EGP loses ground again against the USD, but late night Trump tariff relief could bring foreign investors rushing back

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What We're Tracking Today

EGX30 loses more than 50% YTD gains amid trade war jitters

Good morning, wonderful people, and welcome to another packed issue of EnterpriseAM Egypt. We here at EnterpriseAM World Headquarters have put our heads together and humbly offer a handful of thoughts in the hope that they might help you clear your heads before we slide into the weekend. The rundown:

That feeling you’ve got? The one perhaps best described as “whiplash”? It’s the new normal — maybe for the next few months, perhaps for the coming 3.7 years of the Trump administration.

Madbouly summed it up as “a comprehensive trade and economic war, with every possible tool being deployed” in his weekly presser yesterday evening (watch, runtime: 1:08:42). “We are witnessing a new era. The norms we’ve grown up with are being dismantled and replaced with new mechanisms — breaking up of alliances, and shifting toward bilateral and transactional relationships focused on maximizing national gains,” the prime minister explained.

Things are so volatile that even watching the VIX will give you motion sickness. The VIX, or the so-called “fear index” that tracks expected 30-day volatility in the S&P 500, broke north of 52 earlier this week. It stayed there through much of yesterday before plunging to the 33 level by the close of trading in New York as traders welcomed Trump’s social media post that most countries (with the exception of China) would face only a new 10% baseline tariff for the next 90 days. Most other “reciprocal tariffs” on most countries are now on pause.

In context: The last time the VIX was this high was during covid, when it hit 65. It was at 70 in October 2018 (at the height of the global financial crisis) and 42 during the dotcom meltdown.

So, if volatility is the new normal, how should we feel about business, markets, and the EGP in the days and weeks ahead? Here are some thoughts from Dubai, where we’ve spent the week speaking with business leaders from Egypt, the UAE, and Saudi Arabia as well as global fund and portfolio managers.

#1- Get comfortable with being uncomfortable. Volatility could be on the menu for years to come (for at least the duration of the Trump administration). Periods of calm punctuated by a punch to the head could be the new normal. Then again, ours is an adaptable specie: As our friend Mostafa Gad, the global head of IB at EFG Hermes, put it earlier this week, “Markets adapt faster today than they did in the 1980s or 1990s — they have a way of equilibrating and accepting change or adapting to crisis really quickly. What would have once taken 18 months to pass through now takes weeks.”

None of us in this part of the world like volatility. In the GCC, we’re accustomed to pegged exchange rates and (for the most part) slow-but-steady policy formulation. In Egypt, we think of every 1 piaster change in the USD exchange rate as a harbinger of disaster. We need to adapt: Volatility in the USD:EGP exchange rate is a sign the CBE’s FX policy is operating as intended. And a more nimble approach to policymaking in the Gulf will be the order of the day.

#2- From tech to airlines and beyond, there’s a healthy pipeline of IPOs ready for execution in Saudi and the UAE. Expect most to take a “wait and see” attitude for the coming week or 10 days. If the 90-day pause in tariffs helps stabilize global equities markets, many bankers will want to pull the trigger on transactions before the 1H offering window closes. The (so-far) worst-case scenario: It takes a few months more for markets to accept the new normal. In that case, we’re looking at a really busy fall for new offerings.

#3- Share-based M&A is very much on the table and it might be a good time for private equity players to close transactions. Some PE players think valuations have been stubbornly high for a while, and the combination of lower comparables after the recent market slump and higher volatility could push serious buyers and sellers to transact *now*. The risk: Some sellers will walk away from prices they think are just too low. Expect share-based M&A to close with fewer hiccups than anything involving the commitment of cash. The wisdom of Warren Buffett’s move to cash earlier this year is now clear to all.

#4- Appetite for Egypt may be coming back. The central bank proved this week to both foreign investors and the domestic business community that the float of the EGP was real. Egyptian companies at the One on One reported more demand for meetings yesterday than expected. Investors looking to buy into Egyptian debt on Tuesday and Wednesday found it harder than usual to build a position because of rising demand.

#5- The UAE looks better than ever. Businesses in the UAE have quietly trimmed staff and other expenses in recent weeks to optimize their cost base in a year in which they expect volatility. But the economy’s fundamentals are strong and have been bolstered by regulatory reforms brought in post-covid. That real estate correction we’ve been expecting for two years now? Yeah, there's a lot of new inventory coming onto the market this fall, but we feel a little like we’ve been waiting for Godot on that front…

#6- Everyone will be watching the price of oil — the Saudis and Emiratis from a state revenues perspective, the Egyptians from the expenses side of the ledger. The emerging consensus is that even if Trump cools it on tariffs, we’re looking at a slowdown in trade and a bit less demand for oil than forecast at the start of 2025. Oil in the 40s? Probably not. But something in the 50s? Possible — and with it, questions about financing the deficit and the pace of gigaprojects in KSA in particular.

