CBE holds interest rates

1

What We're Tracking Today

Institutional investors have until end of trading to subscribe to Bonyan’s IPO

Good morning, all. We kick off the work week with a packed issue, led by the central bank’s decision to hold rates, the government’s new debt strategy, and the latest on the Bonyan IPO.

BEFORE WE DIVE IN- The aftermath of the Ramsis Central fire is almost behind us but many questions about our digital infrastructure remain unanswered.

Telecom and internet services are now largely back online, while many have reported that some bank ATMs were still out of action as of yesterday. Flames briefly reignited at the Ramses Central on Thursday before firefighters brought them under control. The National Telecommunications Regulatory Authority has ordered the four telecom operators to compensate ADSL customers with 10 GB and mobile users with 1 GB. The “too-generous” reimbursement revives the perennial question: Why can’t we get unlimited data plans?

The scorching temperatures that sparked multiple fires over the weekend have also revived concerns about whether we can avoid power cuts this summer, after electricity consumption peaked at 37 GW on Thursday. The government vowed last year not to return to the daily outages that plagued the nation for two years before ending ahead of last summer, and it geared up by boosting mazut imports and chartering FSRUs to take LNG cargos. Yet new reports now suggest that new FSRUs may not enter service for a few more weeks. More on this in the news well, below.

HAPPENING TODAY-

Institutional investors have until the end of trading today to subscribe to Bonyan’s IPO, after the subscription window was extended by one day to account for the EGX’s full-day halt last Tuesday following the Ramses data center fire. Retail investors have until Wednesday to subscribe to the issuance.

High demand: So far, the private placement is covered 5.17x and the retail tranche is oversubscribed 3.3x, sources told Asharq Business.

Investor demand for Bonyan’s offering reflects two key trends. First, the market is thirsty for fresh, high-quality paper. Second, retail investors are looking for new, active, and indirect ways to access real estate.

Direct investment in physical property has become increasingly expensive and illiquid. Fractional property investment is still in its early stages, and real estate funds are still waiting for a clear regulatory framework.

REMEMBER- Real estate has helped Egyptians preserve value through repeated currency devaluations in recent years, and real estate shares — most notably TMG — have delivered higher returns compared to most asset classes including physical property.

PSA-

WEATHER- It’s another sunny day in Cairo, with a high of 35°C and a low of 24°C, according to our favorite weather app.

It’s a little cooler in Alexandria, with a high of 30°C and a low of 22°C.

For decades, Sahel has been synonymous with summer's embrace: clear waters, crisp breezes, and vibrant nights. But last year, Ras El-Hekma cast a spotlight on its potential as a regional investment and tourism engine.

In the second issue of our Destination Sahel series, we’re digging deep into the infrastructure needed to support this evolution and whether Sahel has a spot on the global tourism stage..

Look for Destination Sahel, Issue II, in your inbox this Tuesday, 15 July.

Missed the first issue? Tap here to read the full series.

SETTING THE RECORD STRAIGHT-

Gov’t denies land price hike for Emirati investor: The cabinet denied claims by Emirati businessman and CEO of Al Habtoor Group Khalaf Al Habtoor that Prime Minister Moustafa Madbouly intervened to inflate the price of a plot of land in the North Coast that he was looking to buy. Al Habtoor claimed that Madbouly pushed the plot’s price tag to USD 30 mn from USD 10 mn. The cabinet said that the businessman is yet to make an official request to acquire the plot.

And Al Habtoor responds: “This clarification is a positive message that reinforces my confidence that Egypt is a state committed to providing a fair, transparent, and open investment environment,” Al Habtoor wrote in a post on X.

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

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DATA POINT-

Total installed wind capacity hit 3.03 GW after the Red Sea Wind Energy consortium fully commissioned its 650 MW wind farm in Ras Ghareb, Mees reported. The country now has 5.5 GW of total renewable capacity, with wind and solar power now making up 6.7% of the country’s total power generation.

THE BIG STORY ABROAD-

Trump’s latest tariff threats are once again dominating the foreign front pages: US President Donald Trump is threatening to slap new tariffs on imports from the EU and Mexico, escalating his protectionist drive ahead of the 1 August deadline for sweeping new trade measures. “Starting on 1 August 2025, we will charge the European Union a tariff of only 30% on EU products sent into the US, separate from all sectoral tariffs," Trump said in a letter on his Truth Social media. He also accused Mexico of failing to stop “the Cartels who are trying to turn all of North America into a narco-trafficking playground,” and threatened a similar 30% levy.

