CBE cuts rates another 100 bps

1

What We're Tracking Today

Egypt will host delegations from Israel and Hamas tomorrow

Good morning, wonderful people, and welcome to the first full workweek of October. We hope the month to come is kind to us all.

It’s just 48 hours until we kick-off this year’s edition of the EnterpriseAM Egypt Forum. Our must-attend gathering of senior business leaders begins at 8am sharp with our trademark standing breakfast and networking session. You’ll want to be on time: Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat is the first of two keynote interviews that you won’t want to miss. The minister will be on stage at 9am.

Come and find out why we’re feeling optimistic about 2026 — and even more so about 2027 and beyond. With Egypt at a turning point, we’re going to dig into the issues that will set the tone for years to come — and talk about how you should be positioning yourself and your business to benefit. Among the topics on the agenda:

How is the alliance between Egypt and the UAE reshaping the region’s economy?
How are top execs preparing for 2026 — and what strategies they’re using to ensure their businesses are built to last.
Where (and how) we will live (and work) in 2035?
What’s working — and what’s not — for Egyptian companies expanding into new markets.
Can we get capital markets off life support?
Where is AI a threat to our businesses — and where could it give us all superpowers?

Registration for the event is now closed. Due to overwhelming interest from the community, we regret that we cannot accommodate everyone who has asked to be invited.

PIN codes for confirmed attendees will be going out today and tomorrow. Keep your eye out for yours and please make certain to bring it with you on Tuesday, 7 October at 8am to gain access to the event.

Join us and hear from some of the nation’s most insightful C-suite execs and founders, including:

Ahmed Abdelaal, Group CEO, Mashreq Bank
Dasha Badrawi, executive vice chairman, Marakez
Mostafa Gad, global head of investment banking, EFG Hermes
Hanan Abdel Meguid, founder and CEO, Kamelizer
Youssef Rizk, CEO, Wondercraft
John Saad, CEO, Contact Financial Holding
Laila Hassan, general partner, Algebra Ventures
Andrew Key, executive director, Enza
Amr Helal, CEO for the sell-side bank, CI Capital
Bassem Fayek, managing director and partner, Boston Consulting Group
Ahmad Badrelsin, CEO, Arkan Palm

The 2025 EnterpriseAM Egypt Forum is part of our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy. You can check out the conference website here.

PSA-

WEATHER- It’s another cool day in Cairo, with the capital in for a high of 31°C and a low of 21°C, according to our favorite weather app.

It’s even cooler in Alexandria, with a high of 28°C and a low of 20°C.

WATCH THIS SPACE-

#1- The IMF is open to Egypt postponing its privatization efforts to 2026, International Monetary Fund Managing Director Kristalina Georgieva told Asharq Business (watch, runtime: 21:27). “As long as we have [a] credible perspective, it will be taken into account in our discussions,” explained Georgieva, adding that “we are not fixated on superficial targets, we are committed to the direction of travel.”

REMEMBER- The IMF signaled that it's looking for progress on the privatization front ahead of the combined fifth and sixth reviews of our USD 8 bn Extended Fund Facility Arrangement. A mission from the Fund this month is expected to present privatizing state assets and expanding private sector activity in the economy as some of its most important demands, a senior government official told EnterpriseAM last month.

There’s been some progress on that front, with the government recently completing its census of state-owned companies — one of the most important steps yet in the state’s privatization program and a move that will shape the pipeline of IPOs expected to hit the EGX soon.

#2- Local consortium eyes USD 600 mn phosphate fertilizer plant: A consortium of local companies is studying plans to build a USD 600 mn phosphate fertilizer factory in the Golden Triangle Economic Zone, a government official told Asharq Business. The project’s first phase is expected to cost USD 200 mn, with raw materials to be supplied from the phosphate-rich city Sebaiya in Aswan.

Who’s involved? The consortium brings together EGX-listed Egyptian Financial and Industrial Company, Misr Phosphate, El Nasr Mining Company, and New Valley Company for Mineral Resources and Oil Clay (Wadico).

