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Breaking down day one of the US-Egypt Policy Leaders Forum

1

What We're Tracking Today

Could Egypt house a German Industrial Zone?

Good morning, all. We kick off this very hot day with a busy issue led by trade news as we break down what went down during day one of the US-Egypt Policy Leaders Forum, the latest updates regarding our summer gas imports, and the government gearing up to issue fresh sukuk.

HAPPENING TODAY-

It’s day two of the US-Egypt Policy Leaders Forum at the Four Seasons Nile Plaza. The forum brings together big names from the cabinet — Prime Minister Moustafa Madbouly, nine ministers, and the head of SCZone — 79 executives representing 51 major US companies, and officials from the IFC, IMF, and World Bank.

How did day one play out? We have coverage of day one of the forum in the news well, below.

PSA-

WEATHER- It’s day three of the heatwave in Cairo — the capital is in for a high of 40°C and a low of 21°C, according to our favorite weather app.

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

** 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.

ICYMI- Missed this week’s Inside Industry? We sat down with Hayat Egypt General Manager Senol Keserlioglu for our Manufacturer of the Month column. You can check out the interview here.

WATCH THIS SPACE-

#1- Egypt and Germany agreed to “support efforts” to establish a German Industrial Zone within the Suez Canal Economic Zone (SCZone) following a meeting between Investment Minister Hassan El Khatib and German Economy Minister Katherina Reiche during the Arab-German Economic Forum, according to a ministry statement.

We’re still in the dark about what this proposed zone could look like, with the Egyptian side yet to elaborate on the proposal and the German side not having publicly acknowledged it yet. A source familiar with the discussions confirmed to EnterpriseAM that the project was proposed, but emphasised that no concrete commitments were made.

There’s a good chance that the proposal will remain just that — a proposal. While national industrial zones make sense for more state-led economies like China and Russia, the pull is not as strong for the more globalized and liberal market-based economy of Germany and its companies, our source told us. But what does make sense for German companies looking to set up shop in Egypt are industrial clusters, where companies are put together based not on national origin, but on complementary activities that can share infrastructure and feed each other inputs, we were told.


#2- The government has begun transferring land for the mega Ras El Hekma development on the North Coast to its Emirati partners, cabinet spokesperson Mohamed El Homsani said, according to Al Arabiya. Abu Dhabi wealth fund ADQ, through the project’s master developer Modon Holding, has broken ground on several construction projects, including a large hotel and other commercial and tourism facilities, El Homsani said.

The project’s first phase is proceeding as planned, with the remaining plots of land set to be transferred soon according to the project’s timetable, the spokesperson said.


#3- Vodafone will roll out the long-awaited 5G service in the “coming weeks,” CEO Mohamed Abdullah told Cairo Weekend’s Zeina Soufan (watch, runtime; 14:51).

ICYMI- Vodafone Egypt, Orange Egypt, e& Egypt, and Telecom Egypt secured the USD 150 mn 5G service license from the National Telecom Regulatory Authority last year.

CORRECTION- We slipped up in our 15 May issue of EnterpriseAM Egypt by mistakenly saying that news reports on the proposed Russian Industrial Zone date back until only 2019. One of our valued readers pointed out that the final agreement was instead inked in May 2018 after years of negotiation. We have amended the story on our website. H/t Mr. Tarek Kabil.

THE BIG STORY ABROAD-

Russia rained drones and missiles on Ukrainian cities overnight, in a massive air campaign that is deemed the largest air attack of the three-year war. At least 12 people were killed and 60 were wounded.

US President Trump told reporters he would “absolutely” consider additional sanctionson Russia, a move he declined to take weeks ago after EU leaders called on him to pressure President Putin into accepting a preliminary 30-day ceasefire.

SPEAKING OF THE EU- Trump said yesterdayhe’ll delay the 50% tariff on the EU until 9 July to give room for negotiations, after receiving a call from European Commission President Ursula von der Leyen requesting an extension from 1 June. The President said earlier he will opt to impose the high tariffs because “discussions with [the EU] are going nowhere.”