All eyes on 1 August: Trump last week sent letters to trade partners warning of new tariffs, with his administration saying the reciprocal measures could take effect as early as 1 August. The sweeping threat includes a 50% levy on copper imports, a potential 200% tariff on pharma products, and a 35% hike on Canadian exports. (Reuters | Bloomberg | FT | New York Times | CNBC | Associated Press)

CLOSER TO HOME- Talks in Doha aimed at brokering a 60-day ceasefire between Israel and Hamas are faltering over Israeli troop withdrawal terms, sources from both sides told Reuters. Hamas has rejected Israeli-proposed maps that would keep 40% of Gaza — Rafah and areas in the north and east — under Israeli control. Israel, for its part, blames Hamas for “stubborn” negotiating. Two Israeli sources told the newswire that Hamas wants Israel instead to withdraw to the lines that it had occupied before resuming their military aggression in March.

Egypt holds interest rates steady

CBE leaves interest rates unchanged: The Central Bank of Egypt (CBE) decided to leave interest rates unchanged in its fourth meeting of the year on Thursday, the bank said in a statement. The move marks a halt in the Monetary Policy Committee’s (MPC) easing cycle, after it cut rates by 225 bps in April and 100 bps in May.

(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 24.00%, the overnight lending rate at 25.00%, and the main operation and disc. rates at 24.50%.

The why: The MPC said that the current level of interest rates is appropriate to keep inflation on a downward path and maintain a tight enough monetary stance to anchor inflation expectations. “A wait-and-see approach is required before proceeding further with the monetary easing cycle,” the committee said, pointing to the need for more time to assess the impact of recently announced fiscal and tax reforms — including VAT amendments that will impact the price of cigarettes, among other things.

REMEMBER- Annual headline urban inflation fell to 14.9% in June, down from 16.8% in May, ending a three-month upward trend. Monthly inflation fell by 0.1% compared to an increase of 1.9% in the previous month.

Most saw this coming: Economists and analysts we polled last week saw this coming, with most having expected the MPC to pause its easing cycle. “The decision to hold rates was expected given the timing of the meeting, which coincides with the start of the new fiscal year, its budget, and its associated fiscal tightening measures,” Al Ahly Pharos Head of Research Hany Genena told EnterpriseAM. “We expect the central bank to resume monetary easing at its August meeting, potentially cutting rates by up to 200 bps,” Genena said, citing expectations for a Fed rate cut in September and the anticipated completion of Egypt’s pending IMF reviews.

And some didn’t: The decision came as a surprise to JP Morgan, which had forecast a 100 bps cut on the back of the downside inflation surprise in June, the firm said in a note seen by EnterpriseAM. JP Morgan now expects the CBE to hold rates again when the MPC meets in August. “We still look for a further 300bp of cumulative easing before the end of 2025, with cuts resuming in October,” the firm said, explaining that “a move lower [is] needed to be seen at least in August inflation for the CBE to consider resuming easing.”

What analysts are saying: Analysts welcomed the central bank’s decision, saying it reflects a balanced approach. “The market is still digesting the 325 bps in cuts delivered earlier this year, and the hold sends a reassuring message that monetary policy remains balanced,” economist Hany Abou El Fotouh told EnterpriseAM. He said the decision supports EGP stability and investor sentiment and reflects a “measured approach by the CBE to balance inflation control and growth.” He sees a potential cumulative cut of 400-600 bps by year-end. CI Capital’s Sara Saada echoed Abou El Fotouh’s remarks and told us there’s scope for 200-300 bps in further cuts later this year, “provided disinflation proves sustainable.”

What’s next? The MPC said it will continue to assess its policy decisions “on a meeting-by-meeting basis,” taking into account the inflation outlook and balance of risks. It expects annual headline inflation to stabilize around current levels for the rest of 2025 before gradually declining in 2026. The committee reaffirmed it “will not hesitate to utilize all tools at its disposal” to achieve its price stability mandate and steer inflation toward its 7% (±2 percentage points) target by 4Q 2026.

Egypt’s new debt strategy expected to see light in 1Q FY 2025-2026

Egypt’s new debt strategy expected soon: The new public debt strategy for 2025-2030 could be released during 1Q FY 2025-2026, a senior government source told EnterpriseAM. The strategy, which is set to include social and sustainability bond issuances, was set to be rolled out at the beginning of this year. However, it was postponed due to “disruptions in the interest rates market and difficulty predicting the repercussions of previous [geopolitical] tensions on the bond market,” the source noted.