HAPPENING TODAY-

#1- Non-oil private sector activity to break its six-month streak in the red? S&P Global will release PMI figures measuring non-oil private sector activity for September later today. Last month’s report saw the country’s headline figure contracting to 49.2, taking us further away from the 50.0 threshold that separates growth from contraction.

#2- It’s day two of the Techne Summit Alexandria at the Alexandria Bibliotheca, which is gathering the region’s best and brightest entrepreneurs and investors to discuss everything from AI, data privacy, and funding to Gen Z breaking the economic mold. The summit wraps tomorrow.

We’re also nearing the end of the Egypt Innovation Week — which Techne Summit Alexandria is a part of. The event — which wraps up tomorrow — is a country-wide “week-long celebration [that] brings together entrepreneurs, investors, educators, and government leaders to spark collaboration and drive real impact,” according to the event organizers.

HAPPENING TOMORROW-

Egypt will host delegations from Israel and Hamas tomorrow for discussions on US President Donald Trump-proposed ceasefire agreement, our Foreign Ministry said in a statement. The two sides will discuss the conditions for a ceasefire in Gaza and the details of the hostage exchange. Trump’s envoys Jared Kushner and Steve Witkoff arrived in Cairo yesterday to finalize details of the hostage release and discuss the broader peace framework, AFP reports.

Hamas is mostly on board: Hamas said it will release all Israeli prisoners if Israel complies with the conditions detailed in the plan, but signaled that it is after further negotiations regarding the future of Gaza and rights of its citizens. Prime Minister Moustafa Madbouly welcomed Hamas’ acceptance of the agreement, calling it a “very positive step” that could pave the way for an immediate halt to the conflict, preventing the displacement of Palestinians from Gaza, and eventually lead to reconstruction efforts.

REMEMBER-Trump had put forward a 20-point plan that calls for an immediate ceasefire, a swap of hostages for Palestinian prisoners, a staged Israeli withdrawal, and Hamas’ disarmament and gave Hamas until later today to respond to it after it secured Israeli backing last week.

The talks come as Israeli airstrikes on Gaza killed dozens on Saturday, despite Trump’s call for Israel to halt its bombing following Hamas’ declaration that it was ready to free hostages under his plan, according to Reuters. Trump said Israel had agreed to an “initial withdrawal line” in Gaza and that a ceasefire would take effect immediately once Hamas confirms.

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

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THE BIG STORY ABROAD-

The Trump administration is once again the main topic of conversation in the foreign press after it unveiled plans to deploy hundreds of military personnel to Illinois despite objections from governor JB Pritzker. It remains unclear when or where the troops will be deployed, though the move follows similar federalizations in Los Angeles, DC, and Oregon, where National Guard units have been used to support local law enforcement. (Financial Times | Associated Press | Guardian | Reuters)

ELSEWHERE IN THE WORLD- Japan is on track to welcome its first-ever female prime minister, with ruling Liberal Democratic Party members electing Sanae Takaichi as their new leader following a tight race against Shinjiro Koizumi. The 64-year-old conservative, known for her alignment with former premier Shinzo Abe’s economic policies, will replace outgoing Prime Minister Shigeru Ishiba amid growing political and economic headwinds. Takaichi is taking over a weakened party facing economic challenges, strained US ties, and declining public support. Takaichi is expected to be confirmed by parliament on 15 October. (Reuters | Financial Times | BBC | Bloomberg)

As the Sahel summer winds down, the Red Sea is just getting started. Say hello to Somabay, a year-round seaside escape where tranquil waters, world-class diving, kitesurfing, golf, and wellness come together in one breathtaking destination. This September, it also hosts the ITF World Tennis Tour, bringing world-class tennis to the coast. Somabay is the perfect next stop, a place where the season never ends, and every day feels like the first day of summer

Central Bank of Egypt resumes rate cuts with 100 bps move

The Central Bank of Egypt has now cut rates a whole 625 bps since kicking off its easing cycle in April, after its Monetary Policy Committee (MPC) decided to cut rates by a further 100 bps during its sixth meeting of the year on Thursday, the CBE said in a statement (pdf). The decision marks a continuation of the easing cycle that resumed in August after a brief pause in July.