OVER IN GAZA- Israel’s military said it aims to capture 75% of the strip in two months, confining the population into the remaining area. The plan is part of an expanded Israeli offensive that saw a near-complete blockade on food and medicine entering the enclave, with UN chief António Guterres saying Israel has only authorized "a teaspoon of aid” to enter Gaza, “when a flood of assistance is required.”

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

In today’s issue: We take a look at the Education Ministry’s plans to replace publisher Longman with Cambridge University Press and Assessments as its new curricula partner in a long-term push to align the country’s school system with international standards and better prepare students for foreign universities.

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.

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Trade

US-Egypt trade relations set for a boost with soon-to-be-announced customs agreement

The US-Egypt Policy Leaders Forum kicked off with a promise of a new era of bilateral economic relations, with a new customs agreement between the two nations set to be announced soon. The agreement is in its “final stages,” US Ambassador Herro Mustafa Garg and Prime Minister Moustafa Madbouly said at the forum yesterday, attended by EnterpriseAM. The AmCham Egypt- and US Chamber of Commerce-hosted event saw the ambassador describe the coming agreement as a “significant milestone” in promoting bilateral trade and American investment in Egypt.

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

Garg was keen to emphasise how “mutually beneficial trade and investment are a top priority” for the Trump administration, so “US companies have a level playing field, whether working with the private or the public sector.” And with this new trade relationship, she added that she’s hopeful that “even more American companies especially in the information and communications technology sector will enter and expand their presence in the Egyptian market.”

Changes to our auto import requirements helped get the agreement over the line, with Madbouly revealing that the country on 11 May decided to exempt American-made automobiles from the country’s mandatory production standards. Egypt is “ready from today” to receive US-made cars that meet US federal standards, opening up a sizable consumer base for American manufacturers that are losing market share elsewhere on the back of tariff showdowns with much of the world.

US dairy producers also now get easier access to the Egyptian market, following a decision to permanently exempt American-made dairy products and their derivatives from having to acquire halal certifications upon import — a long-standing request from the American dairy industry.

Alongside this is a push to increase the number of accredited halal certification bodies and to cut halal certification fees by 30-50% as part of a broader overhaul to boost competition and, in turn, bring down prices, Investment Minister Hassan El Khatib said at the conference.

El Khatib also announced that its in-the-works online unified licensing platform will be launched in “the coming days,” which will let investors apply for 389 licenses and services for investors online and in one place — simplifying the often overwhelming, confusing, and time-consuming process that has been a frequently complained about barrier to investment for as long as we can remember.

But this will be just the first phase of a larger platform covering the entire project lifecycle, El Khatib revealed. The ministry is hoping to contract out developing the project in June and is looking to complete setting up the new and expanded platform over a 12-month period. A survey of all non-tax burdens has been completed and the ministry’s attempts to build up a plan to reduce these and make these more transparent is underway, he added.

A new national trade policy is also slated for announcement by the end of next month, according to El Khatib. The document will lay out the ambitious goal of ranking among the top 50 in global trade competitiveness and cutting customs clearance times from 14 days to just two by the end of 2025, he said.

More transparency ahead: Next month, the Madbouly government will publish a report detailing its KPIs on fiscal resilience, FDI, industry, trade, workforce readiness, and the macro level, Planning Minister Rania Al Mashat said. “We are here to make sure that we are growing, creating more jobs, but more importantly, creating resilience in the face of the different shocks that we are facing,” she said.

And speaking of fiscal resilience: “We’re seeing recovery and we’re seeing very strong tax reform this year. We were able to deliver a very strong surplus of 3.1% of GDP in the first 10 months of the fiscal year — this is the highest ever primary surplus we’ve ever realized,” Finance Minister Ahmed Kouchouk said. “We were also able to bring down debt despite the high interest rate.”