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

What to expect from the new strategy? The current fiscal year will see the issuance of our first social and sustainability bonds, as part of rebuilding the public debt strategy. The move aims to help the government diversify its financing sources.

The government is currently conducting studies to set the timeline for its first issuance of social bonds or sukuk, our source said. This issuance will be backed by the Takaful and Karama program, which provides vital support to around 4.7 mn families across Egypt and is fully funded by the state budget. The new bonds will ensure the program’s continuity and expand its coverage to add new beneficiaries, strengthening Egypt’s ability to improve social support for its citizens, the source noted.

The first social bonds are expected to be issued abroad in the first half of the current fiscal year, with the goal of financing specific social programs such as poverty reduction and family support, our source said. The size of the first issuance is anticipated to range between USD 400-500 mn, the source added.

The strategy aims at diversifying the country's public debt instruments and introducing new ones, seeking to secure funding with varied and more competitive interest rates. This shift builds on the local debt market’s recent success, which drew in nearly USD 41 bn in foreign investments by the end of December 2024.

Public debt maturity extension is also a key objective: The strategy also aims to extend the average maturity of public debt to 4.5-5 years, up from 1.8 years currently. This move, according to our source, is intended to ease the annual debt burden on the state budget.

Egypt to launch a retail bonds market this year: The Finance Ministry is aiming to diversify debt instruments by introducing new tools, including the retail bond market this year, the source told us. This move will allow individuals, for the first time, the option of purchasing government debt instruments and reduce the government’s debt service payments. The move is pending ongoing amendments to the system governing primary traders.

The Finance Ministry is currently in talks with banks advising on its sovereign sukuk issuance to determine the optimal timing for the next issuance, the source told us.

REFRESHER- The Finance Ministry completed a USD 1 bn sovereign sukuk issuance on the Vienna Stock Exchange in June in a private placement, offering an annual yield of 7.875% with a three-year maturity. The private placement was fully subscribed by Kuwait Finance House and follows Egypt’s maiden sukuk issuance in February 2023.

More sukuk issuances could be on their way: The government is set to move forward with its plan to issue the first sovereign sukuk denominated in EGP at the beginning of FY 2025-2026, Finance Minister Ahmed Kouchouk told EnterpriseAM back in June.

The Finance Ministry aims to issue nearly USD 4 bn in debt during the FY 2025-2026 under the international debt issuance program, a government source told us in April. It also aims to lower the external debt held by public sector entities included in the budget by USD 1-2 bn.

Egypt secured FSRUs, but is yet to put them to work

FSRUs secured, but gas woes persist: Egypt has so far avoided the return of rolling blackouts amid heightened summed energy demand, but industry publication Middle East Economic Survey (Mees) isn’t sure the government can keep the lights on with its two newly-secured floating storage regasification units (FSRUs) sitting unused, yet to be connected to the grid.

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

How much are we missing out on? Once they come online, the Energos Eskimo and Energos Power will each add 750 mn cubic feet per day (mcf/d) to the country’s regasification capacity.

As things stand: The country is facing a gas shortfall of about 2.5 bcf/d as local production and pipeline imports from Israel fall short of the 6.5 bcf/d needed to meet peak demand. Sporadic blackouts have already occurred, but Egypt’s grid remains mostly stable for now.

IN CONTEXT- “The delay in installing the FSRUs has meant Egypt has been unable to ramp-up LNG imports. Imports over the first six months of 2025 of 2.41 mn tons were flat with 2H 2024 levels,” Mees wrote.

REMEMBER- The government has been preparing for a surge in demand over the summer months by booking in LNG shipments — and the necessary infrastructure to process the deliveries — to close the gap between demand and supply.

Madbouly gives us reason to be hopeful: The two FSRUs are expected to go online and begin feeding the national grid this week, Prime Minister Moustafa Madbouly said (watch, runtime: 1:15:02) during his weekly presser last Wednesday. They will join the already-operational Hoegh Galleon. Once all three are up and running, total regasification capacity will rise to 2.25 bcf/d.

A fourth unit is on the way: The 450 mcf/d Energos Winter will soon be stationed at Damietta’s United Gas Derivatives Company berth. A loading arm was delivered last week to prepare for its arrival. Once active, the unit will bring Egypt’s total FSRU-based capacity to 2.7 bcf/d.