#7- It’s anyone’s guess what the Central Bank of Egypt will do next week. On the face of it, the CBE has room to cut. And that would be the ballsy position to take amid all that’s happening now. But with this much uncertainty in the wind, we’ve never been less certain of what the MPC might decide heading into a meeting. The bank will next meet a week from today.

#8- Diversification of trade ties is going to be key for Mideast governments. From Egypt to the UAE and Saudi, all of us would have faced a 10% rate at the same time as others faced much sharper US tariffs, signalling we’re in good stead with The Donald. Regardless of what happens with tariffs 90 days from now, deeper integration with a wider variety of trading partners will be the order of the day. Egypt’s vast network of interlocking trade agreements (the Gulf, the EU, COMESA, the QIZ with the US, etc) will stand it in particularly good stead provided it can continue to offer a floating FX regime and improve the business climate. Madbouly also pressed on this point, stressing the need for deeper integration with a wider pool of trade partners and prioritizing the security of strategic goods and energy supplies.

THE WILDCARD- The Donald is inbound to the Gulf in about a month’s time. US Energy Secretary Christopher Wright is on a nearly two-week visit to our corner of the world, laying the groundwork for Trump to land in the UAE, Saudi, and Qatar some time in mid-May. (Dates for the visit, which hasn’t been confirmed, are still uncertain.)

SETTING THE RECORD STRAIGHT-

Egypt has not yet inked a five-year agreement with Germany to lease an LNG regasification vessel, contrary to our report of yesterday. A source with first-hand knowledge of the transaction now tells us that while talks are very much still ongoing, they are yet to conclude. Other parties are in talks to lease the same vessel, we’re told. We’ll be keeping our eye on the story in the weeks to come and will report back with more.

Why it matters: Egypt is set to resume LNG imports as early as this month to ensure we have the feedstock we need to generate electricity during peak summertime demand.

EGX WATCH-

The EGX30 has now shed more than 50% of its YTD gains, closing down 1.86% at yesterday’s close. The market is now up just 1.1% since the start of the year thanks to this week’s volatility in the wake of the Trump tariffs.

Turnover was high yesterday at nearly 19% above the trailing 90-day average. Some EGP 4.3 bn worth of shares changed hands. Domestic investors were the sole net buyers in the market.

HAPPENING TODAY-

It's inflation day: We’ll find out whether inflation continued to cool in March when state statistics agency Capmas releases its latest inflation data later today. Annual urban inflation eased significantly in February, falling to 12.8% — a two-year low — after dropping 11.2 percentage points thanks to a favorable base effect and easing food prices. But with the impact of Ramadan and other potential pressures in play, it’s not clear whether March brought more of the same.

Our latest poll found analysts split: Half of the ten respondents expect annual inflation to dip slightly — by as much as 0.4 percentage points — while the other half anticipate a modest uptick, with some forecasting a rebound to as high as 18%. The median forecast sees inflation remaining unchanged at 12.8%.

THE BIG STORY ABROAD-

Global investors are getting whiplash after US President Donald Trump’s decision to freeze reciprocal tariffs on most countries for 90 days triggered a historic market rally, helping Wall Street stocks recover tns of USDs in losses.

Trump paused (most of) his reciprocal tariffs on (most) countries and hiked China’s tariff to 125%, up from 104%, after Beijing had pushed ahead with a retaliatory tariff of 84% on US goods. The blanket 10% tariff on most countries, which came in effect over the weekend, still applies, as do steel and aluminum and automaker levies. The reprieve came in response to over 75 countries reaching out for negotiations with the US, according to Trump.

The Nasdaq notched its best day in 24 years, while the S&P 500 soared nearly 10%. Trump had taken to Truth earlier in the day to say it’s “A GREAT TIME TO BUY,” in reference to the stock market. US Treasuries also gained more than 4% as traders pared expectations for US Federal Reserve rate cuts this year, after a pullback had sent longer-term yields soaring.

Oil prices also gained 4%, climbing from a four-year low earlier, with Brent futures up to USD 65.48 a barrel, and West Texas Intermediate futures up nearly 5% at USD 62.35. (Reuters)

The about-turn and the market rally are getting coverage everywhere: Bloomberg | Reuters | Financial Times | WSJ | CNBC

PSA-

WEATHER- It’s going to be an unusually cool and cloudy day in Cairo today, with a high of 23°C, a low of 13°C — and even the chance of light rain, according to our favorite weather app.

The unseasonal weather has also spread to Alexandria, with our friends on the coast in store for a high of 19°C, a low of 12°C, and a chance of light rain.

And over the weekend, expect to see the cool weather sticking around in the capital and in Alexandria, before picking back up starting Sunday.

** DID YOU KNOW that we 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.

From April 11–13, 2025, Somabay, Egypt becomes a global stage of artistry and athleticism as the prestigious World Aquatics Artistic Swimming World Cup welcomes 240+ elite athletes from 30+ countries. This international showcase features breathtaking routines, dazzling lifts, and world-class creativity—set against the stunning Red Sea coastline.