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

Where rates currently stand: The overnight deposit rate now stands at 21.00%, the overnight lending rate at 22.00%, and the main operation and disc. rates at 21.50%.

The why: The committee said its decision “reflects its updated assessment of inflation dynamics and outlook,” pointing to decelerating annual headline and core inflation. The CBE attributed the deceleration to “mild monthly dynamics … mainly driven by falling food prices and the relative stability of non-food prices.” It added that the “broad-based easing in price dynamics over the past three months suggests an improvement in inflation expectations and a gradual dissipation of the lingering impact of previous shocks.”

REMEMBER- Inflation slipped to its lowest level since March 2022 in August, coming in at 12.0%, and a number of analysts we spoke to see it staying on its downward trajectory.

The CBE now sees inflation averaging around 14% in 2025, an improvement on its commentary for the MPC’s August meeting, which put headline inflation between 14-15%. In the medium term, the bank sees inflation “moderating, albeit at a slower pace, as the disinflation path remains constrained by the downward stickiness of non-food inflation and the impact of both planned and higher-than-expected fiscal measures.” Looking further ahead, the committee still expects inflation to continue to make progress toward its 7% (± 2 percentage points) target for 4Q 2026.

As always, disinflation is not set in stone — “the inflation outlook remains susceptible to both domestic and global upside risks.” The MPC cited regional geopolitical tensions and larger than planned price hikes on certain products as the government reduces subsidies.

The move came in the middle of expectations from analysts polled by EnterpriseAM lastweek, with eight out of the 12 economists and banking experts we spoke to pencilling a rate cut between 100-200 bps, while the other four participants saw the CBE holding rates unchanged.

Analysts remain confident that this won’t be the last cut we will see this year, with the central bank still having room for at least one more 100 bps cut in 2025, Thndr Securities Brokerage’s Chief Equity Strategist Amr El Alfy told EnterpriseAM. “They will use their remaining rate cut room cautiously to balance supporting growth with maintaining price stability,” he explained. Deutsche Bank similarly forecasts a 100 bps cut in the MPC’s December meeting, but leaves the door open to further pauses if the effects of fiscal reforms “warrant an extended wait-and-see approach through December,” according to a research note from the lender seen by EnterpriseAM.

Others think the bank may make two separate 100 bps cuts before the year is out, including Capital Economics’ James Swanston, who sees the overnight deposit rate being lowered to 19.00% , according to a note.

Some corners of the int’l press also pick up the news: Bloomberg, Reuters.

Egypt eases payment terms for North Coast and Cairo-Alexandria Desert Road land fees

Developers will be allowed to pay the 20% down payment on both North Coast land transfer fees and Desert Road improvement levies over one year, instead of upfront, following lobbying off the New Urban Communities Authority (NUCA) by the Federation of Egyptian Industries’ (FEI) real estate division, according to a statement seen by EnterpriseAM. The remaining dues will be settled over five years at an annual interest rate of 10%, rather than the higher Central Bank of Egypt benchmark rate.

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

REMEMBER- NUCA had initially mandated that developers pay 20% of their total due upfront, with the rest paid over five years at the central bank’s lending rate, while levies imposed on developers on the Cairo-Alexandria Desert Highway and along the Dabaa Axis were required to settle 50% upfront and the rest paid interest-free over three years.

There was also confirmation of exemptions to ease investor concerns, including for projects that have already been built, plots directly sold by NUCA (whose pricing already included road improvements), and agricultural land with building ratios between 2-7%. They will be excluded from the new fees.

The housing minister has also reversed plans to withdraw land from developers who fell behind on construction targets, FEI real estate division head Osama Saad El Din told EnterpriseAM. NUCA will instead allow companies to purchase extensions to their implementation timelines, including grace periods to resume building, industry sources told us. Developers will also be given more time to comply to take into account work stoppage.