IN OTHER ENERGY NEWS-

A premature statement gives us reason to believe we’ll soon see Cypriot gas coming our way: Cyprus Energy Minister George Papanastasiou prematurely announced that Exxon Mobil has made a significant gas discovery at Cyprus’ Pegasus-1 well and that there were plans to send the gas to Egypt for liquefaction and re-export.

Don’t get your hopes up: “Announcing the gas find before an official statement was issued was ill-advised but more so was the mentioning that the gas would be sent to Egypt,” an industry source told industry publication Middle East Economic Survey (Mees). He explained that Exxon is advising caution and that it will need months to analyze the data before making the decision to send gas for liquefaction and re-export in Egypt.

We have been expecting Cypriot gas: Gas from Cyprus’ Cronos and Aphrodite fields will be coming our way, with agreements inked earlier this year between the two sides that will see the country ship natural gas from its offshore fields to be liquefied in facilities in Idku and Damietta before being re-exported to foreign markets.

REMEMBER- After becoming a net exporter of LNG in 2018 and signaling its intention to become an important energy exporter to the region and Europe, production falls and rising domestic demand led to Egypt having to ramp up imports to bridge the supply gap. Egypt has been looking to return to its status as a net LNG exporter; Mees sees that happening by 2027 after its Nargis and Nour fields come online.

Turkey’s Bony to set up a USD 100 mn textile factory in Elsewedy’s Industria zone

A USD 100 mn textile factory coming to Tenth of Ramadan: Turkish textile heavyweight Bony will set up a USD 100 mn textile factory in Elsewedy’s Tenth of Ramadan Industria zone under an agreement it inked with ElSewedy Industrial Development, according to a statement. Bony will purchase a 120k sqm land plot in Industria that will be designated a special freezone and developed into the site of the new factory. The facility is slated to kick off operations by the end of 2026 and create around 2.5k jobs, with plans to export to European and African markets.

The agreement was finalized during a trade mission to Istanbul last June, led by Elsewedy Electric CEO Ahmed Elsewedy and backed by Egypt’s Commercial Office in Istanbul.

ICYMI- Earlier this year, Turkish press reported that Bony’s retail clothing brand Katia & Bony plans to launch sock manufacturing operations in Egypt with investments of USD 50 mn.

Turkey’s garment industry has been doubling down on Egypt as of late. Just last month, Turkey’s Şirikçioğlu inked an agreement to establish a USD 20 mn denim factory in the Qantara West Industrial Zone. Meanwhile, two undisclosed Turkish companies were reportedly eyeing acquisitions in Egypt’s spinning and weaving sector, with a combined investment of USD 30 mn. And in just the past six months, 19 Turkish apparel firms have applied to set up operations in the Suez Canal Economic Zone.

EL ARABY BREAKS GROUND ON NEW FACTORY-

El Araby Group broke ground on a USD 108 mn factory that will manufacture refrigerators and deep freezers in partnership with Japan’s Sharp, according to a statement. The facility will have a production capacity of 900k units annually.

AND- New glass factory goes live: A Japanese player inaugurated its USD 25 mn engineering glass factory, which has a production capacity of 2 mn sqm. Half of the output will be exported to markets in the Middle East and Africa.

Chinese Premier Li Qiang concludes Egypt visit with a handful of agreements

Brace for more Egyptian-Chinese cooperation: Chinese Premier Li Qiang wrapped up his two-day visit to Egypt on Thursday with high-level meetings and overseeing the signing of a handful of cooperation documents between the government and the China International Development Cooperation Agency (CIDCA) — they include:

#1- An MoU on the first development cooperation strategy between the two sides from 2025-2029. The strategy aims to promote development cooperation in priority sectors — healthcare, connectivity, climate change and green development, digital economy, space, education, and industrial localization

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

#2- A framework agreement for the first phase of a debt swap for development program, which activates a 2023 MoU. “Egypt is the first country with which CIDCA has entered into this kind of development financing agreement,” according to the Planning and International Cooperation Ministry.

AND- The two sides inked an exchange of letters for a CNY 1.5 mn (c. USD 212k) feasibility study grant for a project to set up a prosthetics system, an MoU boosting cooperation in human resource development — under which the Chinese side will train some 2k Egyptians — and an exchange of letters for a grant to set up a biosafety lab.