The EGP dipped slightly against the USD yesterday. Will late-night Trump tariff relief bring foreign investors back?

The EGP dipped against the USD during trading yesterday, setting a new post-float low as the greenback changed hands for EGP 51.72-51.75 at both public and private banks. Yesterday’s dip offset a brief rebound in the value of the EGP the day before, which saw it close at EGP 51.33 to the USD. The EGP started the week at 50.62.

Will Trump tariff relief announced overnight put some wind back in the EGP’s sails? Egypt was included in the surprise 90-day pause of additional tariffs announced on Truth Social. The region’s markets and currencies are yet to respond due to the announcement happening between trading sessions, but US markets shot up on the news with the S&P 500 up 9.5%, the Nasdaq rising 12.2%, and the Dow coming in +7.9% at the end of the session.

Why did the EGP dip yesterday? You can blame a risk-off rooted in US-China tensions, bankers tell us. Foreign investors in Egyptian debt headed for the exits on Sunday and Monday. Others dipped their toes back into the market on Tuesday, and some yesterday were spooked as Washington and Beijing exchanged heated words and tough tariffs.

Volumes in the interbank market were up 84% yesterday to USD 955 mn, one banker told us. That brings total interbank trading to mor than USD 3 bn since the trade war escalated late last week.

The takeaway from bankers we spoke with yesterday: Expect the EGP to continue to seesaw. The EGP is being buffeted by global sentiment: “We cannot predict [when the volatility might subside,” one banker told us. “It’s all tied up in global developments.”

Remember: Volatility is good right now. Not comfortable, but good — that the CBE is committed to a floating FX rate that serves as a “shock-absorber for the economy,” as CBE Deputy Governor Ramy Aboul Naga put it this week,

Don’t be put off by volatility in forwards, either: Non-deliverable forwards (NDFs) yesterday suggested that some traders see the exchange rate weakening to as low as EGP 61.50 per USD this year, according to Asharq Business. NDFs are a snapshot of sentiment at a single time. Capital Economics previously penciled-in the EGP easing to 55 against the greenback by the end of this year, Goldman Sachs predicted saw it at something closer to EGP 59 against the USD by the end of 2025.

Expect the Madbouly government to stick to its guns when it comes to the reform program. “What Egypt is currently doing and what officials are signalling indicates that the government is committed to its reform plans — this is evident from the movements in the exchange rate over the past few days,” economist Mona Bedair told us. Staying the course on the FX rate shows the country’s “seriousness towards maintaining the fundamentals of its market, which helps maintain the confidence of investors,” Bedair said.

Egypt’s SFE to restructure five military-owned companies ahead of listings

The Sovereign Fund of Egypt (SFE) will begin restructuring five military-owned companies ahead of their planned listing under recently-signed cooperation agreements with the military’s National Service Projects Organization and a consortium of local and international advisors, a cabinet statement reads. The firms are filling station operator Wataneya, bottled water company Safi, food manufacturer Silo Foods, fuel retailer Chill Out, and the National Roads Company.

When can we expect the offerings? The offerings will take place between this year and 2026, according to the timeline outlined in the statement — though it remains unclear which companies will be offered when.

Advisors: EFG Hermes and CI Capital will serve as financial advisors. Boston Consulting Group will act as a commercial and strategic advisor. Counsel is being provided by Adsero (Ragy Soliman and Partners) and Matouk Bassiouny & Hennawy, while PwC and Grant Thornton are on board for tax and accounting.

REMEMBER- Prime Minister Moustafa Madbouly announced last year that the government would offer stakes through EGX listings in four military-owned companies in 2025.

Wateneya and Safi specifically have been slated for privatization for over four years. Despite attracting multiple suitors, previous attempts to sell stakes in the two companies have repeatedly fallen through.

We think we’ll see them trading on the EGX over the coming few months after Madbouly said the two companies will be offered on the bourse by mid-2025.

Silo Foods and Chill Out are said to make their IPOs towards the end of the year, according to the comments made by Madbouly in December. Then-planning minister Hala El Said earmarked Chill Out for a sale back in December 2023.

Expect to see more companies on the privatization chopping block soon, as a government source told us last month that the SFE is conducting a comprehensive review of the privatization program that could see it expand the program to 40-60 state-run companies.

IN CONTEXT- The government plans to transfer all state-owned companies to the SFE to boost their returns. The move will start with 370 profitable firms — over half of the total 709 owned by the state.

The international press also picked up the story: Reuters

Egypt plans on issuing USD 2 bn in sukuk in 2025 through multiple offerings, Kouchouk says

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, Finance Minister Ahmed Kouchouk told Reuters yesterday. The government is also open to debt-for-investment swap agreements akin to last year’s Ras El Hekma agreement as a means of securing FX, Kouchouk told the newswire.