Real Estate Developers Chamber Chairman Tarek Shoukry welcomed the ministry’s “swift and constructive response,” arguing that the new terms would help unlock stalled investments on the North Coast and Desert Road and reinforce investor confidence.

Several other developer requests remain under government review, including those related to projects transferred among affiliated companies and large real estate groups, insider sources told us. A final decision on these cases will follow once NUCA completes its assessments.

SEKEM embarks on EGP 4.7 bn Toshka agricultural expansion plan

Our friends at Egyptian agribusiness SEKEM have set their sights on New Valley’s Toshka project, having inked a contract with the government to purchase some 23.5k feddans in the Toshka spillway area, according to a statement from the company seen by EnterpriseAM. SEKEM is assessing the land ahead of cultivation, which it hopes to kick off in the current 2025-26 agricultural season, a company official 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.)

SEKEM plans to invest some EGP 4.7 bn in the project over the next five years — just under USD 100 mn at current exchange rates, we were told. The planned investments come to around EGP 200k per feddan.

As a proudly organic grower, it made sense for SEKEM to choose Toshka, given it’s far from sources of chemical and biological pollution and is fed by fresh Nile water before upstream pollutants, the official told us. The vast Toshka project also boasts large virgin areas, the right climate for specific crops, and is part of the state’s project to reclaim the desert, which SEKEM is keen to support.

But Toshka also comes with its challenges, with new isolated communities in the desert facing “major logistical obstacles,” the official said. Road infrastructure, accommodation, schools, healthcare, fueling stations, energy sources, and supplies are often lacking, but SEKEM thinks it can use its previous experience across the decades to establish an agricultural community for the project and surrounding areas.

One way the project will address challenges stemming from its remoteness is by being an agri-industrial project, which not only grows, but also then processes produce into the final product for export or the local market, we were told. Doing this not only helps cut down on transport costs and losses, it also helps to support the foundations of the planned community.

The company is also working towards expanding in the region, with the final legal procedures underway to launch a company in Saudi Arabia and looking into which farms it will partner with as organic suppliers. An Algerian project is also in the cards, with SEKEM having already signed an agreement with an Algerian partner and conducting a market study. Kenya, South Africa, and Nigeria are also being studied for potential expansions.

DATA POINT- More than 34k farmers in Egypt now have adopted the SEKEM-supported Economy of Love standard, up from only 400 in 2022, the Egyptian Biodynamic Association said in a statement (pdf). By 2028, SEKEM wants to increase the number of farmers it has converted to sustainable agriculture practices to 250k.

Sungrow breaks ground on USD 120 mn battery storage plant in Egypt

Chinese renewables firm Sungrow has broken ground on its battery storage factory, Electricity Minister Mahmoud Esmat told Asharq Business. The USD 120 mn first phase of the project will have a production capacity of 2 GW, the minister said. The government will carry out the infrastructure and logistical works for the plant.

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

We had an idea this was coming: Last month, company representatives met with President Abdel Fattah El Sisi, where they discussed setting up a battery storage factory with an annual capacity of 10 GW.

REMEMBER- The government aims to have its renewable energy capacity reach 10 GW alongside 2.85 GW in battery storage by the end of 2025.

Why it matters: Battery storage projects will play a critical role in stabilizing Egypt’s power grid, ensuring supply reliability, and improving flexibility across the unified grid.

IN OTHER INVESTMENT NEWS- Local players Sharkya Watanya for Food Security and Capital Agro will set up a USD 25 mn integrated food industrial and logistics complex in Sharqia, Asharq Business reports. The first USD 15 mn phase will focus on machinery and infrastructure and the project will eventually include a freezing and storage complex, quick freezing lines, and facilities for packing fresh and frozen fruits and vegetables.