ALSO- The Central Bank of Egypt and the People's Bank of China inked an MoU to boost local currency use when it comes to settling cross-border transactions and exchange information and professional expertise in monetary policy, financial markets, electronic payment systems and more.

Addressing the trade imbalance: Prime Minister Moustafa Madbouly pointed to the need to address the trade imbalance between the two countries through opening the Chinese market to more Egyptian exports, he told Li during meeting that also included Investment Minister Hassan El Khatib, Planning Minister Rania Al Mashat, and Finance Minister Ahmed Kouchouk.

Madbouly expressed his hope for more cooperation between the two countries to localize Chinese industry, namely in solar energy project components, EVs, and seawater desalination.

Meanwhile, Li expressed the Chinese side’s desire to boost investment cooperation in renewables, industry, AI, and the digital economy, as well as deepen cooperation in the financial sector.

EBRD, Banque Misr ink USD 100 mn sustainability-linked loan

Banque Misr secures USD 100 mn from the EBRD: The European Bank for Reconstruction and Development (EBRD) and state-owned Banque Misr signed a USD 100 mn sustainability-linked loan agreement — the first of its kind to be extended by the EBRD to a financial institution in the region — according to an EBRD statement. The facility aims to support Banque Misr’s sustainability strategy while promoting financial inclusion and green lending in Egypt’s private sector.

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

Where is the money going? The loan will support on-lending to micro, small, and medium-sized enterprises that are led or owned by women, provide affordable housing finance to low-income individuals, and expand Banque Misr’s green lending portfolio. The financing is also aimed at helping the bank meet its sustainability targets and close funding gaps for underserved market segments.

What they said: “This signing also reflects the strong partnership EBRD and Banque Misr have built over the years and sends a clear signal: sustainability and commercial performance can go hand in hand. We're pleased to support Banque Misr as it grows its green lending and expands access to finance for segments that are too often underserved,” Managing Director and Head of Financial Institutions Business Group at EBRD Francis Malige said.

Mahmoud Mohieldin joins UN SDSN Leadership Council

Mahmoud Mohieldin (bio) has joined the Sustainable Development Solutions Network’s (SDSN) Leadership Council, the UN‑affiliated SDSN said last week. Mohieldin, who is the UN Special Envoy on Financing the 2030 Sustainable Development Agenda, brings over three decades of leadership across international finance and development to the role. His resume includes serving as Egypt’s investment minister, and key MENA-roles at the World Bank and the IMF. He is also a professor of economics at Cairo University and a visiting professor and senior fellow at several global universities.

Valu is one step closer to launching its services in Jordan

FINTECH-

Fintech giant Valu secured the initial green light from the Central Bank of Jordan to roll out BNPL services in the country as part of its regional expansion plans, according to a company statement (pdf). Valu has already partnered with local merchants and financial institutions and hired experienced professionals in the Jordanian market to support the rollout.

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

What they said: “Expanding into Jordan with our BNPL services represents a major leap forward, unlocking new opportunities for consumers and merchants alike … The recent listing on the EGX and Amazon’s strategic investment reinforce our confidence in our growth trajectory and our commitment to transforming digital finance across the region,” Chief Strategy and Market Expansion Officer Habiba Naguib said.

Why Jordan? “Competing in markets like Saudi Arabia or the UAE, where giants like Tabby and Tamara dominate, doesn’t align with our vision. Instead, we’re focusing on Jordan, where we can build a strong presence and establish ourselves as a leader. This targeted approach allows us to concentrate our resources and maximize our impact,” CEO Walid Hassouna told us last month.

ENERGY

Canada-based oil and gas firm TAG Oil will participate in the bid by the Egyptian National Petroleum for Exploration and Development Company for various blocks, the company said in an announcement. TAG is particularly focused on expanding its position in the Western Desert, targeting the Abu Roash “F” (ARF) oil resource play. The bidding door will close on 31 August.

REAL ESTATE-

Mountain View tapped digital platform Core Livings as its exclusive partner for resale services across its projects and rental services in its Ras El Hekma project, with plans to expand to Cairo and Ain Sokhna next year, the real estate player said in a statement (pdf). Core Livings will allow owners and tenants to browse and manage Mountain View units through its digital platform.

DEBT-

Trella secures partial loan guarantee from DFC: Homegrown trucking startup Trella has secured a USD 4.2 mn partial loan guarantee from the US International Development Finance Corporation (DFC) to support a USD 6 mn debt facility from US sustainable lender ALMA, the DFC said on its website. The facility will help Trella expand its digital freight platform in Egypt, boost supply chain efficiency, and improve the incomes of local truckers.