The announcement came despite the continued fall in the value of the EGP, which saw Egypt’s currency dip to a record low. More on that in the news well, above.

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, confirming what Asharq Business reported earlier yesterday. In addition, the publication wrote that the issuance would have a value of up to USD 1.5 bn, which our source confirmed as well.

The details: The banks will focus on promoting the new issuance through meetings arranged with investors in the Gulf and East Asian countries, our source said. The timing will be determined by the offering advisors, but it will take place during the current quarter, with procedures and roadshows expected to take around two months, the source added.

The issuance is expected to come in small tranches with varying maturities — possibly up to three tranches — in an effort to reduce the expected yield and increase the offering’s appeal, our source continued.

“Issuing the sukuk comes as part of the government’s push towards diversifying its debt instruments, and I think the next few months will show the level of stability in the local market and the attractiveness of this issuance,” economist Mona Bedair told EnterpriseAM.

Onsi Sawiris School of Business Executive Education and ECHEM partner to elevate future leaders

The AUC Onsi Sawiris School of Business Executive Education (ExecEd) has joined forces with ECHEM to launch the ECHEM Leadership Elevation Program, a three-tiered initiative designed to develop leaders across all levels of the organization.

Designed for upward mobility, the program targets ECHEM’s rising leaders, including department heads, assistant general managers and general managers. The initiative delivers a structured learning journey that arms participants with cutting-edge management skills and strategic leadership insights, preparing them to thrive in a dynamic environment.

The first track, Aspiring Leadership, focuses on foundational management skills. This 30-hour program, delivered over five days, builds the groundwork for proactive, effective, and efficient leadership. By the end of the course, participants will be equipped with both academic and practical knowledge to accelerate their growth toward the assistant general manager level.

Next comes the Catalysts Program, a six-day course tailored for assistant general managers. It dives into strategic management and authentic leadership, and features the Harvard Mount Everest Simulation, which enhances decision-making and teamwork under pressure.

At the top, the Visionaries Program prepares general managers for executive roles. This six-day program emphasizes strategic planning and organizational culture, capped off with the Hogan Assessment — a personality-based leadership evaluation — followed by one-on-one executive coaching.

The first two stages have already been delivered, with ExecEd now working closely with ECHEM to roll out the final stage, which targets the highest level of management. By ensuring sustainable and measurable capacity building, ExecEd empowers participants not only to adapt to leadership challenges, but to proactively shape the future of their organization with confidence and strategic vision.

Click here for more information on our diverse range of Business Solutions programs.

France’s Airbus, Servier, Societe Generale and others mull Egypt investments

Some 29 French companies discussed plans to invest in the local manufacturing and transport sectors during a meeting with Industry and Transport Minister Kamel El Wazir yesterday, according to a statement. The meeting focused on potential collaborations across a far-ranging slew of industrial sectors as part of the state’s plan to transform Egypt into a regional industrial and logistics hub.

ICYMI- Egypt and France inked a strategic partnership agreement earlier this week during French President Emmanuel Macron’s official visit to Cairo which kicked off earlier this week. The two countries also signed nine agreements with the EU for soft loans and grants worth a combined EUR 262.3 mn for infrastructure projects in Egypt, in addition to numerous other agreements with the French private sector.

A handful of major French players chimed in, presenting their investment and expansion plans for the local market:

Planemaker Airbus outlined plans to expand its local helicopter manufacturing and maintenance operations, including a feasibility study for producing specialized aircraft for tourism and medical transport;
Pharma giant Servier wants to expand its Sixth of October factory in a bid to double its production as well as to manufacture cancer drugs;
Building and engineering group Artelia voiced its interest in participating in transportation projects funded by the French government, including the Alexandria tram as well as airport and metro initiatives;
Railway signalling specialist CDS explored a potential partnership with Italy’s Mermec to develop railway signalling systems, with all required components to be manufactured locally;
IT consulting firm Capgemini wants to develop Egypt’s IT infrastructure;
Banking giant Societe Generale discussed financing for upcoming transport projects.

The discussions focused on four key cooperation mechanisms — localizing different industries, resolving challenges facing French companies operating in the country, eliminating obstacles to investment, and boosting investment volumes in the transportation and manufacturing sectors.

Egypt, Morocco to resume trade imbalance talks as Morocco launches anti-dumping investigation into imports of galvanized wire

Morocco and Egypt could teach the US a thing or two on how to solve a trade imbalance dispute — without plunging your economy in the process. Egypt is preparing to receive a Moroccan government delegation in the coming weeks to continue talks on resolving a trade imbalance between the two countries, two government sources told EnterpriseAM.