Industry Minister Kamel El Wazir also took to the stage to announce a plan to support struggling factories, which will see the central bank support a fund that will help “restructure struggling factories and support industries targeted for export,” he said. Underpinning these ambitions is Egypt's EGP 2 tn investment in transport infrastructure, which will include seven international logistics corridors designed to enhance connectivity and support the vision of Egypt as a regional trade and industrial hub. This includes the USD 550 bn already spent on infrastructure over the past decade, according to El Khatib.

DATA POINT- Egypt-bound FDI from the US totaled USD 3 bn in the previous fiscal year, marking the country as the second largest source of foreign investment. Trade between the two countries reached USD 8.6 bn in 2024.

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DEBT WATCH

Egyptian gov’t readies USD 1.5 bn sukuk issuance before the end of 1H 2025

Gov’t to issue fresh sukuk to pay off maturing 10-year bonds: The Finance Ministry could complete an issuance of international sukuk before the second half of June in order to repay some USD 1.5 bn of maturing 10-year bonds issued back in June 2015, a government source told EnterpriseAM.

The details: The ministry is currently coordinating with banks advising on the issuance to assess the feasibility of launching the issuance before the debt maturity date — especially as the repayment coincides with Eid Al Adha, which may require moving the payment to the first week of June, our source said. Foreign obligations for the public treasury in the fourth quarter of the current fiscal year amount to USD 3.1 bn, including debt repayments and maturing bonds.

We saw this coming: A government source told EnterpriseAM earlier this month that the Finance Ministry is aiming to complete an issuance of sukuk before the end of FY 2024-2025, with another government source telling us that the government is currently waiting on the most opportune time to complete the issuance, and said that this could happen as early as this month.

Remember: Finance Minister Ahmed Kouchouk said last month that Egypt is planning on issuing USD 2 bn in sukuk in 2025 through multiple offerings, with the government already having appointed banks for the issuance. The banks involved in the issuance are the same ones that managed our maiden sukuk issuance in February 2023 — HSBC and Citibank, along with Dubai Islamic Bank, First Abu Dhabi Bank, and Abu Dhabi Islamic Bank — a senior government source told EnterprimeAM at the time. Egypt also has a registered program with the London Stock Exchange worth USD 5 bn for issuing sovereign sukuk.

More to come: The government has been holding meetings with investors interested in subscribing to new sukuk issuances, our sources said.

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Energy

Egypt will see LNG shipments, regasification units coming its way next month

Two regasification units will dock in Egypt’s ports next month as we gear up for more LNG shipments, a government source told EnterpriseAM, confirming news first picked up by Asharq Business. The two units — contracted from Jordan and Germany — will arrive in Egypt on 5 and 15 June and will help process the 5-6 LNG shipments we have coming our way next month, our source said.

IN CONTEXT- The Oil Ministry received the go-ahead to sign contracts for up to 60 LNG shipments through early September to meet the expected high electricity demand in the summer. The shipments will help make up for a dip in Israeli gas flows that is expected to continue till August.

In numbers: The Madbouly government wants to triple its LNG imports to 1.8 bn cubic feet per day (bcf/d) from around 600 mcf/d, Asharq’s source said.

We have more regasification units on the way: Egyptian Natural Gas Holding Company inked a 10-year agreement with global maritime energy infrastructure player Höegh Evi for an LNG regasification vessel earlier this month — Egypt will reportedly have four regasification vessels leased by the end of 2026, with a combined capacity of 3 bn cubic feet per day, to help meet rising energy demand.

We have clarity on the volumes Egypt is working with: The government is planning to allocate some 146 mn cubic meters of fuel equivalent every day to power stations in June — 3.9 bcf/d of natural gas and 31k tons of mazut. The figure will be raised to 160 mn cbm in July before peaking at 162 mn cbm in August.

Egypt’s natural gas output currently stands at around 4.2 bcf/d, well below average summer demand of 6.2 bcf/d — the figure climbs to 7 bn cf/d during peak consumption months. Power plants currently consume 3.4 bcf/d, while industrial usage stands at around 2.1 bcf/d, according to Asharq’s source.