Why does the US care? “Trella receives 15% of its revenue directly from American companies including Amazon, General Motors, Heinz, Coca-Cola, and Pepsi. In addition, 40% of its revenue comes from shipping via international ports, which could include third-party transportation of US goods,” DFC said.

Fed officials see rate cuts ahead, but disagree on timing and scale

Doves circling, but no consensus just yet: Most Federal Reserve officials see interest rate cuts coming this year, but remain divided on when and by how much, minutes (pdf) from the Fed’s 17-18 June meeting show. While “most participants assessed that some reduction […] would likely be appropriate,” others cautioned against moving too soon, citing a still-resilient economy and inflation that remains above target.

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

The keyword is tariffs: The divide is mostly due to a lack of certainty around the impact of tariffs on inflation. “While a few participants noted that tariffs would lead to a one-time increase in prices and would not affect longer-term inflation expectations, most participants noted the risk that tariffs could have more persistent effects on inflation,” the minutes said. Some also said inflationary effects could be “more limited” if firms adapt or trade agreements are struck.

REMEMBER- The majority of Fed policymakers expect two or more rate cuts this year, after they held benchmark rates steady in June at 4.25-4.50% for the fourth consecutive meeting.

Views are diverging on the next meeting: Some policymakers floated a cut “as soon as the next meeting” at the end of the month, while others saw no need for reductions at all this year. On the question of how much, several said the current rate “may not be far” from neutral, implying limited room for easing. Others pointed to softening inflation and labor market cooling, warning of “difficult tradeoffs” if inflation proves sticky while employment weakens.

The data sends mixed signals…: June job growth surprised to the upside with 147k new payrolls and a drop in unemployment to 4.1%, CNBC reports. Still, consumers are pulling back, with May retail sales falling 0.9% and personal spending dipping 0.1%.

…and Trump applies pressure: President Donald Trump continues to publicly lash out at Fed Chair Jerome Powell, demanding deep cuts and even calling for his resignation. Powell has pushed back, stressing the Fed will base its decisions on data, not politics.

EGX30	33,324	+0.5% (YTD: +12.1%)
USD (CBE)	Buy 49.45	Sell 49.58
USD (CIB)	Buy 49.46	Sell 49.56
Interest rates (CBE)	24.00% deposit	25.00% lending
Tadawul	11,280	0.0% (YTD: -6.3%)
ADX	10,065	+0.2% (YTD: +6.9%)
DFM	5,855	+0.4% (YTD: +13.5%)
S&P 500	6,260	-0.3% (YTD: +6.4%)
FTSE 100	8,941	-0.4% (YTD: +9.4%)
Euro Stoxx 50	5,383	-1.0% (YTD: +10.0%)
Brent crude	USD 70.36	+2.5%
Natural gas (Nymex)	USD 3.31	-0.7%
Gold	USD 3,364	+1.2%
BTC	USD 117,423	-0.2% (YTD: +25.5%)
S&P Egypt Sovereign Bond Index	880.38	+0.1% (YTD: +13.2%)
S&P MENA Bond & Sukuk	145.86	-0.1% (YTD: +4.2%)
VIX (Volatility Index)	16.40	+4.0% (YTD: -5.5%)

THE CLOSING BELL-

The EGX30 rose 0.5% at Thursday’s close on turnover of EGP 4.1 bn (17.4% below the 90-day average). International investors were the sole net sellers. The index is up 12.1% YTD.

In the green: Madinet Masr (+3.7%), Edita (+2.6%), and GB Corp (+2.4%).

In the red: Palm Hills Development (-3.0%), ADIB (-2.1%), and Eipico (-1.5%).

CALENDAR

JULY

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

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

16 - 18 July (Wednesday-Friday): Egypt’s New Era: Investment Opportunities: Business mission to the UK organized by The British Egyptian Business Association (Beba)

Etihad Airways to launch twice-weekly flights to Alamein

Finalizing contracts for China’s State Grid two solar projects.

AUGUST

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

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

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.

October: The third iteration of the Export Smart Exhibition and Conference.

NOVEMBER

16-19 November: Cairo ICT 2025, Egypt International Exhibition Centre.

20 November (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

Mid-2025: EGX launches sustainability index.

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

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.

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

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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