The talks come after Morocco raised objections earlier this year to a widening trade deficit in Egypt’s favor, which resulted in new restrictions holding up some 150 containers loaded with ceramics, food products, and insulation materials at Moroccan ports, according to a government official who previously spoke with EnterpriseAM. Investment Minister Hassan El Khatib was soon dispatched to Rabat and agreed with his Moroccan counterpart to establish a “direct line of communication” to address any trade issues that arise, the fast tracking of Moroccan exports into Egypt, and increasing efforts to promote Egyptian imports of Moroccan-made goods — especially for automobiles.

The latest round of talks will build on agreements made during El Khatib’s February visit, one source said. This includes plans to set up a joint investment forum between the two countries and the nitty-gritty of how they will address the trade balance between them.

Fixing the trade imbalance will be no easy task, with Egyptian exports to Morocco reaching some USD 1 bn last year, while Egypt imported less than USD 50 mn worth of goods from Morocco, according to data from state statistics agency Capmas seen by EnterpriseAM. However, this hasn’t always been the case, with the trade imbalance between the two having been in the opposite direction until 2016.

Rabat already has import restrictions and anti-dumping measures on some Egyptian goods — and more could be on their way: Our North African neighbor already has restrictions on Egyptian air conditioning units due to a lack of local components, a 35% anti-dumping duty on Egyptian carpets, and a five-year 35% anti-dumping duty on canned tomatoes exported from Egypt.

More anti-dumping duties on Egyptian exports to come? Moroccan authorities recently launched an anti-dumping investigation into imports of galvanized wire from Egypt and the UAE, following a complaint by four Moroccan companies — Somatref, Sicotrem, GalvaFil, and Sodefer. The companies claimed that Egyptian and Emirati imports of galvanized wire are being dumped into the Moroccan market at unfair prices compared to their domestic counterparts.

Egypt and the UAE have until 17 April to submit written comments, and Morocco has extended direct invitations to producers in both countries to participate in the probe. Chamber of Metallurgical Industries head Mohamed Hanafy told EnterpriseAM that the chamber has yet to receive formal notice about the probe but plans to reach out to Moroccan authorities for clarity.

Chinese players break ground on USD 58 mn worth of factories in Egypt’s SCZone

Two Chinese players kicked off construction on USD 58 mn worth of factories in the China-Egypt Teda trade zone in Ain Sokhna, according to a statement from the Suez Canal Economic Zone (SCZone). The two factories — courtesy of Kaks Investment and Dahui Glucose, alongside local producer Tiba Starch — are slated to go online in 2H 2026.

Right on cue: Agreements were inked with the companies back in September along with four other Chinese companies looking to set up shop in the China-Egypt Teda trade zone.

The first factory… Kaks Investment’s USD 50 mn plant will span some 40k sqm and target home appliance supply chains, including component manufacturing, customs storage, spare parts distribution, and assembly operations. It aims to deepen the local production of components for the home appliances industry and is forecast to generate some 300 direct jobs.

And the second… Dahui Glucose and Tiba Starch — with an initial USD 8 mn investment — are setting up a factory for the production of modified starch and vegetable protein. It is expected to have a production capacity of 30k tons annually. The project aims to meet demand for modified starch in Egypt, the Middle East, and East Africa, and is expected to create 150 direct jobs.

Al Ahly Tamkeen raises EGP 881.5 mn from a securitized bonds issuance

Microfinance player Al Ahly Tamkeen closed its third ever securitized bond issuance, raising EGP 881.5 mn, according to a statement (pdf) from transaction advisor Al Ahly Pharos Investment Banking. The issuance is part of Tamkeen’s efforts to “enhance its funding sources and diversify its financial instruments, in support of microfinance activities and expanding the reach of its financial services to more beneficiaries,” the statement read.

About the issuance: The issuance is made up of five tranches backed by a EGP 1.1 bn portfolio assigned by Al Ahly Capital for Microfinance. The tranches have tenors ranging from six to 24 months and were rated P1 and A- by Middle East Rating and Investors Service (Meris).

Who bought in: Al Ahly Pharos, the National Bank of Egypt, Arab African International Bank, Banque du Caire, and Suez Canal Bank underwrote the issuance.

Advisors: Al Ahly Pharos acted as lead manager, financial advisor, arranger, and promoter on the transaction. Arab African International Bank also acted as placement agent, and Suez Canal Bank was the custodian. Matouk Bassiouny & Hennawy provided counsel, while Baker Tilly served as auditor.

DATA POINT- This issuance brings the total value of securitized bonds issued in Egypt this year to EGP 10.8 bn — 55.9% more than the amount raised in the same period last year — according to data tracked by EnterpriseAM.

Hyde Park Developments taps Hala Abdel Wadood as new chief corporate communication officer

Property developer Hyde Park Developments appointed Hala Abdel Wadood as its new chief corporate communication officer, she announced in a L inkedIn post. Abdel Wadood brings over 25 years of leadership experience to the role, previously holding positions at Moharram & Partners, The Coca-Cola Company, and Orange Egypt.