ALSO IN ENERGY NEWS-

ExxonMobil is fast-tracking drilling at its Cairo and Masry concessions in the eastern Mediterranean after wrapping seismic surveys, according to a cabinetstatement out following a meeting between Prime Minister Moustafa Madbouly and ExxonMobil VP for Exploration Jon Ardill. Ardill said the company is accelerating prep work at the two blocks, with the aim of achieving new discoveries in deepwater zones.

The state wants this moving quickly: Madbouly directed government agencies to streamline licensing and logistics to support the US energy giant’s timeline. He also requested a clear work program outlining when production is expected to begin.

5

Real estate

TMG inks an MoU with the Iraqi government to develop a project in Baghdad

TMG is officially heading to Baghdad: Talaat Moustafa Group (TMG) has signed an MoU with Iraq's National Investment Commission to develop a mixed-use project in South-West of Baghdad, marking the company's entry into the Iraqi market, according to a statement (pdf) from the company and another from the Iraqi government.

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

The details: The project, located in Baghdad’s new administrative capital Al Rafeel City, will span 14 mn sqm and include around 46k residential and commercial units, as well as schools, hotels, and other services.

We knew this was in the pipeline: TMG confirmed last month that it was working on a USD10 bn project in Iraq. The project is expected to generate an estimated USD 17 bn in total sales and a recurring income of more than USD 1.5 bn per year once it is completed.

What they said: “This is an opportunity that has been identified and understudy by the Group for the last year, and given the strong recovery of the Iraqi economy and the supply gap of quality residential offerings in the market, TMG believes it is best positioned to exploit this attractive opportunity achieve deliver compelling returns from its expansion into Iraq,” the real estate developer said in the statement.

TMG is on a roll: The developer just announced its plans to expand into Oman, signing an agreement with the Omani Housing Ministry to develop two mixed-use developments in the Gulf nation. The projects will see investments of OMR 1.5 bn and provide 13k residential and hotel units, generating OMR 1.8 bn from sales.

PARTMENT LAUNCHES PARTMENT STAYS-

Partment expands into short-term rentals: Proptech startup Partment has launched Partment Stays, a comprehensive platform that transforms underutilized properties into professionally managed short-term rentals while helping property owners navigate new holiday home rental regulations, according to a press release (pdf). Partment Stays will manage all the paperwork and regulation processes on owners’ behalf, as well as offer a complementary consultation on what works best for their property, after that it will take over the "management of the property’s design, furnishing, guest experience, payouts, and everything in between,” co-founder and CEO Nadim Nagui told EnterpriseAM.

REMEMBER- The government aims to attract some 25 mn tourists annually by 2028, creating demand for an estimated 250k additional rooms — a gap that platforms like Partment Stays are positioned to help fill beyond traditional hotel accommodation, especially in the North Coast, which Nagui claims has started to attract a lot of foreign travelers.

“This is a natural evolution for us as a company,” Nagui explains. “We see a lot of potential in underutilized properties, and we’re very big on sustainability when it comes to real estate development and usage.” Partment’s ambitions extend beyond property rentals. The company is testing a private chauffeur service and considering additional lifestyle services like yacht rentals, or personal trainers.

AND- Aljar Development and NHMC Group UK unveiled a 46 acre project, Aljar British District in East Cairo, according to a statement. The project will house hotel and residential units, a 24-acre medical city, commercial and administrative spaces, and an educational zone. The medical city is set to host the first accredited British medical school in Egypt, awarding degrees from Aston University. Construction has begun and delivery is expected within the coming three years.

6

M&A WATCH

FRA grants CIRA more time to submit its MTO for a larger piece of CAED

CIRA Education now has until early July to submit its mandatory tender offer (MTO) to up its stake in EGX-listed subsidiary Cairo for Educational Services (CAED) after the Financial Regulatory Authority granted it a 30-working-day extension starting 21 May, the authority said in a statement (pdf).

