villages: Five to six companies are studying large-scale biogas projects that would supply off-grid villages with alternative energy. “There are currently around 2k small biogas units in villages producing energy from animal waste. Plans are now underway to establish factories and offer them to investors to produce biogas on a larger scale for underserved areas," Abdallah said.

Public-private collaboration is ramping up: The Environment Ministry and the Arab Organization for Industrialization are in talks with a foreign company to launch a EUR 70 mn palm fronds recycling project in New Valley to produce MDF wood. Palm fronds are a major waste stream in the governorate, which is home to 5 mn palm trees. There’s also a plan to recycle banana plant residues into high-quality compost and biodegradable packaging paper.

Private players have plenty in the works: BioMasr, a waste-to-energy company, is launching three new facilities to process agriwaste and organic waste, CEO Muhammad Omar told EnterpriseAM. The first is a biogas plant in partnership with Beyti that will process 30 tons of agriwaste daily, producing 700 cubic meters of gas. The second is a pyrolysis facility, fully owned by BioMasr, that will turn 30 tons of waste daily into solid, liquid, and gas fuels. The third facility which will generate electricity from agricultural waste is scheduled to come online in September.

Alternative fuels mandate coming into force: The Environment Ministry has ordered energy-intensive industries to source at least 15% of their fuel from alternative sources, Abdallah said. Officials are also assessing 500 slaughterhouses for potential conversion to biogas facilities, with a pilot in Kafr Shukr, Qalyubia already underway.

Challenges remain: The sector’s biggest hurdle is the lack of tariffs on waste disposal, Omar said. “There’s no direct revenue from collecting waste, and electricity sold to the state averages just 2.8 cents/kWh, compared to 12 cents globally,” he noted. Industry players are calling for a fixed tariff for agriwaste and organic waste disposal, he said.

Cost and supply chain issues: Agriwaste supply chains face high costs due to the scattered nature of residues, Hisham Sherif, CEO of the Egyptian Company for Solid Waste Recycling, which produces fertilizers and biofuels, told us. Seasonal feedstock availability complicates financial planning, while competition from subsidized fossil fuels adds pricing pressure. The sector also requires costly infrastructure to scale up, with weak integration between farmers, collectors, and off-takers driving up risk and price volatility, Sherif said.

What the sector needs: The government needs to identify profitable production conditions for biomass-based heat and power generation, including evaluating suitable technologies, feedstock quality, production schemes, and financing options, Sherif said. Ranking agricultural residues by availability and feasibility would help prioritize resources and efforts, he added.

Hosting a national Biomass Management Conference would help explore wider industrial uses for biomass, such as in MDF and pulp and paper, Sherif said. He also called for greater support for biomass tech development and a nationwide assessment of how biomass can contribute to Egypt’s renewable energy targets.

Investor incentives are on the table: Companies that submit recycling project proposals will be eligible for investment incentives outlined in the investment law, including favorable tariff structures aimed at drawing both local and foreign capital into the sector, Abdallah said.

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CALENDAR

JULY

22 July (Tuesday): Bonyan shares to begin trading on the EGX.

24 July (Thursday): Holiday in observance of the 23 July Revolution.

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

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

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.

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.

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