MeysanPartners tapped two new partners for its Cairo office — Former Matouk Bassiouny partner Muhammad Nassef Ali (LinkedIn) and Mourad Haggag (LinkedIn) — who previously served as counsel at Zulficar & Partners — as part of its efforts to expand in Egypt, the law firm said in a LinkedIn post. Ali will lead corporate practice, while Haggag will oversee the litigation team.

“This expansion underscores our confidence in Egypt’s legal market and reinforces our commitment to providing exceptional legal services on a regional scale,” Meysan Egypt Managing Partner Tarek Badawy said.

Cabinet spokesperson Mohamed El Homsani took to the airwaves to lay out gov’t’s plan to weather tariff uncertainty, FX instability, and more

Diesel and butane subsidies are here to stay for the time being, with the government committed to maintaining price stability for the hydrocarbons, cabinet spokesperson Mohamed El Homsani told Ahmed Moussa in a phone-in on the wildly popular Ala Masouleety (watch, runtime: 21:52). Although global oil prices have recently fallen, Egypt’s long-term contracts mean any benefit from lower prices will take time to materialize.

And with summer approaching, there’s no need to worry about blackouts returning. El Homsani reiterated earlier commitments that the government is working to avoid electricity load-shedding during the upcoming summer, despite the added cost of securing sufficient fuel supplies for power plants.

The EGP would’ve had much tougher time if it wasn’t for the flexible exchange rate, which has demonstrated itself as a key part in easing capital outflows and stabilizing the EGP, El Homsani argued.

Official opening of Saxony Egypt University sees raft of MoUs inked with German partners. PLUS: K&K Group + EETC, Ades Holding, Bank NXT, Domty, Intro Group + Advec

EDUCATION-

Saxony Egypt University for Applied Science and Technology (SEU) has officially opened its doors, following on from the university accepting its first intake of students in September 2024, according to a statement (pdf). The Al Ahly CIRA project — a JV between our friends at CIRA Education and Al Ahly Capital — stands as the largest private technological university in the greater Cairo region.

“The newly established applied science and technology university sets itself apart as a premier institution by offering German education standards that ensure academic excellence and global recognition,” according to the statement

The official opening saw SEU sign MoUs with three German universities — University of Applied Sciences Zittau/Görlitz, the University of Applied Sciences Westsächsische Hochschule Zwickau, and the University of Applied Sciences Technische Universität Bergakademie Freiberg — to ensure the “direct transfer of German academic excellence, applied research methodologies, and industry-integrated education to Egypt.” A fourth MoU was inked with DEinternational to “provide German dual vocational and educational training (VET), allowing SEU students seamless integration into the German labor market.”

M&A-

#1- EFG Holding’s commercial bank Bank NXT offloaded its entire 15.3% stake in Zahraa Maadi Investment and Development in a transaction worth EGP 498.72 mn (EGP 3.26 apiece), according to a bourse filing (pdf) from the bank FKA aiBank. The share price of Zahraa fell 9.0% to EGP 3.55 at yesterday’s closing. EFG Hermes advised on the transaction.

#2- EGX-listed dairy giant Domty’s board approved plans to split the company into two entities, according to a disclosure (pdf) to the EGX. The board also approved appointing Matouk Bassiouny and Hennawy as counsel for the demerger process.

The move comes amid reports that it wants to exclude its bakery unit from Arla’s acquisition bid. Domty confirmed earlier this week that it is studying a proposal to exclude its bakery segment from Denmark-based Arla Foods' potential EGP 8.9 bn acquisition for up to 100% of the company.

#3- Private investment firm Intro Group acquired an undisclosed stake in engineering consultancy Advec, according to a joint statement (pdf). No information was publicly disclosed about the size of the stake or the value of the transaction. The partnership aims to tap Advec's expertise to develop scalable, tech-driven solutions for emerging markets, said Intro Group's Chairman Ayman Mahmoud Abbas. Meanwhile, Advec's Chairman Ahmed Salem said that the transaction will strengthen the firm’s regional presence — particularly in the Gulf region and Africa — and unlock new R&D potential.

CFO turnover remains high in 2024 as the role expands beyond traditional finance

The Global CFO Turnover Index shed one percentage point y-o-y to close 2024 at 15.1% — its second-highest level on record, advisory firm Russell Reynolds Associates (RRA) said in a press release (pdf). Some 54% of outgoing CFOs retired or took board positions, while another 34% took on presidencies or CEO roles.

By the numbers: The S&P 500 turnover spiked to a six-year high at 17.8% with 89 new CFOs, driven by a churn in the tech and industrial sectors. Meanwhile, the FTSE 250 saw the appointment of 25 new CFOs in 2024, dipping by four percentage points y-o-y to 25%, from a record high of 29% in the previous year.

“The changing nature of the CFO role” is the main reason behind the high CFO turnover, RRA argues. The role seems to have expanded well beyond traditional finance and become more complex as CFOs are now expected to deploy AI to increase efficiency, possess a strong understanding of geopolitics, and mediate between boards and investors.