REMEMBER- CIRA is looking to increase its stake in CAED to up to 90% from the current 69.4%. CIRA is looking to snap an additional 20.6% of its subsidiary — represented in 2.5 mn shares — at an initial price tag of EGP 30 per share, putting the total transaction value at some EGP 74.2 mn by our math. CIRA plans to keep CAED listed on the exchange if the MTO goes through.

IN OTHER M&A NEWS-

#1- EGX-listed Ajwa Group is planning to take control of Saudi logistics firm Atco by acquiring a 70% stake through a share swap, the company’s Chairman Ahmed Tarek told Asharq Business.

Not Ajwa’s first logistics venture in the Kingdom: Ajwa already owns Saudi-based Ajwa PortServices, and acquiring a majority stake in Atco is likely to achieve operational and cost synergies, giving the buyer a stronger hold in the Saudi market.

Ajwa loves the Kingdom: Ajwa is set to open branches in the Kingdom within the next few months, Tarek said.

#2- Elite Financial Consulting is preparing two healthcare companies for upcoming acquisitions and is currently conducting their fair value assessments, Amwal Al Ghad reports citing Elite’s Vice Chairman Tamer Hussein. One of the companies is a major orthopedic surgery hospital, while the other is a general multispecialty hospital, Hussien said.

7

DEBT WATCH

EFG Hermes’ brokerage arm closes EGP 900 mn short-term note issuance

EFG Hermes closed a EGP 900 mn senior unsecured short-term note issuance for Hermes Securities Brokerage (HSB), its wholly owned brokerage arm. The 12-month bond comes with a floating interest rate, and is the sixth issuance by HSB and the first under a newly approved EGP 3 bn program, the investment bank said in a statement (pdf).

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

While the note is unsecured, the issuer’s strong credit rating provides reassurance to investors, signaling low risk and supporting market appetite for the transaction. HSB has a long-term senior unsecured rating of BBB+ with a positive outlook and a P2 short-term rating, both affirmed by local ratings agency MERIS.

The details: The buyers were mainly asset manager funds, and the proceeds are earmarked to finance company operations. Meanwhile, the note’s variable interest rate is benchmarked against the one-year T-bill net of tax.

What they said: “This issuance is a testament to our ongoing commitment to fostering sustainable growth within Egypt's financial markets as we continue to deliver innovative financing solutions and attract substantial demand from an investor base in such issuances beyond commercial banks,” said Maged El Ayouti, co-head of investment banking at EFG Hermes.

ADVISORS- EFG Hermes played multiple roles on the issuance, acting as the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger. CIB served as the placement and subscription bank, while counsel was provided by Dreny & Partners. KPMG acted as the auditor.

The bigger picture: The transaction adds to a busy year for EFG Hermes’ debt team. Recent mandates include Bedaya’s sixth securitized issuance (EGP 1.6 bn), Valu’s (EGP 463.3 mn) securitization, and Sylndr’s EGP 370 mn working capital facility. EFG also advised on a EGP 450 mn issuance for its leasing and factoring subsidiary EFG Corp-Solutions.

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EARNINGS WATCH

Madinet Masr sees dip in income, revenues due to a market correction period

Real estate developer Madinet Masr saw its net income dip 32.6% y-o-y in 1Q 2025 to EGP 794.9 mn, according to the company’s latest earnings release (pdf). Revenues fell 16.7% y-o-y during the quarter, coming in at EGP 2.6 bn.

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

Behind the dip: The company attributed the decrease in top and bottom lines to a 23.4% y-o-y decline in revenues from new sales. “This decline comes as the market normalizes from exceptional demand last year, when widespread economic uncertainty had fueled a sharp rise in real estate investments,” the company said in the release.

Contracted sales fell 22.9% y-o-y during the quarter to EGP 11.5 bn due to “a real estate market correction period compared to record-highs last year.” The developer’s Taj City and Sarai projects continued to lead sales — making up 35.2% and 40.9% of the developer's sales during the three-month period.