Egypt’s net foreign assets dip to USD 17.9 bn in August

Net foreign assets (NFAs) in Egypt’s banking sector shrank for the first time in three months by nearly USD 583 mn to hit USD 17.9 bn in August, marking a 3.3% m-o-m decrease, according to data from the Central Bank of Egypt. On an annual basis, our banking sector has almost doubled its net foreign assets, from USD 9.7 bn in August 2024.

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

Why do NFAs matter? Think of NFAs as the banking system’s core financial buffer — the net difference between the foreign currency banks hold (assets like USD and EUR) and what they owe to entities abroad (liabilities). A positive and growing NFA signals health — a strong capacity to cover import bills. In this case, the EGP will generally hold steady or even appreciate. But when NFAs shrink or turn negative, it means we owe more FX than we hold — and that’s when the EGP tends to slide against key foreign currencies.

Commercial banks saw their net foreign assets’ surplus narrowing to USD 7.3 bn in August, down from the USD 8.0 bn seen in July. Foreign assets in commercial banks fell to USD 38.7 bn in August, down from USD 39.4 bn a month earlier, while liabilities marginally inched down to USD 31.47 bn during the month.

The central bank recorded an increased surplus of nearly USD 10.7 bn by the end of August, up from USD 10.5 bn in July. Foreign assets at the CBE inched up to just under USD 48.1 bn, up from USD 47.8 bn a month earlier, while liabilities edged up to USD 37.4 bn, from USD 37.3 bn in July.

The dip is no reason to be alarmed, as a “decrease one month might be followed by an increase the next, indicating normal, routine movement,” Ahly Pharos Head of Research Hany Genena told EnterpriseAM. HC Securities’ Heba Mounir similarly pointed to the change as a result of “regular month-on-month liabilities,” with August welcoming numerous LNG shipments to meet heightened energy demand and dues paid out to the IMF at the start of the month.

France to channel EUR 4 bn in concessional financing and grants into Egypt through 2030

Egypt has secured EUR 4 bn in concessional financing and grants from France through 2030, Planning Minister Rania Al Mashat said yesterday during a joint press conference with French ambassador Eric Chevallier. The agreement — officially framed as a renewal of technical and financial cooperation agreement between the two countries — appears to be the first public acknowledgment of an earlier agreement stemming from President Emmanuel Macron’s April visit to Cairo.

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

The French government will cover the lion's share of the soft loans and grants, contributing a total of EUR 3.2 bn, while the French Development Agency (AFD) will provide EUR 800 mn.

Funds will be directed toward priority development sectors, including healthcare, education, and technical training, alongside green infrastructure and renewable energy projects under Egypt’s Nexus of Water, Food and Energy (NWFE) initiative, as well as private sector financing windows. The French ambassador stressed that France “does not impose any projects on Egypt,” but instead responds to government-defined priorities and development needs.

REMEMBER- During Macron’s April visit, Egypt and France elevated their partnership to a strategic framework with a focus on industrial localization, AI, cyber, and hydrogen. At the time, only EUR 260 mn worth of AFD-backed loans and grants were publicly announced.

France is already among Egypt’s largest foreign investors, with over EUR 7 bn currently deployed in the market, Al Mashat noted in separate remarks to Asharq Business (watch, runtime: 2:11). She added that beyond development financing, the partnership is also geared toward industrial localization — particularly in medical supplies and pharma — where France is expected to serve as a key strategic partner.

IHG’s Haitham Mattar discusses Egypt expansion plans

What’s next for IHG? In an interview with Cairo Weekend’s Zeina Soufan, Managing Director for the Middle East and Africa at IHG Hotels & Resorts Haitham Mattar said (watch, runtime: 8:49) the group is capitalizing on the boom in Egypt’s hospitality market — supported by major infrastructure projects — to develop several hotels across the new capital, New Cairo, the North Coast, and the Red Sea. He said IHG aims to maintain a balance across its hotel portfolio, expanding beyond luxury brands to include more family-oriented options to better cater to family travelers from markets like Russia, Germany, and the UK.