CFOs are also taking over tasks traditionally reserved for COOs, Jenna Fisher, RRA Co-Lead of Global Financial Officers Practice, said. “The CFO has become the de facto COO with more direct reports – whether it’s real estate, facilities, IT or legal – and so the role has become more complex.”

Shifting landscape: The average CFO tenure dropped to 5.8 years in 2024, pulling the average transition/retirement age down to 56.6 years old. A record 70 women were tapped for the role — double the number seen in 2023. Meanwhile, some 60% of new CFOs were first-timers, signalling a trend to rely on younger talents.

Boards are also doubling down on internal talent, which represented 54% of incoming CFOs in 2024. The reason? Internally promoted CFOs tend to stay longer in a company, with an average tenure of 6.5 years, compared to 5.9 years for external hires, according to RRA.

Our neck of the woods is more demanding: “Local market experience is becoming increasingly critical for CFOs in the Middle East. Companies are prioritizing candidates who understand the regional legal framework, regulatory landscape, and unique market dynamics,” Burak Gorbon, RRA Head of Financial Services and Financial Officers Practice, said.

About the index: The Global CFO Turnover Index provides insights on global CFO departures and appointments in publicly traded companies on a quarterly and yearly basis, analyzing trends regarding gender, tenure, and internal/external hires.

MARKETS THIS MORNING-

Asian markets are strongly in the green after Trump paused most of his tariffs, with Japan’s Nikkei up 8.4%, Hong Kong’s Hang Seng up almost 4%, and the Shanghai Composite up at 1.6%. Wall Street futures are indicating an expectedly lower opening after yesterday’s record rally.

EGX30	30,080	-1.9% (YTD: +1.1%)
USD (CBE)	Buy 51.61	Sell 51.75
USD (CIB)	Buy 51.62	Sell 51.72
Interest rates (CBE)	27.25% deposit	28.25% lending
Tadawul	11,097	-1.8% (YTD: -7.8%)
ADX	9066	+0.9% (YTD: -3.8%)
DFM	4893	+0.1% (YTD: -5.2%)
S&P 500	5457	+9.5% (YTD: -7.2%)
FTSE 100	7679	-2.9% (YTD: -6.0%)
Euro Stoxx 50	4622	-3.2% (YTD: -5.6%)
Brent crude	USD 65.48	+4.2%
Natural gas (Nymex)	USD 3.75	-1.8%
Gold	USD 3079.4	+3.0%
BTC	USD 83,317.40	+8.6% (YTD: -11.1%)

THE CLOSING BELL-

The EGX30 fell 1.9% at yesterday’s close on turnover of EGP 4.3 bn (18.7% above the 90-day average). Local investors were the sole net buyers. The index is up 1.1% YTD.

In the green: Egypt Kuwait Holding- USD (+0.7%) and Ibnsina Pharma (+0.6%).

In the red: Sidi Kerir Petrochemicals (-6.3%), Orascom Development Egypt (-6.0%), and Palm Hills Development (-5.6%).

CORPORATE ACTIONS-

#1- The EGX’s listing committee approved Banque du Caire’s proposed capital increase, according to a bulletin (pdf). The state-owned lender will increase its issued and paid-in capital by EGP 1.5 bn to EGP 20.5 bn through issuing 750 mn new shares with a nominal value of EGP 2 per share.

#2- Egypt Kuwait Holding (EKH) will pay out a banknote dividend of USD 0.035 per share on its 2024 earnings after its general assembly approved the move, according to an EGX disclosure (pdf). The assembly also approved the distribution of USD 14.1 mn in bonus shares — with a nominal value of USD 0.25 — at 5% of capital, increasing EKH’s issued and paid-up capital to USD 295.8 mn, according to a separate EGX disclosure (pdf).

My Morning Routine: Nada Shaheen, corporate venture capital manager at GB Corp

Nada Shaheen, corporate venture capital manager of GB Corp: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Nada Shaheen (LinkedIn), corporate venture capital manager of GB Corp.

I’m Nada Shaheen, and I manage GB Ventures. It's the corporate venture capital (VC) arm of GB Corp. I'm passionate about exercising, business, and the startup scene. I spent my whole career in the startup ecosystem and was a founder myself, which is why I feel deeply connected to this community. Beyond my professional life, I’m a sister, friend, and daughter.

I’m very passionate about my work — it’s unlike traditional corporate jobs, and I find it very engaging. I consider myself the owner and founder of what I do. My typical workday involves many meetings with startups to explore their ideas and understand their operations and business models. I also meet with the CEOs of our parent company’s other subsidiaries as well as the team to align our partnerships and collaborative efforts with different startups.

My core vision is to help bridge the gap between startups and the corporate world. That’s why I strive to be a match-maker, connecting the two sides and creating commercial agreements.