Looking ahead: “Heading into the summer months, we remain confident in our ability to grow our developments and deliver on our commitments. With a strong project pipeline, a diversified subsidiary base, and a proactive approach to market trends, Madinet Masr is well-positioned to sustain growth and generate long-term value for all of its stakeholders,” CEO Abdallah Sallam said.

ALSO FROM MADINET MASR- Sallam believes that the long-awaited amendment to the Old Rent Law could unlock significant value for Madinet Masr, which owns over 50k sqm of administrative and commercial space in Nasr City under the legacy rental framework, Sallam told Al Arabiya. The company expects the move — if passed — to have a “positive impact” on its bottom line and asset valuations.

REFRESHER- MPs are currently discussing amendments to the Old Rent Law, with proposals on the table to gradually raise rents on long-frozen contracts to a minimum of EGP 500 in rural areas and EGP 1k in cities over five years. The move follows a Supreme Constitutional Court ruling last November that deemed the decades-old fixed rental rates unconstitutional, prompting lawmakers to act.

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LAST NIGHT’S TALK SHOWS

The US-Egypt Policy Leaders Forum took over the airwaves last night

The nation’s talking heads took to the airwaves to discuss day one of the US-Egypt Policy Leaders Forum, which brought together members of the Madbouly cabinet and a US Chamber Business delegation.

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

The forum helped familiarize the American business community with Egypt’s recent reforms and economic progress, Planning Minister Rania Al Mashat told Ala Mas’ouleety (watch, runtime: 4:36), adding that the country aims to position manufacturing and exports as key sectors driving growth.

Clearing the confusion on halal certification: The halal certification exemption only applies to dairy products — meat and poultry imports still require certification, Agriculture Minister Alaa Farouk told El Hekaya’s Amr Adib (watch, runtime: 7:06). “We ensure that all meat in Egypt is slaughtered according to Islamic guidelines,” he said, adding that dairy, however, is produced from living animals, so there is no such thing as halal or non-halal dairy products.

Why was the policy there in the first place? Cabinet spokesman Mohamed El Homsani broke it down further on Ala Mas’ouleety (watch, runtime: 19:57), saying that the halal certificate requirement for dairy was a precautionary measure that proved unnecessary and scrapping it would mean lower costs for importers and consumers.

WANT THE FULL RUNDOWN? We dive into all that went down during day one of the forum in the news well, above.

ALSO ON THE AIRWAVES- Qena witnessed a blackout that Electricity Ministry spokesperson Mansour Abdel Ghany ruled as an accident that has been fixed and shouldn’t recur on Kelma Akhira (watch, runtime: 11:49).

10

Also on our Radar

Canada’s Borna plans to set up USD 40 mn factory for decarbonization tech

CLIMATE-

Canada’s Borna eyes USD 40 mn decarbonization tech facility: Canada-based clean-tech firm Borna plans to invest USD 40 mn to set up a facility focused on manufacturing flare gas recovery systems, carbon separation technologies, and reinjection solutions for the Egyptian natural gas network, according to a statement by the General Authority of Investments and Freezones. The company aims to help contracted partners tap into Egypt’s carbon market, while also supporting exporters’ compliance with the EU’s Carbon Border Adjustment Mechanism (CBAM).

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

BANKING-

Banks to trim rates on high-interest CDs? Banque Misr and the National Bank of Egypt will see their Asset-Liability Committees meet to review interest rates on certificates of deposit (CDs), according to statements seen by EnterpriseAM. The move follows the central bank’s latest interest rate cut.

REMEMBER- The two state-owned lenders cut rates on their CDs last month shortly after the central bank announced its first rate cut in years.

11

PLANET FINANCE

Trump’s push for made-in-America iPhone could double prices for consumers

US President Donald Trump is once again piling the pressure on Apple for it to manufacture the iPhone stateside, calling on CEO Tim Apple Cook to make America’s most widely bought phone in the “United States, not India, or anyplace else” in a Friday post on Truth Social. Imported iPhones will face a tariff “of at least 25%,” he warned.