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

The new capital is getting three new hotels: Mattar added that IHG has signed agreements to develop three hotels in the new capital under the InterContinental, Crowne Plaza, and Holiday Inn brands. The three hotels will add 1k-1.2k rooms to IHG’s portfolio, with the first expected to open its doors in 2028 and the others following through 2031. Mattar said the group aims to expand its portfolio to 4k rooms in Egypt — its Voco North Coast hotel is set to open in 2029 and its InterContinental hotels in New Alamein is set to open its doors in 2030.

Amenhotep’s tomb reopening makes global headlines

Dominating the conversation on Egypt this morning: The Tourism Ministry has reopened the tomb of Pharaoh Amenhotep III in Luxor’s Valley of the Kings after more than two decades of Japanese-led restorations. The reopening comes just weeks before the Grand Egyptian Museum’s official launch. The tomb dates back more than 3k years and its restoration efforts are meant to attract more tourists. The Associated Press, DW, and Xinhua have the story.

Int’l consortium is after a controlling stake in Delta Chemicals

M&A WATCH-

French development finance institution Proparco, private equity firm Amethis, and SPE Capital are together targeting more than 80% stake in Delta Chemicals, in a deal potentially valued at some USD 50 mn, Asharq Business reports, citing two unnamed sources.. The sources say the consortium has already secured approval from the Egyptian Competition Authority, though final execution is pending regulatory and procedural clearances.

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

EXPANSION-

Homegrown Fridal eyes Gulf expansion: Egyptian fragrance and personal care company Fridal is in talks with a Saudi firm to expand distribution in Gulf markets, CEO Tarek Aboubakr told Cairo Weekend’s Zeina Soufan (watch, runtime: 8:13). The company plans to begin with distribution and later establish factories in the region.

More plans in the pipeline: The expansion plans come as Fridal looks to grow its exports from 30% to 50% of production by next year. The company also aims to widen its portfolio from 400 to 600 products by 2026, including new perfume and body splash lines, to tap into rising demand across the region.

OpenAI’s soaring valuation triggers AI rally

OpenAI has become the world’s most valuable startup after a secondary share sale valued the company at USD 500 bn, overtaking Elon Musk’s SpaceX at USD 400 bn. The company was last valued at USD 300 bn in March, when SoftBank led a USD 40 bn round that included Abu Dhabi’s MGX.

(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 latest transaction allowed staff and former employees to sell USD 6.6 bn worth of shares to investors including Thrive Capital, SoftBank, Dragoneer, MGX, and T. Rowe Price, the Financial Times quotes a source familiar with the matter as saying. The sale was heavily oversubscribed, with demand exceeding USD 10 bn. OpenAI had cleared up to USD 10 bn in stock for resale, but many employees opted to hold — a move insiders said reflected confidence in the company’s outlook.

The share sale highlights frenzied demand for AI, with investors speculating whoever comes out as the leader for the sector could eventually be worth USD tns. That optimism has been bolstered by Nvidia’s pledge last month to invest up to USD 100 bn in OpenAI to expand computing capacity.

Markets responded with a global rally: Chipmakers and tech indices added more than USD 200 bn in value in a single session, Bloomberg reports. South Korea’s SK Hynix jumped 10%, Samsung rose 3.5%, and the Kospi hit a record high. Taiwan’s TSMC and Hon Hai also climbed, as OpenAI entered into an agreement with South Korea’s SK Group and Samsung for the supply of chips for its Stargate initiative with Oracle and SoftBank.

Valuations are now stretched: The Philadelphia Semiconductor Index now trades at 27x forward earnings, close to last year’s peak, while Bloomberg’s Asia chip gauge stands at 19x. The Hang Seng Tech Index is up 50% YTD, also boosted by state support and corporate AI investment in China.

Analysts say the rally reflects fear of missing out. “Tech momentum shows no sign of fading [...] with headwinds brushed aside and every AI headline sparking bursts of euphoria,” Hebe Chen at Vantage Markets said. “Bubble talk lingers, but it’s FOMO that’s clearly running the show.”