We’re the first corporate VC in Egypt. Three years ago, no one knew anything about the startup ecosystem — even the board. I started introducing these two different worlds to each other. I believe corporate VC is important because it combines corporate expertise and market strategies with the agility and innovation of startups. The impact of this union is massive and magical.

We’re trying to encourage other corporate companies to also start their own investment activities. It’s much needed in Egypt. VCs tend to be hesitant to invest in Egypt, but as a corporation with existing operations in Egypt, we’re in a unique position to support local startups. This support doesn’t have to be limited to funding — it can be a combination of money, resources, and services. This approach not only helps the startup grow, but also addresses challenges within the corporation through innovation and technology. It’s a strategic win for both sides. It just requires patience.

If you're part of the startup scene, you know there’s an event happening almost every day — such as networking meetups and dinners. I really enjoy attending these gatherings and listening to what people have to say about startups, how we can attract more promising ventures to our ecosystem, and how to exchange startups across our portfolios.

My morning routine is very simple. I get up early, pray, and go through my skincare routine. Then I take a shower to start my day refreshed before heading to the office. I like to be efficient — the whole process takes me a maximum of 30 minutes.

I use notebooks to jot down my to-do lists and tasks, even though I also use my phone. Once I’m done, I dive into my meetings and daily schedule. Most of my meetings are in person, as I really enjoy connecting with people face-to-face.

I try to exercise every day amid this busy schedule, usually between work and events. For most of my life, I failed to prioritize exercise, but in 2023, I made the decision to put it first. At first, it was really hard — I used to take my laptop to the gym. Now, my coach and I coordinate our schedules to make it work. Taking this step has transformed my life. I’m more optimistic, efficient at work, and more present in my personal life. It’s become a time to release energy, disconnect, and reflect on the day.

I like to jot down my thoughts during cardio, like when I’m on the treadmill. I document things about business, personal reflections, and things I did during the day. This is when I’m most focused — I just keep writing and lose track of time.

Before Covid, I was a CEO for multiple businesses while working a full-time job — my whole life revolved around work and lacked balance. That’s until I changed my mindset and started to prioritize my physical and mental health as well as my family over everything. This helped me achieve better results and improved my energy levels and confidence significantly.

I mostly read articles about business and the startup scene, and EnterpriseAM is one of the sources I rely on. I also read a lot about corporate VC case studies. Another thing I found really inspiring is an interview series where Anas Bukhash converses with his mom about life. She's incredible — super smart and accomplished with a PhD centered on the art of boundaries. They explore this concept across several episodes, discussing how to create healthy boundaries between yourself and others.

I’m currently focusing on GB Ventures, which I see as my baby and my business. I’m determined to maximize the company’s potential. I also have several events coming up, including GITEX in Morocco and in Germany — which are important tech and startup platforms. This year, corporate VC is a growing trend, and lots of companies are studying the landscape in Africa and the Middle East.

The best advice I’ve been given is “this too shall pass.” I used to get stuck during tough times, thinking they would never end. But eventually, those challenges passed, and I’d talk about them like they were history. Another piece of advice I’ve found valuable is not to seek validation from external sources — true validation comes from your own values.

CALENDAR

APRIL

7-10 April (Monday-Thursday): EFG Hermes One on One conference, Dubai, UAE.

10 April (Thursday): Capmas expected to release inflation data for March.

17 April (Thursday): Monetary Policy Committee’s second meeting.

27 April (Sunday): Deadline for applications to MINT Incubator's 3-month equity-free startup program with Alex Angels.

28-30 April (Monday-Wednesday): FDC Regional Digital Industry Summit will launch cybersecurity index.

30 April (Wednesday): Deadline for Australia Awards Scholarships applications.

Mid-April: Egyptian trade delegation to promote investments during an official visit to Canada

Business-to-business forum of Egyptian and Moroccan companies to promote bilateral trade, Cairo, Egypt.

The Suez Canal Container Terminal will begin trial operations for its expanded East Port Said facilities.

Government begins talks with EU on the second tranche of the of the EUR 5 bn concessional loans package

Saxony Delegation visit to Egypt.

Arla Foods’ deadline for Domty acquisition offer.

Egypt to launch trial operations of the first phase of its USD 1.8 bn Egypt-Saudi electricity interconnection project, ahead of schedule

Tahya Misr 1 container terminal to begin operations, adding 3.5 mn container capacity to the port.

MAY

7-10 May (Tuesday-Saturday): Egypt hosts the 24th Pan Arab Junior and Ladies Golf Championship.

10 May (Saturday): Capmas expected to publish inflation data for April.

1 May-10 July (Thursday-Tuesday): 500 Global's Scale Up Program, Cairo

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

22 May (Thursday): Monetary Policy Committee’s third meeting.

Egyptian Exporters Association (Expolink) exhibition, Italy

Egyptian-Russian Business Forum

May 2025: Egypt-Singapore Business Forum, Cairo.

JUNE

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

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.

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

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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