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

But a 25% tariff on imported iPhones could double prices, pushing the price on store shelves to USD 2k and upwards, according to TechInsights’ Wyne Lam, who was cited by the New York Times. “In the short term, it’s not economically feasible,” Lam argued, with upfront costs to develop domestic production capacity and considerably higher labor costs presenting almost insurmountable obstacles while keeping Apple’s flagship product at a commercially effective price point.

There are also numerous other reasons why around 80% of iPhones are still made in China, including the country’s massive and flexible workforce with immense experience assembling miniature components, tooling engineer expertise, and an integrated supply chain close to input suppliers. Rebuilding this labor force in the US and developing an efficient and cost-effective ecosystem would take not just years, but bns of USD — which the Trump administration has so far been reluctant to put its money behind.

Apple execs also firmly have their sights set on the future — and that future may not include the iPhone. With the tech giant increasingly focused on artificial intelligence and believing that the future of consumer tech devices will be designed around it, the company’s best-selling device may be replaced by another yet-to-be-created piece of technology. “I would be surprised if there’s an iPhone 29,” Lam said, meaning that the bns of needed investment to onshore iPhone production may never be recouped.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning. Japan’s Nikkei is up 0.6%, Korea’s Kospi is looking at gains of 1.0%, and the Shanghai Composite is up 0.3%. Meanwhile, the Hang Seng is down 0.2%.

EGX30

32,024

+0.2% (YTD: +7.7%)

USD (CBE)

Buy 49.83

Sell 49.97

USD (CIB)

Buy 49.84

Sell 49.94

Interest rates (CBE)

24.00% deposit

25.00% lending

Tadawul

11,000

-1.7% (YTD: -8.6%)

ADX

9,665

0.0% (YTD: +2.6%)

DFM

5,464

+0.2% (YTD: +5.9%)

S&P 500

5,803

-0.7% (YTD: -1.3%)

FTSE 100

8,718

-0.2% (YTD: +6.7%)

Euro Stoxx 50

5,326

-1.8% (YTD: +8.8%)

Brent crude

USD 65.31

+0.8%

Natural gas (Nymex)

USD 3.35

+0.4%

Gold

USD 3,373

-0.7%

BTC

USD 108,404

+0.4% (YTD: +15.8%)

S&P Egypt Sovereign Bond Index

869.4

+0.1% (YTD: +11.8%)

S&P MENA Bond & Sukuk

142.8

+0.2% (YTD: +2.1%)

VIX (Volatility Index)

22.29

+9.9% (YTD: +28.5%)

THE CLOSING BELL-

The EGX30 rose 0.2% at yesterday’s close on turnover of EGP 4.2 bn (10.1% below the 90-day average). Local investors were the sole net buyers. The index is up 7.7% YTD.

In the green: Beltone Holding (+5.0%), Oriental Weavers (+3.4%), and Palm Hills Development (+3.4%).

In the red: Ibnsina Pharma (-2.6%), EFG Holding (-2.0%), and GB Corp (-1.9%).

CORPORATE ACTIONS-

EFG Holding’s board approved the firm’s plan to distribute 20.5% of U Consumer Finance — which owns and operates the Valu brand — to shareholders as a dividend, according to an EGX disclosure (pdf). The stock will begin trading on the EGX that same day the shares are granted — Valu temporarily listed 2 bn shares on the EGX starting last Thursday, giving it six months to meet listing requirements and obtain regulatory approvals before the shares start trading.

12

BLACKBOARD

Egypt’s Education Ministry eyes Cambridge University for curriculum overhaul

The Education Ministry is in final talks to tap Cambridge University Press and Assessments as its new curricula partner in a long-term push to align the country’s school system with international standards and better prepare students for foreign universities. The move would see Cambridge University Press and Assessments replace UK-based publisher Longman, whose four-year contract under Pearson Education to develop and write textbooks has come to an end. The ministry also plans to cancel its agreements with Discovery Education and York Press, adopting Cambridge’s skill-based learning materials instead, a government source told EnterpriseAM.