Still, some warn valuations are running ahead of fundamentals, and any earnings stumble among mega-cap techs could trigger another sharp selloff, echoing April’s meltdown, JPMorgan Asset Management cautioned. “[Upcoming] fourth quarter earnings may force the reality check,” Chen added.

Not a problem for OpenAI? The company expects annual recurring revenue to hit USD 20 bn by year-end, up from USD 12 bn currently, FT reports, citing a person with knowledge of its finances.

EGX30	36,901	+0.4% (YTD: +24.1%)
USD (CBE)	Buy 47.69	Sell 47.83
USD (CIB)	Buy 47.70	Sell 47.80
Interest rates (CBE)	21.00% deposit	22.00% lending
Tadawul	11,496	-0.3% (YTD: -4.5%)
ADX	10,073	+0.1% (YTD: +6.9%)
DFM	5,918	0.0% (YTD: +14.7%)
S&P 500	6,716	0.0% (YTD: +14.2%)
FTSE 100	9,491	+0.7% (YTD: +16.1%)
Euro Stoxx 50	5,652	+0.1% (YTD: +15.4%)
Brent crude	USD 64.53	+0.7%
Natural gas (Nymex)	USD 3.32	-3.4%
Gold	USD 3,909	+1.1%
BTC	USD 122,297	+0.2% (YTD: +30.7%)
S&P Egypt Sovereign Bond Index	929.55	+0.1% (YTD: +19.5%)
S&P MENA Bond & Sukuk	150.83	0.0% (YTD: +7.8%)
VIX (Volatility Index)	16.65	+0.1% (YTD: -4.0%)

THE CLOSING BELL-

The EGX30 rose 0.4% at Thursday’s close on turnover of EGP 4.8 bn (8.3% above the 90-day average). Regional investors were the sole net sellers. The index is up 24.1% YTD.

In the green: Egypt Aluminum (+2.3%), Fawry (+2.2%), and ADIB (+1.3%).

In the red: Telecom Egypt (-2.4%), Emaar Misr (-1.8%), and GB Corp (-1.6%).

CALENDAR

OCTOBER

29 September-6 October (Monday-Monday): Egypt Innovation Week.

29 September-6 October (Monday-Monday): Capital Connect.

4-6 October (Saturday-Monday): Techne Summit Alexandria, Alexandria Bibliotheca, Alexandria.

5 October (Sunday): S&P Global releases PMI figures for September

7 October (Tuesday): 2025 EnterpriseAM Egypt Forum.

7-8 October (Tuesday-Wednesday): HACE-Hotel Expo, Egypt International Exhibitions Center.

7-9 October (Tuesday-Thursday): EgyMedica Exhibition, Cairo International Convention Center.

12-16 October (Sunday-Thursday): Cairo Water Week, Cairo.

12 October (Sunday): Capmas expected to release inflation figures for September.

19-20 October (Sunday-Monday): Egypt to host the fifth edition of the Aswan Forum.

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.

Mid-October: Capmas to publish the findings of its 2023-2024 income and expenditure survey.

NOVEMBER

1 November (Saturday): The official opening of the Grand Egyptian Museum.

16-19 November (Sunday-Wednesday): Cairo ICT 2025, Egypt International Exhibition Center

20 November (Thursday): Monetary Policy Committee meeting.

23-25 November (Sunday-Tuesday): NEBU Expo 2025 gold and jewelry exhibition, Egypt International Exhibitions Center, New Cairo.

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.

4-7 December (Thursday-Sunday): Egy Stitch & Tex Expo 2025, Cairo International Conference Center.

25 December: (Thursday): Monetary Policy Committee meeting.

EVENTS WITH NO SET DATE

Mid-2025: EGX launches sustainability index.

December: Germany’s North Rhine-Westphala business delegation to land in Egypt.

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.

10-12 February (Tuesday-Thursday): Gitex Global’s AI Everything Middle East & Africa Summit

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.

https://entlaq.com/events/2

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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