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

Talks are currently in their final stages between the Education Ministry and Cambridge over a potential agreement to roll out skill-based, advanced curricula as part of a broader shift to the baccalaureate system and efforts to better align education with the labor market, an Education Ministry official told EnterpriseAM. While the decision has yet to be formally announced, the official expressed confidence that the partnership will go through, framing it as a turning point for curriculum reform in Egypt.

REFRESHER- The Education Ministry is planning to replace the Thanaweya Amma with a new baccalaureate system starting the next academic year. The system would cut subjects from 32 to 7, introduce four specialization tracks, allow two grade re-takes, and align with international standards like the IB and IGCSE. It has already received cabinet sign-off and is now subject to community consultation.

Why Cambridge? Bringing Egyptian curricula in line with international standards is a national and societal imperative, educational researcher Hassan Shehata told EnterpriseAM. He described the agreement with Cambridge as a “qualitative leap” for pre-university education, shifting students away from rote memorization and toward a system that builds critical thinking, analysis, open-mindedness, and cultural awareness.

The new Cambridge-developed curricula are designed to align with the planned baccalaureate system and pave the way for a twinning model with UK schools at the pre-university level, Shehata added. The move is expected to attract investment to the education sector and raise overall quality by overhauling not just English curricula, but also core subjects like math, science, and life sciences.

The shift to Cambridge-aligned curricula could also help bridge the gap between pre-university and higher education by embedding critical thinking, research, and applied learning into the classroom — skills increasingly demanded by both local and international universities, Shehata told us.

The current push aims to broaden access to the widely respected and in-demand British education system, which has long been popular among families who can afford to enroll their children in international schools offering Cambridge-accredited IGCSE certificates, the source said. The Education Ministry now aims to accredit more than 200 official international schools and upgrade both public school curricula and language programs in private schools to reflect Cambridge standards.

A growing number of international schools now offer Egyptian certificates accredited by Cambridge, alongside the state-run Nile International Schools, which also follow the Cambridge framework. Education Minister Mohamed Abdel Latif met with Cambridge officials in February to renew and expand the partnership as the British system remains central to many schools’ curricula, exam models, and IGCSE offerings.

Private schools have yet to receive official instructions on whether they will be required to adopt the new Cambridge-aligned curricula, a school head told EnterpriseAM. For now, the English-language Connect curriculum — rolled out in 2018 under the Education 2.0 initiative — remains in use. The ministry is expected to clarify soon whether the new system will extend to private education institutions amid an ongoing debate over the role of national versus international standards in curriculum design.

Before Connect and Discovery materials were mandated, many private schools already used content from Cambridge, Oxford, and Macmillan, tailored to their educational models and designed to keep pace with international schools, according to the school head. “We were in serious competition with international education,” the source said, adding that the shift to Connect has weakened students’ language acquisition.

The move could help revive private sector interest in K-12 education, which has waned in recent years, according to the source. Giving private schools more flexibility in terms of curriculum selection — similar to international schools — would raise academic standards and meet rising demand from parents shifting their children to British-style education, the source added.


Your top education stories for the week:

  • The cabinet approved draft amendments to add vocational education as a third track for high school students alongside the existing science and arts tracks in a bid to meet labor market needs. (Cabinet statement)
  • Tatweer Misr is renegotiating its agreement with New Jersey Institute of Technology to revive the stalled Bloomfields education zone, aiming to boost student intake and expand academic offerings. The company will also seek fresh investors to help finance the project. (Al Mal)
  • The University of East London and East Capital University inked an MoU to establish an integrated educational complex offering programs that address future job market needs and build scientific research bridges between Egypt and the UK. (Cabinet statement)

MAY

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

1-2 June (Sunday-Monday): Cruise Egypt Forum, Hilton Cairo Heliopolis Hotel.

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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